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Report Date : |
21.03.2014 |
IDENTIFICATION DETAILS
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Name : |
LOUNG SING FUNG |
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Registered Office : |
c/o Busy Service Ltd. Flat B, 4/F., Kingswell Commercial Tower, 171-173 Lockhart
Road, Wanchai |
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Country : |
Hong Kong |
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Date of Incorporation : |
01.10.1993 |
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Com. Reg. No.: |
17441726-000-10 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Trader of frozen meat, frozen dried fruit and frozen aquatic
product |
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No of Employees : |
Number of
Employees is not available in Hong Kong [It is to be noted that
the company does not have its own operating office in Hong Kong. The company
uses the address of its secretariat as its correspondence address only.
Subject operates from some other country and does not have a base in Hong
Kong. Such companies are registered in Hong Kong just to tax benefit purpose
and due to the strict privacy laws prevailing in the country. In such cases,
the companies are not required to have any employees in Hong Kong nor do have
an office there.] |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
No Operating Office In Hong Kong |
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Payment Behaviour : |
Unknown |
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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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
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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 |
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 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 |
LOUNG SING
FUNG
ADDRESS:
Registered Office:-
c/o Busy Service Ltd.
Flat B, 4/F., Kingswell Commercial Tower, 171-173 Lockhart Road,
Wanchai, Hong Kong. Kong.
17441726-000-10
1st October, 1993.
Sole Proprietorship
Name: Mr. CHAN Kam Yau
Residential Address: Room 1526,
15/F., Wah Sang House, Wah Fu Estate, Hong Kong.
The subject was established on 1st October, 1993 as a sole
proprietorship concern owned by Mr. Chan Kam Yau under the Hong Kong Business
Registration Regulations.
Formerly the subject was located at Flat D, 9/F., Ming Tak Commercial Building,
Wanchai Road, Wanchai, Hong Kong, moved to the present address in January 2012.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Loung Sing Fung is a sole proprietorship set up and owned by Mr. Chan
Kam Yau who is a Hong Kong merchant.
Chan is also manager of the subject.
The subject does not have its own operating office. Its registered office is in a commercial
service firm located at “Flat B, 4/F., Kingswell Commercial Tower, 171-173
Lockhart Road, Wanchai, Hong Kong” known as “Busy Service Ltd.” which is
handling its correspondences and documents.
This office is also the office of a number of accountants.
The subject has no employees in Hong Kong.
The subject is a frozen meat, frozen dried fruit and frozen aquatic
product trader. It is significant for
its frozen Atlantic salmon, frozen mackerel, and other fish.
Most of the commodities are sourced from Asian countries, Europe, North
America, Central and South America, etc.
Products are marketed in Hong Kong and re-exported to Canada, the United
States, etc. However, Canada is the
subject’s prime market.
The followings are some of the subject’s customers in Canada:
Breakwater Fisheries Ltd.;
Nataaqnaq Fisheries Inc.;
Ocean Choice International L.p.; &
Rio Import Export Ltd.
The history of the subject is over twenty years. Business is chiefly handled by Mr. Chan Kam
Yau himself. Mr. Chan Kam Yau operates
the subject’s business at a different address, may be at his residential
flat. Business is fairly active.
On the whole, consider it good for normal business engagements in very
small credit amounts or on L/C basis.
NOTE :
It is to be noted that the
company does not have its own operating office in Hong Kong. The company uses the
address of its secretariat as its correspondence address only. Subject operates
from some other country and does not have a base in Hong Kong. Such companies
are registered in Hong Kong just to tax benefit purpose and due to the strict
privacy laws prevailing in the country. In such cases, the companies are not
required to have any employees in Hong Kong nor do have an office there.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs. 61.13 |
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|
1 |
Rs. 101.17 |
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Euro |
1 |
Rs. 84.59 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
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.