MIRA INFORM REPORT
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Report Date : |
15.12.2011 |
IDENTIFICATION DETAILS
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Name : |
ZHEJIANG STARRY PHARMACEUTICAL CO., LTD. |
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Registered Office : |
No. 1 Starry Avenue, Modern Industrial Centralization Area, Xianju County,
Taizhou, Zhejiang Province, 317300 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
12.07.1997 |
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Com. Reg. No.: |
331000400001749 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
manufacturing and selling
API (active pharmaceutical ingredient) and its intermediates. |
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No. of Employees
: |
800 persons |
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 : |
USD 1,500,000 |
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|
Status : |
Good |
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Payment
Behaviour : |
No Complaints |
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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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
China |
a2 |
a2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name & address
ZHEJIANG STARRY PHARMACEUTICAL CO., LTD.
NO. 1 STARRY AVENUE, MODERN INDUSTRIAL CENTRALIZATION AREA, XIANJU COUNTY,
TAIZHOU, ZHEJIANG PROVINCE, 317300 PR CHINA
TEL: 86 (0) 576-87718628/87718621 FAX:
86 (0) 576-87718668/87718678
EXECUTIVE SUMMARY
INCORPORATION DATE :
JULY 12, 1997
REGISTRATION NO. :
331000400001749
REGISTERED LEGAL FORM :
SHARES LIMITED
COMPANY
CHIEF EXECUTIVE :
MR. HU JINSHENG (CHAIRMAN)
STAFF STRENGTH :
800
REGISTERED CAPITAL : CNY 90,000,000
BUSINESS LINE :
MANUFACTURING
TURNOVER :
CNY 366,980,000 (AS OF DEC. 31,
2010)
EQUITIES :
CNY 272,540,000 (AS OF DEC. 31, 2010)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO
USD 1,500,000
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 6.35 = USD 1
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 Shares limited co. at local Administration for
industry & commerce (AIC - the official body of issuing and renewing
business license).
Company Status: Shares limited co. This form of business in PR
China is defined as a legal person. Its registered capital is divided into
shares of equal par value and the co. raises capital by issuing share
certificates by promotion or by public offer. Shareholders bear limited
liability to the extent of shareholding, and the co. is liable for its
debts only to the extent of its total assets. The co has independent
property of legal person and enjoys property rights of legal person. The characteristics of the shares limited co. are as
follows: The establishment of the co.
requires at least two promoters and no more than 200, half of whom shall be domiciled
in China.. Natural person are allowed to serve as promoters. The minimum registered capital of a co. is CNY The board of directors must consist of five to nineteen
directors. If the co. raises capital by public
offer, the promoters must not subscribe less than 35% of the total shares.
the promoters’ shares are restricted to transfer- within one year of the
offer. A state-owned enterprise that is restructured into a
shares limited co. must comply with the
conditions & requirements specified under the law & administrative
rule.
SC’s registered business scope includes manufacturing API (iohexol, Levofloxacin); manufacturing levofloxacin,
ioversol, iotrolanvist, iodixanol intermediates; exporting self-made products
and importing machinery and equipment, spare parts, raw and auxiliary materials
which used for self-production, excluding the goods and technology prohibited
or limited by the country.
SC is mainly
engaged in manufacturing and selling API (active pharmaceutical ingredient) and
its intermediates.
Mr. Hu
Jinsheng has been legal representative and chairman of SC since 2001.
SC is known to have approx. 800 employees 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
Xianju County. SC’s
management declined to release the detailed information of the premise.
http://www.starrypharm.com/
The
design is professional and the content is well organized. At present it is both
in Chinese and English versions.
E-Mail: sales@starrypharm.com ; info@starrypharm.com
SC has been awarded as Zhejiang Province High New Technology Enterprise,
Pharmaceutical Chemical Industry Leading Enterprise, Etc.
Changes of its
registered information:
|
Date |
Item |
Before the change |
After the change |
|
|
Legal representative |
Zhang Aijiang |
Zheng Aiqin |
|
|
Company name |
Zhejiang Taizhou Xianyuan
Medicament Health Product Co., Ltd. (in Chinese Pinyin) |
Zhejiang Taizhou Starry Medicines &
Chemical Co., Ltd. |
|
|
Legal representative |
Zheng Aiqin |
Present one |
|
|
Registered capital |
CNY 1,180,000 |
CNY 5,180,000 |
|
|
Company name |
Zhejiang Taizhou Starry Medicines &
Chemical Co., Ltd. |
Present one |
|
|
Shareholders (Shareholding) |
Hu Aimin 3.5%; Ma Yike 15%; Ye
Jiexi 22%; Hu Jinsheng 59.5% |
Hu Aimin 18.5%; Ye Jiexi 22%;
Hu Jinsheng 59.5% |
|
|
Shareholders (Shareholding) |
Hu Aimin 18.5%; Ye Jiexi 22%;
Hu Jinsheng 59.5% |
Hu Aimin 18.5%; Ye Jiexi 22%;
Hu Jinsheng 40.19%; Yangtze River Pharmaceutical Group Co., Ltd. 19.31% |
|
|
Shareholders |
Hu Aimin 18.5%; Ye Jiexi 22%;
Hu g 40.19%; Yangtze River Pharmaceutical Group Co., Ltd19.31% |
Hu Aimin 18.5%; Hu Jian 22%;
Hu Jinsheng 40.19%; Yangtze River Pharmaceutical Group Co., Ltd. 19.31% |
|
|
Shareholders (Shareholding) |
Hu Aimin 18.5%; Hu Jian 22%;
Hu Jinsheng 40.19%; Yangtze River Pharmaceutical Group Co., Ltd. 19.31% |
Hu Aimin 18.5%; Hu Jian
41.31%; Hu Jinsheng 40.19% |
|
|
Shareholders (Shareholding) |
Hu Aimin 18.5%; Hu Jian 41.31%;
Hu Jinsheng 40.19% |
Hu Aimin 18.5%; Hu Jian 14.5%; Hu Jinsheng 40%; Liew Yew
Thoong 27% |
|
Registered legal form |
Limited Liabilities Company |
Chinese-Foreign Equity Joint
Venture Enterprise |
|
|
Registration No. |
3310241000102 |
001797 |
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|
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Registered capital |
CNY 5,180,000 |
CNY 21,460,000 |
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|
Registration No. |
001797 |
Present one |
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|
Registered capital |
CNY 21,460,000 |
CNY 38,000,000 |
|
|
Shareholding |
Hu Aimin 18.5%; Hu Jian 14.5%; Hu Jinsheng 40%; Liew Yew
Thoong 27% |
Hu Aimin 3%; Hu Jian 30%; Hu Jinsheng 40%; Liew Yew Thoong
27% |
|
|
Registered capital |
CNY 38,000,000 |
CNY 76,880,000 |
|
|
Shareholders |
Hu Aimin 3%; Hu Jian 30%; Hu Jinsheng 40%; Liew Yew Thoong
27% |
Present shareholders |
|
2011 |
Registered capital |
CNY 76,880,000 |
Present amount |
|
Legal form |
Chinese foreign equity joint venture enterprise |
Present one |
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|
Chinese name |
浙江司太立制药有限公司 |
Present one |
Note: in 2011 SC changed its Chinese name,
while its English name remains the same.
MAIN SHAREHOLDERS:
Name % of Shareholding
Shanghai Changliang Investment
Development Co., Ltd. (in Chinese
Pinyin) 6.5
Taizhou Juhe Investment Co.,
Ltd. (in Chinese Pinyin) 5.0
Zhejiang Silicon Paradise
Hesheng Venture Capital Co., Ltd. (in Chinese Pinyin) 2.5
Zhejiang Silicon Paradise Hefeng
Venture Capital Co., Ltd. (in Chinese Pinyin) 2.5
Full Keen Limited
1.5
Lansen Investments (Hong Kong)
Limited 20.0
Hu Jinsheng ID#
332624195508153572
28.5
Hu Aimin ID#
332624196305083564 3.0
Hu Jian ID#
332624197911020015
25.0
Liew Yew Thoong (Malaysian) ID#
A10693723
5.5
Shanghai Changliang Investment
Development Co., Ltd. (in Chinese
Pinyin)
=======================================================
Legal representative: Yi Chun
Incorporation date: Mar. 15, 2004
Add: No. 198 Zhenjing Road, Xujing Town, Qingpu
District, Shanghai
Tel: 021-68889690
Zhejiang Silicon Paradise
Hesheng Venture Capital Co., Ltd. (in Chinese Pinyin)
==========================================================
Legal representative: Liang
Zheng
Registration No.: 330000000043999
Incorporation date: Oct. 20, 2009
Zhejiang Silicon Paradise Hefeng
Venture Capital Co., Ltd. (in Chinese Pinyin)
=========================================================
Legal representative: Cai
Hangwei
Registration No.: 330000000043765
Incorporation date: Oct. 13, 2009
Lansen Investments (Hong Kong)
Limited
==============================
CR No.: 1528017
Incorporation date: Nov. 12,
2010
Status: Private
l
Legal
representative,
chairman and general manager:
Mr. Hu Jinsheng, ID# 332624195508153572, born
in 1955. He is currently responsible for the overall management of SC.
Working Experience(s):
From 2001 to present Working in SC as chairman, general manager and legal representative
Also working in Zhejiang Taizhou Qihutu Chemical Co., Ltd. as legal rep. and chairman.
SC is mainly
engaged in manufacturing and selling API (active pharmaceutical ingredient) and
its intermediates.
SC’s products mainly include: X-CT non-ionic contrast agent, fluorine
quinoline derivatives and carbapenem three types of products.
SC sources its materials 90% from domestic market and 10% from overseas
market. SC sells 30% of its products to overseas market and 70% in domestic market.
The buying terms of SC include Check, T/T, L/C and Credit of 30-60 days.
The payment terms of SC include Check, T/T, L/C and Credit of 30-60 days.
Note: SC’s management declined to release its main clients and
suppliers.
Zhejiang Taizhou Qihutu Chemical Co., Ltd.
Jiangxi Starry Technology Co., Ltd.
Etc.
SC is known to have an office in Hangzhou,
Tel: 86 0571-81061319
Fax: 86 0571-81061697
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 records
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’s management declined to release its bank details.
Balance Sheet
Unit: CNY’000
|
|
as
of Dec. 31, 2009 |
as
of Dec. 31, 2010 |
|
Cash & bank |
57,212 |
60,810 |
|
Inventory |
76,057 |
104,570 |
|
Accounts
receivable |
31,047 |
67,460 |
|
Notes receivable |
7,885 |
4,460 |
|
Advances to
suppliers |
6,202 |
16,920 |
|
Other
receivables |
144,865 |
166,200 |
|
Other current
assets |
110 |
7,920 |
|
|
------------------ |
------------------ |
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Current assets |
323,378 |
428,340 |
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Fixed assets net
value |
174,320 |
197,540 |
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Projects under
construction |
19,988 |
15,420 |
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Long term
investment |
20,220 |
25,360 |
|
Intangible
assets |
8,925 |
14,120 |
|
Other assets |
2,660 |
7,730 |
|
|
------------------ |
------------------ |
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Total assets |
549,491 |
688,510 |
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|
============= |
============= |
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Short loans |
193,349 |
174,060 |
|
Notes payable |
45,550 |
55,900 |
|
Accounts payable |
49,082 |
71,120 |
|
Advances from
customers |
0 |
5,980 |
|
Salaries and
welfare payable |
8,685 |
13,390 |
|
Taxes payable |
2,360 |
4,110 |
|
Other payable |
3,717 |
45,620 |
|
Other current
liabilities |
6,751 |
5,500 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
309,494 |
375,680 |
|
Long term
liabilities |
40,290 |
40,290 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
349,784 |
415,970 |
|
Equities |
199,707 |
272,540 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
549,491 |
688,510 |
|
|
============= |
============= |
Income Statement
Unit: CNY’000
|
|
as of Dec. 31,
2009 |
as of Dec. 31,
2010 |
|
Turnover |
329,044 |
366,980 |
|
Cost of goods
sold |
210,103 |
274,150 |
|
Sales expense |
3,792 |
4,880 |
|
Management expense |
51,633 |
50,450 |
|
Finance expense |
13,824 |
12,560 |
|
Investment
income |
213 |
420 |
|
Profit before
tax |
57,974 |
69,850 |
|
Less: profit tax |
0 |
0 |
|
Profits |
57,974 |
69,850 |
Important Ratios
=============
|
|
as of Dec. 31, 2009 |
as of Dec. 31, 2010 |
|
*Current ratio |
1.04 |
1.14 |
|
*Quick ratio |
0.80 |
0.86 |
|
*Liabilities
to assets |
0.64 |
0.60 |
|
*Net profit
margin (%) |
17.62 |
19.03 |
|
*Return on
total assets (%) |
10.55 |
10.15 |
|
*Inventory
/Turnover ×365 |
85 days |
104 days |
|
*Accounts
receivable/Turnover ×365 |
35 days |
67 days |
|
*Turnover/Total
assets |
0.60 |
0.53 |
|
* Cost of
goods sold/Turnover |
0.64 |
0.75 |
PROFITABILITY:
FAIRLY GOOD
l
The turnover of SC appears fairly good in 2009, and
it increased in 2010.
l
SC’s net profit margin is fairly good in both
years.
l
SC’s return on total assets is fairly good in both
years.
l
SC’s cost of goods sold is low in both years,
comparing with its turnover.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a normal
level.
l
SC’s quick ratio is maintained in a normal level.
l
The inventory of SC appears average in 2009 but
fairly large in 2010.
l
The accounts receivable of SC appears average in
both years.
l
The short-term loan of SC appears fairly large in
both years.
l
SC’s turnover is in a fair level in both years,
comparing with the size of its total assets.
LEVERAGE: AVERAGE
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: Stable.
SC is considered medium-sized in its line with stable financial
conditions. A credit line up to USD 1,500,000 would
appear to be within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.58 |
|
UK Pound |
1 |
Rs.82.97 |
|
Euro |
1 |
Rs.69.89 |
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.