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Report No. : |
329173 |
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Report Date : |
29.06.2015 |
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 : |
Hongkong |
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Date of Incorporation : |
07.06.200 |
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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 : |
15. (Including
Branch Shop and Associate) |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Hongkong |
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 |
HONGKONG - 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 12.5% of total system deposits in Hong
Kong by the end of 2014. 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 47.3 million
in 2014, 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 2014 mainland Chinese companies constituted about 50% of the
firms listed on the Hong Kong Stock Exchange and accounted for about 60.1% 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
4.4% in 2014. 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 2014, Hong Kong and China signed a new agreement on achieving basic
liberalization of trade in services in Guangdong Province under the Closer
Economic Partnership Agreement, adopted in 2003 to forge closer ties between
Hong Kong and the mainland. The new measures, effective from March 2015, cover
a negative list and a most-favored treatment provision, and will improve access
to the mainland's service sector for Hong Kong-based companies.
|
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.
Issued Share Capital:: HK$10,000.00
Business Category: Importer, Exporter, Wholesaler and
Retailer.
Annual Turnover: US$30~40 million (Including associate)
Employees: 15.
(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
HK$10,000.00
(As per registry
dated 07-06-2014)
|
Name |
|
No. of shares |
|
SUN Hoi Biu, Dicky |
|
9,999 |
|
SUN Fo Tu |
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1 |
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–––––– |
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Total: |
10,000 ===== |
(As per registry
dated 07-06-2014)
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Name (Nationality) |
Address |
|
SUN Fo Tu |
Flat F, 3/F., Block 16, South Horizons, Ap Lei Chau,
Hong Kong. |
|
SUN Hoi Biu, Dicky |
Flat F, 3/F., Block 16, South Horizons, Ap Lei Chau,
Hong Kong. |
(As per registry
dated 07-06-2014)
|
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: 15. (Including branch shop and associate)
Commodities Imported: India, China, Japan, Southeast Asia, South
America, etc.
Markets: Hong Kong, China, Macau, other Asian
countries, etc.
Annual Turnover: US$30~40 million (Including associate)
Terms/Sales: COD or as per contracted.
Terms/Buying: L/C, T/T, etc.
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 an active
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. They belong to the same family.
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 and 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 active.
The subject also retails, exports and imports fish maw, shark fin, sea
cucumba, mushroom, etc. It serves local
walk-in customers as well as long term customers such as restaurants, clubs and
hotels, etc.
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$30~40 million.
Business is profitable.
The history of the subject in Hong Kong is over fifteen years.
On the whole, consider it good for normal business engagements.
(Since 2008)
|
Date |
Particulars |
Amount |
|
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 |
|
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.60 |
|
|
1 |
Rs.100.09 |
|
Euro |
1 |
Rs.71.23 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
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Report Prepared
by : |
NIT |
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.