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Report Date : |
28.08.2013 |
IDENTIFICATION DETAILS
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Name : |
BIONET-ASIA
LTD. |
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Registered Office : |
c/o Kaizen Secretaries Ltd. Room 2103, 21/F., Future Plaza, 111 How Ming Street, Kwun Tong, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
14.07.2011 |
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Com. Reg. No.: |
58677875 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer and Exporter of all kinds of vaccines
including trivalent and monovalent oral poliomyelitis, tetravalent DTP-HBV,
and pentavalent DTP-Hib-HBV, as well as vaccines for measles, diphtheria,
tetanus, tetanus toxoid, and Hepatitis |
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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
|
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 |
BIONET-ASIA LTD.
c/o Kaizen Secretaries Ltd.
Room 2103, 21/F., Future Plaza, 111 How Ming Street, Kwun Tong, Kowloon, Hong Kong.
PHONE: 852-2341 1444
FAX: 852-2341 1414
Managing Director: Mr. Pham Hong Thai
Incorporated on: 14th July, 2011.
Organization: Private Limited Company.
Capital: Nominal: HK$12,000.00
Issued: HK$12,000.00
Business Category: Vaccine Manufacturer and Exporter.
Employees: Nil.
Main Dealing Banker: United Overseas Bank Ltd., Hong Kong Branch.
Banking Relation: Satisfactory.
Registered
Office:-
c/o Kaizen Secretaries Ltd.
Room 2103, 21/F., Future Plaza, 111 How Ming Street, Kwun Tong, Kowloon, Hong Kong.
Associated
Companies:-
BioNet-Asia Co. Ltd., Thailand.
Biovalys Co. Ltd., Thailand.
58677875
1632793
Managing Director: Mr. Pham Hong Thai
Nominal Share Capital: HK$12,000.00 (Divided into 12,000 shares of HK$1.00 each)
Issued Share Capital: HK$12,000.00
(As per registry
dated 14-07-2013)
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Name |
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No.
of shares |
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Jean Ovide
Armand PETER |
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4,000 |
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PHAM Hong
Thai |
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4,000 |
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L Vitoon VONGHANGOO |
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4,000 |
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–––––– |
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Total: |
12,000 ===== |
(As per registry
dated 14-07-2013)
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Name (Nationality) |
Address |
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Vitoon
VONGHANGOOL |
209/1 Muangthong 2/2
Pattanakarn Road, Pravej, Bangkok 10250, Thailand. |
|
PHAM Hong Thai
|
51 Siam Penthouse Condominium,
F1, 10 #1003, Soi Sukhumvit Soi 8, Sukhumvit Road, Klongtoey, Bangkok 10110,
Thailand. |
(As per registry
dated 14-07-2013)
|
Name |
Address |
Co.
No. |
|
Kaizen Secretaries Ltd. |
Room 2103, 21/F., Future Plaza, 111 How Ming Street, Kwun
Tong, Hong Kong. |
0640440 |
The subject was incorporated on 14th July, 2011 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: Vaccine Manufacturer and Exporter.
Lines: All kinds of vaccines.
Employees: Nil.
Commodities Imported: Thailand, etc.
Markets: Asia, Europe, etc.
Terms/Sales: Various terms.
Terms/Buying: As per contracted.
Nominal Share Capital: HK$12,000.00 (Divided into 12,000 shares of HK$1.00 each)
Issued Share Capital: HK$12,000.00
Mortgage or Charge: (See attachment)
Profit or Loss: Too early to offer an opinion.
Condition: Business is under development.
Facilities: Making fairly active use of general banking facilities.
Payment: Unknown
Commercial Morality: Satisfactory
Banker: United Overseas Bank Ltd., Hong Kong Branch.
Standing: Small.
Having issued 12,000 ordinary shares of HK$1.00 each, BioNet-Asia Ltd. is equally owned by Jean Ovide Armand Peter, Pham Hong Thai, L Vitoon Vonghangoo. The second and third are also directors of the subject.
The subject does not have its own operating office. Its registered office is in a commercial service firm located at “Room 2103, 21/F., Future Plaza, 111 How Ming Street, Kwun Tong, Hong Kong” known as “Kaizen Secretaries Ltd.” which is handling its correspondences and documents. This company is also the corporate secretary of the subject.
The subject has no employees in Hong Kong. It has had an associated company BioNet-Asia Co. Ltd. [BioNet] which is a Thailand-based company.
BioNet is a biotech company based in Thailand. It focuses on the development and marketing of vaccines in the emerging countries.
BioNet has started to build up over the years, a unique and global vaccine‑focused Biotech Network composed of the followings:-
· Academics and scientists;
· International consultants;
· Vaccine distributors; &
· Vaccine manufacturers in emerging countries.
BioNet is now leveraging its expertise and networking to become a leading biotech company and partner in the development, manufacturing and supply of vaccines in the emerging countries.
Pham Hong Thai and L Vitoon Vonghangoo are CEOs of BioNet, while Jean Ovide Armand Peter is the Scientific Director.
BioNet offers various vaccines, including trivalent and monovalent oral poliomyelitis, tetravalent DTP-HBV, and pentavalent DTP-Hib-HBV, as well as vaccines for measles, diphtheria, tetanus, tetanus toxoid, and Hepatitis B. It also offers vaccines for endemic areas, such as Japanese encephalitis, rabies, typhoid, and yellow fever. In addition, it provides technical support in plant conceptual design, GMP, and development and manufacturing processes. Further, BioNet’s product pipeline includes Acellular Pertussis and Haemophilus influenzae type b vaccines. BioNet was founded in 2001 and is based in Bangkok, Thailand.
BioNet re-opens Vaccine Pilot Plant and expands manufacturing capabilities to meet ASEAN needs. It plans to invest Baht 8 billion during next 10 years.
BioNet will resume development activities on a recombinant acellular pertussis vaccine in its renovated pilot plant, and is starting the construction of a large-scale vaccine manufacturing plant in the Hi-Tech Industrial Estate, Ayutthaya, Thailand.
Fifteen months after the mega floods affecting Ayutthaya and its surroundings in October 2011, BioNet has re-opened its production plant that has been lifted by 3 meters and includes brand new cleanroom facilities.
BioNet also has well advanced on several other projects. Now, it has more than a hundred employees working on different vaccine research projects, either in collaboration with universities in Thailand or directly on its site. For example, the Dengue R&D building was completed in 2012, allowing the research activities to continue on other vaccines such as Dengue and Hepatitis B vaccines.
BioNet in January 2013 laid down the foundation stones of the largest vaccine manufacturing plant in Thailand. This major event was held in the presence of the Minister of Public Health, the Minister of Science and Technology and prominent academics and health experts from the Department of Disease Control, Department of Medical Science, Thai Food and Drug Administration, National Vaccine Institute (Public Organization), National Science and Technology Development Agency and Thai Red Cross Society.
Bio-Net has been working with several European consultants and world leading engineering companies to ensure the project feasibility and compliance of the vaccine manufacturing plant with WHO GMP and PIC/S standards.
While the construction of the vaccine plant is expected to be completed in 2015, BioNet plans to invest approximately 8 billion Baht over the next 10 years in plant construction, vaccine and human resource development.
The subject’s business in Hong Kong is not active. History in Hong Kong is over two 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.
|
Date |
Particulars |
Amount |
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18-01-2012 |
Instrument: Trade Finance Security Assignment Property: The Borrower as beneficial owner: (a) Assigns and agrees to assign absolutely to the Bank all the present and future rights, title, interests and benefits of the Borrower in and to the following assets: (i) Export Credits; (ii) Export Collection Bills; (iii) Sales Contracts; (iv) Invoice Receivables; (v) Insurances; (vi) Trade Documents; and (vii) all claims, remedies and proceeds in connection with any of the foregoing; and (b) Charges and agrees to charge to the Bank by way of first fixed charge all the present and future rights, title, interests and benefits of the Borrower in and to the following assets: (i) the Goods together with their proceeds; and (ii) the Deposit; and (c) Pledges & agrees to pledge to the Bank the Pledged Goods and the Trade Documents which are now or may in the future be in the Bank’s possession Mortgagee: United Overseas Bank Ltd., Hong Kong Branch. |
As security for the payment of all Secured Liabilities |
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.67 |
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UK Pound |
1 |
Rs.102.20 |
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Euro |
1 |
Rs.87.75 |
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.