MIRA INFORM REPORT
|
Report No. : |
334659 |
|
Report Date : |
06.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
DONGYING
TIANDONG PHARMACEUTICAL CO., LTD. |
|
|
|
|
Registered Office : |
No. 1236, Nan’er Road, Dongying District, Dongying City, Shandong
Province, 257067 Pr |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
22.12.1992 |
|
|
|
|
Com. Reg. No.: |
370500400000822 |
|
|
|
|
Legal Form : |
Chinese-Foreign Equity Joint Venture Enterprise |
|
|
|
|
Line of Business : |
Subject is engaged in manufacturing, processing and selling API
products mainly include: API, heparin sodium, enoxaparin sodium. |
|
|
|
|
No. of Employee : |
200 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No complaints |
|
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, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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, 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; (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 2014 more than 274 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 passing legislation to allow local governments to issue bonds, opening several state-owned enterprises to further private investment, loosening the one-child policy, passing harsher pollution fines, and cutting administrative red tape.
|
Source
: CIA |
company
name and address
DONGYING TIANDONG PHARMACEUTICAL CO., LTD.
NO. 1236, nan’er road, dongying district,
dongying city, shandong province, 257067 PR CHINA
TEL: 86 (0) 546-7791098/7772180 FAX:
86 (0) 546-8180302
EXECUTIVE
SUMMARY
INCORPORATION DATE :
DEC. 22, 1992
REGISTRATION NO. :
370500400000822
REGISTERED LEGAL FORM : CHINESE-FOREIGN EQUITY JOINT VENTURE
ENTERPRISE
CHIEF EXECUTIVE :
MR. GUO LIN (LEGAL REPRESENTATIVE)
STAFF STRENGTH :
200
REGISTERED CAPITAL : CNY 20,720,000
BUSINESS LINE :
MANUFACTURING, PROCESSING AND TRADING
TURNOVER :
CNY 225,180,000 (AS OF DEC. 31, 2014)
EQUITIES :
CNY 124,350,000 (AS OF DEC. 31, 2014)
PAYMENT :
AVERAGE
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
FAIRLY STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 6.2115 =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
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 Dec. 22, 1992.
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: manufacturing and selling API
(Heparin) (valid until December 31, 2015) and biochemical Products; acquisition
and processing pig intestine. (with permit, if needed.)
SC is mainly engaged in manufacturing, processing
and selling API.
Mr. Guo Lin has been the legal representative and director of SC since
Jul., 2015.
SC is known to have approx. 200 employees at present.
SC is currently operating at the above stated address, and this address
houses its operating office and factory in Dongying. The detailed premise
information is unknown.
http://www.td-pharm.com
The design is professional and the content is well organized. At present it is
both in Chinese and English versions.
E-mail: tdbgs@haikegroup.com
Changes of its
registered information are as follows:
|
Date of change |
Item |
Before the change |
After the change |
|
2015-07 |
Legal representative |
Yang Xiaohong杨晓宏 |
Present one |
Organization Code: 613376668
MAIN SHAREHOLDERS:
Name % of
Shareholding
Shandong Haike Chemical Industry Group Co., Ltd. 58.51
Permanent Brilliance Group International Limited (Hong Kong) 25.08
Dongying Hailin Trading Co., Ltd. (Literal translation) 16.41
Shandong Haike Chemical Industry Group Co., Ltd.
====================================
Registration no.: 370500400001288
Registered capital: CNY 115,000,000
Legal representative: Shang Baoguang
Incorporation date: 2006-04-18
Website: http://www.haikegroup.com/
Permanent Brilliance Group International Limited (Hong Kong)
===============================================
CR No.:1192007
Company Type: Private company limited by shares
Date of Incorporation: 05-DEC-2007
Active Status: Live
Dongying Hailin Trading Co., Ltd. (Literal translation)
========================================
Registration no.: 370502200004199
Registered capital: CNY 30,000,000
Legal representative: Liu Qingyi
Incorporation date: 2008-05-19
Legal
Representative, General Manager and Director:
Mr. Guo Lin is currently responsible for the daily management of SC.
Working Experience(s):
From Jul., 2015 to present Working in SC as legal representative and
director.
Also working in SC as general manager
Chairman:
Yang Xiaohong is currently responsible for the overall management of SC.
Working Experience(s):
At present Working in SC as chairman.
Directors:
Zhang Zaizhong
Liu Dongguang
Liu Qingyi
SC is mainly engaged in manufacturing, processing and selling API.
SC’s products mainly include: API, heparin sodium, enoxaparin sodium.
SC sources its materials 100% from domestic market. SC sells 20% of its
products in domestic market and 80% to overseas market.
The buying terms of SC include Check, T/T and Credit of 30-60 days. The
payment terms of SC include T/T, L/C Check and Credit of 30-60 days.
Note: SC declined
to release its major suppliers and clients.
Trademark &
Patents
|
Registration No. |
9915029 |
9915038 |
9915077 |
|
Registration Date |
2014-01-14 |
2014-05-21 |
2012-11-07 |
|
Trademark Design |
|
|
|
SC is not known to have any subsidiary at present.
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.
The banking information of SC is unknown.
Balance Sheet
Unit: CNY’000
|
|
As of Dec. 31,
2014 |
|
Cash & bank |
14,790 |
|
Inventory |
117,570 |
|
Accounts receivable |
10,620 |
|
Notes receivable |
910 |
|
Advances to suppliers |
23,100 |
|
Prepaid expenses |
740 |
|
Other receivables |
9,800 |
|
|
------------------ |
|
Current assets |
177,530 |
|
Fixed assets net value |
101,350 |
|
Long-term investment |
100 |
|
Other assets |
2,010 |
|
|
------------------ |
|
Total assets |
280,990 |
|
|
============= |
|
Short loans |
0 |
|
Accounts payable |
15,020 |
|
Notes payable |
0 |
|
Taxes payable |
-3,350 |
|
Advances from customers |
10 |
|
Accrued payroll |
420 |
|
Other Accounts payable |
131,930 |
|
Other current liabilities |
4,060 |
|
|
------------------ |
|
Current liabilities |
148,090 |
|
Special payables |
8,550 |
|
|
------------------ |
|
Total liabilities |
156,640 |
|
Equities |
124,350 |
|
|
------------------ |
|
Total liabilities & equities |
280,990 |
|
|
============= |
Income Statement
Unit: CNY’000
|
|
As of Dec. 31,
2014 |
|
Turnover |
225,180 |
|
Cost of goods sold |
144,980 |
|
Taxes and additional of main operation |
1,270 |
|
Sales expense |
5,820 |
|
Management expense |
29,850 |
|
Finance expense |
-110 |
|
Non-operating income |
120 |
|
Non-operating expense |
1,170 |
|
Profit before tax |
42,320 |
|
Less: profit tax |
6,820 |
|
Profits |
35,500 |
Important Ratios
=============
|
|
As of Dec. 31,
2014 |
|
*Current ratio |
1.20 |
|
*Quick ratio |
0.40 |
|
*Liabilities to assets |
0.40 |
|
*Net profit margin (%) |
15.77 |
|
*Return on total assets (%) |
12.63 |
|
*Inventory /Turnover ×365 |
191 days |
|
*Accounts receivable/Turnover ×365 |
18 days |
|
*Turnover/Total assets |
0.80 |
|
* Cost of goods sold/Turnover |
0.64 |
PROFITABILITY:
FAIRLY GOOD
The turnover of SC appears fairly good.
SC’s net profit margin is good.
SC’s return on total assets is good.
SC’s cost of goods sold is low, comparing with its turnover.
LIQUIDITY: FAIR
The current ratio of SC is maintained in a normal level.
SC’s quick ratio is maintained in a fair level.
The inventory of SC appears large.
The accounts receivable of SC appears average.
There is no short-term loan of SC in 2014.
SC’s turnover is in a fair level, comparing with the size of its total
assets.
LEVERAGE: FAIRLY
GOOD
The debt ratio of SC is low
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.
The large amount of inventory could be a threat to SC’s financial condition.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.82 |
|
|
1 |
Rs.99.15 |
|
Euro |
1 |
Rs.69.31 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
SDA |
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.