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Report Date : |
17.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
GE HEALTHCARE BIO-SCIENCES LTD. |
|
|
|
|
Registered Office : |
L12, Office Tower, Langham Place, 8 Argyle Street, Mongkok, Kowloon |
|
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Country : |
Hong Kong |
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Date of Incorporation : |
24.10.1975 |
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Com. Reg. No.: |
04672106 |
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|
|
|
Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of biotechnological and medical equipment. |
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No. of Employees : |
30. (Hong Kong) |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
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Payment Behaviour : |
Regular |
|
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 |
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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.
Source
: CIA
GE HEALTHCARE
BIO-SCIENCES LTD.
ADDRESS: L12, Office Tower, Langham
Place, 8 Argyle Street, Mongkok, Kowloon, Hong Kong.
PHONE: 852-2100 6300, 2100 6336
FAX: 852-2100 6338
E-MAIL: lifesciences@ge.com
Managing Director: Mr. Yu Tak Kin,
Duncan
Incorporated on: 24th
October, 1975.
Organization: Private
Limited Company.
Capital: Nominal: HK$1,000,000.00
Issued: HK$500,000.00
Business Category: Medical Equipment Trader.
Group Revenues:- (Year ended
31-12-2012)
US$147,359
million (Whole Group)
US$ 18,290 million (Healthcare Section)
Employees:
30. (Hong Kong)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Very
Good.
Registered Head Office:-
L12, Office Tower, Langham Place, 8 Argyle Street, Mongkok, Kowloon,
Hong Kong.
Holding Company:-
GE Medical Holding AB, Sweden.
Ultimate Holding Company:-
General Electric Company, USA.
Associated/Affiliated Companies:-
General Electric Group of Companies
Amersham Health Norge AS, Norway.
Amersham plc, UK & Northern Ireland.
Bently Nevada LLC, USA.
Cardinal Cogen Inc., USA.
Caribe GE International of Puerto Rico Inc., Puerto Rico.
Datex-Ohmeda Inc., USA.
GE Aviation Service Operation LLP, Singapore.
GE Aviation Systems Group Ltd., UK and Northern Ireland.
GE Aviation Systems North America Inc., USA.
GE Aviation U.K., UK & Northern Ireland.
GE Betz International Inc., USA.
GE Caledonian Ltd., UK & Northern Ireland.
GE Canada Co., Canada.
GE Capital Global Financial Holdings Inc., USA.
GE Capital UK Finance, UK & Northern Ireland.
GE Drives & Controls Inc., USA.
GE Druck Holdings Ltd., UK & Northern Ireland.
GE Energy Europe B.V., Netherlands.
GE Energy Holding SAS, France.
GE Energy Netherlands B.V., Netherlands.
GE Energy Parts Inc., USA.
GE Energy Products France SNC, France.
GE Energy Services LLC, USA.
GE Engine Services - Dallas LP, USA.
GE Engine Services Distribution LLC, USA.
GE Engine Services Inc., USA.
GE Engine Services UNC Holding I Inc., USA.
GE Europe Holdings LLC, USA.
GE Financial Assurance Holdings Inc., USA.
GE Financial Funding, Ireland.
GE Financial Ireland, Ireland.
GE Funding Finland Oy, Finland.
GE Gas Turbines (Greenville) LLC, USA.
GE Generators (Pensacola) LLC, USA.
GE Global Sourcing LLC, USA.
GE Healthcare AS, Norway.
GE Healthcare Bio-Sciences AB, Sweden.
GE Healthcare BUBA, Belgium.
GE Healthcare European Holdings SARL, Luxembourg.
GE Healthcare Finland Oy, Finland.
GE Healthcare Japan Corporation, Japan.
GE Healthcare Ltd., UK & Northern Ireland.
GE Healthcare Norge AS, Norway.
GE Healthcare USA Holding Inc., USA.
GE Holdings Luxembourg & Co. SARL, Luxembourg.
GE Hungary Co. Ltd., Hungary.
GE Infrastructure Aviation Ltd., UK & Northern Ireland.
GE Infrastructure Inc., USA.
GE Infrastructure Technology International LLC, USA.
GE Inspection & Repair Services Ltd., UK & Northern Ireland.
GE Intelligent Platforms Embedded Systems Inc., USA.
GE Intelligent Platforms Inc., USA.
GE Investments Inc., USA.
GE Ionics Inc., USA.
GE Jenbacher GmbH & Co. OHG, Austria.
GE Jenbacher GmbH, Austria.
GE Keppel Energy Services Pte. Ltd., Singapore.
GE Maintenance Services Inc., USA.
GE Medical Systems Global Technology Co. LLC, USA.
GE Medical Systems Inc., USA.
GE Medical Systems Information Technologies Inc., USA.
GE Medical Systems LLC, USA.
GE Medical Systems Societe en Commandite Simple, France.
GE Medical Systems Ultrasound & Primary Care Diagnostics LLC, USA.
GE Military Systems, USA.
GE Money Servicing Ltd., UK & Northern Ireland.
GE Osmonics Inc., USA.
GE Pacific Holding Pte. Ltd., Singapore.
GE Pacific Pte. Ltd., Singapore.
GE Packaged Power Inc., USA.
GE Packaged Power LP, USA.
GE Transportation Parts LLC, USA.
GE Transportation Systems Global Signaling LLC, USA.
GE UK Group Ltd., UK & Northern Ireland.
GE Water & Process Technologies Canada, Canada.
GE Wind Energy LLC, USA.
GEA Parts LLC, USA.
GEA Products LP, USA.
GEAE Technology Inc., USA.
GEFH AS, Norway.
GEH Holdings, UK & Northern Ireland.
GENE Holding LLC, USA.
General Electric (Bermuda) Ltd., Bermuda.
General Electric Canada Co., Canada.
General Electric Capital Corporation, USA.
General Electric Capital Services Inc., USA.
General Electric CGR Europe SAS, France.
General Electric Europe Holdings C.V., Netherlands.
General Electric Finance Holding GmbH, Germany.
General Electric Financing C.V., Netherlands.
General Electric Foreign Sales Corporation, Bahamas & Eleuthera
Island.
General Electric International (Benelux) BV, Netherlands.
General Electric International Inc., USA.
General Electric International Operations Co. Inc., USA.
General Electric Services (Bermuda) Ltd., Bermuda.
General Electric Services Luxembourg SARL, Luxembourg.
Granite Services Inc., USA.
IDX Systems Corporation, USA.
Mongram Licensing Inc., USA.
Mongram Licensing International Inc., USA.
MRA Systems Inc., USA.
NBC Universal Inc., USA.
Nuclear Fuel Holding Co. Inc., USA.
Nuovo Pignone Holding S.p.A., Italy.
Nuovo Pignone International SARL, Luxembourg.
Nuovo Pignone S.p.A., Italy.
OEC Medical Systems Inc., USA.
Panametrics Ltd., Bermuda.
Patent Licensing International Inc., USA.
PII Ltd., UK & Northern Ireland.
Reuter-Stokes Inc., USA.
Unison Industries LLC, USA.
Vetco Gray U.K. Ltd., UK & Northern Ireland.
Viceroy Inc., USA.
Vital Signs Holdings LLC, USA.
Whatman Ltd., UK & Northern Ireland.
etc.
04672106
0044590
Managing Director: Mr. Yu Tak
Kin, Duncan
Nominal Share Capital: HK$1,000,000.00 (Divided into 1,000,000 shares of
HK$1.00 each)
Issued Share Capital: HK$500,000.00
(As per registry dated 24-10-2012)
|
Name |
|
No. of shares |
|
GE Medical Holding AB SE-751, 84 Uppsala, Sweden. |
|
500,000 ====== |
(As per registry dated 24-10-2012)
|
Name (Nationality) |
Address |
|
Hiroko Watanabe |
7-3-8, Iriya Adachi-Ku, Tokyo 1210836, Tokyo, Japan. |
|
Yoshinori SADAI |
3-17-6 La Atre Jiyugaoka 105, Okusawa, Setagaya Tokya-To, 158-0083,
Japan. |
|
YU Tak Kin, Duncan |
Flat E, 25/F., Block 6, Metro City, 1 Wan Hang Road, Tseung Kwan O,
Kowloon, Hong Kong. |
(As per registry dated 24-10-2012)
|
Name |
Address |
Co. No. |
|
Secreco Ltd. |
8/F., Gloucester Tower, The Landmark, 15 Queen’s Road Central, Hong
Kong. |
0139490 |
The subject was incorporated on 24th October, 1975 as a private limited
liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of L K B Far East
Ltd., name changed to Pharmacia Far East Ltd. on 9th August, 1988; changed to
Pharmacia Biosystems Far East Ltd. on 2nd May, 1991; to Pharmacia Biotech Far
East Ltd. on 28th April, 1992; to Pharmacia Biotech Asia Pacific Ltd. on 13th
September, 1994; to Amersham Pharmacia Biotech Asia Pacific Ltd. on 14th
November, 1997; to Amersham Biosciences Ltd. on 12th November, 2001; and
further to the present style on 11th November, 2005.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: All
kinds of biotechnological and medical equipment.
Employees: 30. (Hong Kong)
Commodities Imported: Europe, US, etc.
Markets: Hong
Kong, China, other Asian countries, Europe, etc.
Group Revenues:-
|
FY |
Whole Group |
Healthcare
Section |
|
Year ended 31-12-2008 |
US$179,769 million |
US$17,392 million |
|
Year ended 31-12-2009 |
US$154,396 million |
US$16,015 million |
|
Year ended 31-12-2010 |
US$149,567 million |
US$16,897 million |
|
Year ended 31-12-2011 |
US$147,288 million |
US$18,083 million |
|
Year ended 31-12-2012 |
US$147,359 million |
US$18,290 million |
Terms/Sales:
L/C, T/T, etc.
Terms/Buying: L/C, T/T, etc.
Nominal Share Capital: HK$1,000,000.00 (Divided into 1,000,000 shares
of HK$1.00 each)
Issued Share Capital: HK$500,000.00
Group Net Earnings: US$17,410 million (Year
ended 31-12-2008)
US$11,025
million (Year ended 31-12-2009)
US$11,644
million (Year ended 31-12-2010)
US$14,151
million (Year ended 31-12-2011)
US$13,641
million (Year ended 31-12-2012)
Segment Result (Healthcare Section):-
US$2,851
million (Year ended 31-12-2008)
US$2,420 million (Year ended 31-12-2009)
US$2,741
million (Year ended 31-12-2010)
US$2,803
million (Year ended 31-12-2011)
US$2,920
million (Year ended 31-12-2012)
Profit or Loss: Business is profitable.
Condition:
Keeping in an
active manner.
Facilities: Making active use of general banking
facilities.
Payment:
Met trade
commitments as contracted.
Commercial Morality: Satisfactory.
Banker:
The Hongkong
& Shanghai Banking Corp. Ltd., Hong Kong.
Standing:
Very Good.
Having issued 500,000 ordinary shares of HK$1.00 each, GE Healthcare Bio‑Sciences
Ltd. is wholly owned by GE Medical Holding AB which is a Sweden-registered and
based firm.
The subject belongs to the GE Healthcare Unit of the Technology
Infrastructure Segment. It is trading in
all kinds of medical equipment and apparatus which are imported from worldwide
countries. Main customers are hospitals
in Hong Kong. Currently, the subject has
had technicians stationing at some of the large hospitals which are using its
products.
The ultimate holding company is General Electric Company [GE], a US‑based
and listed firm.
Headquartered in the United Kingdom, GE Healthcare is a over US$17
billion unit of GE (NYSE: GE).
Worldwide, GE Healthcare employs more than 46,000 people committed to
serving healthcare professionals and their patients in more than 100 countries.
Healthcare has expertise in medical imaging and information
technologies, medical diagnostics, patient monitoring systems, disease
research, drug discovery and biopharmaceutical manufacturing technologies. It is dedicated to predicting and detecting
disease earlier, monitoring its progress and informing physicians, and helping
physicians tailor treatment for patients.
Healthcare manufactures, sells and services a wide range of medical
equipment that helps provide a fast, non-invasive way for doctors to see broken
bones, diagnose trauma cases in the emergency room, view the heart and its
function, and identify early stages of cancers or brain disorders. With diagnostic imaging systems such as
Magnetic Resonance [MR], Computed Tomography [CT] and Positron Emission
Tomography [PET] scanners, X‑ray, nuclear imaging, digital mammography,
and Molecular Imaging technologies, Healthcare creates industry-leading products
that allow clinicians to see inside the human body more clearly than ever. In addition, Healthcare-manufactured
technologies include patient and resident monitoring, diagnostic cardiology,
ultrasound, bone densitometry, anesthesiology and oxygen therapy, and neonatal
and critical care devices. Medical
diagnostics and life sciences products include diagnostic imaging agents used
in medical scanning procedures, drug discovery, biopharmaceutical manufacturing
and purification, and tools for protein and cellular analysis for
pharmaceutical and academic research, including a pipeline of precision
molecular diagnostics in development for neurology, cardiology and oncology
applications. On 22nd December, 2010,
Healthcare acquired Clarient Inc., a leading company in the molecular
diagnostics sector.
Healthcare’s product services include remote diagnostic and repair
services for medical equipment manufactured by GE and by others, as well as
computerized data management, information technologies and customer productivity
services.
Healthcare competed with a variety of US and non-US manufacturers and
services operations. Products and
services are sold worldwide to hospitals, medical facilities, pharmaceutical
and biotechnology companies, and to the life science research market.
Healthcare’s products are subject to regulation by numerous government
agencies, including the US Food and Drug Administration [US FDA], as well as
various laws that apply to claims submitted under medicare, medicaid or other
government funded healthcare programs.
According to GE Healthcare, its revenues for the year of 2012 was
US$18.3 billion increased US$0.2 billion, or 1%, in 2012 due to higher volume
(US$0.8 billion) and other income (US$0.1 billion), partially offset by the
stronger US dollar (US$0.4 billion) and lower prices (US$0.3 billion). The revenue increase, driven by higher
equipment sales, is attributable to international markets, with the strongest
growth in emerging markets.
Segment profit of US$2.9 billion increased US$0.1 billion, or 4%, in
2012 reflecting increased productivity (US$0.4 billion), higher volume (US$0.1
billion) and other income (US$0.1 billion), partially offset by lower prices
($0.3 billion) and higher inflation (US$0.2
billion), primarily non-material related.
Healthcare revenues of US$18.1 billion increased US$1.2 billion, or 7%,
in 2011 due to higher volume (US$1.0 billion) and the weaker US dollar (US$0.4
billion), partially offset by lower prices (US$0.3 billion). The revenue increase was split between
equipment sales (US$0.7 billion) and services (US$0.5 billion). Revenue increased in the US and international
markets, with the strongest growth in emerging markets.
Segment profit of US$2.8 billion increased 2%, or US$0.1 billion, in
2011 reflecting increased productivity (US$0.3 billion), higher volume (US$0.2
billion) and the weaker U.S. dollar (US$0.1 billion), partially offset by lower
prices (US$0.3 billion) and higher inflation (US$0.1 billion), primarily non‑material
related.
Healthcare equipment orders increased 5% to US$11.1 billion in
2012. Total Healthcare backlog increased
15% to US$15.4 billion at 31st December, 2012, composed of equipment backlog of
US$4.5 billion and services backlog of US$10.9 billion. Comparable 31st December, 2011 equipment and
service order backlogs were US$3.9 billion and US$9.6 billion, respectively.
For the year ended 31st December, 2012, the sales of the Group amounted
to US$147.4 billion, increased by 0.1% as compared with US$147.3 billion in FY
2011; Group net earnings were US$13.6 billion, decreased by 4.2% as compared
with US$14.0 billion in FY 2011.
Currently, the subject has been providing medical technology, services,
and productivity solutions to customers in Hong Kong. Their products include networking and
productivity tools, clinical information systems, patient monitoring systems,
conventional and digital X-ray, computed and position emission tomography,
magnetic resonance, ultrasound and bone mineral densitometry, and nuclear
medicine.
The subject is fully supported by GE Healthcare and ultimately by GE.
The history of the subject in Hong Kong is over 37 years.
On the whole, consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.48 |
|
|
1 |
Rs.99.66 |
|
Euro |
1 |
Rs.83.49 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
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.