MIRA INFORM REPORT

 

 

Report Date :           

02.11.2011

 

IDENTIFICATION DETAILS

 

Name :

GLORY  FOOD  INTERNATIONAL  LTD.

 

 

Registered Office :

Room 1707, 17/F., Greenfield Tower, Concordia Plaza, 1 Science Museum Road, Tsimshatsui East, Kowloon

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

29.10.2003

 

 

Com. Reg. No.:

34720139

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Importer, Exporter and Wholesaler of all kinds of food products including frozen meat and poultry as well as dried seafood, etc.

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Good

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

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 – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

Hong Kong

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company name

 

GLORY  FOOD  INTERNATIONAL  LTD.

 

 

Company ADDRESS

 

Room 1707, 17/F., Greenfield Tower, Concordia Plaza, 1 Science Museum Road, Tsimshatsui East, Kowloon, Hong Kong.

PHONE:            2851 8882        

FAX:                 2850 6588

E-MAIL:                        info@gloryltd.com.hk

admin@gloryltd.com.hk

 

 

MANAGEMENT

 

Managing Director:  Mr. Chung Tim Hoi (alias Chung Tim)

 

 

SUMMARY

 

Incorporated on:             29th October, 2003.

 

Organization:                 Private Limited Company.

 

Capital:                         Nominal:           HK$10,000.00

Issued:              HK$10.00

 

Business Category:        Importer, Exporter and Wholesaler.

 

Annual Turnover:            US$2.5~3.0 million.

 

Employees:                   14.

 

Main Dealing Banker:     Bank of Communications Co. Ltd., Hong Kong Branch.

 

Banking Relation:           Satisfactory.

Company ADDRESS

 

Registered Head Office:-

Room 1707, 17/F., Greenfield Tower, Concordia Plaza, 1 Science Museum Road, Tsimshatsui East, Kowloon, Hong Kong.

 

Affiliated Companies:-  (Same address)

·         Glory Trading (H.K.) Ltd., Hong Kong.

·         Glory Trading Co., Hong Kong.

 

 

BUSINESS REGISTRATION NUMBER

 

34720139

 

 

COMPANY FILE NUMBER

 

0868130

 

 

MANAGEMENT

 

Managing Director:  Mr. Chung Tim Hoi (alias Chung Tim)

 

 

CAPITAL

 

Nominal Share Capital:   HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)

 

Issued Share Capital:     HK$10.00

 

SHAREHOLDERS

(As per registry dated 29-10-2010)

 

Name

 

No. of shares

CHUNG Tim Hoi

 

8

CHUNG Ming Hoi

 

2

 

 

––

 

Total:

10

==

 

 

DIRECTORS

(As per registry dated 29-10-2010)

 

Name

(Nationality)

 

Address

CHUNG Tim Hoi

Room 1707, 17/F., Greenfield Tower, Concordia Plaza, 1 Science Museum Road, Tsimshatsui East, Kowloon, Hong Kong.

 

CHUNG Ming Hoi

G/F., 14 Sheung Tsuen, Pat Heung, Yuen Long, New Territories, Hong Kong.

 

 

SECRETARY

 

CHUNG Tim Hoi  (As per registry dated 29-10-2010)

 

 

HISTORY

 

The subject was incorporated on 29th October, 2003 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:                           All kinds of food products including frozen meat and poultry as well as dried seafood, etc.

 

Employees:                   14.

Commodities Imported:-

·         Poultry products – North America, South America, Europe, Southeast Asia and Oceania.

·         Pork products – North America, South America, Europe and Southeast Asia.

·         Beef products – North America, South America, Europe and Oceania.

·         Lamb products – North America, South America, Europe and Oceania.

·         Dried seafood products – Southeast Asia, Pacific Islands and Oceania.

 

Markets:                       Hong Kong and China.

 

Annual Turnover:            US$2.5~3.0 million.

 

Terms/Sales:                 COD or as per contracted/

 

Terms/Buying:               L/C, T/T, etc.

 

 

FINANCIAL INFORMATION

 

Nominal Share Capital:   HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)

 

Issued Share Capital:     HK$10.00

 

Mortgage or Charge:       (See attachment)

 

Profit or Loss:                Making a small profit every year.

 

Condition:                      Keeping in a satisfactory condition.

 

Facilities:                      Adequate for current running.

 

Payment:                      Met trade commitments as contracted.

 

Commercial Morality:     Satisfactory.

 

Bankers:-

·         Bank of Communications Co. Ltd., Hong Kong Branch.

·         DBS Bank (Hong Kong) Ltd., Hong Kong.

·         Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.

 

Standing:  Normal.

 

GENERAL

 

Having issued 10 ordinary shares of HK$1.00 each, Glory Food International Ltd. is jointly owned by Mr. Chung Tim Hoi, holding 20% interests; and Mr. Chung Ming Hoi, 80%.  The two Chung’s are full brothers.  They are also directors of the subject.

The subject is engaged in importing and exporting food products including frozen meat and poultry, dried seafood products, etc.  It is currently carrying the following products:-

·         Poultry (chicken, chicken parts, turkey, duck, geese and fowl) parts and offals

·         Pork cuts and variety meats/offals

·         Beef offals

·         Lamb offals

·         Dried sea cucumbers, shark fin, fish maw, abalone, etc.

The products are mainly imported from North America, South America, Europe, Southeast Asia, Oceania, etc.  Prime markets are Hong Kong, China and other Asian countries.  The subject has had its own wholesaling centre and cold storages in Hong Kong and China.  Annual volume handled is over 30,000 metric tons.

The subject is responsible for the markets of Hong Kong, China and the other Asian countries.

The subject’s business has been satisfactory.  The two brothers handle the operations of the subject.

The subject has had an affiliate Glory Trading (H.K.) Ltd. [Glory Trading] located at its operating address.  Engaged in the same lines of business as the subject, Glory Trading is also jointly owned by Chung Tim Hoi and Chung Ming Hoi.  This firm was incorporated in 1994.

The associated company of Glory Trading is Glory Trading Co. [GTC] which was founded in 1985.  GTC is owned by the Chung family.

The annual sales turnover of the subject and its associates ranges from US$2.5 to 3.0 million.  Making a small profit every year.  Business is normal.

As the history of the subject in Hong Kong is over eight years, on the whole, consider it good for normal business engagements.

MORTGAGE OR CHARGE

 

Date

Particulars

Amount

11-04-2005

Instrument:      Deed of Indemnity, Charge Over Deposit and Set‑Off

Property:

By way of Fixed Charge to the Bank all the Company’s estate, right, title, claim, benefit and interest to and in the Deposit (principal amount of HK$600,000 represented by Deposit No. 027-533-9-302494-9) and all interest from time to time payable thereon and together with all title deeds and documents relating thereto

Mortgagee:      Bank of Communications, Hong Kong Branch.  [Now known as Bank of Communications Co. Ltd.]

All actions, suits, proceedings, claims, demands, losses, damages, costs, fees, expenses and/or liabilities

19-05-2009

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

11-02-2010

Instrument:      Charge Over Deposits – CD 1 (09a)

Property:

1)   By fixed Charge:  all the Company’s rights in respect of (i) the sum deposited by the Company; and (ii) all other sums in any currency from time to time standing to the credit of the Company or the credit of any other person for the Company’s benefit whether alone or jointly with others, on any deposit account with the Bank or any other SCB Group Company including additions to or renewals or replacements of such sum; and all interest from time to time accruing or payable on the sums specified in (i) and (ii) above;

2)   By assignment:  all Deposits held with any SCB Group Company

Mortgagee:      Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.

To secure the payment or discharge of all moneys, obligations and liabilities, whether actual or contingent at the date of the Charge or at any time after the date thereof, due, owing or incurred by the Company to Standard Chartered Bank (Hong Kong) Ltd.

09-02-2011

Instrument:      Security Over Account Agreement

Property:

The Chargor charges by way of a first fixed charge all of its rights in respect of any amount standing to the credit of the Account and the debt represented by it

Mortgagee:      Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.

To secure the payment and satisfaction of all the Secured Liabilities

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.08

UK Pound

1

Rs.78.78

Euro

1

Rs.67.76

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

----

NB

New Business

----

 

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%)

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.