MIRA INFORM
REPORT
|
Report Date : |
09.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
SHANGHAI MEDICINES & HEALTH PRODUCTS IE
CO., LTD. |
|
|
|
|
Registered Office : |
14-15/F, No. 158, Hanzhong Road, Zhabei
District, Shanghai 200070 Pr |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
02.12.1985 |
|
|
|
|
Com. Reg. No.: |
310101000015668 |
|
|
|
|
Legal Form : |
One-Person Limited Liabilities Company |
|
|
|
|
Line of Business : |
Selling
Medicines and Health Products |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1,500,000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment
Behaviour : |
Usually Correct |
|
|
|
|
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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
China |
a2 |
a2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name & address
shanghai medicines & health products i/e
CO., LTD.
14-15/F, NO. 158,
HANZHONG ROAD
ZHABEI DISTRICT,
SHANGHAI 200070 PR CHINA
TEL: 86 (0)
21-55290990
FAX: 86 (0)
21-63534066
EXECUTIVE SUMMARY
Date of Registration : DECEMBER 2, 1985
REGISTRATION NO. : 310101000015668
LEGAL FORM : ONE-PERSON Limited liabilities company
REGISTERED CAPITAL : CNY 56,650,000
staff : 225
BUSINESS CATEGORY : trading
Revenue : CNY 1,238,557,000 (AS OF DEC. 31, 2010)
EQUITIES : CNY 141,949,000 (AS OF DEC. 31, 2010)
WEBSITE : www.shmeheco.com
E-MAIL : jiang_zhenwei@hotmail.com
PAYMENT : AVERAGE
Recommended Credit Limit: UP TO USD
1,500,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly GOOD
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : fairly good
EXCHANGE RATE : CNY 6.39 = USD 1
Adopted abbreviations
(as follows)
SC - Subject Company
(the company inquired by you)
N/A – Not available
CNY – China Yuan Ren
Min Bi
OPERATIONAL TREND & GENERAL
REPUTATION
This section aims at indicating the relative positions of SC in respect
of its operational trend & general reputation
Operational Trend:- General
Reputation:-
Upward Excellent
Steady Good
Fairly Steady Fairly
Good
Ordinary Average
Fair Fair
Stagnant Detrimental
Downward Not
known
Not known Not
yet be determined
Not yet be determined
LEGAL STATUS & HISTORY
***Note: According to SC’s employee,
SC’s current address should be the heading one, instead of given address (1228
Zhongshan South, Room 1705, 17th Floor, Shanghai 200011 China).
SC was
established as a state-owned enterprise of PRC on December 2, 1985. However, SC
changed to present legal form, and was registered as one-person limited
liabilities company of PRC with State Administration for Industry &
Commerce (SAIC) under registration No.: 310101000015668 in June 2009.
SC’s Organization Code Certificate No.: 13220822-5
SC’s Tax No. 310101132208225
SC’s registered capital: CNY 56,650,000
SC’s paid-in capital: CNY 56,650,000
Registration Change Record:
|
Date |
Change
of Contents |
Before
the change |
After
the change |
|
1988-10 |
Company
Name |
China
Medicines & Health Products I/E Corp. Shanghai Branch |
Shanghai
Medicines & Health Products I/E Corp. |
|
1993-03 |
Legal
Representative |
|
Shen
Tulin |
|
1999-01 |
Legal
Representative |
Shen
Tulin |
Jiang
Zhenwei |
|
2005-11 |
Registered Capital |
CNY 31,750,000 |
CNY 56,650,000 |
|
2009-06 |
Legal Form |
State-owned enterprise |
One-person limited liabilities company |
|
Company Name |
Shanghai
Medicines & Health Products I/E Corp. |
Shanghai
Medicines & Health Products I/E Co., Ltd. |
|
|
Shareholder (s) |
Shanghai
Foreign Economic Relation and Trade Commission 100% |
Shanghai Lansheng (Group)
Corporation 100% |
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Shanghai Lansheng (Group)
Corporation |
100 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative and
General Manager |
Jiang Zhenwei |
|
Chairman |
Zhang Liming |
|
Deputy General Manager |
Xue Weibin |
|
Guan
Guowei |
|
|
CFO |
Wang Zhihui |
|
Secretary of The Board of
Directors |
Chen Kang |
RECENT DEVELOPMENT
SC has acquired not only the ‘Business License’ for drugs,
medical instruments and foods, but also the ‘Certificate of Qualified Quality and
Management in Business Operation of Medicines’.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Shanghai Lansheng (Group) Corporation 100
Shanghai Lansheng
(Group) Corporation
===================================
Established in 1994 with the approval of
Shanghai Municipal Government, Shanghai Lansheng (Group) Corporation is a giant
state-owned enterprise group authorized by the local government. The Group
evolved from Shanghai Stationery and Sporting Good Import and Export Company
which incorporated in 1983.
Registration No.: 3100001003524
Date of Registration: December 29, 1994
Legal Form: Sole State-owned Enterprise
Registered Capital: CNY 559,160,000
Legal Representative: Zhang Liming
Add: F32-33 Lansheng Building No.8, Huaihai
Road (M), Shanghai, China (200021)
Tel: +8621 63191010
Fax: +8621 63190016
E-mail:
slsgc@lansheng.cn
MANAGEMENT
Jiang Zhenwei, Legal Representative and General Manager
----------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as legal representative and
general manager
Also
working in Shanghai Medicines & Health Products I/E Co., Ltd. Zhabei Branch
as principal
Zhang Liming, Chairman
---------------------------------------------
Ø
Gender: M
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as chairman
Also working in Shanghai Lansheng (Group) Corporation as legal representative
Xue Weibin,
Deputy General Manager
-------------------------------------------------------------
Ø
Gender: M
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as deputy general manager
Also working in Shanghai Medicines & Health Products Pudong I/E Co., Ltd. as legal representative, and in Shanghai Medicines & Health Products Pudong I/E Co., Ltd. Zhabei Branch as principal
Guan Guowei,
Deputy General Manager
---------------------------------------------------------------
Ø
Gender: M
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as deputy general manager
Also working in Shanghai Baochang Co., Ltd. as legal representative, and in Shanghai Baochang Co., Ltd. Zhabei Branch as principal
Wang Zhihui, CFO
-------------------------------------
Ø
Gender: F
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as CFO
Chen Kang,
Secretary of The Board of Directors
-----------------------------------------------------------------------
Ø
Gender: M
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as secretary of the board of directors
BUSINESS OPERATION
SC’s registered business scope includes importing and
exporting commodities and technology; processing with imported materials,
processing with imported samples, assembling with imported parts, and
compensation trade in agreement; counter trade & transit trade; commercial
wholesale & retail; property renting; acting to import auto &
components, enterprise register agency; labor service, and freight forwarders.
SC is
mainly engaged in selling medicines and health products.
SC’s
products mainly include:
Pharmaceuticals
and Chemicals
Health
Product
Herbal
Product
Medical
Instrument
Medical
Rubber & Plastic
Surgical
Dressing
Formulation
& Preparation (for export only)
SC
specializes principally in the import-export of and agency service in crude
drugs, intermediates, traditional Chinese and western patent medicines,
traditional Chinese crude drugs, health products, medical instruments, hospital
equipments, medical dressings and various other products. ‘SPIC’
pharmaceuticals, ‘Snowflake’ medical dressings, ‘Polar Bear’ essential balm,
‘Double Deer’ traditional Chinese crude drugs, and ‘HECOS’ health products and
medical items are among the well-known exports of the Company. The trade mark
of ‘SPIC’ is recognized as ‘Brand Name in Import and Export Industry in
Shanghai’.
SC sources its materials 80% from domestic market, and 20% from overseas market. SC sells 40% of its products in domestic market, and 60% to overseas market, mainly Southeast Asia.
The buying
terms of SC include T/T, L/C and Credit of 30-60 days. The payment terms of SC
include T/T, L/C and Credit of 30-60 days.
Staff & Office:
--------------------------
SC is
known to have approx. 225 staff at present.
SC
rents an area as its operating office, but the detailed information is unknown.
RELATED COMPANY
SC is not known to have the
following subsidiaries and branch,
===============================================
n Shanghai PUYI Trading Co., Ltd.
Registration
No.: 310115000716436
Date of
Registration: October 31, 2002
Legal
Form: Limited Liabilities Company
Registered
Capital: CNY 3,000,000
Legal
Representative: Chen Huaiqing
n Shanghai Baochang Co., Ltd.
Registration
No.: 310115000003596
Date of
Registration: October 21, 1992
Legal
Form: Limited Liabilities Company
Registered
Capital: CNY 5,000,000
Legal
Representative: Guan Guowei
n Shanghai Medicines & Health
Products Pudong I/E Co., Ltd.
Registration
No.: 310115000002091
Date of
Registration: July 1, 1992
Legal Form:
One-person Limited Liabilities Company
Registered
Capital: CNY 2,000,000
Legal
Representative: Xue Weibin
n Shanghai Medicines & Health
Products I/E Co., Ltd. Zhabei Branch
Registration
No.: 310108000424097
Date of
Registration: November 28, 2007
Principal:
Jiang Zhenwei
PAYMENT
Overall payment appraisal:
( ) Excellent ( ) Good (X) Average ( ) Fair ( ) Poor ( ) Not yet be determined
The appraisal serves as a reference to reveal SC's payments habits and
ability to pay. It is based on the 3
weighed factors: Trade payment experience (through current enquiry with SC's
suppliers), our delinquent payment and our debt collection record concerning
SC.
Trade payment experience: SC did not
provide any name of trade/service suppliers and we have no other sources to
conduct the enquiry at present.
Delinquent payment record: None in our
database.
Debt collection record: No overdue amount
owed by SC was placed to us for collection within the last 6 years.
BANKING
Basic Bank:
Bank of China
Shanghai Branch
ADDRESS: No. 23 Zhong Shan Road (E.1), Shanghai China
SWIFT CODE:
BKCHCNBJ300
ACCOUNT NUMBER
USD: 800100695308091014
EUR: 800100695308091038
HKD: 800100695308091013
RMB: 800100695308091001
JPY: 800100695308091027
SC’s accountant refused to release if it has
the given account number 044036-80900063282.
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
77,345 |
63,336 |
|
|
Notes receivable |
0 |
0 |
|
Accounts
receivable |
88,422 |
58,096 |
|
Advances to
suppliers |
29,123 |
35,208 |
|
Other receivable |
27,073 |
65,031 |
|
Inventory |
117,602 |
79,631 |
|
Non-current
assets within one year |
0 |
0 |
|
Deferred
expense |
0 |
0 |
|
Other current
assets |
191 |
0 |
|
|
------------------ |
------------------ |
|
Current assets |
339,756 |
301,302 |
|
Financial assets
available for sale |
136,131 |
85,120 |
|
Fixed assets |
12,403 |
11,978 |
|
Construction in
progress |
4,435 |
5,684 |
|
Intangible
assets |
2,510 |
2,446 |
|
Long-term
investment |
16,260 |
16,843 |
|
Deferred income
tax assets |
2,237 |
2,148 |
|
Long-term
deferred expenses |
2,088 |
2,843 |
|
Other
non-current assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total assets |
515,820 |
428,364 |
|
|
============= |
============= |
|
Short-term loans |
24,091 |
12,246 |
|
Notes payable |
1,548 |
0 |
|
Accounts payable |
51,159 |
45,115 |
|
Salaries payable |
0 |
0 |
|
Welfare payable |
0 |
0 |
|
Taxes payable |
-10,136 |
-2,018 |
|
Advances from
clients |
185,430 |
161,680 |
|
Other payable |
26,512 |
12,318 |
|
Other unpaid
expenses |
0 |
0 |
|
Accrued expenses |
0 |
0 |
|
Other current
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
278,604 |
229,341 |
|
Non-current liabilities |
71,122 |
57,074 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
349,726 |
286,415 |
|
Equities |
166,094 |
141,949 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
515,820 |
428,364 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2009 |
As of Dec. 31,
2010 |
|
Revenue |
1,121,649 |
1,238,557 |
|
Cost of sales |
1,060,769 |
1,168,870 |
|
Sales expense |
32,809 |
44,025 |
|
Management expense |
18,525 |
20,249 |
|
Finance expense |
-1,643 |
-1,326 |
|
Investment
income |
24,760 |
25,356 |
|
Profit before
tax |
23,976 |
25,448 |
|
Less: profit tax |
7,100 |
8,051 |
|
16,876 |
17,397 |
Important Ratios
=============
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
*Current ratio |
1.22 |
1.31 |
|
*Quick ratio |
0.80 |
0.97 |
|
*Liabilities
to assets |
0.68 |
0.67 |
|
*Net profit
margin (%) |
1.50 |
1.40 |
|
*Return on
total assets (%) |
3.27 |
4.06 |
|
*Inventory /
Revenue ×365 |
39 days |
24 days |
|
*Accounts
receivable/ Revenue ×365 |
29 days |
18 days |
|
*
Revenue/Total assets |
2.17 |
2.89 |
|
* Cost of
sales / Revenue |
0.95 |
0.94 |
FINANCIAL COMMENTS
PROFITABILITY:
FAIRLY GOOD
l
The revenue of SC appears fairly good in both
years.
l
SC’s net profit margin is average in both years.
l
SC’s return on total assets is fairly good in both
years.
l
SC’s cost of goods sold is fairly high, comparing
with its revenue.
LIQUIDITY:
AVERAGE
l
The current ratio of SC is maintained in a normal
level in both years.
l
SC’s quick ratio is maintained in a normal level in
both years.
l
The inventory of SC appears average.
l
The accounts receivable of SC appears average.
l
The short-term loans of SC appear average.
l
SC’s revenue is in an
average level, comparing with the size of its total assets.
LEVERAGE:
FAIRLY GOOD
l
The debt ratio of SC is average in both years.
l
The risk for SC to go bankrupt is low.
Overall financial
condition of the SC: Fairly Good.
CONCLUSIONS
SC is considered medium-sized in its line with
fairly good financial conditions. Taking into consideration of SC’s
development history, background, general performance, reputation as well as
market conditions, we consider the higher credit limit appears to be within
SC’s capacities, and USD 1,500,000 is recommended.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.46.18 |
|
UK Pound |
1 |
Rs.73.65 |
|
Euro |
1 |
Rs.64.95 |
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 |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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 |
|
---- |
NB |
New Business |
---- |
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.