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Report Date : |
05.11.2012 |
IDENTIFICATION DETAILS
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Name : |
PHARMTECH ( |
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Registered Office : |
6/F., Unit 1B, 1C, 2A & 2B-1, 5/F. and Unit 10 with 2 Store Rooms,
18/F., |
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Country : |
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Date of Incorporation : |
01.08.1986 |
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Com. Reg. No.: |
10492160 |
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Legal Form : |
Private limited company |
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Line of Business : |
Manufacturer, Importer and Exporter of all kinds of pharmaceuticals and healthcare products |
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No. of Employees : |
130 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No complaints |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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'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 7.8% of total system deposits in Hong Kong by the end of 2011,
an increase of over 59% since the beginning of the 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 28 million in 2011, 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 2011 mainland Chinese
companies constituted about 43% of the firms listed on the Hong Kong Stock
Exchange and accounted for about 56% 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.
Credit expansion and tight housing supply conditions caused Hong Kong property
prices to rise rapidly in 2010 and inflation to rise 5.3% in 2011. 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 |
PHARMTECH
(HONG KONG) LTD.
6/F., Unit 1B, 1C,
2A & 2B-1, 5/F. and Unit 10 with 2 Store Rooms, 18/F., Cheung Fung Industrial
Building, 23-39 Pak Tin Par Street, Tsuen Wan, New Territories,
Hong Kong.
PHONE: 2499 8886, 2499 8053,
2499 3336
FAX: 2499 0077, 2499 3377
E-MAIL: enquiry@pharmtech.com.hk
Managing
Director: Mr. Chung Wing Toa, Charles
Incorporated on: 1st August, 1986.
Organization: Private limited company
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category: Pharmaceutical Manufacturer and Trader.
Annual Turnover: HK$180~220 million.
Employees: 130.
Main Dealing Banker: Bank of China (Hong Kong) Ltd., Hong Kong.
Banking Relation: Good.
PHARMTECH
(HONG KONG) LTD.
Registered
Head Office:-
6/F., Unit 1B, 1C,
2A & 2B-1, 5/F. and Unit 10 with 2 Store Rooms, 18/F., Cheung Fung
Industrial Building, 23-39 Pak Tin Par Street, Tsuen Wan,
New Territories, Hong Kong.
Associated
Companies:-
Pharmtech Asia
Group Ltd., Hong Kong.
Pharmtech
Marketing Co., Hong Kong. (Same address)
10492160
0172630
Managing
Director: Mr. Chung Wing Toa, Charles
Director & Contact
Person: Ms. Li Kit Ching, Joanna
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 01-08-2012)
|
Name |
|
No.
of shares |
|
CHUNG
Wing Toa |
|
5,000 |
|
LI Kit Ching, Joanna |
|
5,000 |
|
|
|
–––––– |
|
|
Total: |
10,000 ===== |
(As per registry dated 01-08-2012)
|
Name (Nationality) |
Address |
|
CHUNG Wing Toa |
House No. 6, Bisney Garden, 25-27 Bisney
Road, Pokfulam, Hong Kong. |
|
LI Kit Ching,
Joanna |
Flat B, 7/F., Broadview Villa, 20
Broadwood Road, Happy Valley, Hong Kong. |
(As per registry dated 01-08-2012)
|
Name |
Address |
Co.
No. |
|
Heffer
Management Services Ltd. |
Room 804, 8/F., Eastern Commercial Centre, 397 Hennessy Road, Hong
Kong. |
0105708 |
The
subject was incorporated on 1st August, 1986 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: Manufacturer, Importer and Exporter.
Lines: All kinds of pharmaceuticals and healthcare products.
Employees: 130.
Raw Materials: Imported from Europe, China, other Asian countries, etc.
Markets: Hong Kong, other Asian countries, Australia, Europe, etc.
Annual Turnover: HK$180~220 million.
Terms/Sales: L/C or as per contracted.
Terms/Buying: As per contracted.
Federation of Hong Kong Industries, Hong Kong. [Member No. A3574]
The Cosmetic & Perfumery Association of Hong Kong Ltd., Hong Kong.
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
Indebtedness: HK$7,404,549.29 (Total amount outstanding on all mortgages and charges as per last Annual Return dated 01-08-2012)
Mortgage or Charge (since 2000): (See attachment)
Profit or Loss: Making a small profit every year.
Condition: Keeping in a satisfactory manner.
Facilities: Making rather active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Good.
Bankers:-
Bank of China (Hong Kong) Ltd., Hong Kong.
China Construction Bank (Asia) Corporation Ltd., Hong Kong.
Standing: Good.
Having
issued 10,000 ordinary shares of HK$1.00 each, Pharmtech (Hong Kong) Ltd.
is equally owned by Mr. Chung Wing Toa and Ms. Joanna Li Kit Ching. Being Hong Kong merchants, they are also
directors of the subject.
Ms.
Joanna Li Kit Ching is a licensed pharmacist who is experienced in
pharmaceuticals marketing and administration.
The
subject also offers clients with the following services:-
·
Contracted Manufacturing Services
·
Contracted Packaging Services
·
Laboratory Testing Services
·
Global Logistic Services
Since
1982, Pharmtech has been providing quality contract packaging and manufacturing
services to pharmaceutical, healthcare, skincare and Chinese medicine
customers. In addition, it is able to
provide full logistic and laboratory testing services to give its clients a
complete one stop service.
Under
the regulations of the UK-registered pharmacists, the subject’s packaging
workshops, manufacturing workshops and warehouses are temperature and humidity
controlled, fully segregated with individual HVAC units and are GMP certified
by the Hong Kong Department of Health and the Australian TGA. Besides, its testing laboratory is ISO 17025:
2005 certified.
The
subject is able to provide both primary and secondary packaging services to
meet the demands of its clients. Its
primary packaging services include Blister packing in both PVC/ALU blisters and
ALU/ALU blisters, bottle filling, capsule filling, sachet packing and liquid
and cream filling in bottles and tubes, etc.
Secondary packaging services include over wrapping, shrink wrapping,
cartoning, labelling, ink-jet and laser coding.
Its
logistic services can help its clients import, export, store and ship to any
destinations of the world.
The
subject carries the following products: pharmaceuticals, healthcare products,
cosmetics, toiletries, promotional packs, etc.
It is GMP licensed packers of pharmaceuticals under the supervision of
UK/HK Registered Pharmacist. It exports
is products to North America, Australia, Southeast Asia, Taiwan, China,
etc. It also markets its products in
Hong Kong.
The
subject is a Registered Licensed Wholesaler of Poisons in Hong Kong approved by
Pharmaceutical Service Department of Health, the Government of the Hong Kong
SAR.
The
annual sales turnover of the subject ranges from HK$180 to 220 million. Making a small profit every year.
According
to the subject, it still has had rooms to expand its business.
The
subject’s total amount outstanding registered with the Companies Registry as at
early August 2012 amounted to HK$7.4 million.
The
subject owns some of the premises at Cheung Fung Industrial Building, 23-39 Pak
Tin Par Street, Tsuen Wan, New Territories, Hong Kong.
As
the history of the subject is over twenty-six years in Hong Kong, on the whole,
consider it good for normal business engagements.
Property
information of the company:-
1. Property Location: Unit 2A on 6/F. and Car Park No. P26 on 1/F. of High Block,
Cheung Fung Industrial Building, 23-39 Pak Tin Par Street, Tsuen Wan,
New Territories, Hong Kong.
Owner: Pharmtech (Hong Kong) Ltd.
Date of
Purchase: n.a.
Purchased
Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount
Consideration |
Mortgagee |
Nature |
|
02-08-2004 |
- |
Bank of America (Asia) Ltd., Hong Kong. [Now known as China Construction Bank
(Asia) Corporation Ltd.] |
Mortgage to secure general banking facilities |
2. Property Location: Unit 3 on 14/F. of High Block, Cheung Fung Industrial
Building, 23-39 Pak Tin Par Street, Tsuen Wan, New Territories,
Hong Kong.
Owner: Pharmtech (Hong Kong) Ltd.
Date of
Purchase: n.a.
Purchased
Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount
Consideration |
Mortgagee |
Nature |
|
28-02-2008 |
- |
Bank of China (Hong Kong) Ltd., Hong Kong. |
Mortgage to secure general banking facilities |
3. Property Location: Unit 7 on 17/F. of High Block, Cheung Fung Industrial Building,
23-39 Pak Tin Par Street, Tsuen Wan, New Territories, Hong Kong.
Owner: Pharmtech (Hong Kong) Ltd.
Date of
Purchase: n.a.
Purchased
Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount
Consideration |
Mortgagee |
Nature |
|
18-04-2000 |
- |
Bank of America (Asia) Ltd., Hong Kong. [Now known as China Construction Bank
(Asia) Corporation Ltd.] |
Mortgage to secure general banking facilities |
(Since 2000)
|
Date |
Particulars |
Amount |
|
18-04-2000 |
Instrument: Mortgage Property: Firstly 2,110/905,336th parts or shares of
and in The Remaining Portion of Tsuen Wan Town Lot No. 313 and Secondly
2,110/779,537th parts or shares of and in High Block of Cheung Fung Industrial
Building (Unit 7 on 17/F. of High Block of Cheung Fung Industrial Building,
23-39 Pak Tin Par Street, Tsuen Wan, New Territories, Hong Kong.) Mortgagee: Bank
of America (Asia) Ltd., Hong Kong.
[Now known as China Construction Bank (Asia) Corporation Ltd.] |
To secure general banking facilities |
|
02-08-2004 |
Instrument: Mortgage Property: Firstly 10,213/905,336th parts or shares
of and in The Remaining Portion of Tsuen Wan Town Lot No. 313 and Secondly
10,213/779,537th parts or shares of and in High Block of Cheung Fung
Industrial Building (Unit 2A on 6/F. and Car Park No. P26 on 1/F. of High
Block of Cheung Fung Industrial Building, 23-39 Pak Tin Par Street, Tsuen
Wan, New Territories, Hong Kong.) Mortgagee: Bank
of America (Asia) Ltd., Hong Kong.
[Now known as China Construction Bank (Asia) Corporation Ltd.] |
General banking facilities |
|
28-02-2008 |
Instrument: Mortgage Property: 2,127/905,336th parts or shares of and in
The Remaining Portion of Tsuen Wan Town Lot No. 313 and 2,127/779,537th parts
or shares of and in High Block of Cheung Fung Industrial Building (Unit 3 on
14/F. of High Block of Cheung Fung Industrial Building, 23-39 Pak Tin Par
Street, Tsuen Wan, New Territories, Hong Kong.) Mortgagee: Bank
of China (Hong Kong) Ltd., Hong Kong. |
To secure all moneys in respect of general banking facilities |
|
05-11-2010 |
Instrument: Mortgage Property: 10,086/905,336th parts or shares of and in
the Remaining Portion of Tsuen Wan Town Lot No. 313 and 10,086/779,537th parts
or shares of and in the building erected thereon (Unit 2A on 5/F. of High
Block of Cheung Fung Industrial Building, 23-39 Pak Tin Par Street, Tsuen
Wan, New Territories, Hong Kong.) Mortgagee: China
Construction Bank (Asia) Corporation Ltd., Hong Kong. |
To secure “all moneys” in respect of general banking facilities and
interest |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.66 |
|
|
1 |
Rs.86.37 |
|
Euro |
1 |
Rs.69.24 |
INFORMATION DETAILS
|
Report Prepared
by : |
PRL |
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.