MIRA INFORM REPORT
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Report No. : |
303415 |
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Report Date : |
16.01.2015 |
IDENTIFICATION DETAILS
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Name : |
HENAN NEWLAND PHARMACEUTICAL CO., LTD. |
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Registered Office : |
Southside of Qinggong Road (East Section) Changge City, Henan Province 461500 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
15.09.2005 |
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Com. Reg. No.: |
411082100006960 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Manufacturing and Selling of Pharmaceutical Intermediates. |
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No. of Employees : |
580 |
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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
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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 and address
HENAN NEWLAND PHARMACEUTICAL CO., LTD.
SOUTHSIDE OF QINGGONG ROAD (EAST SECTION)
CHANGGE CITY, HENAN PROVINCE 461500 PR CHINA
TEL: 86 (0) 374-6103188/6105366/6105083
FAX: 86 (0) 374-6105388
EXECUTIVE
SUMMARY
Date of
Registration :
SEPTEMBER 15, 2005
REGISTRATION NO. : 411082100006960
LEGAL FORM : SHARES LIMITED COMPANY
REGISTERED CAPITAL :
CNY 99,000,000
staff : 580
BUSINESS CATEGORY :
MANUFACTURING & TRADING
REVENUE : CNY 263,170,000
(AS OF DEC. 31, 2013)
EQUITIES : CNY 250,740,000
(AS OF DEC. 31, 2013)
WEBSITE : www.newlandpharma.com
E-MAIL : market@newlandpharma.com
PAYMENT : AVERAGE
MARKET CONDITION : average
FINANCIAL CONDITION
: stable
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.20 = 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 shares limited company of PRC with State Administration of Industry &
Commerce (SAIC) under registration No.: 411082100006960
on September 15, 2005.
SC’s Organization Code Certificate No.:
78050263-3
SC’s registered
capital: CNY 99,000,000
SC’s paid-in
capital: CNY 99,000,000
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 |
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Henan Shuangji Industrial Co., Ltd. |
85.15 |
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Changge Zhongyuan Commerce & Trade Co., Ltd. |
14.85 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman, and General Manager |
Xie
Jianzhong |
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Director |
Guo Xiubin |
|
Liu Wanmin |
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Zhang Luwei
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Zhang
Binggang |
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Xu Heping |
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Pan Huiping
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Supervisor |
Han Zhiguo |
|
Zhang Jianzhong
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|
Liu
Changchun |
RECENT
DEVELOPMENT
SC’s quality system meets the international standards of ISO 14001,
OHSAS 18001 and ISO 9001.
SHAREHOLDER
CHART & BACKGROUND
Name %
of Shareholding
Henan Shuangji
Industrial Co., Ltd. 85.15
Changge Zhongyuan
Commerce & Trade Co., Ltd. 14.85
Henan Shuangji
Industrial Co., Ltd.
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Registration No.:
411082100000979
Legal Form:
Limited Liabilities Company
Registered
Capital: CNY 10,000,000
Legal
Representative: Xie Jianzhong
Changge Zhongyuan
Commerce & Trade Co., Ltd.
--------------------------------------------
Registration No.:
411082100009777
Legal Form:
Limited Liabilities Company
Registered
Capital: CNY 1,000,000
Legal
Representative: Pan Huiping
MANAGEMENT
Xie Jianzhong, Legal
Representative, Chairman and General Manager
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Ø Gender: M
Ø Age: 50
Ø Qualification:
University
Ø Working experience
(s):
At present, working in SC as legal representative,
chairman and general manager
Also working in Henan Shuangji
Industrial Co., Ltd. as legal representative
Director
-----------
Guo Xiubin
Liu Wanmin
Zhang Luwei
Zhang Binggang
Xu Heping
Pan Huiping
Supervisor
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Han Zhiguo
Zhang Jianzhong
Liu Changchun
BUSINESS
OPERATION
SC’s registered business scope includes manufacturing and selling
pharmaceutical intermediates (excluding the hazard chemicals and within
limits); import and export goods and technology.
SC is mainly engaged
in manufacturing and selling pharmaceutical intermediates.
SC’s products mainly include D (-)-p-hydroxyphenylglycine,
D-(-)-4-Hydroxyphenylglycine dane salt, Para-Toluenesulfonic Acid monohydrate,
and so on.
SC sources its
materials 100% from domestic market. SC sells 80% of its products in domestic
market, and 20% to overseas 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.
*Major Customer*
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Unimark Remedies Limited
Staff &
Office:
--------------------------
SC is known to have approx. 580
staff at present.
SC owns an area as its operating office and factory, but the detailed
information is unknown.
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
Basic Bank:
China Construction Bank Changge Sub-branch
AC#: N/a
FINANCIALS
Financial Summary
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Unit: CNY’000 |
As of Dec. 31, 2013 |
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Current assets |
187,130 |
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Total assets |
301,460 |
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Current liabilities |
48,110 |
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Long term liabilities |
2,610 |
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Total liabilities |
50,720 |
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Equities |
250,740 |
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Revenue |
263,170 |
Important
Ratios
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|
As of Dec. 31, 2013 |
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*Current
ratio |
3.89 |
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*Liabilities
to assets |
0.17 |
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*Revenue /
Total assets |
0.87 |
FINANCIAL
COMMENTS
PROFITABILITY:
AVERAGE
l The revenue of SC
appears fairly good in its line.
LIQUIDITY:
AVERAGE
l The current ratio
of SC is maintained in a fairly good level.
l SC’s revenue is in
a fair level, comparing with the size of its total assets.
LEVERAGE:
AVERAGE
l The debt ratio of
SC is low.
l The risk for SC to
go bankrupt is average.
Overall
financial condition of the SC: Stable.
CONCLUSIONS
SC is considered medium-sized in its line with stable financial
conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.76 |
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|
1 |
Rs.94.02 |
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Euro |
1 |
Rs.72.63 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
NIT |
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.