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Report Date : |
20.08.2014 |
IDENTIFICATION DETAILS
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Name : |
GRIFOLS (HK) LTD. |
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Registered Office : |
Room 1506, 15/F., DCH Commercial Centre, |
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Country : |
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Date of Incorporation : |
11.08.1994 |
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Com. Reg. No.: |
18484531 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Chemical & Pharmaceutical Trader |
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No. of Employees : |
15 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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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 01, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 has no tariffs on imported goods, and it levies excise duties on
only four commodities, whether imported or produced locally: 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, its continued reliance on foreign
trade and investment leaves it vulnerable to renewed global financial market
volatility or a slowdown in the global economy. 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 12% of total system
deposits in Hong Kong by the end of 2013. 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 total trade 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. Credit expansion and tight housing supply conditions have
caused Hong Kong property prices to rise rapidly; consumer prices increased by
more than 4% in 2013. 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. In 2013, Hong Kong and China signed new agreements under the Closer
Economic Partnership Agreement, adopted in 2003 to forge closer ties between
Hong Kong and the mainland. The new measures, effective from January 2014,
cover services and trade facilitation, and will improve access to the
mainland's service sector for Hong Kong-based companies
|
Source
: CIA |
GRIFOLS (HK) LTD.
ADDRESS:
Room 1506, 15/F.,
DCH Commercial Centre, 25 Westlands Road, Quarry Bay, Hong Kong.
PHONE: 852-2161 3100
FAX: Not available.
Managing
Director: Mr. Ramon Riera Roca
Incorporated on: 11th August, 1994.
Organization: Private Limited Company.
Capital: Nominal: HK$400,000,000.00
Issued: HK$400,000,000.00
Business Category: Chemical & Pharmaceutical Trader.
Group Net Revenue: EUR 2,741.7 million (Year ended 31-12-2013)
Employees: 15.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Good.
GRIFOLS (HK) LTD.
ADDRESS:
Registered
Head Office:-
Room 1506, 15/F.,
DCH Commercial Centre, 25 Westlands Road, Quarry Bay, Hong Kong.
Holding
Company:-
Novartis Pharma
AG, Switzerland.
Intermedicate
Holding Company:-
G-C Diagnostics
Corp., US.
Ultimate
Holding Company:-
Grifols S. A.,
Spain.
18484531
0488737
Managing
Director: Mr. Ramon Riera Roca
Nominal Share Capital: HK$400,000,000.00 (Divided into 400,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$400,000,000.00
(As
per registry dated 13-12-2013)
|
Name |
|
No.
of shares |
|
Novartis Pharma AG Lichtstrasse 35,
CH-4056, Basel, Switzerland. |
|
400,000,000 ========= |
(As
per registry dated 09-01-2014)
|
Name (Nationality) |
Address |
|
Ramon RIERA ROCA |
Calle Angel Guimera 24-26, Atico 1a 08170,
Barcelona, Spain. |
|
Alfredo
ARROYO GUERRA |
2 Grafton 31-33, Merrion Road, Dublin 4,
Ireland. |
|
Montserrat
LLOVERAS CALVO |
Calle Cavallers 71, 4o 1a, 08034
Barcelona, Spain. |
(As
per registry dated 03-09-2013)
|
Name |
Address |
Co.
No. |
|
Tricor
Strath Ltd. |
Level 54, Hopewell Centre, 183 Queen’s Road East, Hong Kong. |
0004873 |
The
subject was incorporated on 11th August, 1994 as a private limited liability
company under the Hong Kong Companies Ordinance.
Originally
the subject was registered under the name of Opossum Ltd., name changed to
Chiron Diagnostics Ltd. on 16th May, 1996; changed to Chiron Ltd. on 12th
April, 1999; to Novartis Vaccines and Diagnostics (HK) Ltd. on 29th September,
2009; to G-C Diagnostics (HK) Ltd. on 30th January, 2014; to Grifols-Chiron
Diagnostics (H.K.) Ltd. on 7th February, 2014, and changed to the present style
on 20th March, 2014.
Apart
from these, neither material change nor amendment has been ever traced and
noted.
Activities: Chemical & Pharmaceutical Trader.
Lines: All kinds of chemicals and pharmaceuticals.
Employees: 15.
Commodities Imported: India, Europe, etc.
Markets: Asian countries, Europe, North America, etc.
Group Net Revenue: EUR 913.2 million (Year ended 31-12-2009)
EUR 909.7 million (Year ended 31-12-2010)
EUR 1,795.6 million (Year ended 31-12-2011)
EUR 2,620.9 million (Year ended 31-12-2012)
EUR 2,741.7 million (Year ended 31-12-2013)
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, D/P, etc.
Nominal Share Capital: HK$400,000,000.00 (Divided into 400,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$400,000,000.00
Mortgage or Charge:-
Date: 27-06-2014
Description of Instrument:Assignment of Receivables and Charge Over Proceeds - Specific Arrangement
Mortgagee: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Group Profit Attributable to Shareholders:-
EUR 148.0 million (Year ended 31-12-2009)
EUR 115.5 million (Year ended 31-12-2010)
EUR 50.0 million (Year ended 31-12-2011)
EUR 256.7 million (Year ended 31-12-2012)
EUR 345.6 million (Year ended 31-12-2013)
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: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Good.
Grifols
(HK) Ltd. is a wholly-owned subsidiary of G-C Diagnostics Corp., a US-based
company. The ultimate holding company
Grifols S. A. [Grifols], is a Spain-based company. It is also a listed company in Spain.
The
subject is engaged in the same lines of business as Grifols.
Grifols
was founded in 1940 in Barcelona, Spain by Dr. José Antonio Grifols i Roig, a
specialist and pioneer in blood transfusions and clinical analysis and the
grandfather of its current Chairman of the Board. It has been making and selling plasma
derivative products for more than 70 years.
Over the last 25 years, it has grown from a predominantly domestic
Spanish company into a global company by expanding both organically and through
acquisitions throughout Europe, the United States, Latin America and Asia.
It
was incorporated in Spain as a limited liability company on 22nd June, 1987
under the name Grupo Grifols, S.A., and it changed its name to Grifols, S.A. in
2005. It conducts business under the
commercial name “Grifols.” Its principal
executive office is located at Avinguda de la Generalitat, 152 Parque
Empresarial Can Sant Joan, 08174 Sant Cugat del Vallès, Barcelona, Spain and
its telephone number is +34 93 571 0500.
Its registered office is located at c/Jesús y María, 6, Barcelona,
Spain.
It
is a vertically integrated global producer of plasma derivatives. Its activities include sourcing raw material,
manufacturing various plasma derivative products and selling and distributing
final products to healthcare providers.
It has 150 FDA-licensed plasma collection centers located across the
United States.
Its
Class A shares have been listed on the Spanish Stock Exchanges since it
completed its initial public offering on 17th May, 2006 and are quoted on the
Spanish Automated Quotation System under the ticker symbol “GRF.” In January 2008, it became part of the
IBEX-35 Index, which comprises the top 35 listed Spanish companies by liquidity
and market capitalization. Its Class B
shares were issued as part of the consideration for the Talecris acquisition
and were listed on the Spanish Stock Exchanges on 2nd June, 2011 and quoted on
the Spanish Automated Quotation System under the ticker symbol “GRF.P.” Its Class B shares are also traded in the
U.S. on the NASDAQ Global Select Market in the form of ADSs, evidenced by ADRs,
under the symbol “GRFS.” Each ADS
represents one of its Class B shares.
Its ADSs are currently traded in U.S. dollars. In November 2011, its ADSs were added to the
NASDAQ Biotechnology Index.
On
10th November, 2013, Grifols entered into a share and asset agreement to
acquire Novartis’ diagnostic business.
The Novartis Diagnostic Business (as defined herein) was part of
Novartis’s Vaccines & Diagnostics Division, which was established following
Novartis’s 2006 acquisition of Chiron Corporation.
Grifols
acquired from Novartis Vaccines and Diagnostics, Inc., or NVD, a complete line of
products and systems to perform blood donor screening molecular tests aimed at
detecting the pathogenic agents of transfusion‑related infectious
diseases such as HIV, hepatitis B, hepatitis C, and West Nile Virus. Under the Novartis Agreement (as defined
herein), it acquired (and, with respect to certain intellectual property
rights, it acquired co-ownership) from NVD and its affiliates substantially all
of the assets and certain specified liabilities that were exclusively or
primarily used in connection with the following businesses, collectively, the
Novartis Diagnostic Business:
·
the research, development,
manufacture and commercialization of nucleic acid tests, or NAT, (instruments,
assays and services) to screen human donated blood and blood products,
including blood intended for autologous use, for blood-borne pathogens such as
HIV, HBV, HCV and West Nile Virus, or the NAT Business;
·
the business of generating royalty
revenue from licenses in connection with the NAT Business;
·
the research, development,
manufacture and commercialization of immunoassay antigens and antibodies to
screen human donated blood and blood products, including blood intended for
autologous use (but not for immunotherapeutic purposes), for use in the
detection of hepatitis, retroviruses and peptides for the purpose of clinical
diagnostics, or the Immunoassay Business; &
·
the business of commercializing
automatic and semi-automatic analyzers for processing blood-typing cards using
gel agglutination technology manufactured by Grifols, or the Immunohematology
Business.
In
addition, it acquired all of the issued and outstanding equity interests of
Novartis Vaccines and Diagnostics (HK) Limited, a subsidiary of Novartis
organized under the laws of Hong Kong that is engaged in the Novartis
Diagnostic Business.
For
the year ended 31st December, 2013, the net revenue of the Group amounted to
EUR 2,741.7 million (2012: EUR 2,620.9 million); Group profit attributable to
shareholders was EUR 345.6 million (2012: EUR 256.7 million).
The
subject is fully supported by Grifols.
On
the whole, in view of the background of the subject, consider it good for
normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.73 |
|
|
1 |
Rs.101.48 |
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Euro |
1 |
Rs.81.04 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
PDT |
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.