MIRA INFORM
REPORT
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Report Date : |
18.05.2011 |
IDENTIFICATION DETAILS
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Name : |
GALLGENT
TRADING LTD. |
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Registered Office : |
Flat B, 13/F., Summit Industrial Building, 9 Sun Yip Street, Chai Wan |
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Country : |
Hong Kong |
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Date of Incorporation : |
17.10.1989 |
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Com. Reg. No.: |
13196292 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Exporter of all kinds of edible oils and sesame seeds |
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 : |
Exists |
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 – December 31, 2010
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Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
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Hong Kong |
a2 |
a2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Bottom of Form
COMPANY NAME
GALLGENT TRADING LTD.
Company ADDRESS
Flat B, 13/F., Summit Industrial Building, 9 Sun Yip Street, Chai Wan, Hong Kong.
PHONE: 2897 3808, 2556 3388
FAX: 2515 0026
E-MAIL: aileen@gallgent.com.hk
MANAGEMENT
Managing Director: Ms. Wong Yuk Lin, Aileen
SUMMARY
Incorporated on: 17th October, 1989.
Organization: Private Limited Company.
Capital: Nominal: HK$100,000.00
Issued: HK$100,000.00
Business Category: Edible Oil Trader.
Employees: 8 (Including affiliate in Hong Kong)
Main Dealing Banker: DBS Bank (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
Company ADDRESS
Registered Head
Office:-
Flat B, 13/F., Summit Industrial Building, 9 Sun Yip Street, Chai Wan, Hong Kong.
China
Factories:
Shanwei City of Guangdong Province and Hubei Province.
Associated
Company:-
Luxuriant H.K. Foods Enterprise Ltd., Hong Kong. (Same address)
BUSINESS REGISTRATION NUMBER
13196292
COMPANY FILE NUMBER
0264618
MANAGEMENT
Managing Director: Ms. Wong Yuk Lin, Aileen
CAPITAL
Nominal Share Capital: HK$100,000.00 (Divided into 100,000 shares of HK$1.00 each)
Issued Share Capital: HK$100,000.00
SHAREHOLDERS
(As per registry dated 17-10-2010)
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Name |
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No. of shares |
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WONG Man Chung |
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32,000 |
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WONG Man Hin |
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32,000 |
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WONG Yuk Lin |
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32,000 |
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WONG Siu Lun |
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4,000 |
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––––––– |
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Total: |
100,000 ====== |
DIRECTORS
(As per registry dated 17-10-2010)
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Name (Nationality) |
Address |
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WONG Man Chung (British HK) |
Room 2317, Shui Lung House, Siu Sai Wan Estate, Chai Wan, Hong Kong. |
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WONG Man Hin (British HK) |
80 Nga Choi Hang Village, Cape D’Aguilar Road, Shek O, Hong Kong. |
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WONG Yuk Lin (British HK) |
73 Nga Choi Hang Village, Cape D’Aguilar Road, Shek O, Hong Kong. |
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WONG Siu Lun (Chinese) |
82 Nga Choi Hang Village, Cape D’Aguilar Road, Shek O, Hong Kong. |
SECRETARIES
(As per registry 26-10-2010)
|
Name |
Address |
Co.
No. |
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WONG Yuk Lin |
73 Nga Choi Hang Village, Cape D’Aguilar Road, Shek O, Hong Kong. |
- |
|
Skywalk Consultants Ltd. |
Unit N, 17/F., Phase 2, Goldfield Building, 144-150 Tai Lin Pai Road, Kwai Chung, New Territories, Hong Kong. |
0715904 |
HISTORY
The subject was incorporated on 17th October, 1989 as a private limited liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Room 614, 6/F., Chai Wan Industrial City, Phase l, 60 Wing Tai Road, Chai Wan, Hong Kong, moved to Unit A, 13/F., Summit Industrial Building, 9 Sun Yip Street, Chai Wan, Hong Kong in early 2003 and further to Unit B, 13/F. of the same building in October 2010.
Apart from these, neither material change nor amendment has been ever traced and noted.
OPERATIONS
Activities: Importer and Exporter.
Lines: All kinds of edible oils and sesame seeds.
Employees: 8. (Including affiliate in Hong Kong)
100. (China)
Materials/Commodities: Imports raw materials from Southeast Asia, India, etc. and arranges products from
Shanwei City, Guangdong, China.
Markets: Hong Kong, China, Southeast Asia, etc.
Terms/Sales: COD or as per contracted.
Terms/Buying: L/C, D/P, D/A, etc.
FINANCIAL INFORMATION
Nominal Share Capital: HK$100,000.00 (Divided into 100,000 shares of HK$1.00 each)
Issued Share Capital: HK$100,000.00
Alternation of Capital:-
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Initially |
paid up |
HK$ 10,000.00 |
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01-12-1999 |
paid up |
HK$ 90,000.00 |
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–––––––––––––– |
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Total: |
paid up |
HK$ 100,000.00 ============ |
Increase of Nominal Capital:-
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From |
HK$10,000.00 |
to |
HK$100,000.00 |
on |
01-12-1999 |
Mortgage or Charge (since 2006): (See attachment)
Profit or Loss: Making a small profit.
Condition: Business is satisfactory.
Facilities: Rather actively using general banking facilities.
Payment: Met as required.
Commercial Morality: Satisfactory.
Bankers:-
· DBS Bank (Hong Kong) Ltd., Hong Kong.
· Citibank N.A., Hong Kong Branch.
· Bank of Communications Co. Ltd., Hong Kong Branch.
· Allied Banking Corporation (Hong Kong) Ltd., Hong Kong.
Standing: Normal.
GENERAL
Gallgent Trading Ltd. is a private limited company incorporated in October 1989. It had issued 10,000 ordinary shares of HK$1.00 each and was jointly owned by Mr. Wong Siu Lun, held 40%; Ms. Wong Yuk Lin, 20%; Mr. Wong Man Chung, 20%; and Mr. Wong Man Hin, also 20%. On 1st December, 1999, the subject created 90,000 more ordinary shares, of HK$1.00 each, which all were allotted to the present shareholders. Since then, Wong Man Chung, Wong Man Hin and Wong Yuk Lin have been holding 32,000 shares each, accounting for 96% in total, while Wong Siu Lun has been holding 4,000 shares, accounting 4% stake of the subject.
The subject has had an associated company Luxuriant H.K. Foods Enterprise Ltd. [Luxuriant] located at its operating office. Also owned by the Wong family, Luxuriant and the subject are engaged in the same lines of business, more or less. Luxuriant has claimed to be “one of the best Sesame Oil manufacturing plants in the region”.
The subject and Luxuriant are edible oil and sesame seed traders. They own two factories in China for processing sesame oil and other related sauces. Their factories are located at Shanwei City of Guangdong Province and Hubei Province. As Hubei Province is the production centre of sesame seed, it provides an appropriate condition for selecting good raw materials. The subject’s plant located at Hubei where is the main sesame seeds cropping region in the Mainland China.
Together with its over 30 years experience in manufacturing sesame oil, Luxuriant has had the competitive advantages in the global market.
The subject’s products are sold in Hong Kong, Southeast Asia, Australia, Europe and North America. Business is active.
In order to satisfy the needs of its customers, the subject also has widened its range of product to sesame paste, sesame flour, hulled sesame seeds, peanut oil, peanut paste, peanut flour, etc. with various packages. Recently, the subject has launched its new healthy products — black sesame oil, black sesame paste and black sesame flour.
Luxuriant has got ISO 9001 certification. It has a production capacity of 400 tons of sesame products per month.
The history of the subject in Hong Kong is over twenty-one years.
On the whole, consider the subject good for normal business engagements.
REMARKS:
Court case record:-
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Action
Date |
Case
No. |
Plaintiff |
Defendant |
Cause |
Amount |
|
Mar. 2006 |
H457 |
Gallgent Trading Ltd. |
Gallgent Trading Ltd. |
Extension of Time |
Not stated |
Property information of the company:-
1. Property Location: Unit C on 1/F. and Car Park No. G5 on G/F. of Headland Carpark Block, Heng Fa Chuen, 100 Shing Tai Road, Hong Kong.
Owner: Gallgent Trading Ltd.
Date of Purchase: 06-06-1997
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
23-03-2001 |
- |
Citicorp Commercial Finance (H.K.) Ltd., Hong Kong. [Now known as Citigroup Technology Infrastructure (Hong Kong) Ltd.] |
Mortgage to secure general credit facilities |
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23-03-2001 |
- |
Citibank N.A., Hong Kong Branch. |
Second mortgage to secure general banking facilities |
2. Property Location: Unit 7 on 2/F. of Block 50, Heng Fa Chuen, 100 Shing Tai Road, Hong Kong.
Owner: Gallgent Trading 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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09-09-1996 |
- |
Bank of Communications, Hong Kong Branch. [Now known as Bank of Communications Co. Ltd.] |
Legal charge to secure general banking facilities |
3. Property Location: Unit 7 on 5/F. of Block 49, Heng Fa Chuen, 100 Shing Tai Road, Hong Kong.
Owner: Gallgent Trading 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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27-02-2002 |
- |
Citicorp Commercial Finance (H.K.) Ltd., Hong Kong. [Now known as Citigroup Technology Infrastructure (Hong Kong) Ltd.] |
Legal charge to secure general credit facilities |
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27-02-2002 |
- |
Citibank N.A., Hong Kong Branch. |
Second legal charge to secure general banking facilities |
4. Property Location: Units A on 13/F. & 14/F., Summit Industrial Building, Chai Wan, Hong Kong.
Owner: Gallgent Trading Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
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30-11-2002 |
- |
Allied Banking Corporation (Hong Kong) Ltd., Hong Kong. |
Mortgage to secure general banking facilities |
5. Property Location: Units B on 13/F. & 14/F. & Vehicle Parking Space No. L2 on G/F., Summit Industrial Building, Chai Wan, Hong Kong.
Owner: Gallgent Trading Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances: (Under the same mortgage deed as Property 4)
6. Property Location: Workshop G & H on 3/F. of Block 2 and Car Park No. 71 & 40 on G/F., Kwai Tak Industrial Centre, 11-33 Kwai Tak Street, Kwai Chung, New Territories, Hong Kong.
Owner: Gallgent Trading Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
08-01-2010 |
- |
DBS Bank (Hong Kong) Ltd., Hong Kong. |
Mortgage to secure general banking facilities |
MORTGAGE OR CHARGE
(Since 2006)
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Date |
Particulars |
Amount |
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21-04-2006 |
Instrument: Charge on Cash Deposit to secure Liabilities of the Depositor Property: 1) By way of first fixed charge and agreement to charge: the Deposit and all right, title and interest of the Company 2) By way of set-off: any sum standing to the credit of any one or more of the accounts of the Company with the Bank Mortgagee: DBS Bank (Hong Kong) Ltd., Hong Kong. |
All sums of money and liabilities |
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08-01-2010 |
Instrument: Mortgage Property: 85/7,912th parts or shares of and in Kwai Chung Town Lot No. 322, 323 & 324 (Workshop G & H on 3/F. of Block 2 and Car Park No. 71 & 40 on G/F. of Kwai Tak Industrial Centre, 11‑33 Kwai Tak Street, Kwai Chung, New Territories, Hong Kong.) Mortgagee: DBS Bank (Hong Kong) Ltd., Hong Kong. |
All monies |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.45.07 |
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UK Pound |
1 |
Rs.63.57 |
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Euro |
1 |
Rs.72.97 |
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 |
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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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.