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MIRA INFORM REPORT
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Report No. : |
483009 |
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Report Date : |
02.01.2018 |
IDENTIFICATION DETAILS
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Name : |
AMBER FERTILISERS LIMITED |
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Registered Office : |
Vistra Corporate Services Centre, Wickhams Cay
II, Road Town, Tortola, VG1110, British Virgin Islands. |
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Principal
Place of Business : |
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 : |
Registered non-Hong Kong Company. |
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Line of Business : |
Trader of all kinds of fertilizers |
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No. of Employees : |
1 |
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 : |
Moderate |
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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
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Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
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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, effective 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 4.4% in 2014, but slowed to 2.9% in 2015. 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.
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Source
: CIA |
Company
name and address
AMBER FERTILISERS
LIMITED
(Incorporated in
British Virgin Islands)
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
AUTHORIZED REPRESENTATIVE IN HONG KONG:
Name:
Mr. Mohammad Abdullah
SUMMARY
Registered in Hong Kong on: 30th
June, 2009.
Organization:
Registered
non-Hong Kong Company.
Capital: Authorised: US$1,000,000.00
Issued
& Paid Up: US$1,000,000.00
Business Category: Fertiliser Trader.
Revenue of 2016: US$89.4 million.
Employee:
1.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd.,
Hong Kong.
Banking Relation: Satisfactory.
ADDRESS
Registered Office:-
Vistra Corporate Services Centre, Wickhams
Cay II, Road Town, Tortola, VG1110, British Virgin Islands.
Principal Place of Business in Hong Kong:-
c/o Fansway Secretarial Services Ltd.
Room 2302A, 23/F., Great Eagle Centre, 23
Harbour Road, Wanchai, Hong Kong.
Associated Companies:-
Incitec Pivot Ltd., Australia.
Quantum Fertilisers Ltd., British Virgin
Islands.
Quantum Fertilisers Ltd., Hong Kong.
Affiliated Company:-
International Business Resources, Pakistan.
BUSINESS
REGISTRATION NUMBER
50844515
COMPANY
FILE NUMBER
F0016941
AUTHORIZED
REPRESENTATIVE IN HONG KONG
Name:
Mr. Mohammad Abdullah
Address:
Flat A, 14/F., Tower 1, Evelyn Tower, 38 Cloudview Road, Hong Kong.
CAPITAL
Authorised Share Capital: US$1,000,000.00
Issued & Paid Up Capital: US$1,000,000.00
DIRECTOR
(As per registry dated 30-06-2017)
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Name (Nationality) |
Address |
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Mohammad ABDULLAH |
Flat A, 14/F., Tower 1, Evelyn Tower, 38 Cloudview
Road, Hong Kong. |
SECRETARY
(As per registry dated 30-06-2017)
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Name |
Address |
Co. No. |
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Charlotte Consultant Co. |
Unit D, 12/F., 8 Hart Avenue, Tsimshatsui,
Kowloon, Hong Kong. |
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HISTORY
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.
OPERATIONS
Activities: Fertiliser
Trader.
Lines: All
kinds of fertilizers, etc.
Employee: l.
Commodities Imported: Australia, etc.
Markets: India,
Pakistan, other Asian countries, Europe, etc.
Terms/Sales:
As per contracted.
Terms/Buying:
Various terms.
FINANCIAL
INFORMATION
Authorised Share Capital: US$1,000,000.00
Issued & Paid Up Capital: US$1,000,000.00
Profit or Loss: Business is profitable.
Condition: Business
is active in Hong Kong.
Facilities: Making
active use of general banking facilities.
Payment:
No
Complaints.
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.
GENERAL
Amber Fertilisers Limited 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.
For the year ended 31st December, 2016, the revenue of the subject
amounted to US$89.4 million (2015: US$65.3 million), profit for the year was
US$1.6 million (2015: US$0.6 million).
Quantum was formed to expand trade in the Asia-Pacific, and Global
Markets.
According to Quantum, it has had offices in Switzerland and Brazil
& a presence in India, Europe, Japan, etc.
Quantum Fertilisers is now a global fertiliser trading company.
The business of the subject in Hong Kong is chiefly handled by
Mohammed Abdullah himself. History in
Hong Kong is about eight years and six months.
Since the business of the subject is profitable, consider it good
for business engagements in small credit amounts.
FINANCIAL
HIGHLIGHTS
Year ended 31 December, Unit: US$
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2016 |
2015 |
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Revenue (offshore) |
89,369,779 |
65,335,536 |
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Cost of Sales (offshore) |
(88,110,770) |
(64,513,942) |
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Net Profit |
1,567,636 |
567,472 |
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Current Assets |
13,100,630 |
42,894,827 |
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Current Liabilities |
7,742,742 |
39,104,575 |
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Net Assets |
5,357,888 |
3,790,252 |
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Equity |
5,357,888 |
3,790,252 |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 63.67 |
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1 |
INR 85.90 |
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Euro |
1 |
INR 75.47 |
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HKD |
1 |
INR 8.13 |
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 : |
TRU |
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
·
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.