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Report Date : |
13.06.2014 |
IDENTIFICATION DETAILS
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Name : |
LONG CONFIDENCE
LOGISTICS (CHINA) LTD. |
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Registered Office : |
Workshop 6, 2/F., Festigood Centre, 8 Lok Yip Road, Fanling, New Territories |
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Country : |
Hong Kong |
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Date of Incorporation : |
13.08.2003 |
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Com. Reg. No.: |
33835785 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
· subject is a logistics and transportation service provider ·
Subject offers clients with the services such
as local trucking, cross border trucking, lorry / truck rental, sea freight
forwarding & air freight forwarding
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No of Employees : |
25 (Including
associates in Hong Kong) |
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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
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Hong Kong |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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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.
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Source
: CIA |
LONG CONFIDENCE
LOGISTICS (CHINA) LTD.
Workshop 6, 2/F., Festigood Centre, 8 Lok Yip Road, Fanling, New Territories, Hong Kong.
PHONE: 852-2428 9221, 2929 2002, 2929 2103
FAX: 852-2725 6562
E-MAIL: dzchen@roundwide.com.hk
Managing Director: Mr. Chan To Chi
Incorporated on: 13th August, 2003.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category: Transportation and Logistic Service Provider.
Annual Turnover: HK$45~50 million. (Including associates)
Employees: 25. (Including associates in Hong Kong)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
Workshop 6, 2/F., Festigood Centre, 8 Lok Yip Road, Fanling, New Territories, Hong Kong.
Holding Company:-
Round Wide Ltd., Hong Kong. (Same address)
Associated
Companies:-
Ping Han Ying (HK) Co. Ltd., Hong Kong. (Same address)
Shenzhen Ping Han Ying Transportation Co. Ltd.
302, Block A, 41 Tianxin Dong Road, Shatoujiou, Yantian District, Shenzhen Special Economic Zone, China.
[Tel.: 755-2521 5483; Fax: 755-2521 5534]
33835785
0857390
Managing Director: Mr. Chan To Chi
Contact Person: Mr.
Lau Wai Lun
[Mobile Phone No.: 852-9338
9696]
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
(As per registry
dated 13-08-2013)
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Name |
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No.
of shares |
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Round Wide Ltd., Hong Kong. |
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10,000 ===== |
(As per registry
dated 13-08-2013)
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Name (Nationality) |
Address |
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CHAN To Chi |
1/F., 18B Chau Tau Village,
San Tin, Yuen Long, New Territories, Hong Kong. |
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LAU Wai Lun |
Room 2702, 27/F., Block H, Luk
Yeung Sun Chuen, Tsuen Wan, New Territories, Hong Kong. |
LAU Wai Lun
(As per registry dated 13-08-2013)
The subject was incorporated on 13th August, 2003 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 & Lines: Transportation and Logistic Service Provider.
Employees: 25. (Including associates in Hong Kong)
Business Territories: Hong Kong, China, Taiwan, Southeast Asia, Europe, etc.
Annual Turnover: HK$45~50 million. (Including associates)
Terms/Services: As per contracted.
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
Profit or Loss: Making a small profit every year.
Condition: Keeping in a normal state.
Facilities: Making active use of general banking facilities.
Payment: Met as required.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Normal.
Formerly Long Confidence Logistics (China) Ltd. was a 65.3% owned subsidiary of Round Wide Ltd. [Round Wide], a Hong Kong-registered firm, which is also located at the operating address of the subject. The other 34.7% was owned by Mr. Lai Ping Tong who was a Hong Kong merchant. On 31st January, 2012, Lai Ping Tong transferred all his shares to Round Wide. Now, the subject is wholly-owned by Round Wide.
Chan To Chi is the Managing Director of the subject. The contact person of the subject Mr. Lau Wai Lun is one of the directors of the subject who can be reached at his Hong Kong mobile phone number 852-9338 9696.
The subject has had an associated company Ping Han Ying (HK) Co. Ltd. [PHY], a Hong Kong-registered firm located at its operating address. PHY and the subject are engaged in the same lines of business.
The subject has got a business partner in Hong Kong known as China Oriental Express Co. Ltd. [COE]. Currently, COE has over eight branches in China.
The subject is a logistic and transportation service provider. It offers clients with the following services: local trucking, cross border trucking, lorry / truck rental, sea freight forwarding & air freight forwarding. Besides Hong Kong and China, the subject’s business territories also cover Taiwan, Southeast Asia, Europe, etc. Business is normal.
In Shenzhen Special Economic Zone, the subject has got an associated company Shenzhen Ping Han Ying Transportation Co. Ltd. [Shenzhen PHY] which is engaged in the same lines of business as the subject in Hong Kong. Located at ‘302, Block A, 41 Tianxin Dong Road, Shatoujiou, Yantian District, Shenzhen Special Economic Zone, China’, Shenzhen PHY has had a number of business partners in China. Mr. Chan To Chi is the contact person of Shenzhen PHY. He is also general manager and director of Shenzhen PHY.
With a registered capital of RMB300 million Yuan, Shenzhen PHY commenced business in April 2001.
The annual sales turnover of the subject and its associate ranges from HK$45 to 50 million. Making a small profit every year. Now, the subject has been maintaining a number of regular clients both in Hong Kong and China.
The subject’s history in Hong Kong is over ten years and ten months.
On the whole, consider the subject good for normal business engagements.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.59.33 |
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|
1 |
Rs.99.68 |
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Euro |
1 |
Rs.80.30 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
MNL |
RATING EXPLANATIONS
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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.