MIRA INFORM REPORT
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Report No. : |
317135 |
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Report Date : |
21.04.2015 |
IDENTIFICATION DETAILS
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Name : |
CHANGCHUN CHANGSHENG LIFE SCIENCES LTD. |
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Registered Office : |
No. 1615, Yueda Road, High-New Development Zone, Changchun, Jilin Province, 130103 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
27.08.1992 |
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Com. Reg. No.: |
220101020013123 |
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Legal Form : |
Shares Limited Co |
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Line of Business : |
Subject is engaged in manufacturing and selling biological high-tech products. |
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No of Employees : |
1,000 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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 |
|
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. In 2014 the People’s Bank of China (PBOC) doubled 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 2014 stood as the largest economy in the world, surpassing the US that year� 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; � 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. In 2014 China agreed to begin limiting carbon dioxide emissions by 2030. China implemented several economic reforms in 2014, including legislation allowing local governments to issue bonds, further opening several state-owned enterprises to private investment, loosening the one-child policy, passing harsher pollution fines, and cutting administrative red tape.
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. In 2014 China agreed to begin limiting carbon dioxide emissions by 2030. China implemented several economic reforms in 2014, including legislation allowing local governments to issue bonds, further opening several state-owned enterprises to private investment, loosening the one-child policy, passing harsher pollution fines, and cutting administrative red tape.
|
Source
: CIA |
Company
name & address
CHANGCHUN CHANGSHENG LIFE SCIENCES LTD.
NO. 1615, YUEDA ROAD, HIGH-NEW DEVELOPMENT ZONE,
CHANGCHUN, JILIN PROVINCE, 130103 PR CHINA
TEL: 86 (0)
431-85810112/85810155/85810130 FAX:
86 (0)
431-87013567
EXECUTIVE
SUMMARY
INCORPORATION DATE :
AUG. 27, 1992
REGISTRATION NO. :
220101020013123
REGISTERED LEGAL FORM : SHARES LIMITED CO.
STAFF STRENGTH :
1,000
REGISTERED CAPITAL : CNY 51,387,460
BUSINESS LINE :
MANUFACTURING & SELLING
TURNOVER :
CNY 436,710,000 (AS OF DEC. 31,
2012)
EQUITIES :
CNY 777,160,000 (AS OF DEC. 31, 2012)
PAYMENT :
AVERAGE
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
FAIRLY GOOD
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
WELL-KNOWN
EXCHANGE RATE :
CNY 6.07= 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: SC’s complete English name and
telephone number should be the heading ones.
SC was registered as a Shares limited co. at
local Administration for Industry & Commerce (AIC - The official body of
issuing and renewing business license) on Aug. 27, 1992.
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 China.. Natural person are allowed to
serve as promoters. The minimum registered capital
of a co. is CNY 5M. while that of the co. with foreign investment is CNY
5M. The total capital of a co. which propose to apply for publicly listed
must be no less than CNY 30M. 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 vaccine (branches
operating); technical development, technical transfer, technical consulting and
technical services; exporting self-made commodities and technologies;
(excluding technologies and commodities prohibited by country); importing raw
materials, instruments, machinery equipment, spare parts and related
technologies needed in manufacturing and researching; processing with imported
materials, processing with imported samples, assembling with imported parts,
and compensation trade in agreement.
SC is mainly
engaged in manufacturing and selling biological high-tech products.
Ms. Gao Junfang
has been the legal representative of SC since 2001.
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 development zone of Changchun. But the
detailed information about the premise is not available.
http://china.cs-vaccine.com
The design is professional and the content is well organized. At present the
web is both in Chinese and English versions.
Email: csjcj@126.com
Changes
of its registered information:
|
Date of change |
Item |
Before the change |
After the change |
|
1999-04-07 |
Legal representative |
Zhang Jiaming |
Sun Kelin |
|
Registration no. |
12403731 |
2201071000254 |
|
|
2001-05-28 |
Registered capital |
CNY 40,000,000 |
CNY 50,000,000 |
|
Legal representative |
Sun Kelin |
The present one |
|
|
2002-05-27 |
Company name |
Changchun Changsheng Industrial Co., Ltd. |
The present one |
|
2006-12-08 |
Registration no. |
2201071000254 |
2201012006935 |
|
2008-05-25 |
Registration No. |
2201012006935 |
The present one |
|
2014-05-13 |
Registered capital |
CNY 50,000,000 |
The present amount |
Honors:
High & New Technology Enterprise
Famous Brand Enterprise
National Torch Plan Enterprise
Advanced Enterprise
Top 50 Private Enterprises
Etc.
Organization Code:
124037315
For the past two years there is no record of litigation.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Changchun Biological High-Tech Application
Institute 1.39
Gao Junfang 30
Zhang Minghao 25
Kong Linghao 8.364
Huang Qili 5
Ji Ning 4
Yin Li 5
Zhang Min 2.05
Jin Jun 5
Yang Hong 3
Other 14 individuals 11.196
Note:
The above shareholding information was published by SC on local AIC, and the
corresponding registered capital was CNY 50,000,000. The changes in the amount
of shares of each shareholders were not yet filed in the local registry, hence
no up-to-date shareholder's information could be provided.
l Legal
Representative:
Ms. Gao Junfang, born in 1954, with university education. She is
currently responsible for the overall management of SC.
Working Experience(s):
From 2001 to present Working in SC as legal representative.
SC is mainly
engaged in manufacturing and selling biological high-tech products.
SC’s products
mainly include:
Rabies Vaccine (Vero
Cell) for Human Use, Freeze-dried
Hepatitis A (Live)
Vaccine, Freeze-dried
Influenza Vaccine（Split）
Varicella Vaccine（Live，Freeze-dried
Diphtheria Tetanus
and Acellular Pertussis Combined Vaccine, Adsorbed
Group A+ C Meningococcal
Polysaccharide Vaccine
Group A+C+W135 +Y
Meningococcal Polysaccharide Vaccine
Etc.
Brand:
“Changsheng”.
SC sources its
materials 70% from domestic market, and 30% from overseas market. SC sells 40%
of its products in domestic market, and 60% 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 refused
to release its major suppliers and customers.
SC is known to invest in the following companies:
Beijing
Sanroad Biological Products Co., Ltd.
==================================
Incorporation
Date: 2000-03-24
Registration
No.: 110116001246433
Legal
representative: Fan Yuzhu
Web:
http://www.sanroadbio.com/
Changchun
Changqingteng Bio Pharmaceutical Co., Ltd. (In Chinese Pinyin)
========================================
Incorporation
Date: 2013-01-22
Registration
No.: 220107000017326
Legal
representative: Zhang Youkui
Etc.
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 bank details
are not available at present.
Balance Sheet
Unit: CNY’000
|
|
As of Dec. 31,
2011 |
As of Dec. 31,
2012 |
|
Cash & bank |
107,770 |
204,630 |
|
Notes receivable
|
0 |
0 |
|
Inventory |
91,740 |
83,520 |
|
Accounts
receivable |
382,810 |
430,710 |
|
Advances to
suppliers |
4,180 |
14,830 |
|
Other accounts
receivable |
0 |
0 |
|
Other current
assets |
17,690 |
32,120 |
|
|
------------------ |
----------------- |
|
Current assets |
604,190 |
765,810 |
|
Fixed assets net
value |
254,400 |
57,340 |
|
Long term
investment |
0 |
0 |
|
Project
materials |
0 |
0 |
|
Intangible and
other assets |
83,150 |
290,580 |
|
|
------------------ |
------------------ |
|
Total assets |
941,740 |
1,113,730 |
|
|
============= |
============= |
|
Short loans |
120,000 |
150,000 |
|
Accounts payable
|
7,600 |
59,240 |
|
Accrued payroll |
0 |
0 |
|
Taxes payable |
-3,070 |
-650 |
|
Surcharge payable |
0 |
0 |
|
Other accounts
payable |
79,000 |
98,000 |
|
Other current
liabilities |
0 |
0 |
|
Interest payable |
74,300 |
10,230 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
277,830 |
316,820 |
|
Long-term liabilities |
21,960 |
19,750 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
299,790 |
336,570 |
|
Equities |
641,950 |
777,160 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
941,740 |
1,113,730 |
|
|
============= |
============= |
Income Statement
Unit: CNY’000
|
|
As of Dec. 31,
2012 |
|
Turnover |
436,710 |
|
Cost of goods sold |
98,240 |
|
Taxes and additional of main operations |
2,970 |
|
Sales expense |
88,740 |
|
Management expense |
76,370 |
|
Finance expense |
9,760 |
|
Asset impairment
loss |
6,610 |
|
Non-operating
income |
5,000 |
|
Non-operating expense |
470 |
|
Profit before
tax |
158,550 |
|
Profits |
135,210 |
Note: We did not find SC’s latest financial reports.
Important Ratios
=============
|
|
As
of Dec. 31, 2011 |
As
of Dec. 31, 2012 |
|
*Current ratio |
2.17 |
2.42 |
|
*Quick ratio |
1.84 |
2.15 |
|
*Liabilities
to assets |
0.32 |
0.30 |
|
*Net profit
margin (%) |
/ |
30.96 |
|
*Return on
total assets (%) |
/ |
12.14 |
|
*Inventory
/Turnover ×365 |
/ |
70 days |
|
*Accounts
receivable/Turnover ×365 |
/ |
360 days |
|
*Turnover/Total
assets |
/ |
0.39 |
|
* Cost of
goods sold/Turnover |
/ |
0.22 |
PROFITABILITY:
GOOD
l
The turnover of SC appears fairly good in its line
in 2012.
l
SC’s net profit margin is good in 2012.
l
SC’s return on total assets is good in 2012.
l
SC’s cost of goods sold is low in 2012, comparing
with its turnover.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a fairly
good level in both 2 years.
l
SC’s quick ratio is maintained in a fairly good
level in both 2 years.
l
The inventory of SC is average in both 2 years.
l
The accounts receivable of SC appears large in both
2 years.
l
SC’s short-term loan appears average in both 2
years.
l
SC’s turnover is in a poor level in 2012, comparing
with the size of its total assets.
LEVERAGE: FAIRLY
GOOD
l
The debt ratio of SC is low in both 2 years.
l
The risk for SC to go bankrupt is low.
Overall financial
condition of the SC: Fairly Good.
SC is considered large-sized in its line with fairly good financial conditions.
The large amount of accounts receivable could be a threat to SC’s financial
conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 62.56 |
|
|
1 |
Rs. 93.56 |
|
Euro |
1 |
Rs. 67.49 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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.