|
|
|
MIRA INFORM REPORT
|
Report No. : |
510506 |
|
Report Date : |
21.05.2018 |
IDENTIFICATION DETAILS
|
Name : |
EXPRESS LUCK INTERNATIONAL COMPANY LIMITED |
|
|
|
|
Registered Office : |
Office J, 22/F.,
Kings Wing Plaza 2, 1 On Kwan Street, Shek Mun, Shatin, New Territories |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
20.11.2009 |
|
|
|
|
Com. Reg. No.: |
51466736 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer, exporter and manufacturer of Smart Lighting Products such as
LED TV, 3D LED TV, LED TV, 4K2K TV |
|
|
|
|
No. of Employees : |
12 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January
2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
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
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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 reexports, 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 continues to link its currency closely to the US dollar, maintaining an arrangement established in 1983.
Excess liquidity, low interest rates and a tight housing supply have caused Hong Kong property prices to rise rapidly. The lower and middle-income segments of the population increasingly find housing unaffordable.
Hong Kong's open economy has left it exposed to the global economic situation. Its continued reliance on foreign trade and investment makes it vulnerable to renewed global financial market volatility or a slowdown in the global economy.
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 surged from 4.5 million in 2001 to 47.3 million in 2014, outnumbering visitors from all other countries combined. After peaking in 2014, overall tourist arrivals dropped 2.5% in 2015 and 4.5% in 2016. The tourism sector rebounded in 2017, with visitor arrivals rising 3.2% to 58.47 million. Travelers from Mainland China totaled 44.45 million, accounting for 76% of the total.
The Hong Kong Government is promoting the Special Administrative Region (SAR) as the preferred business hub for 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, RMB trade settlement is allowed, and investment schemes such as the Renminbi Qualified Foreign Institutional Investor (RQFII) Program was first launched in Hong Kong. Offshore RMB activities experienced a setback, however, after the People’s Bank of China changed the way it set the central parity rate in August 2015. RMB deposits in Hong Kong fell from 1.0 trillion RMB at the end of 2014 to 559 billion RMB at the end of 2017, while RMB trade settlement handled by banks in Hong Kong also shrank from 6.8 trillion RMB in 2015 to 3.9 trillion RMB in 2017.
Hong Kong has also established itself as the premier stock market for Chinese firms seeking to list abroad. In 2015, mainland Chinese companies constituted about 50% of the firms listed on the Hong Kong Stock Exchange and accounted for about 66% 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. 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 (CEPA), adopted in 2003 to forge closer ties between Hong Kong and the mainland. The new measures, which took effect in March 2015, cover a negative list and a most-favored treatment provision. On the basis of the Guangdong Agreement, the Agreement on Trade in Services signed in November 2015 further enhanced liberalization, including extending the implementation of the majority of Guangdong pilot liberalization measures to the whole Mainland, reducing the restrictive measures in the negative list, and adding measures in the positive lists for cross-border services as well as cultural and telecommunications services. In June 2017, the Investment Agreement and the Agreement on Economic and Technical Cooperation (Ecotech Agreement) were signed under the framework of CEPA.
Hong Kong’s economic integration with the mainland continues
to be most evident in the banking and finance sector. Initiatives like the Hong
Kong-Shanghai Stock Connect, the Hong Kong- Shenzhen Stock Connect the Mutual
Recognition of Funds, and the Bond Connect scheme are all important steps towards
opening up the Mainland’s capital markets and have reinforced Hong Kong’s role
as China’s leading offshore RMB market. Additional connect schemes such as ETF
Connect (for exchange-traded fund products) are also under exploration by Hong
Kong authorities. In 2017, Chief Executive Carrie LAM announced plans
to increase government spending on research and development, education, and
technological innovation with the aim of spurring continued economic growth
through greater sector diversification.
|
Source
: CIA |
note
Subject is Formerly
Located At:
Workshop 12, 20/F.,
Block B, New Trade Plaza,
6 On Ping Street,
Shatin,
New Territories, Hong
Kong.)
Company
name
EXPRESS LUCK
INTERNATIONAL COMPANY LIMITED
ADDRESS: Office J, 22/F., Kings Wing Plaza
2, 1 On Kwan Street, Shek Mun, Shatin, New Territories, Hong Kong.
PHONE: 852-2757 0823
FAX: 852-2757 0829
MANAGEMENT
Managing
Director: Mr. Hui Siu Bun
SUMMARY
Incorporated on: 20th
November, 2009.
Organization: Private
Limited Company.
Issued Share Capital: HK$1.00
Business Category: Importer, Exporter and Manufacturer.
Employees: 12.
Main Dealing Banker: DBS Bank (Hong Kong) Ltd., Hong Kong.
Banking
Relation: Satisfactory.
ADDRESS
Registered Head
Office:-
Office J, 22/F.,
Kings Wing Plaza 2, 1 On Kwan Street, Shek Mun, Shatin, New Territories, Hong
Kong.
Associated
Companies:-
Express Luck
Industrial (Shenzhen) Ltd.
88, Baotong Road
(South), Xikeng, Henggang Town, Longgang District, Shenzhen Special Economic
Zone, China.
[Tel: 86-755-8973
9888, Fax: 86-755-8973 9666
E-mail:
sales@expressluck.com (marketing)]
Elux International
Inc., US.
Express Luck (HK)
Ltd., Hong Kong.
Express Luck
Industrial (Huizhou) Co. Ltd., China.
Express Luck Industrial
Ltd., Hong Kong. (Same address)
Shenzhen Express Luck
Logistics Co. Ltd., China.
BUSINESS
REGISTRATION NUMBER
51466736
COMPANY
FILE NUMBER
1393650
MANAGEMENT
Managing
Director: Mr. Hui Siu Bun
ISSUED
SHARE CAPITAl
HK$1.00
SHAREHOLDER
(As per registry
dated 20-11-2017)
|
Name |
|
No. of share |
|
HUI Siu Bun |
|
1 = |
DIRECTOR
(As per registry
dated 20-11-2017)
|
Name (Nationality) |
Address |
|
HUI Siu Bun |
Workshop 07, 17/F.,
Block B, New Trade Plaza, 6 On Ping Street, Shatin, Hong Kong. |
SECRETARY
(As per registry
dated 20-11-2017)
|
Name |
Address |
Co. No. |
|
KSL Secretaries
Ltd. |
Unit 1003, 10/F.,
Rightful Centre, 12 Tak Hing Street, Kowloon, Hong Kong. |
0626678 |
HISTORY
The subject was
incorporated on 20th November, 2009 as a private limited liability company
under the Hong Kong Companies Ordinance.
Formerly the subject
was located at ‘Workshop 07, 17/F., Block B, New Trade Plaza, 6 On Ping
Street, Shatin, New Territories, Hong Kong’, moved to ‘Workshop 12, 20/F.’ of
the same building in late 2016 and further to the present address in May 2017.
Apart from these,
neither material change nor amendment has been ever traced and noted.
OPERATIONS
Activities: Importer, Exporter and
Manufacturer.
Lines: Smart Lighting
Products such as LED TV, 3D LED TV, LED TV, 4K2K TV.
Brand Names: Contex,
Sparko.
Employees: 12.
Commodities Imported: China, other Asian countries, etc.
Markets: China, Japan, other Asian
countries, Europe, North America, etc.
Terms/Sales: L/C
or as per contracted.
Terms/Buying: L/C,
T/T, D/P, etc.
FINANCIAL
INFORMATION
Issued Share Capital:
HK$1.00
Mortgage or Charge
(since 2012): (See
attachment)
Profit or Loss: Made small profits in past years.
Condition: Business is normal.
Facilities: Making active use of
general banking facilities.
Payment: No
complaints.
Commercial
Morality: Satisfactory.
Bankers:-
DBS Bank
(Hong Kong) Ltd., Hong Kong.
Australia
& New Zealand Banking Group Ltd., Hong Kong Branch.
Hang Seng
Bank Ltd., Hong Kong.
Standard
Chartered Bank (Hong Kong) Ltd., Hong Kong.
Standing: Normal.
GENERAL
Having issued just
one ordinary share of HK$1.00, Express Luck International Company Limited is
wholly owned by Mr. Hui Siu Bun who is a Hong Kong merchant. He is also director of the subject.
The subject has had
an associated company Express Luck Industrial (Shenzhen) Ltd. [Express Luck]
which was established in 1997. Express
Luck is located in Longgang District, the east of Shenzhen Special Economic
Zone, China. Its brief information is as
follow:
Name: Express Luck
Date of
Incorporation: 19th February, 2004.
Legal Status: Limited Liability Company (owned by natural
person)
Registered
Capital: US$10 million
Duration: 19th
February, 2004 to 19th February, 2054 (50 years)
United Social Credit
Code: 91440300757620113J
Registration No.:
44037503438352
Express Luck integrates
development, designing, manufacturing, and sales of its products. It has become a large-scale science &
technology corporation, and has been recognized as a National High-Tech
Enterprise by the Ministry of Science and Technology of the PRC. Its factory in Shenzhen SEZ covers an area of
over 100,000 square meters. It also has
a number of associated production bases in the United States, Romania, India,
etc. In total, the Express Luck Group
has about 2,000 employees worldwide.
Its main products are
Smart LED TV, 3D LED TV, LED TV, 4K2K TV and so on. It also owns more than 50 patents.
Its brands include Cai Xun, Candice, Sansui, SAIKYO, etc., more than 95% of products
are exported to more than 60 countries and regions of the world.
Its main customers
are Wal Mart, Carrefour, JVC, best buy, modern, etc., all which are renowned
both at home and abroad. Other main
customers are Samsung, LG, Sony, Innolux, Huaxing Power, BOE, etc.
Express Luck has got
the following certifications: ISO9001, ISO14001, OHSAS18001, GSV, CCC, CE, UL,
FCC, FDA, TUV, GS, fi, ETL, WEEE, BV, etc.
According to the
subject, Express Luck enjoys a high prestige and good reputation both in Hong
Kong and China TV industry.
Express Luck owns the
production workshops of top dust-free backlight, where the core components such
as the backlight panels and LED modules are developed and produced by
itself. Its annual production capacity
of LED TV reaches 3 million units.
The Shenzhen Express
Luck is the Group’s international headquarters and manufacturing centre.
In 2016, the subject
set up another factory in China known as Express Luck Industrial (Huizhou) Co.
Ltd. which is in Huizhou City, Guangdong Province, China. This company was incorporated on 9th October,
2016.
The annual sales
turnover of Express Luck amounts to RMB1.5 to 2.0 billion Yuan.
Now, the subject has
set up offices in the United States, Mexico, etc.
As the history of the
subject is over eight years and five months in Hong Kong, on the whole,
consider it good for normal business engagements.
MORTGAGE
OR CHARGE
(Since
2012)
|
Date |
Description
of Instrument |
Mortgagee |
|
05-10-2012 |
Charge Over Deposit |
Australia & New
Zealand Banking Group Ltd., Hong Kong Branch. |
|
21-11-2012 |
Security Agreement over
Bank Account (All Moneys) |
Standard Chartered
Bank (Hong Kong) Ltd., Hong Kong. |
|
02-01-2013 |
Charge over
Deposits/Securities |
Hang Seng Bank
Ltd., Hong Kong. |
|
08-07-2013 |
Charge over
Deposits/Securities |
Hang Seng Bank
Ltd., Hong Kong. |
|
09-10-2013 |
Charge on Cash
Deposit(s) to secure Liabilities of the Depositor(s) |
DBS Bank
(Hong Kong) Ltd., Hong Kong. |
|
31-03-2015 |
Security Agreement
Over Securities (All Moneys) |
Standard Chartered Bank
(Hong Kong) Ltd., Hong Kong. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 67.96 |
|
|
1 |
INR 91.88 |
|
Euro |
1 |
INR 80.28 |
|
HKD |
1 |
INR 8.68 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
NIS |
|
|
|
|
Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.