MIRA
INFORM REPORT
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Report Date : |
16.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
zhejiang jiangbei
pharmaceutical co., ltd. |
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Registered Office : |
Dongdai Village,
Jiaojiang District, Taizhou, Zhejiang Province, 318017 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
july 23, 1993 |
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Com. Reg. No.: |
3310021001412 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Manufacturing and selling medicine intermediate. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Status : |
Small Company |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
name & address
zhejiang jiangbei pharmaceutical
co., ltd.
dongdai village, jiaojiang district, taizhou,
zhejiang PROVINCE, 318017 PR CHINA
TEL: 86 (0) 576-8786543
FAX: 86 (0) 576-8786538
EXECUTIVE SUMMARY
INCORPORATION DATE : july 23, 1993
REGISTRATION NO. : 3310021001412
REGISTERED LEGAL FORM : Limited liabilities
company
STAFF STRENGTH :
165
REGISTERED CAPITAL : CNY 6,170,000
BUSINESS LINE :
manufacturing
TURNOVER :
CNY 80,780,000 (AS OF DEC. 31, 2005)
EQUITIES :
CNY -630,000 (AS OF DEC. 31, 2005)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UNDER SECURED TERMS
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fair
OPERATIONAL TREND : FAIR
GENERAL REPUTATION : fair
EXCHANGE RATE :
CNY7.74 = US$1 AS OF 2007-3-15
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 limited liabilities company at local Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license) on July 23, 1993.
Company Status: Limited liabilities co. This form of business in PR
China is defined as a legal person. 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 listed as follows: -manufacturing co. : CNY 500,000.00 -trading &wholesaling
co. : CNY 500,000.00 -retailing co. : CNY 300,000.00 -consultancy & service
co. : CNY 100,000.00 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 50% of the registered capital while
contribution by intangible assets must not exceed 20% 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 medicine intermediate, international trade, and
auto freight.
SC is mainly
engaged in manufacturing and selling medicine intermediate.
Mr. Tang Dianli
has been chairman of SC since 1993.
SC owns about 165 staff
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 rent the total premise about 30,000 square meters.
http://www.jiangbei.com The
design is professional and the content is well organized. At present the web
site is both in Chinese and English versions.
E-mail: admin@jiangbei.com
No significant events or changes were found during our checks with the
local Administration for Industry & Commerce.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Tang Dianli 84
Hong Fangxin 8
Tang Dianxin 8
l
Chairman and
General Manager:
Mr. Tang Dianli, about 50 years old with university education. He is
currently responsible for the overall management of SC.
Working Experience(s):
From 1993 to present Working
in SC as chairman and general manager, and also working in Jiangbei
chemical
plant as general manager.
l
Sales Manager:
Mr. Chen Huaming
Mobile Phone: +86 (0) 13175303641
Tel: 86 576 8786568
Fax: 86 576 8786538
MSN: zhangguizong2005@hotmail.com
SC is mainly
engaged in manufacturing and selling medicine intermediate.
SC’s products
mainly include:
Blood Fat Resistant API
Simvastatin
(COA/Specification)
Lovastatin
(COA/Specification)
Simvastatin
ammonium salt (COA/Specification)
Antiepileptic
Levetiracetam
(COA/Specification)
Antituberculous
Rifampicin(0.7)
(COA/Specification)
Isoniazid
(COA/Specification)
Rifampicin(0.5)
(COA/Specification)
Rifadin
(COA/Specification)
Cefalotin Antibiotics API
Drop Blood Pressure API
Blood Sugar Reducing API
Glimepiride
(COA/Specification)
Bone Mass
Ipriflavone
(COA/Specification)
SC sources its materials 100% from domestic
market, mainly Shandong. SC sells 70% of its products in domestic market, and
30% to overseas market, mainly Southeast Asian market.
The buying terms of SC include Check, T/T and Credit of 30-45 days. The
payment terms of SC include T/T, L/C and Credit of 30-45 days.
*Major Customer:
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Zhejiang Ruibang Pharmaceutical Co., Ltd.
*Major Supplier:
==============
Shandong Lukang Pharmaceutical Group Co., 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 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.
Bank of China Taizhou Branch
AC#：10548308091001
Relationship:
Normal.
Balance Sheet (as
of Dec. 31, 2005)
Unit: CNY’000
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Cash & bank |
6,580 |
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Inventory |
14,700 |
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Accounts
receivable |
5,700 |
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Other Accounts
receivable |
-970 |
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To be
apportioned expense |
290 |
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Other current
assets |
90 |
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------------------ |
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Current assets |
26,390 |
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Fixed assets net
value |
14,870 |
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Projects under
construction |
0 |
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Long term
investment |
0 |
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Other assets |
6,770 |
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------------------ |
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Total assets |
48,030 |
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Short loans |
30,130 |
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Accounts payable |
16,980 |
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Other Accounts
payable |
1,030 |
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Withdraw the
expenses in advance |
0 |
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Other current
liabilities |
520 |
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Current
liabilities |
48,660 |
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Long term
liabilities |
0 |
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Other
liabilities |
0 |
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------------------ |
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Total
liabilities |
48,660 |
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Equities |
-630 |
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Total
liabilities & equities |
48,030 |
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Income Statement (as
of Dec. 31, 2005)
Unit: CNY’000
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Turnover |
80,780 |
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Cost of goods
sold |
71,580 |
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Sales expense |
1,580 |
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Management expense |
2,940 |
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Finance expense |
2,470 |
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Profit before
tax |
1,780 |
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Less: profit tax |
0 |
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Profits |
1,780 |
Important Ratios (as of Dec. 31, 2005)
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*Current ratio 0.54
*Quick ratio 0.24
*Liabilities to
assets 1.01
*Net profit
margin (%) 2.20
*Return on total
assets (%) 3.71
*Inventory
/Turnover ×365 66 days
*Accounts
receivable/Turnover ×365 26 days
*Turnover/Total
assets 1.68
*Cost of goods
sold/Turnover 0.89
PROFITABILITY:
AVERAGE
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The turnover of SC appears fairly good in its line.
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SC’s net profit margin is average.
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SC’s return on total assets is average.
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SC’s cost of goods sold is average, comparing with its turnover.
LIQUIDITY: POOR
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The current ratio of SC is maintained in a poor level.
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SC’s quick ratio is maintained in a poor level.
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The inventory of SC appears TOO LARGE.
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The accounts receivable of SC appears fairly large.
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The short-term loan of SC appears TOO LARGE.
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SC’s turnover is in an acceptable level, comparing with the size of its
total assets.
LEVERAGE: POOR
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The debt ratio of SC is TOO HIGH.
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The risk for SC to go bankrupt is fairly high.
Overall financial
condition of the SC: Fairly poor.
SC is considered small-sized in its line with fairly poor financial
conditions. The large amount of short loans and accounts payable could be a
threat to SC’s financial conditions. Credit dealings with SC are recommended
under secured terms at present.
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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)