MIRA INFORM REPORT

 

 

Report Date :           

28.09.2011

 

IDENTIFICATION DETAILS

 

Name :

SHEN  HAI  CO.  LTD

 

 

Registered Office :

Room 1701-1702, 17/F., Tower II, Admiralty Centre, 18 Harcourt Road.

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

04.01.1983

 

 

Com. Reg. No.:

08207321

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Importer and Exporter; Investment Holding of all kinds of light industrial products, toys, stationery and sporting goods, arts and crafts, textiles, plastic products, leather shoes, household electrical appliances, furniture, plush toys, flasks, 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 :

Usually Correct 

 

 

Litigation :

----

 

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

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

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

 

SHEN  HAI  CO.  LTD.

 

 

company ADDRESS

 

Room 1701-1702, 17/F., Tower II, Admiralty Centre, 18 Harcourt Road, Hong Kong.

PHONE:            2543 3661

FAX:                 2541 4933

E-MAIL:            shenhai@shenhai.com.hk

 

 

MANAGEMENT

 

Managing Director:  Mr. Qiu Xingguo

 

 

SUMMARY

 

Incorporated on:             4th January, 1983.

 

Organization:                 Private Limited Company.

 

Capital:                         Nominal:           HK$5,000,000.00

Issued:              HK$5,000,000.00

 

Business Category:        General Importer and Exporter; Investment Holding.

 

Employees:                   10.

 

Main Dealing Banker:     Bank of China (Hong Kong) Ltd., Hong Kong.

 

Banking Relation:           Good.

Company ADDRESS

 

Registered Head Office:-

Room 1701-1702, 17/F., Tower II, Admiralty Centre, 18 Harcourt Road, Hong Kong.

 

Shanghai Office:-

10/F., 98 Nanjing Road East, Shanghai 200002, China.

[Tel: (86-21) 6321 9828;  Fax: (86-21) 6352 2243]

 

Holding Company:-

Shanghai Niu (Group) Co. Ltd.

98 Nanjing Road East, Shanghai, China.

[Tel: (86-21) 6321 8662;  Fax: (86-21) 6329 4276]

 

Associated Companies:-

·         Hoi Tung Marine Machinery Suppliers Ltd., Hong Kong.

·         Shanghai Haixin Group Co. Ltd., China.

·         Shanghai Huiluo Co. Ltd., China.

·         Shanghai Rich Wood Industrial Co. Ltd., China.

·         Shenmo System Integration (Hong Kong) Co. Ltd., Hong Kong.

·         Shenzhen Shenlong Investment Co. Ltd., China.

·         Sino-Oceans Ltd., Hong Kong.

·         Wuxi Haijiang Printing & Dyeing Co. Ltd., China.

etc.

 

 

BUSINESS REGISTRATION NUMBER

 

08207321

 

 

COMPANY FILE NUMBER

 

0120333

 

 

MANAGEMENT

 

·         Chairman:  Mr. Fan Dazheng

·         Managing Director:  Mr. Qiu Xingguo

·         Contact Person:  Mr. Wang Hai Niao

CAPITAL

 

Nominal Share Capital:   HK$5,000,000.00 (Divided into 5,000,000 shares of HK$1.00 each)

 

Issued Share Capital:     HK$5,000,000.00

 

 

SHAREHOLDERS

(As per registry dated 04-01-2011)

 

Name

 

No. of shares

Shanghai Niu (Group) Co. Ltd.

98 Nanjing Road East, Shanghai, China.

 

3,000,000

Hoi Tung Marine Machinery Suppliers Ltd., Hong Kong.

 

2,000,000

 

 

––––––––

 

Total:

5,000,000

=======

 

 

DIRECTORS  

(As per registry dated 04-01-2011)

 

Name

(Nationality)

 

Address

FAN Dazheng

98 Nanjing Road East, Shanghai, China.

 

FAN Jie

Room 1701-1702, 17/F., Tower II, Admiralty Centre,
18 Harcourt Road, Hong Kong.

 

JIAO Tianyue

27/F., China Merchants Tower, Shun Tak Centre,
168-200 Connaught Road Central, Hong Kong.

 

QIU Xingguo

27/F., China Merchants Tower, Shun Tak Centre,
168-200 Connaught Road Central, Hong Kong.

 

YAN Zhenbo

Room 1701-1702, 17/F., Tower II, Admiralty Centre,
18 Harcourt Road, Hong Kong.

 

 

SECRETARY 

(As per registry dated 04-01-2011)

 

Name

Address

WANG Hainiao

Flat B, 14/F., Richview Terrace, 26 Square Street, Sheung Wan, Hong Kong.

 

 

HISTORY

 

The subject was incorporated on 4th January, 1983 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 and Exporter; Investment Holding.

 

Lines:               All kinds of light industrial products, toys, stationery and sporting goods, arts and crafts, textiles, plastic products, leather shoes, household electrical appliances, furniture, plush toys, flasks, etc.

 

Employees:       10.

 

Commodities Imported:-

Furniture – China.

Plush toys – China.

Flasks – China.

 

Markets:           China, Taiwan, Mexico, Germany, Netherlands, etc.

 

Terms/Sales:     On various terms.

 

Terms/Buying:  L/C, D/P and D/A.

FINANCIAL INFORMATION

 

Nominal Share Capital:   HK$5,000,000.00 (Divided into 5,000,000 shares of HK$1.00 each)

 

Issued Share Capital:     HK$5,000,000.00

 

Mortgage or Charge:-

Date of  Mortgage:          01-11-2005

Amount:                        To secure general banking facilities

Property:                       304.32/1,263rd parts or shares of and in all those 1,263/227,600th parts or shares of and

in Inland Lot No. 8423 (Office Unit 1 & 2 on 17/F. of Tower II of Admiralty Centre, 18 Harcourt Road, Hong Kong.)

Mortgagee:                    Bank of China (Hong Kong) Ltd., Hong Kong.

 

Profit or Loss:                Operation is profitable.

 

Condition:                      Business is active and good.

 

Facilities:                      Making active use of general banking facilities.

 

Payment:                      Met as contracted.

 

Commercial Morality:     Good.

 

Bankers:-

·         Bank of China (Hong Kong) Ltd., Hong Kong.

·         BNP Paribas, Hong Kong Branch.

 

Standing:  Good.

 

 

GENERAL

Shen Hai Co. Ltd. [SHCL] was incorporated on 4th January, 1983 as a joint venture business between Shanghai Niu (Group) Co. Ltd., a China-based firm holding 60% interest, and Hoi Tung Marine Machinery Suppliers Ltd., a Hong Kong-based company holding 40%.

Shanghai Niu (Group) Co. Ltd. was originally founded in 1992 under the name of Shanghai Second Light Industrial Corporation.  It is an investment holding company engaged in the investment, administrating and operating a number of about 20 subsidiaries engaged in the industries of light industrial, textiles, electronics, chemicals, property investment, etc.  In 2002, the total assets of the Group reached RMB2.5 billion Yuan.  Now, its assets are over RMB3.0 billion Yuan.

Hoi Tung Marine Machinery Suppliers Ltd. is a member of China Merchants Holding Group with its priority of the service for shipping.  It is engaged in the import and export of marine products.  It has ports and shipyards in China and shipowners worldwide as its major clients.  Besides, it serves as the agent for many well-known brands of marine products worldwide.

SHCL was set up in Hong Kong engaged in investment and import and export business.  Investment and establishment joint capital enterprises include: Shanghai Haixin Group Co. Ltd., Shanghai Huiluo Co. Ltd., Shenzhen Shenlong Investment Co. Ltd. and Wuxi Haijiang Printing & Dyeing Co. Ltd. in China; Shenmo System Integration (Hong Kong) Co. Ltd. and Sino-Oceans Ltd. in Hong Kong.  Currently, SHCL is trading in the following commodities:-

·         Piecegoods – Vegetable Fibre

·         Piecegoods – Blended

·         Piecegoods – Synthetic

·         Slippers – Textile (plush animal)

·         Playing Card

·         Jewellery – Crystal (from France)

·         Cutlery – Stainless Steel

·         Tableware – Metal (stainless steel)

·         Tableware – Porcelain / Ceramic / Stone (porcelain from UK)

·         Furniture – Chinese Style

·         Furniture – Western Style

·         Decorations – Crystal

·         Decorations – Porcelain / Ceramic (porcelain from Germany)

·         Candle (excluding musical candle)

·         Giftware

·         Souvenirs and Premiums

·         Costume Jewellery – Plastic (from France)

·         Chinese Medicine

·         Pharmaceutical Preparation

·         Wooden Flooring (hardwood flooring)

·         Industrial Chemicals (from Japan and Taiwan)

·         Sheet – Plastic (Soft) (PVC from China)

The import and export business of SHCL include a wide range of items.

SHCL’s business is kept in an active and good manner.

Mr. Fan Dazheng is one of the directors of SHCL.  He is also Chairman of the Board.  Fan is also the Vice Chairman of China National Light Industry Associations, Deputy Director of Committee for Economic Affairs of Shanghai C.P.P.C.C. (The Chinese Peoples Political Consultative Conference), and President of Directors Board of Shanghai New Industry Union (Group) Co. Ltd.

On the whole, in view of the parentage and history of SHCL, consider it good for normal business engagements.

 

REMARKS:

 

Property information of the company:-

Property Location:          Unit 1 & 2 on 17/F. of Tower II, Admiralty Centre,
18 Harcourt Road, Hong Kong.

Owner:  Shen Hai Co. Ltd.

Date of Purchase:  n.a.

Purchased Price:  n.a.

Incumbrances:-

Date of Mortgage

Amount Consideration

Mortgagee

Nature

01-11-2005

-

Bank of China (Hong Kong) Ltd., Hong Kong.

Mortgage to secure general banking facilities

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.18

UK Pound

1

Rs.76.65

Euro

1

Rs.66.63

 

 

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

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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%)

 

 

 

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.