MIRA
INFORM REPORT
|
Report Date : |
07.12.2007 |
IDENTIFICATION
DETAILS
|
Name : |
Zhejiang Tianyu
Pharmaceutical Co., Ltd. |
|
|
|
|
Registered Office : |
Jiangkou Chemical
Development Zone, Huangyan, Taizhou, Zhejiang Province, 318020 Pr |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
31.12.2006 |
|
|
|
|
Date of Incorporation : |
February 14, 2003 |
|
|
|
|
Com. Reg. No.: |
331003000003258 |
|
|
|
|
Legal Form : |
Limited Liabilities Company |
|
|
|
|
Line of Business : |
Engaged in reaching, developing and manufacturing pharmaceutical products and pharmaceutical intermediates. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
Up To USD 500,000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
name & address
Zhejiang Tianyu
Pharmaceutical Co., Ltd.
Jiangkou CHEMICAL Development Zone, Huangyan,
TAIZHOU, Zhejiang PROVINCE, 318020 PR CHINA.
TEL :
86 (0) 576-84161960
FAX :
86 (0) 576-84172669
EXECUTIVE SUMMARY
INCORPORATION DATE : FEBRUARY 14, 2003
REGISTRATION NO. : 331003000003258
REGISTERED LEGAL FORM : LIMITED LIABILITIES COMPANY
STAFF STRENGTH : 325
REGISTERED CAPITAL : CNY 15,000,000
BUSINESS LINE : MANUFACTURING
TURNOVER : CNY 151,920,000 (AS OF DEC. 31, 2006)
EQUITIES : CNY 41,740,000 (AS OF DEC. 31, 2006)
PAYMENT : AVERAGE
RECOMM. CREDIT RANGE : UP TO USD 500,000
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY
7.4135 = US1$
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: The given name Zhejiang Tianyu Pharmaceutical and Chemical Co., Ltd. is the former name of SC.
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 February 14, 2003.
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 manufacturing 2,6-difluoroaniline, N,
N'-dicyclohexylcarbodiimide (DCC), (validity period
as of January 23, 2009), raw material drugs
(losartan potassium) (validity period as of November 28, 2010), candesartan
cilexetil, 4'-methyl-2-cyanobiphenyl, 4-bromomethyl-2’-cyanobiphenyl, sartan,
biphenylacetic acid, candesartan cilexetil,
irbesartan, telmisartan, eprosartan.
SC is mainly engaged
in reaching, developing and manufacturing pharmaceutical
products and pharmaceutical intermediates.
Mr. Tu
Yongjun has been legal representative and chairman of SC since 2006.
SC is known to have approx. 325 staff members at
present.
SC is currently operating at the above stated address, and this
address houses its operating office and factory in the industrial zone of
Taizhou. Our checks reveal that SC owns the total premise, but SC’s accountant
refused to release the gross area.
http://www.tianyupharma.com/
The design is professional and the content is well organized. At present it is
in both Chinese and English versions.
Email: tianyu@tianyupharma.com
Changes of its registered information:
|
Date of change |
Item |
Before the change |
After the change |
|
2005 |
Company Name |
Zhejiang Tianyu Pharmaceutical
and Chemical Co., Ltd. |
Zhejiang
Tianyu Pharmaceutical Co., Ltd |
|
2006 |
Legal representative |
Lin Jie |
Tu Yongjun |
MAIN SHAREHOLDERS:
Name %
of Shareholding
Lin Jie 85.0
Tu Shanzeng 7.5
Wang Juqing 7.5
l
Legal representative, chairman and general manager:
Mr. Tu Yongjun, about 40 years old. He is currently
responsible for the overall management of SC.
Working Experience(s):
From 2006 to present Working in SC as chairman, legal representative and general manager.
SC is mainly
engaged in reaching, developing and manufacturing pharmaceutical
products and pharmaceutical intermediates.
The pharmaceutical products include: candesartan, losartan potassium,
irbesartan, valsartan, telmisartan, olmesartan medoxomil, and so on.
The pharmaceutical intermediates include:
2,6-Dichloroaniline, N, N"-Dicyclohexylcarbimide (DCC) and so on.
SC sources its materials 100%
from domestic market. SC sells 70% of its products in domestic market, and 30%
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 Suppliers:
=============
Huangyan Chuangye Materials Co., Ltd
*Major Customers:
==============
Sinochem Ningbo
Ltd.
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’s suppliers
declined to make any comments.
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.
Bank of China Taizhou Branch Huangyan Sub-branch.
AC#：840023559908091001
Relationship:
Normal.
Balance Sheet (as of Dec. 31, 2006)
Unit: CNY’000
|
Cash & bank |
28,940 |
|
Inventory |
28,950 |
|
Accounts
receivable |
20,600 |
|
Advances to
suppliers |
13,390 |
|
Other
receivables |
5,180 |
|
Prepaid expenses |
2,120 |
|
Other current
assets |
780 |
|
|
------------------ |
|
Current assets |
99,960 |
|
Fixed assets |
34,620 |
|
Fixed assets net
value |
27,630 |
|
Projects under
construction |
3,600 |
|
Long term
investment |
0 |
|
Other assets |
10 |
|
|
------------------ |
|
Total assets |
131,200 |
|
|
============= |
|
Short loans |
34,430 |
|
Notes payable |
32,000 |
|
Accounts payable |
17,200 |
|
Other payable |
6,900 |
|
Accrued payroll |
10 |
|
Welfare expenses
payable |
20 |
|
Taxes payable |
-1,420 |
|
Advances from
customers |
0 |
|
Surcharge
payable |
310 |
|
Other current
liabilities |
10 |
|
|
------------------ |
|
Current
liabilities |
89,460 |
|
Long term
liabilities |
0 |
|
|
------------------ |
|
Total
liabilities |
89,460 |
|
Equities |
41,740 |
|
|
------------------ |
|
Total
liabilities & equities |
131,200 |
|
|
============= |
Income Statement (as of Dec. 31, 2006)
Unit: CNY’000
|
Turnover |
151,920 |
|
Cost of goods sold |
127,910 |
|
Taxes and additional of main
operation |
730 |
|
Income
from other operations |
60 |
|
Sales expense |
1,960 |
|
Management expense |
10,480 |
|
Finance expense |
2,080 |
|
Subsidy income |
70 |
|
Non-operating
income |
60 |
|
Non-operating expense |
530 |
|
Profit before
tax |
8,420 |
|
Less: profit tax |
2,780 |
|
Profits |
5,640 |
Important Ratios
=============
|
|
as
of Dec. 31, 2006 |
|
*Current ratio |
1.12 |
|
*Quick ratio |
0.79 |
|
*Liabilities
to assets |
0.68 |
|
*Net profit
margin (%) |
3.71 |
|
*Return on
total assets (%) |
4.30 |
|
*Inventory
/Turnover ×365 |
70 days |
|
*Accounts
receivable/Turnover ×365 |
50 days |
|
*Turnover/Total
assets |
1.16 |
|
* Cost of
goods sold/Turnover |
0.84 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears fairly good in its line.
l
SC’s net profit margin is average.
l
SC’s return on total assets is average.
l
SC’s cost of goods sold is average, comparing with its turnover.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a normal level.
l
SC’s quick ratio is maintained in a normal level.
l
The inventory of SC is maintained in an average level.
l
The accounts receivable of SC is maintained in an average level.
l
SC’s short-term loan is in a fairly large level.
l
SC’s turnover is in an average level, comparing with the size of its
total assets.
LEVERAGE: AVERAGE
l
The debt ratio of SC is fairly high.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Stable.
SC is considered medium-sized in its line with stable financial
conditions. A credit line up to USD 500,000
would appear to be within SC’s capacities.
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)