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Report Date : |
16.10.2013 |
IDENTIFICATION DETAILS
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Name : |
BUCKTON
MINI CHEM. LTD. |
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Registered Office : |
c/o J-Son Secretaries Ltd. Room 705, 7/F., China Insurance Group Building, 141 Des Voeux Road Central. |
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Country : |
Hong Kong |
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Date of Incorporation : |
11.04.2005 |
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Com. Reg. No.: |
35514470 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Trader of Pharmacy, Food, Functional Drinks, Sports Nutrition, Dietary Supplement, Pet Food, Cosmetics, Chemicals, Personal Care Products such as botanical extracts |
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No. of Employees : |
no employees in Hong Kong (It is to
be noted that the company does not have its own operating office in Hong
Kong. The company uses the address of its secretariat as its correspondence
address only. Subject operates from some other country and does not have a
base in Hong Kong. Such companies are registered in Hong Kong just to tax
benefit purpose and due to the strict privacy laws prevailing in the country.
In such cases, the companies are not required to have any employees in Hong
Kong nor do have an office there.) |
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
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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Hong Kong |
A2 |
A2 |
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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 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.
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Source : CIA |
BUCKTON MINI CHEM. LTD.
Registered
Office:-
c/o J-Son Secretaries Ltd.
Room 705, 7/F., China Insurance Group Building, 141 Des Voeux Road Central, Hong Kong.
China Joint
Venture:-
Hubei Kangyuan Fine Chemicals Hi-Tech Ltd., China.
Associated
Companies:-
Alfa Andina S.A.C, Peru.
BMC Laboratories Ltd., China.
BMC Ltd., China.
Buckton Scott Deutschland GmbH, Germany.
Buckton Scott Ltd., Hong Kong. (In liquidation)
Buckton South America S.A.C, Peru.
Buckton USA Inc., US.
Sabal Health & Pharma Ltd., UK.
35514470
0962451
11th April, 2005.
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 11-04-2013)
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Name |
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No.
of shares |
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Jianqiao
MA |
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1 |
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Allen Joseph WILLIAMS |
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1 |
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– |
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Total: |
2 = |
(As per registry
dated 11-04-2013)
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Name (Nationality) |
Address |
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Allen Joseph
WILLIAMS |
Flat 12, Rochford Lofts,
Pollards Close, Rochford, Essex SS4 1GB, England. |
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Jianqiao MA |
64 Admirals Walk,
Shoeburyness, SS3 9HS, England. |
(As per registry
dated 11-04-2013)
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Name |
Address |
Co.
No. |
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J-Son Secretaries Ltd. |
Room 705, 7/F., China Insurance Group Building, 141 Des
Voeux Road Central, Hong Kong. |
0151014 |
Date of Charge Over Accounts: 01-08-2005
Amount: To secure all monies in respect of banking facilities owing at any time
plus interest and all expenses
Property: In consideration of the Bank agreeing to agrant or continuing to grant the
banking facilities
Mortgagee: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Buckton Mini Chem. Ltd. was incorporated on 11th April, 2005 as a private limited liability company under the Hong Kong Companies Ordinance.
The subject does not have its own operating office. Its registered office is in a commercial service firm located at “Room 705, 7/F., China Insurance Group Building, 141 Des Voeux Road Central, Hong Kong” known as “J-Son Secretaries Ltd.” which is handling its correspondences and documents. This firm is also the corporate secretary of the subject.
The subject has no employees in Hong Kong.
According to the Companies Registry of Hong Kong, the subject has issued just 2 ordinary shares of HK$1.00 each of which are equally owned by Mr. Jianqiao Ma, a China merchant, and Mr. Allen Joseph Williams. Both are UK passport holders and do not have the right to reside in Hong Kong permanently. They are also directors of the subject. Currently, both are residing in the United Kingdom.
The subject is a member of Buckton Scott Group.
Hubei Kangyuan Fine Chemicals Hi-Tech Ltd. [Kangyuan or known as BMC Ltd.] is a joint venture between Wuhan University and the subject. Established in 2007 and with a registered capital of RMB11 million Yuan, Kangyuan is a leading manufacturer of high impact synthetic aroma chemicals in China. Its main business involves creating aromatic chemicals, flavours, amino acids and custom synthesis for specific demand. There are over 300 aroma chemicals.
Kangyaun got ISO 9001:2008 certification in 2007.
The turnover of Kangyuan amounted to RMB100 million in 2012. According to its plan, it hopes to eventually achieve an annual turnover of at least RMB 300 million, and then move forward by looking for an IPO in around three to five years. This will take Kangyaun to another level and allow it to expand even further.
The Buckton Scott Group is a member of the Association of Companies involved in the Drugs and Chemicals Wholesale and Foreign Trade (Drogen- und Chemikalienverein e.V.).
The Group has been engaged in sourcing and supplying ingredients globally for over 30 years. With offices in Europe, Asia, North and South America, the Group aims to offer both global coverage and local insight – supporting a wide range of customers, large and small, with the products and services they need.
The Group is trading in the following
products:-
Pharmacy, Food, Functional Drinks, Sports Nutrition, Dietary Supplement, Pet Food, Cosmetics, Chemicals, Personal Care Products such as botanical extracts.
The Buckton Scott Group has had associated companies in the United Kingdom, the United States, Peru, China, etc.
It is likely that the China firm deals with foreign parties under the name of the subject and let foreign firms correspond with the subject’s registered address in Hong Kong. The China firm also exports commodities to foreign markets under the name of the subject and its registered address in Hong Kong.
The subject’s business in Hong Kong is not active. History in Hong Kong is over eight 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.
NOTE :
It is to be
noted that the company does not have its own operating office in Hong Kong. The
company uses the address of its secretariat as its correspondence address only.
Subject operates from some other country and does not have a base in Hong Kong.
Such companies are registered in Hong Kong just to tax benefit purpose and due
to the strict privacy laws prevailing in the country. In such cases, the
companies are not required to have any employees in Hong Kong nor do have an
office there.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.69 |
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|
1 |
Rs.98.59 |
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Euro |
1 |
Rs.83.67 |
INFORMATION DETAILS
|
Report
Prepared by : |
MNL |
RATING EXPLANATIONS
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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.