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Report Date : |
31.05.2014 |
IDENTIFICATION DETAILS
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Name : |
LUEN HING FAT TRADING CO. LTD. |
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Registered Office : |
Unit 406, 4/F., Vanta Industrial Centre, 21-33 Tai Lin Pai Road, Kwai
Chung, New Territories |
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Country : |
Hong Kong |
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Date of Incorporation : |
12.05.1978 |
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Com. Reg. No.: |
05588073 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of Rapeseed oil, soyabean oil, groundnut
oil, refined sugar, wheat flour, refined lard, edible oil, potato starch,
corn starch, beans and other foodstuffs. |
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No. of Employees |
20 |
RATING & COMMENTS
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MIRAs 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, 2014
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
Hong Kong |
A2 |
A2 |
|
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 |
LUEN HING FAT
TRADING CO. LTD.
Unit 406, 4/F., Vanta Industrial Centre, 21-33 Tai Lin Pai Road, Kwai
Chung, New Territories, Hong Kong.
PHONE: 852-2546 0267, 2548 2718,
2548 1388
FAX: 852-2548 1096
E-MAIL: info@lhf.com.hk
Managing Director: Mr. Chan Siu Man, Francis
Incorporated on: 12th
May, 1978.
Organization: Private
Limited Company.
Issued Capital: HK$2,500,000.00
Business Category: Importer, Exporter and Wholesaler.
Employees:
20.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Good.
LUEN HING FAT
TRADING CO. LTD.
Registered Head
Office:-
Unit 406, 4/F., Vanta Industrial Centre, 21-33 Tai Lin Pai Road,
Kwai Chung, New Territories, Hong Kong.
Associated
Companies:-
Kwong Yu Plastic Factory Ltd., Hong Kong.
Luen Hing Fat Ltd., Hong Kong.
[Dissolved]
05588073
0060272
Managing Director: Mr. Chan Siu
Man, Francis
Contact Person: Mr. Chan Siu Lun,
Allen
HK$2,500,000.00
(As per registry dated 12-05-2014)
|
Name |
|
No. of shares |
|
Nippon Flour Mills Co. Ltd. 27-5, Sendayaya 5-Chome, Sibuya-Ku, Tokyo, Japan. |
|
25,000 |
|
Sojitz Coropration 1-23, Shiba 4-Chome, Minato-Ku, Tokyo, Japan. |
|
12,500 |
|
CHAN Shiu Man, Francis |
|
87,500 |
|
CHAN Shiu Kau, Anthony |
|
50,000 |
|
CHAN Karm |
|
50,000 |
|
CHAN Kin Bong, Kenneth |
|
25,000 |
|
|
|
|
|
|
Total: |
250,000 ====== |
(As per registry dated 12-05-2014)
|
Name (Nationality) |
Address |
|
Toshifumi HORIUCHI |
2-14-24, Nogata Nakano-Ku, Tokyo, Japan. |
|
CHAN Shiu Kau, Anthony |
Flat B, 3/F., 9 Conduit Road, Hong Kong. |
|
CHAN Shiu Man, Francis |
Flat B, 6/F., 19 Conduit Road, Hong Kong. |
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CHAN Karm |
2/F., 444 Sai Yeung Choi Street, Kowloon, Hong Kong. |
(As per registry dated 12-05-2014)
|
Name |
Address |
|
KWAN Fung Yee |
Flat B, 15/F., Block 5, Phase 2, Kai Tak Garden, 121 Choi Hung Road,
Wong Tai Sin, Kowloon, Hong Kong. |
The company was incorporated on 12th May, 1978 as a private limited
liability company under the Hong Kong Companies Ordinance.
Long time ago, the subject was located at 1/F., Luen Hing Fat Building,
35‑39 Des Voeux Road West, Hong Kong. It moved to the present address in March
2008.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer, Exporter and Wholesaler.
Lines: Rapeseed
oil, soyabean oil, groundnut oil, refined sugar, wheat flour, refined lard,
edible oil, potato starch, corn starch, beans and other foodstuffs.
Employees: 20.
Commodities Imported: Bought from Japan, Europe, China, South Korea, Africa, India, etc.
Markets: Hong Kong, Macau, China, other Asian
countries, etc.
Terms/Sales:
As per contracted.
Terms/Buying: Various
terms.
Issued Capital: HK$2,500,000.00
Alternation of Issued Capital:-
|
12-05-1978 |
paid up |
HK$ 20.00 |
|
14-04-1984 |
paid up |
HK$2,499,980.00 |
|
|
|
|
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Total: |
paid up |
HK$2,500,000.00 ============== |
Profit & Loss: Making
a profit every year.
Condition:
Business is
active.
Facilities:
Making active
use of general banking facilities.
Payment:
So far so good.
Commercial Morality: Good.
Bankers:-
The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Banque Nationale
de Paris, Hong Kong Branch.
[Now known as BNP Paribas]
Wing Lung Bank Ltd., Hong Kong.
etc.
Standing: Good.
Having issued 25,000 ordinary shares, Luen Hing Fat Trading Co. Ltd. is
jointly owned by Nippon Flour Mills Co. Ltd., a Japan-based company holding 10%
interests; Sojitz Corporation [Sojitz], another Japan-based company holding 5%,
while the balance 85% is held by the Chan family.
The subject was an associated company of Luen Hing Fat Ltd. [LHFL], a
well-established foodstuff importer and wholesaler founded in 1947 by
Mr. Chan Hong Wah and his family and relatives. The subject was established in 1978 and has
become active since 1984 as it took over most of the trading activities from
LHFL in the year.
The subject is the agent of Nippon Flour Mills Co. Ltd. which is selling
wheat flour bearing the trade mark Nippn.
The subject also carries the other foodstuffs and edible oil.
The subject is also a registered importer of Mainland Cereals &
Grain Flour approved by The Trade & Industry Department of the Government
of the Hong Kong SAR. It handles wheat
flour.
Sojitz Corporation was formed out the union of Nichimen Corporation and
Nissho Iwai Corporation, both companies have long histories in Japan. For more than 120 years, Sojitzs business
has helped support the development of many countries and regions. Today, the Sojitz Group consists of
approximately 440 subsidiaries and affiliates located in Japan and throughout
the world, and it is developing its wide-ranging general trading company
operations in roughly 50 countries and regions across the globe.
The business of the subject is chiefly handled by the Chan family. History in Hong Kong is over 36 years.
On the whole, consider the subject good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.03 |
|
UK Pound |
1 |
Rs.98.91 |
|
Euro |
1 |
Rs.80.34 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
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|
Report Prepared
by : |
SDA |
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 |
-- |
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This score serves as a reference to assess
SCs 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.