MIRA INFORM REPORT
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Report No. : |
336211 |
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Report Date : |
13.08.2015 |
IDENTIFICATION DETAILS
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Name : |
JIANGXI TIANXIN PHARMACEUTICAL CO., LTD. |
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Registered Office : |
Le’anjiang Industrial Zone, Leping, Jiangxi Province, 333300 PR |
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Country : |
China |
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Date of Incorporation : |
24.09.2004 |
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Com. Reg. No.: |
360200510000192 |
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Legal Form : |
Chinese-Foreign Equity Joint Venture
Enterprise |
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Line of Business : |
Subject is engaged in producing and selling APIs and pharmaceutical
intermediates. |
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No. of Employee : |
1,200 |
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 – March 31, 2015
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Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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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 |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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.
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Source
: CIA |
Company
name
JIANGXI
TIANXIN PHARMACEUTICAL CO., LTD.
LE’ANJIANG INDUSTRIAL ZONE, LEPING, JIANGXI
PROVINCE, 333300 PR CHINA
TEL: 86 (0) 798-6702238/6702118 FAX: 86 (0) 798-6702388
EXECUTIVE
SUMMARY
INCORPORATION DATE :
SEP. 24, 2004
REGISTRATION NO. :
360200510000192
REGISTERED LEGAL FORM : Chinese-foreign
equity joint venture enterprise
STAFF STRENGTH : 1,200
REGISTERED CAPITAL : CNY 25,800,000
BUSINESS LINE :
MANUFACTURING & TRADING
TURNOVER :
N/A
EQUITIES :
N/A
PAYMENT :
Unknown
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : N/A
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY
6.43 =USD
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 Chinese-foreign equity joint venture enterprise
at local Administration for Industry & Commerce (AIC-The official body of
issuing and renewing business license) on Sep. 24, 2004.
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
active pharmaceutical ingredients, food additives and feed additives;
manufacturing and selling pharmaceutical intermediates (excluding hazardous
chemicals) (in accordance with the permit).
SC is mainly
engaged in producing and selling APIs and pharmaceutical intermediates.
Mr.
Xu Jiangnan has been legal
representative and chairman of SC since 2004.
SC is known to
have approx. 1,200 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office and factory in the industrial zone of Leping. Our checks
reveal that SC owns the total premise about 280,000 square meters.
http://www.txpharm.com/ The website belongs to SC and its related
companies. The design is professional and the content is well organized. At
present it is in Chinese and English versions.
E-mail: office2@txpharm.com
TAX NO. 310114784283220
Changes
of its registered information:
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Date of change |
Item |
Before the
change |
After the change |
|
2007-09 |
Chinese name |
江西天新医药化工有限公司 |
Present one |
Note: SC changed its Chinese name in 2007, while its English name
remains the same.
Organization code: 767014627
For the past two years there is no record of litigation.
MAIN SHAREHOLDERS:
Name
% of
shareholdings
Xu Jiangnan
49.58
Qiu Qinyong 6.70
Wang
Guangtian
10.72
Sinopharm
International Company Limited (U. K.) 33.00
l Legal
Representative and Chairman:
Mr. Xu Jiangnan , born in 1962, he is currently responsible for the
overall management of SC.
Working Experience(s):
From 2004 to present Working in SC as legal representative
and chairman.
Also working in Zhejiang Tianxin
Pharmaceutical Co., Ltd., Leping Tianxin Thermoelectric Co., Ltd. as legal representative.
l Vice Chairman:
Mr. Chen Weimin is currently
responsible for the daily management of SC.
Working Experience(s):
At present Working in SC as vice chairman.
SC is mainly
engaged in producing and selling APIs and pharmaceutical intermediates.
SC’s products mainly include Vitamin B6, Vitamin B1 (Thiamine Mononitrate),
Vitamin B1 (Thiamine Hydrochloride),
etc.
SC sources its materials 80% from domestic
market and 20% from overseas market. SC sells 30% of its products in domestic
market and 70% 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’s management declined to release its major clients and suppliers.
According to http://www.txpharm.com/
Zhejiang Tianxin Pharmaceutical Co., Ltd.
===============================
Incorporation date: Jan. 23, 1996
Registration no: 331023000035607
Legal form: Limited
Liabilities Company
Address: No. 215 Fengze Road, Tiantai County, Taizhou, Zhejiang
Province, 317200 PR China
Postal code: 317200
Tel: +86-576-83993956
Fax: +86-576-83993679
E-mail: sales@txpharm.com
Baoji Tianxin Pharmaceutical Co., Ltd.
============================
Incorporation date: Sep. 14, 2004
Registration no.: 610323100001257
Legal form: Limited liabilities
co.
Address: Caijiapo Economic & Technical Development Zone, Qishan
County, Baoji, Shaanxi Province, 722405 PR China
SC is known to invest in the following company:
Leping Tianxin Thermoelectric Co., Ltd.
Incorporation date:
Registration no: 360281110000761
\
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.
SC’s management declined to release any financial information.
SC is considered large-sized in its line with a development history of
11 years. Due to lack of the financial status, we are unable to recommend
accurate credit limit for SC. Taking into consideration of SC’s general
performance, reputation as well as market conditions we would rate SC as an
average credit risk company.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.64.83 |
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1 |
Rs.101.00 |
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Euro |
1 |
Rs.71.82 |
INFORMATION DETAILS
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Analysis Done by
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KAR |
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Report Prepared
by : |
ASH |
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 |
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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.