MIRA INFORM REPORT
|
Report Date : |
02.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
JIANGSU TOHOPE PHARMACEUTICAL CO., LTD. |
|
|
|
|
Registered Office : |
No. 188, Wuyishan
Road, Southeast Economic Development Zone, Changshu, Jiangsu Province 215533 PR |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
31.05.2002 |
|
|
|
|
Com. Reg. No.: |
320581400007806 |
|
|
|
|
Legal Form : |
Chinese-Foreign Equity Joint Venture Enterprise |
|
|
|
|
Line of Business : |
Researching, Developing, Manufacturing and
Selling Pharmaceuticals |
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 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 – 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
JIANGSU TOHOPE
PHARMACEUTICAL CO., LTD.
NO. 188, WUYISHAN ROAD, SOUTHEAST ECONOMIC
DEVELOPMENT ZONE, CHANGSHU, JIANGSU PROVINCE 215533 PR CHINA
TEL: 86 (0) 512-52300550 FAX: 86 (0) 512-52300510
EXECUTIVE SUMMARY
INCORPORATION DATE : MAY 31, 2002
REGISTRATION NO. : 320581400007806
REGISTERED
LEGAL FORM : Chinese-foreign equity joint venture enterprise
STAFF
STRENGTH : 89
REGISTERED
CAPITAL :
USD 1,764,000
BUSINESS LINE : R&D, MANUFACTURING
TURNOVER : CNY 82,940,000 (UNaudited, AS OF DEC. 31, 2010)
EQUITIES : CNY
116,620,000 (UNaudited, AS OF
DEC. 31, 2010)
PAYMENT
: AVERAGE
RECOMM. CREDIT RANGE : UP TO USD 500,000
MARKET CONDITION :
AVERAGE
FINANCIAL CONDITION : FAIRLY GOOD
OPERATIONAL TREND : STEADY
GENERAL
REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.48= 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 Chinese-foreign equity joint venture
enterprise at local Administration for Industry & Commerce (AIC - The
official body of issuing and renewing business license) on May 31, 2002.
Company Status: Chinese-foreign equity joint venture
enterprise This form of business in PR
China is defined as a legal person. It is a limited co. jointly invested by
one or more foreign companies and one or more PR China controlled companies
within the territories of PR China according to a certain proportion of
capital investment. The investing parties exercise business management,
share profits and bear all risks and liabilities of the co. together. The
equity joint venture law requires that foreign party contribute not less
than 25% of the registered capital, with no maximum. The investing parties
are free to agree on method of profit distribution and liabilities bearing
according to the proportion of capital investment. Each investing parties
contributes funds, tangible assets, technology & etc. The board of
directors excises the high authority. The joint venture usually has a
limited duration of 10 to 50 years. Enterprise with large investment, long
construction periods, low investment returns, introducing of advanced
technology & advanced technology products that have good competition
position in international market may extend beyond the 50 years limit.
SC’s registered business scope
includes manufacturing pharmaceuticals (bulk pharmaceutical chemicals);
manufacturing health food tablet; manufacturing and processing with soy
lecithin particles, protein powder, collagen and soluble dietary fiber
(excluding confined items); selling self-made commodities.
SC is mainly engaged in manufacturing and
selling pharmaceuticals.
Mr. Zou Zhenrong is legal representative,
chairman and general manager of SC at present.
SC is known to have approx. 89 employees at present.
SC is currently
operating at the above stated address, and this address houses its operating
office and factory in the development zone of Changshu. Our checks reveal that SC rents the total premise about 5,000 square
meters.
http://www.tohopepharma.com/ The design
is professional and the content is well organized. At present the web site is
only in Chinese version.
SC has got the
Certificate of High and New Technology Enterprise.
Changes of its registered
information are as follows:
|
Date of change |
Item |
Before the change |
After the change |
|
Unknown |
Registered capital |
USD 6,264,000 |
Present amount |
MAIN SHAREHOLDERS:
Name % of Shareholding
Jiangsu Wanxing Venture Investment Co., Ltd. (in Chinese Pinyin) 74.45
Hong Kong Wan Xing Trading Investment Limited 25.55
Hong Kong Wan Xing Trading Investment Limited
=====================================
Registration No. :
1394799
Legal Form: Private
l
Legal
Representative, Chairman and General Manager:
Mr. Zou Zhenrong,
ID# 32052019600408151X, born in 1960. He is currently responsible for the
overall management of SC.
Working Experience(s):
At present Working in SC as legal representative, chairman and general manager.
Also working in Jiangsu Wanxing Venture Investment Co., Ltd., Changshu Wanxing Chemical Co., Ltd., Jiangsu Tonghe Chemical Technology Co., Ltd. as legal representative.
l
Vice
Chairman:
Mr. Hsu Benjamin,
American. He is currently responsible for the daily management of SC.
Working Experience(s):
At present Working in SC as vice chairman.
l
Supervisor:
-----------------------
Tan Zhongbao
SC is mainly engaged in researching, developing,
manufacturing and selling pharmaceuticals.
SC’s products mainly
include pharmaceutical raw materials, preparation medicine, health food, etc.
SC sources its materials 100% from domestic
market. SC sells 10% in domestic market and 90% to overseas market.
The
buying terms of SC include Check, 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.
Note: SC declined to release
its major suppliers and clients.
Changshu Wanxing
Chemical Co., Ltd.
Subsidiaries:
Jiangsu Tonghe Chemical Technology Co., Ltd.
Hunan Dongting Pharmaceutical Co., Ltd.
Etc.
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.
Agricultural Bank of China
AC#: N/A
Relationship: Normal.
Balance Sheet
Unit: CNY’000
|
|
As of Dec. 31, 2009 |
As of Dec. 31, 2010 |
|
Cash & bank |
1,790 |
3,050 |
|
Inventory |
3,930 |
5,060 |
|
Bills receivable |
20 |
340 |
|
Accounts receivable |
10,970 |
9,160 |
|
Advances to suppliers |
3,530 |
3,830 |
|
Other receivables |
9,380 |
17,320 |
|
Short-term investment |
21,110 |
21,660 |
|
Other current assets |
130 |
20 |
|
|
------------------ |
------------------ |
|
Current assets |
50,860 |
60,440 |
|
Fixed assets net value |
20,140 |
19,450 |
|
Long term investment |
34,030 |
52,030 |
|
Projects under construction |
25,130 |
36,070 |
|
Intangible and other assets |
9,250 |
7,980 |
|
|
------------------ |
------------------ |
|
Total assets |
139,410 |
175,970 |
|
|
=========== |
=========== |
|
Short loan |
0 |
0 |
|
Accounts payable |
1,920 |
8,620 |
|
Advances from clients |
240 |
400 |
|
Taxes payable |
2,810 |
1,810 |
|
Other Accounts payable |
42,610 |
48,510 |
|
Other current liabilities |
0 |
10 |
|
|
------------------ |
------------------ |
|
Current liabilities |
47,580 |
59,350 |
|
Long term liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total liabilities |
47,580 |
59,350 |
|
Equities |
91,830 |
116,620 |
|
|
------------------ |
------------------ |
|
Total liabilities & equities |
139,410 |
175,970 |
|
|
=========== |
=========== |
Income Statement
Unit: CNY’000
|
|
As of Dec. 31, 2010 |
|
Turnover |
82,940 |
|
Cost of goods sold |
50,360 |
|
Sales expense |
990 |
|
Management expense |
6,390 |
|
Finance expense |
2,260 |
|
Investment income |
1,480 |
|
Profit before tax |
27,580 |
|
Less: profit tax |
3,450 |
|
Profits |
24,130 |
Note: The Financial Report for Year 2010 hasn’t been audited.
Important Ratios
=============
|
|
As of Dec. 31, 2009 |
As of Dec. 31, 2010 |
|
*Current ratio |
1.07 |
1.02 |
|
*Quick ratio |
0.99 |
0.93 |
|
*Liabilities to assets |
0.34 |
0.34 |
|
*Net profit margin (%) |
/ |
29.09 |
|
*Return on total assets (%) |
/ |
13.71 |
|
*Inventory /Turnover ×365 |
/ |
22 days |
|
*Accounts receivable/Turnover ×365 |
/ |
40 days |
|
*Turnover/Total assets |
/ |
0.47 |
|
* Cost of goods sold/Turnover |
/ |
0.61 |
PROFITABILITY: FAIRLY GOOD
l
The
turnover of SC appears average in 2010.
l
SC’s net
profit margin is good in 2010.
l
SC’s
return on total assets is fairly good in 2010.
l
SC’s
cost of goods sold is low, comparing with its turnover in 2010.
LIQUIDITY: AVERAGE
l
The current
ratio of SC is maintained in a fair level.
l
SC’s
quick ratio is maintained in a normal level.
l
The
inventory of SC appears average.
l
The
accounts receivable of SC appears average.
l
SC has
no short-term loan in both years.
l
SC’s
turnover is in a fair level, comparing with the size of its total assets in
2010.
LEVERAGE: FAIRLY GOOD
l
The debt
ratio of SC is low.
l
The risk
for SC to go bankrupt is average.
Overall financial condition of the SC: FAIRLY
GOOD.
SC is considered
medium-sized in its line with fairly good financial conditions. A credit line
up to USD 500,000 would appear to be within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.89 |
|
UK Pound |
1 |
Rs.73.85 |
|
Euro |
1 |
Rs.64.76 |
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.