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Report Date : |
17.09.2013 |
IDENTIFICATION DETAILS
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Name : |
LUCKYTEX
(HK) LTD. |
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Formerly Known as: |
Regintex (HK) Ltd |
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Registered Office : |
c/o Sincere Secretaries Ltd. 11/F., Chun Wo Commercial Centre, 23-29 Wing Wo Street,
Central |
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Country : |
Hong Kong |
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Date of Incorporation : |
02.07.1991 |
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Com. Reg. No.: |
14754403 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
trader of all kinds garments, textile products, fabrics, gifts, souvenirs, sundry products, foodstuffs, footwear, general household products, stationery |
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No. of Employees : |
06 (Including
associate) |
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) |
|
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 |
LUCKYTEX (HK)
LTD.
8/F., Tin On Sing Commercial Building, 41-43 Graham Street, Central, Hong Kong.
PHONE: 852-2813 6381, 852-3118 6767, 852-2543 5581
FAX: 852-2813 6739
E-MAIL: sbd18@netvigator.com
Managing Director: Mr. Ajit Kishin Jagtiani
Incorporated on: 2nd July, 1991.
Organization: Private Limited Company.
Capital: Nominal: HK$2,000,000.00
Issued: HK$500,000.00
Business Category: Importer, Wholesaler and Re-exporter.
Employees: 6. (Including associate)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
LUCKYTEX (HK) LTD.
Registered
Office:-
c/o Sincere Secretaries Ltd.
11/F., Chun Wo Commercial Centre, 23-29 Wing Wo Street, Central, Hong Kong.
Head Office:-
8/F., Tin On Sing Commercial Building, 41-43 Graham Street, Central, Hong Kong.
Associated Companies:-
Rainbow Crest Ltd., Hong Kong. (Same address)
Super Bloom Development Indonesia, Ltd., Indonesia.
Super Bloom Development Ltd., Hong Kong. (Same address)
14754403
0316515
Managing Director: Mr. Ajit Kishin Jagtiani
Nominal Share Capital: HK$2,000,000.00 (Divided into 200,000 shares of HK$10.00 each)
Issued Share Capital: HK$500,000.00
(As per registry
dated 02-07-2013)
|
Name |
|
No. of shares |
|
Ajit Kishin JAGTIANI |
|
25,000 |
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JAGTIANI CHENG Ying To, Helena |
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25,000 |
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–––––– |
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Total: |
50,000 ===== |
(As per registry
dated 02-07-2013)
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Name (Nationality) |
Address |
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Ajit Kishin
JAGTIANI |
Carmel Hill House, #10, 12
Carmel Road, Stanley, Hong Kong. |
|
JAGTIANI CHENG
Ying To, Helena |
Carmel Hill House, #10, 12
Carmel Road, Stanley, Hong Kong. |
JAGTIANI
CHENG Ying To, Helena (As per registry
dated 02-07-2013)
The subject was incorporated on 2nd July, 1991 as a private limited liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Regintex (HK) Ltd., name changed to the present style on 17th January, 2008.
Last time, the subject’s registered address was located at 8/F., Tin On Sing Commercial Building, 41-43 Graham Street, Central, Hong Kong, moved to the present address with effect from 15th June, 2009. However, its head office is still located at the previous address.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Importer, Wholesaler and Re-exporter.
Lines: Piecegoods, household products, paper, stationery, garments, sundries, foodstuffs,
footwear
Employees: 6. (Including associate)
Commodities Imported: China, Thailand, Indonesia, India and the other Asian countries, etc.
Markets: Middle East, Africa, other Asian countries, etc.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, etc.
Nominal Share Capital: HK$2,000,000.00 (Divided into 200,000 shares of HK$10.00 each)
Issued Share Capital: HK$500,000.00
Profit or Loss: Making a small profit every year.
Condition: Keeping in a normal manner.
Facilities: Making active use of general banking facilities.
Payment: Met as contracted.
Commercial Morality: Satisfactory.
Bankers:-
· The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
· China Construction Bank (Asia) Corporation Ltd., Hong Kong.
Standing: Normal.
Having issued 50,000 ordinary shares of HK$10.00 each, Luckytex (HK) Ltd. is a private limited company equally owned by Mr. Ajit Kishin Jagtiani who is an India, and his spouse Mrs. Helena Jagtiani Cheng Ying To who is a Hong Kong Chinese.
The subject’s registered office is in a commercial service firm located at 11/F., Chun Wo Commercial Centre, 23-29 Wing Wo Street, Central, Hong Kong known as Sincere Secretaries Ltd. which is handling its correspondences and documents. However, its head office is located at 8/F., Tin On Sing Commercial Building, 41-43 Graham Street, Central, Hong Kong.
The subject has had an affiliated company Super Bloom Development Ltd. [Super Bloom], also a Hong Kong-registered firm, located at the above‑mentioned address. Super Bloom is also owned and operated by the shareholders of the subject. Super Bloom has had an associated company known as Super Bloom Development Indonesia Ltd. [SBDI] in Indonesia. SBDI was incorporated in 2000.
The subject and Super Bloom are engaged in the same lines of business.
Incorporated in July 1991, the subject is trading in all kinds garments, textile products, fabrics, gifts, souvenirs, sundry products, foodstuffs, footwear, general household products, stationery. Most of the commodities are imported from China and other Asian countries. Imported commodities are re-exported to India, some of the Asian countries, the Middle East, Africa, etc.
Currently, the
subject is trading in the following commodities and offering clients with the
following services:-
|
Product/Service |
Product/Service
Remarks |
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Piecegoods – Synthetic |
Rayon and polyester/cotton from China |
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Necktie Material – Polyester, Woven |
Rayon and polyester/cotton from China |
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Garment |
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Footwear |
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Foodstuffs |
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Puzzle Blocks |
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Household Products – Glass |
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Household Products – Metal |
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Paper – Copier and Printer |
Copier paper |
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Exercise Book |
Memo pad |
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Pen Stand |
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Stapler, Staple and Staple Remover |
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Eraser |
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The subject is responsible for supplying its affiliated factories in China with raw materials which are mainly imported from India. Some of the China factories manufacture the subject’s products on OEM basis. Long term business ties have been developed with China and foreign suppliers as well as foreign buyers.
The subject’s business is mainly handled by Mrs. Helena Jagtiani Cheng Ying To. History in Hong Kong is over twenty-two years and two months. Business is profitable. Regular suppliers and customers have been maintained.
On the whole, consider the subject good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.62.48 |
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UK Pound |
1 |
Rs.99.66 |
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Euro |
1 |
Rs.83.50 |
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 |
---- |
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.