MIRA
INFORM REPORT
|
Report Date : |
14.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
CHANGCHUN CHANGSHENG LIFE
SCIENCES LTD. |
|
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Registered Office : |
NO. 1615, Yueda Road, High-New Development Zone,
Changchun, Jilin Province, 130103 PR |
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Country : |
China |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
27.08.1992 |
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Com. Reg. No.: |
220101020013123 |
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Legal Form : |
Shares Limited Co |
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|
|
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Line of Business : |
Engaged
in manufacturing and selling biological high-tech products. |
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|
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No. of Employees : |
870 |
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 |
|
Status : |
Satisfactory |
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Payment Behaviour : |
No complaints |
|
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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
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, creation of a diversified banking system, development of stock markets, rapid growth of the private sector, 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 it considers important to "economic security," explicitly looking to foster globally competitive national champions. After keeping its currency tightly linked to the US dollar for years, in July 2005 China revalued its currency by 2.1% against the US dollar and 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. 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 2012 stood as the second-largest economy in the world after the US, having surpassed Japan in 2001. The dollar values of China's agricultural and industrial output each exceed those of the US; China is second to the US in the value of services it produces. Still, per capita income is below the world average. The Chinese government faces numerous economic challenges, including: (a) reducing its high domestic savings rate and correspondingly low domestic demand; (b) sustaining adequate job growth for tens of millions of migrants and new entrants to the work force; (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 2011 more than 250 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. In 2010-11, China faced high inflation resulting largely from its credit-fueled stimulus program. Some tightening measures appear to have controlled inflation, but GDP growth consequently slowed to under 8% for 2012. An economic slowdown in Europe contributed to China's, and is expected to further drag Chinese growth in 2013. Debt overhang from the stimulus program, particularly among local governments, and a property price bubble challenge policy makers currently. The government's 12th Five-Year Plan, adopted in March 2011, emphasizes continued economic reforms and the need to increase domestic consumption in order to make the economy less dependent on exports in the future. However, China has made only marginal progress toward these rebalancing goals
|
Source : CIA |
Company name and address
CHANGCHUN CHANGSHENG LIFE SCIENCES LTD.
NO. 1615, YUEDA ROAD, HIGH-NEW DEVELOPMENT ZONE,
CHANGCHUN, JILIN PROVINCE, 130103 PR CHINA
TEL: 86 (0) 431-85810112 / 85810155
FAX: 86 (0) 431-87013567
EXECUTIVE SUMMARY
INCORPORATION DATE :
AUG. 27, 1992
REGISTRATION NO. :
220101020013123
REGISTERED LEGAL FORM : SHARES LIMITED CO.
STAFF STRENGTH :
870
REGISTERED CAPITAL : CNY 50,000,000
BUSINESS LINE :
MANUFACTURING & SELLING
TURNOVER :
CNY 436,710,000 (AS OF DEC. 31,
2012)
EQUITIES :
CNY 777,160,000 (AS OF DEC. 31, 2012)
PAYMENT :
AVERAGE
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
FAIRLY GOOD
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
WELL-KNOWN
EXCHANGE RATE :
CNY 6.07= USD
Adopted
abbreviations:
ANS -
amount not stated
NS -
not stated
SC -
subject company (the company inquired by you)
NA - not available
CNY - China Yuan Ren Min Bi
Note: SC’s complete English name and
address should be the heading ones.
SC was registered as a Shares limited co.
at local Administration for Industry & Commerce (AIC - The official body of
issuing and renewing business license) on Aug. 27, 1992.
Company
Status: Shares Limited Co. This form of business in PR China
is defined as a legal person. Its registered capital is divided into shares
of equal par value and the co. raises capital by issuing share certificates
by promotion or by public offer. Shareholders bear limited liability to the
extent of shareholding, and the co. is liable for its debts only to the
extent of its total assets. The co has independent property of legal person
and enjoys property rights of legal person. The characteristics of the
shares limited co. are as follows: The establishment of the co.
requires at least two promoters and no more than 200, half
of whom shall be domiciled in The minimum registered
capital of a co. is CNY The board of directors must
consist of five to nineteen directors. If the co. raises
capital by public offer, the promoters must not subscribe less than 35% of
the total shares. the promoters’ shares are restricted to transfer- within
one year of the offer. A state-owned enterprise that
is restructured into a shares limited co. must comply with the conditions
& requirements specified under the law & administrative rule.
SC’s registered business scope includes manufacturing
vaccine; technical development, technical transfer, technical consulting and
technical services; exporting self-made commodities and technologies; (excluding
technologies and commodities prohibited by country); importing raw materials,
instruments, machinery equipment, spare parts and related technologies needed
in manufacturing and researching; processing with imported materials,
processing with imported samples, assembling with imported parts, and
compensation trade in agreement.
SC is
mainly engaged in manufacturing and selling biological high-tech products.
Ms.
Gao Junfang has been the legal representative, chairman and general manager of
SC since 2001.
SC is
known to have approx. 870
employees at present.
SC is currently operating at the above stated address, and this
address houses its operating office and factory in the development zone of
Changchun. But the detailed information about the premise is not available.
china.cs-vaccine.com The design is professional
and the content is well organized. At present the web is both in Chinese and
English versions.
Email: csjcj@126.com
Changes of its registered information:
|
Date of change |
Item |
Before the change |
After the change |
|
|
Legal representative |
Zhang Jiaming |
Sun Kelin |
|
Registration no. |
12403731 |
2201071000254 |
|
|
2001-05-28 |
Registered capital |
CNY 40,000,000 |
The present amount |
|
Legal representative |
Sun Kelin |
The present one |
|
|
2002-05-27 |
Company name |
Changchun Changsheng Industrial
Co., Ltd. |
The present one |
|
2006-12-08 |
Registration no. |
2201071000254 |
2201012006935 |
|
2007-02-13 |
Shareholdings |
Han Gangjun 30% Gao Junfang 25% Jin Yudong 15% Sun Yaping 10% Shanxi Lansheng Pharmaceutical Biotechnology Co., Ltd. 9.68% Zhang Yu 8.25% Changchun Biological High-Tech Application Institute 1.39% Guangzhou Mengyuan Biology Project Development Co., Ltd. 0.68% |
The present ones |
|
|
Registration No. |
2201012006935 |
The present one |
Honors:
High & New Technology Enterprise
Famous Brand Enterprise
National Torch Plan Enterprise
Advanced Enterprise
Top 50 Private Enterprises
Etc.
For the past two years there is no record of litigation.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Shenzhen Haoyan Biology
Technology Co., Ltd. 30
Shaanxi Lansheng Pharmaceutical Biotechnology Co., Ltd. 9.68
Changchun Biological High-Tech Application Institute 1.39
Gao Junfang 25
Jin Yudong 15
Sun Yaping 10
Zhang Yu 8.25
Yu Guangqian 0.68
l
Legal Representative, Chairman and
General Manager:
Ms. Gao Junfang, born in 1954,
with university education. She is currently responsible for the overall
management of SC.
Working Experience(s):
From 2001 to present Working in SC as legal
representative, chairman and general manager;
SC is
mainly engaged in manufacturing and selling biological high-tech products.
SC’s products
mainly include:
Rabies
Vaccine (Vero Cell) for Human Use, Freeze-dried
Hepatitis
A (Live) Vaccine, Freeze-dried
Influenza
Vaccine（Split）
Varicella
Vaccine（Live，Freeze-dried
Diphtheria
Tetanus and Acellular Pertussis Combined Vaccine, Adsorbed
Group
A+ C Meningococcal Polysaccharide Vaccine
Group
A+C+W135 +Y Meningococcal Polysaccharide Vaccine
Etc.
Brand:
“Changsheng”.
SC
sources its materials 70% from domestic market, and 30% from overseas market.
SC sells 40% of its products in domestic market, and 60% to overseas market.
The buying terms of SC include Check, T/T, L/C and Credit of
30-60 days. The payment terms of SC include Check, T/T, L/C and Credit of 30-60
days.
Note:
SC refused to release its major suppliers and customers.
SC is not known to have any subsidiary at present.
Overall payment appraisal:
( ) Excellent (
) Good (X) Average (
) Fair ( ) Poor
( ) Not yet 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.
SC
is not known to have any subsidiary at present.
Balance
Sheet
Unit:
CNY’000
|
|
As
of Dec. 31, 2011 |
As
of Dec. 31, 2012 |
|
Cash
& bank |
107,770 |
204,630 |
|
Notes
receivable |
0 |
0 |
|
Inventory
|
91,740 |
83,520 |
|
Accounts
receivable |
382,810 |
430,710 |
|
Advances
to suppliers |
4,180 |
14,830 |
|
Other
accounts receivable |
0 |
0 |
|
Other
current assets |
17,690 |
32,120 |
|
|
------------------ |
----------------- |
|
Current
assets |
604,190 |
765,810 |
|
Fixed
assets net value |
254,400 |
57,340 |
|
Long
term investment |
0 |
0 |
|
Long-term
prepaid expenses |
0 |
0 |
|
Project
materials |
0 |
0 |
|
Intangible
and other assets |
83,150 |
290,580 |
|
|
------------------ |
------------------ |
|
Total
assets |
941,740 |
1,113,730 |
|
|
============= |
============= |
|
Short
loans |
120,000 |
150,000 |
|
Notes
payable |
0 |
0 |
|
Accounts
payable |
7,600 |
59,240 |
|
Accrued
payroll |
0 |
0 |
|
Welfare
payable |
0 |
0 |
|
Taxes payable |
-3,070 |
-650 |
|
Surcharge payable |
0 |
0 |
|
Other
accounts payable |
79,000 |
98,000 |
|
Other
current liabilities |
0 |
0 |
|
Interest
payable |
74,300 |
10,230 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
277,830 |
316,820 |
|
Long-term
liabilities |
21,960 |
19,750 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
299,790 |
336,570 |
|
Equities |
641,950 |
777,160 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
941,740 |
1,113,730 |
|
|
============= |
============= |
ncome
Statement
Unit:
CNY’000
|
|
As
of Dec. 31, 2012 |
|
Turnover |
436,710 |
|
Cost of goods sold |
98,240 |
|
Taxes
and additional of main operations |
2,970 |
|
Sales expense |
88,740 |
|
Management expense |
76,370 |
|
Finance expense |
9,760 |
|
Asset
impairment loss |
6,610 |
|
Non-operating
income |
5,000 |
|
Non-operating expense |
470 |
|
Profit
before tax |
158,550 |
|
23,340
|
|
|
Profits |
135,210
|
Important
Ratios
=============
|
|
As of Dec. 31, 2011 |
As of Dec. 31, 2012 |
|
*Current
ratio |
2.17
|
2.42
|
|
*Quick
ratio |
1.84
|
2.15
|
|
*Liabilities
to assets |
0.32
|
0.30
|
|
*Net
profit margin (%) |
/ |
30.96
|
|
*Return
on total assets (%) |
/ |
12.14
|
|
*Inventory
/Turnover ×365 |
/ |
70
days |
|
*Accounts
receivable/Turnover ×365 |
/ |
360
days |
|
*Turnover/Total
assets |
/ |
0.39
|
|
*
Cost of goods sold/Turnover |
/ |
0.22
|
PROFITABILITY:
GOOD
l
The turnover of SC appears fairly good
in its line in 2012.
l
SC’s net profit margin is good in 2012.
l
SC’s return on total assets is good in
2012.
l
SC’s cost of goods sold is low in 2012,
comparing with its turnover.
LIQUIDITY:
AVERAGE
l
The current ratio of SC is maintained
in a fairly good level in both 2 years.
l
SC’s quick ratio is maintained in a
fairly good level in both 2 years.
l
The inventory of SC is average in both
2 years.
l
The accounts receivable of SC appears
large in both 2 years.
l
SC’s short-term loan appears average in
both 2 years.
l
SC’s turnover is in a poor level in
2012, comparing with the size of its total assets.
LEVERAGE:
FAIRLY GOOD
l
The debt ratio of SC is low in both 2 years.
l
The risk for SC to go bankrupt is low.
Overall
financial condition of the SC: Fairly Good.
SC is considered medium-sized in its line with fairly good financial
conditions. The large amount of accounts receivable could be a threat to SC’s
financial conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.12 |
|
|
1 |
Rs.101.53 |
|
Euro |
1 |
Rs.85.41 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.