MIRA INFORM REPORT
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Report No. : |
308045 |
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Report Date : |
17.02.2015 |
IDENTIFICATION DETAILS
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Name : |
HUNAN DONGTING PHARMACEUTICAL CO., LTD. |
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Registered Office : |
No. 16 Dongyan Road, Deshan, Changde City, Hunan Province, 415001 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
26.03.1997 |
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Com. Reg. No.: |
430000000025977 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Manufacturing active pharmaceutical ingredients, tablet, small volume
injection agent (with license, validity period as of December, 2015); importing and exporting commodities and
technology (excluding the items limited and prohibited by the law). |
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No. of Employees : |
750 |
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) |
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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 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 & address
HUNAN DONGTING PHARMACEUTICAL CO., LTD.
No. 16 Dongyan Road, Deshan, ChangdE CITY, Hunan province, 415001 PR CHINA
TEL: 86 (0) 736-7316383/7315785/7312155
FAX: 86 (0) 736-7313818
EXECUTIVE
SUMMARY
INCORPORATION DATE :
MARCH 26, 1997
REGISTRATION NO. :
430000000025977
REGISTERED LEGAL FORM :
SHARES LIMITED COMPANY
CHIEF EXECUTIVE :
MR. GUO WEI (LEGAL REPRESENTATIVE)
STAFF STRENGTH : 750
REGISTERED CAPITAL :
CNY 110,063,918
BUSINESS LINE :
MANUFACTURING & SELLING
TURNOVER :
CNY 403,500,000 (AS OF Dec. 31,
2013)
EQUITIES :
CNY 265,800,000 (As of dec. 31,
2013)
PAYMENT :
AVERAGE
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
FAIRLY GOOD
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION :
WELL-KNOWN
EXCHANGE RATE :
CNY 6.24 =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 shares
limited company at local Administration for Industry & Commerce
(AIC-The official body of issuing and renewing business license) on March 26,
1997.
Company Status: Shares
Limited Company 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 active
pharmaceutical ingredients, tablet, small volume injection agent (with license,
validity period as of December, 2015); importing
and exporting commodities and technology (excluding the items limited
and prohibited by the law).
SC is mainly engaged in manufacturing and selling haemostatic and antidepressant
drugs.
Mr. Guo Wei has been legal representative and chairman of SC since 2008.
SC is known to have approx. 750 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 Changde. Our
checks reveal that SC owns the total premise about 70,000 square meters.
http://www.dtpharm.com/
The design is professional and the content is well organized. At present it is
in Chinese and English versions.
E-mail: DT@dtpharm.com
Changes
of its registered information:
|
Date of change |
Item |
Before the change |
After the change |
|
2005-04 |
Registered capital |
CNY 39,346,900 |
CNY 44,063,900 |
|
2006-03 |
Legal representative |
Xiang Wenlin |
Zou Zhenrong |
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2006-11 |
Registered capital |
CNY 44,063,900 |
CNY 44,063,918 |
|
2008-04 |
Legal representative |
Zou Zhenrong |
Present one |
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Registration No. |
4300001000145 |
Present one |
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|
2012-12 |
Registered capital |
CNY 44,063,918 |
Present amount |
|
Unspecified |
Shareholders & shareholdings |
Shanghai Fosun Pharmaceutical (Group) Co., Ltd. 77.777% Changde Zhongda State-owned Assets Management Co., Ltd. (literal
translation) 21.623% Labor Union Committee of SC
0.60% |
Present ones |
Tax Registration Certificate No.: 430702183804369
Organization Code: 183804369
For the past two years there is no record of litigation.
MAIN SHAREHOLDERS:
Name Amount
(CNY’0000) % of shareholdings
Jiangsu Tohope Pharmaceutical Co., Ltd. 6,817.4664 61.94
Changde Zhongda State-owned Assets Management Co., Ltd.
(literal translation) 2,379.942 21.62
Huaian Tianyuan Investment Centre (General Partner) 1,742.9566 15.84
Labor Union Committee of SC 66.0268 0.60
Jiangsu Tohope Pharmaceutical Co., Ltd.
==============================
Registration No.: 320581400007806
Legal representative: Zou Zhenrong
Web: http://www.tohopepharma.com/
E-mail: info@tohopepharma.com
Tel.: 0086-512-52300501
Fax: 0086-512-52300500
Legal Representative and Chairman:
Mr. Guo Wei, born in 1962, with university education. He is currently
responsible for the overall management of SC.
Working Experience(s):
From 2008 to present Working
in SC as chairman and legal representative.
General Manager and Director:
Tang Huanyu is currently responsible for the daily management of SC.
Working Experience(s):
At present Working in SC
as general manager and director.
Supervisors:
Li Shihua
Chen Yuqing
Directors:
Wang Cheng
Shao Ying
Ms. Yan Huixia
Li Xianlin
Wang Kexin
SC is mainly engaged in manufacturing and selling haemostatic and
antidepressant drugs.
SC’s products mainly include 4-Aminomethylbenzoic Acid, Tranexamic Acid,
Quetiapine Fumarate, Clomipramine Hydrochloride, Lorazepam, etc.
SC sources its materials 100% from domestic market. SC sells 70% of its
products in domestic market, and 30% to overseas market, mainly Southeast Asian
market.
The buying terms of SC include Check, T/T 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.
Trademark &
Patents
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Registration No. |
10088304 |
13181374 |
13181410 |
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Registration Date |
2012-12-14 |
2015-1-21 |
2015-1-21 |
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Trademark Design |
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Shanghai Fosun Pharmaceutical Development Ltd.
=====================================
Registration No.: 310225000247780
Incorporation Date: 2001-11-27
Legal representative: Wang Cheng
Registered Capital: CNY 2,253,308,000
Shanghai Fosun Pharmaceutical (Group) Co.,
Ltd.
====================================
Registration No.: 310000000036602
Incorporation Date: 1995-5-31
Legal representative: Chen Qiyu
Web: http://www.fosunpharma.com/
Email: int@fosunpharma.com
Tel: 021-33987870
Fax: 021-33987871
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.
Industrial & Commercial Bank of China Changde Deshan Sub-branch
AC#：432401611216501
Relationship: Normal.
Financial
Summary
Unit: CNY’000
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As of Dec. 31, 2013 |
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Total liabilities |
84,270 |
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Equity |
265,800 |
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------------ |
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Total assets |
350,070 |
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========= |
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Turnover |
403,500 |
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Profits |
72,130 |
Note: We did not
find SC’s detailed financial reports for Yr2013.
Important
Ratios
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As of Dec. 31,
2013 |
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*Liabilities to assets |
0.24 |
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*Net profit margin (%) |
17.88 |
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*Return on total assets (%) |
20.60 |
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*Turnover/Total assets |
1.15 |
PROFITABILITY:
FAIRLY GOOD
The turnover of SC appears fairly good.
SC’s net profit margin appears fairly good.
SC’s return on total assets appears good.
SC’s turnover is in an average 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 low.
Overall financial
condition of the SC: Fairly good
SC is considered medium-sized in its line with fairly good financial
conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.20 |
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|
1 |
Rs.96.00 |
|
Euro |
1 |
Rs.71.00 |
INFORMATION DETAILS
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Analysis Done by
: |
SUB |
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Report Prepared
by : |
TPT |
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.