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MIRA INFORM REPORT
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Report No. : |
482993 |
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Report Date : |
03.01.2018 |
IDENTIFICATION DETAILS
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Name : |
SINOBRIGHT PHARMACEUTICAL INDUSTRIES
LIMITED |
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Formerly Known As : |
SINOBRIGHT PHARMACEUTICAL (HONGKONG) CO. LTD. |
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Registered Office : |
C/O SBC Corporate Services Ltd., Room D, 10/F., Tower A, Billion
Centre, 1 Wang Kwong Road, Kowloon Bay, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
10.09.2012 |
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Com. Reg. No.: |
60338132 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
The subject is a
pharmaceutical trader. |
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No. of Employees : |
The subject has no employees in Hong Kong. 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. |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
C |
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Credit Rating |
Explanation |
Rating Comments |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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Status : |
No operating office in Hong Kong |
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Payment Behaviour : |
Unknown |
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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
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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, effective 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 4.4% in 2014, but slowed to 2.9% in 2015. 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.
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Source
: CIA |
Company
name
SINOBRIGHT PHARMACEUTICAL INDUSTRIES
LIMITED
ADDRESS
Registered Office:-
c/o SBC Corporate
Services Ltd.
Room D, 10/F., Tower A,
Billion Centre, 1 Wang Kwong Road, Kowloon Bay, Kowloon, Hong Kong.
Holding Company:-
Bright Investment
Management Ltd., British Virgin Islands.
Associated Companies:-
Shenzhen Sinobright Import & Export Co. Ltd., China.
Sinobright Development Ltd., Hong Kong. [Dissolved]
Sinobright Pharmaceutical Co. Ltd.
503 of Zhongguan
Building, Liuxian Road, Xili Town, Nanshan District, 518500 Shenzhen Special
Economic Zone, China.
[Tel: 86-755-2651 4150, 2697 4357, 2673 5370
Fax: 86-755-2673 5375
E-mail: yiming@sinobrightpharma.com]
BUSINESS
REGISTRATION NUMBER
60338132
COMPANY
FILE NUMBER
1798024
DATE
OF INCORPORATION
10th September, 2012.
ISSUED
SHARE CAPITAL
HK$1,000,000.00
SHAREHOLDER
(As per registry
dated 10-09-2017)
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Name |
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No. of shares |
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Bright Investment
Management Ltd. Unit 8, 3/F.,
Qwomar Trading Complex, Blackburne Road, Port Purcell, Road Town, Tortola,
British Virgin Islands. |
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1,000,000 ======= |
DIRECTOR
(As per registry
dated 10-09-2017)
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Name (Nationality) |
Address |
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MEI Yong |
Room 502, Zhong
Guan Building, Liu Xian Avenue, Nan Shan District, Shenzhen, China. |
SECRETARY
(As per registry
dated 10-09-2017)
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Name |
Address |
Co. No. |
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SBC Corporate
Services Ltd. |
Room B, 10/F., Tower
A, Billion Centre, 1 Wang Kwong Road, Kowloon Bay, Kowloon, Hong Kong. |
0618863 |
HISTORY
The subject was
incorporated on 10th September, 2012 as a private limited liability company
under the Hong Kong Companies Ordinance.
Originally the
subject was registered under the name of Sinobright Pharmaceutical (Hongkong)
Co. Ltd., name changed to the present style on 5th February, 2013.
The subject changed
its shareholders on 4th October, 2016.
Apart from these,
neither material change nor amendment has been ever traced and noted.
GENERAL
Sinobright
Pharmaceutical Industries Limited. was incorporated on 10th September,
2012 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 D, 10/F.,
Tower A, Billion Centre, 1 Wang Kwong Road, Kowloon Bay, Kowloon, Hong Kong”
known as “SBC Corporate Services Ltd.” [SBC] which is handling its
correspondences and documents. SBC is
also the corporate secretary of the subject.
“Room D” is the file number of the subject in SBC. SBC has had several offices in Hong Kong.
The subject has no
employees in Hong Kong.
According to the
Companies Registry of Hong Kong, the subject has issued 1 million ordinary
shares of HK$1.00 each. Formerly 30%
were owned by Ms. Mei Ying, 35% owned by Mei Yong, and 35% by Mei
Feng. On 4th October, 2016,
the three shareholders transferred all their share to Bright Investment
Management Ltd. which is a BVI-registered company.
Mr. Mei Yong is the
only director of the subject. All the
old shareholders belonged to the same Mei family.
Mei Yong is a China
ID holder and does not have the right to reside in Hong Kong
permanently. His registered address is
in Shenzhen Special Economic Zone, China.
The subject is a
pharmaceutical trader.
To our knowledge, the
subject has got two associated companies known as Shenzhen Sinobright Import
& Export Co. Ltd. and Sinobright
Pharmaceutical Co. Ltd.
[Sinobright] in Shenzhen Special Economic Zone, China. Both companies are located at the same
address.
Also controlled by
Mr. Mei Yong and Ms. Mei Ying, Sinobright was founded in 2002. Mr. Mei Yong is the legal
representative. Its China phone numbers
are 86-755-2697 4357 and 2673 5370.
Sinobright is an
export representative for the reputed Chinese pharmaceutical factories,
including the products of Gentamycin ex Yantai Justaware Pharma, Erythromycin
Thiocyanate ex HEC Biochem, and Metronidazole ex Huanggang Yinhe Aarti Pharma.
Its products are
categorised into three divisions:-
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Pharmaceuticals
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Adhesives and Sealants
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Others
Sinobright, the GSP
and ISO Certified Pharmaceutical Company and was founded in 1991, is a
Professional Import/Export Company on Pharmaceutical APIs, Intermediates,
Veterinary drugs, Food and Feed Additives, Fine Chemicals, etc. with good
reputation from its customers in India, Vietnam, Southeast Asia, Europe, South
America, South Africa, Iran, the Middle East, Brazil, Mexico, etc. 70 to 80% of its products are exported to
foreign markets annually.
The factory of
Sinobright is in Zhifu District, Yantai City, Shandong Province, China of which
factory area covers about 40,000 sq.m.
Supported by its regular
customers, Sinobright is also engaged in development and marketing of niche
products which are jointly manufactured by it representative pharmaceutical
factories.
Currently, Sinobright
has about 30 employees in Shenzhen SEZ, China.
Its annual sales turnover range from US$100 to 150 million. Overall business is normal.
The subject’s
business in Hong Kong is not active.
History in Hong Kong is over five years and three months.
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 or in small credit
amounts.
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.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 63.67 |
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1 |
INR 86.11 |
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Euro |
1 |
INR 76.59 |
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HKD |
1 |
INR 8.12 |
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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DIV |
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Report Prepared
by : |
SYL |
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
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Company
background and operations size
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Promoters
/ Management background
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Payment
record
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Litigation
against the subject
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Industry
scenario / competitor analysis
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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.