MIRA INFORM REPORT
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Report Date : |
04.06.2014 |
IDENTIFICATION DETAILS
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Name : |
TIANJIN GREENPINE
PHARMA CO., LTD. |
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Registered Office : |
63/F, Tianjin World Financial Center, No. 2 Dagu North
Road, Heping District, Tianjin, 300022 Pr
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Country : |
China |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
06.06.2012 |
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Com. Reg. No.: |
120116000108157 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
· Wholesaler of medicine (it is subject to the license) · wholesaler of medical apparatus (it is subject to the license) · wholesaler of health care products (imported Viusid brand Viusid granule); excluding those prohibited by the law and the state council; if needed with approval; if needed operating independently (if needed operating within valid terms; operating according to the related regulations) Subject products
ranges include prescription, medical device, food supplements, cosmeceutical,
API, excipient and intermediate. |
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No of Employees : |
138 (Approximately) |
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 – 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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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
Tianjin GreenPine Pharma Co., Ltd.
63/f, Tianjin World Financial Center, no. 2
dagu north road,
heping district, tianjin, 300022 PR CHINA
TEL: 86 (0) - 15760719050/15760719052
FAX: 86 (0) 22-83850260
EXECUTIVE
SUMMARY
INCORPORATION DATE : june 6, 2012
REGISTRATION NO. : 120116000108157
REGISTERED LEGAL FORM : Limited liabilities co.
CHIEF EXECUTIVE : Mr. Shen zaikuan (legal representative)
STAFF STRENGTH :
138
REGISTERED CAPITAL : CNY 60,000,000
BUSINESS LINE :
TRADING
TURNOVER :
CNY 318,820,000 (AS OF DEC. 31, 2013)
EQUITIES :
CNY 60,690,000 (AS OF DEC. 31, 2013)
PAYMENT :
AVERAGE
MARKET CONDITION : competitive
FINANCIAL CONDITION : fairly STABLE
OPERATIONAL TREND : fairly steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.2478 = 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: * The given no. (86-15760179017) does
not belong to SC.
* The given address (Room 618, Bldg 3, No 82, 2nd West Avenue Tianjin Airport Economic Area, 300308 Tianjin) is previous.
* SC is also known as Tianjin GreenPine Chinese Medicine Pharmaceutical Co., Ltd.
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 June 6, 2012.
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 wholesales of medicine (it is
subject to the license); wholesales of medical apparatus (it is subject to the license);
wholesale of health care products (imported Viusid brand Viusid granule);
excluding those prohibited by the law and the state council; if needed with
approval; if needed operating independently (if needed operating within valid
terms; operating according to the related regulations)
SC is mainly engaged in trading of medicine.
Mr. Shen Zaikuan
is legal representative and chairman of SC at present.
SC is known to
have approx. 138 employees at
present.
SC
is currently operating at the above stated address, and this address houses its
operating office in the commercial zone of Tianjin. Detailed premise
information is not available at present.
http://www.greenpine.com.cn/
The design is professional and the content is well organized. At present it is
in English and Chinese versions.
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:
596141487
MAIN SHAREHOLDERS:
Name
% of
Shareholding
Zheng Linhai 30
Shen Zaikuan 70
Legal
Representative and Chairman:
Mr. Shen Zaikuan is currently responsible for the overall management of SC.
Working
Experience(s):
At present Working in SC as legal representative and chairman.
Also working in
Green Pine (Tianjin) Pharma Co., Ltd. as legal representative.
General Manager
and Director:
Lu Bin, is currently responsible for the daily management of SC.
Working
Experience(s):
At present Working in SC as general manager and director.
Director:
Zheng Linhai
Supervisor:
Zheng Senyong
SC is mainly engaged in trading of medicine.
SC’s products mainly
include: prescription, medical device, food supplements, cosmeceutical, API,
excipient and intermediate.
SC sources its materials 20% from domestic
market, and 80% from overseas market. SC sells 95% of its products in domestic
market, and 5% to overseas market.
The buying terms of SC include Check, T/T, L/C 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 declined to release its major
suppliers and clients.
Green
Pine (Tianjin) Pharma Co., Ltd.
============================
Incorporation
Date: 2002-9-9
Registration
No.: 120193000007296
Legal
representative: Shen Zaikuan
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 accountant
refused to release the bank details.
Balance Sheet
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Unit: CNY’000 |
As
of Dec. 31, 2013 |
|
Cash & bank |
48,480 |
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Inventory |
27,750 |
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Accounts
receivable |
22,670 |
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Advances to
suppliers |
2,350 |
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Other
receivables |
19,180 |
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------------------ |
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Current assets |
120,430 |
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Fixed assets net
value |
7,180 |
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Projects under
construction |
670 |
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Intangible and
other assets |
9,580 |
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------------------ |
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Total assets |
137,860 |
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=========== |
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Short loan |
0 |
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Accounts payable |
72,200 |
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Advances from customers |
1,450 |
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Taxes payable |
-980 |
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Other accounts
payable |
1,650 |
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Payroll payable |
2850 |
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------------------ |
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Current
liabilities |
77,170 |
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Long term
liabilities |
0 |
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------------------ |
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Total
liabilities |
77,170 |
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Equities |
60,690 |
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------------------ |
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Total
liabilities & equities |
137,860 |
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=========== |
Income Statement
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Unit: CNY’000 |
As of Dec. 31,
2013 |
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Turnover |
318,820 |
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Cost of goods
sold |
278,800 |
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Taxes and additional of main operation |
720 |
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Sales expense |
9,930 |
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Management expense |
30,710 |
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Finance expense |
-4,490 |
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Non-operating expense |
1,070 |
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Profit before
tax |
2,080 |
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Less: profit tax |
830 |
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Profits |
1,250 |
Important
Ratios
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As
of Dec. 31, 2013 |
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*Current ratio
|
1.56 |
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*Quick ratio |
1.20 |
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*Liabilities
to assets |
0.56 |
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*Net profit
margin (%) |
0.39 |
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*Return on
total assets (%) |
0.91 |
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*Inventory
/Turnover ×365 |
32 days |
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*Accounts receivable/Turnover
×365 |
26 days |
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*Turnover/Total
assets |
2.31 |
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* Cost of
goods sold/Turnover |
0.87 |
PROFITABILITY:
AVERAGE
l The turnover of SC appears fairly good in its line.
l SC’s net profit margin
is average.
l SC’s return on
total assets is average.
l
SC’s cost of goods sold is average.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a normal
level.
l
SC’s quick ratio is maintained in a normal level.
l
The inventory of SC appears average.
l
The accounts receivable of SC is maintained in an
average level.
l
SC has no short loans in 2013.
l
SC’s turnover is in an average level, comparing
with the size of its total assets.
LEVERAGE: AVERAGE
l
The debt ratio of SC is average.
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.21 |
|
UK Pound |
1 |
Rs.99.17 |
|
Euro |
1 |
Rs.80.56 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
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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 |
|
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 |
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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.