MIRA
INFORM REPORT
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Report Date : |
20.10.2007 |
IDENTIFICATION DETAILS
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Name : |
JIANGYIN JIYANG MEDICAL CHEMICAL CO., LTD. |
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Registered Office : |
No.388 |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
22.12.1988 |
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Com. Reg. No.: |
3202812129106 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Engaged in manufacturing
and operating pharmaceutical intermediates, pesticide intermediates and
unsaturated polyester resin of three series with over 30 products. |
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 100,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
NAME & ADDRESS
JIANGYIN JIYANG MEDICAL
CHEMICAL CO., LTD.
NO.388
TEL: 0086-510-86052305
FAX: 0086-510-86651030
EXECUTIVE SUMMARY
INCORPORATION DATE :
DEC. 22, 1988
REGISTRATION NO. :
3202812129106
REGISTERED LEGAL FORM :
LIMITED LIABILITIES CO.
CHIEF EXECUTIVE : MR. HUANG CAIXIN (CHAIRMAN)
STAFF STRENGTH :
360
REGISTERED CAPITAL : CNY
18,000,000
BUSINESS LINE : MANUFACTURING
TURNOVER :
CNY 124,989,000 (AS OF DEC. 31,
2006)
EQUITIES :
CNY 20,365,000 (AS OF DEC. 31, 2006)
PAYMENT :
AVERAGE
RECOMM.
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
FAIRLY STABLE
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 7.51130=US1$
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 limited liabilities co. at local Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license) on Dec. 22, 1988.
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 and processing 2,4- dichlor fluorbenzene, pentafluoride hypnone, 2-Methyl Piperazine, P-Fluoro Benzaldehyde, P-Fluorobenzoic Acid, Paranitrophenol Fluoro Benzene, ortho-nitrophenol Fluoro Benzene, 2,4-Dinitro Fluoro Benzene, ortho -Fluoro Benzaldehyde, ortho-Fluorobenzoic Acid, Indinavir Sulfate, Unsaturated Polyester Resin; selling its products; importing and exporting commodities and technologies, excluding items limited or prohibited by the state (not engage in any items limited or prohibited by law, administrative regulations.
SC is mainly engaged in manufacturing and operating pharmaceutical intermediates, pesticide intermediates and unsaturated polyester resin of three series with over 30 products.
Mr. Huang Caixinhas been legal representative and chairman of SC since 2001.
SC is known to have approx. 360 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 Jiangyin. Our checks reveal that SC owns the total premise about 30,000 square meters.
http://www.jiyang.com/ The design is professional and the content is well organized. At present it is both in Chinese and English versions.
E-Mail: jychem@jiyang.com
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Date of change |
Item |
Before the change |
After the change |
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Registered name |
Jiangyin Huangtu 3rd Synthesis Chemical Factory |
Jiangyin Jiyang Medical
Chemical |
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Registered capital |
CNY 1,500,000 |
CNY 18,000,000 |
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Registered Legal Form |
Collective-owned enterprise |
Limited liabilities co. |
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Shareholders (Shareholding) |
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Shareholders (Shareholding) |
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Jiang Xuefu (16.6%), Xu Zhiyuan (11.1%), Cheng Guodong (11.1%), Huang Caixian (11.1%), Ju Haoping (11.1%), Huang Caixin (39%) |
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Shareholders (Shareholding) |
Jiang Xuefu (16.6%), Xu Zhiyuan（ (11.1%), Cheng Guodong (11.1%), Huang Caixian (11.1%), Ju Haoping (11.1%), Huang Caixin（ (39%) |
Shanghai Desano Biomedicine Co., Ltd. (60%), Huang Caixin (15.6%), Jiang Xuefu (6.64%), Xu Zhiyuan (4.44%), Cheng Guodong (4.44%), Huang Caixian (4.44%), Ju Haoping (4.44%) |
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Shareholders (Shareholding) |
Shanghai Desano Biomedicine Co., Ltd. (60%), Huang Caixin (15.6%), Jiang Xuefu (6.64%), Xu Zhiyuan (4.44%), Cheng Guodong (4.44%), Huang Caixian (4.44%), Ju Haoping (4.44%) |
Shanghai Yongxin Vitamin Co., Ltd (60%), Huang Caixin (15.6%), Jiang Xuefu (6.64%), Xu Zhiyuan (4.44%), Cheng Guodong (4.44%), Huang Caixian (4.44%), Ju Haoping (4.44%) |
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Shareholders (Shareholding) |
Shanghai Yongxin Vitamin Co., Ltd. (60%), Huang Caixin (15.6%), Jiang Xuefu (6.64%), Xu Zhiyuan (4.44%), Cheng Guodong (4.44%), Huang Caixian (4.44%), Ju Haoping (4.44%) |
Shanghai Desano Pharmaceuticals Development Co., Ltd (60%), Huang Caixin (15.6%), Jiang Xuefu (6.64%), Xu Zhiyuan (4.44%), Cheng Guodong (4.44%), Huang Caixian (4.44%), Ju Haoping (4.44%) |
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Registered no. |
3202812121440 |
3202811109247 |
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Registered no. |
3202811109247 |
3202812129106 |
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Shareholders (Shareholding) |
Shanghai Desano Pharmaceuticals Development Co., Ltd. (60%), Huang Caixin (15.6%), Jiang Xuefu (6.64%), Xu Zhiyuan (4.44%), Cheng Guodong (4.44%), Huang Caixian (4.44%), Ju Haoping (4.44%) |
Dafeng Desano Pharmaceuticals Co., Ltd. (100%) |
MAIN SHAREHOLDERS:
Name % of Shareholding
Dafeng Desano
Pharmaceuticals Co., Ltd.
100
Dafeng Desano
Pharmaceuticals Co., Ltd. is a Chinese-foreign equity joint
venture enterprise which is invested by Shanghai Desano Pharmaceuticals Development Co., Ltd. and
Hong Kong Desano Pharmaceuticals Limited. It is located in Marine
Economy Overall development Area,
Legal representative and chairman:
Mr. Huang Caixin, in his
Working Experience(s):
From 2001 to present Working in SC as chairman and legal representative
Vice- General manager:
Mr. Cheng Guodong born in 1962, with university education. He is currently responsible for the daily management of SC.
Working Experience(s):
From 2001 to present Working in SC as general manager.
SC is mainly engaged in manufacturing and operating
pharmaceutical intermediates, pesticide intermediates and unsaturated polyester
resin of three series with over 30 products.
SC’s products mainly include: P-Fluoro Benzaldehyde, P-Fluorobenzoic Acid, P-Fluorobenzyl Chloride, 2-Methyl Piperazine, 2,4-Dinitro Fluoro Benzene, 3-Chloro-4-Fluoro Aniline and (1r,2s)-1-Amino-2-Indanol.
SC sources its materials 70% from domestic market and 30% from
the overseas market. SC sells 30% of its products to overseas market, mainly in Europe,
The buying terms of SC include Check, L/C, T/T and Credit of 30-60 days. The payment terms of SC include Check, T/T, and Credit of 30-60 days.
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.
Jiangyin Rural Commercial Bank Huangtu Sub-branch
AC#：3022402001-10110004226
Relationship:
Balance Sheet
Unit: CNY’000
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as of Dec. 31, 2005 |
as of Dec. 31, 2006 |
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Cash & bank |
8,931 |
5,879 |
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Bills receivable |
102 |
0 |
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Accounts receivable |
16,696 |
23,564 |
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Other receivables |
1,101 |
200 |
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Advances to suppliers |
1,665 |
965 |
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Inventory |
17,082 |
12,597 |
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Other current assets |
0 |
0 |
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------------------ |
------------------ |
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Current assets |
45,577 |
43,205 |
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Fixed assets |
39,413 |
38,171 |
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Fixed assets net value |
39,413 |
36,096 |
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Projects under construction |
0 |
2,075 |
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Long term investment |
0 |
0 |
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Other assets |
9,319 |
9,125 |
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Total assets |
94,309 |
90,501 |
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============= |
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Short loans |
39,700 |
35,000 |
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Bills payable |
5,000 |
500 |
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Accounts payable |
14,763 |
25,037 |
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Welfare payable |
0 |
118 |
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Advances from clients |
7,876 |
364 |
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Accrued payroll |
91 |
1,502 |
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Tax payable |
167 |
1,687 |
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Other payable |
408 |
1,257 |
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Surcharge payable |
398 |
71 |
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Other current liabilities |
0 |
0 |
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------------------ |
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Current liabilities |
68,403 |
65,536 |
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Long term liabilities |
6,000 |
4,600 |
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Total liabilities |
74,403 |
70,136 |
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Equities |
19,906 |
20,365 |
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Total liabilities & equities |
94,309 |
90,501 |
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Income Statement
Unit: CNY’000
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as of Dec. 31, 2005 |
as of Dec. 31, 2006 |
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Turnover |
114,338 |
124,989 |
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Cost of goods sold |
99,292 |
110,335 |
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Sales expense |
1,600 |
1,710 |
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Management expense |
7,223 |
8,209 |
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Finance expense |
2,920 |
2,661 |
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Non-operating expense |
1,392 |
1,361 |
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Profit before tax |
1,195 |
1,299 |
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Less: profit tax |
394 |
429 |
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Profits |
801 |
870 |
Important Ratios
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as of Dec. 31, 2005 |
as of Dec. 31, 2006 |
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*Current ratio |
0.67 |
0.66 |
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*Quick ratio |
0.42 |
0.47 |
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*Liabilities to assets |
0.79 |
0.77 |
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*Net profit margin (%) |
0.70 |
0.70 |
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*Return on total assets (%) |
0.85 |
0.96 |
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*Fixed assets/Total assets |
0.42 |
0.42 |
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*Inventory /Turnover ×365 |
55 days |
37 days |
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*Accounts receivable/Turnover ×365 |
54 days |
69 days |
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*Turnover/Total assets |
1.21 |
1.38 |
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* Cost of goods sold/Turnover |
0.87 |
0.88 |
PROFITABILITY: AVERAGE
The turnover of SC appears fairly good in its line.
SC’s net profit margin is average.
SC’s return on total assets is average, and it increased in 2006.
SC’s cost of goods sold is average, comparing with its turnover.
LIQUIDITY: FAIR
The current ratio of SC is maintained in a fair level.
SC’s quick ratio is maintained in a fair level, and it increased in 2006.
The inventory of SC and inventory conversion period appears average.
The accounts receivable and accounts payable of SC appears fairly large.
SC’s short-term loan is LARGE.
SC’s turnover is in an average level, comparing with the size of its total assets.
LEVERAGE: AVERAGE
The debt ratio of SC is fairly high.
The risk for SC to go bankrupt is average.
Overall financial condition of the SC: Fairly stable.
SC is considered medium-sized in its line with fairly stable
financial conditions. The large amount of short loans could be a threat to SC’s
financial condition. A credit line up to USD 100,000 appears to be within SC’s
capacities upon a periodical review basis.
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. |
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%)