MIRA INFORM REPORT
|
Report No. : |
314938 |
|
Report Date : |
01.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
PIONEERS PHARMAVET (PSP S.L.) |
|
|
|
|
Registered Office : |
Room 2207 No. 989 Dongfang Road, Pudong New Area Shanghai 200127 Pr |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
15.08.2002 |
|
|
|
|
Com. Reg. No.: |
310115400101435 |
|
|
|
|
Legal Form : |
Wholly Foreign-Owned Enterprise |
|
|
|
|
Line of Business : |
Subject is engaged in engaged in economic information consulting. |
|
|
|
|
No of Employees
: |
11 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
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
PIONEERS PHARMAVET
(PSP S.L.)
ROOM 2207 NO. 989
DONGFANG ROAD, PUDONG NEW AREA
SHANGHAI 200127 PR
CHINA
TEL: 86 (0)
21-58309636/58309637/58309638
FAX: 86 (0)
21-58309639
EXECUTIVE
SUMMARY
Date of Registration : August 15, 2002
REGISTRATION NO. : 310115400101435
LEGAL FORM : Wholly foreign-owned enterprise
REGISTERED CAPITAL : usd 140,000
staff :
11
BUSINESS CATEGORY : CONSULTING SERVICE
REVENUE :
CNY 1,329,000 (FROM JAN. 1, 2014 TO NOV. 30, 2014)
EQUITIES :
CNY 361,000 (AS OF NOV. 30, 2014)
WEBSITE : N/A
E-MAIL :
information@pspsl.com.cn
PAYMENT :
AVERAGE
MARKET CONDITION : FAIR
FINANCIAL CONDITION : FAIR
OPERATIONAL TREND : FAIR
GENERAL REPUTATION : FAIR
EXCHANGE RATE :
CNY 6.21 = USD 1
Adopted abbreviations (as follows)
SC - Subject Company
(the company inquired by you)
N/A – Not available
CNY – China Yuan Ren
Min Bi
OPERATIONAL
TREND & GENERAL REPUTATION
This section aims at indicating the relative positions of SC in respect of
its operational trend & general reputation
Operational Trend:- General
Reputation:-
Upward Excellent
Steady Good
Fairly Steady Fairly
Good
Ordinary Average
Fair Fair
Stagnant Detrimental
Downward Not
known
Not known Not yet be determined
Not yet be determined
LEGAL
STATUS & HISTORY
SC was established
as a wholly foreign-owned enterprise
of PRC with State Administration of Industry & Commerce (SAIC) under
registration No.: 310115400101435
on August 15, 2002.
SC’s Organization Code Certificate No.:
74210020-3
%20-%20314938%2001-Apr-2015_files/image006.jpg)
SC’s Tax No.: 310115742100203
SC’s registered capital: usd 140,000
SC’s paid-in capital: usd 140,000
Registration Change Record:-
No significant changes of SC have been noted
in SAIC since its incorporation.
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
P.S.P. S.L. (Andorra) |
100 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative and Chairman |
Juan Font Roca |
|
Director |
Cao Xinggang |
|
Shen Minhuan |
RECENT
DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER
CHART & BACKGROUND
Name % of
Shareholding
P.S.P. S.L. (Andorra) 100
================
Av. de la Cambra de Comerç, 42
Room 206A
Edif. CEPID-Tecnoparc
43204 Reus
Spain
Web: www.pspsl.com
MANAGEMENT
Juan Font Roca, Legal Representative and Chairman
--------------------------------------------------------------------
Ø
Gender: M
Ø Qualification:
University
Ø Working experience
(s):
At present, working in SC as legal
representative and chairman
Director
----------
Cao Xinggang
Shen Minhuan
BUSINESS
OPERATION
SC’s registered business scope includes international
economic information consulting, technology consulting, investment advisory and
brokerage, trade information consulting, market research, in accordance with
the license.
SC is mainly
engaged in economic information consulting.
The buying terms
of SC include Check, T/T and Credit of 30-60 days. The payment terms of SC
include T/T and Credit of 30-60 days.
*Major Customers:
==============
Garmisch Pharmaceutical
S.A.
Laboratorios Erma
S.A.
Neolpharma Inc.
Productora De
Insumos Agropecuarios Somex S.A.
Los Sauces
Representaciones S.A.C.
Indufar S.A.
Staff & Office:
--------------------------
SC is known
to have approx. 11 staff at
present.
SC rents an area
as its operating office of approx. 100 sq. meters at the heading address.
RELATED
COMPANY
SC
is not known to have any subsidiary at present.
PAYMENT
Overall payment appraisal:
( ) Excellent ( ) Good (X) Average ( ) Fair ( ) Poor ( ) Not yet be 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.
BANKING
The bank
information of SC is not filed in SAIC.
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2012 |
As
of Dec. 31, 2013 |
|
94 |
173 |
|
|
Notes receivable |
0 |
0 |
|
Accounts
receivable |
18 |
58 |
|
Other receivable |
0 |
0 |
|
Inventory |
0 |
0 |
|
Non-current
assets within one year |
0 |
0 |
|
Other current
assets |
6 |
13 |
|
|
------------------ |
------------------ |
|
Current assets |
118 |
244 |
|
Fixed assets |
13 |
13 |
|
Long-term
prepaid expenses |
0 |
0 |
|
Deferred income
tax assets |
0 |
0 |
|
Other
non-current assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total assets |
131 |
257 |
|
|
============= |
============= |
|
Short-term loans |
0 |
0 |
|
Notes payable |
0 |
0 |
|
Accounts payable |
146 |
246 |
|
Advances from
clients |
39 |
74 |
|
Other payable |
0 |
0 |
|
Other current
liabilities |
5 |
3 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
190 |
323 |
|
Non-current
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
190 |
323 |
|
Equities |
-59 |
-66 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
131 |
257 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2012 |
As of Dec. 31,
2013 |
|
Revenue |
608 |
978 |
|
Cost of sales |
0 |
0 |
|
Sales expense |
0 |
0 |
|
Management expense |
903 |
989 |
|
Finance expense |
-11 |
-3 |
|
Profit before
tax |
-284 |
-8 |
|
Less: profit tax |
0 |
0 |
|
-284 |
-8 |
Financial Summary
|
Unit: CNY’000 |
As
of Nov. 30, 2014 |
|
Total assets |
736 |
|
|
------------- |
|
Total
liabilities |
375 |
|
Equities |
361 |
|
|
------------- |
|
Unit: CNY’000 |
From Jan. 1, 2014 to Nov. 30, 2014 |
|
Revenue |
1,329 |
|
Profits |
427 |
Important Ratios
=============
|
|
As
of Dec. 31, 2012 |
As
of Dec. 31, 2013 |
As
of Nov. 30, 2014 |
|
*Current ratio |
0.62 |
0.76 |
|
|
*Quick ratio |
0.62 |
-- |
|
|
*Liabilities
to assets |
1.45 |
1.26 |
0.51 |
|
*Net profit
margin (%) |
-46.71 |
-0.82 |
32.13 |
|
*Return on
total assets (%) |
-216.79 |
-3.11 |
58.02 |
|
*Inventory /
Revenue ×365 |
-- |
-- |
-- |
|
*Accounts receivable/
Revenue ×365 |
11 days |
-- |
-- |
|
*Revenue/Total
assets |
4.64 |
3.81 |
1.81 |
|
*Cost of sales
/ Revenue |
0 |
0 |
|
FINANCIAL
COMMENTS
PROFITABILITY:
FAIR
l The revenue of SC
appears fair in its line.
l SC’s net profit
margin is fair.
l SC’s return on
total assets is fair.
l
SC has no cost of sales.
LIQUIDITY: FAIR
l
The current ratio of SC is maintained in a poor
level.
l
SC’s quick ratio is maintained in a fair level.
l
SC has no inventory.
l
The accounts receivable of SC is maintained in an
average level.
l
SC has no short-term loans.
l
SC’s revenue is in an average level, comparing with
the size of its total assets.
LEVERAGE: FAIR
l
The debt ratio of SC is average.
l
The risk for SC to go bankrupt is above average.
Overall financial
condition of the SC: Fair.
CONCLUSIONS
SC is considered small-sized in its line with fair financial conditions.
Credit dealings with SC in small amount appear acceptable.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 62.59 |
|
|
1 |
Rs. 92.45 |
|
Euro |
1 |
Rs. 67.51 |
INFORMATION DETAILS
|
Analysis Done by
: |
KRN |
|
|
|
|
Report Prepared
by : |
DPT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
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.