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Report Date : |
26.11.2012 |
IDENTIFICATION DETAILS
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Name : |
GLORY FOOD INTERNATIONAL LTD. |
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Registered Office : |
Room 1002,
10/F., Tower B, |
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Country : |
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Financials (as on) : |
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Date of Incorporation : |
29.10.2003 |
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Com. Reg. No.: |
0868130 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of All kinds of food products
including frozen meat and poultry as well as dried seafood, etc. |
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No. of Employees : |
15 |
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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 : |
No Complaints |
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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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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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 |
Hong Kong - ECONOMIC OVERVIEW
Hong Kong has a free market economy, highly dependent on international trade and finance - the value of goods and services trade, including the sizable share of re-exports, is about four times GDP. Hong Kong's open economy left it exposed to the global economic slowdown that began in 2008. Although increasing integration with China, through trade, tourism, and financial links, helped it to make an initial recovery more quickly than many observers anticipated, it again faces a possible slowdown as exports to the Euro zone and US slump. The Hong Kong government is promoting the Special Administrative Region (SAR) as the site for Chinese renminbi (RMB) internationalization. Hong Kong residents are allowed to establish RMB-denominated savings accounts; RMB-denominated corporate and Chinese government bonds have been issued in Hong Kong; and RMB trade settlement is allowed. The territory far exceeded the RMB conversion quota set by Beijing for trade settlements in 2010 due to the growth of earnings from exports to the mainland. RMB deposits grew to roughly 7.8% of total system deposits in Hong Kong by the end of 2011, an increase of over 59% since the beginning of the year. The government is pursuing efforts to introduce additional use of RMB in Hong Kong financial markets and is seeking to expand the RMB quota. The mainland has long been Hong Kong's largest trading partner, accounting for about half of Hong Kong's exports by value. Hong Kong's natural resources are limited, and food and raw materials must be imported. As a result of China's easing of travel restrictions, the number of mainland tourists to the territory has surged from 4.5 million in 2001 to 28 million in 2011, outnumbering visitors from all other countries combined. Hong Kong has also established itself as the premier stock market for Chinese firms seeking to list abroad. In 2011 mainland Chinese companies constituted about 43% of the firms listed on the Hong Kong Stock Exchange and accounted for about 56% of the Exchange's market capitalization. During the past decade, as Hong Kong's manufacturing industry moved to the mainland, its service industry has grown rapidly. Growth slowed to 5% in 2011. Credit expansion and tight housing supply conditions caused Hong Kong property prices to rise rapidly in 2010 and inflation to rise 5.3% in 2011. Lower and middle income segments of the population are increasingly unable to afford adequate housing. Hong Kong continues to link its currency closely to the US dollar, maintaining an arrangement established in 1983.
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Source : CIA |
GLORY FOOD
INTERNATIONAL LTD
ADDRESS: Room 1002, 10/F., Tower B, Mandarin
Plaza.14 Science Museum Road, Tsimshatsui East, Kowloon, Hong Kong.
PHONE: 2851 8882
FAX: 2850 6588
E-MAIL: info@gloryltd.com.hk
Managing Director: Mr. Chung Tim Hoi (alias Chung Tim)
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$25~30 million.
Employees: 15.
Main Dealing
Banker: Bank of Communications
Co. Ltd., Hong Kong Branch.
Banking
Relation: Satisfactory.
Registered
Head Office:-
Room 1002, 10/F.,
Tower B, Mandarin Plaza.14 Science Museum Road, Tsimshatsui East, Kowloon, Hong
Kong.
Associated Companies:-
Glory Trading
(H.K.) Ltd., Hong Kong.
Glory Trading Co.,
Hong Kong.
34720139
0868130
Managing
Director: Mr. Chung Tim Hoi (alias Chung
Tim)
Nominal Share
Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share
Capital: HK$10.00
(As per registry dated 29-10-2011)
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Name |
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No.
of shares |
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CHUNG
Tim Hoi |
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8 |
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CHUNG Ming Hoi |
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2 |
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–– |
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Total: |
10 == |
(As per registry
dated 29-10-2011)
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Name (Nationality) |
Address |
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CHUNG Tim Hoi |
Room 1707, 17/F., Greenfield Tower,
Concordia Plaza, 1 Science Museum Road, Tsimshatsui East, Kowloon, Hong Kong. |
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CHUNG Ming Hoi |
G/F., 14 Sheung Tsuen, Pat Heung, Yuen
Long, New Territories, Hong Kong. |
CHUNG Tim Hoi (As per
registry dated 29-10-2011)
The subject was incorporated on 29th October, 2003 as a private limited liability
company under the Hong Kong Companies Ordinance.
The subject was formerly located at Room 1707, 17/F., Greenfield Tower,
Concordia Plaza, 1 Science Museum Road, Tsimshatsui East, Kowloon,
Hong Kong. Relocated to the present
address in 10th October, 2012.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer, Exporter and Wholesaler.
Lines: All kinds of
food products including frozen meat and poultry as well as dried seafood, etc.
Employees: 15.
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, China, other Asian
countries, etc.
Annual Turnover:
US$25~30 million.
Terms/Sales: COD or as per contracted/
Terms/Buying: L/C, T/T, etc.
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.
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:-
·
PORK PRODUCTS:
Source of supply: North America, South America, Europe, South
East Asia
Primal Cuts: Boneless butts, Bone in Loin, Riblets, Soft bones,
Spareribs
Variety Meat: Feet, Hocks, Ears, Tail, Tongues, Stomachs,
Kidneys, Snouts and Hearts
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BEEF PRODUCTS:
Source of supply:
North America, South America, Europe, Oceania
Offals: Omasum, Tripe, Honeycomb, Aorta, Tendon, Pizzles, Testicles,
Spinal cord, Back strap, Diaphragm membrane, Trachea
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LAMB PRODUCTS:
Source of supply:
North America, South America, Europe, Oceania
Offals: Tripe,
Testicles, Kidney, Pizzles
· POULTRY PRODUCTS:
Source of supply: North America, South America, Europe, South
East Asia, Oceania
Product List: Chicken, Turkey, Ducks, Geese, Fowl
Parts: Wings, Two-joint wings, Mid-joint wings, Miscut wings/ Wing
portions, Wing tips, Drummettes, Whole legs, Thighs, Drumsticks, Drum portions,
Leg quarters
Offals: Paws, Feet, Gizzards, Tongues, Testicles
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DRIED SEAFOOD PRODUCTS:
Source of supply: South
East Asia, Pacific Islands, Oceania
Product list: Dried sea cucumbers, Dried shark fin, Dried Fish
maw, Dried abalone, 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 associate 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 is very significant,
ranges from US$25 to 30 million. Making
a small profit every year. Business is
normal.
As
the history of the subject in Hong Kong is over nine years, on the whole,
consider it good for normal business engagements.
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Date |
Particulars |
Amount |
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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 |
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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 |
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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. |
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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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.55.34 |
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1 |
Rs.88.30 |
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Euro |
1 |
Rs.71.37 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIT |
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.