MIRA INFORM REPORT
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Report No. : |
355685 |
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Report Date : |
21.12.2015 |
IDENTIFICATION DETAILS
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Name : |
SHANGHAI HEGNO PHARMACEUTICALS HOLDING CO., LTD. |
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Registered Office : |
5# Building, No. 1999 Zhangheng Road, Zhangjiang Hi-Tech Park Shanghai 201203 PR |
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Country : |
China |
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Financials (as on) : |
30.06.2015 |
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Date of Incorporation : |
21.08.2008 |
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Com. Reg. No.: |
310000000094562 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Subject engaged in
technology development, technology transfer, technical consulting and
technology services of nutritious food, importing and exporting goods and
technology, selling chemical products, feed additives, food additives. |
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No. of Employee : |
110 |
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 : |
Regular |
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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 – March 31, 2015
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Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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China |
A2 |
A2 |
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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 |
CHINA - ECONOMIC
OVERVIEW
Since the late 1970s China has moved from a closed, centrally planned system to a more market-oriented one that plays a major global role - in 2010 China became the world's largest exporter. Reforms began with the phasing out of collectivized agriculture, and expanded to include the gradual liberalization of prices, fiscal decentralization, increased autonomy for state enterprises, growth of the private sector, development of stock markets and a modern banking system, and opening to foreign trade and investment. China has implemented reforms in a gradualist fashion. In recent years, China has renewed its support for state-owned enterprises in sectors considered important to "economic security," explicitly looking to foster globally competitive industries. The restructuring of the economy and resulting efficiency gains have contributed to a more than tenfold increase in GDP since 1978. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, China in 2014 stood as the largest economy in the world, surpassing the US for the first time in modern history. Still, China's per capita income is below the world average.
After keeping its currency tightly linked to the US dollar for years, in July 2005 China moved to an exchange rate system that references a basket of currencies. From mid-2005 to late 2008 cumulative appreciation of the renminbi against the US dollar was more than 20%, but the exchange rate remained virtually pegged to the dollar from the onset of the global financial crisis until June 2010, when Beijing allowed resumption of a gradual appreciation. In 2014 the People’s Bank of China (PBOC) doubled the daily trading band within which the RMB is permitted to fluctuate.
The Chinese government faces numerous economic challenges, including: (a) reducing its high domestic savings rate and correspondingly low domestic consumption; (b) facilitating higher-wage job opportunities for the aspiring middle class, including rural migrants and increasing numbers of college graduates; (c) reducing corruption and other economic crimes; and (d) containing environmental damage and social strife related to the economy's rapid transformation. Economic development has progressed further in coastal provinces than in the interior, and by 2014 more than 274 million migrant workers and their dependents had relocated to urban areas to find work. One consequence of population control policy is that China is now one of the most rapidly aging countries in the world. Deterioration in the environment - notably air pollution, soil erosion, and the steady fall of the water table, especially in the North - is another long-term problem. China continues to lose arable land because of erosion and economic development. The Chinese government is seeking to add energy production capacity from sources other than coal and oil, focusing on nuclear and alternative energy development.
Several factors are converging to slow China's growth, including debt overhang from its credit-fueled stimulus program, industrial overcapacity, inefficient allocation of capital by state-owned banks, and the slow recovery of China's trading partners. The government's 12th Five-Year Plan, adopted in March 2011 and reiterated at the Communist Party's "Third Plenum" meeting in November 2013, emphasizes continued economic reforms and the need to increase domestic consumption in order to make the economy less dependent in the future on fixed investments, exports, and heavy industry. However, China has made only marginal progress toward these rebalancing goals. The new government of President XI Jinping has signaled a greater willingness to undertake reforms that focus on China's long-term economic health, including giving the market a more decisive role in allocating resources. In 2014 China agreed to begin limiting carbon dioxide emissions by 2030. China also implemented several economic reforms in 2014, including passing legislation to allow local governments to issue bonds, opening several state-owned enterprises to further private investment, loosening the one-child policy, passing harsher pollution fines, and cutting administrative red tape.
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Source
: CIA |
Company
name and address
SHANGHAI HEGNO PHARMACEUTICALS
HOLDING CO., LTD.
5# BUILDING, NO. 1999 ZHANGHENG ROAD, ZHANGJIANG HI-TECH PARK
SHANGHAI 201203 PR CHINA
TEL: 86 (0) 21-60753300/60753300*54063
FAX: 86 (0) 21-60753311
EXECUTIVE
SUMMARY
Date of Registration :
August 21, 2008
REGISTRATION NO. : 310000000094562
LEGAL FORM : Shares limited company
CHIEF EXECUTIVE :
jiang genxiu (LEGAL REPRESENTATIVE)
REGISTERED CAPITAL : CNY 300,000,000
staff :
110
BUSINESS CATEGORY : TRADING
REVENUE : CNY 271,680,000
(FROM JAN. 1, 2015 TO JUN. 30, 2,015)
EQUITIES : CNY
387,240,000 (AS OF JUN. 30, 2015)
WEBSITE : www.hegno.com
E-MAIL :
N/A
PAYMENT :
REGULAR
MARKET CONDITION :
average
FINANCIAL CONDITION :
fairly stable
OPERATIONAL TREND : FAIRLY steady
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 6.48 = 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
SC
was established as a shares limited
company of PRC with State Administration of Industry & Commerce
(SAIC) under registration No.: 310000000094562
on August 21, 2008.
SC’s Organization Code Certificate No.: 67932318-X
SC’s Tax No.: 31011567932318X
SC’s registered capital: CNY
300,000,000
SC’s paid-in capital: CNY 300,000,000
Registration Change Record:
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Date |
Change of Contents |
Before the change |
After the change |
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2014-9-2 |
Legal Representative |
Liu Deming |
Kan Ying |
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2014-10-17 |
Legal Representative |
Kan Ying |
Jiang Genxiu |
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Shanghai Acebright Pharmaceuticals Co., Ltd. |
82.5 |
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Shanghai Desano Vitamins Co., Ltd. |
17.17 |
|
Liu Deming |
0.33 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative and Chairman |
Jiang Genxiu |
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Director |
Guo Tun |
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Li Jingpeng |
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Xiong Anfu |
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Cai Zhigang |
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Supervisor |
Tan Zhaoe |
RECENT
DEVELOPMENT
No
recent development was found during our checks at present.
SHAREHOLDER
CHART & BACKGROUND
Name %
of Shareholding
Shanghai
Acebright Pharmaceuticals Co., Ltd. 82.5
Shanghai
Desano Vitamins Co., Ltd. 17.17
Liu
Deming 0.33
Shanghai
Desano Pharmaceutical Development Co., Ltd.
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Date
of Registration: April 22, 2005
Registration
No.: 310000400523629
Chief
Executive : An Xiaoxia
Registered
Capital: USD 7,500,000
Shanghai
Desano Vitamins Co., Ltd.
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Date
of Registration: January 28, 2002
Chief
Executive : Kan Ying
Registered
Capital: CNY 7,960,000
MANAGEMENT
Jiang Genxiu, Legal Representative and Chairman
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Gender:
M
Qualification:
University
Working
experience (s):
Before,
as supervisor of SC
At
present, working in SC as legal representative and chairman
Director
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Guo
Tun
Li
Jingpeng
Xiong
Anfu
Cai
Zhigang
Supervisor
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Tan
Zhaoe
BUSINESS
OPERATION
SC’s registered business scope includes technology development,
technology transfer, technical consulting and technology services of nutritious
food, importing and exporting goods and technology, selling chemical products,
feed additives, food additives.
SC
is mainly engaged in selling chemical products, feed additives, and food
additives.
SC’s
products mainly include: vitamin H, vitamin B2, Vitamin B6, Oxytetracycline,
Griseofulvin, Calcium lactate, lactic acid, kasugamycin.
SC sources its materials 100% from domestic market, mainly Jiangsu. SC sells 100% of its products to overseas market, mainly USA, Mid East, Southeast Asia.
The
buying terms of SC include Check, T/T and Credit of 30-60 days. The payment
terms of SC include T/T, L/C and Credit of 30-60 days.
*Major
Customers:
==============
Acebright
Inc.
Asiamerica
Ingredients, Inc.
Glanbia
Shared Centre
Staff & Office:
--------------------------
SC is
known to have approx. 110
staff at present.
SC
rents an area as its operating office, but the detailed information is unknown.
RELATED
COMPANY
SC is known to have 2
subsidiaries at present:
Chifeng
Pharmaceutical Co., Ltd.
Dafeng
Hegno Pharmaceuticals Co., Ltd.
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
The
bank information of SC is not filed in SAIC.
Financials
Financial Summary
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Unit: CNY’000 |
As of Jun. 30, 2015 |
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Total assets |
602,370 |
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Total liabilities |
215,130 |
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Equities |
387,240 |
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Unit: CNY’000 |
From Jan. 1, 2015 to Jun. 30, 2,015 |
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Revenue |
271,680 |
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Profits |
19,220 |
Important Ratios
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As of Jun. 30, 2015 |
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*Liabilities to assets |
0.36 |
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*Net profit margin (%) |
7.07 |
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*Return on total assets (%) |
3.19 |
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*Revenue/Total assets |
0.45 |
FINANCIAL
COMMENTS
PROFITABILITY: FAIRLY GOOD
The
revenue of SC appears fairly good in its line.
SC’s
net profit margin is fairly good.
SC’s
return on total assets is fairly good.
LIQUIDITY: AVERAGE
SC’s
revenue is in an average level, comparing with the size of its total assets.
LEVERAGE: FAIRLY GOOD
The
debt ratio of SC is low.
The
risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly Stable.
CONCLUSIONS
SC
is considered medium-sized in its line with fairly stable financial conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.42 |
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|
1 |
Rs.99.17 |
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Euro |
1 |
Rs.72.14 |
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CNY |
1 |
Rs.10.24 |
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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KAR |
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Report Prepared
by : |
TRU |
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 |
-- |
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.