MIRA INFORM REPORT

Report Date :

26.09.2014

IDENTIFICATION DETAILS

Name :	LUCK HOLDINGS LTD.
Registered Office :	Unit 9, 6/F., Block B, Po Lung Centre, 11 Wang Chiu Road, Kowloon,
Country :	Hong Kong
Date of Incorporation :	09.05.2006
Com. Reg. No.:	36760222
Legal Form :	Private Limited Company
Line of Business :	Importer, Exporter and Wholesaler of Knitted denim fabric, woven denim fabric
No. of Employees :	06

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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
Hong Kong	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
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

Note

Your “Unit 10, 6/F., Block B, Po Lung Centre, 11 Wang Chiu Road, Kowloon, Hong Kong” is the operating address of the subject’s associate Luckytex Company.

Company name and address

LUCK HOLDINGS LTD.

ADDRESS: Unit 9, 6/F., Block B, Po Lung Centre, 11 Wang Chiu Road, Kowloon, Hong Kong.

PHONE: 852-2796 3963

FAX: 852-2796 6310

MANAGEMENT

Managing Director: Mr. Chung Kwok Kwong

SUMMARY

Incorporated on: 9th May, 2006.

Organization: Private Limited Company.

Paid Up Capital HK$1.00.

Business Category: Importer, Exporter and Wholesaler.

Employees: 6.

Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

Banking Relation: Satisfactory.

ADDRESS

Registered Head Office:-

Unit 9, 6/F., Block B, Po Lung Centre, 11 Wang Chiu Road, Kowloon, Hong Kong.

Associated Companies:

Luckytex Company

Unit 10, 6/F., Block B, Po Lung Centre, 11 Wang Chiu Road, Kowloon, Hong Kong.

[Tel.: 852-2796 3969 Fax: 852-2758 5225]

Guo Xing (HK) Industrial Co. Ltd., Hong Kong.

Hantex (Asia) Ltd., Hong Kong.

Same Rich Ltd., Hong Kong.

West Gate Co. Ltd., Hong Kong.

Yip Tai Investment Ltd., Hong Kong.

BUSINESS REGISTRATION NUMBER

36760222

COMPANY FILE NUMBER

1043534

MANAGEMENT

Managing Director: Mr. Chung Kwok Kwong

PAID UP CAPITAL: HK$1.00

SHAREHOLDER: (As per registry dated 09-05-2014)

Name	No. of share
CHUNG Kwok Kwong	1 =

DIRECTOR: (As per registry dated 09-05-2014)

Name (Nationality)	Address
CHUNG Kwok Kwong	Unit 8, 7/F., Block B, Po Lung Centre, 11 Wang Chiu Road, Kowloon, Hong Kong.

SECRETARY: (As per registry dated 09-05-2014)

Name	Address	Co. No.
National Grand Consultants Ltd.	Room A, 20/F., Kai Kwong Commercial Building, 332-334 Lockhart Road, Wanchai, Hong Kong.	0575635

HISTORY

The subject was incorporated on 9th May, 2006 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.

OPERATIONS

Activities: Importer, Exporter and Wholesaler.

Lines: Knitted denim fabric, woven denim fabric,

Employees: 6.

Commodities Imported: China, other Asian countries,

Markets: Southeast Asia, Europe, North America,

Terms/Sales: L/C or as per contracted.

Terms/Buying: L/C, T/T, D/P,

FINANCIAL INFORMATION

Paid Up Capital: HK$1.00.

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.

Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

Standing: Normal.

GENERAL

Having issued just one ordinary share of HK$1.00, Luck Holdings Ltd. [Luck Group/Group] is wholly owned by Mr. Chung Kwok Kwong who is a Hong Kong merchant. He is also the only director of the subject.

The subject is a fabric trader. It has had an associated company Luckytex Co. [Luckytex] which is located at Unit 10, 6/F., Block B, Po Lung Centre, 11 Wang Chiu Road, Kowloon, Hong Kong. Luckytex belongs to the Luck Group.

The subject is trading in the following commodities: knitted denim fabric, woven denim fabric, etc. Products are chiefly sourced from China, other Asian countries, etc. Prime markets are Asian countries, Europe, North America, Africa, Australia, Scandinavia, Central & South America, etc.

The contact person of Luckytex is Mr. Wilkin Lai.

Besides Luckytex, the subject has had the other associated company such as the followings in Hong Kong:-

Guo Xing (HK) Industrial Co. Ltd. [Guo Xing]

Yip Tai Investment Ltd.

West Gate Co. Ltd.

Same Rich Ltd.

Hantex (Asia) Ltd.

Guo Xing is a furniture fabric and curtain fabric trader.

Yip Tai Investment is engaged in fabrics trading. It is the provider of choice integrating R&D, production, marketing and service for clients, mainly engaged in the production of Woven Fabric, Men’s Wear, Women’s Wear and Kid’s Wear. Its major export markets are the United States, Canada, Europe, Japan, other Asian countries, etc.

The owner of Yip Tai Investment is also Mr. Wilkin Lai. The other members of the Group are also garment, fabric, and textile product traders.

The subject’s business is chiefly handled by Mr. Chung Kwok Kwong. Overall business is normal.

As the history of the subject is over eight years and four months in Hong Kong, on the whole, consider it good for normal business engagements.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.02
UK Pound	1	Rs.99.42
Euro	1	Rs.77.84

INFORMATION DETAILS

Analysis Done by :	SUM
Report Prepared by :	NIS

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%)

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