MIRA INFORM REPORT
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Report No. : |
321882 |
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Report Date : |
19.05.2015 |
IDENTIFICATION DETAILS
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Name : |
XINXIANG TUOXIN BIOCHEMICAL CO., LTD. |
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Registered Office : |
No. 23, East Side Of Huagong Road, Hi-Tech Development Area, Xinxiang City, Henan Province, 453000 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
03.02.2005 |
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Com. Reg. No.: |
410700400001029 |
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Legal Form : |
Shares Limited Co. |
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Line of Business : |
Subject is engaged in development, manufacturing and selling of fine chemical products. |
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No of Employees : |
567 |
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 : |
Slow But Correct |
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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
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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 Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 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. In 2014 China agreed to begin limiting carbon dioxide emissions by 2030. China implemented several economic reforms in 2014, including legislation allowing local governments to issue bonds, further opening several state-owned enterprises to private investment, loosening the one-child policy, passing harsher pollution fines, and cutting administrative red tape.
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Source
: CIA |
Company
name & address
Xinxiang Tuoxin Biochemical Co., Ltd.
no. 23, east side of Huagong Road, Hi-tech
Development Area,
Xinxiang City, Henan PROVINCE, 453000 PR CHINA
TEL: 86 (0) 373-6351898/6351908 FAX: 86 (0) 373-6351891
EXECUTIVE
SUMMARY
INCORPORATION DATE : feb. 3, 2005
REGISTRATION NO. : 410700400001029
REGISTERED LEGAL FORM : SHARES LIMITED CO.
STAFF STRENGTH :
567
REGISTERED CAPITAL : cny 60,000,000
BUSINESS LINE :
development, Manufacturing & SELLING
TURNOVER :
CNY 216,940,000 (AS OF DEC. 31, 2014)
EQUITIES :
CNY 155,790,000 (AS OF DEC. 31, 2014)
PAYMENT :
AVERAGE
MARKET CONDITION : competitive
FINANCIAL CONDITION : fairly stable
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.2094= 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 Shares limited co. at
provincial Administration for Industry & Commerce (AIC - The official body of
issuing and renewing business license).
Company Status: Shares limited co. 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 development, production of fine chemical products (excluding
hazardous chemicals), providing technical services, sales of self-made products
(if needed with permit).
SC is mainly
engaged in development, manufacturing and selling of fine chemical products.
Mr. Yang Xining is
legal representative and chairman of SC at present.
SC is known
to have approx. 567 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office and factory in hi-tech development area of Xinxiang. Detailed
information of the premise is unspecified.
http://www.tuoxingroup.com/
The design is professional and the content is well organized. At present it is
in both Chinese and English versions.
E-mail: tuoxin@tuoxingroup.com
Changes
of its registered information are as follows:
|
Date of change |
Item |
Before the change |
After the change |
|
Unspecified |
Company Name |
Xinxiang Tuoxin Biochemical Technology & Science Co., Ltd. |
Present one |
Organization Code: 731329432
For the past two years there is no record of litigation.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Yang Xining 37
Canada Shenglin Investment Co. (literal
translation) 22.1
Beijing Macrolink Industry Investment Co.,
Ltd. 15
Lukecando Enterprises Limited (Hong Kong) 9.35
Cai Yuying 6.45
Qu Guirong 4.9
Dong Chunhong 2.74
Wang Xiuqiang 2.46
Lukecando Enterprises Limited
========================
CR No.: 1034276
Company Type: Private company limited by
shares
Active Status: Live
l Legal
Representative and Chairman:
Mr. Yang Xining is currently responsible for the overall management of
SC.
Working Experience(s):
At present Working
in SC as legal representative and chairman.
Also
working in Xinxiang Pharmaceutical Co., Ltd. as chairman.
*Officials:
========
Name Title
Xian Shenglin Director
Qu Guirong Director
Cai Yuying Director
Zheng Boliang Director
Wang Xiuqiang Director
Dong Chunhong Supervisor
Gao Pei Supervisor
Wang Yuyan Supervisor
Liu Hao Supervisor
Zhou Jianming Supervisor
SC is mainly
engaged in development, manufacturing and selling of fine chemical products.
SC’s products mainly include:
Hypoxanthine
6-Chloropurine
2，6-Diaminopurine
Uracil
Cytosine
5-Azacytosine
N4-Acetylcytosine
N6-Diboc adenine
Adenine Phosphate
Adenine Sulfate
2，4-Dichloropyrimidine
6-Chloropurine THP
5-Chlorouracil
2，9-Diacetylguanine
2-Thiouracil
Etc.
SC sources its materials 90% from domestic
market and 10% from overseas market. SC sells 20% of its products in domestic
market, and 80% 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.
Trademarks &
Patents
Registration No.: 10542549 10542452 10542401
Registration Date: Apr. 28, 2013 Apr. 28, 2013 May
21, 2013
Trademark Design: 
SC is known to invest in the following company
Xinxiang
Pharmaceutical Co., Ltd.
======================
Registration No.: 410700100013493
Incorporation Date: 1996-12-25
Legal Representative: Cai Yuying
Chairman:
Yang Xining
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 declined to
release its bank details.
Balance Sheet
Unit: CNY’000
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|
As
of Dec. 31, 2014 |
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Cash & bank |
25,730 |
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Inventory |
72,840 |
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Accounts
receivable |
49,770 |
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Advances to
suppliers |
4,500 |
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Other
receivables |
12,390 |
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Note receivable |
930 |
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------------------ |
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Current assets |
166,160 |
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Fixed assets net
value |
95,650 |
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Long term
investment |
22,390 |
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Projects under
construction |
8,090 |
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Intangible
assets |
14,360 |
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Available for sale
financial assets |
3,000 |
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Deferred tax
asset |
620 |
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Other assets |
6,820 |
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------------------ |
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Total assets |
317,090 |
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=========== |
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Short loan |
72,800 |
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Accounts payable |
57,620 |
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Advances from
customers |
400 |
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Taxes payable |
-770 |
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Other accounts
payable |
3,680 |
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Note payable |
23,000 |
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Payroll payable |
10 |
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Current
liabilities |
156,740 |
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Long term
liabilities |
4,560 |
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------------------ |
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Total
liabilities |
161,300 |
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Equities |
155,790 |
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------------------ |
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Total
liabilities & equities |
317,090 |
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Income Statement
Unit: CNY’000
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As of Dec. 31,
2014 |
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Turnover |
216,940 |
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Cost of goods
sold |
179,440 |
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Taxes and additional of main operation |
800 |
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Sales expense |
3,780 |
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Management expense |
28,450 |
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Finance expense |
8,760 |
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Asset impairment loss |
-1,260 |
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Non-operating
income |
450 |
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Non-operating expense |
220 |
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Profit before
tax |
-2,800 |
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Less: profit tax |
180 |
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Profits |
-2,980 |
Important
Ratios
=============
|
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As
of Dec. 31, 2014 |
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*Current ratio
|
1.06 |
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*Quick ratio |
0.60 |
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*Liabilities
to assets |
0.51 |
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*Net profit
margin (%) |
-1.37 |
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*Return on
total assets (%) |
-0.94 |
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*Inventory
/Turnover ×365 |
123 days |
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*Accounts
receivable/Turnover ×365 |
84 days |
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*Turnover/Total
assets |
0.68 |
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* Cost of
goods sold/Turnover |
0.83 |
PROFITABILITY:
FAIR
l The turnover of SC appears fairly good in its line.
l SC’s net profit
margin is fair.
l SC’s return on
total assets is fair.
l
SC’s cost of goods sold is average.
LIQUIDITY: FAIR
l
The current ratio of SC is maintained in a normal
level.
l
SC’s quick ratio is maintained in a fair level.
l
The inventory of SC appears fairly large.
l
The accounts receivable of SC is maintained in an
average level.
l
SC’s short loans are fairly large in 2014.
l
SC’s turnover is in a fair level, comparing with
the size of its total assets.
LEVERAGE: AVERAGE
l
The debt ratio of SC is average.
l
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 and short loans could be a threat to
SC’s financial situation.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 63.55 |
|
|
1 |
Rs. 99.86 |
|
Euro |
1 |
Rs. 72.67 |
INFORMATION DETAILS
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Analysis Done by
: |
KRN |
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Report Prepared
by : |
DPT |
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 |
|
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 |
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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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
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.