MIRA
INFORM REPORT
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Report Date : |
27.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
SHRIRO PACIFIC LTD. |
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Registered Office : |
Suite 4201-4203, 42/F., One Island East, 18 Westlands
Road, Island East |
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Country : |
Hong Kong |
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Date of Incorporation : |
12.02.1947 |
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Com. Reg. No.: |
1543 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Investment Holding. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exists |
name of the company
SHRIRO
PACIFIC LTD.
ADDRESS
Suite 4201-4203, 42/F., One Island East, 18 Westlands Road, Island East, Hong Kong.
PHONE: 2524 5031, 2912 1100
FAX: 2810 6586, 2595 9840
E-MAIL: enquiry@shriro.com
(Formerly located at: Suite 2507-2516, 25/F., CITIC Tower, 1 Tim Mei Avenue, Central, Hong Kong.)
MANAGEMENT
Group Chief Executive Officer: Mr. Fung King Cheung, Vasco
SUMMARY
Incorporated on: 12th February, 1947.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000,000.00
Issued: HK$10,000,000.00
Business Category: Investment Holding.
Group Annual Turnover: US$380-400 million.
Employees: 65. (Including affiliates)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Good.
ADDRESS
Registered Head Office:-
Suite 4201-4203, 42/F., One Island East, 18 Westlands Road, Island East, Hong Kong.
G.P.O. Box 181, Hong Kong.
Holding Company:-
Tectoria S.A., Cayman Islands.
Subsidiary & Affiliated Companies:-
Shriro Group of Companies
Gelec (HK) Ltd., Hong Kong.
Gelec (Macau) Ltda., Macau.
Gelec (UK) Ltd., UK.
Hasselblad Digital Ltd., Hong Kong.
KG Intelligent Systems Ltd., Hong Kong.
Monaco Corporation Ltd., New Zealand.
Neil Pryde Ltd., Hong Kong.
Shanghai Peninsula Engineering & Equipment Co. Ltd., China.
Shriro (Guangzhou) Co. Ltd., China.
Shriro (H.K.) Ltd., Hong Kong.
Shriro (M) Sdn. Bhd., Malaysia.
Shriro (Singapore) Pte. Ltd., Singapore.
Shriro Australia Pty. Ltd., Australia.
Shriro Equipment (Thailand) Ltd., Thailand.
Shriro Equipment Ltd., Hong Kong.
Shriro Graphic Ltd., Hong Kong.
Shriro International Ltd., Canada.
Shriro Machinery Ltd., Hong Kong.
Shriro Medical Ltd., Thailand.
Shriro Pacific Paper (Singapore) Pte. Ltd., Singapore.
Shriro Paper (Malaysia) Sdn. Bhd., Malaysia.
Shriro Paper (Singapore) Pte. Ltd., Singapore.
Shriro Shanghai Co. Ltd., China.
Shriro Sports Ltd., Hong Kong.
Shriro Trading Co. Ltd., Hong Kong.
Shriro Trading Co. Ltd., Japan.
Shriro Vietnam Ltd., Hong Kong.
Shriro Webb Ltd., Hong Kong.
Shriro Webb Ltd., Taiwan.
V. Lee (HK) Co. Ltd., Hong Kong.
Victor Hasselblad AB, Sweden.
etc.
BUSINESS REGISTRATION NUMBER
1543
COMPANY FILE NUMBER
2226
MANAGEMENT
Group Chairman: Mr. Mark Stanley Shriro
Group Chief Executive Officer: Mr. Fung King Cheung, Vasco
CAPITAL
Nominal Share Capital: HK$10,000,000.00 (Divided into 1,000,000 shares of HK$10.00 each)
Issued Share Capital: HK$10,000,000.00
SHAREHOLDERS
(As per registry dated 12-02-2008)
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Name |
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No. of shares |
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Tectoria S.A. The Harbour Trust Co. Ltd., P.O. Box 1787, GT Grand Cayman, Cayman Islands. |
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941,164 |
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Shriro International Ltd., Hong Kong. [It is not a Hong Kong-registered firm, believed it is incorporated in Canada.] |
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58,810 |
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Mark Stanley SHRIRO |
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4 |
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Vasco FUNG |
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11 |
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Michael Robert BINNS |
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11 |
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–––––––– |
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Total: |
1,000,000 ======= |
DIRECTORS
(As per registry dated 12-02-2008)
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Name (Nationality) |
Address |
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Mark Stanley SHRIRO |
Europa Residence, Place des Moulins 98000, Monte Carlo, Monaco. |
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Michael Robert BINNS |
B4, Carolina Gardens, 24 Coombe Road, Hong Kong. |
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FUNG King Cheung, Vasco |
House 8, Helene Court, 14 Shouson Hill Road, Hong Kong. |
SECRETARY
(As per registry dated 12-02-2008)
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Name |
Address |
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FAN Siu Kwan |
24A, Kingsford Height, 17 Babington Path, Mid-Levels, Hong Kong. |
HISTORY
The subject was incorporated on 12th February, 1947 as a private limited liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Shriro (China) Ltd., name changed to the present style on 19th May, 1989.
Last time, the subject was located at Suite 2507-2516, 25/F., CITIC Tower, 1 Tim Mei Avenue, Central, Hong Kong, moved to the present address with effect from 16th September, 2008.
Apart from these, neither material change nor amendment has been ever traced and noted.
OPERATIONS
Activities: Investment Holding.
Lines: Photographic equipment, etc.
Employees: 65. (Including affiliates)
Commodities Imported: Japan, Europe, etc.
Markets: Asia, Europe, etc.
Group Annual Turnover: US$380-400 million.
Terms/Sales: L/C or as per contracted.
Terms/Buying: Various terms.
MEMBERSHIP
The Hong Kong General
Chamber of Commerce, Hong Kong.
[Membership No. HKS0792]
FINANCIAL INFORMATION
Nominal Share Capital: HK$10,000,000.00 (Divided into 1,000,000 shares of HK$10.00 each)
Issued Share Capital: HK$10,000,000.00
Mortgage or Charge:-
Date of Security Over Deposits: 17-04-2002
Amount: Amount secured – (i) all monies in any currency owing by the Company to the chargee at any time, actually or contingently, in any capacity, alone or jointly with any other person; (ii) interest on such monies, to the date on which the chargee receives payment, at the rates payable by the Company or which would have been payable but for any circumstance which restricts payment and (iii) all expenses of the chargee in perfecting or enforcing the charge
Property: A deposit with chargee in the amount of US$1,000,000 under Deposit A/C No. HK002243277-0001, whatever currency it may subsequently be denominated in, any renewal of such deposit and the interest thereon together with any further monies in any deposit account with the chargee at any of its offices
Mortgagee: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Profit & Loss: Making a small profit every year
Condition: Keeping in an active manner
Facilities: Actively using general banking facilities
Payment: Met on time.
Commercial Morality: Satisfactory
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Good.
GENERAL
Shriro Pacific Ltd. is a subsidiary company of Tectoria S.A. which is registered in the Cayman Islands.
Formerly, the subject had handled the trading business but transferred to its subsidiary, Shriro (H.K.) Ltd. [Shriro HK] in January 1982. Since then, the subject has become a holding company of the Shriro Group [Shriro] in Hong Kong. The current Chairman of the Group is Mr. Mark Stanley Shriro.
Shriro was founded in 1906 by the grandfather of the Group’s present Chairman, Mark Stanley Shriro, as a family business in Northern China. The first international office was set up in 1927 in Yokahama, Japan. At that time, Shriro traded in leathers and furs. Business expanded rapidly after 1945 as its product lines grew and subsidiaries opened in many Southeast Asian countries, Australia and New Zealand.
Today the Group is a truly international manufacturing, marketing and distribution organisation, with over 3,500 employees in 16 countries and regions, and an annual sales turnover of about US$400 million.
Shriro is an international manufacturing, marketing and distribution organisation, with over 3,500 employees in 16 countries and regions.
Shriro is a privately owned business under the direction of one family for over 100 years.
Headquartered in Hong Kong, Shriro has had years experience in Asia and the Pacific Rim since 1906. The Group markets and distributes a wide range of leading brands, including:-
· Industrial / Technical — Gelec Lighting, Wembley, Ingersoll-Rand, Jacobsen, Rainbird, Liebherr, Kobelco, Flakt Woods, Viasys, etc.
· Photo-Imaging — Hasselblad, Imacon, Pentax, Carl Zeiss, Gitzo, etc.
· Sports — Neil Pryde, Flow, Cabrinha, JP Australia, BIC Sport, etc.
· Consumer Products — Everdure, Karda, See’s Candies, Casio, GE, Ricola, Bally, etc.
Shriro HK has represented leading photographic brands such as “Hasselblad” and “Nikon” since many decades and played a crucial role in establishing Hasselblad’s leading market position in China. In 2003, the Shriro Group significantly enhanced its engagement in the photographic sector through the acquisition of Victor Hasselblad AB of Sweden. In 2004, the Group acquired Imacon A/S of Denmark, a leading supplier of professional scanners and digital backs, a move that firmly launched Hasselblad into the digital age. At the same time, Shriro HK acquired the business of Hong Kong based Traxler Ltd., a company specializing in the distribution of high end professional photographic equipment.
Today Shriro HK represents and unmatched portfolio of leading brands in the photographic field.
The Chief Executive Officer of the Group is Mr. Vasco Fung King Cheung who is also director of the subject.
On the whole, consider the subject good for normal business engagements.
REMARKS
Court case record:-
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Action
Date |
Case
No. |
Plaintiff |
Defendant |
Cause |
Amount |
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12-05-2005 |
D655 |
Anja Kather |
Shriro Pacific Ltd. and others |
Damages |
Not stated |
DESIGNATED MATTER
1) Criminal
No legal actions were traced against the subject under the course of this
investigation.
2) Litigations
Please refer to the above Court Case Record.
3) Bankrupty
As per Companies Registry, no bankruptcy document were found in the Document
Index.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.47.89 |
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UK Pound |
1 |
Rs.70.84 |
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Euro |
1 |
Rs.67.37 |
RATING
EXPLANATIONS
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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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)