MIRA
INFORM REPORT
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Report Date : |
02.01.2014 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
Wanfang Industrial Area, Ma Village District, |
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Country : |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
21.07.2005 |
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Com. Reg. No.: |
410800400000136 |
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Legal Form : |
Chinese-Foreign Equity Joint Venture |
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Line of Business : |
Engaged
in research, development, production and sale of medical intermediates (enzyme
production process of 7-ACA), food additive (Nisin,
Natamycin, gellan gum). |
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No. of Employees : |
1,000 |
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 – September 30, 2013
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Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
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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.
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Source : CIA |
Company name & address
JIAOZUO JOINCARE BIOTECHNOLOGICAL Co., Ltd.
WanFang Industrial Area, Ma Village district,
Jiaozuo City, Henan Province, 454171 PR CHINA
TEL: 86 (0) 391-3267777 FAX: n/a
EXECUTIVE SUMMARY
INCORPORATION DATE : JUL. 21, 2005
REGISTRATION NO. :
410800400000136
REGISTERED LEGAL FORM :
CHINESE-FOREIGN EQUITY JOINT VENTURE ENTERPRISE
CHIEF EXECUTIVE : MR. ZHU BAOGUO (CHAIRMAN)
STAFF STRENGTH : 1,000
REGISTERED CAPITAL : CNY 500,000,000
BUSINESS LINE : Manufacturing &
SELLING
TURNOVER : CNY 563,555,000 (AS OF DEC. 31, 2012)
EQUITIES : CNY 830,603,000 (AS OF DEC. 31,
2012)
PAYMENT : AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRLY STABLE
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.06 = 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
Note: SC is also known as “Jiaozuo Joincare Biological Products Co., Ltd.”.
SC was registered as a Chinese-foreign equity joint venture enterprise at local Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license) on Jul. 21, 2005.
Company Status: Chinese-foreign equity joint venture
enterprise This form of business in PR
China is defined as a legal person. It is a limited co. jointly invested by
one or more foreign companies and one or more PR China controlled companies
within the territories of PR China according to a certain proportion of
capital investment. The investing parties exercise business management,
share profits and bear all risks and liabilities of the co. together. The
equity joint venture law requires that foreign party contribute not less
than 25% of the registered capital, with no maximum. The investing parties
are free to agree on method of profit distribution and liabilities bearing
according to the proportion of capital investment. Each investing parties
contributes funds, tangible assets, technology & etc. The board of
directors excises the high authority. The joint venture usually has a
limited duration of 10 to 50 years. Enterprise with large investment, long
construction periods, low investment returns, introducing of advanced
technology & advanced technology products that have good competition
position in international market may extend beyond the 50 years limit.
SC’s registered business scope includes research, development, production and
sale: medical intermediates, food additive (Nisin, Natamycin, gellan gum).
SC is mainly
engaged in manufacturing and selling of medical
intermediates.
Mr. Zhu
Baoguo is legal representative and chairman of SC at
present.
SC is
known to have approx. 1,000 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
Jiaozuo. Detailed information of the premise is unspecified.
http://www.joincare.com
This website belongs to SC’s parent company and also including the information
of SC. The
design is professional and the content is well organized. At present it is in
both Chinese and English versions.
E-mail: fuxing@fxpharm.com
Changes of its
registered information are as follows:
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Date
of change |
Item |
Before the change |
After the change |
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2009-7 |
Registered Capital |
CNY 200,000,000 |
Present amount |
For the past two years there is no record of litigation.
MAIN SHAREHOLDERS:
Name
%
of Shareholding
Joincare Pharmaceutical Group
Industry Co., Ltd. 75
Topsino Industries Limited (Hong
Kong)) 25
Joincare Pharmaceutical Group
Industry Co., Ltd.
===================================
Also known as Joincare Pharmaceutical
Industry Group Co., Ltd.
Joincare Pharmaceutical Industry Group Co.,
Ltd (hereinafter called Joincare Pharmaceutical Group), growing out of Shenzhen
Taitai Healthcare Food Co., Ltd, was established by the board chairman Zhu
Baoguo in the year 1992. The leading position in the healthcare industry was
established by “Taitai Oral Liquid”.
It owns more than thirty main holding
subsidiary companies, to produce 500 kinds of pharmaceutical products, and the
total employees are more than 9000. The
business scope covers healthcare products, APIs (including intermediates),
final dosage forms, prescription drugs, OTCs, Chinese traditional medicine,
chemical drugs, and testing agents ect., stating to form an upstream and
downstream industrial chain. Taitai, Jingxin, and Eagle Brand are well-known
brands in the field of healthcare products.
Registration No.: 440301501126176
Incorporation Date: 1992-12-18
Chairman: Zhu
Baoguo
Tel.: 0755-86252388
Fax: 0755-86252398
E-mail: joincare@joincare.com
It is a listed company in Shanghai Stock Exchange Market with the code
of 600380.
Topsino Industries Limited (Hong
Kong)
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CR No.: 0771622
Date of
Incorporation: 2001-10-3
Company Status:
Private
Active Status:
Live
Legal
Representative and Chairman:
Mr. Zhu Baoguo, born in 1963, with bachelor’s degree, he is currently responsible for the overall and daily management of SC.
Working
Experience(s):
At present Working in SC as legal representative and chairman.
Also working in Joincare Pharmaceutical Group Industry Co., Ltd., Shenzhen Haibin Pharmaceutical Co., Ltd. as legal representative, etc.
Directors:
Feng Kaidong
Tang Yanggang
SC is mainly
engaged in manufacturing and selling of medical
intermediates.
SC’s products mainly include: enzyme production process of 7-ACA.
SC sources its materials 100% from domestic
market. SC sells 40% of its products in domestic market, and 60% 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.
Note:
SC’s management declined to release its major clients and suppliers.
Shenzhen Haibin Pharmaceutical Co., Ltd.
Xinxiang Haibin Pharmaceutical Co., Ltd.
Health Investment Holdings Ltd. (B.V.I.)
Health Holdings Ltd. (Samoa)
Joincare Pharmaceutical Group Industry Co., Ltd. (B.V.I.)
Joincare Pharmaceutical Group Industry Co., Ltd. (Cayman Islands)
Etc.
SC is known to invest in the following company:
Shenzhen Limingtai Equity Investment Fund Co., Ltd.
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Registration No.: 440301105068463
Incorporation Date: 2010-11-24
Chairman: Cao Wei
SC also houses its office in Fuzhou,
Tel.: +86-0591-83549501/0591-83677022
Fax: +86-0591-83549525
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 declined to
release its bank details.
Financial
Summary
Unit: CNY’000
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As
of Dec. 31, 2011 |
As
of Dec. 31, 2012 |
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Total liabilities |
716,114 |
803,683 |
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Equities |
924,648 |
830,603 |
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-------------------- |
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Total assets |
1,640,762 |
1,634,286 |
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Turnover |
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563,555 |
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Profit before tax |
/ |
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Profits |
-43,458 |
-94,045 |
Note: SC’s management refused to release the detail financial reports
for Yr2011 & Yr2012.
Important Ratios
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as
of Dec. 31, 2011 |
as
of Dec. 31, 2012 |
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*Liabilities
to assets |
0.44 |
0.49 |
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*Net profit
margin (%) |
/ |
-16.69 |
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*Return on
total assets (%) |
-2.65 |
-5.75 |
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*Turnover/Total
assets |
/ |
0.34 |
PROFITABILITY:
FAIR
l
The turnover of SC appears fairly good in its line
in 2012.
l
SC’s net profit margin is poor in 2012.
l
SC’s return on total assets is fair in 2012.
l
SC’s turnover is poor in 2012, comparing with the
size of its total assets.
LEVERAGE: AVERAGE
l
The debt ratio of SC is low.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly stable.
SC is considered medium-sized in its line with fairly stable
financial conditions.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.93 |
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UK Pound |
1 |
Rs.102.39 |
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Euro |
1 |
Rs.85.12 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.