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Report Date : |
06.03.2013 |
IDENTIFICATION DETAILS
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Name : |
LUEN WO LEATHER FTY. |
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Registered Office : |
Unit A, 3/F., Wang Yip Centre, Wang Yip Street East, Yuen Long, New Territories |
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Country : |
Hong Kong |
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Date of Incorporation : |
02.06.1992 |
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Com. Reg. No.: |
15781382-000-06 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Trader of all kinds of leather materials, leather gloves, etc. |
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No. of Employees : |
8. |
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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Maximum Credit Limit: |
US$100,000.00. |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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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'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 7.8% of total system deposits in Hong Kong by the end of 2011, an increase of over 59% since the beginning of the 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 28 million in 2011, 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 2011 mainland Chinese companies constituted about 43% of the firms listed on the Hong Kong Stock Exchange and accounted for about 56% 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. Credit expansion and tight housing supply conditions caused Hong Kong property prices to rise rapidly in 2010 and inflation to rise 5.3% in 2011. 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
LUEN WO LEATHER
FTY.
ADDRESS: Unit A, 3/F., Wang Yip
Centre, Wang Yip Street East, Yuen Long, New Territories, Hong Kong.
PHONE: 2476 1128
FAX: 2442
5812
E-MAIL: amylai@workglove.com.hk
Manager: Mr. Lam Chung, Jacky
Establishment: 2nd
June, 1992.
Organization: Sole
Proprietorship.
Capital:
Not
disclosed.
Business Category: Leather trader.
Employees:
8.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Credit Request: Good for
Credit of US$100,000.00.
Head Office:-
Unit A, 3/F., Wang Yip Centre, Wang Yip Street East, Yuen Long, New Territories,
Hong Kong.
Associated Company:-
Luen Fat Gloves Factory Ltd., Hong Kong.
(Same address)
15781382-000-06
Manager: Mr. Lam Chung, Jacky
Contact Person: Ms. Amy Lai
Name: Mr. LAM Chung
Residential Address: Fairview
Park, Section M, 77 Bauhinia Road West, Yuen Long, New Territories, Hong Kong.
The subject was established on 2nd June, 1992 as a sole proprietorship
concern owned by Mr. Lam Chung, Jacky under the Hong Kong Business Registration
Regulations.
Formerly the subject was located at 175 Pok Wai Village, San Tin,
Yuen Long, New Territories, Hong Kong, moved to the present address in
January 2002.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Leather
trader.
Lines: All
kinds of leather materials, leather gloves, etc.
Employees: 8.
Commodities Imported: Imports raw
materials from European countries, some of the Asian countries and finished
products from China.
Markets:
Europe, North
America, Scandinavia, etc.
Terms/Sales:
L/C or as per
contracted.
Terms/Buying: L/C,
T/T, D/P, etc.
Capital: Not
disclosed.
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:
Small.
Luen Wo Leather Fty. is a sole proprietorship set up and owned by
Mr. Lam Chung, Jacky who is a Hong Kong merchant. Lam is also the manager of the subject. He can be reached at his mobile phone number
in Hong Kong 852‑9660 0519.
Business commenced in June 1992, the subject is trading in leather raw
materials and leather gloves.
The subject has had an associated company located at the same address
known as Luen Fat Gloves Factory Ltd. [Luen Fat] which is a leather glove
manufacturer.
The subject’s leather materials are imported from European countries and
India. Most of the materials are
consumed by Luen Fat.
Luen Fat was established in 1976.
It is an exporter of Hong Kong Leather Gloves & Mittens
products. Its products have been
exported to North America, South America, Western Europe, Eastern Europe,
Eastern Asia, Southeast Asia, the Middle East, Africa, Oceania, etc.
Luen Fat produces mainly American white-tail deer-skins finished leather. It is able to produce over 800,000 pieces
(6.0 million sq.ft.) of deer-skins per annum.
Besides, it also produces cowhide, pigskin, goatskin and sheepskin
leathers.
The subject has been supplying deer-skins for garments, shoes, bags, and
gloves industries for many years.
Having its own glove factories, Luen Fat also makes different kinds of
fashions, gardening and sporting gloves in deer-skins and other leathers.
The subject’s factory is in China employing about 500 persons.
The business of the subject is chiefly handled by Jacky Lam himself.
As the history of the subject is over 20 years in Hong Kong, on the
whole, consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.65 |
|
|
1 |
Rs.82.66 |
|
Euro |
1 |
Rs.71.21 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>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 |
-- |
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.