MIRA
INFORM REPORT
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Report Date : |
14.05.2007 |
IDENTIFICATION DETAILS
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Name : |
shanghai johnson
& johnson pharmaceuticals co., ltd. |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
October 11, 1995 |
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Com. Reg. No.: |
021217 |
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Legal Form : |
Wholly Foreign-Owned |
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Line of Business : |
Manufacturing and
selling “Tylenol” series medicine. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
Up To usd 500,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name & address
shanghai johnson
& johnson pharmaceuticals co., ltd.
no.1866
TEL: 86 (0) 21-22058516
FAX: 86 (0) 21-62824529
EXECUTIVE SUMMARY
INCORPORATION DATE : OCTOBER 11, 1995
REGISTRATION NO. : 021217
REGISTERED LEGAL FORM : Wholly foreign-owned
STAFF STRENGTH :
533
REGISTERED CAPITAL : usd 35,000,000
BUSINESS LINE :
manufacturing
TURNOVER :
CNY 447,140,000 (AS OF DEC. 31, 2005)
EQUITIES :
CNY 89,184,000
(AS OF DEC. 31, 2005)
PAYMENT :
AVERAGE
RECOMM.
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : average
EXCHANGE RATE :
CNY7.69 = US$1 AS OF 2007-5-11
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY -
SC was registered as a wholly foreign-owned enterprise at local Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license) on October 11, 1995.
Company Status: Wholly foreign-owned enterprise This form of business in PR
China is defined as a legal person. It is a limited co. established within
the territories of PR China with capital provided totally by the foreign
investors. More than one foreign investors may jointly invest in a wholly
foreign-owned enterprise. The investing party/parties solely exercise
management, reap profit and bear risks and liabilities by themselves. This
form of companies usually have a limited duration is extendible upon
approval of Examination and Approval Authorities.
SC’s registered
business scope includes manufacturing “Tylenol” series relieve fever ease pain
medicine, cold begma medicine, intestine and stomach medicine, selling
self-made products.
SC is mainly
engaged in manufacturing and selling “Tylenol” series medicine.
Ms. Yangfu Jianyi has been chairman of SC since
1995.
SC owns about 533
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 Shanghai. Our checks
reveal that SC owns the total premise about 15,000 square meters.
http://www.tylenol.com.cn The
design is professional and the content is well organized. At present the web
site is only in Chinese version.
E-mail: SJJP@jjpcn.jnj.com
Changes of its registered information are as follows:
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Date of change |
Item |
Before the
change |
After the change |
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2005 |
Registered legal form |
Chinese-foreign equity joint venture
enterprise |
wholly foreign-owned enterprise |
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Shareholders |
Johnson & Johnson ( Shanghai First Biopharmaceutical Co., Ltd.
10% |
Johnson & Johnson ( |
MAIN SHAREHOLDERS:
Name %
of Shareholding
Johnson & Johnson (
l
Chairman:
Ms. Yangfu Jianyi, about 50 years old with university
education. She is currently responsible for the overall management of SC.
Working Experience(s):
From 1995 to present Working in SC as chairman, and also working in Johnson & Johnson Inc. as director.
l
General Manager:
Mr. Zhuang Jialong, about 45 years old with
university education. He is currently responsible for the daily management of
SC.
Working Experience(s):
From 2000 to present
Working in SC as general
manager.
SC is mainly engaged
in manufacturing and selling “Tylenol” series medicine.
SC’s products
mainly include: “Tylenol” series relieve fever ease pain medicine, cold begma
medicine, intestine and stomach medicine.
SC sources its materials 80% from domestic
market, and 20% from overseas market, mainly
The buying terms of SC include T/T, L/C and Credit of 30 days. The
payment terms of SC include T/T, L/C and Credit of 30 days.
*Major Suppliers:
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Johnson & Johnson Inc.
SC is
known to have 3 offices as following:
Shanghai Johnson & Johnson Pharmaceuticals Co.,
Ltd.
Shanghai Johnson & Johnson Pharmaceuticals Co.,
Ltd.
Shanghai Johnson & Johnson Pharmaceuticals Co.,
Ltd.
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, 2004 |
As of Dec. 31, 2005 |
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Accounts
receivable |
45,905 |
44,873 |
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Current assets |
135,277 |
165,683 |
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Fixed assets |
118,077 |
98,766 |
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Total assets |
253,018 |
284,286 |
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Total
liabilities |
204,265 |
195,102 |
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Equities |
48,753 |
89,184 |
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Total
liabilities & equities |
253,018 |
284,286 |
Income Statement
Unit: CNY’000
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As of Dec. 31,
2004 |
As of Dec. 31,
2005 |
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Turnover |
385,451 |
447,140 |
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Cost of goods
sold |
99,677 |
104,536 |
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Sales expense |
212,733 |
252,855 |
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Management expense |
38,369 |
51,165 |
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Finance expense |
-94 |
-1,569 |
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Profit before
tax |
34,945 |
40,431 |
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Less: profit tax |
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/ |
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Profits |
/ |
/ |
Important Ratios
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As
of Dec. 31, 2004 |
As
of Dec. 31, 2005 |
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*Liabilities
to assets |
0.81 |
0.89 |
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*Accounts
receivable/Turnover ×365 |
43 days |
37 days |
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*Turnover/Total
assets |
1.52 |
1.57 |
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* Cost of
goods sold/Turnover |
0.26 |
0.23 |
PROFITABILITY:
FAIRLY GOOD
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The turnover of SC appears fairly good in its line.
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SC’s profit before tax appears fairly good.
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SC’s cost of goods sold is low, comparing with its
turnover.
LIQUIDITY: AVERAGE
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The accounts receivable of SC is maintained in an
acceptable level.
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SC’s turnover is in a fairly good level, comparing
with the size of its total assets.
LEVERAGE: FAIR
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The debt ratio of SC is fairly high.
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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
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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%)