MIRA
INFORM REPORT
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Report Date : |
12.09.2014 |
IDENTIFICATION DETAILS
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Name : |
SICHUAN JIANGCHUAN PHARMACEUTICAL CO., LTD. |
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Registered Office : |
Xinghua 4th Road, District B, Xinjin Industrial Park,
Chengdu, Sichuan Province, 611430 PR |
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Country : |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
21.08.2009 |
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Com. Reg. No.: |
510123000022759 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Subject includes manufacturing
API (azithromycin) (valid until December 31, 2015), chemical raw materials
and products (excluding dangerous chemicals and precursor chemicals);
importing and exporting goods (excluding products prohibited by legal,
administrative rules and regulations, and operating the limited products with
permit if needed). |
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No of Employees : |
Not Available |
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, 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.
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Source
: CIA |
Company Name and Address
SICHUAN
JIANGCHUAN PHARMACEUTICAL CO., LTD.
XINGHUA 4TH ROAD, DISTRICT B,
XINJIN INDUSTRIAL PARK, CHENGDU, SICHUAN PROVINCE, 611430 PR CHINA (REGISTERED
ADDRESS)
TEL: N/A
FAX: N/A
EXECUTIVE SUMMARY
INCORPORATION DATE :
AUG. 21, 2009
REGISTRATION NO. :
510123000022759
REGISTERED LEGAL FORM :
LIMITED LIABILITIES CO.
STAFF STRENGTH : N/A
REGISTERED CAPITAL : CNY 20,000,000
REGISTERED BUSINESS LINE :
MANUFACTURING
TURNOVER :
CNY 21,895,000 (AS OF DEC. 31, 2012)
EQUITIES :
CNY 13,062,000 (AS OF DEC. 31, 2012)
PAYMENT :
NOT YET DETERMINED
MARKET CONDITION :
AVERAGE (AS OF DEC. 31, 2012)
FINANCIAL CONDITION :
FAIRLY STABLE (AS OF DEC. 31, 2012)
OPERATIONAL TREND :
FAIRLY STEADY (AS OF DEC. 31, 2012)
GENERAL REPUTATION :
NOT YET DETERMINED
EXCHANGE RATE :
CNY 6.1367=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
SC was registered as a Limited liabilities co. at local
Administration for Industry & Commerce (AIC-The official body of issuing and
renewing business license) on Aug. 21, 2009.
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 manufacturing API (azithromycin) (valid until
December 31, 2015), chemical raw materials and products (excluding dangerous
chemicals and precursor chemicals); importing and exporting goods (excluding
products prohibited by legal, administrative rules and regulations, and
operating the limited products with permit if needed).
Mr. Jiang Guoqing is registered as legal representative and chairman of SC.
It is not possible to contact the company directly to obtain further information. The nature and extent of the company's operations could not be determined and it could not be confirmed whether the company operates from the Registered Office address or in another location.
http://www.tianyinzy.com
The website belongs to SC’s parent company Tianyin Pharmaceutical Co., Inc. The
design is professional and the content is well organized. At present it is in
Chinese version.
Changes
of its registered information are as follows:
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Date of change |
Item |
Before the
change |
After the change |
|
2011-8-17 |
Shareholders |
Chengdu Tianyin Pharmaceutical Co., Ltd. Ma Hongwei Sichuan Med-Shine Pharmaceutical Co., Ltd. |
Present ones |
Organization code: 693659632
For the past two years there is no record of litigation.
MAIN
SHAREHOLDERS:
Name %
of Shareholding
Chengdu Tianyin Pharmaceutical Co., Ltd. 87
Ma Hongwei ID# 37011119621121**** 13
Chengdu Tianyin Pharmaceutical Co., Ltd.
=========================
Headquartered in Chengdu, Sichuan Province
of China, it is a leading manufacturer and supplier engaged in the development,
manufacturing, marketing and sale of modernized traditional Chinese medicines
and branded generics, with two state-of-the-art manufacturing facilities and an
extensive nationwide sales and distribution network throughout China.
Incorporation date: April 1, 1994
Registration no.: 510112400000013
Registered capital: CNY 60,000,000
Legal rep.: Jiang Guoqing
Legal form:
Wholly foreign-owned enterprise
Web: http://www.tianyinzy.com ; http://www.tianyinpharma.com/
Tel: 028-85516696-8037
Fax: 028-85516676
l
Legal Representative and Chairman:
Mr. Jiang Guoqing, ID# 32111119670307****, born in 1967,
Medical Doctor.
Also working in Chengdu Tianyin Pharmaceutical Co., Ltd. and
Chengdu Tianyin Medicine Trading Co., Ltd. as legal representative.
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General Manager:
Mr. Ma Hongwei, ID# 37011119621121****, born in 1962.
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Directors:
You Xintao ID#51010219620325****
Liu Lin ID#51010219640819****
Yang Tao ID#32050219681130****
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Supervisor:
Li Hongcai ID# 51021319731008****
SC’s registered address listed on the AIC is Xinghua 4th
Road, District B, Xinjin Industrial Park, Chengdu, Sichuan Province. Searches on the registered address returned
no results.
Searches through internet resulted to the findings of the following
contact details belonging to SC:
Tel:
86-28-87661088/82527688/82590953/85516696/82760938/56896639/56896653
Among the above-mentioned contact numbers,
nobody answered the tel. no. (86-28 87661088/82527688/82590953/85516696) during
office hours; and the other ones (86-28-82760938/56896639/56896653) were out of
service.
Exhausting our efforts, we are unable to find SC’s telephone number in
various information sources, including the internet, yellow pages and telecom
companies.
We are unable to contact SC. Therefore, the nature and
extent of SC’s operations could not be determined.
According to the website: http://www.tianyinzy.com
Chengdu Tianyin Medicine Trading Co., Ltd.
==================================
Incorporation date:
Registration no.: 510112000023188
Registered capital: CNY 5,000,000
Legal rep.: Jiang Guoqing
Legal form:
One-person Limited Liability Company
Overall payment appraisal:
( ) Excellent (
) Good ( ) Average
( ) Fair (
) Poor (X) 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: N/A
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.
The bank information of SC is not available.
Financial
Information
Unit: CNY’000
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as of
Dec. 31, 2011 |
as of
Dec. 31, 2012 |
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Total liabilities |
67,046 |
155,657 |
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Equities |
16,874 |
13,062 |
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-------------- |
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Total assets |
83,920 |
168,719 |
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========= |
========= |
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Turnover |
3,331 |
21,895 |
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Profit before tax |
-2,065 |
-3,812 |
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Profits |
-2,065 |
-3,812 |
Note: SC has not lodged the latest annual returns in
the local registry, hence no up-to-date detailed financial information could be
provided.
Important Ratios
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as of Dec. 31,
2011 |
as of Dec. 31,
2012 |
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*Liabilities
to assets |
0.80 |
0.92 |
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*Net profit
margin (%) |
-61.99 |
-17.41 |
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*Return on
total assets (%) |
-2.46 |
-2.26 |
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*Turnover/Total
assets |
0.04 |
0.13 |
PROFITABILITY:
FAIR
l
The turnover of SC appears average in its line in
both years, and it increased in 2012.
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SC’s net profit margin is poor in both years.
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SC’s return on total assets is fair in both years.
l
SC’s turnover is in a poor level in both years,
comparing with the size of its total assets.
LEVERAGE: FAIR
l
The debt ratio of SC is high.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly Stable (As of Dec. 31, 2012).
Despite having exhausted all our effort, we are unable to contact SC, so
precise credit estimate can not be made at present. If further contact details of SC can be provided, we will definitely
continue this research.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.60.92 |
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UK Pound |
1 |
Rs.98.66 |
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Euro |
1 |
Rs.78.64 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
NIT |
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 |
-- |
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.