--- Quote Start ---
wow, thanks for the tip
--- Quote End ---
I tried to visualise the case given by Altera and I believe it is not straight forward. It seems the only case for hold check to limit fmax. I believe they mean the case when launch and latch registers are both sampling on same edge (rising edge,or falling edge) but the clock is inverted. This means there would be some half period delay of the latch clock relative to launch clock and the tool will need to be given instruction not to check current launch with next latch(for setup) as it is too restrictive, instead a multicycle of 2 is to be applied by user for tool's sake(this is not a true two clock multicycle). Thus the data launched may hit latch hold window or latch setup window and as such either may restrict fmax.
I am still puzzled why the tool does not give any red warnings on hold slack in our case, neither it tells where the problem lives.