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MIRA INFORM REPORT
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Report No. : |
499824 |
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Report Date : |
22.03.2018 |
IDENTIFICATION DETAILS
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Name : |
SHANGHAI HUIDE SCIENCE & TECHNOLOGY CO., LTD. |
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Registered Office : |
No. 180 Chunhua Road, Jinshan Town, Jinshan District,
Shanghai 201512 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2016 |
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Date of Incorporation : |
25.06.2007 |
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Unified Social
Credit Code : |
91310116662478847M |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Subject registered business scope includes technology
development, technology consulting, technology transfer, and technology
services of chemical technology, new materials technology, information technology,
computer technology, new energy technology; manufacturing polyurethane resin;
importing and exporting goods and technology. |
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No. of Employees : |
363 |
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+ |
Low Risk |
Business dealings permissible with low
risk of default |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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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 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 |
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. China has implemented
reforms in a gradualist fashion, resulting in efficiency gains that have
contributed to a more than tenfold increase in GDP since 1978. Reforms began
with the phaseout 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 continues to pursue an industrial policy, state support of
key sectors, and a restrictive investment regime. Measured on a purchasing
power parity (PPP) basis that adjusts for price differences, China in 2016
stood as the largest economy in the world, surpassing the US in 2014 for the first
time in modern history. China became the world's largest exporter in 2010, and
the largest trading nation in 2013. Still, China's per capita income is below
the world average.
After keeping its currency tightly linked to the US dollar for years,
China in July 2005 moved to an exchange rate system that references a basket of
currencies. From mid-2005 to late 2008, the renminbi appreciated more than 20%
against the US dollar, but the exchange rate remained virtually pegged to the
dollar from the onset of the global financial crisis until June 2010, when
Beijing announced it would allow a resumption of gradual liberalization. From
2013 until early 2015, the renminbi (RMB) appreciated roughly 2% against the
dollar, but the exchange rate fell 13% from mid-2015 until end-2016 amid strong
capital outflows in part stemming from the August 2015 official devaluation; in
2017 the RMB resumed appreciating against the dollar – roughly 7% from
end-of-2016 to end-of-2017. From 2013 to 2017, China had one of the fastest growing
economies in the world, averaging slightly more than 7% real growth per year.
In 2015, the People’s Bank of China announced it would continue to carefully
push for full convertibility of the renminbi, after the currency was accepted
as part of the IMF’s special drawing rights basket. However, since late 2015
the Chinese Government has strengthened capital controls and oversight of
overseas investments to better manage the exchange rate and maintain financial
stability.
The Chinese Government faces numerous economic challenges including: (a)
reducing its high domestic savings rate and correspondingly low domestic
household consumption; (b) managing its high corporate debt burden to maintain
financial stability; (c) controlling off-balance sheet local government debt
used to finance infrastructure stimulus; (d) facilitating higher-wage job
opportunities for the aspiring middle class, including rural migrants and
college graduates, while maintaining competitiveness; (e) dampening speculative
investment in the real estate sector without sharply slowing the economy; (f)
reducing industrial overcapacity; and (g) raising productivity growth rates
through the more efficient allocation of capital and state-support for
innovation. Economic development has progressed further in coastal provinces
than in the interior, and by 2016 more than 169.3 million migrant workers and
their dependents had relocated to urban areas to find work. One consequence of
China’s population control policy known as the “one-child policy” - which was
relaxed in 2016 to permit all families to have two children - 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 urbanization. The Chinese
Government is seeking to add energy production capacity from sources other than
coal and oil, focusing on natural gas, nuclear, and clean energy development.
In 2016, China ratified the Paris Agreement, a multilateral agreement to combat
climate change, and committed to peak its carbon dioxide emissions between 2025
and 2030.
The government's 13th Five-Year Plan, unveiled in March 2016, emphasizes
the need to increase innovation and boost domestic consumption to make the
economy less dependent on government investment, exports, and heavy industry.
However, China has made more progress on subsidizing innovation than
rebalancing the economy. Beijing has committed to giving the market a more
decisive role in allocating resources, but the Chinese Government’s policies
continue to favor state-owned enterprises and emphasize stability. Chinese
leaders in 2010 pledged to double China’s GDP by 2020, and the 13th Five Year
Plan includes annual economic growth targets of at least 6.5% through 2020 to
achieve that goal. 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.
Chinese leaders also have undermined some market-oriented reforms by
reaffirming the “dominant” role of the state in the economy, a stance that
threatens to discourage private initiative and make the economy less efficient
over time. The slight acceleration in economic growth in 2017—the first such
uptick since 2010—gives Beijing more latitude to pursue its economic reforms,
focusing on financial sector deleveraging and its Supply-Side Structural Reform
agenda, first announced in late 2015.
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Source
: CIA |
Company
name & address
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COMPANY NAME |
SHANGHAI HUIDE SCIENCE & TECHNOLOGY CO., LTD. |
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CURRENT ADDRESS/ REGISTERED
ADDRESS |
NO. 180 CHUNHUA ROAD, JINSHAN TOWN, JINSHAN
DISTRICT, SHANGHAI 201512 PR CHINA |
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TEL. NO. |
86 (0) 21-37285599 |
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FAX NO. |
86 (0) 21-37285395 |
EXECUTIVE
SUMMARY
Date of Registration : june 25, 2007
UNIFIED SOCIAL CREDIT CODE : 91310116662478847M
LEGAL FORM : SHARES LIMITED
COMPANY
CHIEF EXECUTIVE :
qian jianzhong (LEGAL REPRESENTATIVE)
REGISTERED CAPITAL : CNY 80,000,000
staff :
363
BUSINESS CATEGORY : MANUFACTURING & TRADING
Revenue :
CNY 1,173,867,000 (CONSOLIDATED,
AS OF
DEC. 31, 2016)
EQUITIES :
CNY 458,930,000 (CONSOLIDATED, AS OF DEC. 31, 2016)
WEBSITE : www.shhdsz.com
E-MAIL :
zouwg@shhdsz.com
PAYMENT :
Regular
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : stable
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
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 shares
limited company of PRC with State Administration of Industry &
Commerce (SAIC) under unified social credit code: 91310116662478847M.
SC’s Import and Export Enterprise Code:
3100662478847
SC’s registered capital: CNY 80,000,000
SC’s paid-in capital: CNY 80,000,000
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
2016-3-25 |
Legal Form |
Limited Liabilities Company |
Shares Limited Company |
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Registration No./Unified Social Credit Code |
310228001026769 |
91310116662478847M |
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Company Name |
Shanghai Huide Chemical Industry Co., Ltd. |
Shanghai Huide Science & Technology Co., Ltd. |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
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Name of Shareholder (s) |
% of Shareholding |
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Shanghai Huide Enterprise Group Co., Ltd. |
47.5 |
|
Yan Qun |
30 |
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Shanghai Zhanran Equity Investment Management Partnership (Limited
Partnership) |
16.25 |
|
Shanghai Yongteng Equity Investment Management Partnership (Limited
Partnership) |
6.25 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman and General Manager |
Qian Jianzhong |
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Director |
Yanqun |
|
Zhang Yong |
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|
Lu Shimin |
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Qian Hongxiang |
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Supervisor |
Xu Qiang |
|
Huang Cheng |
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|
Yan Bingqing |
RECENT
DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER
CHART & BACKGROUND
Name %
of Shareholding
Shanghai Huide Enterprise Group Co., Ltd. 47.5
Yan Qun 30
Shanghai Zhanran Equity Investment Management Partnership (Limited
Partnership) 16.25
Shanghai Yongteng Equity Investment Management Partnership (Limited
Partnership) 6.25
Shanghai Huide Enterprise Group Co., Ltd.
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Date Of Registration: April 28, 2002
Unified Social Credit Code: 913101157385193359
Chief Executive : Yanqun
Registered Capital: CNY 30,000,000
MANAGEMENT
Qian Jianzhong, Legal Representative, Chairman and General
Manager
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Gender: M
Nationality: China
Qualification: University
Working experience (s):
At present, working in SC as legal representative, chairman and general
manager, also working in Shanghai Huide International Trade Co., Ltd.,
Changzhou Pufeite Chemicals Co., Ltd., Shanghai Hongde Polyurethane Co., Ltd.,
and Fujian Huide New Materials Co., Ltd. as legal representative
Director
----------
Yanqun
Zhang Yong
Lu Shimin
Qian Hongxiang
Supervisor
--------------
Xu Qiang
Huang Cheng
Yan Bingqing
BUSINESS
OPERATION
SC’s registered business scope includes technology
development, technology consulting, technology transfer, and technology
services of chemical technology, new materials technology, information
technology, computer technology, new energy technology; manufacturing
polyurethane resin; importing and exporting goods and technology.
SC is mainly engaged in manufacturing and selling polyurethane resin.
SC’s products mainly include: synthetic leather, polyester polyol, etc.
SC sources its materials 100% from domestic market, mainly Shanghai. SC sells 80% of its products in domestic market, and 20% to overseas market, mainly U.S.A., Europe, Mid East, Southeast Asia, etc.
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 Customer*
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Rubiano Perea Carlos Enrique
Staff &
Office:
--------------------------
SC is known to have approx.
363 staff at present.
SC owns an area as its operating office & factory of approx. 58,000
sq. meters at the heading address.
RELATED
COMPANY
SC is known to
have 5 subsidiaries at present,
Fujian Huide New Materials Co., Ltd.
---------------------------------
Date of Registration: July 19, 2016
Unified Social Credit Code: 91350982MA349RNJ0D
Chief Executive : Qian Jianzhong
Registered Capital: CNY 50,000,000
Changzhou Yunqi Transport Co., Ltd.
------------------------------
Date of Registration: June 3, 2013
Unified Social Credit Code: 913204110710621613
Chief Executive : Zou Wenge
Registered Capital: CNY 2,000,000
Shanghai Huide International Trade Co., Ltd.
------------------------------------
Date of Registration: August 20, 2010
Unified Social Credit Code: 91310115560166930G
Chief Executive : Qian Jianzhong
Registered Capital: CNY 5,000,000
Changzhou Pufeite Chemicals Co., Ltd.
---------------------------------
Date of Registration: April 4, 2007
Unified Social Credit Code: 913204126600846175
Chief Executive : Qian Jianzhong
Registered Capital: CNY 8,000,000
Shanghai Hongde Polyurethane Co., Ltd.
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Date of Registration: June 10, 2004
Unified Social Credit Code: 91310115763340038R
Chief Executive : Qian Jianzhong
Registered Capital: CNY 2,000,000
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 records 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
Consolidated
Balance Sheet
|
Unit: CNY’000 |
As of Dec. 31,
2016 |
|
157,974 |
|
|
Notes receivable |
230,522 |
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Accounts receivable |
238,566 |
|
Advances to suppliers |
32,743 |
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Other receivable |
5,670 |
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Inventory |
80,197 |
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Non-current assets within one year |
0 |
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Other current assets |
203,830 |
|
|
------------------ |
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Current assets |
949,502 |
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Long-term investment |
0 |
|
Fixed assets |
71,033 |
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Construction in progress |
5,648 |
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Intangible assets |
18,487 |
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Other non-current assets |
8,530 |
|
|
------------------ |
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Total assets |
1,053,200 |
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|
============= |
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Short-term loans |
101,000 |
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Notes payable |
341,116 |
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Accounts payable |
66,965 |
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Wages payable |
20,716 |
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Taxes payable |
26,978 |
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Advances from clients |
30,551 |
|
Other payable |
1,008 |
|
Other current liabilities |
132 |
|
|
------------------ |
|
Current liabilities |
588,466 |
|
Non-current liabilities |
5,804 |
|
|
------------------ |
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Total liabilities |
594,270 |
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Equities |
458,930 |
|
|
------------------ |
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Total liabilities & equities |
1,053,200 |
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|
============= |
Consolidated
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2016 |
|
Revenue |
1,173,867 |
|
Cost of sales |
913,312 |
|
Sales expense |
43,033 |
|
Management expense |
97,903 |
|
Finance expense |
2,169 |
|
Profit before tax |
113,117 |
|
Less: profit tax |
14,360 |
|
98,757 |
Important Ratios
=============
|
|
As of Dec. 31,
2016 |
|
*Current ratio |
1.61 |
|
*Quick ratio |
1.48 |
|
*Liabilities to assets |
0.56 |
|
*Net profit margin (%) |
8.41 |
|
*Return on total assets (%) |
9.38 |
|
*Inventory / Revenue ×365 |
25 days |
|
*Accounts receivable/ Revenue ×365 |
75 days |
|
*Revenue/Total assets |
1.11 |
|
*Cost of sales / Revenue |
0.78 |
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.
SC’s cost of sales is average, comparing with its revenue.
LIQUIDITY: AVERAGE
The current ratio of SC is maintained in a normal level.
SC’s quick ratio is maintained in a fairly good level.
The inventory of SC is maintained in an average level.
The accounts receivable of SC is maintained in an average level.
SC’s short-term loans are in an average level.
SC’s revenue is in an average level, comparing with the size of its
total assets.
LEVERAGE: AVERAGE
The debt ratio of SC is average.
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Stable.
CONCLUSIONS
SC is considered medium-sized in its line with stable financial
conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 65.22 |
|
|
1 |
INR 91.33 |
|
Euro |
1 |
INR 79.96 |
|
CNY |
1 |
INR 10.29 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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Report Prepared
by : |
KET |
RATING EXPLANATIONS
|
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 |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
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.