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Report Date : |
05.04.2014 |
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 |
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No. of Employees : |
16 |
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 : |
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 – September 30, 2013
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Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
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Hong Kong |
A1 |
A1 |
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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 has no tariffs on imported goods, and it levies excise duties on only four commodities, whether imported or produced locally: hard alcohol, tobacco, hydrocarbon oil, and methyl alcohol. There are no quotas or dumping laws. 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, its continued reliance on foreign trade and investment leaves it vulnerable to renewed global financial market volatility or a slowdown in the global economy. 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 12% of total system deposits in Hong Kong by the end of 2013. 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 total trade 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 34.9 million in 2012, 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 2012 mainland Chinese companies constituted about 46.6% of the firms listed on the Hong Kong Stock Exchange and accounted for about 57.4% 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. Credit expansion and tight housing supply conditions have caused Hong Kong property prices to rise rapidly; consumer prices increased by more than 4% in 2013. 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. In 2013, Hong Kong and China signed new agreements under the Closer Economic Partnership Agreement, adopted in 2003 to forge closer ties between Hong Kong and the mainland. The new measures, effective from January 2014, cover services and trade facilitation, and will improve access to the mainland's service sector for Hong Kong-based companies
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Source
: CIA |
SHIU CHEONG
LUNG LTD.
ADDRESS: G/F., 217 Wing Lok Street, Sheung Wan, Hong Kong.
PHONE: 852-2541 8881
FAX: 852-2541 8233
Managing Director: Mr. Sun Hoi Biu, Dicky
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: US$30~35 million (Including associate)
Employees: 16. (Including branch shop and associate)
Main Dealing Banker: Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office & Main Shop:-
G/F., 217 Wing Lok Street, Sheung Wan, Hong Kong.
Branch Shop:-
G/F., Kin Tye Lung Building, 193 Wing Lok Street, Sheung Wan, Hong Kong.
[Tel: 852-2541 0797; Fax: 852-2541 0177]
Associated
Companies:- (Same address)
Shiu Cheong Lung (Hong Kong) Ltd., Hong Kong.
Shiu Cheong Lung International Ltd., Hong Kong.
31040188
0719326
Managing Director: Mr. Sun Hoi Biu, Dicky
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 07-06-2013)
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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 07-06-2013)
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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 07-06-2013)
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Name |
Address |
Co. No. |
|
Lee Management Services Ltd. |
Room C, 11/F., World Trust Tower, 50 Stanley Street, Central, Hong Kong. |
0513003 |
The subject was incorporated on 7th June, 2000 as a private limited liability company under the Hong Kong Companies Ordinance.
Formerly the registered address of the subject was located at G/F., 193 Wing Lok Street, Sheung Wan, Hong Kong, changed to the present address with effect from 1st November, 2013.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Importer, Exporter, Wholesaler and Retailer.
Lines: All kinds of dried seafood.
Employees: 16. (Including branch shop and associate)
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.
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 small profits 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: Good.
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 (Hong Kong) Ltd. [SCLHKL] and Shiu Cheong Lung International Ltd. The subject and these two firms are engaged in the same lines of business, more or less. SCLHKL was incorporated on 27th March, 2007.
According to the subject, its associated company was established in 1994.
The subject’s registered address and branch shop are also wholesaling centres and retailing outlets.
The subject is a major importer of dried 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 the 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 local walk-in customers as well as long term customers.
In recent years, it has been benefited by the swarming with Chinese tourists in Hong Kong.
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 US$30~35 million. Business is profitable.
The history of the subject in Hong Kong is over thirteen years.
On the whole, consider it good for normal business engagements.
(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.60.32 |
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|
1 |
Rs.100.04 |
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Euro |
1 |
Rs.82.65 |
INFORMATION DETAILS
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Analysis Done by
: |
SUB |
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Report Prepared
by : |
NIS |
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 |
-- |
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.