MIRA
INFORM REPORT
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Report Date : |
16.04.2014 |
IDENTIFICATION DETAILS
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Name : |
JIANGXI CHIBANG PHARMACEUTICAL CO., LTD. |
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Registered Office : |
Hejiaping, Baqiu Town, Xiajiang County, Ji’an City, Jiangxi Province, 331400 PR |
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Country : |
China |
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Date of Incorporation : |
21.09.2007 |
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Com. Reg. No.: |
360823213070461 |
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Legal Form : |
Limited Liabilities Co |
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Line of Business : |
Subject is engaged in manufacturing and sales of pharmaceutical products. |
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No. of Employees : |
230 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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 31, 2014
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Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
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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 - 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 2013 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
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 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. Debt overhang from
its credit-fueled stimulus program in 2008-10, particularly among local
governments, and soaring property prices challenge policy makers currently.
Their efforts to cool a red-hot property market in 2011 appear to have curbed
inflation, but contributed to slower GDP growth in 2012 and 2013. Slow recovery
in Europe and other key export markets have also retarded growth. 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 fixed investments and exports in the future.
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.
|
Source
: CIA |
Company name and address
Jiangxi Chibang Pharmaceutical Co., Ltd.
Hejiaping, baqiu town, xiajiang
county,
Ji’an city, jiangxi PROVINCE,
331400 PR CHINA
TEL: 86 (0) 796-3718333
FAX: 86 (0) 796-3666799
EXECUTIVE SUMMARY
INCORPORATION DATE : sep. 21, 2007
REGISTRATION NO. : 360823213070461
REGISTERED LEGAL FORM : Limited liabilities co.
CHIEF EXECUTIVE :
Mr. Xu xiaohai (legal
representative)
STAFF STRENGTH :
230
REGISTERED CAPITAL : CNY 20,000,000
BUSINESS LINE :
TRADING and 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 6.2164 = 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 Renminbi
SC was registered as a limited liabilities company at local
Administration for Industry & Commerce (AIC - The official body of issuing
and renewing business license) on Sep. 21, 2007.
Company Status: Limited liabilities co. This form of business in PR China is defined as a legal
person. No more than fifty shareholders contribute its registered capital
jointly. Shareholders bear limited liability to the extent of shareholding,
and the co. is liable for its debts only to extent of its total assets. The
characteristics of this form of co. are as follows: Upon the establishment of the co., an investment
certificate is issued to the each of shareholders. The board of directors is comprised of three to thirteen
members. The minimum registered capital for a co. is CNY 30,000. Shareholders may take their capital contributions in
cash or by means of tangible assets or intangible assets such as industrial
property and non-patented technology. Cash contributed by all shareholders must account for at
least 30% of the registered capital. Existing shareholders have pre-exemption right to
purchase shares of the co. offered for sale by the other shareholders and
to subscribe for the newly increased registered capital of the co.
SC’s registered business scope includes manufacture, sales, import and
export of pharmaceutical intermediates (if needed with permit).
SC is mainly engaged in manufacturing and sales of pharmaceutical
products.
Mr. Xu Xiaohai is legal representative of SC at present.
SC is known to have approx. 230 employees at present.
SC is currently operating at the above stated address, and this address
houses its operating office and factory in Ji’an City. But the detailed
information about the premise is unspecific.
http://www.cbpharm.com/ The design is
professional and the content is well organized. At present it is in Chinese and
English versions.
Email: xhzchem@163.com;
Jessie@cbpharm.com
For the past two years there is no record of litigation.
No significant changes were found during our checks
with the local Administration for Industry and Commerce.
Subject passed the annual inspection of 2012 with Administration for
Industry & Commerce.
Organization Code: 664798588
MAIN SHAREHOLDERS:
Name %
of Shareholding
Chen Yulian 5
Xu Xiaohai 75
Xu Xiaoliang 20
Legal
Representative:
Mr. Xu Xiaohai is currently
responsible for the overall management of SC.
Working
Experience(s):
At present Working
in SC as legal representative.
SC is mainly engaged in manufacturing and sales of pharmaceutical
products.
SC’s products mainly include: APIs (Mebhydroline Napadisylate, Abacavir,
Abacavir sulfate), Pharmaceutical Intermediates (Levofloxacin acid,
Levofloxacin acid ester, Triphenylphosphine) and Phosphonium Compound
(Triphenylphosphine, Methyl Triphenyl Phosphonium Chloride
SC sources its materials 100% from domestic market. SC sells 70% of its
products in domestic market, and 30% to overseas market.
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.
Note: SC declined to release its major suppliers and clients.
According to SC’s website:
Ji'an Haizhou Chemical Co., Ltd.
========================
Incorporation Date:
Registration No.: 360803210700194
Legal Representative: Wang
Daorong
Website: http://www.haizhouchem.com/
Email: haizhouyiyaohg@163.comm
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 bank details are not available at present.
SC’s accountant refused to release the financial information.
SC is considered medium-sized in its line with a development history of
7 years.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.60.26 |
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1 |
Rs.100.71 |
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Euro |
1 |
Rs.83.27 |
INFORMATION DETAILS
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Analysis Done by
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RAS |
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Report Prepared
by : |
NNA |
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.