MIRA INFORM REPORT

 

 

Report Date :           

30.01.2012

 

IDENTIFICATION DETAILS

 

Name :

SHIU  CHEONG  LUNG  (HONG  KONG)  LTD.

 

 

Registered Office :

G/F., 217 Wing Lok Street, Sheung Wan

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

27.03.2007

 

 

Com. Reg. No.:

37764235

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Importer, Exporter, Wholesaler and Retailer of all kinds of dried seafood.

 

 

No. of Employees :

18.  (Including branch shop)

 

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

 

SHIU  CHEONG  LUNG  (HONG  KONG)  LTD.

 

 

Company ADDRESS

 

G/F., 217 Wing Lok Street, Sheung Wan, Hong Kong.

PHONE:            2541 8881

FAX:                 2541 8233

E-MAIL:                        sclmarine@ymail.com

 

 

MANAGEMENT

 

Managing Director:  Mr. Sun Hoi Biu, Dicky

 

 

SUMMARY

 

Incorporated on:             27th March, 2007.

 

Organization:                 Private Limited Company.

 

Capital:                         Nominal:           HK$10,000.00

Issued:              HK$10,000.00

 

Business Category:        Importer, Exporter, Wholesaler and Retailer.

 

Annual Turnover:            US$30~35 million  (Including associate)

 

Employees:                   18.  (Including branch shop)

 

Main Dealing Banker:     Hang Seng Bank 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 International Ltd., Hong Kong.

·         Shiu Cheong Lung Ltd., Hong Kong.

 

 

BUSINESS REGISTRATION NUMBER

 

37764235

 

 

COMPANY FILE NUMBER

 

1118432

 

 

MANAGEMENT

 

Managing Director:                     Mr. Sun Hoi Biu, Dicky

Director & Contact Person:         Mr. Wong Leung Yee, Simon

 

 

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 27-03-2011)

 

Name

 

No. of shares

SUN Hoi Biu, Dicky

 

9,000

WONG Leung Yee

 

1,000

 

 

––––––

 

Total:

10,000

=====

 

 

DIRECTORS  

(As per registry dated 27-03-2011)

 

Name

(Nationality)

 

Address

SUN Hoi Biu, Dicky

Flat F, 3/F., Block 16, South Horizons, Ap Lei Chau, Hong Kong.

 

WONG Leung Yee

Flat 8, 3/F., Block C, Tin Ma Court, Kowloon, Hong Kong.

 

 

SECRETARY 

(As per registry dated 27-03-2011)

 

Name

Address

Co. No.

Lee Management Services Ltd.

Flat C, 11/F., World Trust Tower, 50 Stanley Street, Central, Hong Kong.

0513003

 

 

HISTORY

 

The subject was incorporated on 27th March, 2007 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)

 

Commodities Imported:   India, China, Japan, Southeast Asia, etc.

 

Markets:                       Hong Kong, China, etc.

 

Annual Turnover:            US$30~35 million  (Including associate)

 

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:       (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.

·         Hang Seng Bank Ltd., Hong Kong.

·         The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

·         Wachovia Bank N.A., Hong Kong Branch.

 

Standing:  Normal.

 

 

GENERAL

 

Having issued 10,000 ordinary shares of HK$1.00 each, Shiu Cheong Lung (Hong Kong) Ltd. is jointly owned by Mr. Dicky Sun Hoi Biu, holding 90% interests; and Mr. Wong Leung Yee, holding 10%.  Being China merchants, Sun and Wong are also the directors of the subject.

According to the subject, its associated company Shiu Cheong Lung Ltd. [SCLL] was established in 1994.  SCLL is also a Hong Kong-registered firm which was incorporated on 7th June, 2000.  The subject and SCLL are engaged in the same lines of business and carrying the same kinds of products.

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, abalone, dried mushroom, dried oysters, etc.  Its registered address and branch shop are also wholesaling centres and retailing outlets.

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.  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 ranges from US$30 to 35 million (including associate).  Making a small profit every year.

The history of the subject in Hong Kong is over four years and ten months.

On the whole, consider it good for normal business engagements.

 

MORTGAGE OR CHARGE

 

Date

Particulars

Amount

18-07-2008

Instrument:      Charge Over Deposits – CD 2 (06)

Property:

1)   By fixed Charge:  all the Company’s rights in respect of (i) time deposits of HK$1,000,000 deposited by the Company; and (ii) all other sums in any currency from time to time standing to the credit of the Company or the credit of any other person for the Company’s benefit whether alone or jointly with others, on any deposit account with the Bank or any other SCB Group Company including additions to or renewals or replacements of such sum; and all interest from time to time accruing or payable on the sums specified in (i) and (ii) above;

2)   By assignment:  all Deposits held with any SCB Group Company

Mortgagee:      Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.

To secure the payment or discharge of all moneys, obligations and liabilities, whether actual or contingent at the date of the Charge or at any time after the date thereof, due, owing or incurred by Shiu Cheong Lung (Hong Kong) Ltd. and/or Shiu Cheong Lung Ltd. to Standard Chartered Bank (Hong Kong) Ltd.

28-07-2011

Instrument:      Assignment of Insurance Policy (Two-Party)

Property:

All the rights, title, benefits and interests of the Borrower in and to the Policy (No. 28004028) and the Proceeds

Mortgagee:      Hang Seng Bank Ltd., Hong Kong.

To secure all sums of money, debts and liabilities

29-07-2011

Instrument:      Assignment of Life Insurance

Property:

Property Charged: (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 (No. 28004072) upon the terms

Mortgagee:      The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

Secured Monies

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.65

UK Pound

1

Rs.77.80

Euro

1

Rs.65.05

 

 

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.