|
Report Date : |
06.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
TEKTRADE LTD. |
|
|
|
|
Registered Office : |
c/o Cyber State Ltd. Room 806, 8/F., Empress Plaza, 17-19 Chatham Road South, Tsimshatsui, Kowloon |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
09.06.2000 |
|
|
|
|
Com. Reg. No.: |
31036725 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Engaged in trading pharmaceuticals, fine chemicals and
intermediates |
|
|
|
|
No of Employees : |
no
employees in Hong Kong (It is to be noted that
the company does not have its own operating office in Hong Kong. The company
uses the address of its secretariat as its correspondence address only. Subject
operates from some other country and does not have a base in Hong Kong. Such
companies are registered in Hong Kong just to tax benefit purpose and due to
the strict privacy laws prevailing in the country. In such cases, the
companies are not required to have any employees in Hong Kong nor do have an
office there.) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
No Operating Office in Hong Kong
|
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
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) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
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 |
TEKTRADE LTD.
Registered
Office:-
c/o Cyber State Ltd.
Room 806, 8/F., Empress Plaza, 17-19 Chatham Road South, Tsimshatsui, Kowloon, Hong Kong.
Associated
Companies:-
Glopec International Inc., Canada.
Glopec International (India) Pvt. Ltd., China.
31036725
0719692
9th June, 2000.
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 09-06-2013)
|
Name |
|
No.
of shares |
|
Harcharan
SINGH |
|
9,500 |
|
Poonam SINGH |
|
500 |
|
|
|
–––––– |
|
|
Total: |
10,000 ===== |
(As per registry
dated 09-06-2013)
|
Name (Nationality) |
Address |
|
Harcharan
SINGH |
10 Waterloo Court, Thornhill
Ontario, L3T 6L9, Canada. |
|
Cyber State Ltd. |
Room 806, 8/F., Empress Plaza,
17-19 Chatham Road South, Tsimshatsui, Kowloon, Hong Kong |
(As per registry
dated 09-06-2013)
|
Name |
Address |
Co.
No. |
|
Cyber State Ltd. |
Room 806, 8/F., Empress Plaza, 17‑19 Chatham
Road South, Tsimshatsui, Kowloon, Hong Kong. |
0722723 |
Tektrade Ltd. was incorporated on 9th June, 2000 as a private limited liability company under the Hong Kong Companies Ordinance.
The subject does not have its own operating office. Its registered office is in a commercial service firm located at “Room 806, 8/F., Empress Plaza, 17‑19 Chatham Road South, Tsimshatsui, Kowloon, Hong Kong” known as “Cyber State Ltd.” [Cyber State] which is handling its correspondences and documents. It is also the corporate secretary of the subject. Cyber State is an associated company of MGM Accounting & Secretarial Co. which is also located at the above-mentioned address.
The subject has no employees in Hong Kong.
According to the Companies Registry of Hong Kong, the subject has issued 10,000 ordinary shares of HK$1.00 each of which 95% are owned by Mr. Harcharan Singh and 5% are owned by Mr. Poonam Singh, both are India merchants. Harcharan Singh and Cyber State are directors of the subject. Now, Harcharan Singh is a Canada passport holder and currently residing in Ontario, Canada.
The subject is trading in pharmaceuticals, fine chemicals and intermediates. The subject has had an associated company Glopec International Inc. [Glopec] which is in Canada.
Glopec is a professional distribution and investment organization, with a wide global network, specialized in the following market segments:
Active Pharmaceutical Ingredients Pharma Intermediates / Custom synthesis / Contract Research OTC / Neutraceutical Ingredients
Glopec is the exclusive representative of several globally competitive manufacturers of pharmaceutical raw materials and intermediates. Many of the sourcing sites have been approved by FDA, the United States and over 35 of the products have valid Canadian / US / European DMF numbers. Glopec has been in business for over fifteen years and has its warehousing facility in Toronto, Canada from where delivery is made against order/contracts to customers in North America.
Glopec has made a commitment to provide: Reliable consistent sourcing Globally competitive pricing First to market with APIs for generic industry Strategic confidential associations/partnerships for sourcing of APIs and Generic Pharmaceutical Products.
Glopec is located at 10 Waterloo Court Thornhill, Ontario, Canada L3T 6L9.
The following companies are some the subject’s business partners: Wanbury Ltd., Nicholas Piramal India Ltd., etc. Both are India companies.
The subject’s business in Hong Kong is not active. History in Hong Kong is over thirteen years.
Since the subject does not have its own operating office and has no employees in Hong Kong, consider it good for business engagements on L/C basis.
NOTE :
It is to be noted that the
company does not have its own operating office in Hong Kong. The company uses
the address of its secretariat as its correspondence address only. Subject
operates from some other country and does not have a base in Hong Kong. Such
companies are registered in Hong Kong just to tax benefit purpose and due to
the strict privacy laws prevailing in the country. In such cases, the companies
are not required to have any employees in Hong Kong nor do have an office
there.
REMARKS:
Brief personal
profile of the director of the subject:
Mr. Harcharan Singh, Harry has been Advisor of Unichem Laboratories Ltd. since August 2012. Mr. Singh served as Chief Executive of Pharma at Unichem Laboratories Ltd. from 24th March, 2009 to 6th August, 2012. Mr. Singh founded Glopec International Inc. in 1989 and serves as its President and Chief Executive Officer, an asset trading company specializing in pharmaceutical active ingredients, fine chemicals and intermediates and custom synthesis. From 1987 to 1989, Mr. Singh served as Director, Cyanamid India, and later in area operations at Lederle International Division. From 1980 to 1987, he served as General Manager and Chief Executive Officer of Tata Pharma. From 1972 to 1980, he worked in various positions at Warner Lambert Co. Mr. Singh served as a Consultant to Synovics Pharmaceuticals, Inc. He has been Director of Synovics Pharmaceuticals, Inc. since May 2008. He serves as Director of St. Michael’s Hospital. He holds a B. Tech. from the India Institute of Technology, Madras, and an MBA from the Indian Institute of Management, Ahmedabad.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.05 |
|
|
1 |
Rs.101.32 |
|
Euro |
1 |
Rs.83.34 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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 |
|
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.