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MIRA INFORM REPORT
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Report No. : |
501153 |
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Report Date : |
02.04.2018 |
IDENTIFICATION DETAILS
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Name : |
JIANGXI TIANXIN PHARMACEUTICAL CO., LTD. |
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Registered Office : |
Le Anjiang Industrial Zone, Leping, Jiangxi
Province 333300 PR |
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Country : |
China |
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Date of Incorporation : |
24.09.2004 |
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Com. Reg. No.: |
91360200767014627G |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
· Subject includes manufacturing and selling active pharmaceutical ingredients, food additives, feed additive and pharmaceutical intermediates. · Subject is mainly engaged in manufacturing and selling APIs, pharmaceutical intermediates. |
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No. of Employees : |
650 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Satisfactory |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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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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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately 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. China has implemented reforms in a gradualist fashion, resulting in efficiency gains that have contributed to a more than tenfold increase in GDP since 1978. Reforms began with the phaseout 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 continues to pursue an industrial policy, state support of key sectors, and a restrictive investment regime. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, China in 2016 stood as the largest economy in the world, surpassing the US in 2014 for the first time in modern history. China became the world's largest exporter in 2010, and the largest trading nation in 2013. Still, China's per capita income is below the world average.
After keeping its currency tightly linked to the US dollar for years, China in July 2005 moved to an exchange rate system that references a basket of currencies. From mid-2005 to late 2008, the renminbi appreciated more than 20% against the US dollar, but the exchange rate remained virtually pegged to the dollar from the onset of the global financial crisis until June 2010, when Beijing announced it would allow a resumption of gradual liberalization. From 2013 until early 2015, the renminbi (RMB) appreciated roughly 2% against the dollar, but the exchange rate fell 13% from mid-2015 until end-2016 amid strong capital outflows in part stemming from the August 2015 official devaluation; in 2017 the RMB resumed appreciating against the dollar – roughly 7% from end-of-2016 to end-of-2017. From 2013 to 2017, China had one of the fastest growing economies in the world, averaging slightly more than 7% real growth per year. In 2015, the People’s Bank of China announced it would continue to carefully push for full convertibility of the renminbi, after the currency was accepted as part of the IMF’s special drawing rights basket. However, since late 2015 the Chinese Government has strengthened capital controls and oversight of overseas investments to better manage the exchange rate and maintain financial stability.
The Chinese Government faces numerous economic challenges including: (a) reducing its high domestic savings rate and correspondingly low domestic household consumption; (b) managing its high corporate debt burden to maintain financial stability; (c) controlling off-balance sheet local government debt used to finance infrastructure stimulus; (d) facilitating higher-wage job opportunities for the aspiring middle class, including rural migrants and college graduates, while maintaining competitiveness; (e) dampening speculative investment in the real estate sector without sharply slowing the economy; (f) reducing industrial overcapacity; and (g) raising productivity growth rates through the more efficient allocation of capital and state-support for innovation. Economic development has progressed further in coastal provinces than in the interior, and by 2016 more than 169.3 million migrant workers and their dependents had relocated to urban areas to find work. One consequence of China’s population control policy known as the “one-child policy” - which was relaxed in 2016 to permit all families to have two children - 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 urbanization. The Chinese Government is seeking to add energy production capacity from sources other than coal and oil, focusing on natural gas, nuclear, and clean energy development. In 2016, China ratified the Paris Agreement, a multilateral agreement to combat climate change, and committed to peak its carbon dioxide emissions between 2025 and 2030.
The government's 13th Five-Year Plan, unveiled in March 2016, emphasizes the need to increase innovation and boost domestic consumption to make the economy less dependent on government investment, exports, and heavy industry. However, China has made more progress on subsidizing innovation than rebalancing the economy. Beijing has committed to giving the market a more decisive role in allocating resources, but the Chinese Government’s policies continue to favor state-owned enterprises and emphasize stability. Chinese leaders in 2010 pledged to double China’s GDP by 2020, and the 13th Five Year Plan includes annual economic growth targets of at least 6.5% through 2020 to achieve that goal. 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. Chinese leaders also have undermined some market-oriented reforms by reaffirming the “dominant” role of the state in the economy, a stance that threatens to discourage private initiative and make the economy less efficient over time. The slight acceleration in economic growth in 2017—the first such uptick since 2010—gives Beijing more latitude to pursue its economic reforms, focusing on financial sector deleveraging and its Supply-Side Structural Reform agenda, first announced in late 2015.
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Source
: CIA |
COMPANY
NAME AND ADDRESS
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COMPANY NAME |
Jiangxi Tianxin Pharmaceutical Co., Ltd. |
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CURRENT ADDRESS/ REGISTERED ADDRESS |
Le Anjiang
Industrial Zone, Leping, Jiangxi Province 333300 PR China |
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TEL. NO. |
86 (0)
798-6702238/6702118/6702222 |
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FAX NO. |
86 (0)
798-6702388/6702118 |
EXECUTIVE
SUMMARY
Date of Registration : SEPTEMBER 24, 2004
Unified Social Credit Code : 91360200767014627G
LEGAL FORM : Shares Limited Company
REGISTERED CAPITAL : CNY 355,020,000
staff : 650
BUSINESS CATEGORY :
manufacturing & trading
Revenue : N/A (AS OF DEC. 31,
2016)
EQUITIES : N/A (AS OF DEC. 31,
2016)
WEBSITE : www.txpharm.com
E-MAIL : office2@txpharm.com
PAYMENT : Slow but CORRECT
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : N/A
OPERATIONAL TREND :
fairly STEADY
GENERAL REPUTATION : average
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 shares limited company of PRC with State Administration of Industry &
Commerce (SAIC) under Unified Social Credit Code: 91360200767014627G.
SC’s registered capital: CNY 17,286,000
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
2007-09 |
Company Chinese
Name |
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2016-3-16 |
Legal Form |
Chinese-Foreign Equity Joint Venture
Enterprise |
Limited Liabilities
Company |
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Registered
Capital |
CNY 25,800,000 |
CNY 17,286,000 |
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Shareholder (s) (% of
Shareholding) |
Xu Jiangnan 49.58% Qiu Qinyong
6.70% Wang Guangtian 10.72% Sinopharm
International Company Limited (U.K.) 33.00% |
Xu Jiangnan 74% Wang Guangtian
16% Qiu Qinyong 10% |
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Registration
No./ Unified Social Credit Code |
360200510000192 |
91360200767014627G |
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2017-11-3 |
Shareholder (s) (% of
Shareholding) |
Xu Jiangnan 74% Wang Guangtian
16% Qiu Qinyong 10% |
Xu Jiangnan
57.35% Xu Jing 16.65% Wang Guangtian
16% Qiu Qinyong 10% |
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2017-11-23 |
Legal Form |
Limited
Liabilities Company |
Shares Limited
Company |
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Company Chinese
Name |
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Registered
Capital |
CNY 17,286,000 |
CNY 355,020,000 |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
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Name of Shareholder (s) |
% of Shareholding |
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Xu Jiangnan |
57.35 |
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Xu Jing |
16.65 |
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Wang Guangtian |
16 |
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Qiu Qinyong |
10 |
SC’s Chief Executives:-
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Position |
Name |
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Legal
Representative and Chairman |
Xu Jiangnan |
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General
Manager and Director |
Chen Weimin |
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Director |
Qiu Qinyong |
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Wang Guangtian |
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Xu Jing |
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Supervisor |
Zhang Genbao |
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Dong Xindian |
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Yuan Linhua |
RECENT
DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER
CHART & BACKGROUND
Name %
of Shareholding
Xu Jiangnan 57.35
Xu Jing 16.65
Wang Guangtian 16
Qiu Qinyong 10
MANAGEMENT
Xu Jiangnan, Legal
Representative and Chairman
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Ø
Gender: M
Ø
ID# 332625196204050057
Ø
Age: 56
Ø Qualification:
University
Ø Working experience
(s):
At
present, working in SC as legal representative and chairman
Also
working in Zhejiang Tianxin Pharmaceutical Co., Ltd., Leping Tianxin Logistics
Labor Service Co., Ltd., Jingdezhen Tianxin Real Estate Co., Ltd., Leping
Tianxin Thermal Power Co., Ltd. and Shanghai Bo Na Sai En Pharmaceutical R
& D Co., Ltd. as legal representative
Chen Weimin, General Manager
and Director
------------------------------------------------------------------------
Ø
Gender: M
Ø Qualification:
University
Ø Working experience
(s):
At present, working in SC as general manager
and director
Director
-----------
Qiu Qinyong
Wang Guangtian
Xu Jing
Supervisor
--------------
Zhang Genbao
Dong Xindian
Yuan Linhua
BUSINESS
OPERATION
SC’s registered
business scope includes manufacturing and selling active pharmaceutical ingredients,
food additives, feed additive and pharmaceutical intermediates.
SC is mainly
engaged in manufacturing and selling APIs, pharmaceutical intermediates, etc.
SC’s products
mainly include: Vitamin B6 and B1 (Thiamine Mononitrate and Thiamine Hydrochloride),
etc.
Trademark:
SC sources its materials 100% from domestic
market, mainly Zhejiang, etc. SC sells 30% of its products in domestic market, and
70% to overseas market, mainly U.S.A., France, Germany, Holland, etc.
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 Customers*
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Provimi North America Inc.
Agrovet Sociedad Anonima
Staff & Office:
--------------------------
SC is known
to have approx. 650 staff at
present.
SC owns an area as
its operating office & factory of approx. 280,000 sq. meters at the heading
address.
RELATED
COMPANY
Related Companies,
l
Zhejiang Tianxin Pharmaceutical Co., Ltd.
Unified
Social Credit Code: 91331023704711177N
Date
of Registration: January 23, 1996
Legal
Form: Limited Liabilities Company
Registered
Capital: CNY 12,000,000
Legal
Representative: Xu Jiangnan
Address: No. 215 Fengze Road, Tiantai, Zhejiang
Postal code: 317200
Tel: +86-576-83993659
Fax: +86-576-83993869
E-mail: sales@txpharm.com
l
Shaanxi Baoxin Pharmaceutical Co., Ltd.
Unified
Social Credit Code: 91610323766309386F
Date
of Registration: September 14, 2004
Legal
Form: Limited Liabilities Company
Registered
Capital: CNY 3,000,000
Legal
Representative: Qiu Zhen
Address: Caijiapo Economic & Technical Development Zone, Qishan
County, Shanxi Province
Postal code: 722405
Tel: +86-917-2968699
Fax: +86-917-2968099
E-mail: office3@txpharm.com
l
Jingdezhen Tianxin Real Estate Co., Ltd.
Unified
Social Credit Code: 913602816647644254
Date
of Registration: July 31, 2007
Legal
Form: Limited Liabilities Company
Registered
Capital: CNY 10,800,000
Legal
Representative: Xu Jiangnan
SC is known to have the
following subsidiaries at present,
Leping
Tianxin Thermal Power Co., Ltd.
Unified
Social Credit Code: 91360281693721715F
Date
of Registration: September 4, 2009
Legal
Form: Limited Liabilities Company
Registered
Capital: CNY 18,000,000
Legal
Representative: Xu Jiangnan
Shanghai
Bo Na Sai En Pharmaceutical R & D Co., Ltd.
Unified
Social Credit Code: 913101155619485555
Date
of Registration: September 19, 2010
Legal
Form: One-person Limited Liabilities Company
Registered
Capital: CNY 5,000,000
Legal
Representative: Xu Jiangnan
Jiangxi
Shangkai Bio-tech Co., Ltd.
Unified
Social Credit Code: 91360281343335822T
Date
of Registration: June 25, 2015
Legal
Form: One-person Limited Liabilities Company
Registered
Capital: CNY 20,000,000
Legal
Representative: Wang Guangtian
Tiantai
Bona Saien Bio-tech Co., Ltd.
Unified
Social Credit Code: 91331023MA2AL6MF
Date
of Registration: November 29, 2017
Legal
Form: One-person Limited Liabilities Company
Registered
Capital: CNY 1,000,000
Legal
Representative: Pan Zhongli
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:
Bank
of China Leping Sub-branch
AC#: 191704615578
FINANCIALS
The financials of SC is not available in
local SAIC, and SC also refused to release the details
CONCLUSIONS
SC is considered medium-sized in its line with a development history of
14 years.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 65.04 |
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|
1 |
INR 92.28 |
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Euro |
1 |
INR 80.62 |
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CNY |
1 |
INR 10.34 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
: |
PRA |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.