MIRA INFORM REPORT
|
Report No. : |
351341 |
|
Report Date : |
26.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
|
|
|
|
|
Registered Office : |
Room 521, Building E, Xintai Plaza, No.
168, Guangchang South Road, Jiaojiang District, Taizhou, Zhejiang Province,
318000 PR |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
20.08.2008 |
|
|
|
|
Com. Reg. No.: |
331000000015142 |
|
|
|
|
Legal Form : |
Limited Liabilities Company |
|
|
|
|
Line of Business : |
Subject enggaged in sales of chemical products; import and
export business of goods and technology. |
|
|
|
|
No. of Employee : |
9 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
|
With Financials |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Small Company |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
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
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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. 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 for the first time in modern history. Still, China's per capita income is below the world average.
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 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 also 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.
|
Source
: CIA |
Company
name and address
taizhou xingcheng chempharm Co., Ltd.
ROOM
521, BUILDING E, XINTAI PLAZA, NO. 168, GUANGCHANG SOUTH ROAD,
JIAOJIANG
DISTRICT, TAIZHOU, ZHEJIANG PROVINCE, 318000 PR CHINA
TEL: 86 (0) 576-88551200/88880039 FAX: 86 (0)
576-88225056
EXECUTIVE
SUMMARY
INCORPORATION
DATE : OCT. 20, 2008
REGISTRATION
NO. : 331000000015142
REGISTERED
LEGAL FORM : LIMITED LIABILITIES COMPANY
CHIEF
EXECUTIVE : MS. LIN
LIQING (LEGAL REPRESENTATIVE)
STAFF
STRENGTH : 9
REGISTERED
CAPITAL :
CNY 1,280,000
BUSINESS
LINE : TRADING
TURNOVER : CNY 20,840,000 (AS OF DEC. 31, 2014)
EQUITIES : CNY 1,725,000 (AS OF DEC. 31, 2014)
PAYMENT
: SLOW BUT CORRECT
MARKET
CONDITION : AVERAGE
FINANCIAL
CONDITION : FAIRLY STABLE
OPERATIONAL
TREND :
FAIRLY STEADY
GENERAL
REPUTATION : AVERAGE
EXCHANGE
RATE : CNY 6.3868= 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
Note:
SC is also known as Xingcheng Chempharm Co., Ltd; the given address was SC’s
previous address.
SC
was registered as a Limited Liabilities Company at local Administration for
industry & commerce (AIC - the official body of issuing and renewing business
license) on Oct. 20, 2008.
Company Status: Limited liabilities co.
This form of business in PR China is defined as a legal
person. No more than fifty shareholders contribute its registered capital
jointly. Shareholders bear limited liability to the extent of shareholding, and
the co. is liable for its debts only to extent of its total assets. The
characteristics of this form of co. are as follows:
Upon the establishment of the co., an investment
certificate is issued to the each of shareholders.
The board of directors is comprised of three to thirteen
members.
The minimum registered capital for a co. is CNY 30,000.
Shareholders may take their capital contributions in cash
or by means of tangible assets or intangible assets such as industrial property
and non-patented technology.
Cash contributed by all shareholders must account for at
least 30% of the registered capital.
Existing shareholders have pre-exemption right to purchase
shares of the co. offered for sale by the other shareholders and to subscribe
for the newly increased registered capital of the co.
SC’s
registered business scope includes sales of chemical products; import and
export business of goods and technology.
SC is mainly engaged in trading of active pharmaceutical
ingredients and intermediates.
Ms.
Lin Liqing has been the legal representative, executive director and manager of
SC since 2012.
SC
is known to have approx. 9 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office in the commercial zone of Taizhou. The detailed information of
the premise is unspecified.
Note:
According to SC’s staff, SC has a related factory at Yantou Industrial Park,
Jiaojiang District, Taizhou City, Zhejiang Province, but he declined to
disclose its name.
http://www.shasinpharm.com/
The design is professional and the content is well organized. At present it is
in both Chinese and English versions.
Email:
sales@xingchengchem.com
See
below for SC as executive party (defendant).
|
Executed Party |
SC |
|
Court |
Taizhou City Jiaojiang District People's Court |
|
Date of Case |
|
|
Case Number |
(2015) 00313 |
|
Claim Amount |
RMB 18,227.58 |
|
Case Status |
N/A |
Remark: Due to the lack of information, we are unable to provide the
cause of action, judgment or other information.
Changes of its registered
information:
|
Date of change |
Item |
Before the change |
After the change |
|
2009-7-29 |
Shareholders & shareholdings (%) |
Mu Hui 8%, Yang Xiaolan 8% |
Zhou Wenliang 10% Lu Caigen 90% |
|
2011-5-27 |
Zhou Wenliang 10% Lu Caigen 90% |
Wang Bo 30% Lu Caigen 70% |
|
|
2011-9-14 |
Wang Bo 30% Lu Caigen 70% |
Present ones |
|
|
2012-7-27 |
Legal representative |
Mr. Lu Caigen |
Present one |
Organization
Code: 680746761
MAIN
SHAREHOLDERS:
Name %
of Shareholding
Lin
Liqing 30
Lu
Caigen 70
Legal Representative, Executive Director and Manager:
Ms.
Lin Liqing, ID# 35223119830915xxxx, born in 1983. She is currently responsible for
the overall and daily management of SC.
Working
Experience(s):
From
2012 to present Working in
SC as legal representative, executive director and manager.
Supervisor:
Mr.
Lu Caigen
SC
is mainly engaged in trading of active pharmaceutical ingredients and
intermediates.
SC’s
products mainly include
Polymyxin
B Sulfate
3-Hydroxyacetophenone
4-£¨1-Hydroxy-1-Methylethyl)-2-Propyl-1h-Imidazole-5-Carboxylic
Acid Ester (Om-7)
Tert-Butyl
2-(4-(Pyridin-2-Yl)
Benzyl) Hydrazinecarboxylate
(2r,
3s)-3-(N-Boc-Amino)-1-Oxirane-4-Phenylbutane
Ethyl
1-Cyclopropyl-6, 7-Difluoro-1, 4-Dihydro-8-Methoxy-4-Oxo-3-Quinolinecarboxylate
4,
6-Dichloropyrimidine
6,
7-Dihydro-6-Mercapto-5h-Pyrazolo [1, 2-A][1,2,4] Triazolium Chloride
Acs-Pnz-Pyrrolidyl-(Boc)-Nso2nh2
Cyclen
SC
sources its materials 80% from domestic market, and 20% from overseas market.
SC sells 70% of its products in domestic market, and 30% 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 declined to release its major suppliers and clients.
TRADEMARKS & PATENTS
Registration
No. 11094151
Registration
Date
Trademark
Design 
SC
is not known to have any subsidiary at present.
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.
Zhejiang
Tailong Commercial Bank
AC#：6323301201080000502
Relationship:
Normal
Balance Sheet
Unit:
CNY’000
|
|
As of Dec. 31, 2014 |
As of Dec. 31, 2013 |
|
Cash & bank |
255 |
186 |
|
Accounts receivable |
1,500 |
1,506 |
|
Other accounts receivable |
524 |
223 |
|
Inventory |
133 |
191 |
|
|
------------------ |
----------------- |
|
Current assets |
2,412 |
2,106 |
|
Fixed assets net value |
161 |
254 |
|
|
------------------ |
------------------ |
|
Total assets |
2,573 |
2,360 |
|
|
============= |
============= |
|
Short loans |
/ |
/ |
|
Accounts payable |
1,255 |
1,479 |
|
Other accounts payable |
-596 |
-593 |
|
Other liabilities |
/ |
/ |
|
|
------------------ |
------------------ |
|
Current liabilities |
848 |
1,054 |
|
Other liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total liabilities |
848 |
1,054 |
|
Equities |
1,306 |
|
|
|
------------------ |
------------------ |
|
Total liabilities & equities |
2,573 |
2,360 |
|
|
============= |
============= |
Income Statement
Unit:
CNY’000
|
|
As of Dec. 31, 2014 |
As of Dec. 31, 2013 |
|
Turnover |
20,840 |
11,168 |
|
Cost of goods sold |
/ |
/ |
|
Taxes and additional of main operations |
/ |
/ |
|
Sales expense |
/ |
/ |
|
Management expense |
/ |
/ |
|
Finance expense |
/ |
/ |
|
Investment income |
/ |
/ |
|
Profit before tax |
565 |
-111 |
|
147 |
62 |
|
|
Profits |
418 |
-173 |
Note: We can’t get SC’s detailed financial reports for Yr 2013 & 2014 at
local Administration for Industry & Commerce.
Important Ratios
=============
|
|
As of Dec. 31, 2014 |
As of Dec. 31, 2013 |
|
*Current ratio |
2.84 |
2.00 |
|
*Quick ratio |
2.69 |
1.82 |
|
*Liabilities to assets |
0.33 |
0.45 |
|
*Net profit margin (%) |
2.01 |
-1.55 |
|
*Return on total assets (%) |
16.25 |
-7.33 |
|
*Inventory /Turnover ×365 |
2 days |
6 days |
|
*Accounts receivable/Turnover ×365 |
26 days |
49 days |
|
*Turnover/Total assets |
8.10 |
4.73 |
|
* Cost of goods sold/Turnover |
/ |
/ |
PROFITABILITY: AVERAGE
The
turnover of SC appears average in its line in both years, and it increased in
2014.
SC’s
net profit margin is fair in 2013 and average in 2014.
SC’s
return on total assets is fair in 2013 and good in 2014.
LIQUIDITY: AVERAGE
The
current ratio of SC is in a fairly good level.
The
quick ratio of SC is in a normal level in 2013 and fairly good in 2014.
SC’s
inventory appears small.
SC’s
accounts receivable appears fairly large in both years.
SC’s
turnover is in a fairly good level in 2013 and good in 2014, comparing with the
size of its total assets.
LEVERAGE: AVERAGE
The
debt ratio of SC is low in both years.
The
risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly stable
SC
is considered small-sized in its line with fairly stable financial conditions.
The large amount of accounts receivable could be a threat to SC’s financial
condition.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.38 |
|
|
1 |
Rs.100.45 |
|
Euro |
1 |
Rs.70.55 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
TRU |
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.