|
Report Date : |
05.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
GENCOR PACIFIC LTD. |
|
|
|
|
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, herbal ingredients & medicines |
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No. of Employees : |
03 |
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 : |
Satisfactory |
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|
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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 – September 30th, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
|
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 levies
excise duties on only four commodities, namely: hard alcohol, tobacco,
hydrocarbon oil, and methyl alcohol. There are no quotas or dumping laws. 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 9.1% of total system deposits in Hong Kong by the end of 2012,
an increase of 59% from the previous 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 34.9
million in 2012, 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 2012 mainland Chinese companies constituted about
46.6% of the firms listed on the Hong Kong Stock Exchange and accounted for
about 57.4% 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, and less than 2% in 2012.
Credit expansion and tight housing supply conditions caused Hong Kong property
prices to rise rapidly and inflation to rise 4.1% in 2012. 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.
|
Source
: CIA |
GENCOR
PACIFIC LTD.
Flat E, 21/F., Elegance Court, Hillgrove
Village, Discovery Bay, Lantau Island, Hong Kong.
PHONE: 852-2987 6894, 2987 6814,
2987 6802
FAX: 852-2987 6869
E-MAIL: gencor@netvigator.com
info@gencorpacific.com
venkat@gencorpacific.com
Managing Director: Mr.
Ramasamy Varada Rajan Venkatesh
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:
3.
Main Dealing Banker: Indo Hong Kong International Finance Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered
Office:-
c/o Multi-Chain Ltd.
Room 301, 3/F., Kam On Building, 176A
Queen’s Road Central, Hong Kong.
[Tel: 852-2543 0565; Fax: 852-2854 3813]
Head
Office:-
Flat E, 21/F., Elegance Court, Hillgrove
Village, Discovery Bay, Lantau Island, Hong Kong.
Affiliated/Associated
Companies:-
Genapk, South Africa.
Gencor Nutrients Inc., US.
Gencor Pacific Organics India Pvt. Ltd.,
India.
GPI Pty. Ltd., Botswana.
Rubber General Industries, India.
22227856
0664999
Managing Director: Mr.
Ramasamy Varada Rajan Venkatesh
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
(As per registry dated 15-01-2013)
|
Name |
|
No.
of shares |
|
Mr. Jith VEERAVALLI |
|
2 |
|
Mrs. Chitra VEERAVALLI |
|
119,998 |
|
Mrs. Aruna VENKATESH |
|
30,000 |
|
|
|
––––––– |
|
|
Total: |
150,000 ====== |
(As per registry dated 15-01-2013)
|
Name (Nationality) |
Address |
|
Ramasamy Varada Rajan VENKATESH (Indian) |
Unit 1-B, 20 Coastline Villa, Discovery
Bay, Lantau Island, Hong Kong. |
|
Mrs. Aruna VENKATESH |
Unit 1-B, 20 Coastline Villa, Discovery Bay,
Hong Kong. |
(As per registry dated 15-01-2013)
|
Name |
Address |
Co.
No. |
|
Multi-Chain Ltd. |
Room 301, 3/F., Kam On Building, 176A
Queen’s Road Central, Hong Kong. |
209214 |
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.
Activities: Importer,
Exporter and Wholesaler.
Lines: Raw
materials for vitamin, vitamin, herbal ingredients.
Employees: 3.
Commodities Imported: Imported from India, Thailand, Malaysia, East Asia, etc.
Markets: Hong
Kong, China, South Africa, etc.
Terms/Sales:
As per contracted.
Terms/Buying: L/C,
D/P, T/T, etc.
The Indian Chamber of Commerce Hong Kong,
Hong Kong.
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
Increase of Nominal Capital:-
|
From |
HK$500,000.00 |
to |
HK$1,500,000.00 |
on |
05-07-2000 |
Alternation of Issued Capital:-
|
15-01-1999 |
paid up |
HK$
500,000.00 |
|
05-07-2000 |
paid up |
HK$
500,000.00 |
|
08-04-2008 |
paid up |
HK$
500,000.00 |
|
|
|
––––––––––––––– |
|
Total: |
paid up |
HK$1,500,000.00 ============== |
Mortgage or Charge: (See
attachment)
Profit & Loss: Making a small profit.
Condition:
Business is
quite active.
Facilities:
Making active
use of general banking facilities.
Payment:
Met trade
commitments on time.
Commercial Morality: Satisfactory.
Banker:
Indo Hong
Kong International Finance Ltd., Hong Kong.
Standing: Normal.
Formerly Gencor Pacific Ltd. had issued
100,000 ordinary shares of HK$10.00 each and jointly owned by Mr. Vatsha Rajan
Veeravalli, holding 1 share; Mr. Jith Veeravalli, 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 80.0% interests; Mrs. Aruna Venkatesh,
holding 20.0%.
The subject’s operating office is in a
residential flat.
The subject is dealing in raw materials for
manufacturing vitamin, classical herbs, medicines. The subject is famous for its herbal
ingredients. It is carrying the
following brands:-
Libifem, Testofen,
Slimaluma, Gencinia, Cenopause, etc.
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. 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 is the international head office
of Gencor Pacific Group. The Group’s US
head office is in Austin, TX. Sales
office has been set up in Anaheim, California of the United States. The US office is known as Gencor Nutrients,
Inc.
Other offices have been set up in Kuwait,
India, the United Arab Emirates and China.
The India company is known as Gencor Pacific
Organics India Pvt. Ltd. The India firm
is in Chennai, India.
The Group is a herbal product provider in
thirty countries throughout the world. According to the Group, it is working
exclusively with GLP-certified testing laboratories.
The annual sales turnover of the Group is
significant. Business is profitable.
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. Multi-Chain is also the Corporate Secretary
of the subject.
Since the history of the subject is over
fourteen years in Hong Kong, on the whole, consider it good for normal business
engagements.
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:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
13-07-2007 |
- |
Canara Bank, Hong Kong Branch. |
Mortgage to secure general banking
facilities |
|
Date |
Particulars |
Amount |
|
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 |
|
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 |
|
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 |
|
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 |
|
19-09-2011 |
Instrument: Undertaking Relating to Deposits Property: Amount Rate
of Maturity FD129 07-01-2011 109,367.83 0.78% 06-01-2012 Mortgagee: Canara Bank, Hong Kong Branch. |
All and any liabilities, sole or joint,
actual or contingent, quantified or not, now or hereafter owing or incurred
to the Bank by the depositor or the Third Party |
|
25-06-2013 |
Instrument: Undertaking Relating to Deposit Property: Amount Rate
of Maturity FD721 18-06-2013 405,000.00 0.67% 13-06-2014 Mortgagee: Canara Bank, Hong Kong Branch. |
All any liabilities, sole or joint, actual
or contingent, quantified or not, now or hereafter owing or incurred to the
Bank by the Depositor or the Third Party |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.33 |
|
|
1 |
Rs.102.18 |
|
Euro |
1 |
Rs.84.68 |
INFORMATION DETAILS
|
Report
Prepared by : |
MNL |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.