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Report Date : |
03.05.2013 |
IDENTIFICATION DETAILS
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Name : |
B.U.T. Sourcing Ltd |
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Registered Office : |
C/o LPA Co.
Ltd., Unit 4405, 44/F., COSCO Tower, 183 Queen’s Road Central |
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Country : |
Hong Kong |
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Date of Incorporation : |
18.01.2010 |
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Com. Reg. No.: |
51711614 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of
furniture, etc. |
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No. of Employees : |
Nil |
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
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.
Source
: CIA
B.U.T. SOURCING LTD.
ADDRESS: c/o LPA Co. Ltd.
Unit 4405, 44/F.,
COSCO Tower, 183 Queen’s Road Central, Hong Kong.
PHONE: 2907 7882
Managing
Director: Mr. Vincent Jean-Pierre
Destailleur
Incorporated on: 18th January, 2010.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category: Importer, Exporter and Wholesaler.
Employees: Nil.
Main Dealing Banker: Bank of China (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Office:-
c/o LPA Co. Ltd.
Unit 4405, 44/F.,
COSCO Tower, 183 Queen’s Road Central, Hong Kong.
Holding Company:-
SourceCo France
SAS, France.
51711614
1412371
Managing
Director: Mr. Vincent Jean-Pierre
Destailleur
Nominal Share
Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share
Capital: HK$10,000.00
(As
per registry dated 18-01-2013)
|
Name |
|
No.
of shares |
|
SourceCo France SAS 1 Avenue Spinoza
77184, Emerainville, France. |
|
10,000 ===== |
(As
per registry dated 18-01-2013)
|
Name (Nationality) |
Address |
|
Herve Joseph
GIAOUI |
3, avenue Hoche, 75008 Paris, France. |
|
Regis Andre
SCHULTZ |
1 avenue Spinoza 77184 Emerainville,
France. |
|
Vincent
Jean-Pierre DESTAILLEUR |
1 avenue Spinoza 77184 Emerainville,
France. |
(As
per registry dated 03-03-2013)
|
Name |
Address |
Co.
No. |
|
China
Turbo Ltd. |
9/F., York House, The Landmark, 15 Queen’s Road, Central, Hong Kong. |
0672664 |
The
subject was incorporated on 18th January, 2010 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 furniture, etc.
Employees: Nil.
Commodities Imported: China, other Asian countries, etc.
Markets: Asian countries, France, Carribean countries, etc.
Terms/Sales: As per contracted.
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$10,000.00
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: Unknown
Commercial Morality: Satisfactory.
Banker: Bank of China (Hong Kong) Ltd., Hong Kong.
Standing: Small.
Having
issued 10,000 ordinary shares of HK$1.00 each, B.U.T. Sourcing Ltd. is wholly
owned by SourceCo France SAS which is a France-based firm.
The
subject does not have its own operating office.
Its registered office is in a commercial service firm located at “Unit
4405, 44/F., COSCO Tower, 183 Queen’s Road Central, Hong Kong” known as
“LPA Co. Ltd.” [LPA] which is handling its correspondences and documents. Your given phone number 852-2907 7882 belongs
to LPA.
The
subject has no employees in Hong Kong.
It main office is in Shenzhen Special Economic Zone, China. B.U.T. Sourcing is a member of the BUT Group.
B.U.T.
Sourcing is a Joint Venture between BUT and CAFOM. The BUT Group is the No. 2 in the French
market for home furniture sales, and CAFOM Group is the leading player in
French Island Market and On-line Furniture sales in France Mainland. B.U.T.
Sourcing will benefit from BUT’s purchasing volumes outside Europe and CAFOM’s
experience in direct‑sourcing from suppliers. CAFOM pioneered the direct-sourcing almost 25
years ago for its own stores, and has been supplying the worldwide furniture
& household customers through its international B2B website
directlowcost.com since 2008.
With
75% shares hold by BUT and 25% by CAFOM, B.U.T. Sourcing is based on two
central purchasing and logistics platforms: China (Shekou) and Brazil (Sao
Bento).
B.U.T.
Sourcing is responsible for all the sourcing activities outside Europe with a
target annual purchasing volume of around US$400 million.
Besides
the subject in Hong Kong and main office in Shenzhen, B.U.T. Sourcing has had
representative offices in Jakarta of Indonesia and Hochiminh City of Vietnam.
B.U.T.
Sourcing is led by Vincent Jean-Pierre Destailleur who is a Frechman had solid
experiences in marketing furniture in France and international market.
Shenzhen
B.U.T. Sourcing is located at Qianhaiwan Free Trade Port, Shenzhen Special
Economic Zone, China. The logistics
centre covers an area of 50,000 sq.m.
According to Shenzhen B.U.T. Sourcing, it is shipping more than 40,000
TEU annually to France and the Caribbean countries.
The
turnover of the subject’s holding company SourceCo France SAS amounted to EUR
1,540,341 in 2012.
The
subject’s business in Hong Kong is not active.
History in Hong Kong is over three 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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.28 |
|
|
1 |
Rs.84.23 |
|
Euro |
1 |
Rs.70.90 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIT |
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 |
|
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 |
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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 |
|
-- |
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.