|
Report Date : |
11.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
LONG TAI
HONG SUPPLIES LTD. |
|
|
|
|
Formerly Known As : |
Long Tai Hong
Investment Ltd |
|
|
|
|
Registered Office : |
8/F., Block B, Tin On Industrial Building, 777-779 Cheung Sha Wan Road, Kowloon |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
09.02.2004 |
|
|
|
|
Com. Reg. No.: |
34272144 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
· Engaged in trading PU, PVC sheets, PVC Raw Materials from South Korea and Taiwan. · Subject also trades in Leather Materials, Synthesis Leather, Synthesis Leather Goods, Upholstery, Bags, Shoes, Belts & Stationery |
|
|
|
|
No of Employees : |
120 |
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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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 has no tariffs on imported goods, and it levies excise duties on only four commodities, whether imported or produced locally: 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, its continued reliance on foreign trade and investment leaves it vulnerable to renewed global financial market volatility or a slowdown in the global economy. 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 12% of total system deposits in Hong Kong by the end of 2013. 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 total trade 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. Credit expansion and tight housing supply conditions have caused Hong Kong property prices to rise rapidly; consumer prices increased by more than 4% in 2013. 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. In 2013, Hong Kong and China signed new agreements under the Closer Economic Partnership Agreement, adopted in 2003 to forge closer ties between Hong Kong and the mainland. The new measures, effective from January 2014, cover services and trade facilitation, and will improve access to the mainland's service sector for Hong Kong-based companies.
|
Source
: CIA |
LONG TAI
HONG SUPPLIES LTD.
8/F., Block B, Tin On Industrial Building, 777-779 Cheung Sha Wan Road, Kowloon, Hong Kong.
PHONE: 852-3511 2975; 852-2763 0686
FAX: 852-3511 2981; 852-3511 0686
E-MAIL: info@longtaihong.com
Managing Director: Mr. Fan Chun Tak
Incorporated on: 9th February, 2004.
Organization: Private Limited Company.
Capital: Nominal: HK$1,000,000.00
Issued: HK$1,000,000.00
Business Category: Leather Material Trader.
Employees: 120.
Main Dealing Banker: Bank of China (Hong Kong) Ltd., Hong Kong.
Banking Relation: Relation
Registered Head
Office:-
8/F., Block B, Tin On Industrial Building, 777-779 Cheung Sha Wan Road, Kowloon, Hong Kong.
Holding Company:-
Long Tai Hong (Holding) Ltd., British Virgin Islands.
Associated Companies:-
Guangzhou Guomao Textile Leather Co. Ltd., China.
Long Tai Hong (China) Ltd., Hong Kong.
Long Tai Hong (Management) Ltd., Hong Kong.
Long Tai Hong Industrial Ltd., Hong Kong. (Deregistration)
Long Tai Hong Ltd., Hong Kong. (Dissolved)
Long Tai Hong Trading Ltd., Hong Kong.
Po Lung Handbag Material ltd., Hong Kong.
WANTech Enterprises Ltd., Hong Kong.
34272144
0881858
Managing Director: Mr. Fan Chun Tak
Nominal Share Capital: HK$1,000,000.00 (Divided into 1,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$1,000,000.00
(As per registry
dated 09-02-2014)
|
Name |
|
No.
of shares |
|
Long Tai Hong (Holding)
Ltd. P.O. Box 957,
Offshore Incorporations Centre, Road Town, Tortola, British Virgin Islands. |
|
999,999 |
|
FAN Chun Tak |
|
1 |
|
|
|
–––––––– |
|
|
Total: |
1,000,000 ======= |
(As per registry
dated 09-02-2014)
|
Name (Nationality) |
Address |
|
FAN Chun Hong |
8/F., Block B, Tin On Industrial
Building, 777-779 Cheung Sha Wan Road, Kowloon, Hong Kong. |
|
FAN Chun Kee,
Jody |
8/F., Block B, Tin On
Industrial Building, 777-779 Cheung Sha Wan Road, Kowloon, Hong Kong. |
|
FAN Wai Chi,
Irene |
8/F., Block B, Tin On
Industrial Building, 777-779 Cheung Sha Wan Road, Kowloon, Hong Kong. |
|
FAN Chun Tak |
8/F., Block B, Tin On
Industrial Building, 777-779 Cheung Sha Wan Road, Kowloon, Hong Kong. |
(As per registry
dated 09-02-2014)
|
Name |
Address |
Co.
No. |
|
VP Consultants Ltd. |
Room 2304, 23/F., Far East Consortium Building, 121 Des
Voeux Road Central, Hong Kong. |
0564500 |
The subject was incorporated on 9th February, 2004 as a private limited liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Long Tai Hong Investment Ltd., name changed to the present style on 6th February, 2006.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Leather Material Trader.
Lines: Leather materials, synthesis leather, synthesis leather goods, upholstery, bags, shoes,
belts, stationery
Employees: 120.
Commodities Imported: Europe, India, South America, etc.
Markets: China, other Asian countries, etc.
Terms/Sales: L/C, Advanced T/T, etc.
Terms/Buying: L/C, D/P, O/A, etc.
Hong Kong Synthetic Leather & Metal Material Suppliers’ Association Ltd., Hong Kong. [Member No. 015]
Nominal Share Capital: HK$1,000,000.00 (Divided into 1,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$1,000,000.00
Mortgage or Charge
(Since February 2012): (See attachment)
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.
Bankers:-
· Bank of China (Hong Kong) Ltd., Hong Kong.
· Hang Seng Bank Ltd., Hong Kong.
· Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.
Standing: Normal.
Long Tai Hong Supplies Ltd. is a wholly-owned subsidiary of Long Tai Hong (Holding) Ltd. which is a BVI-registered company.
The subject is a member of Long Tai Hong Group of companies.
The subject is trading in PU, PVC sheets, PVC raw materials from South Korea and Taiwan. It also trades in leather materials, synthesis leather, synthesis leather goods, upholstery, bags, shoes, belts & stationery
The group has established factories and warehouses which conveniently located in Southern China. The Group has grown to become a respected group with retails shops, covering China and Hong Kong.
Its scope of business has diverted from a Trading House to a Manufacturing Enterprise which managed by qualified professionals. Its commodities are exported to North America, Scandinavia, Western Europe, etc.
The Group’s Hong Kong office covers an area of 10,000 sq.m., with 120 staff and managing personnel.
Besides, the Group employs 15 Professional Sales Teams stationing at different offices in China and Hong Kong.
The subject has had a main associated company known as Guangzhou Guomao Textile Leather Co. Ltd. [Guomao]. This company is trading in leather, PU shoes materials, PVC shoes materials, etc.
Guomao was set up in Guangzhou in 1988.
The subject’s business is active. Business is chiefly handled by the Fan family. History in Hong Kong is over ten years.
On the whole, consider the subject good for normal business engagements.
(Since February
2012)
|
Date |
Particulars |
Amount |
|
13-02-2012 |
Instrument: Deed of Indemnity, Charge Over Deposit(s) and Set-Off Property: All the Company’s estate, right, title, claim, benefit and interest to and in the Deposit(s) and all interest from time to time payable thereon and together with all title deeds or documents relating thereto. The Third Schedule Deposit No.: 012-355-5-136312-4 Amount: HK$4,000,000 Mortgagee: Bank of China (Hong Kong) Ltd., Hong Kong. |
All moneys in respect of general banking facilities |
|
16-01-2014 |
Instrument: Mortgage Property: 235/219,211th parts or shares of and in Tsuen Wan Town Lot No. 398 (Flat C, 68/F., & 69/F., of Tower 3, Vision City, 1 Yeung Uk Road, Tsuen Wan, New Territories, Hong Kong.) Mortgagee: Hang Seng Bank Ltd., Hong Kong. |
To secure “all monies” in respect of general banking
facilities and interest |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.26 |
|
|
1 |
Rs.99.63 |
|
Euro |
1 |
Rs.80.59 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
MNL |
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.