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Report Date : |
02.01.2014 |
IDENTIFICATION DETAILS
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Name : |
TEAM CROWN TRADING LTD. |
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Registered Office : |
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Country : |
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Date of Incorporation : |
30.05.1995 |
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Com. Reg. No.: |
19891438 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Trader of all kinds of Pharmaceutical Product |
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No. of Employees : |
Approx. 12,000. (As at
30-06-2013) (Group Employees) |
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 – September 30, 2013
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Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
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Hong Kong |
A2 |
A1 |
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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 reovery 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.
ADDRESS: 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 30-06-2013)
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.
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 30-05-2013)
|
Name |
|
No. of shares |
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The United Laboratories (Hong Kong) Group Ltd. P.O. Box 71, Craigmuir Chambers, Road Town, Tortola, British Virgin
Islands. |
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10,000 ===== |
(As per registry dated 30-05-2013)
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Name (Nationality) |
Address |
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CHOY Siu Chit |
Flat B, 29/F., Block 7, Royal Ascot, 1 Tsun King Road, Fotan, Shatin,
New Territories, Hong Kong. |
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NING Kwai Chun |
Flat F, 32/F., Block 7, Royal Ascot, 1 Tsun King Road, Fotan, Shatin,
New Territories, Hong Kong. |
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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 30-05-2013)
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Name |
Address |
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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
Group Employees: Approx. 12,000. (As at 30-06-2013)
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
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)
HK$3,745,899,000 (6 months ended 30-06-2013)
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C,
T/T, D/P.
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$161,977,000 (Year ended 31-12-2012)
HK$ 42,992,000
(6 months ended 30-06-2013)
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.
Hang Seng Bank
Ltd., Hong Kong.
Wing Lung 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 the six months ended 30th June 2013, the Group’s revenue was
slightly increased by 2.7% to HK$3,745.9 million as compared with the same
period in the preceding year of HK$3,646.5 million. The Group’s profit for the period
attributable to shareholders was approximately HK$43.0 million (2012: HK$169.1
million), representing a decrease of 74.6%, as compared with the same period in
the preceding year. Segmental turnover
(including inter-segment sales) of bulk medicine and finished products were
increased by 1.7% and 13.6% respectively, and segmental turnover of
intermediate products was decreased by 6.1% for the six months ended 30th June
2013, as compared with the same period in preceding year. Segmental profit of bulk medicine and
finished products increased by 281.7% and 6.1% respectively and segmental
profit of intermediate products decreased by 99.0% during the period.
On 15th April 2013, founder and former Chairman of the Group Mr. Choy
Kam Lok passed away. On 16th April 2013,
Mr. Tsoi Hoi Shan, the son of Mr. Choy Kam Lok and an executive director of the
Company, took over the position of Chairman of the Group.
Looking forward to the second half of the year, the medical reforms in
China will continue to evolve. The PRC
government has announced that it will continue to allocate resources to support
the pharmaceutical sector, especially the domestic industry leaders. The Group is confident that, with such
policies, it will take a more favourable position in the market, driving its
business to the next level. The number
of drugs covered in the latest National Essential Medicine Catalogue has
increased to 520 drugs, of which 317 drugs are chemical/biological drugs.
As at 30th June 2013, the Group had approximately 12,000 (31st December
2012: 12,000) members of employees in Hong Kong and Mainland China.
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
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.61.93 |
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|
1 |
Rs.102.39 |
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Euro |
1 |
Rs.85.12 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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 |
|
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 |
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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.