MIRA
INFORM REPORT
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Report Date : |
18.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
GENCOR PACIFIC LTD. |
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Registered Office : |
Flat E, 21/F., Elegance Court, Hillgrove Village, Discovery Bay, Lantau Island |
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Country : |
Hong Kong |
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Date of Incorporation : |
15.01.1999. |
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Com. Reg. No.: |
22227856 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer, Exporter and Wholesaler of Raw materials for vitamin, vitamin, etc. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Name
GENCOR
PACIFIC LTD.
ADDRESS
Flat E, 21/F., Elegance Court, Hillgrove Village, Discovery Bay, Lantau Island, Hong Kong.
PHONE: 2987 6894, 2987 6814
FAX: 2987 6869
E-MAIL: gencor@netvigator.com
venkat@gencorpacific.com
MANAGEMENT
Managing Director: Mr. Ramasamy Varada Rajan Venkatesh
SUMMARY
Incorporated on: 15th January, 1999.
Organization: Private Limited Company.
Capital: Nominal: HK$1,500,000.00
Issued: HK$1,500,000.00
Business Category: Importer, Exporter and Wholesaler.
Employees: 5.
Main Dealing Banker: Indo Hong Kong International Finance Ltd., Hong Kong.
Banking Relation: Satisfactory.
ADDRESS
Registered Office:-
c/o Multi-Chain Ltd.
Room 301, 3/F., Kam On Building, 176A Queen’s Road Central, Hong Kong. [Tel: 2543 0565; Fax: 2854 3813]
Head Office:-
Flat E, 21/F., Elegance Court, Hillgrove Village, Discovery Bay, Lantau Island, Hong Kong.
Affiliated Companies:
Genapk, South Africa.
GPI Pty. Ltd., Botswana.
Rubber General Industries, India.
BUSINESS REGISTRATION NUMBER
22227856
COMPANY FILE NUMBER
664999
MANAGEMENT
Managing Director: Mr. Ramasamy Varada Rajan Venkatesh
CAPITAL
Nominal Share Capital: HK$1,500,000.00 (Divided into 150,000 shares of HK$10.00 each)
Issued Share Capital: HK$1,500,000.00
SHAREHOLDERS
(As per registry dated 08-04-2008)
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Name |
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No. of shares |
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Mr. Jith VEERAVALLI |
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2 |
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Mrs. Chitra VEERAVALLI |
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118,498 |
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Mrs. Aruna VENKATESH |
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30,000 |
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Mr. Srinath VENKATARAMANAN |
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1,500 |
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––––––– |
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Total: |
150,000 ====== |
DIRECTORS
(As per registry dated 08-04-2008)
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Name (Nationality) |
Address |
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Srinath VENKATARAMANAN |
24-C, P.T. Rajan Road, K.K. Nagar, Chennai 600078, Tamil Nadu, India. |
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Jith VEERAVALLI (American) |
Room 301, 3/F., Kam On Building, 176A Queen’s Road Central, Hong Kong. |
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Ramasamy Varada Rajan VENKATESH (Indian) |
Unit 1-B, 20 Coastline Villa, Discovery Bay, Lantau Island, Hong Kong. |
SECRETARY
(As per registry dated 15-01-2008)
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Name |
Address |
Co.
No. |
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Multi-Chain Ltd. |
Room 301, 3/F., Kam On Building, 176A Queen’s Road Central, Hong Kong. |
209214 |
HISTORY
The subject was incorporated on 15th January, 1999 as a private limited liability company under the Hong Kong Companies Ordinance.
Apart from these, neither material change nor amendment has been ever traced and noted.
OPERATIONS
Activities: Importer, Exporter and Wholesaler.
Lines: Raw materials for vitamin, vitamin, etc.
Employees: 2.
Commodities Imported: Mainly imported from India.
Markets: Hong Kong, China, South Africa, etc.
Terms/Sales: As per contracted.
Terms/Buying: L/C, D/P, T/T, etc.
FINANCIAL INFORMATION
Nominal Share Capital: HK$1,500,000.00 (Divided into 150,000 shares of HK$10.00 each)
Issued Share Capital: HK$1,500,000.00
Alternation of Capital:-
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15-01-1999 |
paid up |
HK$ 500,000.00 |
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05-07-2000 |
paid up |
HK$ 500,000.00 |
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08-04-2008 |
paid up |
HK$ 500,000.00 |
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––––––––––––––– |
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Total: |
paid up |
HK$ 1,500,000.00 ============== |
Increase of Nominal Capital:-
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From |
HK$500,000.00 |
to |
HK$1,500,000.00 |
on |
05-07-2000 |
Mortgage or Charge: (See attachment)
Profit & Loss: Operation is rather profitable.
Condition: Business is active.
Facilities: Making active use of general banking facilities.
Payment: Met as required.
Commercial Morality: Fair.
Banker: Indo Hong Kong International Finance Ltd., Hong Kong.
Standing: Small.
GENERAL
Formerly Gencor Pacific Ltd. issued 100,000 ordinary shares of HK$10.00 each and jointly owned by Mr. Vatsha Rajan Veeravalli, holding 1 share; Mr. Jith Veeravalli, holding 1 share; Mrs. Rajan Veeravalli, 49,999 shares; and Mrs. Chitra Veeravalli also 49,999 shares.
Subsequently, the subject’s issued share capital was increased to HK$1,500,000.00 and the shareholders have been reshuffled. Now, the subject is chiefly owned by Mrs. Chitra Veeravalli, holding 79.0% interest; Mrs. Aruna Venkatesh, holding 20%; and Mr. Srinath Venkataramanan, 1%.
The subject is dealing in raw materials for manufacturing vitamin, classical herbs, medicines. It has got affiliated factories in India and South Africa. Products are marketed in Hong Kong, China, the Middle East, Africa, North America, Central and South America, etc. The subject has claimed that China is its principal market. Business has been active and steady.
The subject carries the following products:-
Indian Manufactured Botanical Ingredients
· Adhatoda Vasica Extract Standardised for 1% Vasicine
· Agave Sisalana Extract Standardised for Tigogenin and Hecogenin
· Aloe Perryi Soft Extract and Transparent Gel
· Bacopa Monnieri (Bacosides 20-50%)
· Bamboo Shoot Extract with 75% Natural Silicon Content
· Bamboo Shoot Extract with 50% Natural Silicon Content Fortified with Bioflavonoids
· Calendula Officinalis Extract
· Capsaicin 95% USP
· Curcuma Longa (Curcuminoids 95%)
· Eclipta Alba Extract with 10% Tannins
· Evolvudus Alsinoides Extract
· Fenugreek Extract Containing upto 40% 4-Hydroxy Isoleucine by HPLC
· Fenugreek Extract Standardised for 13.5% and 20% 4‑Hydroxyisoleucine, Stabilised, De-Odorised and Taste Masked
· Fenugreek Extract Containing upto 50% Fenuside by HPLC
· Garcinia Cambogia (50%, 60% HCA, 75% Calcium, Sodium and Potassium Salts)
· Garlic Extract Standardised for Allicin
· Hibiscus Sabdariffa Extract Standardised for Flavonoids and Polyphenols
· Hyoscyamus Muticus Extract 0.3% Hyoscyamine
· IPECAC Root Powder
· L-Arginine Natural Extracted from Raisins
· L-Citrulline Natural Extracted from Water Melons
· L-Selenomethionine 99%
· Mangosteen Extract Standardised for 50% Xanthones
· Marigold Extract Standardised for Xanthophylls
· Neem Extract upto 20% Bitters
· Nigella Sativa Extract Standardised for 0.2% Thymoquinone by HPLC
· Ocimum Sanctum (Holy Basil) Extract
· Papain Crude and Pure, Standardised for Usp Units and Tyrosine Units
· Passiflora Incarnata Extract with 3% Vitexins
· Red Clover Extract with 8% Isoflavones
· Red Clover Extract with 4% Estrone and 5% Estradiol
· Red Clover Extract Standardised for Coumestrol
· Salacia Reticulate Extract with 20% Saponins
· Safed Musli Extract Standardised for upto 40% Saponins
· Selenomethionine: Dcp Triturate with 0.5% Selenium
· Tamarindus Indica Extract
· Tanacetum Parthenium Extract
· Tinospora Cordifolia Extract with 2% Alkaloids and 5% Bitters
· UVA Ursi Extract
· Valerian Extract with 0.8% Valerenic Acids
· Vitex Agnus Castus with Standardisation upto 10% Vitexin and 0.5% Agnusides
· Wild Yam Extract with 20% Steroidal Saponins and upto 16% Diosgenin
· Witch Hazel Soft Extract
· Zinc Methionine
Partner Products Manufactured in South East
Asia
From Malaysia
· Eurycoma Longifolia Extract
From Thailand
· Butea Superaba Extract
· Clinacanthus Nutans Extract
· Ipomoea Extract
· Mangosteen Extract
· Pueraria Mirifica Extract
· Perilla Extract
· Tinospora Crispa Extract
The subject’s registered office is located at an accounting firm known as Multi-Chain Ltd. [Multi-Chain] which is jointly owned by an Indian couple, Mr. Charanjit S. Grewal and Mrs. Kuldip Kaur Grewal. Besides an accounting firm, Multi-Chain is also a secretarial firm offering all kinds of commercial services. The business names of Multi-Chain are Grewal Commercial Services and Indian Movie Centre.
Since the history of the subject is about ten years in Hong Kong, consider it good for normal business engagements.
REMARKS:
Court Cases: None per our.
Property information of the company:-
Property Location: Flat B on 1/F., 20 Discovery Bay Road, Coastline Villa of Peninsula Village, Discovery Bay City, Discovery Bay, Lantau Island, Hong Kong.
Owner: Gencor Pacific Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
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Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
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13-07-2007 |
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Canara Bank, Hong Kong Branch. |
Mortgage to secure general banking facilities |
MORTGAGE OR CHARGE
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Date |
Particulars |
Amount |
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25-01-2000 |
Instrument: Undertaking Relating to Deposits Property: Deposit Receipt No.: 63/990101 Mortgagee: Indo Hong Kong International Finance Ltd., Hong Kong. |
Banking facilities |
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10-01-2003 |
Instrument: Undertaking Relating to Deposits Property: Fixed
Deposit Amount Rate of Maturity 42/220165 23-12-2002 70,417.74 0.79% 24-03-2003 Mortgagee: Indo Hong Kong International Finance Ltd., Hong Kong. |
General credit facilities |
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14-06-2007 |
Instrument: Undertaking Relating to Deposits Property: Amount Rate of Maturity FD12.1.2007 26-03-2007 335,437.30 4.75% 26-06-2007 Mortgagee: Canara Bank, Hong Kong Branch. |
General credit facility |
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13-07-2007 |
Instrument: Mortgage Property: 11,834/250,000th parts or shares of and in The Remaining Portion of Lot No. 385 in Demarcation District No. 352 (Flat B on 1/F. of 20 Discovery Bay Road, Coastline Villa of Peninsula Village, Discovery Bay City, Discovery Bay, Lantau Island, Hong Kong.) Mortgagee: Canara Bank, Hong Kong Branch. |
General banking facilities |
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.47.33 |
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UK Pound |
1 |
Rs.73.92 |
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Euro |
1 |
Rs.66.69 |
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 |
Unfavourable & favourable factors carry similar weight in credit consideration.
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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)