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Report No. : |
306045 |
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Report Date : |
10.02.2015 |
IDENTIFICATION DETAILS
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Name : |
SINOPHARM INTERNATIONAL HONGKONG LTD. |
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Registered Office : |
Room 1601, 16/F., Emperor Group Centre, 288 Hennessy Road, Wanchai |
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Country : |
Hong Kong
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Date of Incorporation : |
11.08.1992 |
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Com. Reg. No.: |
16435849 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of All Kinds of Pharmaceuticals. |
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No. of Employees : |
10 |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
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 |
SINOPHARM
INTERNATIONAL HONGKONG LTD.
ADDRESS: Room 1601, 16/F., Emperor
Group Centre, 288 Hennessy Road, Wanchai, Hong Kong.
PHONE: 852-2574 8628
FAX: 852-2891 4969
E-MAIL: fortune@resolink.com
Managing Director: Mr. Zu Jing
Incorporated on: 11th August,
1992.
Organization: Private Limited
Company.
Issued Share Capital: HK$1,500,000.00
Business Category: Importer, Exporter
and Wholesaler.
Employees: 10.
Main Dealing Banker: Bank of
China (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
SINOPHARM INTERNATIONAL
HONGKONG LTD.
Registered Head
Office:-
Room 1601, 16/F., Emperor Group Centre, 288 Hennessy Road, Wanchai, Hong
Kong.
Holding Company:-
China National Service Corporation For Chinese Personnel Working Abroad,
China. [Tel: 86-10-8461 8811; Fax: 86-10-8464 8145]
Ultimate Holding
Company:-
China National Pharmaceutical Group Corporation, China. [Sinopharm]
[Tel: 86-10-8461 8811; Fax:
86-10-8464 8145]
Subsidiaries/Affiliated/Associated
Companies:-
Sinopharm Group of Companies
Beijing Tiantan Biological Products Co. Ltd., China.
China National Accord Medicines Corporation Ltd., China.
[Formerly known as Shenzhen Accord Pharmaceutical Co. Ltd.]
China National Group Corporation of Traditional & Herbal Medicine,
China.
China National Medical Equipment Industry Corporation, China.
China National Medicines Co. Ltd., China.
China National Medicines Corporation Ltd., China.
China National Pharmaceutical Foreign Trade Corporation, China.
China National Pharmaceutical Industry Corporation Ltd., China.
China Pharmaceutical Advertising Ltd. Co., China.
China Pharmaceutical Exhibition Corporation, China.
China Sinopharm International Corporation, China.
Reed Sinopharm Exhibitions Co. Ltd., China.
Shanghai Shyndec Pharmaceutical Co. Ltd., China.
[Formerly known as Shyndec Pharmaceutical Co. Ltd.]
Sichuan Industrial Institute of Antibiotics, China.
Sinopharm Group Co. Ltd., China.
Sinopharm Group Hongkong Co. Ltd., Hong Kong.
Sinopharm India Pvt. Ltd., India.
Sinopharm Medicine Holding Co. Ltd., China.
Sinopharm United Engineering Co. Ltd., China.
16435849
0373512
Managing Director: Mr. Zu Jing
HK$1,500,000.00
(As per registry dated 11-08-2014)
|
Name |
|
No. of shares |
|
China National Service Corporation For Chinese Personnel Working
Abroad No. 4, Hui Xin Dong Jie, Chao Yang District, Beijing. |
|
1,500,000 ======= |
(As per registry dated 11-08-2014)
|
Name (Nationality) |
Address |
|
LI Yan |
Room 2802, Hui Xin Dong Jie, Chaoyang District, Beijing, China. |
|
LI Deyuan |
8-404, Century Village, Chao Yang District, Beijing, China. |
|
ZU Jing |
Flat B, 17/F., Yangville, 8 Tai Yuen Street, Hong Kong. |
|
FU Jun |
Room 501, 19/F., Block 8, He Ping Street, Chaoyang District, Beijing,
China. |
|
SHENG Hua |
Room 512, Huixinyuan Building 3, 9 Huixinxijie, Chao Yang District,
Beijing, China. |
(As per registry dated 11-08-2014)
|
Name |
Address |
Co. No. |
|
Hapsource Ltd. |
Room 1903, 19/F., United Success Commercial Centre, 508 Jaffe Road,
Causeway Bay, Hong Kong. |
0249127 |
The subject was incorporated on 11th August, 1992 as a private limited liability
company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Winfirst
International Ltd., name changed to Fortune Hong Kong Trading Ltd. on 26th
January, 1993 and further to the present style on 14th January, 2013.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: All kinds of
pharmaceuticals.
Employees: 10.
Commodities Imported: China,
Europe, other Asian countries.
Markets: China, Japan,
other Asian countries, Europe.
Terms/Sales: L/C or as per
contracted.
Terms/Buying: L/C, T/T, D/P.
Issued Share Capital: HK$1,500,000.00
Mortgage or Charge: (See
attachment)
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: Bank of China
(Hong Kong) Ltd., Hong Kong.
Standing: Very Good.
Sinopharm International Hongkong Ltd. is a wholly-owned subsidiary of
China National Service Corporation for Chinese Personnel Working Abroad [CNSC]
which is a China Government-owned, large-scale comprehensive enterprise engaged
in international trade and economic cooperation.
The subject had two minor shareholders, each had held a single share,
who transferred their shares to CNSC on 5th June, 2013.
The managing director of the subject Mr. Zu Jing is a China
merchant. He is a Hong Kong ID holder
and has got the right to reside in Hong Kong permanently. Now he is residing in Hong Kong administering
the business of the subject.
The subject is trading in all kinds of pharmaceuticals especially those
manufactured in China. It is also
responsible for importing raw materials from abroad for its associated
factories in China. Pharmaceuticals
sourced from China suppliers are exported to Japan, the other Asian countries,
Europe, North America, etc. Business is
satisfactory.
CNSC was established in 1983 with the approval of the State Council of
China. Once subordinated to the Ministry
of Foreign Trade and Economic Cooperation (re-named as the Ministry of
Commerce, the PRC), CNSC is now under the direct leadership of the China
National Pharmaceutical Group Corporation [Sinopharm].
Your given phone and fax number belong to Beijing Sinopharm. CNSC also bears the same phone and fax
number.
Over the past years, CNSC has been ranked for many times as one of the
Top 500 of Chinese international trading enterprises.
CNSC’s major business scope covers: sales in foreign exchange of
Duty-free imported goods for Chinese personnel working abroad; supplying life
necessities for Chinese institutions in overseas; operation and agency of
import and export; material supply of Chinese government aids for foreign
countries and labour service cooperation; international logistics and
industrial investment.
CNSC takes an active part in the internationalised market
competition. It always keeps the long
-term good cooperative relationships not only with hundreds of companies in
America, Europe, Japan, India, Hong Kong and Southeast Asian countries, but
also with more than 100 large domestic companies throughout China as well. Its business network covers the whole
territory of China and reaches many countries in Europe, America, Asia and
Africa. CNSC today keeps on expanding in
business volumes.
CNSC consists of 17 subsidiaries and shareholding companies (including
1 manufacturing enterprises) in China and 5 companies in overseas with a
total staff of over 2,000 people.
The President of CNSC Mr. Zhou Yuxiang was also the former minor
shareholder of the subject.
Now, the Sinopharm Group is engaged in researches and develops,
manufactures, distributes, and markets medicine and other healthcare
products. Sinopharm Group manages
factories, research laboratories, traditional Chinese medicine plantations, and
marketing and distribution networks that extend throughout China. It also has 10 subsidiaries and a number of
major joint ventures. The company also
runs about a dozen retail pharmacy chains.
Sinopharm Group, which has operations in Africa, France, Germany, Hong
Kong, the US, and Vietnam.
Sinopharm is the largest medical and healthcare group in China which is
directly managed by State-owned Assets Supervision and Administration
Commission of the State Council (SASAC) of the PRC.
So far, Sinopharm owns 10 wholly owned or shareholding subsidiaries, and
5 listed companies including Sinopharm Group Co. Ltd. (01099. HK);
China National Medicines Co. Ltd. (600511. SH); Beijing Tiantan Biological
Products Co. Ltd. (600161. SH); Shanghai Shyndec Pharmaceutical Co. Ltd.
(600420. SH) and China National Accord Medicines Corporation. Ltd. (200028.
SZ).
The annual sales revenue of Sinopharm ranges from RMB140 to 150 billion
Yuan. It is the only Chinese
pharmaceutical company which sales revenue exceeds RMB100 billion Yuan.
In 11th January 2013, Sinopharm set up Sinopharm India Pvt., Ltd. in New
Delhi, India. Sinopharm India Pvt. Ltd.
was established in the end of 2012 and registered in New Delhi. With the establishment of Sinopharm India
Pvt. Ltd., Sinopharm will fully integrate its business in India, form a working
team, enhance publicity, furthermore, not only purchase pharmaceutical
preparations and APIs from India, but also export a series of products,
including pharmaceutical APIs, intermediates, preparations, vaccines and
medical equipment, into Indian market.
Sinopharm has been one of the companies listed on The Fortune magazine
for a number of years.
In 2013, Sinopharm has made successful acquisition of Hong Kong listed
company known as “China Traditional Chinese Medicine Co. Ltd.” (CTCM
Group/formerly known as “Winteam Pharmaceutical Group Ltd.”). After completion of the acquisition,
Sinopharm TCM holds a 56.97% stake of Winteam Group through its wholly owned
subsidiary in Hong Kong.
The successful acquisition of CTCM Group is an important measures to
speed up the development of modern Chinese traditional medicine business in
Sinopharm.
The subject is fully supported by CNSC.
Business is profitable.
As the history of the subject is over 22 years and five months in
Hong Kong, on the whole, consider it good for normal business engagements.
|
Date |
Description of
Instrument |
Mortgagee |
|
19-05-2008 |
Deed of Indemnity, Charge over deposit and
set-off |
Bank of China (Hong Kong) Ltd., Hong Kong. |
|
13-10-2014 |
Deed of Indemnity, Charge over deposit and
set-off |
Bank of China (Hong Kong) Ltd., Hong Kong. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.14 |
|
|
1 |
Rs.94.79 |
|
Euro |
1 |
Rs.70.38 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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|
Report Prepared
by : |
TPT |
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 |
-- |
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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.