MIRA
INFORM REPORT
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Report Date : |
18.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
PREMIUM TOBACCO ASIA
LTD. |
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Registered Office : |
C/o Prima Secretaries Ltd. Suite 605, 6/F., China Insurance Group Building, 141 Des Voeux Road
Central |
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Country : |
Hong Kong |
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Date of Incorporation : |
20.09.2004 |
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Com. Reg. No.: |
34955564 |
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Legal Form : |
Private Limited Liability Company
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Line of Business : |
--- |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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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Status : |
No Operating Office In Hong Kong |
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Payment Behaviour : |
Unknown |
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Litigation : |
-- |
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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
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 |
Company name
PREMIUM TOBACCO
ASIA LTD.
ADDRESS
Registered Office:-
c/o Prima Secretaries Ltd.
Suite 605, 6/F., China Insurance Group Building, 141 Des Voeux Road
Central, Hong Kong.
[Tel: 2376 3611; Fax: 2736 5115]
Holding Company:-
Premium Tobacco Holdings Ltd., British Virgin Islands.
Associated/Affiliated Companies:-
Boostafrica Traders (Pvt) Ltd., Zimbabwe.
Boxer Tobacco Co. Ltd., British Virgin Islands.
M L Agro Products Ltd., India.
Premium Active Tanzania Ltd., Tanzania.
Premium Boost Zimbabwe, Zimbabwe.
Premium Tama Tobacco Ltd., Malawi.
Premium Tobacco (Thailand) Ltd., Thailand.
Premium Tobacco Co. Ltd., Ireland.
Premium Tobacco India Pvt. Ltd., India.
Premium Tobacco International Ltd., Ireland.
Premium Tobacco Services (UK) Ltd., UK.
Premium Tobacco US Inc., USA.
Premium Tobacos do Brasil Ltda., Brazil.
BUSINESS REGISTRATION NUMBER
34955564
COMPANY FILE NUMBER
0923667
DATE OF INCORPORATION
20th September, 2004.
CAPITAL
Nominal Share Capital: HK$15,000,000.00 (Divided into 15,000,000 shares
of HK$1.00 each)
Issued Share Capital: HK$5,500,000.00
SHAREHOLDERS
(As per registry dated 20-09-2010)
|
Name |
|
No. of shares |
|
Premium Tobacco Holdings Ltd. 9 Columbus Centre, Road Town, Tortola, British Virgin Islands. |
|
2,805,000 |
|
M L Agro Products Ltd. P.O. Box No. 18, Chilakaluripeta-522616, DT. Guntur,
Andhra Pradesh, India. |
|
1,045,000 |
|
Derek Mario BANKS |
|
1,650,000 |
|
|
|
–––––––– |
|
|
Total: |
5,500,000 ======= |
DIRECTORS
(As per registry dated 20-09-2010)
|
Name (Nationality) |
Address |
|
Glyn John MORGAN |
5 Shrublands Drive, Lightwater GU18 5QS, UK. |
|
Derek Mario BANKS |
67 St. Agnes Place, Chichester, PO19 7TU, UK. |
|
Venkateswara Rao MADDI |
P.O. Box No. 18, Chilakaluripeta-522616, DT. Guntur, Andhra Pradesh,
India. |
SECRETARY
(As per registry dated 20-09-2010)
|
Name |
Address |
Co. No. |
|
Prima Secretaries Ltd. |
Suite 605, 6/F., China Insurance Group Building, 141 Des Voeux Road Central,
Hong Kong. |
0569406 |
INDEBTEDNESS
US$8,000,000.00 and HK$80,000.00
(Total amount outstanding on all mortgages and charges as per last
Annual Return dated 20-09-2010)
MORTGAGE OR CHARGE
(See attachment)
GENERAL
Premium Tobacco Asia Ltd. was incorporated on 20th September, 2004 as a
private limited liability company under the Hong Kong Companies Ordinance.
The subject does not have its own operating office. Its registered office is in a commercial
service firm located at Suite 605, 6/F., China Insurance Group Building, 141
Des Voeux Road Central, Hong Kong known as Prima Secretaries Ltd. [PSL] which
is handling its correspondences and documents.
PSL is also the corporate secretary of the subject. Your given phone number 2376 3611 and fax
number 2736 5115 belong to PSL.
Formerly the subject’s registered office was located at Suite 1402,
14/F., 1 Duddell Street, Central, Hong Kong where was the old operating
address of PSL. PSL moved to the new
address with effect from 28th September, 2009, so did the subject.
The subject has no employees in Hong Kong.
According to the Companies Registry of Hong Kong, the subject has issued
5.5 million ordinary shares of HK$1.00 each of which 51% are owned by Premium
Tobacco Holdings Ltd., a BVI-registered firm; 30% are owned by Derek Mario
Banks; and 19% by M L Agro Products Ltd. [ML Group]. Derek Mario Banks is a UK passport holder
while ML Group was registered in India.
The equity held by Derek Mario Banks was held by Boxer Tobacco Co. Ltd.
which was a BVI-registered firm. It
transferred its shares to Derek Mario Banks on 25th November, 2008.
The directors of the subject are Mr. Venkateswara Rao Maddi, Derek Mario
Banks and Glyn John Morgan. The former
is an India passport holder while the third is also a UK passport holder.
The Managing Director of the subject is Glyn John Morgan. Before joining the subject, Glyn John Morgan
was the Asian Managing Director of Universal Tobacco. He was graduated from St. Georges College.
The subject’s total amount outstanding registered with the Registrar of
Companies as at 20th September, 2010 amounted to US$8,000,000.00 and
HK$80,000.00.
The subject is a member of the Premium Tobacco Group [Premium Tobacco]
of which main operation is in Brazil and has had a main office in the United
Kingdom. The subject belongs to Premium
Tobacco Asia division.
The Group’s company in the United Kingdom is Premium Tobacco Services
(UK) Ltd. [PTSUK].
Founded in 2002, Premium Tobacco is a fast growing tobacco group
supplying to the cigarette manufacturers from many different origins like
Brazil, Argentina, the United States, Thailand, India, Bangladesh, Malawi,
China, Spain, Vietnam, Pakistan, Italy, Poland, etc.
The main operation of the Group in Brazil is the largest world
exporter. The Group is trying to develop
and expand the operation in Argentina to attend a high demand of Argentinean
tobaccos from some of its key customers.
Currently, PTSUK has set up regional control systems for the
establishment and controls of treasury flows in the South American region.
In October 2004, Premium Tobacco Holdings and Citland UK merged their
respective leaf tobacco business interests to create a new Premium Tobacco Asia
division. Citland’s strength in Asian
sourcing and sales and Premium’s technical and sales strengths are expected to
provide a strong base for growth within Asia and elsewhere in the Group.
The Group has been involved in the Chinese market for a number of years,
Citland, which has been active in China since 1970, brought with it a wealth of
Chinese-market expertise when it merged its leaf business with Premium in
2004. So Premium increased its
China-based business in 2007 and currently exports about 17,000 tons of flue-cured
from China annually, a figure that it is aiming to push to 20,000 tons during
the next few years. At the same time, it
imports tobacco into China from Brazil, the United States and Malawi, a profile
it hopes to expand as China’s manufacturers widen their off-take horizons.
Also in October 2004, Premium Tobacco Asia and India’s ML Group agreed
to create a joint venture company in India, Premium Tobacco India Pvt. Ltd.
[PTI]. Maddi Venkateswara Rao has been
appointed managing director of this company.
PTI is the vehicle for all Premium and ML Group’s Indian exports. It purchases and processes utilizing the ML
Group’s existing infrastructure, which has been complemented by the addition of
new leaf processing and quality-control resources.
In line with the Premium Group’s strategy of forming equity
relationships with committed and experienced companies, the ML Group has
acquired a minority shareholding in Premium Tobacco Asia.
The Group continues to expand. In
recent years, it has established Premium Tobacco Spain and a sales and
marketing joint venture with Cooperativa de Tabacaleros de Juyjuy which is an
Argentina-based firm.
The subject in Hong Kong has been banking with The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong, although business is not very
active.
The subject has got banking facilities from HSH Nordbank AG, Singapore
Branch, Singapore and from FBN Bank (UK) Ltd., the United Kingdom.
The Group and PTI sometimes deal with foreign firms under the name of
the subject.
The subject is fully supported by Premium Tobacco Asia division and
ultimately by the Premium Tobacco.
The subject has had close relationship with its associated company
Premium Tobacco (Thailand) Ltd.
Since the subject does not have its own operating office and has no
employees in Hong Kong, consider it good for business engagements on L/C basis.
COURT CASES: None
per our.
MORTGAGE OR CHARGE
|
Date |
Particulars |
Amount |
|
13-01-2007 |
Instrument: Security Over Deposits with the Bank
(Limited Company – Under Seal) Property: Initially HK$80,000 and all monies whether now or hereafter standing
to the credit of the Company’s deposit with the Bank under deposit No.
808-045306 and whatever currency it may subsequently be denominated in, any
renewal of such deposit and the interest thereon together with any further
moneys in any deposit account with the Bank at any of its offices Mortgagee: The Hongkong & Shanghai Banking
Corp. Ltd., Hong Kong. |
To secure all monies in respect of banking facilities |
|
15-01-2007 |
Instrument: Trade Finance Security Agreement Property: 1) Assignment of Moneys
and Receivables and Insurances 2) Pledge and
Hypothecation of Goods and Documents Mortgagee: BNP Paribas (Suisse) SA, Switzerland. |
As continuing security application to all current and future transactions
for the payment on demand by the Chargee of: (a) all sums of money; (b)
interest on all such sums of money; (c) all the Chargor’s other indebtedness
and/or liabilities and obligations; and (d) all costs charges and other
expenses |
|
17-02-2011 |
Instrument: Belgian Pledge Agreement Property: The Pledgor pledges as a first ranking security, the Pledged Assets
and all rights accruing to, derived from or otherwise connected with them Mortgagee: FBN Bank (UK) Ltd., UK. [Pledgee] |
The obligations or liabilities of any kind owed by the Obligors to the
Pledgee under the Finance Documents |
|
17-02-2011 |
Instrument: Collection Accounts Charge Agreement Property: The Chargor charges, by way of first fixed charge, all of the Rights
which it now has and all of the Rights which it obtains at any time in the
future in respect of the Collection Accounts and in any Rights accruing to,
derived from or otherwise connected with them Mortgagee: FBN Bank (UK) Ltd., UK. [Chargee] |
The Secured Obligations |
|
17-02-2011 |
Instrument: Assignment Agreement Property: The Assignor assigns absolutely all of the Rights which it now has and
all of the Rights which it obtains at any time in the future in the Assigned
Contracts and in any Rights accruing to, derived from or otherwise connected
with them Mortgagee: FBN Bank (UK) Ltd., UK. [Assignee] |
The Secured Obligations |
|
17-02-2011 |
Instrument: Master Asset Pledge Agreement Property: Each of the Pledgors as security for the payment, discharge and
performance when due of the Secured Liabilities, by execution of the Pledge
Agreement agree to (a), mortgage, pledge and grant to the Pledgee a security
interest in, a general lien upon and a right of set-off against, in and over
all of the Pledged Assets; and (b) deliver all of the Pledged Assets to the
Warehouse Company at the Warehouse, to hold the same on behalf of and for the
benefit of the Pledgee Mortgagee: FBN Bank (UK) Ltd., UK. [Pledgee] |
The Secured Obligations |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.37 |
|
|
1 |
Rs.74.56 |
|
Euro |
1 |
Rs.65.33 |
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 |
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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 |
|
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 |
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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.