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Report Date : |
27.06.2013 |
IDENTIFICATION DETAILS
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Name : |
LITE
SOURCE (HK) LTD. |
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Registered Office : |
Room 1109, 11/F., Nan Fung Commercial Centre, 19 Lam Lok Street, Kowloon Bay, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
12.04.2007 |
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Com. Reg. No.: |
37828035 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Trader of furniture fitting hardware, light fittings, lighting products, electronics and building materials, sanitary ware, bathroom fittings, locks, batteries, battery chargers. |
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No. of Employees : |
06. (Including
associates) |
RATING & COMMENTS
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MIRA’s 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 – March 31st 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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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.
|
Source : CIA |
LITE SOURCE (HK) LTD.
Room 1109, 11/F., Nan Fung Commercial Centre, 19 Lam Lok Street, Kowloon Bay, Kowloon, Hong Kong.
PHONE: 852-2446 1740, 852-2446 1746
FAX: 852-2446 1742
E-MAIL: info@alkstone.com
Managing Director: Mr. Hemang Bhagwandas Shah
Incorporated on: 12th April, 2007.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$100.00
Business Category: Importer, Exporter and Wholesaler.
Annual Turnover: HK$45~50 million.
Employees: 6. (Including associates)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
Room 1109, 11/F., Nan Fung Commercial Centre, 19 Lam Lok Street, Kowloon Bay, Kowloon, Hong Kong.
Affiliated
Factory:-
Lite Source
Manufacturing Co.
1, 14 Pingyuan Zhijie,
Fen Jiang Nan Road, Foshan City, Guangdong Province, China.
[Tel: (86-757)
8398 7888; Fax: (86-757) 8398 7168]
Associated/Affiliated Companies:- (Same
address)
Alkstone Telecommunication Ltd., Hong Kong.
Lite Source
Manufacturing Co. Ltd., Hong Kong.
Lite Source
Manufacturing Co., Hong Kong.
Portege Corporation Ltd., Hong Kong.
Portege Industries Ltd., Hong Kong.
Zytel Industries Ltd., Hong Kong.
Zytel Systems Ltd., Hong Kong.
37828035
1122847
Managing Director: Mr. Hemang Bhagwandas Shah
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$100.00
(As per registry
dated 12-04-2013)
|
Name |
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No.
of shares |
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Reena
Hemang SHAH |
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51 |
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Hemang Bhagwandas SHAH |
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49 |
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––– |
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Total: |
100 === |
(As per registry
dated 12-04-2013)
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Name (Nationality) |
Address |
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Reena Hemang
SHAH |
52/F, 9 Celestial Avenue, 80
Sheung Shing Street, Celestial Heights, Ho Man Tin, Kowloon, Hong Kong. |
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Hemang
Bhagwandas SHAH |
52/F, 9 Celestial Avenue, 80
Sheung Shing Street, Celestial Heights, Ho Man Tin, Kowloon, Hong Kong. |
(As per registry
dated 12-04-2013)
|
Name |
Address |
Co.
No. |
|
Buttar.HK Ltd. |
1/F., Mau Lam Commercial Building,16-18 Mau Lam Street,
Jordan, Kowloon, Hong Kong. |
0975326 |
The subject was incorporated on 12th April, 2007 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: Importer, Exporter and Wholesaler.
Lines: All kinds of sanitary ware, lighting products, locks, metal ware, accessories.
Employees: 6. (Including associates)
Commodities Imported: Europe, Asian countries, etc.
Markets: North America, South America, Australia, Europe, Russia, Asian countries, etc.
Annual Turnover: HK$45~50 million.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, D/P, O/A, etc.
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$100.00
Profit or Loss: Making a small profit every year.
Condition: Keeping in a satisfactory manner.
Facilities: Making rather active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Normal.
Having issued 100 ordinary shares of HK$1.00 each, Lite Source (HK) Ltd. is jointly owned by Mrs. Reena Hemang Shah, holding 51% interests; and Mr. Hemang Bhagwandas Shah, holding 49%. The two Shahs are also directors of the subject. They are Hong Kong ID Card holders and have got the right to reside in Hong Kong permanently.
The subject has had two associated companies Portege Corporation Ltd. [Portege] and Lite Source Manufacturing Co. Ltd. [LSMCL] located at its operating office. Portege and LSMCL are also owned by the two Shahs. Incorporated in April 2007, the subject is trading in the same products as LSMCL and Portege.
The subject is trading in furniture fitting hardware, light fittings, lighting products, electronics and building materials, sanitary ware, bathroom fittings, locks, batteries, battery chargers.
Products are exported to South Korea, the other Asian countries, the Middle East, Eastern and Western Europe, etc. Business is normal.
Besides, the subject has had an associated company Alkstone Telecommunication Ltd. [Alkstone] located at the same address. Alkstone is also owned and operated by the Indian couple. The subject and Alkstone are engaged in different lines of business.
Alkstone is trading in all kinds of mobile phones. It is one of the suppliers of telecommunications and IT products in Hong Kong. The subject is a professional manufacturer of mobile phones and mobile phone accessories. It can also supply related electronic products such as GPS, USB flash disk, memory card, MP3/MP4 player, bluetooth products.
Alkstone has registered with the Office of the Communications Authority [OFCA] The Government of Hong Kong SAR, the People’s Republic of China as a Radio Dealer (Unrestricted) Licensee. It bears the licence No. of RU00127224-RU.
Alkstone has a lot of partners to cooperate with it for a long-term relationship, and also it has got wide networks for electronic products. Its products are mainly exported to North America, South America, Australia, Europe, Russia, Asian countries, etc.
The annual sales turnover of the subject ranges from HK$45 to 50 million. Making a small profit every year.
The history of the subject in Hong Kong is just over six years and two months. On the whole, consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.59.85 |
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UK Pound |
1 |
Rs.92.31 |
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Euro |
1 |
Rs.78.23 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
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
SC’s 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.