MIRA INFORM REPORT

 

 

Report Date :           

01.11.2011

 

IDENTIFICATION DETAILS

 

Name :

SEABO  INTERNATIONAL  LTD.

 

 

Registered Office :

M/F, 5A-5B, Gresson Street, Wanchai

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

08.09.1994

 

 

Com. Reg. No.:

18656627

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Importer, Exporter and Wholesaler of all kinds of fishery products, frozen meat, etc.

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

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 – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

Hong Kong

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company name

 

SEABO  INTERNATIONAL  LTD.

 

 

Company ADDRESS

 

M/F, 5A-5B, Gresson Street, Wanchai, Hong Kong.

PHONE:            2529 8649, 2866 9909

FAX:                 2529 0339

E-MAIL:            enquiry@seaboseafood.com

 

 

MANAGEMENT

 

Managing Director:  Mr. Tsang Hin Kar

 

 

SUMMARY

 

Incorporated on:             8th September, 1994.

 

Organization:                 Private Limited Company.

 

Capital:                         Nominal:           HK$10,000,000.00

Issued:              HK$4,460,000.00

 

Business Category:        Importer, Exporter and Wholesaler.

 

Employees:                   12.

 

Main Dealing Banker:     Citibank N.A., Hong Kong Branch.

 

Banking Relation:           Satisfactory.

Company ADDRESS

 

Registered Head Office:-

M/F, 5A-5B, Gresson Street, Wanchai, Hong Kong.

 

 

BUSINESS REGISTRATION NUMBER

 

18656627

 

 

COMPANY FILE NUMBER

 

0490836

 

 

MANAGEMENT

 

Managing Director:         Mr. Tsang Hin Kar

Contact Person:             Ms. Law Yuet Sim

 

 

CAPITAL

 

Nominal Share Capital:   HK$10,000,000.00 (Divided into 10,000,000 shares of HK$1.00 each)

 

Issued Share Capital:     HK$4,460,000.00

 

 

SHAREHOLDERS

(As per registry dated 08-09-2011)

 

Name

 

No. of shares

TSANG Hin Kar

 

4,259,000

LAW Yuet Sim

 

201,000

 

 

––––––––

 

Total:

4,460,000

========

 

DIRECTORS

(As per registry dated 08-09-2011)

 

Name

(Nationality)

 

Address

LAW Yuet Sim

M/F., 5A-5B, Gresson Street, Wanchai, Hong Kong.

 

TSANG Hin Kar

M/F., 5A-5B, Gresson Street, Wanchai, Hong Kong.

 

 

SECRETARY 

 

TSANG Hin Kar  (As per registry dated 08-09-2011)

 

 

HISTORY

 

The subject was incorporated on 8th September, 1994 as a private limited liability company under the Hong Kong Companies Ordinance.

Apart from these, neither material change nor amendment has been ever traced and noted.

 

 

OPERATIONS

 

Activities:                      Importer, Exporter and Wholesaler.

 

Lines:                           All kinds of fishery products, frozen meat, etc.

 

Employees:                   12.

 

Commodities Imported:   Southeast Asia, Australia, New Zealand, Europe, South America, etc.

 

Markets:                       Worldwide countries.

 

Terms/Sales:                 L/C or as per contracted.

 

Terms/Buying:               L/C, T/T, D/P, etc.

FINANCIAL INFORMATION

 

Nominal Share Capital:   HK$10,000,000.00 (Divided into 10,000,000 shares of HK$1.00 each)

 

Issued Share Capital:     HK$4,460,000.00

 

Mortgage or Charge:       (See attachment)

 

Profit or Loss:                Making a small profit every year.

 

Condition:                      Keeping in a satisfactory and active manner.

 

Facilities:                      Making active use of general banking facilities.

 

Payment:                      Met trade commitments as required.

 

Commercial Morality:     Satisfactory.

 

Banker:                         Citibank N.A., Hong Kong Branch.

 

Standing:                      Normal.

 

 

GENERAL

 

Having issued 4,460,000 ordinary shares of HK$1.00 each, Seabo International Ltd. is jointly owned by Tsang Hin Kar, holding 95.5% interests; Ms. Law Yuet Sim, holding 4.5%.  Being Hong Kong merchants, they are also directors of the subject.

According to the subject, its predecessor was set up in 1981.  It is one of the largest importers and distributors of fishery products in Hong Kong.  It also has had a strong presence in the international market.

The subject has had a plant in Vietnam.  The facilities in Vietnam include cold storage, freezers, a fleet of refrigerated vehicles, frozen meat processing machinery and equipment, etc.

The subject imports frozen aquatic products from the following countries:  Morocco, Argentina, Ecuador, Indonesia, Myanmar, Uruguay, Thailand, China, Korea, India, the Philippines, Africa, the Middle East, Alaska, Yemen, Oman, Cambodia, Malaysia, Singapore, Bangladesh, Russia, Spain, Australia, France, Belgium, North America, New Zealand, Norway, etc.

After processing the aquatic products in Vietnam, the subject exports its products to worldwide countries, business is active.

Besides frozen aquatic products, the subject also trading in frozen meat such as pork, beef, medium pig, snake, frog legs, etc.

The business of the subject is active and good.

In Hong Kong, the subject’s business is chiefly handled by Ms. Law Yuet Sim.  Regular suppliers and customers have been maintained.

As the history of the subject is over seventeen years and a months in Hong Kong, on the whole, consider it good for normal business engagements.

 

MORTGAGE OR CHARGE

 

Date

Particulars

Amount

14-05-2007

Instrument:      Deposit Deed

Property:

By way of a first fixed charge and as a continuing security for the obligations, the company charges all the Company’s rights, title to and interest in all the Company’s accounts maintained with any branch of Citibank N.A., Hong Kong Branch and/or Citibank (Hong Kong) Ltd. and all credit balance from time to time in such accounts.

Mortgagee:      Citibank N.A., Hong Kong Branch.

All moneys

14-07-2010

Instrument:      Deposit Deed

Property:

By way of a first fixed charge and as a continuing security for the obligations, the company charges and assigns absolutely all its rights, title to and interest in the Accounts and all Deposits from time to time in the Accounts and/or comprising the Accounts maintained with Citibank N.A., Hong Kong Branch and/or Citibank (Hong Kong) Ltd.

Mortgagee:      Citibank N.A., Hong Kong Branch.

All moneys

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.48.87

UK Pound

1

Rs.78.11

Euro

1

Rs.68.36

 

 

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%)

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.