MIRA INFORM
REPORT
|
Report Date : |
17.02.2011 |
IDENTIFICATION DETAILS
|
Name : |
ZHEJIANG JIUZHOU PHARMACEUTICAL CO., LTD. |
|
|
|
|
Registered Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2009 |
|
|
|
|
Date of Incorporation : |
13.07.1998 |
|
|
|
|
Com. Reg. No.: |
330000000014592 |
|
|
|
|
Legal Form : |
Shares
Limited Company |
|
|
|
|
Line of Business : |
Manufacturing and Selling
Chemical Raw Materials. |
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
1,500,000 |
|
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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
|
|
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
zhejiang jiuzhou pharmaceutical
co., ltd.
no.
99
TEL: 86 (0) 576-88827517 FAX: 86 (0) 576-8881998
EXECUTIVE SUMMARY
INCORPORATION
DATE : JULY 13, 1998
REGISTRATION
NO. : 330000000014592
REGISTERED
LEGAL FORM : SHARES LIMITED CO.
STAFF
STRENGTH : 1,500
REGISTERED
CAPITAL :
CNY 74,200,000
BUSINESS
LINE :
MANUFACTURING
TURNOVER : CNY 647,366,000 (AS OF DEC. 31, 2009)
EQUITIES : CNY 216,463,000
(AS OF DEC. 31, 2009)
PAYMENT : AVERAGE
RECOMM.
MARKET
CONDITION : COMPETITIVE
FINANCIAL
CONDITION : FAIRLY STABLE
OPERATIONAL
TREND :
STEADY
GENERAL
REPUTATION : WELL-KNOWN
EXCHANGE
RATE : CNY 6.66 =
USD 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 Shares limited co.
at local Administration for Industry & Commerce (AIC - The official body of
issuing and renewing business license) on July 13, 1998.
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 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 and selling chemical raw
materials, pharmaceutical intermediates, chemical materials (excluding precursor chemicals and other dangerous
articles), mechanical equipment, instruments and meters; research and
development of medicine and chemical
products, technical consulting services, importing and exporting business.
SC is mainly engaged in
manufacturing and selling chemical raw materials.
Mr. Hua Xuande has been legal
representative and chairman of SC since 1998.
SC is
known to have approx. 1,500 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 Taizhou. Our checks
reveal that SC owns the total premise about 200,000 square meters.
http://www.jiuzhou-pharma.com The design is professional and the content is
well organized. At present it is both in Chinese and English versions.
E-Mail: zboffice@zbjz.cn
|
Date of change |
Item |
Before the change |
After
the change |
|
|
Shareholders |
Taizhou Yizhou Chemical Industry Co., Ltd.(1.89%),
Zhejiang Huangyan 9th Chemical Plant(3.77%), Taizhou Jiaojiang
Siwei Chemical Plant(1.89%), Hainan Qiongshan Wangda Trade Co., Ltd.(5.66%),
Zhejiang Zhongbei Jiuzhou Group Limited(86.79%) |
Taizhou Yizhou Chemical Industry Co., Ltd.(1.89%), |
|
|
Shareholders (Shareholding) |
Taizhou Yizhou Chemical Industry Co., Ltd.(1.89%), |
Taizhou Siwei Chemical Plant(1.89%), Zhejiang Yizhou
Chemical Industry Co., Ltd.（(1.89%), Zhejiang Oma
Pharmaceutical Co., Ltd.(3.77%), Hua Lirong(5.66%), Zhejiang Zhongbei Jiuzhou
Group Limited (86.79%) |
|
Registered
no. |
3300001001670 |
330000000014592 |
|
|
|
Registered
capital |
CNY 26,500,000 |
Present amount |
|
Shareholders (Shareholding) |
Taizhou Siwei Chemical Plant(1.89%), Zhejiang Yizhou
Chemical Industry Co., Ltd.(1.89%), Zhejiang OMA PHARMACEUTICAL
CO.,Ltd.(3.77%), Hua Lirong(5.66%), Zhejiang Zhongbei Jiuzhou Group
Limited(86.79%) |
Present ones |
SC has passed ISO9001, ISO9002 and SFDA'S (State Food and Drug
Administration) GMP Inspection.
MAIN SHAREHOLDERS:
Name
%
of Shareholding
Zhejiang Oma Pharmaceutical Co., Ltd. 3.77
Taizhou Siwei Investment Co., Ltd. 2.45
Hua Lirong 5.67
Zhejiang Zhongbei Jiuzhou Group Limited
===============================
Add:
Tel: 0576-88827580
Zhejiang Oma Pharmaceutical Co., Ltd.
============================
Oma is a pharmaceutical & chemical enterprise
specializing in producing pharmaceutical intermediates and APIs, with
self-support import and export authority. Oma received ISO9001 Quality System
Certification in 2000; and it became an ISO14000 approved company in 2005.
Add.: Xiayanggu, Huangyan,
Zip code: 318020
Tel: +86-576-84058058, 84058028, 84058168
Fax: +86-576-84058088
E-mail: sales@omapharm.com
Taizhou Siwei Investment Co., Ltd.
==========================
Add:
Tel: 0576-88827133
l
Chairman and General manager:
Mr. Hua
Xuande (花轩德) ID# 332601431030371, about 67
years old, with university education. He is currently responsible for the
overall management of SC.
Working Experience(s):
From 1998 to present Working in SC as chairman and general manager;
Also working in Zhejiang Zhongbei Jiuzhou Group Limited as legal representative.
l
Vice-general manager:
Ms.
Working Experience(s):
At present Working in SC as vice-general manager.
SC is mainly engaged in
manufacturing and selling chemical raw materials.
SC’s
products mainly include: central nervous system, antibacterial, quinolone,
antiparasitics agents, hypolycemic agents, antifungal agents and prostate
agents.
SC
sources its materials 90% from domestic market and 10% from the overseas
market. SC sells 40% of its products to overseas market and 60% in domestic
market.
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, L/C, and Credit of 30-60 days.
SC is
known to invest in the following companies:
Investment
Capital: CNY 450,000
Registration
number: 3101101022422
Taizhou Jiaojiang Industrial
Waste Disposal Co., Ltd.
Investment
Capital: CNY 200,000
Registration
number: 3310021005670
Zhejiang Jiuzhou Pharmaceutical
Science & Technology Co., Ltd.
Investment
Capital: CNY 5,000,000
Registration
number: 330000000045814
Haining Sanlian Chemical Co.,
Ltd.
Investment
Capital: CNY 1,530,000
Registration
number: 330481000021311
Zhejiang Zhongbei Chemical Co.,
Ltd.
Investment
Capital: CNY 20,000,000
Registration
number: 331002000007154
Investment
Capital: CNY 15,000,000
Registration
number: 331002000008180
Taizhou Siwei Chemical Co., Ltd.
Investment
Capital: CNY 15,000,000
Registration
number: 331002000008180
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.
Agriculture Bank of
AC# 910101040010576
Relationship:
Balance Sheet
Unit: CNY’000
|
|
as of Dec. 31,
2008 |
as of Dec. 31,
2009 |
|
87,069 |
59,007 |
|
|
Bills receivable |
1,622 |
6,732 |
|
Accounts receivable |
60,385 |
83,306 |
|
Other receivables |
7,512 |
1,685 |
|
Advances to suppliers |
24,888 |
11,798 |
|
Inventory |
114,990 |
128,877 |
|
Prepaid expenses |
0 |
0 |
|
Other current assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current assets |
296,466 |
291,405 |
|
Fixed assets net value |
117,253 |
128,339 |
|
Projects under construction |
31,600 |
37,456 |
|
Project materials |
12,891 |
12,907 |
|
Long term investment |
62,486 |
67,717 |
|
Other assets |
46,004 |
49,483 |
|
|
------------------ |
------------------ |
|
Total assets |
566,700 |
587,307 |
|
|
============= |
============= |
|
Short loans |
185,500 |
162,793 |
|
Transactional Moneytary
Liabilities |
4,233 |
0 |
|
Bills payable |
70,000 |
73,300 |
|
Accounts payable |
70,313 |
93,471 |
|
Advances from clients |
3,286 |
2,586 |
|
Salaries payable |
7,584 |
11,158 |
|
Tax payable |
4,286 |
3,869 |
|
Interest payable |
346 |
259 |
|
Dividends payable |
8,925 |
0 |
|
Other payable |
23,240 |
7,408 |
|
Long-term liabilities due with
in one year |
15,000 |
16,000 |
|
Other current liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current liabilities |
392,713 |
370,844 |
|
Long-term loans |
16,000 |
0 |
|
|
------------------ |
------------------ |
|
Total liabilities |
408,713 |
370,844 |
|
Equities |
157,987 |
216,463 |
|
|
------------------ |
------------------ |
|
Total liabilities &
equities |
566,700 |
587,307 |
|
|
============= |
============= |
Income Statement
Unit: CNY’000
|
|
as of Dec. 31, 2008 |
as of Dec. 31, 2009 |
|
Turnover |
792,520 |
647,366 |
|
Cost of goods sold |
676,685 |
493,997 |
|
Sales expense |
10,505 |
7,496 |
|
Management expense |
49,586 |
67,734 |
|
Finance expense |
19,210 |
9,995 |
|
Profit before tax |
34,696 |
68,536 |
|
Less: profit tax |
2,267 |
10,220 |
|
Profits |
32,429 |
58,316 |
Important Ratios
=============
|
|
as of Dec. 31, 2008 |
as of Dec. 31, 2009 |
|
*Current ratio |
0.75 |
0.79 |
|
*Quick ratio |
0.46 |
0.44 |
|
*Liabilities to assets |
0.72 |
0.63 |
|
*Net profit margin (%) |
4.09 |
9.01 |
|
*Return on total assets (%) |
5.72 |
9.93 |
|
*Inventory /Turnover ×365 |
53 days |
73 days |
|
*Accounts receivable/Turnover ×365 |
28 days |
47 days |
|
*Turnover/Total assets |
1.40 |
1.10 |
|
* Cost of goods sold/Turnover |
0.85 |
0.76 |
PROFITABILITY: FAIRLY GOOD
l
The turnover of SC appears fairly good in its line, but it
decreased in 2009.
l
SC’s net profit margin is fairly good, and it increased in 2009.
l
SC’s return on total assets is fairly good, and it increased in
2009.
l
SC’s cost of goods sold is average, comparing with its turnover.
LIQUIDITY: FAIR
l
The current ratio of SC is maintained in a fair level.
l
SC’s quick ratio is maintained in a fair level.
l
The inventory conversion period
of SC appears long.
l
The accounts receivable of SC appears average.
l
SC’s short-term loan is in a large.
l
SC’s turnover is in an average level, comparing with the size of
its total assets.
LEVERAGE: AVERAGE
l
The debt ratio of SC is average in 2009.
l
The risk for SC to go bankrupt is average.
Overall financial condition of
the SC: Fairly Stable.
SC is considered
large-sized in its line with fairly stable financial conditions. The large
amount of inventory and short loans could be a threat to SC’s financial
condition. A credit line up to USD 1,500,000 would appear to be within SC’s
capacities upon a periodical review basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.45 |
|
|
1 |
Rs.72.91 |
|
Euro |
1 |
Rs.61.43 |
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 |
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.