MIRA
INFORM REPORT
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Report Date : |
16.09.2014 |
IDENTIFICATION DETAILS
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Name : |
GE HEALTHCARE BIO-SCIENCES LTD. |
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Registered Office : |
L12, |
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Country : |
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Date of Incorporation : |
24.10.1975 |
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Com. Reg. No.: |
04672106 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of
biotechnological and medical equipment. |
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No. of Employees : |
30 |
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
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Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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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 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 |
Company name
GE
HEALTHCARE BIO-SCIENCES LTD.
Company ADDRESS
L12, Office Tower,
Langham Place, 8 Argyle Street, Mongkok, Kowloon, Hong Kong.
PHONE: 852-2100 6300, 2100 6336
FAX: 852-2100 6338
E-MAIL: lifesciences@ge.com
MANAGEMENT
Managing
Director: Mr. Yoshinori Sadai
SUMMARY
Incorporated on: 24th October, 1975.
Organization: Private Limited Company.
Capital: Nominal: HK$1,000,000.00
Issued: HK$500,000.00
Business Category: Medical Equipment Trader.
Group Revenues:- (Year ended 31-12-2013)
US$146,045 million (Whole Group)
US$ 18,200 million (Healthcare Section)
Employees: 30. (Hong Kong)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Very Good.
Company name
GE
HEALTHCARE BIO-SCIENCES LTD.
Company ADDRESS
Registered Head Office:-
L12, Office Tower, Langham Place, 8 Argyle Street, Mongkok, Kowloon, Hong Kong.
Holding Company:-
GE Healthcare Bio-Science AB, Sweden.
Ultimate Holding Company:-
General Electric Company, USA.
Associated/Affiliated Companies:-
General Electric Group of Companies
Amersham Health Norge AS, Norway.
Bently Nevada Inc., USA.
Calma Co., USA.
Cardinal Cogen Inc., USA.
Caribe GE International of Puerto Rico Inc., Puerto Rico.
Datex-Ohmeda Inc., USA.
Dresser Inc., USA.
Druck Incorporated, USA.
GE Aviation Service Operation LLP, Singapore.
GE Aviation Systems Group Ltd., UK and Northern Ireland.
GE Aviation Systems North America Inc., USA.
GE Aviation U.K., UK & Northern Ireland.
GE Betz International Inc., USA.
GE Caledonian Ltd., UK & Northern Ireland.
GE Capital Global Financial Holdings Inc., USA.
GE Capital UK Finance, UK & Northern Ireland.
GE Drives & Controls Inc., USA.
GE Druck Holdings Ltd., UK & Northern Ireland.
GE Energy (USA) LLC, USA.
GE Energy Europe B.V., Netherlands.
GE Energy Netherlands B.V., Netherlands.
GE Energy Parts Inc., USA.
GE Energy Power Conversion Group SAS, France.
GE Energy Products France SNC, France.
GE Energy Services Inc., USA.
GE Engine Services - Dallas LP, USA.
GE Engine Services Distribution LLC, USA.
GE Engine Services LLC, USA.
GE Engine Services UNC Holding I Inc., USA.
GE Europe Holdings LLC, USA.
GE Financial Assurance Holdings Inc., USA.
GE Financial Funding, Ireland.
GE Financial Ireland, Ireland.
GE Gas Turbines (Greenville) LLC, USA.
GE Generators (Pensacola) LLC, USA.
GE Global Sourcing LLC, USA.
GE Healthcare AS, Norway.
GE Healthcare BVBA, Belgium.
GE Healthcare European Holdings SARL, Luxembourg.
GE Healthcare Finland Oy, Finland.
GE Healthcare Japan Corporation, Japan.
GE Healthcare Ltd., UK & Northern Ireland.
GE Healthcare Norge AS, Norway.
GE Healthcare USA Holding Inc., USA.
GE Holdings Luxembourg & Co. SARL, Luxembourg.
GE Hungary Kft., Hungary.
GE Infrastructure Aviation Ltd., UK & Northern Ireland.
GE Infrastructure Inc., USA.
GE Infrastructure Technology International LLC, USA.
GE Inspection & Repair Services Ltd., UK & Northern Ireland.
GE Intelligent Platforms Embedded Systems Inc., USA.
GE Intelligent Platforms Inc., USA.
GE Investments Inc., USA.
GE Ionics Inc., USA.
GE Italia Holding S.p.A., Italy.
GE Jenbacher GmbH & Co. OG, Austria.
GE Keppel Energy Services Pte. Ltd., Singapore.
GE Maintenance Services Inc., USA.
GE Media Holdings Inc., USA.
GE Medical Systems Global Technology Co. LLC, USA.
GE Medical Systems Inc., USA.
GE Medical Systems Information Technologies Inc., USA.
GE Medical Systems LLC, USA.
GE Medical Systems Societe en Commandite Simple, France.
GE Medical Systems Ultrasound & Primary Care Diagnostics LLC, USA.
GE Military Systems, USA.
GE Oil & Gas UK Ltd., UK & Northern Ireland.
GE Osmonics Inc., USA.
GE Pacific Holding Pte. Ltd., Singapore.
GE Pacific Pte. Ltd., Singapore.
GE Packaged Power Inc., USA.
GE Packaged Power LP, USA.
GE Transportation Parts LLC, USA.
GE Transportation Systems Global Signaling LLC, USA.
GE UK Group Ltd., UK & Northern Ireland.
GE Water & Process Technologies Canada, Canada.
GE Wind Energy LLC, USA.
GEA Parts LLC, USA.
GEA Products LP, USA.
GEAE Technology Inc., USA.
GEFH AS, Norway.
GEH Holdings, UK & Northern Ireland.
GENE Holding LLC, USA.
General Electric (Bermuda) Ltd., Bermuda.
General Electric Canada Co., Canada.
General Electric Capital Corporation, USA.
General Electric CGR Europe SAS, France.
General Electric Europe Holdings C.V., Netherlands.
General Electric Finance Holding GmbH, Germany.
General Electric Financing C.V., Netherlands.
General Electric Foreign Sales Corporation, Bahamas & Eleuthera Island.
General Electric International (Benelux) BV, Netherlands.
General Electric International Inc., USA.
General Electric International Operations Co. Inc., USA.
General Electric Services (Bermuda) Ltd., Bermuda.
General Electric Services Luxembourg SARL, Luxembourg.
Granite Services Inc., USA.
IDX Systems Corporation, USA.
Mongram Licensing Inc., USA.
Mongram Licensing International Inc., USA.
MRA Systems Inc., USA.
Nuclear Fuel Holding Co. Inc., USA.
Nuovo Pignone International SARL, Luxembourg.
Nuovo Pignone S.p.A., Italy.
Nuovo Pignone S.p.A., Italy.
OEC Medical Systems Inc., USA.
Panametrics Ltd., Bermuda.
Patent Licensing International Inc., USA.
PII Ltd., UK & Northern Ireland.
Reuter-Stokes Inc., USA.
Unison Industries LLC, USA.
Viceroy Inc., USA.
Whatman Ltd., UK & Northern Ireland.
BUSINESS REGISTRATION NUMBER
04672106
COMPANY FILE NUMBER
0044590
MANAGEMENT
Managing
Director: Mr. Yoshinori Sadai
CAPITAL
Nominal Share
Capital: HK$1,000,000.00 (Divided into 1,000,000 shares of HK$1.00 each)
Issued Share
Capital: HK$500,000.00
SHAREHOLDER
(As
per registry dated 24-10-2013)
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Name |
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No.
of shares |
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GE Healthcare Bio-Sciences AB SE-751, 84
Uppsala, Sweden. |
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500,000 ====== |
DIRECTORS
(As
per registry dated 04-02-2014)
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Name (Nationality) |
Address |
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Hiroko
Watanabe |
7-3-8, Iriya Adachi-Ku, Tokyo 1210836,
Tokyo, Japan. |
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Yoshinori
SADAI |
3-17-6 La Atre Jiyugaoka 105, Okusawa,
Setagaya Tokya-To, 158-0083, Japan. |
SECRETARY
(As
per registry dated 24-10-2013)
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Name |
Address |
Co.
No. |
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Secreco
Ltd. |
8/F., Gloucester Tower, The Landmark, 15 Queen’s Road Central, Hong
Kong. |
0139490 |
HISTORY
The
subject was incorporated on 24th October, 1975 as a private limited liability
company under the Hong Kong Companies Ordinance.
Originally
the subject was registered under the name of L K B Far East Ltd., name changed
to Pharmacia Far East Ltd. on 9th August, 1988; changed to Pharmacia Biosystems
Far East Ltd. on 2nd May, 1991; to Pharmacia Biotech Far East Ltd. on 28th
April, 1992; to Pharmacia Biotech Asia Pacific Ltd. on 13th September, 1994; to
Amersham Pharmacia Biotech Asia Pacific Ltd. on 14th November, 1997; to
Amersham Biosciences Ltd. on 12th November, 2001; and further to the present
style on 11th November, 2005.
Apart
from these, neither material change nor amendment has been ever traced and
noted.
OPERATIONS
Activities: Importer, Exporter and Wholesaler.
Lines: All kinds of biotechnological and medical equipment.
Employees: 30. (Hong Kong)
Commodities Imported: Europe, US, etc.
Markets: Hong Kong, China, other Asian countries, Europe, etc.
Group Revenues:-
|
FY |
Whole
Group |
Healthcare
Section |
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Year ended 31-12-2009 |
US$153,686
million* |
US$16,015
million |
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Year ended 31-12-2010 |
US$148,875
million* |
US$16,897
million |
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Year ended 31-12-2011 |
US$146,542
million* |
US$18,083
million |
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Year ended 31-12-2012 |
US$146,684
million* |
US$18,290
million |
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Year ended 31-12-2013 |
US$146,045
million |
US$18,200
million |
* Restated
Terms/Sales: L/C,
T/T, etc.
Terms/Buying: L/C,
T/T, etc.
FINANCIAL INFORMATION
Nominal Share Capital: HK$1,000,000.00 (Divided into 1,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$500,000.00
Group Consolidated Net Earnings:-
US$11,025 million (Year ended 31-12-2009)
US$11,644 million (Year ended 31-12-2010)
US$14,151 million (Year ended 31-12-2011)
US$13,641 million (Year ended 31-12-2012)
US$13,057 million
(Year ended 31-12-2013)
Segment Result (Healthcare Section):-
US$2,420 million (Year ended 31-12-2009)
US$2,741 million (Year ended 31-12-2010)
US$2,803 million (Year ended 31-12-2011)
US$2,920 million (Year ended 31-12-2012)
US$3,048 million (Year ended 31-12-2013)
Profit or Loss: Business is profitable.
Condition: Keeping in an active condition.
Facilities: Making active use of general banking facilities.
Payment: Met trade commitments as contracted.
Commercial Morality: So far so good.
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Very Good.
GENERAL
Having
issued 500,000 ordinary shares of HK$1.00 each, GE Healthcare Bio‑Sciences
Ltd. formerly was wholly owned by GE Medical Holding AB which was a
Sweden-registered and based firm. On
23rd August, 2013, GE Medical Holding AB transferred all its shares to GE Healthcare
Bio-Sciences AB which has become the current shareholder.
The
subject belongs to the GE Healthcare Unit of the Technology Infrastructure
Segment. It is trading in all kinds of
medical equipment and apparatus which are imported from worldwide countries. Main customers are hospitals in Hong
Kong. Currently, the subject has had
technicians stationing at some of the large hospitals which are using its
products.
The
ultimate holding company is General Electric Company [GE], a US‑based and
listed firm.
GE
has the following eight business segments:
Power & Water, Oil
& Gas, Energy Management, Aviation, Healthcare, Transportation, Home &
Business Solutions, GE Capital.
Headquartered
in the United Kingdom, GE Healthcare is an over US$17 billion unit of GE (NYSE:
GE). Worldwide, GE Healthcare employs
more than 46,000 people committed to serving healthcare professionals and their
patients in more than 100 countries.
Healthcare
has expertise in medical imaging and information technologies, medical
diagnostics, patient monitoring systems, disease research, drug discovery and
biopharmaceutical manufacturing technologies.
It is dedicated to predicting and detecting disease earlier, monitoring
its progress and informing physicians, and helping physicians tailor treatment
for patients. Healthcare manufactures,
sells and services a wide range of medical equipment that helps provide a fast,
non-invasive way for doctors to see broken bones, diagnose trauma cases in the
emergency room, view the heart and its function, and identify early stages of
cancers or brain disorders. With
diagnostic imaging systems such as Magnetic Resonance [MR], Computed Tomography
[CT] and Positron Emission Tomography [PET] scanners, X‑ray, nuclear
imaging, digital mammography, and Molecular Imaging technologies, Healthcare
creates industry-leading products that allow clinicians to see inside the human
body more clearly than ever. In
addition, Healthcare-manufactured technologies include patient and resident
monitoring, diagnostic cardiology, ultrasound, bone densitometry,
anesthesiology and oxygen therapy, and neonatal and critical care devices. Medical diagnostics and life sciences
products include diagnostic imaging agents used in medical scanning procedures,
drug discovery, biopharmaceutical manufacturing and purification, and tools for
protein and cellular analysis for pharmaceutical and academic research,
including a pipeline of precision molecular diagnostics in development for
neurology, cardiology and oncology applications. On 22nd December, 2010, Healthcare acquired
Clarient Inc., a leading company in the molecular diagnostics sector.
Healthcare’s
product services include remote diagnostic and repair services for medical
equipment manufactured by GE and by others, as well as computerized data
management, information technologies and customer productivity
services.Healthcare competed with a variety of US and non-US manufacturers and
services operations. Products and
services are sold worldwide to hospitals, medical facilities, pharmaceutical
and biotechnology companies, and to the life science research market.
Healthcare’s
products are subject to regulation by numerous government agencies, including
the US Food and Drug Administration [US FDA], as well as various laws that
apply to claims submitted under medicare, medicaid or other government funded
healthcare programs.
Healthcare
revenues of US$18.2 billion decreased US$0.1 billion in 2013. Revenues decreased as lower prices (US$0.3
billion), the effects of the stronger US dollar (US$0.2 billion) and lower
other income were partially offset by higher volume (US$0.5 billion).
Segment
profit of US$3.0 billion increased US$0.1 billion, or 4%, in 2013 as higher
productivity (US$0.6 billion), driven by SG&A cost reductions, and higher
volume (US$0.1 billion) were partially offset by lower prices (US$0.3 billion),
the effects of inflation (US$0.2 billion), the stronger US dollar (US$0.1
billion) and lower other income.
Healthcare
revenues of US$18.3 billion increased US$0.2 billion, or 1%, in 2012 as higher
volume (US$0.8 billion) and other income (US$0.1 billion) were partially offset
by the stronger US dollar (US$0.4 billion) and lower prices (US$0.3
billion). The revenue increase, driven
by higher equipment sales, is attributable to international markets, with the
strongest growth in emerging markets.
Segment
profit of US$2.9 billion increased US$0.1 billion, or 4%, in 2012 as increased
productivity (US$0.4 billion), higher volume (US$0.1 billion) and other income
(US$0.1 billion) were partially offset by lower prices (US$0.3 billion) and
higher inflation (US$0.2 billion), primarily non-material related.
Healthcare
orders increased 1% to $19.2 billion in 2013.
Total Healthcare backlog increased 5% to US$16.1 billion at December 31,
2013, composed of equipment backlog of US$5.0 billion and services backlog of
US$11.1 billion. Comparable December 31, 2012 equipment and service order
backlogs were US$4.5 billion and US$10.9 billion, respectively.
For the year ended 31st December, 2013, the
sales of the Group amounted to US$146.0 billion, decreased by 0.4% as compared
with US$146.7 billion in FY 2012; Group net earnings were US$13.1 billion,
decreased by 3.7% as compared with US$13.6 billion in FY 2012.
Currently, the subject has been providing medical
technology, services, and productivity solutions to customers in Hong
Kong. Their products include networking
and productivity tools, clinical information systems, patient monitoring
systems, conventional and digital X-ray, computed and position emission
tomography, magnetic resonance, ultrasound and bone mineral densitometry, and
nuclear medicine.
The subject is fully supported by GE
Healthcare and ultimately by GE.
The history of the subject in Hong Kong is
over 38 years.
On the whole, consider it good for normal
business engagements.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.60.99 |
|
|
1 |
Rs.99.09 |
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Euro |
1 |
Rs.79.03 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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Report Prepared
by : |
PDT |
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 |
|
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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 |
|
|
<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.