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Lung Kee (Bermuda) Holdings Limited

Notes to the Financial Statements
For the year ended 31st March, 1999
Note: [30] [31]

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.


31. RELATED PARTY TRANSACTIONS

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.


Source: Lung Kee (Bermuda) Holdings Limited
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