|
Report Date : |
09.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
NATIONAL
FISH & SEAFOOD
LTD. |
|
|
|
|
Formerly Known as: |
NFS Ltd. |
|
|
|
|
Registered Office : |
c/o Pacific Andes International Holdings Ltd. Room 3201-3210, 32/F., Hong Kong Plaza, 186 Connaught Road
West |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
28.11.1996 |
|
|
|
|
Com. Reg. No.: |
20597102 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer, Wholesaler and Re-exporter of all kinds of frozen seafood products |
|
|
|
|
No. of Employees : |
Approx.
10,100. (As at 28-03-2013) |
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 |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
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 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 |
NATIONAL FISH & SEAFOOD LTD.
c/o Pacific Andes International Holdings Ltd.
Room 3201-3210, 32/F., Hong Kong Plaza, 186 Connaught Road West, Hong Kong.
PHONE: 852-2547 0168, 2547 0525
FAX: 852-2858 2764
E-MAIL: pandes.andes@pandes.com.hk
Group Vice Chairman & Managing Director: Mr. Ng Joo Siang
Incorporated on: 28th November, 1996.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$2.00
Business Category: Frozen Seafood Products Trading.
Group Revenue: HK$14,601,432,000 (Year ended 28-09-2012)
Group Employees: Approx. 10,100. (As at 28-03-2013)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Office:-
c/o Pacific Andes International Holdings Ltd.
Room 3201-3210, 32/F., Hong Kong Plaza, 186 Connaught Road West, Hong Kong.
Holding
Companies:-
National Fish & Seafood Inc., USA/Worldwide.
Pacific Andes International Holdings (BVI) Ltd., British Virgin Islands.
Ultimate Holding
Company:-
Pacific Andes International Holdings Ltd., Bermuda/Hong Kong.
Associated
Companies:-
Pacific Andes Group of Companies
· Aqua Foods (Qingdao) Co. Ltd., China.
· Bonaire Developments Ltd., British Virgin Islands/Hong Kong.
· CFG Investment S.A.C., Peru.
· Champion Shipping Ltd., British Virgin Islands/Worldwide.
· Chasterton Group Ltd., British Virgin Islands/Hong Kong.
· China Fisheries International Ltd., Samoa/Worldwide.
· China Fishery Group Ltd., Cayman Islands.
· Clamford Holding Ltd., British Virgin Islands.
· Europaco (AP) Ltd., British Virgin Islands/Worldwide.
· Europaco (EP) Ltd., British Virgin Islands/Worldwide.
· Europaco (HP) Ltd., Hong Kong & Worldwide.
· Europaco (QP) Ltd., Samoa/Worldwide.
· Europaco Ltd., British Virgin Islands/Worldwide.
· Fastact Group Ltd., British Virgin Islands/Hong Kong.
· Global Research Group Inc., British Virgin Islands/Hong Kong.
· Global Research Services Inc., British Virgin Islands.
· Glorious Ocean Ltd., Hong Kong.
· Grandluck Enterprises Ltd., Hong Kong. [Dissolved]
· Nouvelle Foods International Ltd., British Virgin Islands/Worldwide.
· Pacific Andes Enterprises (BVI) Ltd., British Virgin Islands/Worldwide.
· Pacific Andes Enterprises (Hong Kong) Ltd., Hong Kong.
· Pacific Andes Food (BVI) Ltd., British Virgin Islands/Hong Kong.
· Pacific Andes Food (Hong Kong) Co. Ltd., Hong Kong & Worldwide.
· Pacific Andes Food Ltd., China.
· Pacific Andes Resources Development Ltd., Bermuda/Singapore & Worldwide.
· Pacific Andes Treasury Management Ltd., Hong Kong.
· Paco (ET) Ltd., Cyprus.
· Paco (GT) Ltd., Cyprus.
· Paco (HT) Ltd., Cyprus.
· Paco Alpha Ltd., British Virgin Islands/Worldwide.
· Paco Beta Ltd., British Virgin Islands/Worldwide.
· Paco-EP Ltd., Cyprus.
· Paco-GP Ltd., Cyprus.
· Paco-HP Ltd., Cyprus.
· Pacos (QP) Ltd., Cyprus.
· Pacos Processing Ltd., Cayman Islands/Worldwide.
· Pacos Processing Ltd., Cyprus.
· Pacos Trading Ltd., Cayman Island/Worldwide.
· Pacos Trading Ltd., Cyprus.
· Parkmond Group Ltd., British Virgin Islands/Worldwide.
· Pelican Food Ltd., British Virgin Islands/Worldwide.
· Qingdao Canning Foodstuff Co. Ltd., China.
· Sevenseas Enterprises Ltd., British Virgin Islands/Hong Kong.
· Tassal Group Ltd., Australia.
· Xinxing Foodstuffs (Qingdao) Co. Ltd., China.
etc.
20597102
0577335
Group Chairperson: Madam Teh Hong Eng
Group Vice Chairman & Managing Director: Mr. Ng Joo Siang
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$2.00
(As per registry
dated 28-11-2012)
|
Name |
|
No.
of shares |
|
Pacific Andes International
Holdings (BVI) Ltd. Omar Hodge Building,
Wickhams Cay I, P.O. Box 362, Road Town, Tortola, British Virgin
Islands. |
|
1 |
|
National Fish & Seafood
Inc. 11-15
Parker Street, Gloucester MA01930-3017, USA. |
|
1 |
|
|
|
–– |
|
|
Total: |
2 = |
(As per registry dated
28-11-2012)
|
Name (Nationality) |
Address |
|
NG Joo Siang |
House 36, Manderly Garden, 48
Deep Water Bay Road, Hong Kong. |
|
TEH Hong Eng |
House 34, Manderly Garden, 48
Deep Water Bay Road, Hong Kong. |
|
NG Joo Puay,
Frank |
Flat A1, 20/F., Evergreen
Villa, 43 Stubbs Road, Hong Kong. |
|
NG Joo Kwee |
Flat B, 8/F., Celestial
Garden, 5 Repulse Bay Road, Hong Kong. |
(As per registry
dated 28-11-2012)
|
Name |
Address |
Co.
No. |
|
PA Corporate Advisory Services Ltd. |
Flat B, 16/F., Empire Land Commercial Centre, 81-85
Lockhart Road, Wanchai, Hong Kong. |
0831055 |
The subject was incorporated on 28th November, 1996 as a private limited liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Uni-Link (Hong Kong) Ltd., name changed to NFS Ltd. on 29th January, 1997. Subsequently, the present style was adopted on 1st September, 1997.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Importer, Wholesaler and Re-exporter.
Lines: All kinds of frozen seafood products.
Group Employees: Approx. 10,100. (As at 28-03-2013)
Commodities Imported: Buying frozen seafood from US, New Zealand, Malaysia, China, etc.
Markets: Hong Kong, US and worldwide.
Group Revenue:-
HK$11,264,418,000 (Year ended 28-09-2009)
HK$11,470,543,000 (Year ended 28-09-2010)
HK$14,245,411,000 (Year ended 28-09-2011)
HK$14,601,432,000 (Year ended 28-09-2012)
HK$ 8,401,135,000 (6 months ended 28-03-2012) – Unaudited
HK$ 7,238,909,000 (6 months ended 28-03-2013) – Unaudited
Terms/Sales: On various terms.
Terms/Buying: On various basis.
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$2.00
Mortgage or Charge: (See attachment)
Group Net Profit:-
HK$1,015,310,000 (Year ended 28-09-2009)
HK$1,090,829,000 (Year ended 28-09-2010)
HK$ 923,413,000 (Year ended 28-09-2011)
HK$ 737,387,000 (Year ended 28-09-2012)
HK$ 593,149,000 (6 months ended 28-03-2012) – Unaudited
HK$ 570,844,000 (6 months ended 28-03-2013) – Unaudited
Profit or Loss: Group business is profitable.
Condition: Keeping in a satisfactory condition.
Facilities: Actively using general banking facilities.
Payment: Met as required.
Commercial Morality: Satisfactory.
Bankers:-
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. [Rabobank], Hong Kong Branch.
Standing: Good.
National Fish & Seafood Ltd. [NFS] is equally owned by National Fish & Seafood Inc. [NFSI] of the United States and Pacific Andes International Holdings (BVI) Ltd., a BVI-registered firm. The subject has just issued 2 ordinary shares of HK$1.00 each while each of the holding companies holds a single share.
All the firms are under the same umbrella of the Pacific Andes Group of which the holding company is Pacific Andes International Holdings Ltd. [PAIH], a Bermuda-incorporated company with shares listed on The Stock Exchange of Hong Kong Ltd. bearing stock code 1174 as from 3rd October, 1994. PAIH was incorporated in Bermuda on 6th October, 1993 as a holding company of the Pacific Andes Group. NFSI is a 60%-owned subsidiary of the Group having a plant in Gloucester, Massachussetts of the United State to process and package frozen seafood products. NFS was set up in Hong Kong mainly responsible for the sourcing and marketing activities on behalf of NFSI.
Founded in 1986, the Pacific Andes Group is principally engaged in fish processing at sea, global sourcing, further processing on shore, and international distribution of a wide variety of frozen seafood products. In addition, it is also engaged in the provision of fuel-trading-at-sea, agency and shipping services, and trade related finance. In recent years, the Group has evolved from purely trading company for seafoods products in the direction to be a fully-integrated global food company. The Group now sources, processes and distributes a diverse range of frozen food products including seafood products and vegetables to 36 countries worldwide covering the PRC, North & South America, Europe, Africa and Asia. Its client base ranges from wholesalers, retailers, processors, re-processors and institutional customers. It is headquartered in Hong Kong, with offices in the PRC, Singapore, Russia and North America.
In FY2012, total revenue of the Group increased by 2.5% to HK$14,601 million (approximately US$1,872 million). EBITDA increased by 5.7% to HK$2,685 million (approximately US$344 million). Net profit was down by 20.1% to HK$737 million (approximately US$94 million) due to a lower than expected contribution from the China Fishery Fleet (“CF Fleet”, formerly the South Pacific Operations) under the Fishery and Fish Supply Division [FFS Division] and the challenging market conditions in the processing and distribution business.
For the 6 months ended 28th March 2013 [1HFY2013], the total revenue of the Group decreased by 13.8% from HK$8,401.1 million (approximately US$1,077.1 million) to HK$7,238.9 million (approximately US$928.1 million). The FFS Division accounted for 29.2% (1HFY2012: 32.1%) of total revenue; the Frozen Fish Supply Chain Management Division [Frozen Fish SCM Division] for 38.1% (1HFY2012: 36.6%) and the processing and distribution division for the remaining 32.4% (1HFY2012: 31.1%).
As of 28th March 2013, total assets of the Group amounted to HK$29,373.6 million (28th September 2012: HK$29,470.0 million).
The Group expects the world economic outlook to remain uncertain due to ongoing volatility in the financial markets and general slowdown in the growth of the global economy. The Group is dedicated to strengthening and expanding its core competencies in key business areas, as well as to exploring related business opportunities.
For the FFS Division, the Group expects to realise additional cost savings from FY2013 onwards, following the completion of the Fourth Long Term Supply Agreement under the Contract Supply Business. The long term stable supply of fish places the Group in a position to benefit from the increasing market demand for fish.
Although fishmeal and fish oil prices have remained on an upward trend, the reduction in the total allowable catch of Peruvian Anchovy for the November 2012 to January 2013 fishing season to 0.81 million tonnes, due to a high level of juvenile fish in the water, is expected to have an impact on the contribution of the Peruvian Fishmeal Operations in 1HFY2013.
As at 28th March, 2013, the Group had a total of approximately 10,100 employees.
On the whole, in view of the parentage of NFS, consider it good for normal business engagements.
REMARKS:
Brief personal
profile of the directors:-
Madam TEH Hong Eng, aged 77, is the Executive Director and Chairperson of PAIH. She is responsible for general administration and strategic planning. She joined the Group in 1986 and has over 30 years experience in administration and financial investments. Madam Teh is the mother of Ng Joo Siang, Ng Joo Kwee, Ng Joo Puay, Frank and Ng Puay Yee.
Mr. NG Joo Siang, aged 53, is the Managing Director and Vice-Chairman of PAIH. He is responsible for overall corporate policy making, strategic planning, development, investment and management of the Group. Mr. Ng graduated from Louisiana State University, Baton Rouge, Louisiana in the USA, majoring in International Trade and Finance, and has over 30 years experience in the trading of seafood products. Prior to joining PAIH in 1986, Mr. Ng was in the ship agency business, overseeing the chartering and operation of ocean-going vessels calling at various Asian ports.
Mr. NG Joo Kwee, aged 52, is the Executive Director of PAIH. He is responsible for all production of frozen seafood in the PRC. Mr. Ng studied in the USA at South-eastern Louisiana University in Hammond, Louisiana. From 1983 to 1989, Mr. Ng was president of a fish trading company in Taiwan. In 1989, Mr. Ng joined the Group as general manager of PRC operations, responsible for daily operations, trading activities and the sourcing of frozen seafood products from South America, India, the PRC and Russia. In 1994, Mr. Ng resigned from PAIH, but rejoined in March 1996.
Mr. NG Joo Puay, Frank, aged 50, is the Executive Director of PAIH. He is responsible for international sales and marketing of the Group’s frozen seafood products outside the PRC. Mr. Ng graduated from Loyola University in New Orleans, Louisiana, in the USA, majoring in business administration. He has over 20 years experience in the seafood trading business. Prior to joining PAIH in 1987, Mr. Ng was the trading manager of a fish trading company in Taiwan for three years.
|
Date |
Particulars |
Amount |
|
05-08-1998 |
Instrument: Charge Over Deposit Property: The Deposit as defined in the Charge Over Deposit of all monies for A/C No. 461103 maintained with Rabobank, Hong Kong Branch, Customer: National Fish & Seafood Management Ltd., C.I. No. 627670 and A/C No. 9374682166 maintained with Fleet Bank, U.S.A., Customer: National Fish & Seafood Ltd., C.I. No. 577335 Mortgagee: Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A.
[Rabobank], Hong Kong Branch. |
To secure all monies, obligations and liabilities,
actual or contingent, which are now or at any time hereafter may be
outstanding, owing or payable by National Fish & Seafood Management Ltd.
and/or National Fish & Seafood Ltd. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.05 |
|
UK Pound |
1 |
Rs.90.89 |
|
Euro |
1 |
Rs.78.27 |
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.