MIRA INFORM REPORT
|
Report No. : |
312886 |
|
Report Date : |
17.03.2015 |
IDENTIFICATION DETAILS
|
Name : |
Shenyang Tonglian
Pharmaceutical Co., Ltd. |
|
|
|
|
Registered Office : |
No.
18 Yucai Lane, Shuncheng East Street, Dadong District Shenyang, Liaoning Province 110042 Pr |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
17.06.1997 |
|
|
|
|
Com. Reg. No.: |
210113000007323 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturing
and Selling of Tablets, Hard Capsules, Soft Capsules, Pills, Oral Liquid, and
API. |
|
|
|
|
No. of Employees : |
102 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
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 |
|
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 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.
|
Source
: CIA |
Company
Name and address
Shenyang Tonglian Pharmaceutical Co., Ltd.
no. 18 yucai lane,
shuncheng east street, dadong district
shenyang, liaoning
PROVINCE 110042 PR CHINA
TEL: 86 (0)
24-89862708/89609286
FAX: 86 (0)
24-89606286
EXECUTIVE
SUMMARY
Date of Registration : june 17, 1997
REGISTRATION NO. : 210113000007323
LEGAL FORM : Limited
Liability Company
CHIEF EXECUTIVE : JIANG ENHONG
(LEGAL REPRESENTATIVE)
REGISTERED CAPITAL : CNY
13,650,000
staff : 102
BUSINESS CATEGORY :
MANUFACTURING & TRADING
Revenue : CNY 18,609,000 (AS OF DEC. 31, 2013)
EQUITIES : CNY -1,044,000 (AS OF DEC. 31, 2013)
WEBSITE : N/A
E-MAIL : N/A
PAYMENT : AVERAGE
MARKET CONDITION : FAIR
FINANCIAL CONDITION : POOR
OPERATIONAL TREND :
Downward
GENERAL REPUTATION : FAIR
EXCHANGE RATE : CNY 6.25 = 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 limited liability company
of PRC with State Administration of Industry & Commerce (SAIC) under
registration No.: 210113000007323
on June 17, 1997.
SC’s Organization Code Certificate No.:
24088616-2
SC’s Tax No.: 210113240886162
SC’s registered capital: CNY 13,650,000
SC’s paid-in capital: CNY 13,650,000
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
2015-01-13 |
Shareholder (s)
(% of Shareholding) |
Shenyang
Tonglian Group Co., Ltd. 83.5% Tonglian Group
Shenyang Antibiotic Factory 7.3% Shenyang
Xinchengzi Pharmaceutical Factory 9.2% |
Shenyang
Tonglian Group Co., Ltd. 92.67% Shenyang
Antibiotic Factory 7.33% |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Shenyang
Tonglian Group Co., Ltd. |
92.67 |
|
Shenyang
Antibiotic Factory |
7.33 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal
Representative, Chairman and General Manager |
Jiang
Enhong |
|
Supervisor |
Li Huixian |
RECENT
DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER
CHART & BACKGROUND
Name %
of Shareholding
Shenyang Tonglian Group Co., Ltd. 92.67
Shenyang Antibiotic Factory 7.33
Shenyang Tonglian Group Co., Ltd.
-------------------------------------------
Registration No.: 210113000006806
Date of Registration: January 20, 1995
Legal Form: Limited Liabilities Company
Registered Capital: CNY 100,000,000
Legal Representative: Jiang Enhong
Shenyang Antibiotic Factory
-----------------------------------
Registration No.: 210113100003388
Date of Registration: January 28, 1999
Legal Form: Sole Proprietorship enterprise
Principal: Jiang Yang
MANAGEMENT
Jiang Enhong,
Legal Representative, Chairman and General Manager
------------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Nationality: China
Ø Qualification:
University
Ø Working experience
(s):
At present, working in SC as legal
representative, chairman and general manager
Also working in Shenyang Tonglian Group Co.,
Ltd. as legal representative
Li Huixian,
Supervisor
-----------------------------------------
Ø
Gender: F
Ø
Nationality: China
Ø Qualification:
University
BUSINESS
OPERATION
SC’s registered business scope includes manufacturing
tablets, hard capsules, soft capsules, pills, oral liquid (pellets), and API
(bismuth aluminate and febuprol).
SC is mainly
engaged in manufacturing and selling tablets, hard capsules, soft capsules,
pills, oral liquid, and API.
SC’s products mainly include: tablets, hard capsules, soft capsules,
pills, oral liquid, and API.
SC sources its materials 100% from domestic market. SC sells 90% of its
products in domestic market, and 10% to overseas market.
The buying terms
of SC include Check, T/T and Credit of 30-60 days. The payment terms of SC
include L/C and Credit of 30-60 days.
Staff & Office:
--------------------------
SC is known
to have approx. 102 staff at
present.
SC rents an area
as its operating office and factory, but the detailed information is unknown.
RELATED
COMPANY
SC is known to have a
subsidiary at present,
Shenyang
Tonglian Medicine Co., Ltd.
Date
of Registration: October 14, 2003
Registration
No.: 210113000006437
Legal
Form: Limited Liability Company
Chief
Executive: Liu Xudong (Legal Representative)
Registered
Capital: CNY 5,000,000
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
The bank
information of SC is not filed in local SAIC.
FINANCIALS
Financial Summary
|
Unit: CNY’000 |
As of Dec. 31, 2013 |
|
Total assets |
85,668 |
|
|
------------- |
|
Total liabilities |
86,712 |
|
Equities |
-1,044 |
|
|
------------- |
|
Revenue |
18,609 |
|
Profit before tax |
-354 |
|
Less: profit tax |
0 |
|
Profits |
-354 |
Important Ratios
=============
|
|
As of Dec. 31, 2013 |
|
*Liabilities to assets |
1.01 |
|
*Net profit margin (%) |
-1.90 |
|
*Return on total assets (%) |
-0.41 |
|
*Revenue / Total assets |
0.22 |
FINANCIAL
COMMENTS
PROFITABILITY:
FAIR
l The revenue of SC
appears fair in its line.
l SC’s net profit
margin is fair.
l SC’s return on total
assets is fair.
LIQUIDITY: POOR
l
SC’s revenue is in a poor level, comparing with the
size of its total assets.
LEVERAGE: POOR
l
The debt ratio of SC is high.
l
The risk for SC to go bankrupt is fairly high.
Overall financial
condition of the SC: Poor.
CONCLUSIONS
SC is considered small-sized in its line with poor financial conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.82 |
|
|
1 |
Rs.92.83 |
|
Euro |
1 |
Rs.66.17 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NIT |
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.