MIRA INFORM REPORT
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Report Date : |
19.09.2011 |
IDENTIFICATION DETAILS
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Name : |
SHIU
CHEONG LUNG LTD. |
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Registered Office : |
G/F., 217 Wing Lok Street, Sheung Wan |
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Country : |
Hong Kong |
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Date of Incorporation : |
07.06.2000 |
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Com. Reg. No.: |
31040188 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter, Wholesaler and Retailer of all kinds of dried seafood. |
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 : |
Usually Correct |
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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 – 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 |
Company name
SHIU CHEONG LUNG
LTD.
Company ADDRESS
G/F., 217 Wing Lok Street, Sheung Wan, Hong Kong.
PHONE: 2541 8881
FAX: 2541 8233
MANAGEMENT
Managing Director: Mr. Sun Hoi Biu, Dicky
SUMMARY
Incorporated on: 7th June, 2000.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category: Importer, Exporter, Wholesaler and Retailer.
Annual Turnover: HK$85~90 million (Including associates)
Employees: 18. (Including branch shop and associate)
Main Dealing Banker: Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
Company ADDRESS
Head Office & Main Shop:-
G/F., 217 Wing Lok Street, Sheung Wan, Hong Kong.
Registered Office & Branch Shop:-
G/F., Kin Tye Lung Building, 193 Wing Lok Street, Sheung Wan, Hong Kong.
[Tel: 2541 0797; Fax: 2541 0177]
Associated Companies:- (Same
address)
· Shiu Cheong Lung (Hong Kong) Ltd., Hong Kong.
· Shiu Cheong Lung International Ltd., Hong Kong.
BUSINESS REGISTRATION NUMBER
31040188
COMPANY FILE NUMBER
0719326
MANAGEMENT
Managing Director: Mr. Sun Hoi Biu, Dicky
CAPITAL
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
SHAREHOLDERS
(As per registry
dated 07-06-2011)
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Name |
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No. of shares |
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SUN Hoi Biu, Dicky |
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9,999 |
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SUN Fo Tu |
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1 |
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–––––– |
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Total: |
10,000 ===== |
DIRECTORS
(As per registry
dated 07-06-2011)
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Name (Nationality) |
Address |
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SUN Fo Tu |
Flat F, 3/F., Block 16, South Horizons, Ap Lei Chau, Hong Kong. |
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SUN Hoi Biu, Dicky |
Flat F, 3/F., Block 16, South Horizons, Ap Lei Chau, Hong Kong. |
SECRETARY
(As per registry
dated 07-06-2011)
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Name |
Address |
Co.
No. |
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Lee Management Services Ltd. |
Room C, 11/F., World Trust Tower, 50 Stanley Street, Central, Hong Kong. |
0513003 |
HISTORY
The subject was incorporated on 7th June, 2000 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, Wholesaler and Retailer.
Lines: All kinds of dried seafood.
Employees: 18. (Including branch shop and associate)
Commodities Imported: India, China, Japan, Southeast Asia, etc.
Markets: Hong Kong, China, etc.
Annual Turnover: HK$85~90 million (Including associates)
Terms/Sales: COD or as per contracted.
Terms/Buying: L/C, T/T, etc.
FINANCIAL INFORMATION
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
Mortgage or Charge (since 2008): (See attachment)
Profit or Loss: Making a small profit in the past years.
Condition: Keeping in a satisfactory condition.
Facilities: Making rather active use of general banking facilities.
Payment: Met trade commitments as contracted.
Commercial Morality: Satisfactory.
Bankers:-
· Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.
· The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Normal.
GENERAL
Having issued 10,000 ordinary shares of HK$1.00 each, Shiu Cheong Lung Ltd. is almost wholly owned by Mr. Dicky Sun Hoi Biu who is holding 9,999 shares. Mr. Sun Fo Tu is holding the remaining 1 share. Being China merchants, the two Suns are also the directors of the subject.
The subject has had two main associated companies, namely, Shiu Cheong Lung Ltd. [SCLL] and Shiu Cheong Lung International Ltd. The subject and these two firms are engaged in the same lines of business, more or less.
According to the subject, SCLL was established in 1994. It is also a Hong Kong-registered firm which was incorporated on 7th June, 2000.
The subject’s registered address and branch shop are also wholesaling centres and retailing outlets.
The subject is a major importer of marine product in Hong Kong. It has established a solid network of reseller and distributor with local and the Greater China market. The subject supplies the Greater China market with dried fish maw, shark fin, sea cucumber, dried scallop, etc.
The subject’s suppliers are from India, Australia, Singapore, Iran, Africa, Japan, Egypt, Dubai, etc. In the meantime, it is still sourcing products from other potential suppliers throughout the world so that the subject may acquire a larger market share in the Greater China market.
As a major marine product importer and exporter, the subject supplies over 10 tons of marine products to China every month also a very large amount of dried product to other countries. Besides China, the subject’s other markets are Southeast Asia, North America, etc. Business is rather active.
The subject also retails, exports and imports fish maw, shark fin, sea cucumba, mushroom, etc. The subject serves walk-in customers as well as long term customers.
The subject is a registered processed products of meat, poultry, game and aquatic food importer with the Food Environmental Hygiene Department, the Government of the Hong Kong SAR.
The subject’s business is chiefly handled by the two shareholders. Annual sales turnover of the subject and its associates ranges from HK$85 to 90 million. Making a small profit every year.
The history of the subject in Hong Kong is over eleven years and three months.
On the whole, consider it good for normal business engagements.
MORTGAGE OR CHARGE
(Since 2008)
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Date |
Particulars |
Amount |
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20-05-2008 |
Instrument: Assignment of Life Insurance Property: (i) all the Assignor’s claims, options, privileges, right, title, interest and benefit in and under the Insurance; and (ii) all the Assignor’s claims and rights against the issuer of the Policy in respect of the Policy in respect of the Policy upon the terms herein set out as a continuing security for the due and punctual payment of the Secured Indebtedness and the due and punctual performance and observance by the Borrower of all other obligations of the Borrower contained in the Facility Letter Mortgagee: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
(i) all and any moneys in any currency which are now or at any time may become payable by Shiu Cheong Lung Ltd. and Shiu Cheong Lung (Hong Kong) Ltd. [the Borrower] to the Bank, actually or contingently, in any capacity, alone or jointly with any other persons; (ii) interest on such moneys, to the date on which the Bank receives payment, at the rates payable by the Borrower or which would have been payable but for any circumstance which restricts payment, and (iii) all expenses of the Bank in perfecting or enforcing this Deed; and (iv) all monies paid under this Deed |
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06-06-2008 |
Instrument: Assignment of Life Insurance Property: (i) all the Assignor’s claims, options, privileges, right, title, interest and benefit in and under the Insurance; and (ii) all the Assignor’s claims and rights against the issuer of the Policy in respect of the Policy in respect of the Policy upon the terms herein set out as a continuing security for the due and punctual payment of the Secured Indebtedness and the due and punctual performance and observance by the Borrower of all other obligations of the Borrower contained in the Facility Letter Mortgagee: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
(i) all and any moneys in any currency which are now or at any time may become payable by Shiu Cheong Lung Ltd. and Shiu Cheong Lung (Hong Kong) Ltd. [the Borrower] to the Bank, actually or contingently, in any capacity, alone or jointly with any other persons; (ii) interest on such moneys, to the date on which the Bank receives payment, at the rates payable by the Borrower or which would have been payable but for any circumstance which restricts payment, and (iii) all expenses of the Bank in perfecting or enforcing this Deed; and (iv) all monies paid under this Deed |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.47.47 |
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UK Pound |
1 |
Rs.74.96 |
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Euro |
1 |
Rs.65.79 |
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 |
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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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.