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Report Date : |
24.09.2014 |
IDENTIFICATION DETAILS
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Name : |
LONGREEN INTERNATIONAL HOLDINGS LTD. |
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Formerly Known As : |
BF PHARM INTERNATIONAL HOLDINGS LTD |
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Registered Office : |
Flat B, 6/F., |
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Country : |
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Date of Incorporation : |
28.10.2005 |
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Com. Reg. No.: |
36167214 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Pharmaceutical Manufacturer and Trader |
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No. of Employees : |
8 |
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 – June 1, 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 |
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.
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Source
: CIA |
LONGREEN INTERNATIONAL
HOLDINGS LTD.
Flat B, 6/F., Sunking Factory Building,
1-7 Shing Chuen Road,
Shatin, New Territories,
Hong Kong.
[Formerly located
at:
Bright Future Pharmaceutical Centre,
8 Wang Fu Street,
Yuen Long Industrial Estate,
Yuen Long, New Territories,
Hong Kong.]
LONGREEN INTERNATIONAL
HOLDINGS LTD.
Flat B, 6/F., Sunking Factory Building, 1-7 Shing Chuen Road, Shatin,
New Territories, Hong Kong.
PHONE: Not available
Managing Director: Mr. Cheung
Ming Chiu
Incorporated on: 28th October,
2005.
Organization: Private Limited
Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category: Pharmaceutical
Manufacturer and Trader.
Employees: 8.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
Flat B, 6/F., Sunking Factory Building, 1-7 Shing Chuen Road, Shatin,
New Territories, Hong Kong.
36167214
1003972
Managing Director: Mr. Cheung
Ming Chiu
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 28-10-2013)
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Name |
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No. of shares |
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CHEUNG Ming Chiu |
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5,000 |
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LUK Siu Ha |
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5,000 |
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-------- |
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Total: |
10,000 ===== |
(As per registry dated 28-10-2013)
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Name (Nationality) |
Address |
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LUK Siu Ha |
Flat 3107, 31/F., Shing Ting House, Tin Shing Court, Tin Shui
Wai, Yuen Long, New Territories, Hong Kong. |
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CHEUNG Ming Chiu |
Flat D, 15/F., Block 1, Kenswood Court, Kingswood Villas, Tin Shui
Wai, New Territories, Hong Kong. |
(As per registry dated 28-10-2013)
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Name |
Address |
Co. No. |
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GDL Secretarial Ltd. |
Suite 1, 8/F., New Henry House, 10 Ice House Street, Central, Hong
Kong. |
0193435 |
The subject was incorporated on 28th October, 2005 as a private limited
liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of BF Pharm
International Holdings Ltd., name changed to the present style on
9th February, 2011.
Formerly the subject was located at Bright Future Pharmaceutical Centre,
8 Wang Fu Street, Yuen Long Industrial Estate, Yuen Long, New Territories,
Hong Kong, moved to the present address in October 2011.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Pharmaceutical
Manufacturer and Trader.
Lines: All
kinds of pharmaceuticals, etc.
Employees: 8.
Commodities Imported: Europe,
India, other Asian countries, etc.
Markets: Hong
Kong, China, other Asian countries, Europe, North America, etc.
Terms/Sales: L/C or as per contracted.
Terms/Buying: As per contracted.
Nominal Share Capital: HK$10,000.00
(Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
Profit or Loss: Making
a small profit every year.
Condition: Keeping in a satisfactory
manner.
Facilities: Making rather active use of
general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality:
Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Standing: Small.
Having issued 10,000 ordinary shares of HK$1.00 each, Longreen
International Holdings Ltd. is equally owned by Mr. Cheung Ming Chiu and Ms.
Luk Siu Ha, both of whom are Hong Kong merchants. They are also directors of the subject.
Formerly the subject was an associated company of Bright Future Pharmaceutical Laboratories Ltd. [BFPL]. The subject was located at Bright Future
Pharmaceutical Centre, 8 Wang Fu Street, Yuen Long Industrial Estate, Yuen
Long, New Territories, Hong Kong as it was part of the BF Pharma Group. It had used the phone number 852-2211 2292 of
BFPL as its phone number. In February
2011 BFPL sold the subject to the present shareholder and then, the subject
changed to the present name and moved to the present address. The phone number 852-2211 2292 is no longer
applicable as it belongs to BFPL.
However, it still has had business ties with BFPL.
The subject is a pharmaceutical trader.
It is trading in those pharmaceuticals manufactured by BFPL. Especially those pharmaceuticals bearing the
trade mark ‘Longreen’ which is owned by BFPL.
The trade mark ‘Longreen’ has been registered with the Trade Marks Registry, Intellectual
Property Department, the Government of the Hong Kong SAR. The filing date was 30th November, 2012 while
the expiry date is 29th November, 2022.
BFPL has a wide range of different dosage form
products including capsules, tablets, SR pellets, oral liquid etc. For example, Amoxycillin 250 mg Capsules,
Ambroxol 75 mg SR Capsules, Diclofenac CR Capsules, Cofetal Syrup, Red Bamboo
Pills, Depile Capsules, Lotuscin, Caplets, Cutagesic Cream, Hong Zhu Hai Gou
Wan and Wei Shuning Granules, etc.
The subject markets the pharmaceuticals in
Hong Kong, China and Macau. It also
exports to the other Asian countries, Europe, North America, Australia,
etc. Business is normal.
On the whole, since the subject has been changed hands for just over
three years and seven months, consider it good for normal business engagements
in small credit amounts.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.60.87 |
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1 |
Rs.99.63 |
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Euro |
1 |
Rs.78.23 |
INFORMATION DETAILS
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Analysis Done by
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SUM |
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Report Prepared
by : |
SHG |
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 |
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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 |
-- |
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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.