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Report No. : |
328094 |
|
Report Date : |
25.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
LUEN HING TEXTILE COMPANY LIMITED |
|
|
|
|
Registered Office : |
Block A, 20/F, Excelsior Indu strial Building,
68 Sha Tsui Road, Tsuen Wan, New Territories |
|
|
|
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Country : |
Hong Kong |
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|
|
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Date of Incorporation : |
05.06.2007 |
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|
|
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Com. Reg. No.: |
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|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
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Line of Business : |
Trading of textiles. |
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|
|
|
No. of Employee : |
Not Available 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. |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
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|
|
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Payment Behaviour : |
Unknown |
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|
|
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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, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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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 12.5% of total system deposits in Hong Kong by the end of 2014. 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 47.3 million in 2014, 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 2014 mainland Chinese companies constituted about 50% of the firms listed on the Hong Kong Stock Exchange and accounted for about 60.1% 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 4.4% in 2014. 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 2014, Hong Kong and China signed a new agreement on achieving basic liberalization of trade in services in Guangdong Province under the Closer Economic Partnership Agreement, adopted in 2003 to forge closer ties between Hong Kong and the mainland. The new measures, effective from March 2015, cover a negative list and a most-favored treatment provision, and will improve access to the mainland's service sector for Hong Kong-based companies.
|
Source
: CIA |
|
Company Name (in English): |
Luen Hing Textile Company Limited |
|
Supplied Name: |
LUEN HING TEXTILE COMPANY LIMITED |
|
Trading Address: |
Block A, 20/F, Excelsior Industrial
Building, 68 Sha Tsui Road, Tsuen Wan, New Territories, Hong Kong |
|
Supplied Address: |
BLOCK A-B, 20/F, EXCELSIOR INDUSTRIAL BUILDING, 68, SHA TSUI ROAD
TSUEN WAN HONGKONG |
Note: The exact name and address are as above.
|
Registered Name: |
|
|
Registered Address: |
Block A, 20/F,
Excelsior Industrial Building, 68 Sha Tsui Road, Tsuen Wan, New Territories,
Hong Kong |
|
Telephone Number: |
+852-2416-0810 |
|
Fax Number: |
+852-2413-6711 |
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E-mail: |
|
|
Date of Registration: |
2007-6-5 |
|
Registered Number: |
1138463 |
|
Business Registration No.: |
39199072 |
|
Paid-up Capital: |
HKD 30,000,000 (USD 3,870,000) = 30,000,000
Shares@ HKD 1 HKD 104,000,000 (USD 13,416,000) = 20,000,000
Shares@ HKD 5.2 (As of 2015.06, 1 HKD = 0.129 USD) |
|
Legal Form: |
Private Limited Liability Company |
|
SITC Code: |
69350-- Cloth (including endless bands),
grill, netting and fencing, of ron or steel wire; expanded metal of iron or
steel (kg) |
|
Principal Activities: |
Trading of textiles and etc. |
|
Staff: |
N/A |
|
Listed at Stock Exchange: |
No |
|
Date of Last Annual Return: |
2014-6-5 |
Notes: Subject declined
to disclose its staff number; from other source we cannot obtain the relevant information,
either.
Subject was incorporated on 2007-6-5 with the
registered number 1138463 as Private Limited Liability Company in Hong Kong.
Parent Company
|
Name: |
Len Hing Investment Limited |
|
Address: |
3rd Floor, J & C Building, P.
O. Box 933, Road Town, Tortola, British Virgin Islands VG 1110 |
Related Companies
|
Yong Lian Spring-Knitting Wear Co., Ltd Address: Li Wu District, Wang Niu Duen, Dong
Guan, Guangdong, PR China Tel: +86 769 8885 2801 Fax: +86 769 8885 2805 Luen Hing Textile (Zhong Shan) Co., Ltd Address: Gao Ping Chemical Ind. Area, San
Jiao Town, Zhong Shan City, Guangdong, PR China Tel: +86 760 8540 2699 Fax: +86 760 8540 3299 |
|
Subscription Amount |
Proportion of Investment (%) |
|
|
Len Hing Investment Limited |
134,000,000 |
100% |
|
Total |
134,000,000 |
100% |
Major Shareholder Information:
|
Name: |
Len Hing Investment Limited |
|
Address: |
3rd Floor, J & C Building, P.
O. Box 933, Road Town, Tortola, British Virgin Islands VG 1110 |
Core Management
Detailed Information of Directors:
|
1 |
|
|
Name: |
Ngan Chun Hang |
|
Address: |
Duplex 2, 1/F & 2/F, Block 1, Dynasty Heights,
Dynasty Villa, 2 Yin Ping Road, Kowloon, Hong Kong |
|
Position: |
Director |
|
ID Number: |
Z409256(3) |
|
2 |
|
|
Name: |
Ngan Kuen Hing |
|
Address: |
Duplex 2, 1/F & 2/F, Block 1, Dynasty
Heights, Dynasty Villa, 2 Yin Ping Road, Kowloon, Hong Kong |
|
Position: |
|
|
ID Number: |
E633050(2) |
|
3 |
|
|
Name: |
Ngan Wa Hing |
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Address: |
Flat 1504, Block B, Luk Yueng Sun Chuen,
22-66 Wai Tsuen Road, Tsuen Wan, Hong Kong |
|
Position: |
Director |
|
ID Number: |
E910000(1) |
|
4 |
|
|
Name: |
Ngan Chun Ho |
|
Address: |
Flat 1504, Block B, Luk Yueng Sun Chuen,
22-66 Wai Tsuen Road, Tsuen Wan, Hong Kong |
|
Position: |
Director |
|
ID Number: |
Z190228(9) |
|
5 |
|
|
Name: |
TLP Corporate Services Limited |
|
Address: |
1103-5 Allied Kajima Building, 138
Gloucester Road, Wanchai, Hong Kong |
|
Position: |
Corporate Secretary |
|
Registered Number: |
829248 |
Offices &
Factories
|
|
Office |
|
Address: |
Block A, 20/F, Excelsior Industrial Building,
68 Sha Tsui Road, Tsuen Wan, New Territories, Hong Kong |
Premises
Information
Office address:
|
Address: |
Factory Unit A On 20th Floor Excelsior Industrial Building Nos.68-76 Sha Tsui Road Tsuen Wan New Territories |
|
Owners: |
Luen Hing Elastic Band Company Limited |
|
Memorial Number: |
UB8812133 |
|
Date of Instrument: |
2002-10-18 |
|
Date of Registration: |
2002-11-9 |
|
Consideration Value: |
HKD 920,000.00 |
History of
Premises Owners’
|
1 |
|
|
Memorial No.: |
13050701980030 |
|
Date of Instrument: |
2013-4-30 |
|
Date of Registration: |
2013-5-7 |
|
Nature: |
Rental Assignment |
|
In Favor of: |
Standard Chartered Bank (Hong
Kong) Limited |
|
2 |
|
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Memorial No.: |
13050701980026 |
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Date of Instrument: |
2013-4-30 |
|
Date of Registration: |
2013-5-7 |
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Nature: |
Tripartite Legal Charge/Mortgage |
|
In Favor of: |
Standard Chartered Bank (Hong
Kong) Limited |
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Consideration: |
All Moneys |
|
3 |
|
|
Memorial No.: |
UB8760313 |
|
Date of Instrument: |
2002-8-17 |
|
Date of Registration: |
2002-8-22 |
|
Nature: |
Agreement For Sale And Purchase |
|
In Favor of: |
Luen Hing Elastic Band Company
Limited |
|
Consideration: |
HKD 920,000.00 |
Production
Information
The subject is a trader of textiles and etc without
any production activities.
It is introduced that subject’s related
companies has factories in Dongguan City and Zhongshan City, Guangdong
Province, the mainland of China for productions.
Purchase
Information
It is introduced that subject purchases its
products mainly from the factories of subject’s related companies in Dongguan
City and Zhongshan City, Guangdong Province, the mainland of China.
Sales Information
The subject is mainly engaged in sales of textiles
and etc.
Subject’s major products are lace, woven
elastic, medical gauze, elastic band, banding, printed webbing, velvet ribbon,
cotton yarn, polyester silk and etc.
Subject’s selling territory includes Asia,
Europe, America and etc.
Subject’s major customers are manufacturers
and designers of garment, underwear, medical products and etc.
Purchase
Domestic Purchase
|
Products |
Textiles |
|
Payment Terms |
Cash, T/T |
Import
It is introduced that subject has little
import.
Sales
Domestic Markets
|
Product |
Textiles |
|
Selling Terms |
Cash, T/T |
Export
|
Product |
Textiles |
|
Selling Terms |
L/C, T/T |
The subject has no
obligation to supply its financial statement to the third party according to the
relevant policy in Hong Kong and the only
source from which we can obtain the information is the subject itself.
Subject’s relevant staff rejected to disclose the financial information, from
other sources we could not obtain such information, either.
Subject declined to disclose its bank details; from other source we
could not obtain the relevant information, either.
Mortgage Record
|
Company Name: |
Luen Hing Textile Company Limited (“The Chargor”) |
|
Instrument of Creating Mortgage: |
Charge over deposits/securities (2-parties) |
|
Date of Creating Mortgage: |
2013-11-21 |
|
Amount Secured: |
To secure owing all monies in any currency
by the Company to Hang Seng Bank Limited at any time, actually or contingently,
in any capacity, alone or jointly with any other person. |
|
Name of Mortgagee: |
Hang Seng Bank Limited (“The Bank") |
|
Address of Mortgagee: |
83 Des Voeux Road Central Hong Kong |
|
Description of Property Mortgaged: |
The Chargor charges by way of first fixed
charge to the Bank all the right, title and interest of the Chargor in and to
the Charged Assets |
Up to now, no present or latent
litigation of the subject has been found.
|
High Court Action: |
Clear |
|
High Court Baukufty Bankruptcy Proceedings: |
Clear |
|
High Court Commercial Action: |
Clear |
|
High Court Construction & Arbitration
Proceedings: |
Clear |
|
High Court Companies Winding-Up: |
Clear |
Interview Details
|
Department: |
Sales Department |
69350-- Cloth (including
endless bands), grill, netting and fencing, of ron or steel wire; expanded
metal of iron or steel (kg)
Unit: HKD/000
|
|
2014.12 |
2014.01~2014.12 |
||
|
|
Quantity |
Value |
Quantity |
Value |
|
Imports |
||||
|
The Mainland of China |
1,465,508 |
10,035 |
14,949,458 |
101,009 |
|
Germany |
995 |
128 |
20,572 |
4,596 |
|
Japan |
790 |
1,333 |
11,040 |
11,969 |
|
South Korea |
18,768 |
162 |
61,262 |
595 |
|
Malaysia |
142 |
82 |
2,068 |
1,157 |
|
Exports |
||||
|
The Mainland of China |
308,165 |
3,892 |
1,099,355 |
29,930 |
|
Japan |
145 |
16 |
1,716 |
96 |
|
Malaysia |
145 |
37 |
1,273 |
417 |
|
Singapore |
372 |
120 |
1,520 |
1,434 |
|
USA |
110 |
23 |
53,951 |
1,011 |
External Trade Information:
External Merchandise Trade Aggregate Figures
Unit: HKD/ Million
|
|
Imports |
Domestic Exports |
Re-exports |
Total exports |
Year-on-year % change of Total exports |
Merchandise trade balance |
|
2012 |
3,912,163 |
58,830 |
3,375,516 |
3,434,346 |
+2.9 |
-477,817 |
|
2013 |
4,060,717 |
54,364 |
3,505,322 |
3,559,686 |
+3.6 |
-501,031 |
|
2014 |
4,219,046 |
55,283 |
3,617,468 |
3,672,751 |
+3.2 |
-546,295 |
|
2013.11 |
370,104 |
4,587 |
320,935 |
325,522 |
+5.8 |
-44,581 |
|
2013.12 |
365,228 |
4,596 |
306,281 |
310,877 |
0.0 |
-54,351 |
|
2014.01 |
323,436 |
4,299 |
299,157 |
303,456 |
-0.4 |
-19,979 |
|
2014.02 |
266,587 |
3,276 |
209,638 |
212,914 |
-1.3 |
-53,673 |
|
2014.03 |
351,889 |
5,120 |
296,403 |
301,523 |
+3.4 |
-50,365 |
|
2014.04 |
340,972 |
4,867 |
280,816 |
285,682 |
-1.6 |
-55,290 |
|
2014.05 |
348,323 |
5,299 |
300,673 |
305,973 |
+4.9 |
-42,350 |
|
2014.06 |
352,316 |
4,802 |
304,409 |
309,211 |
+11.4 |
-43,105 |
|
2014.07 |
368,293 |
5,120 |
321,040 |
326,160 |
+6.8 |
-42,132 |
|
2014.08 |
358,750 |
5,289 |
321,937 |
327,225 |
+6.4 |
-31,525 |
|
2014.09 |
382,355 |
4,153 |
327,833 |
331,986 |
+4.5 |
-50,369 |
|
2014.10 |
381,569 |
4,392 |
327,335 |
331,727 |
+2.7 |
-49,842 |
|
2014.11 |
378,946 |
4,701 |
322,082 |
326,783 |
+0.4 |
-52,163 |
|
2014.12 |
372,007 |
4,050 |
308,705 |
312,755 |
+0.6 |
-59,253 |
*Total exports figures have been rounded to the nearest final digit after
summing up the constituent trade figures.
We contacted with the subject through the telephone number +852-2416-0810, the relevant staff who
answered the phone confirmed the subject’s address for us.
Since our on-site visit has not returned yet,
we cannot provide the photos at this stage.
We will update as soon as possible.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.66 |
|
|
1 |
Rs.100.50 |
|
Euro |
1 |
Rs.71.31 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
ANK |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.