DeclarationOf Ng Puay Yee Pursuant To Rule 1007-2 Of The Local Bankruptcy Rules For The Southern District Of New York And In Support Of Debtors' First Day Motions And Applications filed by Jil Mazer-Marino on behalf of China Fishery Group Limited (Cayman). (Mazer-Marino, Jil) (Entered: 06/30/2016)
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CHINA FISHERY GROUP LIMITED (CAYMAN), et. al.
BALANCE SHEETS
(Unaudited)
5/28/16
(in 050)
Assets
Investments
Investment in Subsidiaries
Held to maturity Financial assets
Investment Properties
Other
Total Investments
Cash
Trade Receivables
Deferred Charter Hire
Due from Afï¬liates
Inventories - supplies
Fixed Assets
Leasehold: & Buildings
PP&E
Construction in Process
FF&E
Other
total Fixed Assets
Accumulated Depreciation
Net Fixed Assets
Deposits and Prepayments
Other Assets
Total Assets
EXHIBIT C
1 2 3 4 5 6 7
N5. Hang Paciï¬c Andes Super China Fishery Smart CFG Peru Protein
Investment (BVI) International Holdings Investment Group Limited Group Investment Pte. Trading
Limited (a) Limted (Bermuda Limited (Cayman) (Cayman) L' tied (Cayman) Ltd. (Singapore) Limited (Samoa)
s 247,579,852 5 5,375,117 $ 418,305,842 5 27,800,001 $ 30,504,740 5 365,504,147 5 -
3,059,583
1,897,436
247,579,852 7,272,552 418,305,842 30,859,584 30,504,740 365,504,147 -
73,025 56,748 500 (5,749) (1) 49,675
1,115,770
568,041,445 861,756,379 23,044,357
43,981 3,015,592
97,500 17,393,250
5 247,652,877 5 575,414,726 $ 418,306,342 $ 895,723,307 5 30,504,740 5 382,897,396 $ 24,209,802
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CHINA FISHERY GROUP LIMITED (CAYMAN), et. al.
BALANCE SHEETS
(Unaudited)
5/28/16
(in USD)
Liabilities
Accounts Payable
Due to Afï¬liates
Due to Shareholders
Bank Loans
Promissory Notes Payable
Trust Receipt Loans
Other
Financial Guarantee Contract
Senior notes
Derivative Financial Investments
Total liabilities
Shareholders Eg g
Share capital
Share Premium
Contributed Surplus
Properties Revaluation Reserve
Retained Earnings
Total shareholders equity
Total Liabilities and Equity
EXHIBIT C
1 2 3 4 5 6 7
MS. Hong Paciï¬c Andes Super China Fishery Smart CFG Peru Protein
Investment (BVI) International Holdings Investment Group Limited Group Investment Pte. Trading
Limited (a) Limted (Bermuda Limited (Cayman) (Cayman) Limtied (Cayman) Ltd. (Singapore) Limited (Samoa)
5 516,978 5 25,063
291,536,123
247,652,867 72,804,614 383,037,793
17,823 110,449 100
4,068,293
10,824,565
247,652,867 17,823 291,536,123 15,520,284 72,804,714 383,062,856 -
10 90,809,013 1,000 184,171,909 1 1 1
427,758,273 30,503,637 646,805,588
5,028,818
51,800,799 96,265,582 49,225,526 (42,299,975) (165,461) 24,209,801
10 575,396,903 126,770,219 880,203,023 (42,299,974) (165,460) 24,209,802
$ 247,652,877 $ 575,414,726 $ 418,306,342 $ 895,723,307 $ 30,504,740 5 382,897,396 $ 24,209,802
(a) N5 Hong balance sheet as of 5/31/16.
Above information subject to change. The above analysis has not been audited and has been provided based on
information available at the time.
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CHINA FISHERV GROUP LIMITED (CAYMAN), et. al.
BALANCE SHEEI'S
(Unaudited)
5/28/16
(in uso)
ASSEIS
lnvestments
Investment in Subsidiaries
Held to maturity Financial assets
Investment Properties
Other
Total Investments
Cash
Trade Receivables
Deferred Charter Hire
Due from Afï¬liates
Inventories - supplies
Fixed Assets
Leaseholds & Buildings
PP&E
Construction in Process
FF&E
Other
total Fixed Assets
Accumulated Depreciation
Net Fixed Assets
Deposits and Prepayments
Other Assets
Total Assets
8 9 10 11 12 13 14
South Paciï¬c China Fisheries Chanery Champion Growing Target Fortress
Shipping International Investment Inc. Maritime Ltd Management Shipping Agents
Agency Ltd. (BVI) Limited (Samoa) (BVI) (BVI) Limited (BVI) Limited (HK) Limited (BVI)
5 518 $ 2,000,000 3 5,349,752
- 518 2,000,000 5,349,752 - - -
160,812 111,127 253,817 38,136 2,199 (0)
30,645,186
89,145,246 185,588,506
2,962,255 3,988,561
4,328,201
29,039,104
375,051 20,679,434
392,361
29,039,104 375,051 4,720,561 - 20,679,434 â -
(2,298,929) (481,499)
26,740,175 375,051 4,239,053 - 20,679,434 - -
79,504,306 275,905
1,236,919 390,000 1,910,875
$ 31,100,161 3 110,636,188 $ 99,912,592 $ 5,777,938 $ 22,592,508 5 - S 185,588,506
EXHIBIT C
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CHINA FISHERV GROUP LIMITED (CAYMAN), et. aI.
BALANCE SHEETS
(Unaudited)
5/28/16
(in uso)
Liabilities
Accounts Payable
Due to Afï¬liates
Due to Shareholders
Bank Loans
Promissory Notes Payable
Trust Receipt Loans
Other
Financial Guarantee Contract
Senior notes
Derivative Financial Investments
Total liabilities
Shareholders E9 11
Share capital
Share Premium
Contributed Surplus
Properties Revaluation Reserve
Retained Earnings
Total shareholders equity
Total Liabilities and Equity
8 9 10 11 12 13 14
South Paciï¬c China Fisheries Chanery Champion Growing Target Fortress
Shipping International investment Inc. Maritime Ltd Management Shipping Agents
Agency Ltd. (BVI) Limited (Samoa) (BVI) (BVI) Limited (BVI) Limited (HK) Limited (BVI)
5 34,042,770 5 (327,503,100) 5 96,895,141 5 (650,445) $ 51,587,338 $ (2,862,555)
3,148,598 820,967,405 7,587,163 39,241,568 4,385,413
28,411,516
11,937,119
1,478,224
2,971,294 575,448
2,451,087
40,162,663 536,839,476 96,895,141 8,414,941 90,828,506 4,385,413 (2,862,555)
1 1,000 1 2 1 0 2
3,979,534
(9,062,503) (426,204,288) (962,084) (2,637,006) (68,236,400) (4,385,413) 188,451,058
(9,062,502) (426,203,288) 3,017,451 (2,637,004) (68,236,399) (4,385,413) 188,451,060
$ 31,100,161 $ 110,636,188 $ 99,912,592 $ 5,777,938 $ 22,592,508 5 - $ 185,588,506
EXHIBIT C
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CHINA FISHERY GROUP LIMITED (CAYMAN), let. al.
BALANCE SHEETS
(Unaudited)
5/28/16
(in USD)
Assets
Investments
Investment in Subsidiaries
Held to maturity Financial assets
Investment Properties
Other
Total Investments
Cash
Trade Receivables
Deferred Charter Hire
Due from Afï¬liates
Inventories - supplies
Fixed Assets
Leasehoids & Buildings
PP&E
Construction in Process
FF&E
Other
total Fixed Assets
Accumulated Depreciation
Net Fixed Assets
Deposits and Prepayments
Other Assets
Total Assets
15 16
Ocean Expert CFGL
International (Singapore)
Limited (BVI) Private Ltd
2,948,715
- 2,948,715
7,707
565,789,262
4,910,252
370,999
- 5,281,250
(485,571)
- 4,795,679
1,008
85,262 $
7,753,109
EXHIBIT C
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CHINA FISHERV GROUP LIMITED (CAYMAN), et. al.
BALANCE SHEETS
(Unaudited)
5/28/16
[in uso)
Liabilities
Accounts Payable
Due to Afï¬liates
Due to Shareholders
Bank Loans
Promissory Notes Payable
Trust Receipt Loans
Other
Financial Guarantee Contract
Senior notes
Derivative Financial Investments
Total Iiabil
ES
Shareholders Eg g:
Share capital
Share Premium
Contributed Surplus
Properties Revaluation Reserve
Retained Earnings
Total shareholders equity
Total Liabilities and Equity
15 16
Ocean Expert CFGL
International (Singapore)
Limited (BVI) Private Ltd
3 127,726,213
5,039,297
33,821
127,726,213 5,073,117
1 1
4,072,551
438,063,049 (1,392,560)
438,063,049 2,679,991
5 565,789,251 5 7,753,109
EXHIBIT C
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EXHIBIT D
Premises Owned, Leased 0r Held Under Other Arrangement From Which The Debtors Operate Their Business
Debtor
Premises
Area in sq. meter
Current use
1
Office no 12 ~14 on 33rd Floor, Hong Kong
Chanery investment Inc Plaza, 188 Connaught Road West, Hong Kong 306.02 Debtorsâ Office Space
Office No 11-01 on 11th Floor, GB Building,
CFGL (Singapore) Private Limited 143 Cecil Street, Singapore 069542 315.00 Debtorsâ Office Space
Leased out for a term from 1 October
2015 to 30 September 2016 at a monthly
Ofï¬ce No 11-02 on 11th Floor, GB Building, rental of $515,458.40 (equivalent to
CFGL (Singapore) Private Limited 143 Cecil Street, Singapore 069542 189.00 US$11,387.74)
1126016
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EXHIBIT F
Pending Litigation
CAPTION OR PARTIES
COURT
DOCKET NO.
DESCRIPTION
ln the Matter of the Companies
Law (2013 Revision) and in The
Matter of China Fishery Group
Limited
Grand Court of the Cayman
Islands Financial Services Division
Cause No: FSD 186 OF 2015 (AJJ)
Action for the appointment of
provisional liquidators. This
action is resolved but may still be
pending.
In the Matter of the Companies
(Winding Up and Miscellaneous
Provisions) Ordinace (CAP 32) and
In the Matter of China Fishery
Group Limited
High Court of the Hong Kong
Special Administrative Region
Court of First Instance
HCCW 367/2015
Action for the appointment of
provisional liquidators. This
action is resolved but may still be
pending
Plaintiff: Korea Development
Bank
Defendant: Growing
Management Limited
Dalian Maritime Court, China
L
Case No 19, Letter Chu, Foreign,
Dalian Maritime (2013)
Action by Korean Development
Bank based on debtor's arrest of
ship allegedly owned by Korean
National Bank.
Plaintifff: Praxis Energy Agents
LLC
Defendants: MV Yu Fu, Target
Shipping Limited, et al.
Supreme Court of Bangladesh
High Court Division
Admiralty Suit No 11 of 2011
Action against Target Shipping
Limited (a debtor) to set aside
arrest of ship and claim of vender
that supplied bunkers to prior
owner of the vessel, which is MV
Yu Fu, 3 nonâdebtor.
1126102
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CHINA FISHERY GROUP LIMITED (CAYMAN) et. al.
30 DAY CASH FLOW PROJECTION
(in USD)
Receigt
Interest Income » Related party loans
lT » shared services fee - related parties
Rental Income
Total Receipts
Cash outflow
Vessel Ogerating Exgensesimst of Sales
Bunker fuel
Crew wages and bonuses
Spares and stores
Vessels miscellanous expenses
total - vessel cast of sales
General 8. Admin
Electricty and water
Legal and professional
Listing fee
iTShared service Fee - related party
Ofï¬ce salaries
Printing and stationery
Management fee
total General & Admin
Total cash outliows
Surplus/(Deï¬cit)
Beginning Cash
Ending Cash - end of month
{1)
i2}
EXHIBIT I
1 2 3 4 5 6 7 8
NS Hung PAIH Super Investment CFGL Smart Group CFG Peru Inv Protein Trading South Pacific
N.S. Hang Paciï¬c Andes Super China Fishery Smart CFG Peru Protein South Paciï¬c
Investment (BVI) International Holdings Investment Group Limited Group Investment Pte. Trading Shipping
Limited (a) â ted (Bermuda ed (Cayman) (Cayman) Limtied (Cayman) Ltd. (Singapore) Limited (Samoa) Agency Ltd. (BVI)
S - 5 - 3 > $ - $ -
_ . . . - â - 426,308
- - - - - - . 300,000
_ _ . . . - - 153,221
_ . . - - - - 879,529
' 442,627 - 34,575 - - . _
. - 13,452 - â - -
» 102,564 - 15,631 - - - -
- 12,821 - - - - -
- 558.011 - 63,668 - - - »
- 558,011 - 63.668 - - - 879,529
- (558,011) - (63,668) â - - (879,529)
47,854 47,887 747 15,749 - - 30,532 21.959
5 47.854 5 (510,124) 5 747 5 (47.915) 5 ~ 5 - 5 30,682 3 £57,570)
Page 1
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CHINA FISHERY GROUP LIMITED (CAYMAN) et. al.
30 DAY CASH FLOW PROJECTION
(in uso)
Receipt
interest income ~ Related party loans
IT- shared services fee - related parties
Rental Income
Total Receipts
Cash outï¬ow
Vessel Operating Exgenseï¬cust of Sales
Bunker fuel
Crew wages and bonuses
Spares and stores
Vessels miscellanous expenses
total - vessel cost of sales
General 8. Admin
Electran and water
Legal and professional
Listing fee
ITShared service Fee - related party
Ofï¬ce salaries
Printing and stationery
Management fee
tutal General & Admin
Total cash outï¬ows
Surplus/(Deï¬cit)
Beginning Cash
Ending Cash - end of month
EXHIBIT I
9 10 11 16
CF". Chonery Champion Growing Target Shipping Fortress Ocean [PG-Singapore
China Fisheries Chanery Champion Growing Target Fortress Ocean Expert CFGL
lntemational Investment Inc. Maritime Ltd Management Shipping Agents international (Singapore)
Limited (Samoa) (BVI) [BVI] Limited [BVI) Limited (HK) Limited (BVI) Limited (BVI) Private Ltd
(1) 5 374,000 5 - s - s - s - - $ â
(2) 538,050
- - - - - - 11,403
874,000 - - - â â - 549,453
361 - - v » - 280
538,050
31,620 - - - - '
1,894 - - > - - 2.852
31,620 2,255 - - - - â 541,193
31,620 2,255 - - > - â 541,193
842,380 (2,255) - - - - - 3,261
6,342 - 17,081 (10) ~ (10) - 39,349
5 848,723 5 (2.255) S 17,081 5 (10) S - (10) S - $ 47,609
Page 2
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CHINA FISHERY GROUP LIMITED (CAYMAN) et. al. EXHIBIT.
30 DAY CASH FLOW PROJECTION
(in use)
1 2 ' 3 4 5 6 7 3
NS Hang PAIH Super Investment CF61. Smart Group CFG Peru Inv Protein Trading South Pacific
N.S. Hong Paciï¬c Andes Super China Fishery Smart CFG Peru Protein South Paciï¬c
Investment (BVI) International Holdings Investment Group Limited Group Investment Pte. Trading Shipping
Limited (a) Limted (Bermuda Limited (Cayman) (Cayman) Limtied (Cayman) Ltd. (Singapore) Limited (Samoa) Agency Ltd. (BVI)
Notes:
(1) CFIL previously derived revenue through long term supply agreements pursuant to which the counterparties had obligations to pay certain amounts to CFIL.
Those agreements were terminated in 2014. On a go forward basis, CFILâs revenue will consist of interest payments from CFG Investment S.A.C. In that regard,
CFIL loaned funds to CFG Investment S.A.C. Loan proceeds were used by CFG Investment S.A.C. to acquire its 7% quota for the Peruvian anchovy business.
- The outstanding principal balance and portions of the accrued interest are included In the Debtorâs Intercompany - Trade Receivables general ledger account.
The total principal outstanding is $446,500,168, in which a balance of $261,875,000 of the total principal outstanding is entitled to interest at 4% per annum.
- Total interest accrued and unpaid through 5/30/16 is $11,513,307.62. The $874,000 amount Included in the 30 day projection represents the Interest that
will accrue on the loan in the next thirty days. Although the amount due and owing by the borrower under the loan is well in excess of $874,000, management
has Included a conservative estimate of one month's interest in its projection. Ultimate payment by the borrower is contingent on funds being made available
by the borrower under its local regulatory requirements; and the borrower's ï¬nancial wherewithal to pay. Both are outside of the Debtor's control.
(2) To improve operating efficiencies, the Debtors centralize their computer networking, servicing and licensing in Paramount Holdings, Limited, a partially
owned subsidiary of PAIH. Paramount charges each company based on its actual usage. The $533,050 projected shared services fee relates to one time set up
fee for the Peruvian entities for services performed in April/ May 2016.
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CHINA FISHERY GROUP LIMITED (CAYMAN) et. al.
30 DAY CASH FLOW PROJECTION
(in USD)
EXHIBIT I
9 10 11 12 13 14 15 16
CFIL Chanery Ch nmpion Gra wing Target shipping Fortress Ocean CFG-Singupure
China Fisheries Chanery Champion Growing Target Fortress Ocean Expert CFGL
International Investment Inc. Maritime Ltd Management Shipping Agents International (Singapore)
Limited (Samoa) (BVI) (BVI) Limited (BVI) ' â d (HK) Limited (BVI) d (BVI) Private Ltd â
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