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Report Date : |
29.10.2014 |
IDENTIFICATION DETAILS
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Name : |
DESANO PHARMACEUTICALS LTD. |
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Registered Office : |
C/o Pyramid Corporate Service Ltd. Unit 511, 5/F., Tower 1, Silvercord, 30 Canton Road, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
09.08.2005 |
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Com. Reg. No.: |
35917109 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Not Available Note: [We tried to confirm / obtain the detailed activity but the same is
not available from any sources] |
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No of Employees : |
Not Employee 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
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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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 – 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.
|
Source
: CIA |
[Formerly located
at:-
C/o Pyramid Corporate Service Ltd.
Unit 801, No. 1 Lyndhurst Tower,
1 Lyndhurst Terrace,
Central, Hong Kong.]
DESANO PHARMACEUTICALS
LTD.
Registered Head
Office:-
c/o Pyramid Corporate Service Ltd.
Unit 511, 5/F., Tower 1, Silvercord, 30 Canton Road, Tsimshatsui,
Kowloon, Hong Kong.
Holding Company:-
Desano Holdings Ltd., Hong Kong.
(Same address)
Ultimate Holding Company:-
Shanghai Acebright Pharmaceuticals
Group Co. Ltd.
Building 5, No. 1999 Zhangheng Road, Zhangjiang High-Tech Park, Shanghai 201203, China.
[Tel: 86-21-6075 3300
Fax: 86-21-6075 3311
E-mail: info@acebright.com]
Associated/Affiliated
Companies:-
Acebright (India) Pharma Pvt. Ltd., India.
Biomab Holding Ltd., Hong Kong.
Birmab Pharmaceuticals Ltd., Hong Kong.
Chifeng Pharmaceutical Co. Ltd., China.
Dafeng Haitian Pharmaceutical Co. Ltd., China.
Dafeng Hegno Pharmaceuticals Co. Ltd., China.
Desano International Ltd., Hong Kong.
Desano Ltd., Hong Kong.
Jiangsu Cdymax Pharmaceuticals Co. Ltd., China.
Jiangsu Puxin Pharmaceuticals Development Co. Ltd., China.
Nantong Hegno Industry Co. Ltd., China.
Shanghai Acebright Pharmaceutical Co. Ltd., China.
Shanghai Biomabs Pharmaceuticals Co. Ltd., China.
Shanghai Desano Bio-Pharmaceutical Co. Ltd., China.
Shanghai Desano Chemical Pharmaceutical Co. Ltd., China.
Shanghai Desano Environment Co. Ltd., China.
Shanghai Desano Pharmaceutical Development Co. Ltd., China.
Shanghai Desano Pharmaceutical Investment Co. Ltd., China.
Shanghai Desano Pharmaceuticals Holding Co. Ltd., China.
Shanghai Hegno Pharmaceutical Development Co. Ltd., China.
35917109
0988692
Managing Director: Mr. Li
Jingpeng
US$39,600,000.00
(As per registry dated 09-08-2014)
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Name |
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No. of shares |
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Desano Holdings Ltd., Hong Kong. |
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66,000,000 ======== |
(As per registry dated 09-08-2014)
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Name (Nationality) |
Address |
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XU Shengping |
5-2402, 39 Yinxiao Road, Pudong, Shanghai 201204, China. |
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LI Jingpeng |
3-402, 39 Yinxiao Road, Pudong, Shanghai 201204, China. |
(As per registry dated 09-08-2014)
|
Name |
Address |
Co. No. |
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Pyramid Corporate Service Ltd. |
Unit 511, 5/F., Tower 1, Silvercord, 30 Canton Road, Tsimshatsui,
Kowloon, Hong Kong. |
1265988 |
The subject was incorporated on 9th August, 2005 as a private limited
liability company under the Hong Kong Companies Ordinance.
Formerly the registered address of the subject was located at Unit 801,
No. 1 Lyndhurst Tower, 1 Lyndhurst Terrace, Central, Hong Kong where
was the old operating address of a commercial service provider Pyramid
Corporate Service Ltd. [Pyramid].
Pyramid moved to the present address in March 2013, so did the subject.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Desano Pharmaceuticals Ltd. was incorporated in August, 2005 as a
private limited liability company in Hong Kong.
The subject does not have its own operating office. Its registered office is in a commercial service
firm located at Unit 511, 5/F., Tower 1, Silvercord, 30 Canton Road,
Tsimshatsui, Kowloon, Hong Kong known as Pyramid Corporate Service Ltd. which
is handling its correspondences and documents.
This company is also the corporate secretary of the subject.
The subject has no employees in Hong Kong.
According to the Companies Registry of Hong Kong, the subject has issued
66 million ordinary shares of US$0.60 each which are wholly owned by Desano
Holdings Ltd., a Hong Kong-registered firm also located at the above-mentioned
address.
The ultimate holding company is Shanghai Acebright Pharmaceuticals Group [Acebright Group].
The directors of the subject are Mr. Xu Shenping and Mr. Li
Jingpeng. The subject is a key member of
the Group.
Mr. Xu Shenping and Mr. Li Jingpeng are the Group’s Chairman and General
Manager respectively.
The former name of Acebright Group was Desano Group.
An India company Cipla Ltd. [Cipla] was a shareholder of Desano
Group. In recent years it has exited a
significant part of its investment in its Chinese partner Desano Group.
Cipla has partially exited Desano Group, where it had held 49 per
cent. However, Cipla would hold stake in
three specific companies of Desano Group.
In 2011-12, Cipla’s fully-owned subsidiary Meditab Group entered into an
agreement to dispose of its investment in Desano Holdings for Rs 396.82
crore. The payment for the deal was
completed in April 2012, it is learnt.
Cipla has redeployed part of its funds from the transaction to grow Biomab
Holdings — for developing biosimilars — and two other Chinese companies —
Jiangsu Cdymax and Shanghai Desano Pharmaceutical Investment. Jiangsu Cdymax makes APIs, mostly anti-cancer
and hormone drugs. Shanghai Desano makes
anti-viral and anti-malarial APIs as well as finished antibiotics,
antiretrovirals and cardiovascular drugs.
Cipla currently holds 25 per cent in Biomab, 48.2 per cent in Jiangsu
Cdymax Pharmaceuticals and 16.6 per cent equity interest in Shanghai Desano
Pharmaceuticals.
Set up in 1996, the Group now is engaged in the development,
manufacture, sales and marketing of high quality APIs. Presently the API manufacturing capacity has
covered more than ten series of products.
Desano has taken an important market position globally among the
producers of generic APIs of Anti-retroviral, Oncology, Anti-malarial and
Steroid products.
The Group is one of the earliest enterprises engaged in researching and
developing Anti HIV/AIDs drugs in China.
At present, more than ten Anti‑retroviral APIs have been
commercialised and exported worldwide to provide affordable life-saving
medicines to those people suffering from HIV/AIDs. The Group has attached great importance to
the R&D of oncological products, such as semi-synthesized Docetaxel, Paclitaxel. It also supplies more than ten steroids such
as Tibolone and Desogestrel. With a
solid basis of technology improvement and R&D, the Group pioneers the
innovation of new APIs to continuously enrich the product line.
The Group currently has 14 production sites worldwide, employing more
than 5,000 people. Some of its products
and affiliates have gained verification and certification from China, the
United States, the EU and WHO.
The subject’s business in Hong Kong is not active although its history
in Hong Kong is over nine years.
On the whole, 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 very 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
|
Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.35 |
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|
1 |
Rs.98.93 |
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Euro |
1 |
Rs.77.92 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
NIT |
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.