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Report Date : |
27.06.2013 |
IDENTIFICATION DETAILS
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Name : |
BIOLIGHT
MEDICAL DEVICES (HK)
LTD. |
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Formerly Known As : |
SyroLight Medical
Devices (HK) Ltd. |
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Registered Office : |
c/o Vercos Ltd. Room 206, 2/F., Alliance Building, 130-136 Connaught Road Central |
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Country : |
Hong Kong |
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Date of Incorporation : |
05.09.2012 |
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Com. Reg. No.: |
60318348 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of medical devices |
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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 : |
NB |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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---- |
NB |
New Business |
---- |
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Status : |
New business |
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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 |
BIOLIGHT MEDICAL DEVICES (HK) LTD.
c/o Vercos Ltd.
Room 206, 2/F., Alliance Building, 130-136 Connaught Road Central, Hong Kong.
PHONE: 852-2815 1118
FAX: 852-2854 1010
Managing Director: Mr. Yoav Barak
Incorporated on: 5th September, 2012.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000,000.00
Issued: HK$10.00
Business Category: Importer, Exporter and Wholesaler.
Employees: Nil.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered
Office:-
c/o Vercos Ltd.
Room 206, 2/F., Alliance Building, 130-136 Connaught Road Central, Hong Kong.
Associated
Companies:-
Halicot Ltd., Israel.
SyroLight Ltd., Israel.
60318348
1796051
Managing Director: Mr. Yoav Barak
Nominal Share Capital: HK$10,000,000.00 (Divided into 10,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$10.00
(As per registry
dated 05-09-2012)
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Name |
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No. of shares |
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Yoav BARAK |
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10 == |
(As per registry
dated 05-09-2012)
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Name (Nationality) |
Address |
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Yoav BARAK |
9/60, Hakfar Street,
Kiryat-Ono 55122, Israel. |
(As per registry
dated 05-09-2012)
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Name |
Address |
Co.
No. |
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Vercos Ltd. |
Room 206, 2/F., Alliance Building, 130‑136 Connaught
Road Central, Hong Kong. |
0110986 |
The subject was incorporated on 5th September, 2012 as a private limited liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of SyroLight Medical Devices (HK) Ltd., name changed to the present style on 2nd January, 2013.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Importer, Exporter and Wholesaler.
Lines: All kinds of medical devices.
Employees: Nil.
Commodities Imported: Europe, etc.
Markets: Hong Kong, the other Asian countries, etc.
Terms/Sales: As per contracted.
Terms/Buying: As per contracted.
Nominal Share Capital: HK$10,000,000.00 (Divided into 10,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$10.00
Profit or Loss: Too early to offer an opinion.
Condition: Business is under development.
Facilities: Making fairly active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Small.
Having issued 10 ordinary shares of HK$1.00 each, Biolight Medical Devices (HK) Ltd. is wholly owned by Mr. Yoav Barak who is an Israeli. He is an Israel passport holder and does not have the right to reside in Hong Kong permanently. He is also the only director of the subject.
The subject does not have its own operating office. Its registered office is in a commercial service firm located at “Room 206, 2/F., Alliance Building, 130-136 Connaught Road Central, Hong Kong” known as “Vercos Ltd.” [Vercos] which is handling its correspondences and documents. Vercos is also the corporate secretary of the subject. It is an associate of Tony Kwok Tung Ng & Co. which is an accountant firm located at the same address.
The subject has no employees in Hong Kong. It has had the following two associated companies in Israel: SyroLight Ltd. [SyroLight] and Halicot Ltd. [Halicot]. Both firms are engaged in manufacturing and marketing medical devices. The subject is trading in their products.
SyroLight is a leading manufacturer of phototherapeutic medical devices that harness the healing power of Low-Level Narrow Band (“LLNB”) red light. Its devices offer non-invasive, drug-free, side-effect-free treatment for hay fever, oral lesions, chronic pain and rheumatoid arthritis, acne and chronic wounds. These ailments have limited conventional treatments.
SyroLight’s safe, compact, effective, and affordable devices are based on the clinically proven fact that macrophages when exposed to 630 nm low level wavelengths, release factors which stimulate fibroblast proliferation and mediators of wound repair and inflammatory process healing. Aimed directly at the affected area of skin, the light (particularly 630 & 940 nm) penetrates painlessly and safely up to 1.5 cm into the soft cell tissue and so acts on the entire site of inflammation.
Halicot is a producer and exporter specializes in the needs of today’s health care consumers. It was founded in 2000 as the exporting extension of the expanding UPL company which was founded in the early 80’s.
Halicot is situated at the 12th Floor of the prestigious trade center (Textile building) which is located on the Tel Aviv Sea shore promenade.
Its products include BioStick Bionase and Biobeam which are manufactured according to ISO 9002 standards.
The subject is marketing the products of SyroLight and Halicot in Asian countries. Business is under development.
It is likely that the Israel firms deal with foreign parties under the name of the subject and let foreign firms correspond with the subject’s registered address in Hong Kong. The Israel firms 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 just over nine months.
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.59.85 |
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UK Pound |
1 |
Rs.92.31 |
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Euro |
1 |
Rs.78.23 |
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.