MIRA INFORM
REPORT
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Report Date : |
09.08.2011 |
IDENTIFICATION DETAILS
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Name : |
DRAGON
CROWN INVESTMENTS LTD. |
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Registered Office : |
Suite 1802, 18/F., Convention Plaza, Office Tower, 1 Harbour Road, Wanchai |
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Country : |
Hong Kong |
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Date of Incorporation : |
01.10.1991 |
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Com. Reg. No.: |
15096917-000-10 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Exporter; Transhipment Agent; Property Investment of all kinds of industrial raw materials including chemical and basic chemicals. |
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 : |
Exists |
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 31st, 2011
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Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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Hong Kong |
a2 |
a2 |
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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 |
Bottom of Form
Company name
DRAGON CROWN INVESTMENTS
LTD.
Company ADDRESS
Suite 1802, 18/F., Convention Plaza, Office Tower, 1 Harbour Road, Wanchai, Hong Kong.
PHONE: 2500 3888, 2723 2013
FAX: 2587 1338, 2587 1238
E-MAIL: jackson@dragoncrown.com
MANAGEMENT
Group Chairman & Managing Director: Mr. Ng Wai Man
SUMMARY
Incorporated on: 1st October, 1991.
Organization: Private Limited Company.
Capital: Nominal: HK$1,000,000.00
Issued: HK$1,000,000.00
Business Category: Petrochemical Product Trader.
Group Revenue: HK$233,024 million (Year ended 31-12-2010)
Employees: 15.
Group Employees: 252. (As at 31-12-2010)
Main Dealing Banker: Bank of China (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
Company address
Registered Head
Office:-
Suite 1802, 18/F., Convention Plaza, Office Tower, 1 Harbour Road, Wanchai, Hong Kong.
Penultimate
Holding Company:-
Ocean Ahead Ltd., British Virgin Islands.
Ultimate Holding
Company:-
Dragon Crown Group Holdings Ltd., Cayman Islands/Hong Kong.
Associated/Affiliated
Companies:-
Dragon Crown Group of Companies
· Dragon Bussan International Ltd., Hong Kong.
· Dragon Crown Petrochemicals Terminal (Holdings) Ltd., Hong Kong.
· Dragon Source Industrial Ltd., Hong Kong.
· Ideal Huge Ltd., British Virgin Islands.
· Nanjing Dragon Crown Liquid Chemical Terminal Co. Ltd., China.
· Ningbo Ningxiang Liquid Chemicals Terminal Co. Ltd., China.
· Ningbo Xinxiang Liquid Chemical Store Co. Ltd., China.
· Ocean Access Investments Ltd., Hong Kong.
· Quick Response Holdings Ltd., British Virgin Islands.
· Sea Triumph Ltd., British Virgin Islands.
· Sinolake Holdings Ltd., British Virgin Islands.
· Tianjin City Tianlong Haixiang Logistics Agency Co. Ltd., China.
· Tianjin Tianlong Liquid Chemicals Storage & Transportation Co. Ltd., China.
etc.
BUSINESS REGISTRATION NUMBER
15096917-000-10
COMPANY FILE NUMBER
0328001
MANAGEMENt
Group Chairman & Managing Director: Mr. Ng Wai Man
Vice President: Mr. Chong Yat Chin, Jackson
CAPITAL
Nominal Share Capital: HK$1,000,000.00 (Divided into 1,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$1,000,000.00
SHAREHOLDERS
(As per registry dated
01-10-2010)
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Name |
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No. of shares |
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NG Wai Man |
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980,000 |
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CHONG Yat Chin |
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20,000 |
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–––––––– |
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Total: |
1,000,000 ======= |
DIRECTORS
(As per registry
dated 18-02-2011)
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Name (Nationality) |
Address |
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NG Wai Man |
Apartment T1-11B, 41 Hengshan Road, Xuhui District, Shanghai 200031, China. |
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CHONG Yat Chin |
Flat LA, 36/F., L Wing, Tower 2, Le Prestige, Lohas Park, 1 Lohas Park Road, Tseung Kwan O, New Territories, Hong Kong. |
SECRETARY
(As per registry
dated 01-10-2010)
|
Name |
Address |
Co.
No. |
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Tricor Tengis Ltd. |
Level 28, Three Pacific Place, 1 Queen’s Road East, Hong Kong. |
0041027 |
HISTORY
The subject was incorporated on 1st October, 1991 as a private limited liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Suite 706, 7/F., Chevalier House, 45‑51 Chatham Road, South, Tsimshatsui, Kowloon, Hong Kong, moved to Suite 1802-1803, 18/F., Convention Plaza, Office Tower, 1 Harbour Road, Wanchai, Hong Kong with effect from 22nd October, 2001. Both premises were purchased by the subject in May 1992 and August 2000 respectively and were mortgaged to Sin Hua Bank Ltd., Hong Kong Branch [now known as Bank of China (Hong Kong) Ltd., Hong Kong]. The former premises were sold out on 1st November, 2001.
The subject agreed to lease Suite 1803 to Dragon Crown Petrochemicals Terminal (Holdings) Ltd. with a lease term commencing from 1st August, 2010 to 31st December 2012 at a monthly rent of HK$124,499.00.
Apart from these, neither material change nor amendment has been ever traced and noted.
OPERATIONS
Activities: Importer and Exporter; Transhipment Agent; Property Investment.
Lines: All kinds of industrial raw materials including chemical and basic chemicals.
Employees: 15.
Group Employees: 252. (As at 31-12-2010)
Commodities Imported: Imported from Korea, Japan, New Zealand, Europe and US.
Markets: China (main) and some for Southeast Asia.
Group Revenue: HK$150,095 million (Year ended 31-12-2008)
HK$198,547 million (Year ended 31-12-2009)
HK$233,024 million (Year ended 31-12-2010)
Terms/Sales: L/C, T/T or as per contracted.
Terms/Buying: L/C, T/T, etc.
FINANCIAL INFORMATION
Nominal Share Capital: HK$1,000,000.00 (Divided into 1,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$1,000,000.00
Indebtedness: HK$527,298,254.00 (Total amount outstanding on all mortgages and charges as
per last Annual Return dated 01-10-2010)
Mortgage or Charge (since May 1997):
(See attachment)
Group Net Profit: HK$ 72,021,000 (Year ended 31-12-2008)
HK$101,936,000 (Year ended 31-12-2009)
HK$117,157,000 (Year ended 31-12-2010)
Profit or Loss: Business is profitable.
Condition: Keeping in a normal manner.
Facilities: Making active use of general banking facilities.
Payment: Met as required.
Commercial Morality: Satisfactory.
Bankers:-
· Bank of China (Hong Kong) Ltd., Hong Kong.
· The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Normal.
GENERAL
Dragon Crown Investments Ltd. was founded in 1991 by Mr. Ng Wai Man and two of his friends. Formerly, the subject was jointly held by Mr. Ng Wai Man, holding 91% interest, while the remaining 7% and 2% interests were held by Mr. Cheung Kin Kong and Mr. Chong Yat Chin respectively.
The subject was reshuffled. Having issued 1 million ordinary shares of HK$1.00 each, the subject now is jointly owned by Mr. Ng Wai Man, holding 98% interests; and Mr. Chong Yat Chin, holding 2%.
The subject has become a key member of the Dragon Crown Group. The holding company of the Group is Dragon Crown Group Holdings Ltd. [Dragon Crown] which is a Cayman Islands-registered firm. Dragon Crown is a listed firm in Hong Kong bearing stock code 935 and the dealings of its shares commenced on 10th June, 2011.
The subject is trading in petrochemical products. It is trading in the following commodities:-
· Chemicals (including plastic materials) — Imported from the United Sates, India, Russia and Western Europe;
· Industrial Chemicals (bulk chemicals and solvents) — Imported from the United Sates, India, Russia and Western Europe;
· Chemical Intermediates — the United Sates, India, Russia and Western Europe;
· Petrochemicals — the United Sates, India, Russia and Western Europe, Asia Pacific, etc.
Its major terminals and tank facilities are located along the coastal area of China.
The subject is handling petrochemicals which are sold to different end-users in different cities and provinces throughout China. In the past years, the subject also has established business ties with various local Government Authorities.
The subject is managed and operated by staff with extensive working experience in reputable petrochemical companies in China, Hong Kong and Singapore.
The subject is able to provide customers with door to door services. The subject’s main distribution networks are located in the following main cities of China: Qingdao, Lianyungang, Nantong, Shanghai, Ningbo, Nanjing, Wuxi, Suzhou, Hangzhou, Harbin, Cheungchun, Dailian, Tianjin, Shenyang, Beijing, Fuzhou, Xiamen, Shantou, Huizhou, Guangzhou, Dongguan, Macau, Zhuhai, Haikou, Foshan, Zhongshan, Jiangmen, etc.
The subject is also engaged in property investments. The invested properties include the premises where the subject’s operating office is located the and major shareholder’s residential premises. Its current banker is Bank of China (Hong Kong) Ltd.
The Group’s business model relies heavily on its relationships with the Celanese Entities. It is an integrated terminal service provider in the PRC specialised in the storage and handling of liquid chemical products and its business operation is characterised by the Celanese Contracts which set forth its business relationship with Celanese. It entered into the Celanese Contracts with remaining terms of over 10 years as of the Latest Practicable Date. For each of the three years ended 31st December, 2010, the Celanese Contracts contributed approximately HK$143.2 million, HK$192.0 million and HK$228.3 million of revenue for the Group, which accounted for more than 90% of our revenue during each of the three years ended 31st December, 2010. The Celanese Contracts provide an annual fixed contract sum which is payable by Celanese to the Group. For each of the three years ended 31st December, 2010, the annual fixed contract sums of the Celanese Contracts were approximately RMB123.3 million, RMB155.9 million and RMB157.2 million, respectively, which accounted for more than 75% of its revenue during each of the three years ended 31st December, 2010. The long-term nature of the Celanese Contracts enables it to achieve a sustainable and predictable operating cash inflow during the term of the Celanese Contracts.
The Group offers a comprehensive range of terminal and storage of liquid chemical services ranging from loading and discharging of liquid chemical products at its jetties and storage of liquid chemical products at its tank farm and delivery of such products by utilising its dedicated pipelines and other basic terminal infrastructure. Through its own terminal facilities, including storage tanks, dedicated pipelines, jetties and the related exclusive coastline use right, it is able to enhance its ability to manage its operation cost and provide flexibility for its future business expansion.
The Group has had three terminals, namely Nanjing terminal, Tianjin terminal and Ningbo terminal. The Nanjing terminal is operated by Nanjing Dragon Crown Liquid Chemical Terminal Co. Ltd., its subsidiary, whereas (i) the Tianjin terminal is operated by Tianjin Tianlong Liquid Chemicals Storage & Transportation Co. Ltd. and Tianjin City Tianlong Haixiang Logistics Agency Co. Ltd., its associated entities; and (ii) the Ningbo terminal is operated by Ningbo Ningxiang Liquid Chemicals Terminal Co. Ltd. and Ningbo Xinxiang Liquid Chemical Store Co. Ltd., its jointly-controlled entities. All its terminals in Nanjing, Tianjin and Ningbo are licensed to handle hazardous chemicals, including those classified as Category A Dangerous goods in national standards in the PRC. In addition, its jetties are authorised to allow both foreign and domestic vessels to load and discharge their products.
The subject’s business is chiefly administered by Mr. Ng Wai Man.
The subject is fully supported by the Dragon Crown Group.
On the whole, since the history of the subject in Hong Kong is over nineteen years, consider it good for normal business engagements.
REMARKS:
Brief personal profile of the directors:-
Mr. NG Wai Man, aged 55, is an Executive Director and the Chairman of the Group. Mr. Ng is the founder of the Group and is principally responsible for operation of the Board and is the key decision-maker of the Group. He is responsible for formulating the overall business strategic development for the Group. Mr. Ng has accumulated around 22 years of management and operation experience in the terminal and storage of liquid chemical products industry. Mr. Ng is the founder of Dragon Source Industrial Ltd. and its invested entity, Ningbo Haixiang Liquid Chemical Store Co. Ltd. (the predecessor of Ningbo Xinxiang Liquid Chemical Store Co. Ltd.), and has managed its operation since 1988. Mr. Ng was the president and legal representative of Nanjing Dragon Crown Liquid Chemical Terminal Co. Ltd. from April 2004 to 2007 responsible for overseeing strategic development and management of resources. From December 1993 to September 2004, Mr. Ng was a director of Ningbo Huaxiang Inspection Co. Ltd., a company which provides inspection, certification and testing services. He served as the chairman and general manager from October 1997 to October 2006 and legal representative from October 1997 to October 2007 for Ningbo Free Trade Zone Dragon Crown Chemical International Trade Co. Ltd., a trading company, responsible for strategic business management. Mr. Ng did not hold any directorship in any listed companies during the Track Record Period (the period comprising the three financial years ended 31st December, 2010). Mr. Ng was appointed as the Director on 16th July, 2010 and was re-designated as the Executive Director on 30th November, 2010.
Mr. CHONG Yat Chin, aged 50, is an Executive Director. Mr. Chong joined the Group in 1994. Mr. Chong is principally responsible for business and strategic development, major decision-making and communications with major customers. He has accumulated around 16 years of experience in the liquid chemical products terminal and storage industry. Prior to joining the Group, Mr. Chong worked for Mitsui & Co. (Hong Kong) Ltd., an international conglomerate engaging in various businesses, including worldwide logistics and financing, development of infrastructure, for over seven years. He was in the chemicals division and undertook business support centered around petrochemical products chain for logistics and distribution. He was also responsible for developing strategic partnerships and customer relations. Mr. Chong graduated from The Chinese University of Hong Kong in 1986 with a degree of Bachelor of Business Administration. Mr. Chong did not hold any directorship in any listed companies during the Track Record Period. Mr. Chong was appointed as an Executive Director on 30th November, 2010.
Court case record:-
|
Date |
Plaintiff |
Defendant |
Cause |
Amount |
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Dec. 1995 |
Landmark Chemical SA |
Dragon Crown Investments Ltd. |
Damages |
Not stated |
Property information of the company:-
Property Location: Unit No. 2 and 3 on 18/F. of Office Tower, Convention Plaza, 1 Harbour Road,
Wanchai, Hong Kong.
Owner: Dragon Crown Investments Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
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22-08-2000 |
- |
Sin Hua Bank Ltd., Hong Kong Branch. [Merged into Bank of China (Hong Kong) Ltd.] |
Legal charge to secure general banking facilities |
MORTGAGE OR CHARGE
(Since May 1997)
|
Date |
Particulars |
Amount |
|
12-05-1997 |
Instrument: Legal Charge Property: 33/8,290th parts or shares of and in Inland Lot No. 8364 (Flat B6 on 20/F. and Car Parking Space No. 128 of Maiden Court, 46 Cloud View Road, Hong Kong.) Mortgagee: Sin Hua Bank Ltd., Hong Kong Branch. [Merged into Bank of China (Hong Kong) Ltd.] |
To secure general banking facilities |
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29-05-1998 |
Instrument: Deed of Charge on Deposit and Set-Off Property: Deposit
of US$295,154 Mortgagee: Sin Hua Bank Ltd., Hong Kong Branch. [Merged into Bank of China (Hong Kong) Ltd.] |
To secure all monies and liabilities |
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01-06-1998 |
Instrument: Deed of Charge on Deposit and Set-Off Property: Deposit
of US$460,677 Mortgagee: Sin Hua Bank Ltd., Hong Kong Branch. [Merged into Bank of China (Hong Kong) Ltd.] |
To secure all monies and liabilities |
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04-06-1998 |
Instrument: Deed of Charge on Deposit and Set-Off Property: Deposit
of US$231,566 Mortgagee: Sin Hua Bank Ltd., Hong Kong Branch. [Merged into Bank of China (Hong Kong) Ltd.] |
To secure all monies and liabilities |
|
10-06-1998 |
Instrument: Deed of Charge on Deposit and Set-Off Property: Deposit
of US$858,470 Mortgagee: Sin Hua Bank Ltd., Hong Kong Branch. [Merged into Bank of China (Hong Kong) Ltd.] |
To secure all monies and liabilities |
|
22-08-2000 |
Instrument: Deed of Charge on Deposit and Set-Off Property: The balance now or at any time hereafter standing to the credit of the account (Account No. 031-349-0-026062-7 and 031-349-1-028572-8) Mortgagee: Sin Hua Bank Ltd., Hong Kong Branch. [Merged into Bank of China (Hong Kong) Ltd.] |
To secure all monies and liabilities |
|
22-08-2000 |
Instrument: Legal Charge Property: 3,738/12,096th parts or shares of and in 20,473/4,000,000th parts or shares of and in Inland Lot No. 8593 (Unit No. 2 & 3 on 18/F. of Office Tower of Convention Plaza, 1 Harbour Road, Hong Kong.) Mortgagee: Sin Hua Bank Ltd., Hong Kong Branch. [Merged into Bank of China (Hong Kong) Ltd.] |
To secure general banking facilities |
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24-11-2000 |
Instrument: Master Deed of Charge on Deposits and Set-Off Property: Deposit receipt or confirmation or any other deposit document issued by the Bank with Customer No. 031-4904595-8 Mortgagee: Sin Hua Bank Ltd., Hong Kong Branch. [Merged into Bank of China (Hong Kong) Ltd.] |
To secure all monies and liabilities |
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29-11-2001 |
Instrument: Deed of Charge Over Deposit and Set-Off Property: All the Company’s estate, right, title, claim, benefit and interest to and in the Deposit (Signature No. 4900150A, Customer No. 03149045958) Mortgagee: Bank of China (Hong Kong) Ltd., Hong Kong. |
All moneys in respect of general banking facilities |
|
01-09-2008 |
Instrument: Charge Over Deposits (2-Party) Property: All monies and deposits now or hereafter in the time deposit account No. 388-803983 Mortgagee: Hang Seng Bank Ltd., Hong Kong. |
To secure all monies and liabilities |
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10-09-2010 |
Instrument: Charge Over Deposits/Securities (2-Parties) Property: “Charged Assets” means (a) the Deposit and/or (b) the Securities, and includes any assets accepted b the Bank from time to time in addition to or in substitution of any existing Charged Assets in accordance with the provisions of this Charge Mortgagee: Hang Seng Bank Ltd., Hong Kong. |
To secure owing all monies in any currency by the Company to Hang Seng Bank Ltd. |
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01-11-2010 |
Instrument: Charge Over Deposits (3-Parties) Property: All monies and deposits now or hereafter in the time deposit account No. 388-803983, 388-803983-001, 280-4-733562, 280-5-731938, 388-803983-202 and 388-803983-280 kept by the Company with Hang Seng Bank Ltd. Mortgagee: Hang Seng Bank Ltd., Hong Kong. |
To secure all monies and liabilities which are now or at any time hereafter may be outstanding owing or payable by Dragon Crown Petrochemicals Terminal (Holdings) Ltd. to Hang Seng Bank Ltd. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.96 |
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UK Pound |
1 |
Rs.73.94 |
|
Euro |
1 |
Rs.64.56 |
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 |
|
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 |
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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 |
|
<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.