|
Report Date : |
04.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
LUEN KEE PLASTIC MATERIALS FTY |
|
|
|
|
Registered Office : |
Room 610-612, 6/F., Block 2, Nan Fung Industrial City, 18 Tin Hau
Road, Tuen Mun, New Territories |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
18.12.1989 |
|
|
|
|
Com. Reg. No.: |
04467523-000-07 |
|
|
|
|
Legal Form : |
Sole Proprietorship |
|
|
|
|
Line of Business : |
Importer, Exporter and Manufacturer of Plastic raw materials. |
|
|
|
|
No. of Employees : |
12. (Including associates) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
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) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 |
LUEN KEE PLASTIC
MATERIALS FTY
Room 610-612, 6/F., Block 2, Nan Fung Industrial City, 18 Tin Hau Road,
Tuen Mun, New Territories, Hong Kong.
PHONE: 852-2463 9038, 2463 6678
FAX: 852-2463
4057, 2463 9122
E-MAIL: chong@luenkee.com.hk
Manager: Mr. Tse Wing Keung
SUMMARY
Establishment: 18th
December, 1989.
Organization: Sole
Proprietorship.
Capital:
Not
disclosed.
Business Category: Importer, Exporter and Manufacturer.
Employees:
12. (Including associates)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
LUEN KEE PLASTIC
MATERIALS FTY
Head Office:-
Room 610-612, 6/F., Block 2, Nan Fung Industrial City, 18 Tin Hau Road,
Tuen Mun, New Territories, Hong Kong.
Associated
Company:-
Luen Kee Plastic Materials Factory Ltd., Hong Kong.
China Factory:-
Qiaoli Administrative Zone, Chengping, Dongguan City, Guangdong
Province, China.
[Tel: 0769-8333 5992 Fax:
0769-8333 5993]
04467523-000-07
Manager: Mr. Tse Wing Keung
Name: Mr. TSE Wing Keung
Residential Address: 37 Tin Har
Road, Hung Shui Kiu, Yuen Long, New Territories, Hong Kong.
The subject was established on 18th December, 1989 as a sole
proprietorship concern owned by Mr. Tse Wing Keung under the Hong Kong Business
Registration Regulations.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter and Manufacturer.
Lines: Plastic
raw materials.
Employees: 12. (Including associates)
Commodities Imported: China, etc.
Markets: Japan,
Taiwan, South Korea, other Asian countries, Middle East, Central & South
America, etc.
Terms/Sales:
L/C or as per
contracted.
Terms/Buying: As
per contracted.
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: Normal.
Luen Kee Plastic Materials Fty is a sole proprietorship owned by Mr. Tse
Wing Keung who is a Hong Kong businessman.
The subject has had an associated company Luen Kee Plastic Materials
Factory Ltd. [LKPMFL] which is also a Hong Kong-based firm. LKPMFL is located at the same address and
engaged in the same lines of business.
The subject has had an associated factory in Chengping, Dongguan City,
Guangdong Province, China. It is moved
to China in 1994.
The factory is engaged in processing recycled plastic scraps. Products are exported to worldwide countries.
The subject is engaged in processing High Impact Polystyrene (HIPS)
pellet and Polycarbonate (PC) pellet.
The maximum monthly production capacities are 2,000 MT and 1,000 MT
respectively. Its products are widely
used in manufacturing video-cassette-tape housings, toys, the housings of
video/audio products, CD/VCD case-boards, shell painted production and
CD/VCD/DVD, etc.
The subject set up its third factory in 2007.
Sony is one the subject’s main customers. In 2009, the subject’s plant acquired SONY’s
“Green Partner Certificate.”
In 2010, the subject’s PC bottle grade expanded to 200-250 MT per month.
The followings are the subject’s targeted raw materials:-
CD-R Metalized whole disc, CD-R Metalized regrind/crushed, DVD Metalized
regrind/crush, DVD Metalized whole disc, PC CD Metalized regrind/crush, PC CD
Metalized whole disc, PC CD clear/sprue regrind, PC CD clear/sprue uncrushed,
PC CD clear Lump, PC CD Mixed colour regrind, PC CD Mixed colour whole disc, PC
CD Mixed colour lump, etc.
Other Materials:-
ABS, COC, EPS, EVA, GPPS, HDPE, HIPS, LDPE, OPS, PBT, PE, PMMA, POM, PP,
etc.
In order to penetrate the international market further, the subject has
taken part in fairs and exhibitions held in Hong Kong and other large cities in
China.
As the history of the subject is over 23 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.61.93 |
|
|
1 |
Rs.100.44 |
|
Euro |
1 |
Rs.84.23 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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 |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation
is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
---- |
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.