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Report Date : |
04.02.2013 |
IDENTIFICATION DETAILS
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Name : |
UNITED FRUIT COMPANY LIMITED |
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Registered Office : |
Room 1006B, 10/F., Hollywood Centre, 233 Hollywood Road, Sheung Wan |
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Country : |
Hong Kong |
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Date of Incorporation : |
06.05.1977 |
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Com. Reg. No.: |
05134068 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importers and Wholesalers of All kinds of fresh fruits |
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No. of Employees : |
6 |
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 : |
Good |
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Payment Behaviour : |
No Complaints |
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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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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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 |
Hong Kong - ECONOMIC OVERVIEW
Hong Kong has a free market economy, highly dependent on international trade and finance - the value of goods and services trade, including the sizable share of re-exports, is about four times GDP. Hong Kong's open economy left it exposed to the global economic slowdown that began in 2008. Although increasing integration with China, through trade, tourism, and financial links, helped it to make an initial recovery more quickly than many observers anticipated, it again faces a possible slowdown as exports to the Euro zone and US slump. The Hong Kong government is promoting the Special Administrative Region (SAR) as the site for Chinese renminbi (RMB) internationalization. Hong Kong residents are allowed to establish RMB-denominated savings accounts; RMB-denominated corporate and Chinese government bonds have been issued in Hong Kong; and RMB trade settlement is allowed. The territory far exceeded the RMB conversion quota set by Beijing for trade settlements in 2010 due to the growth of earnings from exports to the mainland. RMB deposits grew to roughly 7.8% of total system deposits in Hong Kong by the end of 2011, an increase of over 59% since the beginning of the year. The government is pursuing efforts to introduce additional use of RMB in Hong Kong financial markets and is seeking to expand the RMB quota. The mainland has long been Hong Kong's largest trading partner, accounting for about half of Hong Kong's exports by value. Hong Kong's natural resources are limited, and food and raw materials must be imported. As a result of China's easing of travel restrictions, the number of mainland tourists to the territory has surged from 4.5 million in 2001 to 28 million in 2011, outnumbering visitors from all other countries combined. Hong Kong has also established itself as the premier stock market for Chinese firms seeking to list abroad. In 2011 mainland Chinese companies constituted about 43% of the firms listed on the Hong Kong Stock Exchange and accounted for about 56% of the Exchange's market capitalization. During the past decade, as Hong Kong's manufacturing industry moved to the mainland, its service industry has grown rapidly. Growth slowed to 5% in 2011. Credit expansion and tight housing supply conditions caused Hong Kong property prices to rise rapidly in 2010 and inflation to rise 5.3% in 2011. Lower and middle income segments of the population are increasingly unable to afford adequate housing. Hong Kong continues to link its currency closely to the US dollar, maintaining an arrangement established in 1983.
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Source : CIA |
UNITED FRUIT
COMPANY LIMITED
Room 1006B, 10/F., Hollywood Centre, 233 Hollywood Road, Sheung Wan,
Hong Kong.
PHONE: 2541 7200, 2541 7593
FAX: 2541 4304
E-MAIL: ufhk@netvigator.com
Managing Director: Mr. Neo Wei
Ming
Incorporated on: 6th May, 1977.
Organization: Private Limited Company.
Capital: Nominal: HK$1,500,000.00
Issued: HK$1,500,000.00
Business Category: Fresh
Fruit Merchant.
Group Revenue: SGD 30,858,000 (Year ended 31-12-2011)
Employees: 6.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Good.
UNITED FRUIT
COMPANY LIMITED
Registered Head
Office:-
Room 1006B, 10/F., Hollywood Centre, 233 Hollywood Road,
Sheung Wan, Hong Kong.
Holding Company:-
Sunmoon Food Co. Ltd., Singapore.
Associated/Affiliated
Companies:-
Agrifood Investments Pte. Ltd., Singapore.
Fook Huat Tong Kee (Xiamen) Foodstuffs Co. Ltd., China.
Fook Huat Tong Kee Pte. Ltd., Singapore.
Fool Yong Pte. Ltd., Singapore.
Shanghai Fook Huat Tong Kee Storage Co. Ltd., China.
SunMoon Distribution & Trading Pte. Ltd., Singapore.
SunMoon Food (Shanghai) Co. Ltd., China.
SunMoon Retail & Franchise Pte. Ltd., Singapore.
Taian FHTK Foodstuffs Co. Ltd., China.
Taian Fook Huat Tong Kee Foodstuffs Co. Ltd., China.
UGC 2003 Inc., US.
United Agro Produce Pte. Ltd., Singapore.
United Fruits Pak (Pvt) Ltd., Pakistan.
Weifang Xinan FHTK Fruits Co. Ltd., China.
Xin Jiang SunMoon Co. Ltd., China.
05134068
0052982
Managing Director: Mr. Neo Wei
Ming
Nominal Share Capital: HK$1,500,000.00
(Divided into 1,500 shares of HK$1,000.00 each)
Issued Share Capital: HK$1,500,000.00
(As per registry dated 06-05-2012)
|
Name |
|
No. of shares |
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Sunmoon Food Co., Ltd. 21 Bukit Batok Crescent, #10-75 Wcega
Tower, 658065 Singapore. |
|
1,500 ==== |
(As per registry dated 06-05-2012)
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Name (Nationality) |
Address |
|
Hock Chuan LOH, Gary |
11 Evelyn Road, #20-01, Singapore 309304. |
|
Wei Ming NEO |
50 Chu Yen Street, Singapore 669844. |
|
Kim Boon Ivan, CHUA |
3 Robin Drive #01-03, Singapore 258263. |
(As per registry dated 06-05-2012)
|
Name |
Address |
Co. No. |
|
Tricor Secretaries Ltd. |
Level 28, Three Pacific Place, 1 Queen’s
Road East, Hong Kong. |
0014900 |
The company was incorporated on 6th May, 1977 as a private limited
liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at 19/F., Hollywood Centre, 233
Hollywood Road, Hong Kong, moved to the present address in January 2008.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importers
and Wholesalers.
Lines: All
kinds of fresh fruits.
Employees: 6.
Commodities
Imported: Mainly imported from US, Australia,
China, Chile, Ecuador, Philippines, Japan, Malaysia, Pakistan, etc.
Market: Hong
Kong, other Asian countries, etc.
Group Revenue: SGD
26,870,000 (Year ended 31-12-2009)
SGD 36,024,000 (Year ended 31-12-2010)
SGD 30,858,000 (Year ended 31-12-2011)
SGD 22,646,000 (9 months ended 30-09-2011)
SGD 22,548,000 (9 months ended 30-09-2012)
Terms/Sales: CAD, or as per contracted.
Terms/Buying: L/C, T/T and D/A.
Nominal Share Capital: HK$1,500,000.00
(Divided into 1,500 shares of HK$1,000.00 each)
Issued Share Capital: HK$1,500,000.00
Alternation of Capital:-
|
06-05-1977 |
paid up |
HK$ 2,000.00 |
|
10-09-1977 |
paid up |
HK$ 398,000.00 |
|
03-01-1978 |
paid up |
HK$ 100,000.00 |
|
16-08-1983 |
paid up |
HK$1,000,000.00 |
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|
|
––––––––––––––– |
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Total: |
paid up |
HK$1,500,000.00 ============== |
Increase of Nominal Capital:-
|
From |
HK$1,000,000.00 |
to |
HK$1,500,000.00 |
on |
15-08-1983 |
Group profit/(Loss): SGD 6,438,000 (Year
ended 31-12-2009)
SGD
939,000 (Year ended
31-12-2010)
SGD
770,000 (Year ended
31-12-2011)
SGD
1,729,000 (9 months ended
30-09-2011)
(SGD
1,409,000) (9 months
ended 30-09-2012)
Profit & Loss: Group
made a loss in 2012.
Condition: Keeping in an active and good
manner.
Facilities: Making
active use of general banking facilities.
Payment: So far so good.
Commercial Morality: Good.
Banker: The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Standing: Good.
United Fruit Co. Ltd. formed in 1977 is a well-established business
trading in fruits in Hong Kong.
Having issued 1,500 ordinary shares of HK$1,000 each, the subject
formerly was subscribed by Lin Tzu Chin, Lim Soo Peng, Wong Fai Chi and Ee Tai
Ting on equal equity basis. Later, it
had changed to be a wholly-owned subsidiary of FHTK Holdings Ltd., a public
company with shares listed on the Stock Exchange of Singapore on 20th January,
1997. Now, it is a wholly‑owned subsidiary
of SunMoon Food Co. Ltd. [SunMoon/Group] which is also a Singapore-listed and
based firm.
SunMoon is specialised in sourcing, processing, distributing and
marketing agricultural produce such as fruits, vegetables, garlic and other
kinds foodstuffs. The group is also
engaged in manufacturing of packing materials.
SunMoon is a fully integrated fresh fruit and dehydrated produce
company. The core businesses of SunMoon
are Fruit Trading, Distribution and Retail & Franchise, and Dehydrated
Produce Processing and Distribution.
The SunMoon Fresh Division is an international player in the fresh fruit
industry, with extensive sales and market network spanning five continents.
SunMoon now manages a carefully controlled certified supplier
program. Fruits are bought from
certified plantations which have got the “SunMoon Quality Assurance” standards.
Its customers comprise importers, wholesalers, supermarket chains as
well as the individual consumer all over the world. The Division also manages a network of
franchise SunMoon retail outlets.
SunMoon also embarks on new product development using innovative food
science technology and modern packaging design to deliver fruit and fruit
derivative products to generate new demand and create new markets for its premium
fruit sources.
Produce Division – Dehydrated Produce Processing and Distribution
Division. SunMoon Produce Division is
the largest processor and exporter of dehydrated garlic and onion in
China. It serves global food companies
in the United States, Canada, Australia, Europe, South America, Asia, and the
rest of the world.
Its main customers include renown global companies Unilever, Newly Weds,
Givaudan, Kerry, Ajinomoto, Symrise, MARS, Lee Kum Kee, etc.
Its state-of-the-art facility and US-imported dehydrating lines in China
produce 12,000 MT of dehydrated garlic and onion annually for export globally.
The Group’s agriculture produce comes from a diversity of orchards and farms
in China, Chile, Ecuador, Philippines, Japan, Malaysia and Pakistan, and is
sold through its world-wide network.
The Group’s business was profitable in 2011 and 2010, but it suffered
from a loss in 2012.
For the nine months ended 30th September 2012 [the period/YTD12], the
Group’s revenue of SGD22.55 million was SGD 0.10 million lower than SGD 22.65
million of the same period of previous year [YTD11].
The sales of the period of dehydrated products remained stable at
SGD 12.08 (same period of previous year: SGD 12.06 million). Sales of fresh fruits & processed fruits
decreased from SGD 10.56 million (YTD11) to SGD 10.44 million (YTD12).
Gross profit for YTD12 was SGD 3.29 million (14.60%), compared with
SGD 6.05 million (26.72%) for YTD11.
The decrease of gross profit was mainly due to higher production costs
of dehydrated products and higher effective VAT rate imposed on dehydrated
onion export in the PRC.
The Group’s loss for YTD12 was SGD 1.41 million, compared with
SGD 1.73 million net profit for YTD11.
The subject is fully supported by the Group. History in Hong Kong is over 35 years.
On the whole, in view of the parentage of the subject, consider it good
for normal businesss engagements.
Property information of the company:-
|
Property Location |
Owner |
Date of Purchase |
Purchased |
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Unit No. 1 on 19/F., Hollywood Centre, 233 Hollywood Road, Hong Kong. |
United Fruit Co. Ltd. |
06-06-1985 |
HK$1,500,000 pt. |
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.32 |
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|
1 |
Rs.84.60 |
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Euro |
1 |
Rs.72.63 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.