30. PARTICULARS OF THE COMPANY'S SUBSIDIARIES
Details of the Company's subsidiaries at 31st March, 1999 are as follows:
Issued and Proportion of
Place of fully paid nominal
incorporation share value of issued
capital/ capital/ paid up capital
establishment paid up held by Principal
Name of subsidiary and operations capital the Company activities
Directly Indirectly
% %
Charman Limited Hong Kong HK$2 - 100 Property holding
Dongguan LungKee Metal The PRC HK$60,000,000 - 75 Manufacturing
Products Ltd. and marketing
of components
for mould bases
Dongguan Lung Kee Mould The PRC HK$17,500,000 - 75 Leasing of
Base Ltd. machinery,
manufacturing
and marketing of
components for
mould bases
Dongguan Tin Cheung Metal The PRC HK$15,000,000 - 52.5 Property holding,
Products Co., Ltd. (note b) manufacturing and
marketing of
components for
mould bases
Fantop Industries Hong Kong HK$2 - 100 Property holding
Limited
Guangzhou LungKee Metal The PRC HK$60,000,000 - 75 Manufacturing and
Products Co. Ltd. (note c) marketing of mould
bases
Heyuan Lung Kee Metal The PRC HK$60,000,000 - 75 Will be engaged in
Products Co., Ltd. (note d) the manufacturing
and marketing of
mould bases
Largen International Hong Kong HK$2 - 75 Provision of
Limited management services
LKM (BVI) Limited The British US$200 100 - Investment holding
Virgin Islands/
Hong Kong
LKM Nominees Limited Hong Kong HK$2 - 100 Provision of
nominee services
Lung Kee (Far East) Hong Kong HK$2 - 100 Sourcing of plastic
Trading Limited and metal products
Lung Kee International Hong Kong HK$2 - 75 Investment holding
Limited ordinary shares
HK$2,000,002 - -
non-voting
deferred shares
(note a)
Lung Kee Metal (BVI) The British US$2 - 75 Investment holding
Limited Virgin Islands/
Hong Kong
Lung Kee Metal (China) Hong Kong HK$2 - 75 Investment holding
Limited ordinary shares
HK$2 - -
non-voting
deferred shares
(note a)
Lung Kee Metal (Malaysia) Malaysia RM750,000 - 75 Manufacturing and
Sdn. Bhd. marketing of mould
bases
Lung Kee Metal Holdings Bermuda HK$200,000,000 - 75 Investment holding
Limited
Lung Kee Metal Limited Hong Kong HK$2 - 75 Manufacturing and
ordinary shares marketing of mould
bases
HK$10,000,002 - -
non-voting
deferred shares
(note a)
Lung Kee Metal (Singapore) Singapore S$250,000 - 75 Manufacturing and
Pte Limited marketing of mould
bases
Lung Kee Steel Limited Hong Kong HK$2 - 100 Trading of steel
Lung Kee Trading (BVI) The British US$2 - 75 Provision of
Limited Virgin Islands/ subcontracting
The PRC services
Real Wood Investment Hong Kong HK$10,000 - 100 Property holding
Limited
Shanghai Lung Kee Metal The PRC US$10,000,000 - 75 Manufacturing and
Products Co., Ltd. (note e) marketing of mould
bases
Sky Bright Metal Product Hong Kong HK$100 - 45 Manufacturing and
Limited marketing of components
for mould bases
Sky Lucky Metal Limited Hong Kong HK$100 - 52.5 Manufacturing and
marketing of mould
bases
Sky Lucky Steel Limited Hong Kong HK$100 - 70 Trading of steel
Sky Right Machine Tool Hong Kong HK$100 - 100 Property holding
(Hong Kong) Limited
Sky Tech Machine Tool Hong Kong HK$2 - 100 Trading of machinery
Limited and industrial oil
products,
presently inactive
Sunrise Profit Limited Hong Kong HK$10,000 - 100 Property holding
Super Visions The British US$2 - 100 Holding and licensing
International Limited Virgin Islands/ of trademarks
Hong Kong
Notes:
a. The deferred shares carry practically no rights to dividends or to receive notice of or to attend or vote at any general meeting of the respective companies or to participate in any distribution on winding up. The Company or a subsidiary of the Company has been granted an option by the holders of the deferred shares to acquire those deferred shares not held by the Group at a nominal amount.
b. At 31st March, 1999, the Group had an outstanding commitment to contribute a further sum of HK$636,618 into this subsidiary as equity capital.
c. The registered capital of this company had been increased from HK$32,000,000 to HK$60,000,000 during the year. At 31st March 1999, the Group had an outstanding commitment to contribute a further sum of HK$9,804,009 into this subsidiary as equity capital.
d. The registered capital of this company had been increased from HK$20,000,000 to HK$60,000,000 during the year. At 31st March, 1999, the Group has an outstanding commitment to contribute a further sum of HK$30,000,000 into this subsidiary as equity capital.
e. The registered and paid up capital of this company had been increased from US$5,000,000 to US$10,000,000 during the year.
During the year, the Group had the following transactions with related parties:
Non-wholly owned Jointly controlled Associated
subsidiaries entities company
1999 1998 1999 1998 1999 1998
HK$ HK$ HK$ HK$ HK$ HK$
Trade sales 33,395,698 34,925,570 4,753,815 14,237,240 - -
Trade purchases 23,567,315 14,535,948 - - - -
Disposal of fixed
assets 1,432,519 11,935,253 - - - -
Transfer of fixed
assets 615,373 71,115 - - - -
Rental income
received 1,919,450 2,385,000 - - 100,175 540,072
Rental expenses
paid 3,380,718 3,724,921 - - - -
Interest income
received - 208,546 - - - -
Interest paid 76,677 - - - - -
Cost sharing 14,061,055 8,599,778 - - - -
========== ========== ========= ========== ======= =======
The sale and purchase prices of goods and disposal of fixed assets were negotiated by the Group and the related parties by reference to the prevailing market prices for comparable transactions. Rentals and interests were negotiated by the Group and related parties by reference to the market rates. Cost sharing was determined on a pro rata allocation of expenses basis.
Details of guarantees given by a director/shareholder of two non-wholly owned subsidiaries at 31st March, 1999 and 31st March, 1998 are as follows:
| -- | joint and several guarantees with the Company to the extent of HK$1,000,000 for Sky Lucky Steel Limited; and |
| -- | joint and several guarantees with LKMH to the extent of HK$11,000,000 for Sky Lucky Metal Limited. |
The Company did not have any significant related party transactions in both years.
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