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MIRA INFORM REPORT
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Report No. : |
500335.2 |
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Report Date : |
06.04.2018 |
IDENTIFICATION DETAILS
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Name : |
AGROCROPS HOLDINGS CORPORATION LIMITED |
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Registered Office : |
C/o DVB Secretaries Ltd. Room 609, 6/F., Hong Kong Plaza, 188 Connaught Road West |
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Country : |
Hong Kong |
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Date of Incorporation : |
15.06.2016 |
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Com. Reg. No.: |
66297235 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of Peanut, Other Agricultural Products. |
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No. of Employees : |
3 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
B |
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Credit Rating |
Explanation |
Rating Comments |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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Status : |
Relatively New Company |
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Payment Behaviour : |
Slow |
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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
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Country Name |
Previous
Rating (30.09.2017) |
Current Rating (31.12.2017) |
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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 Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 reexports, 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 continues to
link its currency closely to the US dollar, maintaining an arrangement
established in 1983.
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 aided a more rapid initial recovery 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 9.4% of
total system deposits in Hong Kong by the end of 2015. 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. Mainland
visitors to Hong Kong declined 3% in 2015 to approximately 45.7 million,
reflecting an overall drop of 2.5% in total visitors to Hong Kong. Hong Kong
has also established itself as the premier stock market for Chinese firms
seeking to list abroad. In 2015, mainland Chinese companies constituted about
51% of the firms listed on the Hong Kong Stock Exchange and accounted for about
62.1% 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. 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, which took effect in
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. Credit expansion and a tight housing supply have caused Hong Kong
property prices to rise rapidly; consumer prices increased 2.6% in 2016, but
slowed to 2.0% in 2017. Lower- and middle-income segments of the population are
increasingly unable to afford adequate housing.
Hong Kong’s economic integration with the mainland continues to be most
evident in the banking and finance sector. Initiatives like the Hong
Kong-Shanghai Stock Connect, the Mutual Recognition of Funds, and The Hong Kong
Shanghai Gold Connect are all important steps towards opening up the Mainland’s
capital markets and has reinforced Hong Kong’s leading role as China’s offshore
RMB market. Additional connect schemes from bonds to commodities and other
investment products are also under exploration by Hong Kong authorities. In
2017, Chief Executive Lam announced plans to increase government spending on
research and development, education, and technological innovation with the aim
of spurring continued economic growth through greater sector diversification.
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Source
: CIA |
Company name & address
AGROCROPS HOLDINGS CORPORATION LIMITED
ADDRESS: Room 1528, 15/F., Beverly Commercial
Centre, 87-105 Chatham Road, Tsimshatsui, Kowloon, Hong Kong.
MANAGEMENT
Managing Director: Mr.
Vasanthakumar Rangasamy
SUMMARY
Incorporated on: 15th June, 2016.
Organization: Private Limited Company.
Issued Share Capital: HK$2.00
Business Category: Importer,
Exporter and Wholesaler.
Employees: 3.
Main Dealing Banker: The Hongkong
& Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
name
AGROCROPS HOLDINGS CORPORATION LIMITED
ADDRESS
Registered
Office:-
C/o DVB Secretaries Ltd.
Room 609, 6/F., Hong Kong Plaza, 188 Connaught Road West, Hong Kong.
Operating Office:-
Room 1528, 15/F., Beverly Commercial Centre, 87-105 Chatham Road,
Tsimshatsui, Kowloon, Hong Kong.
Associated
Companies:-
Agrocrops Europe B.V., Netherlands.
Agrocrops Exim Ltd., India.
Agrocrops Farming Pvt. Ltd., India.
Agrocrops Japan Co. Ltd., Japan.
Agrocrops Philippines Corporation, Philippines.
Agrocrops Russia LLC, Russia.
Agrocrops Thai Co. Ltd., Thailand.
Agrocrops US Inc., United States.
Agrocrops Vietnam Ltd., Vietnam.
Kadalai Mittai Pvt. Ltd., India.
PT. Agrocrops Indonesia, Indonesia.
Qingdao Agrocrops Peanut Trading Co. Ltd., China.
BUSINESS
REGISTRATION NUMBER
66297235
COMPANY
FILE NUMBER
2390477
MANAGEMENT
Managing Director: Mr.
Vasanthakumar Rangasamy
ISSUED
SHARE CAPITAL
HK$2.00
SHAREHOLDERS
(As per registry dated 15-06-2017)
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Name |
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No. of shares |
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Lokasundaram SARAVANAN |
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1 |
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Saravanan BHAVANI |
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1 |
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– |
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Total: |
2 = |
DIRECTORS
(As per registry dated 25-10-2017)
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Name (Nationality) |
Address |
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Vasanthakumar RANGASAMY |
Room E, 6/F., Lung Ma Building, 550 Nathan Road, Mongkok, Kowloon,
Hong Kong. |
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Jagadeesh PALANISAMY |
1/64, Kattumunnur & Post Aravakurichi TK, Karur, Tamil, Nadu
639111, India. |
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Bala Raghava Kumar THIRUVEEDULA |
Apartment Green Bay, Tower Heliconia, Lantia 09 Unit AL, JL Pluit
Karang Ayu, Jakarta Utara 14450, Indonesia. |
SECRETARY
(As per registry dated 15-06-2017)
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Name |
Address |
Co. No. |
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DVB Secretaries Ltd. |
Room 609, 6/F., Hong Kong Plaza, 188 Connaught Road West, Hong
Kong. |
2294067 |
HISTORY
The subject was incorporated on 15th June, 2016 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.
OPERATIONS
Activities: Importer,
Exporter and Wholesaler.
Lines: Peanut,
other agricultural products.
Employees: 3.
Commodities Imported: China, India,
other Asian countries, etc.
Markets: Asia,
etc.
Terms/Sales: As per contracted.
Terms/Buying: Various terms.
FINANCIAL
INFORMATION
Issued Share Capital: HK$2.00
Profit or Loss: Too
early to offer an opinion.
Condition: Business
is under development.
Facilities: Adequate
for current running.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai
Banking Corp. Ltd., Hong Kong.
Standing: Small.
GENERAL
Having issued just 2 ordinary shares of HK$1.00 each, Agrocrops Holdings
Corporation Limited is equally owned by Mr. Lokasundaram Saravanan and Mr.
Saravanan Bhavani.
The managing director of the subject Mr. Vasanthakumar Rangasamy
currently is residing in Hong Kong.
The subject has set up a wholly-owned subsidiary in Qingdao City, Shandong
Province China, known as Qingdao Agrocrops Peanut Trading Co. Ltd. [Qingdao
Agrocrops]. Qingdao Agrocrops was set up
on 9th September, 2016.
The subject is one of the key member of the Agrocrops Group.
The Group is significant for its peanuts. With 50 years’ experience, Agrocrops holds a
5% share in the world’s peanut export market and handles more than 300,000 tons
of peanuts a year.
The Group has 155 direct employees and 600 indirect employees. In total, there are about 755 employees.
Agrocrops not only handles the entire peanut and chilli value chain, but
also operates logistics, customs clearance and phytosanitary compliance.
The Group also trades in Indian peanuts which have been consumed in over
50 countries of the world.
The Group is also famous for its chilli.
Popular in the international market, Indian red dry chilli comes in a
variety of textures and spice levels.
They are available year round.
The Group also trades in the following agricultural products:
Sesame Seeds
Cumin Seeds
Coriander Seeds
Raisins
Fenugreek Seeds
Fennel Seeds
Chickpeas
Kalonji Seeds
Dill Seeds
Onions, etc.
The subject has had a main associated company in India known as
Agrocrops Exim Ltd. [AEL].
AEL was incorporated on 27th March, 2008. Two of the directors of AEL are also
Lokasundaram Saravanan and Saravanan Bhavani.
The business of the subject is chiefly handled by Vasanthakumar
Rangasamy. Its history in Hong Kong is
just over a year and nine months.
On the whole, since the history of the subject is short, consider it
good for normal business engagements on L/C basis.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 65.06 |
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1 |
INR 91.50 |
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Euro |
1 |
INR 79.77 |
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HKD |
1 |
INR 8.28 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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PRA |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
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Company
background and operations size
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Promoters
/ Management background
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Payment
record
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Litigation
against the subject
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Industry
scenario / competitor analysis
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Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.