MIRA
INFORM REPORT
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Report Date : |
20.09.2007 |
IDENTIFICATION DETAILS
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Name : |
CHANGZHOU YABANG PHARMACEUTICAL RESEARCH INSTITUTE CO., LTD. |
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Registered Office : |
No. 105 West Renmin Road, Niutang Town, Wujin District,
Changzhou, Jiangsu Province, 213163 Pr |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
Jul. 20, 2000 |
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Com. Reg. No.: |
3204831102782 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Pharmaceutical
technology researching, developing and transferring. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
Up To usd 20,000 |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name & address
CHANGZHOU YABANG PHARMACEUTICAL RESEARCH INSTITUTE CO., LTD.
NO.
TEL : 86 (0)
519-6398321
FAX : 86 (0) 519-8231172
EXECUTIVE SUMMARY
INCORPORATION DATE : JUL. 20, 2000
REGISTRATION NO. : 3204831102782
REGISTERED LEGAL FORM : LIMITED LIABILITIES
COMPANY
STAFF STRENGTH :
20
REGISTERED CAPITAL : CNY 500,000
BUSINESS LINE :
TECHNOLOGY DEVELOPING
TURNOVER :
cny 2,640,000 (AS OF DEC. 31, 2006)
EQUITIES :
cny 2,630,000 (AS OF DEC. 31, 2006)
PAYMENT :
AVERAGE
RECOMM.
MARKET CONDITION : average
FINANCIAL CONDITION : STABLE
OPERATIONAL TREND : steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 7.52= US$1
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 company at local Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license) on Jul. 20, 2000.
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 research, develop and technology
services for new drugs, new pharmaceutical preparation, traditional Chinese medicine
and Western medicine (including active Pharmaceutical Ingredients and
pharmaceutical preparation).
SC is mainly
engaged in pharmaceutical technology researching, developing and transferring.
Mr. Xu Xiaochu has
been chairman of SC since 2000.
SC is known
to have approx. 20 staff members at present.
SC is
currently operating at the above stated address, and this address houses its
operating office in the industrial zone of Changzhou. Our checks reveal that SC
rents the total premise about 400 square meters.
http://www.yb-pharm.com . The
design is professional and the content is well organized. At present it is in
both Chinese and English versions.
No significant events or changes were found during our checks with local
AIC.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Jiangsu Yabang Pharma Group Co., Ltd. 60
Wen Shijin 24
Zhou Yuming 16
==============================
Jiangsu Yabang Pharma Group Co., Ltd.
It is established by Yabang Chemical Group.
on the basis of successively merging 4 state-owned pharmaceutical plants as
Changzou No.3 medicine manufacture plant, Jiangsu Linhai Pharma Co., Ltd, Yancheng
Aipuseng Pharma Co., Ltd and Yancheng Shengyuan Pharma Co., Ltd., and acquiring
2 medicine companies as Jintan medicine company and Xiangshui medicine company,
and also 2 medicine institutes in Nanjing and Changzhou respectively.
From 2003, it also successively established
Anhui Yabang Health-Care Tonics Company, Changzhou Yabang Great Pharmacy Co.,
Ltd, Changzhou Yabang Wuzhou Medicine Co., Ltd and Yancheng Yabang Medicine
Co., Ltd, etc. The registered capital of the group and its subsidiaries is
CNY270 million. The total assets amount is CNY620 million. There are altogether
1,650 employees, and it occupies a total area of 300 thousand square meters. In
2004, the sales volume exceeded CNY500 million.
Add; No. 1 Mid
Tel: 0519－86398118
Fax: 0519－88135888
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Chairman:
Mr. Xu Xiaochu, in his
Working Experience(s):
From 2000 to present Working
in SC as chairman.
l
General Manager:
Mr. Wang Siqing, in his
Working Experience(s):
From 2000 to present Working in SC as general manager.
SC is mainly
engaged in pharmaceutical technology researching, developing and transferring.
SC has developed the following products:
Bulk
Pharmaceuticals
Pazufloxacin Mesilate
Prulifloxacin
Loratadine
Desloratadine
Ramosetron Hydrochloride
Rosuvastatin Calcium
Pitavastatin Calcium
Latanoprost
Levosimendan
Olopatadine Hydrochloride
Dapoxetine Hydrochloride
Oxandrolone
Pharmaceutical
Intermediates
Pazufloxacin (Alkalyl)
Intermediates of Pazufloxacin
6-Fluoro-1-methyl-4-oxo-7-(1-piperazinyl)-4H-(1,3)-hiazeto(3,2-a)quinoline-3-carboxylic
acid
ethyl6-Fluoro-1-methyl-4-oxo-7-(1-piperazinyl)-4H-(1,3)-thiazeto(3,2-a)quinoline-3-carboxylate
ethyl 6.7-difluoro-1-methyl-4-oxo-4H-(1,3)-thiazeto(3,2-a)quinoline-3-carboxylate
Ethyl 4-acetoxy-6,7-difluoro-2-(ethylthio)quinoline-3-carboxylate
Levosimendan Dazinones Intermediates
(R)-6-(4-Aminophenyl)-5-Methylpyridazin-3(2H) One
Intermediates of Pitavastatin Calcium
1-Methyl -4- Chloro Piperidine Hydrochloride
8-chloro-6,11-dihydro-11-(1-methyl-4-piperidinyl)-5H-benzo[5,6]
cyclohepta[1,2-B]pyridin-11-ol
*Major Client:
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Shanghai DESANO Pharma Development Co., Ltd.
*Major Supplier:
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Jiangsu Institute for Drug Control
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 refused to release any information of its
suppliers and the trade reference was not available.
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.
Agriculture Bank of
AC#：345-602701040004228
Relationship:
Balance Sheet
Unit: CNY’000
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As
of Dec. 31, 2006 |
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Cash & bank |
350 |
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Advances to
suppliers |
290 |
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Accounts
receivable |
0 |
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Inventory |
60 |
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Other
receivables |
240 |
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Other current
assets |
4,230 |
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Current assets |
5,170 |
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Fixed assets net
value |
440 |
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Projects under
construction |
0 |
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Long term
investment |
0 |
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Other assets |
0 |
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Total assets |
5,610 |
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Short loans |
0 |
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Accounts payable |
0 |
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Advances from
clients |
1,570 |
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Taxes payable |
0 |
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Salaries payable |
0 |
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Other payable |
0 |
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Other current
liabilities |
410 |
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Current
liabilities |
1,980 |
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Long term
liabilities |
1,000 |
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Total
liabilities |
2,980 |
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Equities |
2,630 |
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Total
liabilities & equities |
5,610 |
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Income Statement
Unit: CNY’000
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As of Dec. 31,
2006 |
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Turnover |
2,640 |
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Cost of goods
sold |
230 |
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Sales expense |
10 |
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Management expense |
1,430 |
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Finance expense |
0 |
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Profit before
tax |
1,380 |
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Less: profit tax |
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Profits |
1,290 |
Important Ratios
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2006 |
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*Current ratio |
2.61 |
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*Quick ratio |
2.58 |
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*Liabilities
to assets |
0.53 |
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*Net profit
margin (%) |
48.86 |
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*Return on
total assets (%) |
22.99 |
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*Fixed
assets/Total assets |
0.08 |
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*Inventory
/Turnover ×365 |
8days |
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*Accounts
receivable/Turnover ×365 |
0 |
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*Turnover/Total
assets |
0.47 |
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*Cost of goods
sold/Turnover |
0.09 |
PROFITABILITY:
FAIRLY GOOD
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The turnover of SC appears average in 2006.
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SC’s net profit margin is fairly good in 2006.
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SC’s return on total assets is fairly good in 2006.
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SC’s cost of goods sold is low, comparing with its
turnover.
LIQUIDITY: AVERAGE
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The current ratio of SC is maintained in a fairly
good level in 2006.
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SC’s quick ratio is maintained in a fairly good
level in 2006.
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The inventory of SC is average.
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SC’s turnover is in an acceptable level, comparing
with the size of its total assets.
LEVERAGE: AVERAGE
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The debt ratio of SC is average.
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The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Stable.
SC is considered small-sized in its line with stable financial
conditions. Credit dealings of small amount can be considered for it 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. |
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%)