%20PHARMACEUTICAL%20CO%20,%20LTD%20%20-%20151312%2018-Aug-2011_files/image003.jpg){kind=small}
MIRA INFORM REPORT
|
Report Date : |
18.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
HEBEI JIHENG (GROUP) PHARMACEUTICAL CO., LTD.
|
|
|
|
|
Registered Office : |
No. 368 Jianshe Street, Hengshui, Hebei Province
053000 Pr |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
06.04.1999 |
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|
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Com. Reg. No.: |
131100000008139 |
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Legal Form : |
One-Person Limited Liabilities Company |
|
|
|
|
Line of Business : |
Manufacturing
Granule, Tablet, Pilulae, Hard Capsule, and Bulk Drugs |
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 : |
USD 2,000,000 |
|
Status : |
Satisfactory |
|
Payment
Behaviour : |
No Complaints |
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
China |
a2 |
a2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name & address
Hebei Jiheng (Group) Pharmaceutical Co., Ltd.
NO. 368 JIANSHE
STREET, HENGSHUI
HEBEI PROVINCE 053000
PR CHINA
TEL: 86 (0)
318-2120491/2133598
FAX: 86 (0)
318-2167985/2182958
EXECUTIVE SUMMARY
Date of Registration : apRil 6, 1999
REGISTRATION NO. : 131100000008139
LEGAL FORM : ONE-PERSON LIMITED
LIABILITIES COMPANY
REGISTERED CAPITAL :
CNY 38,000,000
staff : 1,550
BUSINESS CATEGORY :
manufacturing
Revenue :
CNY 656,673,000 (AS OF DEC. 31,
2010)
EQUITIES :
CNY 143,263,000 (AS OF DEC. 31, 2010)
WEBSITE : www.jihengpharmaceutical.com
E-MAIL :
N/A
PAYMENT : AVERAGE
Recommended Credit Limit: UP TO USD
2,000,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRly good
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION : fairly good
EXCHANGE RATE : CNY 6.39 = USD 1
Adopted abbreviations
(as follows)
SC - Subject Company
(the company inquired by you)
N/A – Not available
CNY – China Yuan Ren
Min Bi
OPERATIONAL TREND & GENERAL
REPUTATION
This section aims at indicating the relative positions of SC in respect
of its operational trend & general reputation
Operational Trend:- General
Reputation:-
Upward Excellent
Steady Good
Fairly Steady Fairly
Good
Ordinary Average
Fair Fair
Stagnant Detrimental
Downward Not
known
Not known Not
yet be determined
Not yet be determined
LEGAL STATUS & HISTORY
SC was
established as a one-person limited liability company of PRC with State Administration of Industry & Commerce
(SAIC) under registration No.: 131100000008139.
SC’s Organization Code Certificate
No.: 236270891
%20PHARMACEUTICAL%20CO%20,%20LTD%20%20-%20151312%2018-Aug-2011_files/image005.jpg)
SC’s registered capital: CNY 38,000,000
SC’s paid-in capital: CNY 38,000,000.
Registration Change Record:
|
Date |
Change
of Contents |
Before
the change |
After
the change |
|
|
Company
Name |
Hengshui Jiheng Drug Co., Ltd. |
Hengshui
Jiheng Pharmacy Co., Ltd. |
|
|
Registered
Capital |
CNY 1,580,000 |
CNY
8,000,000 |
|
|
Registered
Capital |
CNY
8,000,000 |
CNY
20,329,700 |
|
Legal
Form |
One-Person
Limited Liability Company |
Limited Liability Company |
|
|
Legal
Representative |
Xiao Qiusheng |
Han
Borui |
|
|
|
Registered
Capital |
CNY 20,329,700 |
CNY
32,000,000 |
|
|
Registered
Capital |
CNY 32,000,000 |
CNY
38,000,000 |
|
|
Legal
Representative |
Han Borui |
Wang
Pingsheng |
|
Company
Name |
Hengshui
Jiheng Pharmacy Co., Ltd. |
Hebei Jiheng (Group) Pharmacy Co., Ltd. |
|
|
|
Legal Form |
Limited
Liability Company |
One-Person Limited Liability Company |
|
-- |
Registered No. |
1311001000585 |
131100000008139 |
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Hebei Jiheng Group Co., Ltd. |
100 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative and
Chairman |
Wang Pingsheng |
|
General Manager |
Li Guosheng |
RECENT DEVELOPMENT
Honors:
======
SC was awarded “Excellent Enterprise of Hebei Province”.
SC was awarded “2002 Annual Advanced Enterprise”.
SC was awarded “2002 Annual enterprise credit ratings AAA”.
SC was awarded “Foreign Economic Relations & Trade Advanced Unit of
Hebei Province.”
SC obtained Kosher Certificate, ISO Certificate, GMP Certificate
Etc.
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%20PHARMACEUTICAL%20CO%20,%20LTD%20%20-%20151312%2018-Aug-2011_files/image009.jpg)
%20PHARMACEUTICAL%20CO%20,%20LTD%20%20-%20151312%2018-Aug-2011_files/image011.jpg)
%20PHARMACEUTICAL%20CO%20,%20LTD%20%20-%20151312%2018-Aug-2011_files/image013.jpg)
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Hebei Jiheng Group Co., Ltd. 100
======================
Hebei Jiheng Group Co., Ltd. is a large enterprise with the headquarters
at Lubei Industrial Park in Hengshan City, which is also a top 100 enterprise
in Hebei Province. Hebei Jiheng Group Co., Ltd., as its core enterprise, owns many branches
and subsidiaries, such as Jiheng Electro-Chemical Co., Ltd., Jiheng Chemical
Co., Ltd., Jiheng Pharmacy Co., Ltd., Huawei Pharmaceutical Co., Ltd., etc.,
which mainly specialize in producing more than 30 kinds of chemical products,
including ammonium persulphate, sodium persulfate, potassium persulphate,
dichloro, trichloro, cyanuric acid, ammonium bicarbonate, phos rock fertilizer
in bulk, aniline, vitriol, compound fertilizer, dimethylaniline, etc., and more
than ten kinds of chemical raw materials, including benzalagen, aminopyrine,
antipyrin, paracetamol, etc. More than twenty of these products and raw
materials, such as ammonium persulphate, sodium persulfate, potassium
persulphate, dichloro, trichloro, cyanuric acid, benzalagen, paracetamol, etc.,
are exported far to more than 40 countries covering Europe, America, Middle
East, South East Asia, Hong Kong, Macau, Taiwan, etc. and have always enjoyed
great popularity among all customers at home and abroad.
Date of Registration :
September 8, 1998
Registration No. :
131100000013908
Legal Form : Limited
Liabilities Company
Registered Capital :
CNY
133,600,000
Address: 58 Zhonghua Street, Hengshui City,
Hebei Province
Tel: 86-318-2150911/2141504
Fax: 86-318-2147805
Web: www.jihenggroup.com
E-mail: persulphate@jihenggroup.com
MANAGEMENT
Wang Pingsheng, Legal Representative and Chairman
---------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 48
Ø
Qualification:
University
Ø
Working
experience (s):
From 2004 to present, working in SC as legal representative
and chairman
Li Guosheng, General Manager
----------------------------------------------------
Ø
Gender: M
Ø
Age: 42
Ø
Qualification:
University
Ø
Working
experience (s):
From 1999 to present, working in SC as general manager
Huang Shuzhen, Sales
Manager
----------------------------------------------------
Ø
Mobile: 86 (0) 13932896368
BUSINESS OPERATION
SC’s registered
business scope includes manufacturing granule, tablet, pilulae, hard capsule,
pulvis, liquor, tincture, bulk drugs (validity period as of Dec. 31, 2010),
manufacturing food additives; importing and exporting self-made products and
technologies; importing mechanical equipments,
components, raw materials, accessories, and relative technology needed by SC, excluding
commodities and technologies prohibited by state.
SC is mainly
engaged in manufacturing granule, tablet, pilulae, hard capsule, and bulk
drugs.
Brand: %20PHARMACEUTICAL%20CO%20,%20LTD%20%20-%20151312%2018-Aug-2011_files/image015.jpg){kind=small}
SC’s
products mainly include: analgin, paracetamol, folic acid, antipyrine, AICA,
bambuterol hydrochloride, aminopyrine, etc.
%20PHARMACEUTICAL%20CO%20,%20LTD%20%20-%20151312%2018-Aug-2011_files/image017.jpg)
%20PHARMACEUTICAL%20CO%20,%20LTD%20%20-%20151312%2018-Aug-2011_files/image019.jpg)
%20PHARMACEUTICAL%20CO%20,%20LTD%20%20-%20151312%2018-Aug-2011_files/image021.jpg)
%20PHARMACEUTICAL%20CO%20,%20LTD%20%20-%20151312%2018-Aug-2011_files/image023.jpg)
SC sources its materials 90% from domestic
market, mainly Hebei Province, and 10% from overseas market. SC sells 70% of
its products in domestic market, and 30% to overseas market, mainly Korea,
Japan, Indonesia, Saudi Arabia and European countries.
The buying terms of SC include Check, T/T, L/C and Credit of 30-60 days.
The payment terms of SC include T/T, L/C and Credit of 30-60 days.
Staff & Office:
--------------------------
SC is
known to have approx. 1,550 staff
at present.
SC rents an area
as its operating office & factory of approx. 150,000 sq. meters at the
heading address.
RELATED COMPANY
u
Hebei
Jiheng (Group) Qingxian Chemical Co., Ltd.
u
Hebei
Jiheng (Group) Pharmaceutical Shenzhou Co., Ltd.
u
Jiheng
(Group) Bluesky Co., Ltd.
Etc.
PAYMENT
Overall payment appraisal:
( ) Excellent ( ) Good (X) Average ( ) Fair ( ) Poor ( ) Not yet be 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.
BANKING
Basic Bank:
Agricultural Bank of China Hengshui Branch
AC#：401001040000195
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
91,044 |
74,896 |
|
|
Notes receivable |
2,896 |
20,630 |
|
Accounts
receivable |
16,149 |
43,654 |
|
Advances to
suppliers |
0 |
0 |
|
Other receivable |
24,816 |
68,190 |
|
Inventory |
25,598 |
31,646 |
|
Non-current
assets within one year |
0 |
0 |
|
Other current
assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current assets |
160,503 |
239,016 |
|
Fixed assets |
60,677 |
75,160 |
|
Construction in
progress |
2,324 |
2,884 |
|
Intangible
assets |
33,363 |
33,180 |
|
Long-term
prepaid expenses |
20,000 |
20,000 |
|
Deferred income
tax assets |
0 |
0 |
|
Other
non-current assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total assets |
276,867 |
370,240 |
|
|
============= |
============= |
|
Short-term loans |
45,500 |
64,000 |
|
Notes payable |
46,407 |
56,008 |
|
Accounts payable |
26,736 |
61,465 |
|
Wages payable |
2,235 |
2,354 |
|
Advances from
clients |
0 |
0 |
|
Tax payable |
-1,057 |
-639 |
|
Other payable |
34,118 |
43,789 |
|
Other current
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
153,939 |
226,977 |
|
Non-current liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
153,939 |
226,977 |
|
Equities |
122,928 |
143,263 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
276,867 |
370,240 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2009 |
As of Dec. 31,
2010 |
|
Revenue |
442,173 |
656,673 |
|
Cost of sales |
317,266 |
555,331 |
|
Sales expense |
42,537 |
47,139 |
|
Management expense |
10,638 |
12,693 |
|
Finance expense |
3,981 |
5,366 |
|
Profit before
tax |
55,361 |
33,042 |
|
Less: profit tax |
15,740 |
8,323 |
|
39,621 |
24,719 |
Important Ratios
=============
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
*Current ratio |
1.04 |
1.05 |
|
*Quick ratio |
0.88 |
0.91 |
|
*Liabilities
to assets |
0.56 |
0.61 |
|
*Net profit
margin (%) |
8.96 |
3.76 |
|
*Return on
total assets (%) |
14.31 |
6.68 |
|
*Inventory /
Revenue ×365 |
22 days |
18 days |
|
*Accounts
receivable/ Revenue ×365 |
14 days |
25 days |
|
*
Revenue/Total assets |
1.60 |
1.77 |
|
* Cost of
sales / Revenue |
0.72 |
0.85 |
FINANCIAL COMMENTS
PROFITABILITY:
FAIRLY GOOD
l
The revenue of SC appears fairly good, and it was rising in 2010.
l
SC’s net profit margin is fairly good in 2009 and
average in 2010.
l
SC’s return on total assets is fairly good in both
years.
l
SC’s cost of goods sold is average, comparing with
its revenue.
LIQUIDITY:
AVERAGE
l
The current ratio of SC is maintained in a normal
level in both years.
l
SC’s quick ratio is maintained in a normal level in
both years.
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 an average level.
l
SC’s revenue is in an
average level, comparing with the size of its total assets.
LEVERAGE:
FAIRLY GOOD
l
The debt ratio of SC is average in both years.
l
The risk for SC to go bankrupt is low.
Overall financial condition
of the SC: Fairly Good.
CONCLUSIONS
SC is considered large-sized in its line with
fairly good financial conditions. Taking into consideration of SC’s
general performance, reputation as well as market conditions, a credit line up
to USD 2,000,000 would appear to
be within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.37 |
|
UK Pound |
1 |
Rs.74.56 |
|
Euro |
1 |
Rs.65.34 |
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 |
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 |
|
---- |
NB |
New Business |
---- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.