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Report No. : |
334145 |
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Report Date : |
03.08.2015 |
IDENTIFICATION DETAILS
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Name : |
NUTRECO ASIA CO.
LTD. |
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Registered Office : |
Suite 3304, 33/F., AIA Tower, 183 Electric Road, North Point |
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Country : |
Hong Kong |
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Date of Incorporation : |
23.03.2011 |
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Com. Reg. No.: |
58399623 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Subject is importer, exporter and wholesaler of all kinds of animal
nutrition and fish feed |
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No. of Employee : |
6 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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Hong Kong |
A1 |
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 has no tariffs on imported goods, and it levies excise duties on only four commodities, whether imported or produced locally: 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, its continued reliance on foreign trade and investment leaves it vulnerable to renewed global financial market volatility or a slowdown in the global economy. 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 12.5% of total system deposits in Hong Kong by the end of 2014. 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 total trade 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 47.3 million in 2014, 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 2014 mainland Chinese companies constituted about 50% of the firms listed on the Hong Kong Stock Exchange and accounted for about 60.1% 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. Credit expansion and tight housing supply conditions have caused Hong Kong property prices to rise rapidly; consumer prices increased by more than 4.4% in 2014. 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. In 2014, Hong Kong and China signed a new agreement on achieving basic liberalization of trade in services in Guangdong Province under the Closer Economic Partnership Agreement, adopted in 2003 to forge closer ties between Hong Kong and the mainland. The new measures, effective from March 2015, cover a negative list and a most-favored treatment provision, and will improve access to the mainland's service sector for Hong Kong-based companies.
|
Source
: CIA |
NUTRECO ASIA
CO. LTD.
Suite 3304, 33/F.,
AIA Tower, 183 Electric Road, North Point, Hong Kong.
852-2219 8289
Managing
Director: Mr. Li Chun Pang
Incorporated
on: 23rd
May, 2011.
Organization: Private
Limited Company.
Issued Share
Capital: HK$100.00
Business Category: Importer, Exporter and Wholesaler.
Group
Turnover: EUR 5,253 million (Year ended 31-12-2014)
Employees: 6.
Main Dealing
Banker: The Royal Bank of Scotland, NV.
Banking Relation: Good.
Registered Head Office:-
Suite 3304, 33/F.,
AIA Tower, 183 Electric Road, North Point, Hong Kong.
Holding Company:-
Nutreco
International B.V., The Netherlands.
Intermediate Holding Company:-
Nutreco N.V., The
Netherlands.
Ultimate Holding Company:-
SHV Holdings N.V.,
The Netherlands.
Affiliated/Associates Companies:-
Nutreco N.V. Group
of Companies
58399623
1605097
Managing
Director: Mr. Li Chun Pang
HK$100.00
(As
per registry dated 23-05-2015)
|
Name |
|
No.
of shares |
|
Nutreco International B.V., The
Netherlands. |
|
100 === |
(As
per registry dated 23-05-2015)
|
Name (Nationality) |
Address |
|
LI Chun Pang |
Flat A, 42/F., Tower 3, Residence Bel-Air
Phase 2, South Towers, 38 Bel-Air Avenue, Hong Kong. |
|
Hendrikus
VAN WESTENDORP |
Room D3, Stanley Green, 66 Stanley Village
Road, Stanley, Hong Kong. |
(As
per registry dated 23-05-2015)
|
Name |
Address |
Co.
No. |
|
TMF
Secretaries (HK) Ltd. |
36/F., Tower Two, Times Square, 1 Matheson Street, Causeway Bay, Hong
Kong. |
0099444 |
The
subject was incorporated on 23rd May, 2011 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: All kinds of animal
nutrition and fish feed.
Employees: 6.
Commodities
Imported: Europe,
some of the Asian countries, etc.
Markets: China, Europe, North America,
Southeast Asia, etc.
Group Turnover: EUR 4,904 million (Year ended 31-12-2010)
EUR 4,721
million (Year ended 31-12-2011)
EUR 5,229 million (Year ended 31-12-2012)
EUR 3,867
million (Year ended 31-12-2013)
EUR 5,253
million (Year ended 31-12-2014)
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, O/A, etc.
Issued Share
Capital: HK$100.00
Group
Profit Attributable to Equity Holders:-
EUR
113 million (Year ended 31-12-2010)
EUR 132
million (Year ended 31-12-2011)
EUR 178
million (Year ended 31-12-2012)
EUR 151
million (Year ended 31-12-2013)
EUR 154
million (Year ended 31-12-2014)
Profit or Loss: Group business is profitable.
Condition: Keeping in an active manner.
Facilities: Making rather active use of
general banking facilities.
Payment: So
far so good.
Commercial
Morality: Very
Good.
Banker: The
Royal Bank of Scotland, NV.
Standing: Normal.
Nutreco
Asia Co. Ltd. is a wholly-owned subsidiary of Nutreco International B.V. which
is registered in The Netherlands. Its
intermediate holding company is Nutreco N.V. [Nutreco] while its ultimate
holding company is SHV Holdings N.V.
Both companies are also registered in The Netherlands.
The
managing director of the subject is Mr. Samson Li Chun Pang who is a Hong Kong
merchant.
Nutreco
is a global leader in animal nutrition and fish feed. Its advanced nutritional solutions are at the
origin of food for millions of consumers worldwide.
It
is servicing agriculture and aquaculture industries of the world. Its experience is over 100 years.
Nutreco
had been listed on the Euronext Amsterdam exchange between 3rd June 1997
and 16th April 2015.
In
April 2014, SHV Holdings N.V. via its subsidiary company SHV Investments Ltd.
acquired Nutreco which has been privatized since then.
Nutreco
employs approximately 11,000 people in more than 35 countries with sales in
over 80 countries.
Nutreco
reported a revenue of EUR5,253 million in 2014 (2013: EUR3,867 million), profit
attributable to equity holders was EUR 152 million (2013: EUR 151 million).
In
FY 2014, Nutreco’s Animal Nutrition segment had positive volume growth and
improved margins. These developments
were driven by good performances in both growth geographies and mature markets,
as well as in certain product categories such as young animal feed. One of the key performance indicators for
this segment is our operating margin, which continues to improve, driven by the
expansion of our portfolio of globally branded products.
In
the animal nutrition market, Nutreco sees continuing trends of specialisation,
integration and increased requests from customers for advice and services, all
of which offer Nutreco good opportunities to benefit from its focus on
innovation and application solutions.
Nutreco’s
Fish Feed segment was impacted by lower sales in Norway as a result of lower
volumes to Marine Harvest, as anticipated.
It retained the number one position in salmonid feed, underscoring its
leading position in developing innovative feed products for the most advanced
species. With Skretting, Nutreco has a
global brand and produce feed in 16 countries for over 60 species. Its Norwegian business represents
approximately 10% of total Nutreco operating profit.
The
subject is fully supported by Nutreco and ultimately by SHV Holdings N.V. History in Hong Kong is over four years.
On
the whole, consider the subject good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.01 |
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|
1 |
Rs.99.84 |
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Euro |
1 |
Rs.70.16 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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Report Prepared by
: |
ASH |
RATING EXPLANATIONS
|
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 |
|
<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.