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Report No. : |
327014 |
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Report Date : |
17.06.2015 |
IDENTIFICATION DETAILS
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Name : |
LUCK HOLDINGS LTD. |
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Registered Office : |
Unit 9, 6/F., Block B, Po Lung Centre, 11 Wang Chiu Road, Kowloon |
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Country : |
Hongkong |
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Date of Incorporation : |
09.05.2006 |
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Com. Reg. No.: |
36760222 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of Knitted Denim Fabric, Woven Denim
Fabric. |
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No. of Employees : |
8 |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Hongkong |
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 |
HONGKONG - 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 40.7 million
in 2013, 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 48.5% of
the firms listed on the Hong Kong Stock Exchange and accounted for about 56.9%
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. As of year-end 2014, the Democracy protests that
began in late September probably will have some adverse effects on economic
growth, particularly retail sales.
|
Source
: CIA |
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.
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
Managing Director:
Mr. Chung Kwok Kwong
Incorporated on: 9th May, 2006.
Organization: Private Limited Company.
Issued Share Capital: HK$1.00.
Business Category: Importer,
Exporter and Wholesaler.
Employees: 8.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
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]
China Luck (H.K.) Ltd., Hong Kong.
Guo Xing (HK) Industrial Co. Ltd., Hong Kong.
Hantex (Asia) Ltd., Hong Kong.
Hantex Holdings Ltd., Hong Kong.
Luckent Ltd., Hong Kong.
Maple Bond Ltd., Hong Kong.
Same Rich Ltd., Hong Kong.
Top Rising (Hong Kong) Ltd., Hong Kong.
West Gate Co. Ltd., Hong Kong.
Yip Tai Investment Ltd., Hong Kong.
36760222
1043534
Managing Director:
Mr. Chung Kwok Kwong
HK$1.00
(As per registry dated 09-05-2014)
|
Name |
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No. of share |
|
CHUNG Kwok Kwong |
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1 = |
(As per registry dated 09-05-2014)
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Name (Nationality) |
Address |
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CHUNG Kwok Kwong |
Unit 8, 7/F., Block B, Po Lung Centre, 11 Wang Chiu Road,
Kowloon, Hong Kong. |
(As per registry dated 09-05-2015)
|
Name |
Address |
Co. No. |
|
National First Consultants Ltd. |
Room A, 20/F., Kai Kwong Commercial Building, 332-334
Lockhart Road, Wanchai, Hong Kong. |
0575635 |
The subject was incorporated on 9th May, 2006 as a
private limited liability company under the Hong Kong Companies Ordinance.
The subject changed its company secretary on 9th May,
2015.
Apart from these, neither material change nor amendment
has been ever traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: Knitted
denim fabric, woven denim fabric, etc.
Employees: 8.
Commodities Imported: China,
other Asian countries, etc.
Markets: Southeast
Asia, Europe, North America, etc.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, D/P, etc.
Issued Share Capital: HK$1.00.
Profit or Loss: Making
a small profit every year.
Condition: Keeping in a satisfactory
manner.
Facilities: Making 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.
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’ where is the next door of
the subject. 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.
· China Luck (H.K.) Ltd.
· Luckent Ltd.
· Maple Bond 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. Products are also
sourced from China. 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.
Besides, there are
some more companies under the Luck Group which is also located at the same
address.
The subject’s
business is chiefly handled by Mr. Chung Kwok Kwong himself. Overall business is satisfactory.
As the history of the
subject is over nine years and a month in Hong Kong, on the whole,
consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.64.15 |
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|
1 |
Rs.100.04 |
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Euro |
1 |
Rs.72.27 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
NIT |
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 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.