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Report Date : |
09.06.2014 |
IDENTIFICATION DETAILS
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Name : |
TEAM CROWN TRADING LTD. |
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Registered Office : |
6 Fuk Wang Street, Yuen Long Industrial Estate, Yuen Long,
New Territories |
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Country : |
Hong Kong |
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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 |
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No. of Employees : |
Approximately 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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
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Hong Kong |
A1 |
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 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.
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
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.
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 |
|
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 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. |
|
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)
|
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
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.20 |
|
|
1 |
Rs.99.52 |
|
Euro |
1 |
Rs.80.83 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
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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 |
|
<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.