MIRA
INFORM REPORT
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Report Date : |
14.08.2014 |
IDENTIFICATION DETAILS
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Name : |
NINGXIA KINGVIT
PHARMACEUTICAL CO., LTD. |
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Registered Office : |
Wangyuan Economic
Development Zone, |
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Country : |
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Date of Incorporation : |
16.07.2010 |
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Com. Reg. No.: |
640121200005221 |
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Legal Form : |
Shares Limited Co. |
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Line of Business : |
Subject is engaged in manufacturing
and selling bulk drugs (vitamin B12, methylcobalamin, vitamin B2,
cobamamide), feed additives [vitamin (I): vitamin B12], vitamin B12 cell
protein; hardware, electrical and mechanical equipment (excluding cars),
production and use of raw and auxiliary materials and products (soybean oil,
corn starch, betaine, corn germ, corn gluten meal, soybean meal, cottonseed
protein, corn syrup excluding dangerous goods), chemical reagents (excluding
dangerous goods and precursor products), office supplies and equipment, labor
supplies, packaging materials, valves, pipe fittings, environmental equipment
and materials |
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No of Employees : |
200 |
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 – June 01, 2014
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Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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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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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate 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.
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Source
: CIA |
COMPANY NAME & ADDRESS
NINGXIA KINGVIT PHARMACEUTICAL CO., LTD.
WANGYUAN ECONOMIC DEVELOPMENT ZONE, YONGNING
COUNTY,
YINCHUAN, Ningxia Hui Autonomous Region, 750101
PR CHINA
TEL: 86 (0) 951-8462651 FAX: N/A
EXECUTIVE SUMMARY
INCORPORATION DATE : JULY 16, 2010
REGISTRATION NO. : 640121200005221
REGISTERED LEGAL FORM : SHARES LIMITED CO.
STAFF STRENGTH :
200
REGISTERED CAPITAL : CNY 120,000,000
BUSINESS LINE :
MANUFACTURING AND TRADING
TURNOVER :
N/A
EQUITIES :
N/A
PAYMENT :
AVERAGE
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : N/A
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY
6.1941 = 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 Shares limited co. at local Administration for
industry & commerce (AIC - the official body of issuing and renewing
business license) on July 16, 2010.
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 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 and selling bulk drugs (vitamin B12, methylcobalamin,
vitamin B2, cobamamide), feed additives [vitamin (I): vitamin B12], vitamin B12
cell protein; hardware, electrical and mechanical equipment (excluding cars),
production and use of raw and auxiliary materials and products (soybean oil, corn
starch, betaine, corn germ, corn gluten meal, soybean meal, cottonseed protein,
corn syrup excluding dangerous goods), chemical reagents (excluding dangerous
goods and precursor products), office supplies and equipment, labor supplies,
packaging materials, valves, pipe fittings, environmental equipment and
materials (with permit if needed)
SC is mainly
engaged in manufacturing and selling bulk drugs, vitamin B12 feed additives and
vitamin B12 cell protein.
Mr.
Chen Degang has been the legal representative and chairman of SC since 2010.
SC is known
to have approx. 200 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office and factory in the economic development zone of Yinchuan. Our
checks reveal that SC owns the total premise, but the gross area of the premise
is unspecific.
http://www.duoweijt.com/jw/
The design is professional and the content is well organized. At present it is
in Chinese and English versions.
Email: kingvitgy@duowei.com.cn
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: 554171717
Certificates:
For the past two years there is no record of litigation.
MAIN SHAREHOLDERS:
Name
Investment amount % of Shareholding
Ningxia Duowei Pharmaceutical Co., Ltd. CNY 2,400,000 2
Wang Danna CNY
106,751,351 88.96
Chen Degang CNY
3,600,000 3
Wang Changlu CNY
1,800,000 1.5
Wang Zhong CNY
1,200,000 1
Wang Hongxia CNY
1,200,000 1
Li Wei CNY
1,200,000 1
Qi Junfeng CNY
1,200,000 1
Gao Yong CNY
324,324 0.27
Wei Wei CNY
194,595 0.16
Gao Guangli CNY
64,865 0.05
Wang Zhi CNY
64,865 0.05
Ningxia Duowei Pharmaceutical Co., Ltd.
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Incorporation date: Jan. 4, 1999
Registration no.: 640121200001542
Registered capital: CNY 58,980,000
Legal rep.: Shi Xiaoshun
Legal form: Limited liabilities co.
Web: http://www.duowei.com.cn/
Tel: 0951-6149107
l
Legal Representative and Chairman:
Mr. Chen Degang is currently responsible for the overall management of SC.
Working Experience(s):
From 2010 to present Working
in SC as legal representative and chairman.
l
Supervisor:
Wu Sheng
SC is mainly engaged
in manufacturing and selling bulk drugs, vitamin B12 feed additives and vitamin
B12 cell protein.
SC’s
products mainly include: Cyanocobalamin, Mecobalamin, Vitamin B12 Feed Additive
and Vitamin B12 Food Additive.
SC sources its
materials 100% from domestic market. SC sells 60% of its products to overseas
market, and 40% in domestic 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, Check and Credit of 30-60 days.
Note:
SC’s management declined to release its major suppliers and clients.
According
to SC’s website:
Sales
Center:
Add:
20/F, Dahangjiye Building, No. 33 Renda North Road, Haidian District, Beijing,
China 100080
Tel:
+86-10-82684966-830
Fax:
+86-10-82685169
According
to the website: http://www.duoweijt.com
Ningxia
Golden Sunshine Real Estate Development Co., Ltd.
===========================================
Incorporation date: 2004-5-14
Registration no.: 641100200014137
Registered capital: CNY 60,000,000
Legal rep.: Qi Lifeng
Legal form: Limited liabilities co.
Web: http://www.duoweijt.com/jsyg_1
Tel: 0951-4111359
Beijing
Unique Guide Advertising Co., Ltd.
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Incorporation date: 2010-9-1
Registration no.: 110108013179775
Registered capital: CNY 3,000,000
Legal rep.: Zhou Chengdong
Legal form: Limited liabilities co.
Web: http://www.qtlad.com
E-mail: qitelu@163.com
Tel: 010-82684966
Fax: 010-82684966-802
Etc.
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 the bank information of SC.
SC’s management declined to release any financial information.
SC is considered medium-sized in its line with a development history of
4 years. 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.61.18 |
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1 |
Rs.102.55 |
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Euro |
1 |
Rs.81.77 |
INFORMATION DETAILS
|
Report Prepared
by : |
TPT |
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.