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Report Date : |
15.02.2014 |
IDENTIFICATION DETAILS
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Name : |
FERTISUL INTERNATIONAL LTD. |
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Registered Office : |
c/o Hongkong Richful Accountants Service Room 1105, 11/F., Lippo Centre Tower 1, 89 Queensway, Admiralty |
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Country : |
Hong Kong |
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Date of Incorporation : |
27.11.2007 |
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Com. Reg. No.: |
38674237 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of Fertilizers, Pesticides, Agricultural Films |
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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
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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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 – September 30, 2013
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Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
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Hong Kong |
A2 |
A1 |
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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 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
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Source
: CIA |
FERTISUL
INTERNATIONAL LTD.
ADDRESS: c/o Hongkong Richful Accountants Service
Room 1105, 11/F., Lippo Centre Tower 1, 89 Queensway, Admiralty, Hong Kong.
PHONE: 852-2543 0881
FAX: 852-2543 0882
E-MAIL: hongkong@fertisul.com
Managing Director: Mr. Ji Mao Jiao
Incorporated on: 27th November, 2007.
Organization: Private Limited Company.
Capital: Nominal:HK$23,400,000.00
Issued: HK$23,400,000.00
Business Category: Importer, Exporter and Wholesaler.
Employees: Nil.
Main Dealing Banker: Bank of Communications Co. Ltd., Hong Kong Branch.
Banking Relation: Satisfactory.
Registered Office:-
c/o Hongkong Richful Accountants Service
Room 1105, 11/F., Lippo Centre Tower 1, 89 Queensway, Admiralty, Hong Kong.
Beijing Office:-
Fertisul (Beijing) Ltd.,
Room 705, Marco Polo Building, 80 Anli Road, Chaoyang District, Beijing 100101, China.
[Tel: 86-10-5963 6669
Fax: 86-10-5963 6028
E-mail: Beijing@fertisul.com]
Holding Company:-
AMP Resources Ltd., Hong Kong.
Associated
Companies:-
Zhejiang AMP Incorporation, China.
Zhejiang AMP International Co. Ltd., China.
38674237
1189213
Managing Director: Mr. Ji Mao Jiao
Nominal Share Capital: HK$23,400,000.00 (Divided into 23,400,000 shares of HK$1.00 each)
Issued Share Capital: HK$23,400,000.00
SHAREHOLDERS: (As per registry dated 27-11-2013)
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Name |
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No. of shares |
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Ji Mao JIAO |
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8,190,000 |
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AMP Resources Ltd., Hong Kong. |
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8,424,000 |
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Granville Ltd., Hong Kong. |
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1,872,000 |
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WU Kai |
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3,510,000 |
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LI Guanghong |
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1,404,000 |
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––––––––– |
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Total: |
23,400,000 ======== |
DIRECTORS: (As per registry dated 27-11-2013)
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Name (Nationality) |
Address |
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WU Kai |
202-1-14, Qiushui Yuan, Tianxiu Garden, Haidian District, Beijing City, China. |
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Ji Mao JIAO |
11-5 Langyue Garden, Yayunxinxinjiayuan, |
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YUAN Bing Rong |
Room 2C, No. 4, Yuejia Wan, Xiacheng District, Hangzhou City, Zhejiang Province, China. |
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YANG Yun Ping |
11-5 Langyue Garden, Yayunxinxinjiayuan, |
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ZHAO Jianping |
Room 103, No. 4 Yuejiawan, Xiacheng District, Hangzhou City, China. |
SECRETARY: (As per registry dated 27-11-2013)
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Name |
Address |
Co. No. |
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Joy Enterprise Secretary Services Ltd. |
Room 19C, Lockhart Centre, 301‑307 Lockhart Road, Wan Chai, Hong Kong. |
1336601 |
The subject was incorporated on 27th November, 2007 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: Fertilizers, Pesticides, Agricultural Films.
Employees: Nil.
Commodities Imported: China, etc.
Markets: China, other Asian countries, Middle East, Africa, US, etc.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, D/P, etc.
Nominal Share Capital: HK$23,400,000.00 (Divided into 23,400,000 shares of HK$1.00 each)
Issued Share Capital: HK$23,400,000.00
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:-
Bank of Communications Co. Ltd., Hong Kong Branch.
BNP Paribas, France.
The Bank of Tokyo-Mitsubishi UFJ, Ltd., Hong Kong.
Standing: Small.
Fertisul International Ltd. was incorporated in November, 2007. It is jointly owned by three China merchants and two Hong Kong companies.
The largest shareholders are AMP Resources Ltd., a Hong Kong-registered company holding 36% interests, and Mr. Ji Mao Jiao, holding 35%.
The subject does not have its own operating office. Its registered office is in a commercial service firm located at “Room 1105, 11/F., Lippo Centre Tower 1, 89 Queensway, Admiralty, Hong Kong” known as “Hongkong Richful Accountants Service” which is handling its correspondences and documents. City Secretarial is also the corporate secretary of the subject.
The subject has no employees in Hong Kong. All of its directors are China merchants and currently residing in China.
The subject belong to AMP Group which is a China-based group of companies. The holding company of the Group is Zhejiang AMP Incorporation [Zhejiang AMP].
The subject’s main office is in Beijing, China. It is trading in fertilizers, fertilizer raw materials including sulphur, sulphuric acid and other related chemical products. In addition, the subject is also actively involved in trade related activities such as logistics and transportation services, warehousing and distribution.
Under the support of long term supply and sales contracts from major industrial suppliers and end users of both home and abroad, the subject trades annually 1-1.5 million metric tons of fertilizers and fertilizer raw materials with an annual sales turnover of US$300 to 400 million. Prime markets include China, Malaysia, Vietnam, Thailand, South Korea, the Philippines, India, Brazil and Africa, while main sources of supply are from China, Canada, Russia and the Middle East.
Nominally headquartered in Hong Kong, the subject has representative offices and subsidiaries in mainland China and agency representations in major markets such as India, Vietnam, Thailand, Indonesia, South Korea, Brazil and Africa.
The subject carries the following commodities:
Ammonium chloride;
Ammonium sulphate;
Compound fertilizers of different grades;
Diammonium phosphate;
Monoammonium phosphate;
Other related raw materials;
Rock phosphate;
Sulphur;
Triple super phosphate; &
Urea.
Other services provided by the subject include:
Chartering;
Distribution;
Logistics support;
Transportation; &
Warehousing.
One of the associated company Zhejiang AMP International Co., Ltd. also belongs to the Zhejiang AMP. The legal representative of Zhejiang AMP International Co., Ltd. is Yuan Bing Rong who is one of the directors of the subject.
Zhejiang AMP was established in 1952 known as ‘Zhejiang Agricultural Means Of Production Corporation’ and was restructured in 1999 as a share holding company with 49% held by the management and employees. The registered capital of the company is RMB 651 million Yuan (US$100 million). Now it has 12 subsidiaries and 3,201 employees.
The group is engaged in the distribution of fertilizers, pesticides and agricultural films. It also has diversified its economy in the areas of agricultural means of production, real estate, plastics and automobiles. In 2011, the sales of the group exceeded RMB 27 billion Yuan (US$ 4.28 billion). The total volume of import & export amounted to US$ 355 million and total net profit reached RMB 758 million Yuan (US$ 120.3 million). In 2011, the group sold 4 million metric tons of fertilizers, 16,000 metric tons of pesticide and over 21,000 vehicles.
However, the subject’s business in Hong Kong is not active. History in Hong Kong is over six years.
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.
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Date |
Particulars |
Amount |
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17-03-2008 |
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 (Account No. 02753202038150, 02753202038163, 02753220073571 and 0275329390611) and all interest from time to time payable thereon and together with all title deeds and documents relating thereto Mortgagee: Bank of Communications Co. Ltd., Hong Kong Branch. |
All actions, suits, proceedings, claims, demands, losses, damages, costs, fees, expenses and liabilities of whatsoever nature which Bank of Communications Co., Ltd. Hong Kong. |
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17-09-2008 |
Instrument: Deed of Charge Property: As security for the due payment and discharge of the secured amount, the company: 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 all its right, title and interest in and to all credit balance; and 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, France. |
All moneys and liabilities |
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19-01-2012 |
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 (Account No. 02753202038150, 02753202038163, 02753220113215 and 02753293090611) and all interest from time to time payable thereon and together with all title deeds and documents relating thereto Mortgagee: Bank of Communications Co. Ltd., Hong Kong Branch. |
All actions, suits, proceedings, claims, demands, losses, damages, costs, fees, expenses and liabilities of whatsoever nature which Bank of Communications Co., Ltd., Hong Kong Branch. |
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28-12-2012 |
Instrument: Security Over Deposit in respect of Obligations of the Depositor Property: All deposits and moneys from time to time standing to the credit of the USD saving account under the name of the Depositor with reference No. 80800072259 and any currency into which such sum may from time to time be converted, and renewal or substitution of such sum on deposit and all interest payable thereon and any future deposits made with the Bank, and all right, title and interest of the company whatsoever, present and future, thereto and therein, together with any advice, certificate or other instrument relating thereto Mortgagee: The Bank of Tokyo-Mitsubishi UFJ Ltd., Hong Kong Branch. |
To secure all monies obligations and liabilities due or owing to the Bank of Tokyo-Mitsubishi UFJ, Ltd., Hong Kong Branch by the Company. |
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28-12-2012 |
Instrument: Power of Attorney/Security Deed Property: All the Company’s right, title, interest and benefit to and all and any moneys now or at any time due or owing to the company under or in connection with each of the Master Credit and all other right and benefits whatsoever accruing now or at any time to the company thereunder or in connection therewith Mortgagee: The Bank of Tokyo-Mitsubishi UFJ Ltd., Hong Kong Branch. |
To secure all monies obligations and liabilities due or owing to the Bank of Tokyo-Mitsubishi UFJ, Ltd. Hong Kong Branch by the company |
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.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.62.28 |
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|
1 |
Rs.103.67 |
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Euro |
1 |
Rs.85.18 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIS |
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 |
-- |
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.