MIRA
INFORM REPORT
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Report Date : |
28.08.2014 |
IDENTIFICATION DETAILS
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Name : |
Jiangxi Chunguang
Pharma Packing Material Corp., LTD. |
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Registered Office : |
No. 6, |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
16.08.2007 |
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Com. Reg. No.: |
360981210000328 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Manufacturing and selling drug packaging materials (PVC rigid film
solid pharmaceutical registration certificate is valid until July 14, 2014;
PVC, LDPE hard piece of solid medicinal compound, polyvinyl chloride,
polyethylene, polyvinylidene dichloro ethylene hard piece of solid medicinal
compound. |
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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 : |
Slow but correct |
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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
|
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, growth of the
private sector, development of stock markets and a modern banking system, 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 considered important to "economic
security," explicitly looking to foster globally competitive industries.
After keeping its currency tightly linked to the US dollar for years, in July
2005 China 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 and
expanded the daily trading band within which the RMB is permitted to fluctuate.
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. Several factors
are converging to slow China's growth, including debt overhang from its
credit-fueled stimulus program, industrial overcapacity, inefficient allocation
of capital by state-owned banks, and the slow recovery of China's trading
partners. The government's 12th Five-Year Plan, adopted in March 2011 and
reiterated at the Communist Party's "Third Plenum" meeting in
November 2013, emphasizes continued economic reforms and the need to increase
domestic consumption in order to make the economy less dependent in the future
on fixed investments, exports, and heavy industry. 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 & address
Jiangxi Chunguang Pharma Packing Material
Corp., LTD.
NO. 6, LONGZHOU ROAD, HI-TECH AREA,
FENGCHENG, JIANGXI PROVINCE, 331100 PR
CHINA
TEL: 86 (0) 795-6768666/6768608
FAX: 86 (0) 795-6768688
EXECUTIVE SUMMARY
INCORPORATION DATE : AUG. 16, 2007
REGISTRATION NO. : 360981210000328
REGISTERED LEGAL FORM : Shares
limited co.
CHIEF EXECUTIVE :
MR. zhou zhiqiang (CHAIRMAN)
STAFF STRENGTH :
200
REGISTERED CAPITAL : CNY
20,300,000
BUSINESS LINE : manufacturing and TRADING
TURNOVER :
CNY 33,450,000 (AS OF DEC. 31, 2013)
EQUITIES :
CNY 9,200,000 (AS OF DEC. 31, 2013)
PAYMENT :
AVERAGE
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : fair
OPERATIONAL TREND : fairly STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.1525 = 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
Note: the “
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 Aug. 16, 2007, and has been under the present
legal form since July of 2014.
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 and selling drug
packaging materials (PVC rigid film solid pharmaceutical registration certificate
is valid until July 14, 2014; PVC, LDPE hard piece of solid medicinal compound,
polyvinyl chloride, polyethylene, polyvinylidene dichloro ethylene hard piece
of solid medicinal compound registration certificate is valid until November 3,
2014; polyvinyl chloride, polyvinylidene chloride solid medicinal compound
rigid sheet registration certificate is valid until April 2, 2018;
pharmaceutical packaging foil registration certificate Valid until April 2,
2018), industrial packaging materials; import and export trade.
SC is mainly engaged in manufacturing and selling drug packaging
materials and industrial packaging materials.
Mr. Zhou Zhiqiang has been legal representative, chairman and general
manager of SC since 2014.
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 high-tech area of Fengcheng. The
detailed information of the premise is unspecified.
http://www.cypharmapacking.com/
The design is professional and the content is well organized. At present the
web is both in English and Chinese versions.
E-mail: info-jx@cypharmapacking.com
Changes
of its registered information are as follows:
|
Date of change |
Item |
Before the change |
After the change |
|
2009-4-17 |
Registered capital |
CNY 7,000,000 |
CNY 11,420,000 |
|
Shareholders and shareholding |
Huang Linghua 20%; Xu Zixing 12.86%; Gan Yiqun 13.57%; Hu Quangen 17.86%; Zhou Jianbin 31.43%; Bi Chunguang 4.28% |
Huang Linghua 16.64%; Xu Zixing 7.88%; Gan Yiqun 10.24%; Hu Quangen 12.7%; Zhou Jianbin 49.91%; Bi Chunguang 2.63% |
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|
Legal rep. |
Huang Linghua |
Zhou Jianbin |
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|
2010-1-26 |
Shareholders and shareholding |
Huang Linghua 16.64%; Xu Zixing 7.88%; Gan Yiqun 10.24%; Hu Quangen 12.7%; Zhou Jianbin 49.91%; Bi Chunguang 2.63% |
Huang Linghua 16.64%; Xu Zixing 7.88%; Gan Yiqun 8.93%; Hu Quangen 12.7%; Zhou Jianbin 51.22%; Bi Chunguang 2.63% |
|
2010-9-3 |
Huang Linghua 16.64%; Xu Zixing 7.88%; Gan Yiqun 8.93%; Hu Quangen 12.7%; Zhou Jianbin 51.22%; Bi Chunguang 2.63% |
Zhou Jianbin 97.37%; Bi Chunguang 2.63% |
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|
2014-4-21 |
Registered capital |
CNY 11,420,000 |
Present amount |
|
Shareholders and shareholding |
Zhou Jianbin 97.37%; Bi Chunguang 2.63% |
Zhou Jianbin 28.08% Zhou Zhiqiang 55.66% Bi Chunguang 1.48% Fengcheng Hongsheng Investment Partnership (Limited Partnership) (in
Chinese Pinyin) 14.78% |
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|
Legal rep. |
Zhou Jianbin |
Present one |
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|
2014-7-9 |
Shareholders and shareholding |
Zhou Jianbin 28.08% Zhou Zhiqiang 55.66% Bi Chunguang 1.48% Fengcheng Hongsheng Investment Partnership (Limited Partnership) (in
Chinese Pinyin) 14.78% |
Zhou Jianbin 18.23% Zhou Zhiqiang 55.66% Xie Yaohui 11.33% Fengcheng Hongsheng Investment Partnership (Limited Partnership) (in
Chinese Pinyin) 14.78% |
|
2014-7-28 |
Company name |
Jiangxi Chunguang Packing Materials Co., Ltd. |
Present one |
|
Legal form |
Limited liabilities co. |
Present one |
Certificates:
Organization code: 664772716
For the past two years there is no record of litigation.
MAIN SHAREHOLDERS:
Name Investment amount % of Shareholding
Zhou Jianbin ID#36220219671129**** CNY
3,700,000 18.23
Zhou Zhiqiang ID# 36220219860110**** CNY
11,300,000 55.66
Xie Yaohui ID# 36220219870806**** CNY
2,300,000 11.33
Fengcheng Hongsheng Investment Partnership
(Limited Partnership) (in Chinese
Pinyin) CNY 3,000,000 14.78
Fengcheng Hongsheng Investment Partnership (Limited Partnership) (in
Chinese Pinyin)
========================================================
Registration no.: 360981310015403
Executive partner: Zhou Zhiqiang 周志强
Legal form: Partnership
Legal
Representative, Chairman and General Manager:
Mr. Zhou Zhiqiang, ID# 36220219860110****, born in 1986. He is currently
responsible for the overall management of SC.
Working
Experience(s):
From 2014 to present Working in SC as legal
representative, chairman and general manager
Also working in Fengcheng Hongsheng Investment Partnership (Limited Partnership)
(in Chinese Pinyin) as executive partner, and Shanghai Chunyi Pharma Packing
Material Co., Ltd. as legal representative.
Vice
General Manager:
Mr. Li Zhixin, born in 1979. He is currently responsible for the daily
management of SC.
Working Experience(s):
At present
Working in SC as vice general manager
Directors:
Nie Qian
Xie Yaohui
Zhang Pingping
Zhou Jianbin
Supervisors:
Shi Caixin
Wang Yong
Xiao Chunsheng
SC is mainly engaged in manufacturing and selling drug packaging
materials and industrial packaging materials.
SC’s products mainly include:
PVC rigid film
PVC/PE laminated film
PVC/PE/PVDC Laminated Film
PTP Lidding Foil for Blister
PET/AL/PE laminated film.
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 Check, T/T, L/C and Credit of 30-60 days.
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TRADEMARKS & PATENTS |
No record
Note: SC’s management declined to release its customer and supplier
details.
SC is known to have the following subsidiary:
Shanghai Chunyi Pharma Packing Material Co., Ltd.
======================================
Incorporation date:
Registration no.: 310116003116850
Registered capital: CNY 10,000,000
Legal rep.: Zhou Zhiqiang
Legal form: One-person Limited Liability Company
Tel: 0086-21-68910379
Fax: 0086-21-68910279
Mobile: 0086-18939929519
Email: sales@cypharmapacking.com
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.
Balance
Sheet
Unit: CNY’000
|
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as of Dec. 31, 2013 |
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Cash & bank |
5,680 |
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Notes receivable |
3,170 |
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Inventory |
6,980 |
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Accounts receivable |
11,590 |
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Advances to suppliers |
-980 |
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Other receivables |
8,640 |
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Other current assets |
20 |
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------------------ |
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Current assets |
35,100 |
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Long-term investments |
0 |
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Fixed assets net value |
6,650 |
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Projects under construction |
1,520 |
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Long-term deferred expense |
340 |
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Intangible assets |
4,090 |
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Other assets |
0 |
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------------------ |
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Total assets |
47,700 |
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============= |
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Short loans |
22,000 |
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Accounts payable |
270 |
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Advances from customers |
360 |
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Taxes payable |
-390 |
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Other accounts payable |
16,260 |
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Other current liabilities |
0 |
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Current liabilities |
38,500 |
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Long term liabilities |
0 |
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------------------ |
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Total liabilities |
38,500 |
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Shareholders equities |
9,200 |
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------------------ |
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Total liabilities & equities |
47,700 |
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Income
Statement
Unit: CNY’000
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|
as of Dec. 31, 2013 |
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Turnover |
33,450 |
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Cost of goods sold |
29,270 |
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Taxes and additional of main operation |
110 |
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Sales expense |
1,240 |
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Management expense |
2,590 |
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Finance expense |
1,810 |
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Non-operating income |
400 |
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Non-operating expense |
10 |
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Profit before tax |
-1,180 |
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Less: profit tax |
0 |
|
Net profit |
-1,180 |
Important
Ratios
=============
|
|
as
of Dec. 31, 2013 |
|
*Current ratio |
0.91 |
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*Quick ratio |
0.73 |
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*Liabilities to assets |
0.81 |
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*Net profit margin (%) |
-3.53 |
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*Return on total assets (%) |
-2.47 |
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*Inventory /Turnover ×365 |
77 days |
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*Accounts receivable/Turnover ×365 |
127 days |
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*Turnover/Total assets |
0.70 |
|
* Cost of goods sold/Turnover |
0.88 |
PROFITABILITY:
FAIR
The turnover of SC appears average in its line.
SC’s net profit margin is fair.
SC’s return on total assets is fair.
SC’s cost of goods sold is average, comparing with its turnover.
LIQUIDITY: FAIR
The current ratio of SC is maintained in a fair level.
SC’s quick ratio is maintained in a fair level.
The inventory of SC appears average.
The accounts receivable of SC appears fairly large.
SC’s short-term loan appears large in 2013.
SC’s turnover is in a fair level, comparing with the size of its total
assets.
LEVERAGE: FAIR
The debt ratio of SC is fairly high.
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fair.
SC is considered medium-sized in its line with fair financial
conditions. The large amount of accounts receivable and short loans could be a
threat to SC’s financial condition.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.47 |
|
|
1 |
Rs.100.15 |
|
Euro |
1 |
Rs.79.65 |
INFORMATION DETAILS
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Analysis Done by
: |
SUM |
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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 |
|
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 |
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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 |
-- |
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.