MIRA INFORM REPORT
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Report Date : |
02.10.2013 |
IDENTIFICATION DETAILS
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Name : |
Jiangxi Dongfeng Pharmaceutical CO., LTD. |
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Registered Office : |
No. 15, Dongfeng Road, Leping City,
Jiangxi Province, 333300 Pr |
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Country : |
China |
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Date of Incorporation : |
25.04.2002 |
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Com. Reg. No.: |
360200110000693 |
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Legal Form : |
Shares Limited Co. |
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Line of Business : |
Subject is mainly engaged
in manufacturing and selling of pharmaceutical and food additives. |
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No. of Employees : |
580 |
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 : |
Satisfactory |
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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 – March 31st, 2013
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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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, 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
Jiangxi Dongfeng Pharmaceutical CO., LTD.
NO. 15 DONGFENG ROAD, LEPING CITY, JIANGXI
PROVINCE, 333300 PR CHINA
TEL: 86 (0)
798-6803437/6803505 FAX: 86 (0) 798-6803747
EXECUTIVE SUMMARY
INCORPORATION DATE : April 25, 2002
REGISTRATION NO. : 360200110000693
REGISTERED LEGAL FORM : Shares
limited co.
CHIEF EXECUTIVE : MR. JIANG HU (CHAIRMAN)
STAFF STRENGTH :
580
REGISTERED CAPITAL : CNY
120,000,000
BUSINESS LINE :
MANUFACTURING
TURNOVER :
N/A
EQUITIES : N/A
PAYMENT :
AVERAGE
MARKET CONDITION : average
FINANCIAL CONDITION : N/A
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.12 = USD 1
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
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 April 25, 2002.
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 China.. Natural person are allowed to serve as promoters. The minimum registered capital
of a co. is CNY 5M. while that of the co. with foreign investment is CNY
5M. The total capital of a co. which propose to apply for publicly listed
must be no less than CNY 30M. 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 pharmaceutical, manufacturing, processing
and selling food additives; exporting self-made products and related
technology; importing and exporting raw materials, machinery and equipment and
technology which required in the production and scientific research, 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 pharmaceutical and food additives.
Mr. Jiang Hu is
legal representative, chairman and general manager of SC at present.
SC is known
to have approx. 580 employees at present.
SC is currently operating at the above stated address, and this address houses its operating office and factory in the industrial zone of Leping. The detailed information of the area is unspecified.
http://www.jxdfyy.cn/ The design is professional and the content is well
organized. At present it is in Chinese and English versions.
Email: tljtdfyy@163.com
SC's Penicillin G Potassium (Feed Grade) and Penicillin G Potassium
Crude have passed FDA authentication.
No significant changes were found during our checks with the local AIC.
See below for SC
as executive party (defendant).
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Executed Party |
Jiangxi Dongfeng Pharmaceutical Co., Ltd. |
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Court |
Linhai People's Court |
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Date
of Case |
Jan. 25, 2013 |
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Case Number |
(2013) 00800 |
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Claim
Amount |
RMB 3,000 |
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Case
Status |
Completed |
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Executed Party |
Jiangxi Dongfeng Pharmaceutical Co., Ltd. |
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Court |
Linhai People's Court |
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Date
of Case |
Nov. 28, 2012 |
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Case Number |
(2012) 04164 |
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Claim
Amount |
RMB 314,723 |
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Case
Status |
Completed |
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Executed Party |
Jiangxi Dongfeng Pharmaceutical Co., Ltd. |
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Court |
Linhai People's Court |
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Date
of Case |
Jul. 26, 2012 |
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Case Number |
(2012) 02488 |
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Claim
Amount |
RMB 4,841 |
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Case
Status |
Completed |
Etc.
Remark: Due to the lack of information, we are unable to provide the cause of
action, judgment or other information.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Shenyang Tonglian Group Co., Ltd. 50
Hulunbeier Northern
Pharmaceutical Co., Ltd. 50
Shenyang Tonglian Group Co., Ltd.
=========================
Registration no.: 210113000006806
Registered capital: CNY 100,000,000
Legal representative: Jiang Enhong
Tel: 024-24311786
Fax: 024-24311281
Hulunbeier Northern Pharmaceutical Co., Ltd.
=========================
Registration no.: 152104000010086
Registered capital: CNY 497,638,000
Legal representative: Liang Hecheng 梁和成
l Legal
representative, chairman and general manager:
Mr. Jiang Hu is currently responsible for the overall management of SC.
Working Experience(s):
At present Working in SC as legal
representative, chairman and general manager.
l Directors:
Ying Xiping
Xie Jinhua
Yang Shengwu
Huang Xinping
Li Shulong
Jiang Fengping
l Supervisors:
Cong Zhimin
Cheng Zhiliang
SC is mainly engaged
in manufacturing and selling pharmaceutical and food additives.
SC’s products
mainly include:
APIs:
Penicillin G
Procaine Sterile
Penicillin G
Procaine with Lecithin
Penicillin G
Procaine with Lecithin and Tween
Penicillin G Procaine
Sterile Buffered
Penicillin G
Benzathine Sterile
Penicillin G
Benzathine with Lecithin
Penicillin G
Benzathine with Lecithin and Tween
Etc.
Finished Products:
Penicillin G
Sodium for Injection
Penicillin G
Potassium for Injection
Ampicillin Sodium
for Injection
Penicillin G
Procaine for Injection
Penicillin G
Benzathine for Injection
Ampicillin Sodium
and Sulbactam Sodium for Injection
Amoxicillin Sodium
and Clavulanate Potassium for Injection
Etc.
SC sources its materials 90% from domestic market and 10%
from the overseas market. SC sells 85% of its products in domestic market and
15% to overseas market.
The buying terms of SC include Check, L/C, T/T 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 clients and suppliers.
The information on SC’s subsidiaries is not available 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’s management
declined to release its bank details.
SC’s management
declined to release any financial information.
SC is considered medium-sized in its line with 11 years operation history.
Taking into consideration of SC’s general performance, reputation as well as
market conditions, we would rate SC as an average credit risk company.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.62.36 |
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1 |
Rs.101.20 |
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Euro |
1 |
Rs.84.54 |
INFORMATION DETAILS
|
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.