MIRA INFORM REPORT

 

 

Report Date :           

24.04.2012

 

IDENTIFICATION DETAILS

 

Name :

APT  PHARMA  LTD.

 

 

Formerly Known As :

Apotec Pharmaceutical Ltd

 

 

Registered Office :

3/F., 4/F. & Unit B, 6/F., Tai Fung Industrial Building, 61 Hung To Road, Kwun Tong, Kowloon

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

21.12.1990

 

 

Com. Reg. No.:

14304442

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Manufacturer and Exporter of all kinds of pharmaceutical preparations, tablets and capsules, etc.

 

 

No. of Employees :

65.  (Hong Kong)

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

US$400,000

 

 

Status :

Satisfactory

 

 

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

 

Company name

 

APT  PHARMA  LTD.

 

 

Company ADDRESS

 

3/F., 4/F., Unit B, 6/F. & Unit A, 12/F., Tai Fung Industrial Building, 61 Hung To Road, Kwun Tong, Kowloon, Hong Kong.

 

PHONE:            2389 6279,  2341 7878

FAX:                 2372 9990,  2341 7070

E-MAIL:            michael.ng@apt-pharma.com

 

 

MANAGEMENT

 

General Manager:  Mr. Sum Kwong Yip, Derek

 

 

SUMMARY

 

Incorporated on:             21st December, 1990.

 

Organization:                 Private Limited Company.

 

Capital:                         Nominal:           HK$8,750,000.00

Issued:              HK$8,750,000.00

 

Business Category:        Pharmaceutical Trader.

 

Employees:                   65.  (Hong Kong)

 

Main Dealing Banker:     Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.

 

Banking Relation:           Good.

 

Credit Border Line:      Good for credit of US$400,000 or less.

Company ADDRESS

 

Registered Head Office:-

3/F., 4/F. & Unit B, 6/F., Tai Fung Industrial Building, 61 Hung To Road, Kwun Tong, Kowloon, Hong Kong.

 

Branch Office:-

Unit A, 12/F., Tai Fung Industrial Building, 61 Hung To Road, Kwun Tong, Kowloon, Hong Kong.

 

China Factory:-

APT Pharma (China) Ltd., China.

 

Holding Company:-

APT Interpharma (BVI) Ltd., British Virgin Islands.

[Formerly known as Jacobson Medical International Holdings Ltd.]

 

Associated/Affiliated Companies:-

·         Europharm Laboratoires Co. Ltd., Hong Kong.

·         Frankin Pharmaceutical Laboratories Co. Ltd., Hong Kong.

·         Jacobson Group Management Ltd., Hong Kong.

·         Jacobson Medical (Hong Kong) Ltd., Hong Kong.

·         Jacobson Pharma (China) Ltd., Hong Kong.

·         Jean-Marie Pharmacal Co. Ltd., Hong Kong.

·         Sino Wealth (Far East) Ltd., Hong Kong.
[Formerly known as Jacobson Medical Co. Ltd.]

·         Synco (H.K.) Ltd., Hong Kong.

·         Synco Pharma Holdings (BVI) Ltd., British Virgin Islands.

·         Vickmans International Holdings Ltd., British Virgin Islands.

·         Vickmans Laboratories Ltd., Hong Kong.

 

 

BUSINESS REGISTRATION NUMBER

 

14304442

 

 

COMPANY FILE NUMBER

 

0294627

 

 

MANAGEMENT

 

General Manager:  Mr. Sum Kwong Yip, Derek

 

CAPITAL

 

Nominal Share Capital: HK$8,750,000.00 (Divided into 8,750,000 shares of HK$1.00 each)

 

Issued Share Capital:     HK$8,750,000.00

 

 

SHAREHOLDER

(As per registry dated 21-12-2011)

 

Name

 

No. of shares

APT Interpharma (BVI) Ltd.

[Formerly known as Jacobson Medical International Holdings Ltd.]

263 Main Street, P.O. Box 2196, Road Town, Tortola, British Virgin Islands.

 

8,750,000

=======

 

 

DIRECTOR

(As per registry dated 21-12-2011)

 

Name

Address

Ample Wise Nation Ltd.

263, Main Street, P.O. Box 2196, Road Town, Tortola, British Virgin Islands.

 

 

SECRETARY

(As per registry dated 21-12-2011)

 

Name

Address

Co. No.

Shum Law Corporate Services Ltd.

Room 1101, 11/F., Wing Lung Bank Centre,
630-636 Nathan Road, Mongkok, Kowloon, Hong Kong.

0209105

 

 

HISTORY

 

The subject was incorporated on 21st December, 1990 as a private limited liability company under the Hong Kong Companies Ordinance.

Originally the subject was registered under the name of Niceth International Ltd., name changed to Apotec International Co. Ltd. on 28th March, 1991; changed to Merck Apotec Ltd. on 16th June, 1999; to Merck Pharmaceutical Ltd. on 14th May, 2003; to Apotec Pharmaceutical Ltd. on 19th January, 2005 and further the present style on 26th July, 2006.

Apart from these, neither material change nor amendment has been ever traced and noted.

 

 

OPERATIONS

 

Activities:                      Manufacturer and Exporter.

 

Lines:                           All kinds of pharmaceutical preparations, tablets and capsules, etc.

 

Employees:                   65.  (Hong Kong)

240.  (China)

 

Commodities Imported:   India, Europe, etc.

 

Markets:                       Hong Kong, other Asian countries, Southeast Asia, etc.

 

Terms/Sales:                 COD or as per contracted.

 

Terms/Buying:               L/C, T/T, D/P, etc.

 

GOVERNMENT CONTRACTS AWARDED SINCE 1990:

Date

GN No.

Tender Board – Department

Amount

25-02-2000

GN1206

Government Supplies Dept.

HK$9,024,000

27-12-2002

GN8570

Government Supplies Dept.

HK$437,400

28-02-2003

GN1376

Government Supplies Dept.

HK$2,131,500

25-07-2003

GN5080

Government Supplies Dept.

HK$421,200

26-03-2004

GN2097

Government Logistics Dept.

HK$9,900,000

26-03-2004

GN2097

Government Logistics Dept.

HK$285,750

30-04-2004

GN2833

Government Logistics Dept.

HK$3,420,000

30-04-2004

GN2833

Government Logistics Dept.

HK$844,750

30-04-2004

GN2833

Government Logistics Dept.

HK$674,700

30-07-2004

GN4942

Government Logistics Dept.

HK$1,662,500

31-12-2004

GN8446

Government Logistics Dept.

HK$607,000

29-04-2005

GN2066

Government Logistics Dept.

HK$7,750,000

27-05-2005

GN2517

Government Logistics Dept.

HK$11,200,000

25-11-2005

GN6203

Government Logistics Dept.

HK$738,150

30-12-2005

GN7013

Government Logistics Dept.

HK$219,950

24-02-2006

GN1282

Government Logistics Dept.

HK$711,000

28-04-2006

GN2700

Government Logistics Dept.

HK$1,220,803

28-04-2006

GN2700

Government Logistics Dept.

HK$1,744,400

28-07-2006

GN4724

Government Logistics Dept.

HK$494,100

29-09-2006

GN6327

Government Logistics Dept.

HK$439,350

29-09-2006

GN6327

Government Logistics Dept.

HK$2,296,000

29-09-2006

GN6327

Government Logistics Dept.

HK$3,168,205

 

 

FINANCIAL INFORMATION

 

Nominal Share Capital:   HK$8,750,000.00 (Divided into 8,750,000 shares of HK$1.00 each)

 

Issued Share Capital:     HK$8,750,000.00

 

Indebtedness:                HK$25,200,000.00  (Total amount outstanding on all mortgages and charges as per last

Annual Return dated 21-12-2011)

 

Mortgage or Charge

(since 2012):                 (See attachment)

 

Profit or Loss:                Business is profitable.

 

Condition:                      Keeping in an active and good condition.

 

Facilities:                      Making active use of general banking facilities.

 

Payment:                      Met trade commitments on time.

 

Commercial Morality:     Satisfactory.

 

Bankers:-

·         Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.

·         Hang Seng Bank Ltd., Hong Kong.

·         The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

 

Standing:  Good.

 

GENERAL

 

APT Pharma Ltd. is a wholly-owned subsidiary of APT Interpharma (BVI) Ltd. which is a BVI-registered firm.

The subject is a pharmaceutical preparation, tablet and capsule manufacturer and trader.  Currently, the subject is manufacturing the following commodities and offering clients with the following services:-

Product/Service

Product/Service Remarks

Pharmaceutical and Medicine

 

Pharmaceutical Preparation

Syrup and suspension – pharmaceutical

Tablet and Capsule – Pharmaceutical

Gelatin/sugar coated/foilpack

Ointment – Pharmaceutical

 

 

The subject’s manufacturing plant is in Hong Kong.  Besides the Hong Kong plant, the subject has had a factory in China.

The subject’s factory in China is known as APT Pharma (China) Ltd. [China APT] which is in Zhongshan City, Guangdong Province, China.  With a registered capital of RMB80 million Yuan, China APT is employing about 240 persons.  The total investment of China APT was about RMB120 million Yuan.  About 90% of the pharmaceuticals are marketed in Hong Kong and exported to Southeast Asia.

The subject is closely related to Merck which is a Germany-based pharmaceutical firm.  In June 1999, Merck acquired 60% stake of China APT from the subject by making an investment of over HK$80 million.

So far, Merck has been a large business partner of the subject.

The followings are the main products of the subject which has been registered with the Hong Kong SAR Government:-

·         Enalapril Maleate Tab 10 mg

·         Enalapril Maleate Tab 20 mg

·         Enalapril Maleate Tab 5 mg

The following firms are the main associated companies of the subject:-

Europharm Laboratories Co. Ltd. [Europharm]

Frankin Pharmaceutical Laboratories Co. Ltd.

Jacobson Medical (Hong Kong) Ltd. [Jacobson]

Jean-Marie Pharmacal Co. Ltd.

Vickmans Laboratories Ltd.

Europharm was founded in July 1986.  It is the largest drug supplier in Hong Kong in terms of volume.  Europharm now has more than 100 employees, who are responsible for production, quality control, quality assurance, sales and marketing, engineering and administration respectively.  In its manufacturing plant, Europharm has clean rooms for production, thermo-regulated warehouse and a series of laboratories.  All facilities are planned and designed by the Hong Kong Institute of Biotechnology [HKIB].

Mr. Derek Sum Kwong Yip, aged 48, is a qualified pharmacist from the United Kingdom and currently holds the qualifications of B. Pharm (Hons) and MRPS (UK).  Mr. Sum has had extensive experience in the healthcare industry and has previously held a number of senior management positions with various multi-national corporations.  He is the Managing Director of Jacobson.  He has a 15% stake in this company.  Sum is also the CEO of Europharm.

Europharm is one of the main pharmaceutical suppliers of Hong Kong Hospital Authority [HKHA] which is administering all the hospitals in Hong Kong.  Every year, HKHA purchases pharmaceuticals by calling for bids.  Usually Europharm is able to get about 20% of the contracted value offered by HKHA.

The subject’s total amount outstanding registered with the Companies Registry as at late December 2011 amounted to HK$25.2 million.

The subject has been a significant pharmaceutical company.  History in Hong Kong is over twenty-one years and three months.

On the whole, consider it good for normal business engagements.

 

REMARKS:

 

Property information of the company:-

1.     Property Location:       3/F., Tai Fung Industrial Building, 61 Hung To Road, Kowloon, Hong Kong.

Owner:     APT Pharma Ltd.

Date of Purchase:  n.a.

Purchased Price:  n.a.

Incumbrances:-

Date of Mortgage

Amount Consideration

Mortgagee

Nature

07-10-2005

-

Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.

Mortgage to secure general banking facilities

 

2.     Property Location:       Unit A (including Flat Roof appurtenant thereto) on 4/F.,
Tai Fung Industrial Building, 61 Hung To Road, Kowloon, Hong Kong.

Owner:     APT Pharma Ltd.

Date of Purchase:  n.a.

Purchased Price:  n.a.

Incumbrances:-

Date of Mortgage

Amount Consideration

Mortgagee

Nature

28-10-2008

-

Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.

Mortgage to secure general banking facilities granted to Europharm Laboratoires Co. Ltd., Jacobson Medical (Hong Kong) Ltd., Vickmans Laboratories Ltd., APT Pharma Ltd. and Synco (H.K.) Ltd.

 

3.     Property Location:       Unit A on 6/F., Tai Fung Industrial Building, 61 Hung To Road, Kowloon, Hong Kong.

Owner:     APT Pharma Ltd.

Date of Purchase:  n.a.

Purchased Price:  n.a.

Incumbrances:-

Date of Mortgage

Amount Consideration

Mortgagee

Nature

28-10-2010

-

The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

Mortgage to secure general banking facilities

 

4.     Property Location:       Unit A & B on 10/F., Tai Fung Industrial Building,
61 Hung To Road, Kowloon, Hong Kong.

Owner:     APT Pharma Ltd.

Date of Purchase:  n.a.

Purchased Price:  n.a.

Incumbrances:-

Date of Mortgage

Amount Consideration

Mortgagee

Nature

31-07-2009

-

Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.

Mortgage to secure general banking facilities granted to Europharm Laboratoires Co. Ltd., Jacobson Medical (Hong Kong) Ltd., Vickmans Laboratories Ltd., APT Pharma Ltd. and Synco (H.K.) Ltd.

 

5.     Property Location:       Car Parking Space No. P3 on G/F., Tai Fung Industrial Building,
61 Hung To Road, Kowloon, Hong Kong.

Owner:     APT Pharma Ltd.

Date of Purchase:  n.a.

Purchased Price:  n.a.

Incumbrances:-

Date of Mortgage

Amount Consideration

Mortgagee

Nature

23-12-2005

-

Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.

Mortgage to secure general banking facilities

MORTGAGE OR CHARGE

(Since 2012)

 

Date

Particulars

Amount

22-02-2012

Instrument:      Assignment of Life Insurance

Property:

Property Charged: (i) all the Assignor’s claims, options, privileges, right, title, interest and benefit in and under the Insurance; and (ii) all the Assignor’s claims and rights against the issuer of the Policy (No. 28004677) in respect of the Policy upon the terms

Mortgagee:      The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

Secured Monies

22-02-2012

Instrument:      Assignment of Life Insurance

Property:

Property Charged: (i) all the Assignor’s claims, options, privileges, right, title, interest and benefit in and under the Insurance; and (ii) all the Assignor’s claims and rights against the issuer of the Policy (No. 28004674) in respect of the Policy upon the terms

Mortgagee:      The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

Secured Monies

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.52.23

UK Pound

1

Rs.84.16

Euro

1

Rs.68.84

 

 

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%)

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.