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MIRA
INFORM REPORT
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Report Date : |
16.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
SYNCO (H.K.) LTD. |
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Registered Office : |
Flat D, 3/F., Sunview Industrial Building, 3 On Yip
Street, Chai Wan |
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Country : |
Hong Kong |
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Date of Incorporation : |
09.10.1968 |
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Com. Reg. No.: |
2545054 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of Pharmaceutical
Products, Health Products, etc. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name of the company
SYNCO (H.K.) LTD.
ADDRESS
Flat D, 3/F., Sunview Industrial Building, 3 On Yip Street, Chai Wan, Hong Kong.
PHONE: 2556 0157
FAX: 2897 2582
E-MAIL: info@synco.com.hk
MANAGEMENT
Managing Director: Mr. Sum Kwong Yip, Derek
SUMMARY
Incorporated on: 9th October, 1968.
Organization: Private Limited Company.
Capital: Nominal: HK$1,000,000.00
Issued: HK$700,000.00
Business Category: Importer, Exporter and Wholesaler.
Annual Turnover: HK$55-60 million.
Employees: 60.
Main Dealing Bankers: Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.
Rabobank Nederland, Hong Kong Branch.
Banking Relation: Good.
ADDRESS
Registered Head
Office:-
Flat D, 3/F., Sunview Industrial Building, 3 On Yip Street, Chai Wan, Hong Kong.
Holding Company:-
Synco Pharma Holdings (BVI) Ltd., British Virgin Islands.
Ultimate Holding
Company:-
Vickmans Laboratories Ltd., Hong Kong.
BUSINESS REGISTRATION NUMBER
2545054
COMPANY FILE NUMBER
16123
MANAGEMENT
Managing Director: Mr. Sum Kwong Yip, Derek
CAPITAL
Nominal Share Capital: HK$1,000,000.00 (Divided into 10,000 shares of HK$100.00 each)
Issued Share Capital: HK$700,000.00
SHAREHOLDER
(As per registry
dated 09-10-2008)
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Name |
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No. of shares |
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Synco Pharma Holdings (BVI) Ltd. [Formerly known as Jacobson Medical Group Inc.] 263 Main Street, P.O. Box 2198, Road Town, Tortola, British Virgin Islands. |
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7,000 ==== |
DIRECTORS
(As per registry
dated 09-10-2008)
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Name (Nationality) |
Address |
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MAK Wah Lun, Valiant |
Flat F, 18/F., Yee Cheung Mansion, Lei King Wan, Hong Kong. |
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PUN Yue Wai |
Flat F, 15/F., Ellery Terrace, 38 Good Shepherd Street, Homantin, Kowloon, Hong Kong. |
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LAU Wing Hung |
26 Price Road, Jardine’s Lookout, Hong Kong. |
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SUM Kwong Yip, Derek |
Flat B, 7/F., Block 8, The Leighton Hill, 2B Broadwood Road, Hong Kong. |
SECRETARY
(As per registry
dated 09-10-2008)
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Name |
Address |
Co. No. |
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Shum Law Corporate Services Ltd. |
Room 1101, 11/F., Bank Centre, 630-636 Nathan Road, Mongkok, Kowloon, Hong Kong. |
209105 |
HISTORY
The subject was incorporated on 9th October, 1968 as a private limited liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Synco (H.K.) Ltd. name changed to San Jiu Synco Pharmaceutical Ltd. on 8th December, 1992; changed back to the old style of Synco (H.K.) Ltd. on 21st October, 1993.
Apart from these, neither material change nor amendment has been ever traced and noted.
OPERATIONS
Activities: Importer, Exporter and Wholesaler.
Lines: Pharmaceutical products, health products, etc.
Office Floor Space: 200 sq.m.
Employees: 60.
Commodities Imported: Imported from Europe, Southeast Asia, etc.
Markets: Hong Kong, Southeast Asia, USA, Europe, etc.
Annual Turnover: HK$55-60 million.
Terms/Sales: As per contracted.
Terms/Buying: L/C, T/T, etc.
FINANCIAL INFORMATION
Nominal Share Capital: HK$1,000,000.00 (Divided into 10,000 shares of HK$100.00 each)
Issued Share Capital: HK$700,000.00
Indebtedness: HK$16,822,000.00 (Total amount outstanding on all mortgages and charges as per last Annual Return dated 09-10-2008)
Mortgage or Charge: (See attachment)
Profit & Loss: Making a small profit.
Condition: Keeping in an active state.
Facilities: Making active use of general banking facilities.
Payment: So far so good.
Commercial Morality: Satisfactory.
Bankers:-
Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.
Rabobank Nederland, Hong Kong Branch.
ABN AMRO Bank N.V., Hong Kong Branch.
etc.
Standing: Normal.
GENERAL
Synco (H.K.) Ltd. is a wholly-owned subsidiary of Synco Pharma Holdings (BVI) Ltd. (formerly known as Jacobson Medical Group Inc.) which is a BVI-registered firm. The ultimate holding company of the subject is Vickmans Laboratories Ltd. [Vickmans], a Hong Kong-registered firm.
Formerly the subject was a subsidiary of Eu Yan Sang International Ltd. In May 2006, Vickmans agreed to acquire the subject from Eu Yan Sang with a total consideration of HK$40.0 million, of which HK$28.269 million was the consideration for the sale of shares, and HK$11.731 million was the consideration for the shareholder’s loan.
The subject is a “GMP” (Good Manufacturing Practice) pharmaceutical manufacturer dedicated to manufacturing, distribution and packaging of pharmaceuticals and nutritional supplements. It has got an extensive sales and distribution network throughout Asia. It also provides contract manufacturing, distribution and re-package services for pharmaceuticals and nutritional supplements.
Currently, the subject is manufacturing the following commodities and offering clients with the following services:-
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Product/Service |
Product/Service Remarks |
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Pharmaceutical and Medicine |
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Pharmaceutical Preparation |
In liquid format (Distributor) In liquid format (Manufacturer) |
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Vitamin |
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Tablet and Capsule – Pharmaceutical |
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Ointment – Pharmaceutical |
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The subject carries the following main brand name:-
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Brand Name |
Brand Product/Service |
Brand Remarks |
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Synco (Brand Owner) |
Ointment – Pharmaceutical |
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Tablet and Capsule – Pharmaceutical |
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Vitamin |
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Pharmaceutical Preparation |
In liquid format |
Established in 1953, Vickmans is now a key local GMP pharmaceutical manufacturer and supplier serving Hospital Authority, private practitioners and general trade outlets. For years Vickmans has committed to provide high value quality products and services to its customers.
The subject is able to obtain approval to ship products that originates from its facility into mainland China without being tarriffed.
The annual sales turnover of the subject ranges from HK$55 to 60 million. Making a small profit every year.
On the whole, in view of the subject’s parentage and background, consider it good for normal business engagements.
REMARKS
Court Cases: None per our.
Property information of the company:-
1. Property Location: Unit
Nos. A, B, C, D, E, F & G on 3/F. and Car Parking Space Nos. V2, V4 &
V18 on G/F., Sunview Industrial Building,
3 On Yip Street, Hong Kong.
Owner: Synco (H.K.) Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
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Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
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29-12-2006 |
- |
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
Mortgage to secure general banking facilities |
2. Property Location: Unit No. C on 2/F., Sunview Industrial Building, 3 On Yip Street, Hong Kong.
Owner: Synco (H.K.) Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
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Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
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18-06-2008 |
- |
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
Mortgage to secure general banking facilities |
MORTGAGE OR CHARGE
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Date |
Particulars |
Amount |
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29-12-2006 |
Instrument: Mortgage Property: 228/2,450th parts or shares of and in Section B of Chai Wan Inland Lot No. 30 (Unit Nos. A, B, C, D, E, F & G on 3/F. and Car Parking Space Nos. V2, V4 & V18 on G/F. of Sunview Industrial Building, 3 On Yip Street, Hong Kong.) Mortgagee: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
To secure all sums in respect of general banking facilities |
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18-06-2008 |
Instrument: Mortgage Property: 25/2,450th parts or shares of and in Section B of Chai Wan Inland Lot No. 30 (Unit No. C on 2/F. of Sunview Industrial Building, 3 On Yip Street, Hong Kong.) Mortgagee: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
As security for the Secured Indebtedness and the due fulfillment |
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.47.82 |
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UK Pound |
1 |
Rs.73.08 |
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Euro |
1 |
Rs.65.56 |
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)