|
Report Date : |
17.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
BIO-CHEM
TECHNOLOGY (HK) LTD. |
|
|
|
|
Formerly Known As : |
Honour Talent Ltd. |
|
|
|
|
Registered Office : |
Unit 1104, 11/F., Admiralty Centre, Tower 1, 18 Harcourt
Road |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
16.12.1998 |
|
|
|
|
Com. Reg. No.: |
30514653 |
|
|
|
|
Legal Form : |
Private Limited Company. |
|
|
|
|
Line of Business : |
Corn Product Manufacturer and Exporter of all kinds of corn starch, cosmetic chemicals, biochemical products, etc. |
|
|
|
|
No. of Employees : |
20 |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
|
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, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
BIO-CHEM TECHNOLOGY
(HK) LTD.
Unit 1104, 11/F., Admiralty Centre, Tower 1, 18 Harcourt Road, Hong Kong.
PHONE: 2838 8155
FAX: 2838 8433
E-MAIL: contact@globalbiochem.com
Managing Director: Mr. Liu Xiaoming
Incorporated on: 16th December, 1998.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$2.00
Business Category: Corn Product Manufacturer and Exporter.
Group Turnover: HK$14,438,887,000 (Year ended 31-12-2011)
Employees: 20.
Group employees: 6,000 (as at 31-12-2011)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Good.
Registered Head
Office:-
Unit 1104, 11/F., Admiralty Centre, Tower 1, 18 Harcourt Road, Hong Kong.
Holding Company:-
Global Bio-Chem Technology Group Co. Ltd., Cayman
Islands/Hong Kong. (Same address)
30514653
0662537
Managing Director: Mr. Liu Xiaoming
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$2.00
(As per registry
dated 16-12-2011)
|
Name |
|
No. of shares |
|
WANG Tieguang |
|
1 |
|
KONG Zhanpeng |
|
1 |
|
|
|
– |
|
|
Total: |
2 = |
(As per registry
dated 16-12-2011)
|
Name (Nationality) |
Address |
|
XU Zhouwen |
Flat 402, Gate 1, Block 10, Yuan Dong Garden, Nanguan District, Changchun, Jilin Province, China. |
|
LIU Xiaoming |
Flat 2103, 21/F., Block F, Kornhill, Hong Kong. |
(As per registry dated
08-05-2012)
|
Name |
Address |
|
CHEUNG Kin Po |
Flat D, 3/F., 111 Broadway, Mei Foo Sun Chuen, Kowloon, Hong Kong. |
The subject was incorporated on 16th December, 1998 as a private limited liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Honour Talent Ltd., name changed to the present style on
1st December, 1999.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Corn Product Manufacturer and Exporter.
Lines: All kinds of corn starch, cosmetic chemicals, biochemical products, etc.
Employees: 20.
Group employees: 6,000 (as at 31-12-2011)
Commodities Imported: China and other Asian countries, etc.
Markets: Worldwide countries.
Group Turnover: HK$ 6,672,940,000 (Year ended 31-12-2007)
HK$ 8,687,939,000 (Year ended 31-12-2008)
HK$ 7,838,301,000 (Year ended 31-12-2009)
HK$ 9,314,898,000 (Year ended 31-12-2010)
HK$14,438,887,000 (Year ended 31-12-2011)
Terms/Sales: Various terms.
Terms/Buying: As per contracted.
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$2.00
Mortgage or Charge
(since 2011): (See attachment)
Group Profit: HK$ 979,854,000 (year ended 31-12-2007)
HK$ 627,815,000 (year ended 31-12-2008)
HK$ 13,955,000 (year ended 31-12-2009)
HK$ 373,606,000 (year ended 31-12-2010)
HK$1,377,972,000 (year ended 31-12-2011)
Profit or Loss: Making a profit every year.
Condition: Keeping in a good manner.
Facilities: Making rather active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Very good.
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Very good.
Bio-Chem Technology (HK) Ltd. is a wholly-owned subsidiary of Global Bio-Chem Technology Group Co. Ltd. [Global Bio-Chem/Group] which is a listed firm in Hong Kong.
The subject is trading in the products of the Group.
Founded in 1994, Global Bio-Chem is a pioneer of corn refined and corn‑based products in Asia. Its products have a wide range of applications, including feed production, food and beverage, cosmetics, textiles, pharmaceuticals and chemicals industries, etc. The Group takes the advantages of vertical integration of production and established leading position in these upstream products such as corn starch, corn fibre, gluten meal and corn oil; as well as its high-value-added downstream products like amino acid, corn sweeteners, modified starch and polyol chemicals.
Today, the Group is the largest corn refiner in Asia. By 2008, its corn processing capacity per annum was 2.4 million metric tonnes. It is one of the world’s largest lysine series products manufacturers, while its products include 98% Lysine and 65% Protein Lysine. It is also the first to use corn in the commercial production of polyol chemicals in the world.
Global Bio-Chem has been listed on the Main Board of the Stock Exchange of Hong Kong Limited since 2001. The Group is principally engaged in the manufacture and sale, research and development of corn-based biochemical products in the People’s Republic of China [PRC]. Its products are sold in the PRC and other countries in Asia, Europe, America and Africa. Headquartered in Hong Kong and with its production facilities based in various provinces in the PRC, Global Bio-Chem is the largest vertically integrated corn-based biochemical product manufacturer in Asia with an annual corn processing capacity of 3 million metric tonnes. The Group is a leading lysine manufacturer in the world with an annual fermentation capacity of approximately 600,000 metric tonnes. The Group is one of the pioneers in applying corn starch as raw material for the commercial production of polyol chemicals. Global Bio-Chem is also the parent company of Global Sweeteners Holdings Limited, one of the largest corn sweeteners producers in the PRC, which is also listed on the Main Board of the Stock Exchange of Hong Kong Limited.
For the year ended 31st December, 2011, the sales of the Group amounted to HK$14,438.9 million, grew by 55.0% as compared with HK$9,314.9 million in FY 2010; profit after taxation was HK$1,378.0 million, grew by 268.8% as compared with HK$373.6 million in FY 2010.
The Group’s profit in FY 2011 is good.
Revenue and gross profit of the Group’s downstream products, including amino acids, polyol chemicals, modified starch, and corn sweeteners, in 2011, rose substantially by 61% and 140% to HK$10.3 billion and HK$3.2 billion respectively when compared with those of the previous year. The increase in revenue and gross profit was mainly attributable to a year-on-year rise in the average selling prices and sales volume of most of the Group’s downstream product series of 44% and 12% respectively.
Amino acids – the Group’s major business – remained the largest contributor to the Group’s total revenue and gross profit for the Year, accounting for 49% and 78% respectively. During the Year 2011, revenue and gross profit of amino acids soared by 76% and 169% year-on-year to HK$7.0 billion and HK$2.6 billion respectively. The remarkable growth was mainly attributable to the significant increase in the prices of meat and egg, resulting in upsurges in both demand and selling price of amino acids.
Global Bio-Chem announced that it has been selected as a constituent of each of the following indexes, effective 5th March 2012.
· Hang Seng Global Composite Index;
Hang
Seng Composite Index Series;
Hang
Seng Composite Index;
Hang
Seng Composite Industry Index – Consumer Goods; &
Hang
Seng Composite SmallCap Index.
As at 31st December, 2011, the Group had about 6,000 full time employees in Hong Kong and China.
The subject is fully supported by the Group. On the whole, consider the subject good for normal business engagements.
REMARKS:
Brief personal
history of the directors:
Mr. LIU Xiaoming, is the Co-Chairman of the Group. He is responsible for the Group's overall business development, as well as the formulation of corporate direction and strategies. He holds a bachelor's degree in chemical engineering from the Hua Nan Polytechnic University. He has worked with the Group for over 10 years.
Mr. XU Zhouwen, is the Co-Chairman of the Group. He is responsible for formulating and implementing the Group’s product diversification strategies, managing the Group’s product development and technology research, as well as supervising the Group’s overall production and operations. He graduated from the Harbin Electric University in 1970. Mr. Xu was appointed an executive director of the Company in 2001.
(since 2011)
|
Date |
Particulars |
Amount |
|
04-01-2011 |
Instrument: Mortgage Property: All Those 612/227, 600 part or shares of and in Inland No. 8423 (Office No. 1104 on 11/F., of Tower I of Admiralty Centre, No. 18 Harcourt Road, Hong Kong) Mortgagee: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
To secure general banking facilities granted to Lender |
|
24-03-2011 |
Instrument: Assignment of Life Insurance Property: (1) All the Assignor’s claims under the Insurance: Insurance Policy No: 28003307 Name of Insurance Co.: HSBC Life (International) Ltd. Name of the Insured: Mr. Liu Xiaoming Assignor / Policy Owner:Bio-Chem Technology (HK) Ltd. (2) All the Assignor’s claims against the issuer of the Policy Mortgagee: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
(i) All and any monies in any currency owing by the Assignor to the Bank (ii) interest on such monies (iii) all monies paid by the Bank in respect of the Policy |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.98 |
|
UK Pound |
1 |
Rs.87.55 |
|
Euro |
1 |
Rs.68.69 |
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.