|
Report No. : |
346786 |
|
Report Date : |
28.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
CHEOY LEE SHIPYARDS LTD. |
|
|
|
|
Registered Office : |
89 & 91 Hing Wah Street West, Lai Chi Kok, Kowloon |
|
|
|
|
Country : |
Hongkong |
|
|
|
|
Date of Incorporation : |
08.11.1974 |
|
|
|
|
Com. Reg. No.: |
04466640 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Subject provides shipbuilding
and ship repairing service for all types of Custom yachts, ferries, harbour launches,
mega yachts, mooring launches, motor yachts, pilot vessels, sailing yachts, special/multipurpose craft,
sport yachts, tugs. |
|
|
|
|
No. of Employees : |
250. (Hongkong) |
RATING & COMMENTS
|
MIRAs 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 March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Hongkong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 |
CHEOY LEE
SHIPYARDS LTD.
ADDRESS: 89
& 91 Hing Wah Street West, Lai Chi Kok, Kowloon, Hong Kong.
PHONE: 852-2307
6333
FAX: 852-2307
5577
E-MAIL: info@cheoylee.com
Managing Director:
Mr. Lo Ngok Yang, Ken
Incorporated on: 8th November, 1974.
Organization: Private Limited Company.
Issued Share Capital: HK$1,247,000.00
Business Category: Shipyard.
Employees: 250. (Hong Kong)
Main Dealing Banker: Bank
of America (Asia) Ltd., Hong Kong.
Banking Relation: Good.
Registered Head
Office & Factory:-
89 & 91 Hing Wah Street West, Lai Chi Kok, Kowloon,
Hong Kong.
China Factory:-
Doumen Harbour, Xinhuan Development Zone, Baijiao Town,
Doumen County, Zhuhai SEZ, China.
[Tel: (86) 0756-5513663;
Fax: (86) 0756-5513002]
Mailing Address:
P.O. Box 80040, Cheung Sha Wan, Kowloon, Hong Kong.
Associated/Affiliated
Companies:-
Adforce Ltd., British Virgin Islands.
Cheoy Lee Riviera SARL, France.
Cheoy Lee Shipyards North America Inc., US.
Cheoy Lee Yachts Australia Pty. Ltd., Australia.
General Metal Works Ltd., Hong Kong. [Dissolved]
Golden Milestone Ltd., Hong Kong.
Hong Kong & Kowloon Ferry Holdings Ltd., Hong Kong.
Lo Brothers (NKML 32) Ltd., Hong Kong.
Lo Brothers (NKML 33) Ltd., Hong Kong.
Lo Brothers Ltd., Hong Kong.
Pennys Bay Investment Co. Ltd., Hong Kong.
Xianli (Zhuhai) Shipbuilding Co. Ltd., China.
04466640
0040707
Managing Director:
Mr. Lo Ngok Yang, Ken
HK$1,247,000.00
(Divided into 11,960 Ordinary shares and 510 Management shares of HK$100.00
each)
(As per registry dated 08-10-2014)
|
Name |
|
No. of shares |
|
|
|
|
Ordinary |
Management |
|
LO Shu Yang |
|
1,495 |
64 |
|
LO Ngok Yang |
|
1,495 |
64 |
|
LO But Yang |
|
1,495 |
64 |
|
LO King Ying |
|
1,495 |
64 |
|
LO Yen Yang |
|
1,495 |
64 |
|
LO Chun Yang |
|
1,495 |
64 |
|
James LO |
|
1,495 |
63 |
|
LO Long Ying, Martin |
|
1,495 |
63 |
|
|
|
|
|
|
|
Total: |
11,960 ===== |
510 === |
(As per registry dated 08-11-2014)
|
Name (Nationality) |
Address |
|
LO Shu Yang |
3 Rutland Quadrant, Kowloon Tong, Kowloon, Hong Kong. |
|
LO Chun Yang |
3 Rutland Quadrant, Kowloon Tong, Kowloon, Hong Kong. |
|
LO But Yang |
3 Rutland Quadrant, Kowloon Tong, Kowloon, Hong Kong |
|
LO King Ying |
3 Rutland Quadrant, Kowloon Tong, Kowloon, Hong Kong |
|
LO Long Ying, Martin |
3 Rutland Quadrant, Kowloon Tong, Kowloon, Hong Kong |
|
LO Yen Yang |
3 Rutland Quadrant, Kowloon Tong, Kowloon, Hong Kong |
|
James LO |
3 Rutland Quadrant, Kowloon Tong, Kowloon, Hong Kong |
|
LO Ngok Yang |
3 Rutland Quadrant, Kowloon Tong, Kowloon, Hong Kong |
(As per registry dated 08-11-2014)
|
Name (Nationality) |
Address |
|
LI Suk Har |
Flat C, 34/F., Block 18, Tsinan House, Tsuen Wan
Centre, Tsuen Wan, New Territories, Hong Kong. |
The company was
incorporated on 8th November, 1974 as a private limited liability company under
the Hong Kong Companies Ordinance.
It moved to the present
location from NKML 32 & 33 Po Lun Street (Extension), Lai Chi Kok, Kowloon,
Hong Kong in March 1999.
Apart from these,
neither material change nor amendment has been ever traced and noted.
Activities: Shipbuilding and
Shiprepairing.
Lines: Custom yachts,
ferries, harbour launches, mega yachts, mooring launches, motor yachts, pilot vessels, sailing yachts,
special/multipurpose craft, sport yachts, tugs.
Trade Mark: CHEOY
LEE.
Employees: 250. (Hong Kong)
500. (PRC)
Materials Imported: Mainly bought from Japan, Europe,
Taiwan, US and UK, etc.
Markets: Hong Kong, South East
Asia, US, Australia, Europe, etc.
Terms/Sales: As
per contracted.
Terms/Buying: L/C,
T/T, O/A, D/P or D/A.
The Chinese Manufacturers Association of Hong Kong,
Hong Kong.
The Hong Kong General Chamber of Commerce,
Hong Kong.
Federation of Hong Kong Industries, Hong Kong.
|
Date |
GN No. |
Tender Board - Department |
Amount |
|
29-06-1990 |
GN2330 |
Central Tender Board - Marine Dept. |
HK$ 2,125,957 |
|
26-04-1991 |
GN1452 |
Central Tender Board - Marine Dept. |
HK$ 4,107,766 |
|
27-09-1991 |
GN3462 |
Central Tender Board - Marine Dept. |
HK$ 3,640,727 |
|
27-09-1991 |
GN3462 |
Central Tender Board - Marine Dept. |
HK$ 11,023,321 |
|
27-09-1991 |
GN3462 |
Central Tender Board - Government Supplies Dept. |
HK$ 52,800 |
|
28-08-1992 |
GN3111 |
Central Tender Board - Marine Dept. |
HK$ 8,562,906 |
|
27-11-1992 |
GN4273 |
Government Supplies Dept. Tender Board |
HK$ 154,996 |
|
29-01-1993 |
GN309 |
Central Tender Board - Marine Dept. |
HK$ 4,986,000 |
|
29-01-1993 |
GN309 |
Central Tender Board - Marine Dept. |
- |
|
27-08-1993 |
GN3134 |
Central Tender Board - Marine Dept. |
HK$ 2,999,848 |
|
29-10-1993 |
GN3992 |
Government Supplies Dept. Tender Board |
HK$ 300,000 |
|
25-02-1994 |
GN684 |
Marine Dept. Tender Board |
HK$ 1,342,500 |
|
24-06-1994 |
GN2302 |
Central Tender Board - Marine Dept. |
HK$ 3,590,000 |
|
28-10-1994 |
GN4092 |
Central Tender Board - Marine Dept. |
HK$ 19,499,595 |
|
27-01-1995 |
GN334 |
Central Tender Board - Marine Dept. |
HK$ 7,245,900 |
|
27-01-1995 |
GN334 |
Central Tender Board - Marine Dept. |
HK$ 4,958,350 |
|
27-01-1995 |
GN334 |
Central Tender Board - Marine Dept. |
HK$ 7,461,000 |
|
28-04-1995 |
GN1524 |
Central Tender Board - Marine Dept. |
HK$ 7,247,969 |
|
28-04-1995 |
GN1524 |
Central Tender Board - Marine Dept. |
HK$ 6,784,469 |
|
25-08-1995 |
GN3428 |
Central Tender Board - Marine Dept. |
HK$ 4,326,040 |
|
29-08-1997 |
GN1037 |
Marine Dept. |
HK$ 14,815,111 |
|
29-05-1998 |
GN2669 |
Marine Dept. |
HK$ 8,617,021 |
|
25-06-1999 |
GN3595 |
Marine Dept. |
HK$ 42,914,263 |
|
25-06-1999 |
GN3595 |
Marine Dept. |
HK$ 14,339,246 |
|
28-04-2000 |
GN2677 |
Marine Dept. |
HK$ 7,455,340 |
|
25-08-2000 |
GN5677 |
Marine Dept. |
HK$ 35,222,283 |
|
23-01-2001 |
GN515 |
Marine Dept. |
HK$ 7,961,000 |
|
23-01-2001 |
GN515 |
Marine Dept. |
HK$ 6,890,300 |
|
31-10-2003 |
GN7873 |
Marine Dept. |
HK$ 7,196,260 |
|
30-12-2005 |
GN7020 |
Marine Dept. |
HK$ 18,960,000 |
|
27-01-2006 |
GN652 |
Marine Dept. |
HK$ 1,022,000 |
Issued Share Capital:
HK$1,247,000.00 (Divided
into 11,960 Ordinary shares and 510 Management shares of HK$100.00 each)
Alternation of Capital:-
|
08-11-1974 |
paid up |
HK$ 61,000.00 |
|
01-08-1975 |
paid up |
HK$ 102,500.00 |
|
11-03-1976 |
paid up |
HK$ 500,000.00 |
|
15-01-1977 |
paid up |
HK$ 387,500.00 |
|
28-02-1979 |
paid up |
HK$ 98,000.00 |
|
09-02-1980 |
paid up |
HK$ 49,000.00 |
|
26-03-1985 |
paid up |
HK$ 49,000.00 |
|
|
|
|
|
Total: |
paid up |
HK$ 1,247,000.00 ============== |
Indebtedness: HK$121,030,660.00 (Total amount outstanding on all mortgages
and charges as per
last Annual Return dated 08-11-2014)
Mortgage or Charge: (See
attachment)
Profit or Loss: Business
is profitable.
Condition: Keeping in a normal manner.
Facilities: Making active use of general
banking facilities.
Payment: So far so good.
Commercial Morality:
Satisfactory.
Bankers:-
Bank of
America (Asia) Ltd., Hong Kong.
The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
The Daiwa
Bank Ltd., Hong Kong Branch.
BNP
Paribas, Hong Kong Branch.
Citibank
N.A., Hong Kong Branch.
Banking:-
One source
reports they maintain a very active and satisfactorily conducted current
account opened in December 1975. They negotiate their export bills under
documentary credits with satisfactory results.
Another
source informs subject maintains a properly conducted account with them since
August 1975. They have handled their export and import bills with satisfactory
results. Considerable banking facilities
granted have been used to their entire satisfaction.
Standing: Good.
Cheoy Lee Shipyards
Ltd. [Cheoy Lee], incorporated in November 1974, is a family concern of the
Los. The founder, the late Mr. Lo To had eight sons with him in the
business. There had been no business of
substantial nature until it took over the business from Cheoy Lee Shipyard in
late 1975. Mr. Lo came to Hong Kong
in 1937 with his father and two brothers, Mr. Lo Sum and Law Tsoi. He established the first shipyard in Hong
Kong in 1937 named Chean Lee Shipyard.
The second one named Hip Hing Cheung Shipyard was opened in 1945 in
Laichikok while the third one named Cheoy Lee Shipyard was set up in 1946 in
Ngau Chi Wan. Cheoy Lee Shipyard had
been expanded greatly since then, although the type of work done in the yard
changed over the years. By hard work and
perseverance, he developed the firm into one of the leading manufacturers of
pleasure boats in Hong Kong. In 1975,
there were some complicities happened among Lo brothers and Mr. Lo To
transferred the shipbuilding business to his own concern, Cheoy Lee Shipyards
Ltd. The new company under his guidance
continues to play a vital role in this field.
Dealers/distributors/agents are spread in various parts of the
world. It is specialized in all types of
vessels under 300 feet and has over forty models of different specifications.
Cheoy Lee is also a
big supplier of coastal vessels for local customers Hong Kong
Government, Hongkong Yaumati Ferry Co., Hong Kong Pilot Association, Hong Kong
Resort Co. and other transport companies.
With good production technic in hands, the company is active in the
world markets.
Presently, Cheoy Lee
provides shipbuilding and ship repairing service for all types of vessels, fibre
glass craft, sailing yachts and shipping service and operator of mild/alloy
steel foundry.
Today, with a new
state-of-the-art-technology production facility on the Pearl River at Doumen,
Zhuhai Special Economic Zone, China, the shipyard is currently able to build
large, one-of-a-kind custom motor-yachts, like the Frank Mulder-designed 172
ft. SeaShaw, launched in 2004. In over
130 years of family-owned shipbuilding, Cheoy Lee has made everything from
ferries to tugboats to todays selection of large motor-yacht models. And Cheoy Lee plans to stay in the forefront
of the shipbuilding industry for many more years - with future family
generations to carry on the heritage.
The 30-acre Cheoy Lee
Zhuhai facility also includes a 1,000-ton railway lift, 150-ton travel lift,
dedicated paint sheds, and onsite dormitories to house up to 1,000
employees. The new facility is capable
of producing vessels in excess of 200 feet.
Besides, Cheoy Lee has
set up a new shipyard in Zhuhai SEZ known as Xianli (Zhuhai) Shipbuilding Co.
Ltd. This new company makes the
production capacity of Cheoy Lee increase by 35%.
The history of Cheoy
Lee in Hong Kong is about 41 years.
On the whole,
consider it good for normal business engagements.
Court case:-
|
Date |
Plaintiff |
Defendant |
Cause |
Amount |
|
Feb. 1990 |
Li Mei Pong |
Cheoy Lee Shipyards Ltd. |
Damages |
Not stated |
|
Aug. 1993 |
Jael Canavan |
Cheoy Lee Shipyards Ltd. |
Amount due |
US$ 142,810 |
|
Sept. 1993 |
Siu Luk |
Cheoy Lee Shipyards Ltd. and others |
Personal injury |
Not stated |
Property information of the principal and affiliates:-
|
Property Location |
Owner |
Date of Purchase |
Purchased |
|
3 Rutland Quadrant, Kowloon Tong, Kowloon,
Hong Kong. |
Lo Leung Ling Chai (Mother of Mr. Ken Lo) |
20-10-1955 |
HK$165,000 |
|
New Kowloon Marine Lot No. 32, Off Stone-Cutters
Island, Kowloon, Hong Kong. |
Lo Brothers (NKML 32) Ltd. |
(Held under Conditions of Grant No. 12257) |
|
|
New Kowloon Marine Lot No. 33, Off Stone-Cutters
Island, Kowloon, Hong Kong. |
Lo Brothers (NKML 33) Ltd. |
(Held under Conditions of Grant No. 12258) |
|
(No mortgage record registered against the property)
|
Date |
Description of Instrument |
Mortgagee |
|
24-07-2000 |
Charge on Deposit |
BNP Paribas, Hong Kong Branch |
|
19-03-2007 |
Charge Over Deposits |
KBC Bank N.V., Hong Kong Branch |
|
18-11-2008 |
Charge Over Account |
China Construction Bank (Asia) Corporation Ltd.,
Hong Kong. |
|
01-03-2011 |
Security Over Deposits with the Bank |
The Hongkong & Shanghai Banking Corp. Ltd.,
Hong Kong. |
|
21-01-2013 |
Security over Deposit in respect of Obligations of the
Depositor |
Industrial & Commercial Bank of China (Asia) Ltd.,
Hong Kong. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.96 |
|
|
1 |
Rs.99.73 |
|
Euro |
1 |
Rs.71.84 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
NIT |
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
SCs 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.