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Report Date : |
30.07.2014 |
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 : |
· Engaged in trading All kinds of Pharmaceutical product subject is a member of United
Laboratories Group. |
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No of Employees : |
Group Employees Approximately 12,000 (As at 31-12-2013) |
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 : |
Good |
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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) |
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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 |
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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
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
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$7,648,443,000 (Year ended 31-12-2013)
Group Employees: Approx. 12,000. (As at 31-12-2013)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
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 (India) Private Ltd., India.
Zhuhai United Laboratories (Zhongshan) Co. Ltd., China.
Zhuhai United Laboratories Co. Ltd., China.
Zhuhai United Laboratories Europe Import & Export Europe GmbH, Germany.
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 30-05-2014)
|
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 30-05-2014)
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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. |
|
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
30-05-2014)
|
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: Trader.
Lines: All kinds of Pharmaceutical product
Group Employees: Approx. 12,000. (As at 31-12-2013)
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, etc.
Group Turnover: 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$7,648,443,000 (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$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$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$161,977,000 (Year ended 31-12-2012)
HK$ 48,037,000
(Year ended 31-12-2013)
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.
China
Development Bank Corporation, Hong Kong Branch.
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/Company/Group] 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.
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.
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.
For the year ended 31st December 2013, the Group’s turnover amounted to approximately HK$7,648.4 million, an increase of approximately 8.9% over that of 2012. EBITDA and profit before taxation were approximately HK$1,677.0 million and HK$901.3 million respectively, representing an increase of approximately 67.2% and 263.0% over the same period in the previous year, respectively. The profit attributable to owners of the Company was approximately HK$48.0 million, representing a decrease of 70.3% over the same period in the previous year.
The decrease is mainly due to (i) Decrease in gain on fair value change of embedded derivative components of convertible bonds as the Company repaid the convertible bonds substantially during the year; and (ii) impairment loss of production facilities located in Chengdu factory to consolidate it with the production in Inner Mongolia factory in order to enhance the scale of production, reduce the cost of production and enhance efficiency as a whole. Segmental turnover (including inter-segment sales) of intermediate products, bulk medicine and finished products increased by 18.5%, 7.4% and 17.5% respectively as compared with previous year. Segmental profit of bulk medicine decreased by 17.3% as compared with previous year. Segmental profit of intermediate products and finished products increased by 109.7% and 21.6% respectively as compared with previous year.
During the year of FY2013, the Group’s overseas sales increased from HK$2,482.9 million of previous year to HK$2,704.9 million, increased by 8.9% as compared with last year, which was mainly led by increase in sales in European and Southeast Asia markets. Since 2013, all pharmaceuticals imported into the EU must be produced in a plant which has obtained certification from the EU or GMP. The Group has obtained EU-CEP certification, US-FDA certification, Japan-GMP certification and official certification from Mexico.
As at 31st December 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.
REMARKS:
Brief Personal
Profile of the subject’s director:-
Mr. TSOI Hoi Shan, aged 36, is an executive director and the Chairman of ULIH. 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 Hong Kong Yuen Long 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 is the former Chairman of ULIH, and the brother of Ms. Choy Siu Chit, who is an executive director of ULIH 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 41, is an executive director of ULIH. 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 ULIH. 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, the former Chairman of ULIH, and the sister of Mr. Tsoi Hoi Shan, an executive director and Chairman of ULIH.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.60.10 |
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UK Pound |
1 |
Rs.102.04 |
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Euro |
1 |
Rs.80.74 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
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 |
-- |
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.