|
Report Date : |
18.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
THE WING ON CO. LTD. |
|
|
|
|
Registered Office : |
7/F., Wing On Centre, |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
1907 |
|
|
|
|
Legal Form : |
Private Limited Company. |
|
|
|
|
Line of Business : |
Investment Holding and Property Investment. |
|
|
|
|
No. of Employees : |
843. (Group Employee) |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
|
Payment Behaviour : |
Regular |
|
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, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
THE WING
ON CO. LTD.
Address: 7/F., Wing On
Centre,
211 Des
Voeux Road Central,
Hong Kong.
(Your address given as:
1/F., Wing On Godown, 1 Wang Kee St,
Kowloon Bay. )
PHONE: 2852 1888; 2318 2341
FAX: 2541 2482; 2581 2639;
2850 8431
E-MAIL markkwok@wingonet.com;
cks@wingonet.com
Group Chairman: Mr. Kwok Chi
Leung, Karl
Establishment: 1907.
Incorporated on: 28th
January, 1915.
Organization: Private
Limited Company.
Capital: Nominal: HK$800,000,000.00
Issued: HK$592,200,000.00
Business Category: Investment Holding and Property Investment.
Group Turnover: HK$1,763,783,000 (Year ended 31-12-2011)
Group Employees: 843. (As at 31-12-2011)
Main Dealing Bankers: Hang Seng Bank Ltd., Hong Kong.
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Good.
Registered Head Office:-
7/F., Wing On Centre, 211 Des Voeux Road Central, Hong Kong.
G.P.O. Box 1508, Hong Kong.
Immediate Holding Company:-
Wing On Co. (BVI) Ltd.
Craigmuir Chambers, P.O. Box 71, Road Town, Tortola, British Virgin
Islands.
Ultimate Holding Company:-
Wing On Co. International Ltd., Bermuda/Hong Kong.
Associated/Affiliated Companies:-
The Wing On Group of
Companies
333 Choice Properties Pty. Ltd., Australia.
Asmar Properties Ltd., British Virgin Islands.
Belair Properties Ltd., British Virgin Islands.
Bright Eastern Profits Ltd., British Virgin Islands.
Clever Choice Investments Ltd., British Virgin Islands.
Clever Choice Properties Pty. Ltd., Australia.
Cornerstone Assets Ltd., British Virgin Islands.
DCH North America Inc., U.S.A.
Fine Choice Investments Ltd., British Virgin Islands.
Fine Choice Properties Pty. Ltd., Australia.
Forever Famous Development Ltd., Hong Kong.
Fortuna Investments Inc., U.S.A.
Fortuna Properties Inc., U.S.A. [Dormant]
Fortuna Yakitori Stall Ltd., Hong Kong.
Keen Choice Investments Ltd., British Virgin Islands.
Keen Choice Properties Pty. Ltd., Australia.
Mirassou Holdings Ltd., New Zealand.
Perfect Choice Investments Ltd., British Virgin Islands.
Perfect Choice Properties Pty. Ltd., Australia.
Saugan Ltd., Hong Kong.
Somhill Pty. Ltd., Australia.
The Wing On Catering & Amusement (Tianjin) Ltd., PRC. [Dormant]
The Wing On Co. Inc., U.S.A.
The Wing On Department Stores (Bermuda) Ltd., Bermuda.
The Wing On Department Stores (Hong Kong) Ltd., Hong Kong.
The Wing On Department Stores (Tianjin FTZ) Ltd., PRC. [Dormant]
The Wing On Property Management Co. Ltd., Hong Kong.
The Wing On Services Ltd., British Virgin Islands.
The Wing On Transport Co. Ltd., Hong Kong.
Tonnish Ltd., Hong Kong.
Well Planted Ltd., Hong Kong.
Wing On Computer Systems Ltd., Hong Kong.
WL Investments Inc., U.S.A.
WL Investments Ltd., British Virgin Islands.
Woco Inc., U.S.A.
WOCO Investment Corporation, U.S.A.
Wonder Choice Investments Ltd., British Virgin Islands.
Wonder Choice Properties Pty. Ltd., Australia.
etc.
0000155
Group Chairman: Mr. Kwok Chi
Leung, Karl
Group Deputy Chairman: Mr. Kwok
Chi Hang, Lester
Director & Company Chief: Mr.
Kwok Chi Yat, Mark
Nominal Share Capital: HK$800,000,000.00 (Divided into 400,000,000
shares of HK$2.00 each)
Issued Share Capital: HK$592,200,000.00
(As per registry dated 28-01-2012)
|
Name |
|
No. of shares |
|
Wing On Co. (BVI) Ltd. Craigmuir Chambers, P.O. Box 71, Road Town, Tortola, British Virgin
Islands. |
|
296,099,999 |
|
Wing On Co. International Ltd. Canon’s Court, 22 Victoria Street, Hamilton HM12, Bermuda. |
|
1 |
|
|
|
–––––––––– |
|
|
Total: |
296,100,000 ========= |
(As per registry dated 28-01-2012)
|
Name (Nationality) |
Address |
|
KWOK Chi Hang, Lester |
19B,19/F., Victoria Heights, 43A Stubbs Road, Hong Kong. |
|
KWOK Chi Kuen, Philip |
Penthouse, Twin Brook, 43 Repulse Bay Road, Hong Kong. |
|
KWOK Chi Leung, Karl |
Flat 7A, 7/F., 51 Stubbs Road, Hong Kong. |
|
KWOK Chi Piu, Bill |
E3, Altadena House, 27 Barker Road, The Peak, Hong Kong. |
|
KWOK Chi Yat |
22/F., The Colonnade, 152 Tai Hang Road, Hong Kong. |
(As per registry dated 28-01-2012)
|
Name |
Address |
|
SIN Kar Tim |
Flat 7, 28/F., Lung San House, Lung Poon Court, Diamond Hill, Kowloon,
Hong Kong. |
Wing On was established in Sydney, Australia under the name of Wing On
Fruit Merchants. The sum of 1,400 pounds
from the original capital; the man who first organized the business dealt in
exports of fruits from Australia and imports of products from China. They were James Gocklock, Philip Gockchin,
O’Young Man Hing, Leung Chong, Ma Joe Sing, Mark Shun Gee Hing, O’Young Pun,
Yung Tsze Wing, Gock Quay, Pang Yung Kwan, William Gockson, Gock Chew and
William Gock Young.
As business continued to prosper, the company sought newer fields.
In 1907, a capital of HK$150,000.00 was raised and Mr. Philip Gockchin
was entrusted with the task of establishing a department store in Hong
Kong. The site was located at 167
Queen’s Road Central. The first three
years of operation were marked with steady progress and the site soon became
inadequate.
Then the company was incorporated on 28th January, 1915 under the
Companies Ordinance of Hong Kong under the present name of The Wing On Co. Ltd.
[WOC] with a capital increased to HK$600,000.00, partly capitalized from the
company’s reserve and partly subscribed by the original shareholders and their
friends.
By this time the company was in Des Voeux Road Central, where the
present Main Store is situated.
Soon, it has become a public limited company with shares quoted on The
Stock Exchange of Hong Kong Ltd.
Pursuant to the Scheme of Arrangement in December 1991, WOC, the former
holding company of the Group, became a wholly owned indirect subsidiary of Wing
On Co. International Ltd. [WOCI] by the cancellation of all the 296,100,000
shares of HK$2.00 each and re-issuing them to WOCI via Wing On Co. (BVI)
Ltd. WOCI in turn issued the same number
of share of HK$0.10 each to WOC’s original shareholders. The excess of the consolidated net assets
represented by the WOC’s shares acquired by WOCI via Wing On Co. (BVI) Ltd.
over the nominal value of the new shares of WOCI issued to the Scheme has been
credited to the contributed surplus account of WOCI.
WOCI was incorporated in Bermuda on 14th October, 1991 and became the
new holding company of The Wing On Co. Ltd. Group pursuant to the Scheme of
Arrangement which became effective on 24th December, 1991.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities & Lines: Investment Holding and Property
Investment.
Group Employees: 843. (As at 31-12-2011)
|
FY |
Whole Group |
Department
Stores Division |
|
Year ended 31-12-2007 |
HK$1,294,898,000 |
HK$1,009,700,000 |
|
Year ended 31-12-2008 |
HK$1,407,644,000 |
HK$1,100,859,000 |
|
Year ended 31-12-2009 |
HK$1,443,180,000 |
HK$1,133,414,000 |
|
Year ended 31-12-2010 |
HK$1,572,597,000 |
HK$1,228,006,000 |
|
Year ended 31-12-2011 |
HK$1,763,783,000 |
HK$1,381,795,000 |
The Hong Kong General Chamber of Commerce,
Hong Kong.
The Chinese General Chamber of Commerce,
Hong Kong.
Nominal Share Capital: HK$800,000,000.00
(Divided into 400,000,000 shares of HK$2.00 each)
Issued Share Capital: HK$592,200,000.00
Mortgage or Charge:-
Date of Mortgage: 26-03-1999
Amount: To
secure general banking facilities and interest
Property: All
that piece or parcel of ground registered in the Land Registry as Inland Lot
No. 7916 and of and in all the messuages erections and building thereon (now
known as Wing On Centre, 211 Des Voeux Road Central/110-114 Connaught Road
Central, Hong Kong.)
Mortgagee: Hang
Seng Bank Ltd., Hong Kong.
Segment Result (Department Stores
Division):-
HK$121,307,000 (Year ended 31-12-2007)
HK$142,077,000 (Year ended 31-12-2008)
HK$122,487,000 (Year ended 31-12-2009)
HK$172,727,000 (Year ended 31-12-2010)
HK$223,385,000 (Year ended 31-12-2011)
Group Net Profit (Loss):-
HK$1,590,527,000 (Year ended 31-12-2007)
(HK$
172,236,000) (Year ended
31-12-2008)
HK$
737,773,000 (Year ended
31-12-2009)
HK$1,376,778,000 (Year ended 31-12-2010)
HK$1,774,620,000 (Year ended 31-12-2011)
Group Net Worth:
HK$
7,562,422,000 (As at 31-12-2007)
HK$
6,763,556,000 (As at 31-12-2008)
HK$
7,775,319,000 (As at 31-12-2009)
HK$
9,176,977,000 (As at 31-12-2010)
HK$10,754,211,000 (As at 31-12-2011)
Profit & Loss: Traded at a profitable angle.
Condition:
Keeping in an active and
good manner.
Facilities:
Making active use of
general banking facilities.
Payment:
Reliable.
Commercial Morality: Good.
Bankers:-
Hang Seng Bank Ltd., Hong Kong.
The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
ABN AMRO Bank N.V., Hong Kong Branch.
American Express Bank Ltd., Hong Kong
Branch.
Bank of America (Asia) Ltd., Hong Kong.
Bank of America, N.A., Hong Kong Branch.
Barclays Bank PLC, Hong Kong Branch.
BNP Paribas, Hong Kong Branch.
Citibank N.A., Hong Kong Branch.
Crédit Agricole Indosuez, Hong Kong
Branch.
DBS Bank (Hong Kong) Ltd.,
Hong Kong.
Fortis Bank Asia HK, Hong Kong Branch.
Standard Chartered Bank, Hong Kong
Branch.
Sumitomo Mitsui Banking Corporation,
Hong Kong Branch.
The Bank of East Asia Ltd., Hong Kong.
The Bank of Tokyo-Mitsubishi Ltd.,
Hong Kong Branch.
The First National Bank of Chicago,
Hong Kong Branch.
etc.
Banking:-
One source reports they have kept an
entirely satisfactory current account with them for many years and all their
dealings with them have been very pleasant.
Standing:
Very Good.
The Wing On Co. Ltd. [WOC] was established in Hong Kong in 1907 and
incorporated as a limited company on 28th January, 1915. WOC became a listed firm before WWII.
WOC’s business includes the operation of department stores, property
investment, trading and the provision of hotel services. In late 1981, WOC raised HK$394.8 million by
way of a rights issue to finance the acquisition of Hotel Fortuna Ltd.
[Fortuna] through its wholly-owned subsidiary Wing Tak Kwei Ltd. Fortuna was incorporated on 3rd May, 1963
primarily for the purpose of carrying on the business of owning and managing
hotels in Hong Kong. The Fortuna
Group had two principal property interest, a leasehold interest in the Hotel
Fortuna; known as the Wing On Building and the Fortuna Court Hotel. In the event that the sale of the Fortuna
Court Hotel was successfully completed.
Fortuna’s principal remaining property interest is its leasehold
interest in the Wing On Building.
Pursuant to the Scheme of Arrangement in December 1991, WOC, the former
holding company of the Group, became a wholly owned indirect subsidiary of Wing
On Co. International Ltd. [WOCI] by the cancellation of all the 296,100,000
shares of HK$2.00 each and re-issuing them to WOCI via Wing On Co. (BVI)
Ltd. WOCI in turn issued the same number
of share of HK$0.10 each of WOC’s original shareholders. The excess of the consolidated net assets
represented by the WOC’s shares acquired by WOCI via Wing On Co. (BVI) Ltd.
over the nominal value of the new shares of WOCI issued to the Scheme has been
credited to the contributed surplus account of WOCI.
WOCI was incorporated in Bermuda on 14th October, 1991 and became the
new holding company of The Wing On Co. Ltd. Group pursuant to the Scheme of
Arrangement which became effective on 24th December, 1991.
Presently, WOC, a member of the WOCI Group, is engaged in investment
holding and property investment.
The principal activities of the WOCI Group are the operation of
department stores, investment holding, property investment, mortgage servicing,
securities trading and motor vehicle dealership business.
The department store operation in Hong Kong is carried on by The Wing On
Department Stores (Hong Kong) Ltd. which is directly owned by WOC and The Wing
On Department Stores (Bermuda) Ltd. of Bermuda.
The Wing On Department Stores Group is one of the largest and best known
retailers in Hong Kong with five outlets at present.
The Group is engaged in the following businesses:-
·
Automobile Dealership Business;
·
Department Stores Operation; &
·
Property Investments.
For the year ended 31st December 2011, the Group’s turnover increased by
12.2% to HK$1,763.8 million (2010: HK$1,572.6 million). The increase was attributable mainly to the
improvement in both the Group’s department stores business turnover and the
rental income from the Group’s investment properties.
Profit attributable to shareholders for the year was HK$1,774.3 million
(2010: HK$1,375.7 million), an increase of 29.0% due primarily to the
increase in net valuation gain on investment properties as compared to previous
year. Excluding this non-cash item and
related deferred tax thereon, the Group’s underlying profit attributable to
shareholders increased by 8.5% to HK$496.3 million (2010: HK$457.6
million). This was due mainly to the
increase in the improved contributions from the Group’s
department stores operations, property investments and the Group’s automobile
dealership associate.
In 2011 the Group’s department stores business achieved a 12.5% increase
in turnover to HK$1,381.8 million (2010: HK$1,228.0 million) while its
operating profit increased by 29.4% to HK$223.4 million (2010: HK$172.7
million). The Group was able to achieve
these better results on the back of strong local consumer demand aided by
Mainland shoppers, and the continued efforts in providing timely promotional
events, regularly improving the merchandise mix and quality of customer
service.
As at 31st December 2011, the Group had a total staff of 843 (2010:
953).
On the whole, in view of WOC’s history, background and lines of
business, consider it good for normal business engagements.
Brief information of
the principal directors:-
Mr. Karl Kwok Chi Leung, aged 63, is the Chairman of WOCI and WOIH (the
controlling shareholder of WOCI). He was
educated at Carleton College, Minnesota and Wharton School, University of
Pennsylvania where he obtained an M.B.A. degree. He joined the Group in 1974. He has over 20 years’ experience in senior
management positions in banking and finance.
He is a member of the Board of The Trustees of Chung Chi College of The
Chinese University of Hong Kong, a member of University Council of The
Chinese University of Hong Kong, a member of the Council of City
University of Hong Kong, a trust member of The Outward Bound Trust of Hong
Kong Ltd. as well as a member of the Inland Revenue Board of Review, an
adjudicator of the Registration of Persons Tribunal, the chairman of Hong Kong
Sports Development Board-Hong Kong Coaching Committee, the president of
Hong Kong Yachting Association, vice president of Sports Federation &
Olympic Committee of Hong Kong, the PRC and a director of Tai Cheung Holdings
Ltd. He is also a director of Wing On
Corporate Management (BVI) Ltd., Kee Wai Investment Co. Ltd. and Kee Wai
Investment Co. (BVI) Ltd.
Mr. Lester KWOK Chi Hang, J.P., aged 62, is the Deputy Chairman of
WOCI. He was educated at Stanford
University, California where he obtained a B.A. (Economics) degree. He subsequently qualified as a barrister-at-law
at Gray’s Inn, London in 1975 and practised in London and Hong Kong. He joined the Group in late 1985. He is the chairman of three statutory Appeal
Boards – Hotel and Guesthouse Accommodation Ordinance, Clubs (safety of
premises) Ordinance, and Bedspace Apartments Ordinance – and is a member of the
Administrative Appeals Board, and Non-local Higher and Professional Education
Appeal Board. He has served as a member
of the Inland Revenue Board of Review from 1985 to 2002, Municipal Services Appeals
Board from 2000 to 2002, Town Planning Appeal Board from 1994 to 2001, a panel
member on the Securities and Futures Appeals Panel of the Securities and
Futures Commission from 1989 to 1995, a District Board member of the Wan Chai
District Board from 1985 to 1994, and as a member of the Consumer Council from
1996 to 1997. He is the deputy chairman
and managing director of WOIH and also a director of Wing On Corporate
Management (BVI) Ltd., Kee Wai Investment Co. Ltd. and Kee Wai Investment Co.
(BVI) Ltd.
Mr. Mark KWOK Chi Yat, aged 57, is the Company Chief. He was educated at Stanford University,
California and the University of Santa Clara where he obtained a B.A.
(Economics) degree and an M.B.A. degree respectively. He joined the Group in 1986 and has been
responsible for the Group’s retail operations until mid 2001. He is currently looking after the Group’s
overseas investments. He was a member of
the Executive Committee of the Hong Kong Retail Management Association. He has served as a member of Law Reform
Commission’s Sub-committee on Civil Liability for Unsafe Products from 1995 to
1997 and Member of Election Committee of Subsector of Wholesale and Retail for
the Legislative Council Elections of Hong Kong Special Administrative
Region [HKSAR] in 1997, 2000 and 2002.
He is also a director of WOIH, Wing On Corporate Management (BVI) Ltd.,
Kee Wai Investment Co. Ltd. and Kee Wai Investment Co. (BVI) Ltd. He is a brother of Mr. Karl Kwok and Mr.
Lester Kwok.
Property information of
the company:-
Property Location: Wing On Centre, 211 Des Voeux Road
Central/110-114 Connaught Road Central, Hong Kong.
Owner: The Wing On Co. Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
26-03-1999 |
- |
Hang Seng Bank Ltd., Hong Kong. |
Mortgage to secure general banking facilities |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.76 |
|
|
1 |
Rs.86.69 |
|
Euro |
1 |
Rs.70.44 |
INFORMATION DETAILS
|
Report Prepared
by : |
PRL |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.