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Report Date : |
31.12.2013 |
IDENTIFICATION DETAILS
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Name : |
LUEN FU INTERNATIONAL DEVELOPMENT LTD. |
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Registered Office : |
Unit A, 21/F., Dynamic Cargo Centre, |
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Country : |
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Date of Incorporation : |
27.03.2008 |
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Com. Reg. No.: |
39091755 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Subject is a Logistic Service Provider of Electronic products, IT products and equipment, auto electronics, household electric appliances |
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No. of Employees : |
15 |
RATING & COMMENTS
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MIRAs Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No complaints |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List September 30, 2013
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Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
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Hong Kong |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
HONG KONG - ECONOMIC OVERVIEW
Hong Kong has a free market economy, highly dependent on international trade and finance - the value of goods and services trade, including the sizable share of re-exports, is about four times GDP. Hong Kong levies excise duties on only four commodities, namely: hard alcohol, tobacco, hydrocarbon oil, and methyl alcohol. There are no quotas or dumping laws. Hong Kong's open economy left it exposed to the global economic slowdown that began in 2008. Although increasing integration with China, through trade, tourism, and financial links, helped it to make an initial recovery more quickly than many observers anticipated, it again faces a possible slowdown as exports to the Euro zone and US slump. The Hong Kong government is promoting the Special Administrative Region (SAR) as the site for Chinese renminbi (RMB) internationalization. Hong Kong residents are allowed to establish RMB-denominated savings accounts; RMB-denominated corporate and Chinese government bonds have been issued in Hong Kong; and RMB trade settlement is allowed. The territory far exceeded the RMB conversion quota set by Beijing for trade settlements in 2010 due to the growth of earnings from exports to the mainland. RMB deposits grew to roughly 9.1% of total system deposits in Hong Kong by the end of 2012, an increase of 59% from the previous year. The government is pursuing efforts to introduce additional use of RMB in Hong Kong financial markets and is seeking to expand the RMB quota. The mainland has long been Hong Kong's largest trading partner, accounting for about half of Hong Kong's exports by value. Hong Kong's natural resources are limited, and food and raw materials must be imported. As a result of China's easing of travel restrictions, the number of mainland tourists to the territory has surged from 4.5 million in 2001 to 34.9 million in 2012, outnumbering visitors from all other countries combined. Hong Kong has also established itself as the premier stock market for Chinese firms seeking to list abroad. In 2012 mainland Chinese companies constituted about 46.6% of the firms listed on the Hong Kong Stock Exchange and accounted for about 57.4% of the Exchange's market capitalization. During the past decade, as Hong Kong's manufacturing industry moved to the mainland, its service industry has grown rapidly. Growth slowed to 5% in 2011, and less than 2% in 2012. Credit expansion and tight housing supply conditions caused Hong Kong property prices to rise rapidly and inflation to rise 4.1% in 2012. Lower and middle income segments of the population are increasingly unable to afford adequate housing. Hong Kong continues to link its currency closely to the US dollar, maintaining an arrangement established in 1983
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Source
: CIA |
(Your enquiry at:
14 KM Stone Aurangabad Paithan Road Tq Paithan)
LUEN FU INTERNATIONAL
DEVELOPMENT LTD.
ADDRESS: Unit A, 21/F., Dynamic Cargo Centre, 188 Yeung Uk Road, Tsuen Wan, New Territories, Hong Kong.
PHONE: 852-2423 3133
FAX: 852-2423 3144
Managing Director: Mr. Li Wen Guo
Incorporated on: 27th March, 2008.
Organization: Private Limited Company.
Capital: Nominal:HK$13,000,000.00
Issued: HK$13,000,000.00
Business Category: Logistic Service Provider.
Employees: 15.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
Unit A, 21/F., Dynamic Cargo Centre, 188 Yeung Uk Road, Tsuen Wan, New Territories, Hong Kong.
Holding Company:-
Everich Supply Chain Service (HK) Co. Ltd., Hong Kong. (Same address)
Associated
Companies:-
Shenzhen Nianfu Industrial Enterprises Co. Ltd., China.
Shenzhen Ninfu Logistics Co. Ltd., China.
Shenzhen Nianfu Supply Chain Co. Ltd.
14/F., West Tower, Time Technology Building, 7028 Shennan Dadao, Futian District, Shenzhen Special Economic Zone, China.
[Tel: 86-755-8273 0606; Fax: 86-755-8273 9678]
39091755
1220644
Managing Director: Mr. Li Wen Guo
Nominal Share Capital: HK$13,000,000.00 (Divided into 13,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$13,000,000.00
SHAREHOLDER: (As per registry dated 27-03-2013)
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Name |
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No. of share |
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Everich Supply Chain Service (HK) Co. Ltd. Unit A, 21/F., Dynamic Cargo Centre, No. 188 Yeung UK Road, Tsuen Wan, New Territories, Hong Kong. |
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12,990,000 |
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LI Wen Guo |
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10,000 |
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Total: |
13,000,000 ======== |
DIRECTOR: (As per registry dated 27-03-2013)
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Name (Nationality) |
Address |
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LI Wen Guo |
Room A, 21/F., Dynamic Cargo Centre, 188 Yeung Uk Road, Tsuen Wan, New Territories, Hong Kong. |
SECRETARY: (As per registry dated 27-03-2013)
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Name |
Address |
Co. No. |
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Chan Wong Secretary Ltd. |
Unit 1601, 16/F., 113 Argyle Street, Mongkok, Kowloon, Hong Kong. |
1723717 |
The subject was incorporated on 27th March, 2008 as a private limited liability company under the Hong Kong Companies Ordinance.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Logistic Service Provider.
Lines: Electronic products, IT products and equipment, auto electronics, household electric appliances, etc.
Employees: 15.
Commodities Imported: China, other Asian countries, Europe, US, etc.
Markets: China, other Asian countries, Europe, North America, etc.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, D/P, etc.
Nominal Share Capital: HK$13,000,000.00 (Divided into 13,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$13,000,000.00
Increase of Nominal Capital:-
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From |
HK$10,000.00 |
to |
HK$13,000,000 |
in |
November 2012 |
Alternation of Issued Capital:-
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Initially |
paid up |
HK$ 10,000.00 |
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November 2012 |
paid up |
HK$12,990,000.00 |
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Total: |
paid up |
HK$13,000,000.00 ============== |
Profit or Loss: Making a small profit in the past years.
Condition: Keeping in a satisfactory manner.
Facilities: Making rather active use of general banking facilities.
Payment: Met trade commitments as contracted.
Commercial Morality: Satisfactory.
Bankers:-
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Nanyang Commercial Bank Ltd., Hong Kong.
Standing: Normal.
Having issued 10,000 ordinary shares of HK$1.00 each, Luen Fu International Development Ltd. was wholly owned by Mr. Li Wen Guo who is also the only director of the subject.
Now, the subjects ordinary shares was increased to 13 million of the same value each of which are 99.9% owned by Everich Supply Chain Service (HK) Co. Ltd., a Hong Kong-registered company located at the same address.
The subject is a logistic service provider. It is engaged in providing customers with the following commodities: Electronic Products, IT Products and Equipment, Auto Electronics, Household Electric Appliances, etc.
The subject has had three main associated companies in Shenzhen Special Economic Zone, China:-
Shenzhen Nianfu Industrial Enterprises Co. Ltd. [Nianfu];
Shenzhen Nianfu Supply Chain Co. Ltd. [NFSC]; &
Shenzhen Ninfu Logistics Co. Ltd. [NFLC].
The second and third company are subsidiaries of Nianfu. The registered capital of Nianfu was RMB145 million Yuan. Nianfu is also owned and operated by Mr. Li Wen Guo.
Established in August 2000, Nianfu is trading in the same commodities as the subject. As at end of 2012, the total assets of Nianfu amounted to RMB4.8 billion Yuan.
NFSC was established in July 2008. NFSC provides clients with the following services:-
Commodities Sourcing;
Contract Manufacture Management;
Financial Supply Chain E-business;
Financing;
Logistic Service; &
Marketing Information.
Nianfu has set up a warehouse in Futian District. The subject is also a warehousing base of Nianfu. Business has been expanding.
Now, Nianfu has set up associated companies in Beijing, Shanghai, Guangzhou, Wuhan, Chongqing, Changsha, Nanchang, etc.
The subject and Nianfu are servicing the following industries: IT, Telecommunication, Automobile, Electronics, Energy, Chemical, Iron & Steel, Ferrous-Metal, Precision Machinery & Equipment, Heavy Machinery, Electric Appliance, Other High-End Products, etc.
The subjects business is chiefly administered by Mr. Li Wen Guo. Li is one of the significant characters in Shenzhen Special Economic Zone.
The subject is fully supported by Nianfu.
As the history of the subject is over five years in Hong Kong, on the whole, consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.62.00 |
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1 |
Rs.102.17 |
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Euro |
1 |
Rs.85.19 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIS |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall
operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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This score serves as a reference to assess SCs credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.