|
Report Date : |
28.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
TEAM CROWN TRADING LTD. |
|
|
|
|
Registered Office : |
6 Fuk Wang Street, Yuen Long Industrial Estate, Yuen Long,
New Territories |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
30.05.1995 |
|
|
|
|
Com. Reg. No.: |
19891438 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Pharmaceutical product Trader of All kinds of pharmaceuticals, etc. |
|
|
|
|
No. of Employees : |
Approx. 12,000. |
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 |
|
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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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.
|
Source
: CIA |
TEAM CROWN TRADING
LTD.
6 Fuk Wang Street, Yuen Long Industrial Estate, Yuen Long,
New Territories, Hong Kong.
PHONE: 852-2687 1033
FAX: 852-2687 1031
E-MAIL: sales@tul.com.hk
tul03@tul.com.hk
Group Chairman & Managing Director:
Mr. Tsoi Hoi Shan
Incorporated on: 30th May, 1995.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category: Pharmaceutical
product Trader.
Group Turnover: HK$7,021,624,000 (Year ended 31-12-2012)
Group Employees: Approx. 12,000. (As at 31-12-2012)
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
TEAM CROWN TRADING
LTD.
Registered Head
Office:-
6 Fuk Wang Street, Yuen Long Industrial Estate, Yuen Long,
New Territories, Hong Kong.
Immediate Holding
Company:-
The United Laboratories (Hong Kong) Group Ltd., British Virgin Islands.
Penultimate
Holding Company:-
The United Laboratories (Hong Kong) Holding Ltd., British Virgin
Islands.
Ultimate Holding
Company:-
The United Laboratories International Holdings Ltd.,
Cayman Islands/Hong Kong.
Associated/Affiliated
Companies:-
United Laboratories Group of Companies
Bear World Ltd., Hong Kong.
Bowden Trading Ltd., Samoa.
Lynbond International Ltd., Hong Kong.
[Inactive]
Team Profit Management Ltd., Hong Kong.
The United Laboratories Ltd., Hong Kong.
United Laboratories (Chengdu) Co. Ltd., China.
United Laboratories (Inner Mongolia) Co. Ltd., China.
United Laboratories Kingly Capsule Co. Ltd., China.
Zhuhai United Laboratories (Zhongshan) Co. Ltd., China.
Zhuhai United Laboratories Co. Ltd., China.
etc.
19891438
0516233
Group Chairman & Managing Director:
Mr. Tsoi Hoi Shan
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 30-05-2012)
|
Name |
|
No. of shares |
|
The United Laboratories (Hong Kong) Group Ltd. P.O. Box 71, Craigmuir Chambers, Road Town, Tortola, British Virgin
Islands. |
|
10,000 ===== |
(As per registry dated 15-04-2013)
|
Name (Nationality) |
Address |
|
CHOY Siu Chit |
Flat B, 29/F., Block 7, Royal Ascot, 1 Tsun King Road, Fotan, Shatin,
New Territories, Hong Kong. |
|
NING Kwai Chun |
Flat F, 32/F., Block 7, Royal Ascot, 1 Tsun King Road, Fotan, Shatin,
New Territories, Hong Kong. |
|
TSOI Hoi Shan |
Flat E, 32/F., Block 7, Royal Ascot, 1 Tsun King Road, Fotan, Shatin,
New Territories, Hong Kong. |
(As per registry dated 30-05-2012)
|
Name |
Address |
|
LEUNG Wing Hon |
Flat D, 26/F., Tower 1, Central Park, 18 Hoi Ting Road, Tai Kok Tsui, Kowloon,
Hong Kong. |
The subject was incorporated on 30th May, 1995 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: Pharmaceutical
product Trader.
Lines: All
kinds of pharmaceuticals, etc.
Employees: Group
Employees: Approx. 12,000. (As at 31-12-2012)
Materials/Commodities: Imports raw materials from European countries,
some Asian countries and finished products from China.
Markets: Hong
Kong, China, Europe, Middle East, North America, Central & South America,
etc.
Group Turnover: HK$3,755,856,000 (Year ended 31-12-2008)
HK$4,643,177,000 (Year ended 31-12-2009)
HK$6,502,817,000 (Year ended 31-12-2010)
HK$6,405,039,000 (Year ended 31-12-2011)
HK$7,021,624,000 (Year ended 31-12-2012)
Terms/Sales: L/C
or as per contracted.
Terms/Buying: L/C, T/T, D/P, etc.
Nominal Share Capital: HK$10,000.00
(Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
Group Profit Attributable to Shareholders:-
HK$430,169,000 (Year ended 31-12-2008)
HK$541,443,000 (Year ended 31-12-2009)
HK$974,157,000 (Year ended 31-12-2010)
HK$104,273,000 (Year ended 31-12-2011)
HK$161,977,000 (Year ended 31-12-2012)
Profit or Loss: Business
is profitable.
Condition: Keeping in an active manner.
Facilities: Making very active use of
general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Bankers:-
The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Wing Lung Bank Ltd., Hong Kong.
Hang Seng Bank Ltd., Hong Kong.
Standing: Very Good.
Team Crown Trading Ltd. is a wholly-owned subsidiary of The United
Laboratories (Hong Kong) Group Ltd. which is a BVI-registered firm. The ultimate holding company of the subject
is The United Laboratories International Holdings Ltd. [ULIH] which was incorporated
in the Cayman Islands. ULIH’s shares
have been listed on The Stock Exchange of Hong Kong Ltd. bearing stock
code 3933 since 15th June, 2007.
ULIH is a limited company incorporated in the Cayman Islands. Its parent company is Heren Far East Limited,
a company incorporated in the British Virgin Islands and its ultimate holding
company is Gesell Holdings Limited, a company incorporated in the British
Virgin Islands. ULIH’s registered office
is located at Cricket Square, Hutchins Drive, P.O. Box 2681, Grand Cayman,
KY1-1111, Cayman Islands and its place of business is located at 6 Fuk Wang
Street, Yuen Long Industrial Estate, Yuen Long, New Territories, Hong Kong.
The subject is a member of United Laboratories Group. Its main factory is in Zhuhai Special
Economic Zone, China known as Zhuhai United Laboratories Co. Ltd. Your given phone number 86-756-7787979
belongs to this firm.
The Group is engaged in manufacturing and marketing pharmaceutical
products in Hong Kong and foreign countries.
The Group has large production bases to support its front-line sales
activities, including the finished products plant in Hong Kong, the finished
products plant in Zhongshan, the bulk medicine plant in Zhuhai, Kaiping Kingly
Capsules plant, intermediate products plant in Chengdu, and the comprehensive
integrated intermediate products plant in Inner Mongolia. These six bases, in co-operation with each
other, fully carry out the comprehensive integrated production model. All plants have been granted the national GMP
certifications and some of them have additionally obtained ISO 9001 and ISO
14001 certifications. Certain products
even have received certifications or acceptance of FDA from the United States,
COS from Europe and GMP from Japan, which enable them exporting to the enormous
overseas market.
The ULIH was ranked the fourteenth among the 2011 “Top 100 Enterprises
in Chinese Pharmaceutical Industry”.
During the year 2012, the Group’s turnover amounted to approximately
HK$7,021.6 million, an increase of approximately 9.6% over that of 2011. EBITDA
and profit before taxation were approximately HK$1,003.2 million and HK$248.3
million respectively, representing an increase of approximately 26.2% and 35.6%
over the same period in the previous year, respectively.
The profit attributable to owners of the ULIH was approximately HK$162.0
million, representing an increase of 55.3% over the same period in the previous
year.
For overseas sales, the Group endlessly expanded efforts in export
sales. In 2012, overseas offices in
Brazil, India, Dubai, Indonesia, and Germany commenced full operation, which
contributed to an increase of 23.7% in export sales, to HK$2,482.9
million. With the continuous increase in
demand for intermediate and bulk medicine from the overseas markets, as well as
the fact that our products being offered at highly reasonable prices have
successively received certifications from all over the world in recent years,
we are confident that our export sales will gradually increase and accordingly
contribute to the future growth of the Group.
For financial strategy, in order to cope to business development and
seize market opportunities, during the year, the Group optimized the financial
structure through different financing channels to ensure adequate working capital. The Group raised funds from a rights issue at
HK$2.21 per share in March 2012, with the proceeds used for expansion of the
Group’s production capacity and for general working capital purposes. The rights issue received overwhelming market
response, which proved that the shareholders support the Group’s overall
development strategy and appreciate our investment value. Furthermore, in the first half of 2012,
Zhuhai United Laboratories Co. Ltd., a wholly-owned subsidiary of the Group,
issued one-year corporate bonds with principal up to RMB600 million, the net
proceeds of which had been primarily used to purchase raw materials, market new
products, expand sales network, develop its business and repay bank loans.
As at 31st December 2012, the Group had approximately 12,000
(2011: 10,500) employees in Hong Kong and the PRC.
The subject is fully supported by the United Laboratories Group.
On the whole, consider the subject good for normal business engagements.
Brief Personal Profile of the subject’s director:-
Mr. Tsoi Hoi Shan, aged 35, is an executive director of ULIH and is
responsible for planning and managing the overall production at the
Hong Kong Yuen Long Plant. Mr. Tsoi
joined the Group in 2000 as a supervisor of the quality control department and
was responsible to supervise the production process at the Plant and ensure
that it is in compliance with the Good Manufacturing Practice. Mr. Tsoi
graduated from Tongji Medical University with a Bachelor degree in Medicine and
a Bachelor degree in Surgery in 1998.
Mr. Tsoi is the son of Mr. Choy Kam Lok, who passed away on 15th April,
2013, and the brother of Ms. Choy Siu Chit, who is a non-executive director of
the Company. Mr. Tsoi is one of the
discretionary objects of a discretionary trust established by the settlement
deed dated 7th February 2007 made between Mr. Choy Kam Lok (as settler)
and DBS Trustee H.K. (Jersey) Limited (as trustee).
Ms. Choy Siu Chit, aged 40, Ms. Choy joined the Group in 1990. She handle the drug master file submission
relating to the Group’s amoxicilln bulk medicine with the FDA pursuant to which
the Group became the holder of drug master file type II (no. DMF 15377)
relating to its amoxicillin bulk medicine in 2001. Ms. Choy also holds directorship in certain
subsidiaries of the company. She passed
the Private Equity investment Fund Advanced Class organized by the Beijing
University with distinction in 2010.
Ms. Choy is a director of Mighty Brokerage (Asia) Ltd. which
principally provides brokerage & securities trading services in Hong
Kong. She is the daughter of Mr. Choy
Kam Lok, an executive director & the Chairman of the company. and the
sister of Mr. Tsoi Hoi Shan, an executive director of the company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.61 |
|
|
1 |
Rs.84.18 |
|
Euro |
1 |
Rs.71.56 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.