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MIRA
INFORM REPORT
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Report No. : |
491924 |
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Report Date : |
15.02.2018 |
IDENTIFICATION DETAILS
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Name : |
MAIN LIFE CORPORATION LIMITED |
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Registered Office : |
9/F., Winning Centre, 46-48 Wyndham Street,
Central |
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Country : |
Hong Kong |
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Date of Incorporation : |
23.03.1971 |
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Com. Reg. No.: |
03228344 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer, Importer & Exporter of All kinds of
pharmaceuticals and medical instruments |
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No. of Employees : |
15 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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
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Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
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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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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately 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 reexports, 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 continues to link its currency closely to the US dollar, maintaining an arrangement established in 1983.
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 aided a more rapid initial recovery 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 9.4% of total system deposits in Hong Kong by the end of 2015. 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 47.3 million in 2014, outnumbering visitors from all other countries combined. Mainland visitors to Hong Kong declined 3% in 2015 to approximately 45.7 million, reflecting an overall drop of 2.5% in total visitors to Hong Kong. Hong Kong has also established itself as the premier stock market for Chinese firms seeking to list abroad. In 2015, mainland Chinese companies constituted about 51% of the firms listed on the Hong Kong Stock Exchange and accounted for about 62.1% 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. In 2014, Hong Kong and China signed a new agreement on achieving basic liberalization of trade in services in Guangdong Province under the Closer Economic Partnership Agreement, adopted in 2003 to forge closer ties between Hong Kong and the mainland. The new measures, which took effect in March 2015, cover a negative list and a most-favored treatment provision, and will improve access to the mainland's service sector for Hong Kong-based companies.
Credit expansion and a tight housing supply have caused Hong Kong property prices to rise rapidly; consumer prices increased 2.6% in 2016, but slowed to 2.0% in 2017. Lower- and middle-income segments of the population are increasingly unable to afford adequate housing.
Hong Kong’s economic integration with the mainland continues to be most evident in the banking and finance sector. Initiatives like the Hong Kong-Shanghai Stock Connect, the Mutual Recognition of Funds, and The Hong Kong Shanghai Gold Connect are all important steps towards opening up the Mainland’s capital markets and has reinforced Hong Kong’s leading role as China’s offshore RMB market. Additional connect schemes from bonds to commodities and other investment products are also under exploration by Hong Kong authorities. In 2017, Chief Executive Lam announced plans to increase government spending on research and development, education, and technological innovation with the aim of spurring continued economic growth through greater sector diversification.
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Source
: CIA |
Company name and address
MAIN LIFE
CORPORATION LIMITED
ADDRESS: 9/F., Winning Centre, 46-48 Wyndham
Street, Central, Hong Kong.
PHONE: 852-2524 2462
FAX: 852-2840 1635
E-MAIL: alee@mainlife.com.hk
MANAGEMENT:
Managing Director: Mr. Wang Ji Ti
SUMMARY
Incorporated on: 23rd March, 1971.
Organization:
Private Limited
Company.
Issued Share Capital: HK$10,000,000.00
Business Category: Importer, Exporter, Manufacturer of Drug.
Employees: 15.
(In Hong Kong)
Main Dealing Bankers: Bank of China (Hong Kong) Ltd., Hong Kong.
Industrial
& Commercial Bank of China (Asia) Ltd., Hong Kong.
Banking Relation: Satisfactory.
ADDRESS:
Registered Head Office:-
9/F., Winning Centre, 46-48 Wyndham Street,
Central, Hong Kong.
China Factory: - (Operated by affiliate)
Main Luck Building, Lanzhu East Road,
Pingshan New Area, Shenzhen City, China.
[Tel: (755) 2584 3999; Fax:
(755) 2587 8769]
Affiliated Company:-
Shenzhen Main Luck Pharmaceuticals Inc.,
China.
BUSINESS REGISTRATION NUMBER
03228344
COMPANY FILE NUMBER
0023313
MANAGEMENT
Managing Director: Mr. Wang Ji Ti
ISSUED SHARE CAPITAL
HK$10,000,000.00 (10,000 fully paid ordinary shares)
SHAREHOLDERS
(As per registry dated 23-03-2017)
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Name |
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No. of shares |
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TSANG Chap Cheung |
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1,747 |
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WANG Tzi Lien |
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268 |
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Yoji Umezawa |
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150 |
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LAM Kai Hong |
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166 |
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Minako Takada |
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2,725 |
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WANG Ji Ti |
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3,917 |
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Meiji Seika Pharma Co. Ltd. 4-15 Kyobashi, 2-Chome, Chuo-ku, Japan. |
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308 |
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Luke Ding |
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180 |
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Vivian Woodman |
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179 |
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[to be
continued] |
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[continued] |
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Grace Hsi Yen Ding |
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180 |
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Mary May Ding Tee |
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180 |
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–––––– |
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Total: |
10,000 ===== |
DIRECTORS
(As per registry dated 23-03-2017)
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Name (Nationality) |
Address |
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WANG Tzi Lien |
Flat B, 6/F., Waldorf Mansion, 2 Causeway
Road, Hong Kong. |
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WANG Ji Ti |
Flat E, 11/F., Gold Ning Mansion, 5 Tai
Hang Drive, Hong Kong. |
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TSANG Chap Cheung |
Flat A, 7/F., Belmond Height, 3 Marconi
Road, Kowloon, Hong Kong. |
SECRETARY
(As per registry dated 23-03-2017)
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Name |
Address |
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LEE Ka Lam, Angel |
9/F., Winning Centre, 46-48 Wyndham Street,
Central, Hong Kong. |
HISTORY
The subject was incorporated on 23rd March,
1971 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.
OPERATIONS
Activities: Manufacturer,
Importer & Exporter.
Lines: All kinds of pharmaceuticals and
medical instruments.
Agents for:-
Fujisawa Pharmaceutical Co. Ltd., Japan.
Banyu Pharmaceutical Co. Ltd., Japan.
Nippon Kayaku Co. Ltd., Japan.
Wakamoto Pharmaceutical Co. Ltd., Japan.
Meiji Seika Kaisha Ltd., Japan.
Ono Seiyaku Kaisha Ltd., Japan.
Sumitomo Pharmaceutical Co. Ltd., Japan.
Employees: 15. (In Hong Kong)
Commodities
Imported: Mainly
imported from Japan and China.
Markets: Hong
Kong, China, Japan, etc.
Terms/Sales: Cash or 30-90 days credit.
Terms/Buying:
L/C and D/P.
GOVERNMENT CONTRACTS AWARDED SINCE 1990:
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Date |
GN No. |
Particulars |
Amount |
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28-12-1990 |
GN4660 |
Supply of Microbes-Controlled Rearing
System to Queen Elizabeth Hospital |
HK$235,559 delivered including 12-month
warranty |
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22-02-1991 |
GN673 |
Supply of Two Microbes-Controlled Rearing
Systems to Pamela Youde Hospital |
HK$553,776 delivered including installation
and 12-month warranty |
FINANCIAL INFORMATION
Issued Share Capital: HK$10,000,000.00
(10,000 fully paid ordinary shares)
Mortgage or Charge:-
Date of Mortgage: 04-08-2003
Amount: All
moneys
Property: 2/54th
parts or shares of and in Inland Lot No. 145 and Inland Lot No. 4095 (Flats A
and B on 9/F. together with Water Closet, Winning Centre, 46 & 48 Wyndham
Street, Hong Kong.)
Mortgagee: Fortis
Bank Asia HK, Hong Kong Branch.
[Name changed to Belgian Bank but the business was taken over by
Industrial & Commercial Bank of China (Asia) Ltd.]
Profit or Loss: Traded at a profitable angle.
Condition: Kept
in a normal manner.
Facilities: Is
making use of general banking facilities.
Payment:
Regular.
Commercial Morality: Satisfactory.
Bankers:-
Bank of China (Hong Kong) Ltd.,
Hong Kong.
Industrial & Commercial Bank of China
(Asia) Ltd., Hong Kong.
Banking:-
One source states the firm has maintained an
account since 22nd April, 1971, showing moderate to fair credit balances, which
has been conducted to their entire satisfaction. A few of L/C have been opened.
Another source reveals that the company
maintained a properly conducted account.
Small facilities are granted.
Standing:
Normal.
GENERAL
Main Life Corporation Limited [MLCL] is a
local-Japanese joint venture established in 1971 to distribute Japanese
pharmaceuticals in Hong Kong. Imported
pharmaceuticals are mainly sold to local hospitals and clinics. MLCL is also engaged in importing,
re-exporting, and wholesaling pesticides, western medicines.
In July 1990, MLCL set up a joint venture
business known as Shenzhen Main Luck Pharmaceuticals Inc., China [SZMLPI].
Based in Shenzhen, SZMLPI is created by MLCL
(Hong Kong), China National Accord Medicines Co., Ltd. (China), and
MicroBiopharm Japan Co. Ltd. (Japan).
SZMLPI develops and produces anti-tumor
medicines. It provides
10-hydroxycamptothecin, an anticancer compound; Paclitaxel, an anti-microtubule
drug; Docetaxel, a semisynthetic antitumor drug; Inorelbine, a monobasic
vinblastine sulfate drug; and Ifosfamide that is used to cure carcinoma of
testis, ovarian and breast cancer, soft tissue sarcoma, malignant lymphoma, and
lung cancer.
SZMLPI also offers Mesna, which is applied to
combine with cyclophosphamide or iphosphamide to avoid hemorrhagic cystitis;
Pirarubicin, an anthracene nucleus broad-spectrum antitumor antibiotic;
Aclarubicin, an antitumor antibiotic; and Adriamycin that is used to cure acute
leukemia, malignant lymphoma, cancers, sarcoma of bone and soft tissue,
embryoma of kidney, neuroblastoma, carcinoma of bladder, cancinoma of prostate,
pate prickle cell carcinoma, carcinoma of testis, and gastric carcinoma. In
addition, it provides Daunorubicinm that cures acute leukemia; Vincristine, an
alkaloids anti-neoplastic agent that is applied in combination chemotherapy;
Bleomycin, an antitumor antibiotic; and Lastet, an anti-tumor drug.
Growing by 30% annually during the last
decade, SZMLPI has developed into a leading company in the field by
comprehensively ranking among the top domestic pharmaceutical companies in the
oncology field.
Being one of the earliest anti-caner medicine
manufacturers, SZMLPI introduced Japanese GMP management into its quality
management system, as well as imported dedicated equipment and instruments from
USA, Netherland, Japan, Switzerland and Germany to build up a quality center
and establish a sound quality management system. Therefore SZMLPI was one of the first
companies obtaining Chinese GMP certificate, as well as one of the first
obtaining Chinese current GMP2010 certificate.
Up to date, Main Luck’s product list includes
a series of national new products such as Pirarubicin, Aclarubicin,
Doxorubicin, Daunorubicin, Docetaxel, Vincristine, Bleomycin, Lastet, Mesna,
Iphosphamide, holding a production capacity of 5 million vials of lyophilized
powder for injection, 50 million vials of small volume solution, 10
million capsules and APIs with hi-tech and hi-standard.
By cooperating with well-known domestic and
overseas research institutes, such as Chinese Academy of Sciences Shanghai
Institute of Meteria Medica, Sichuan Industrial Institute of Antibiotics,
National Pharmaceutical Engineering Research Center, USA Vanderbilt University,
Japan Kumamoto University, Japan Nippon Kayaku Co., Ltd. etc. SZMLPI is moving forward to genetically
engineered drugs, adjuvant drugs for cancer treatment and some more advanced
areas, targeting to the hi-tech and world’s leading new products, monoclonal
antibodies; and is developing controlled-release microspheres, liposome and
colon targeted drug delivery system, hence progress technologies and upgrade
the products in the industry. Currently,
SZMLPI has developed itself from a specialized manufacturer to a comprehensive
company with diversified business of pharmaceutical R & D, manufacturing,
marketing and distribution.
The registration details of SZMLPI are as
follow:-
Name:
SZMLPI
Unified Social Credit Code: 91440300618861849X
Address:
Main Luck Building, Lanzhu East Road, Pingshan New Area, Shenzhen City,
China.
Date of Incorporation: 4th July, 1990
Capital:
US$19,544,550.00
Legal Representative: Yuan Qing
Shareholders:-
(1) MLCL
(Hong Kong),
(2) China
National Accord Medicines Co., Ltd. (China),
(3) MicroBiopharm
Japan Co. Ltd. (Japan).
Operating Period: 4th July, 1990 to 4th July, 2040.
Company Type: Limited Liability Company
(Sino-Foreign Joint Venture)
Active Status: Subsisting
Registration Authority: Shenzhen AIC
MLCL is now engaged in the manufacture of
anti-cancer drugs through SZMLPI. MLCL
also markets and re-exports SZMLPI’s products in Hong Kong.
The directors of MLCL are veterans in
marketing pharmaceuticals and most of them are physicians.
The business of MLCL is mainly controlled by
the Wang family headed by Mr. Wang Ji Ti and Madam Minako Wang Takada who is a
Japanese. Mr. Wang Ji Ti is also
the Deputy Managing Director of SZMLPI.
Business is maintained in a normal and steady
condition. Current operation is rather
satisfactory.
Judging from its past performances, we
consider the company good for its normal business engagements.
REMARKS
Court case records:-
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Action Date |
Case No. |
Plaintiff |
Defendant |
Cause |
Amount |
|
17-01-1996 |
D1130 |
Koo and Partners |
Main Life Corporation Limited |
Work Done |
HK$44,000 |
Property
information of the company and director:-
1. Property Location: Flat A on 9/F. & Water Closet
thereof, Winning Centre, 46‑48 Wyndham Street, Hong Kong.
Owner: Main Life Corp. Ltd.
Date of
Purchase: 27-01-1979
Purchased
Price: HK$405,000
Incumbrances: No mortgage record registered against the
property.
2. Property Location: Flat B on 9/F. & Water Closet
thereof, Winning Centre, 46‑48 Wyndham Street, Hong Kong.
Owner: Main Life Corp. Ltd.
Date of
Purchase: 27-01-1979
Purchased
Price: HK$405,000
Incumbrances: No mortgage record registered against the
property.
3. Property
Location: Flat A on 7/F., Belmont
Heights, 3 Marconi Road, Kowloon, Hong Kong.
Owner: Tsang
Chap Cheung
Date of Purchase: 19-09-1978
Purchased Price: HK$640,000 pt.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
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19-09-1978 |
HK$480,000 pt. |
Bank of China (Hong Kong) Ltd.,
Hong Kong. |
Mortgage to secure general banking
facilities |
4. Property
Location: Flat A on 15/F., Yick
King Building, 3 Chun Fai Road, Hong Kong.
Owner: Minako
Takada
Date of Purchase: 08-12-1975
Purchased Price: HK$331,250 pt.
Incumbrances:
No mortgage record registered against the property.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 64.13 |
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1 |
INR 89.17 |
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Euro |
1 |
INR 79.39 |
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HKD |
1 |
INR 8.17 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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PRA |
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Report Prepared
by : |
KET |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.