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Report Date : |
24.12.2013 |
IDENTIFICATION DETAILS
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Name : |
AMBER FERTILISERS LTD. |
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Registered Office : |
c/o Fansway Secretarial Services Ltd. Room 2302A, 23/F., Great Eagle Centre, 23 Harbour Road,
Wanchai, |
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Country : |
Hong Kong |
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Date of Incorporation : |
30.06.2009 |
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Com. Reg. No.: |
50844515 |
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Legal Form : |
Limited Company |
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Line of Business : |
Trader all kinds of fertilizers |
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No. of Employees : |
No employees in Hong Kong It is to be noted that
the company does not have its own operating office in Hong Kong. The company
uses the address of its secretariat as its correspondence address only.
Subject operates from some other country and does not have a base in Hong
Kong. Such companies are registered in Hong Kong just to tax benefit purpose
and due to the strict privacy laws prevailing in the country. In such cases,
the companies are not required to have any employees in Hong Kong nor do have
an office there. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
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 : |
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
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
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
AMBER FERTILISERS
LTD.
ADDRESS: c/o Fansway Secretarial Services Ltd.
Room 2302A, 23/F., Great Eagle Centre, 23 Harbour Road, Wanchai, Hong Kong.
PHONE: 852-3105 2682
FAX: 852-3108 0735
E-MAIL: hk@amberfertilisers.com
Name: Mr. Mohammad Abdullah
Registered in Hong Kong on: 30th June, 2009.
Organization: Non-Hong Kong Company.
Capital: Nominal: US$1,000,000.00
Issued: US$1,000,000.00
Business Category: Fertiliser Trader.
Employees: Nil.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Head Office:-
P.O. Box 957, Offshore Incorporation Centre, Road Town, Tortola, British Virgin Islands.
Hong Kong Principal
Place of Business:-
c/o Fansway Secretarial Services Ltd.
Room 2302A, 23/F., Great Eagle Centre, 23 Harbour Road, Wanchai, Hong Kong.
Associated Company:-
Incitec Pivot Ltd., Australia.
Quantum Fertilisers Ltd., British Virgin Islands.
Quantum Fertilisers Ltd., Hong Kong.
Affiliated Company:-
International Business Resources, Pakistan.
50844515
F0016941
Name: Mr. Mohammad Abdullah
Address: Flat A, 14/F., Tower 1, Evelyn Tower, 38 Cloudview Road, Hong Kong.
Nominal Share Capital: US$1,000,000.00
Issued Share Capital: US$1,000,000.00
DIRECTOR: (As per registry dated 30-06-2013)
|
Name (Nationality) |
Address |
|
Mohammad ABDULLAH |
Flat A, 14/F., Tower 1, Evelyn Tower, 38 Cloudview Road, Hong Kong. |
SECRETARY: (As per registry dated 30-06-2013)
|
Name |
Address |
Co. No. |
|
Charlotte Consultant Co. |
Unit D, 12/F., 8 Hart Avenue, Tsimshatsui, Kowloon, Hong Kong. |
- |
The subject was incorporated in the British Virgin Islands as a limited company. It has established a principal place of business in Hong Kong and was registered on 30th June, 2009 as a Non Hong Kong company.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Fertiliser Trader.
Lines: All kinds of fertilizers, etc.
Employees: Nil.
Commodities Imported: Australia, etc.
Markets: India, Pakistan, other Asian countries, Europe, etc.
Terms/Sales: As per contracted.
Terms/Buying: Various terms.
Nominal Share Capital: US$1,000,000.00
Issued Share Capital: US$1,000,000.00
Mortgage or Charge: (See attachment)
Profit or Loss: Keeping a balance account in Hong Kong.
Condition: Business is not active in Hong Kong.
Facilities: Making fairly active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Bankers:-
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
BNP Paribas, Hong Kong Branch.
Cooperatieve Centrale
Raiffeisen-Boerenleenbank B.A.
[Business names: Rabobank Nederland, Rabobank and Rabobank International],
Hong Kong Branch.
Standing: Small.
Amber Fertilisers Ltd. is a Non-Hong Kong Company which was registered in the British Virgin Islands.
The Authorized Representative of the subject Mr. Mohammad Abdullah is a Hong Kong ID Card holder and has got the right to reside in Hong Kong permanently. Currently, he is residing in Hong Kong.
The subject does not have its own operating office. Its registered office is in a commercial service firm located at Room 2302A, 23/F., Great Eagle Centre, 23 Harbour Road, Wanchai, Hong Kong known as Fansway Secretarial Services Ltd. which is handling its correspondences and documents.
The subject has no employees in Hong Kong. It is a fertilizer trader. The subject has had associated company Quantum Fertilisers Ltd. [Quantum] which is also registered in the British Virgin Islands. The subject and Quantum are engaged in the same lines of business. The Chief Operating Officer of Quantum is also Mohammad Abdullah.
The subject is one of the pre-qualified foreign urea suppliers of the Trading Corporation of Pakistan [TCP]. TCP is the principal trading arm of the Government of Pakistan.
Besides, the subject is one of the fertilizer suppliers of The State Trading Corporation of India Ltd. [STC].
The subject’s agent in Pakistan is International Business Resources which is in Karachi, Pakistan.
Incitec Pivot Ltd. [Incitec], Australia’s largest fertilizer producer, has purchased a majority stake of 65% in Quantum which was formed on 23rd June, 2008 in Hong Kong.
James Whiteside, Incitec’s supply chain and trading manager, will be Quantum’s Melbourne-based CEO.
Mohammed Abdullah, who left his position as head of Transammonia’s Asian and Southeast Asian operations in early 2009, became Quantum’s chief operating officer working from Hong Kong.
Quantum was formed to expand trade in the Asia-Pacific, and Global Markets.
According to Quantum, it has had offices in Switzerland and Brazil & a presence in India, Europe, Japan, etc. Quantum Fertilisers is now a global fertiliser trading company.
The business of the subject in Hong Kong is chiefly handled by Mohammed Abdullah himself. History in Hong Kong is over four years and five months.
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 or in small credit amounts.
NOTE:
It is to be noted that the
company does not have its own operating office in Hong Kong. The company uses
the address of its secretariat as its correspondence address only. Subject
operates from some other country and does not have a base in Hong Kong. Such
companies are registered in Hong Kong just to tax benefit purpose and due to
the strict privacy laws prevailing in the country. In such cases, the companies
are not required to have any employees in Hong Kong nor do have an office
there.
|
Date |
Particulars |
Amount |
|
12-08-2009 |
Instrument: Trade Finance Security Assignment Property: The Borrower as beneficial owner and as security for the payment of all Secured Liabilities: (a) assigns and agrees to assign to the Bank to the following assets: (i) the Export Credits; (ii) the Export Collection Bills; (iii) the Sales Contracts; (iv) the Invoice Receivables; (v) the Insurances; (vi) the Trade Documents; and (vii) all claims. (b) charges and agrees to charge to the Bank to the following assets; (i) the Goods together with their proceeds; and (ii) the Charged Account and all monies at any time standing to the credit of the Charged Account, including all interest from time to time accrued or accruing on such monies; and (c) pledges and agrees to pledge to the Bank the Pledged Goods and the Trade Documents Mortgagee: Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A. [Business names: Rabobank Nederland, Rabobank and Rabobank International], Hong Kong Branch. |
All obligations and liabilities of the Borrower to the Bank |
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30-07-2011 |
Instrument: Deed of Charge Property: (a) charges to the Bank by way of floating charge all its right, title and interest in and to all Goods; (b) charges to the Bank by way of first fixed charge all its right, title and interest in and to all Credit Balances; (c) assigns to the Bank by way of first fixed security all Contract Rights and the benefit of any Security Interest and securities for the time being held by the Company in respect of any such Contract Rights. Mortgagee: BNP Paribas, Hong Kong Branch. |
To secure all present and future indebtedness, obligations and liabilities of Amber Fertilisers Ltd. to BNP Paribas, Hong Kong Branch as a continuing security for the payment or towards satisfaction of the Secured Amounts |
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30-07-2011 |
Instrument: Pledge and Master Trust Receipt Property: A Pledge and Master Trust Receipt dated 30th July, 2011 where Amber Fertilisers Ltd., as beneficial owner and as a continuing security for the payment or discharge in full of the Secured Liabilities, hereby pledges and agrees to pledge to BNP Paribas, Hong Kong Branch all of its right, title and interest in and to the Pledged Assets from time to time Mortgagee: BNP Paribas, Hong Kong Branch. |
All present and future indebtedness, obligations of Amber Fertilisers Ltd. to BNP Paribas, Hong Kong Branch whether actual, contingent, joint or several, including all expenses, legal fees, taxes and any charges or costs incurred by the Bank in relation to any Financing. |
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07-03-2012 |
Instrument: Assignment of DC Proceeds Property: The Company as beneficial owner assigned, and agreed to assign, to the Lender (a) all moneys in any currency representing proceeds payable or to be paid to the Company under the Documentary Credits, (b) all the Company’s right, title, benefit and interest in the Documentary Credits, (c) the benefit of all powers and remedies for enforcing the Documentary Credits and (d) any payment made pursuant to the contract for sale of goods in connection with which the Documentary Credits is issued Mortgagee: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
By way of security for the payment of (i) all Loans, (ii) all moneys and liabilities in any currency; (iii) interest on the Loads and such moneys; and (iv) all expenses |
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07-03-2012 |
Instrument: Assignment of Receivables (Incorporating a Charge Over Receivables Account) Property: (i) The Company, as beneficial owner: (a) assigned and agreed to assign to the Lender all its present and future right, title and interest in and to each Contract and the Receivables; and (b) charged in favour of the Lender, by way of first fixed charge, all its present and future right, title and interest in and to all moneys in whatever currency from time to time standing to the credit of the Receivables Account (Account Number: 817262447201) and all interest accrued on the Receivables Account (ii) If and in so far as the security referred to (i) above shall be ineffective as a first fixed charge, it shall take effect as a first floating charge. Mortgagee: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
As continuing security for the payment and discharge in full of all present and future, actual or contingent obligations of the Company to the Lender in any capacity, alone or jointly with any other person and includes interest and all fees and remuneration of, and all other costs, charges, expenses and liabilities incurred by the Lender on a full indemnity basis |
|
06-06-2013 |
Instrument: Trade Finance Security Agreement Property: For good and valuable consideration, receipt of which is acknowledged, the Borrower as beneficial owner and as continuing security for the payment of all Secured Liabilities: (a) assigns and agrees to assign to the Bank to the following assets: (i) the Export Credits; (ii) the Export Collection Bills; (iii) the Sales Contracts; (iv) the Invoice Receivables; (v) the Purchase Contracts; (vi) the Insurances; (vii) the Trade Documents; (viii) the Bills of Exchange; (ix) the Related Collaterals; and (x) all claims (b) charges and agrees to charge to the Bank to the following assets: (i) the Goods together with their proceeds; (ii) the Deposit; and (iii) to the extent any Security Asset is not effectively assigned under sub-clause (a), such Security Asset; (c) pledges and agrees to pledge to the Bank, the Bills of Exchange, the pledged Goods and the Trade Documents which are now or may in the future be in actual or constructive possession of the Bank; and (d) charges and agrees to charge to the Bank by way of first floating charge all the present and future rights, title, interests and benefits of the Borrower in and to any Security Asset which is described in the above (a), (b) and (c) but is not effectively charged by way of fixed charge or assigned or pledged under the above (a), (b) and (c) Mortgagee: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
All monies, obligations and liabilities |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.99 |
|
|
1 |
Rs.101.37 |
|
Euro |
1 |
Rs.84.82 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
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 |
-- |
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.