MIRA
INFORM REPORT
|
Report Date : |
18.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
Nantong Jinghua Pharmaceutical Co., Ltd. |
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Registered Office : |
No. 9, Xingtai Road, Gangzha Economic Development
Zone, Nantong, Jiangsu Province, 226005 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
03.01.1994 |
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Com. Reg. No.: |
320600000001352 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Manufacturing and selling different sorts of active pharmaceutical ingredients. |
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 : |
Good |
|
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 – December 31, 2010
|
Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
Name and address
Nantong Jinghua Pharmaceutical Co., Ltd.
No. 9, xingtai
road, gangzha economic development zone,
nantong, jiangsu
PROVINCE, 226005 PR CHINA
TEL: 86 (0)
513-85609118 FAX: 86 (0)
513-85609115
EXECUTIVE SUMMARY
INCORPORATION DATE : jan.
3, 1994
REGISTRATION NO. : 320600000001352
REGISTERED LEGAL FORM : SHARES LIMITED COMPANY
STAFF STRENGTH :
899
REGISTERED CAPITAL : CNY 100,000,000
BUSINESS LINE : MANUFACTURING
TURNOVER :
CNY 274,320,000 (Consolidated, AS OF
DEC. 31, 2010)
EQUITIES :
CNY 544,450,000 (Consolidated, AS OF DEC. 31, 2010)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO USD 2,000,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRLY
GOOD
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY
6.51 = USD 1
Adopted abbreviations:
ANS - amount not stated
NS - not stated S
C - subject company (the company inquired by you)
NA - not available
CNY - China Yuan Renminbi
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 Jan. 3, 1994 and has been under present
ownership since 2007.
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, processing and selling active
pharmaceutical ingredient [primidone, luminal, feldene, butazodine,
fluorouracil, phenformini hydrochloridum, propylthiouracil, nefopam hydrochloride, levodopa, carbidopa,
glutethimide, flucytosine, tegafur, Bifendatatum, analginum, analginum (for
infection), amidopyrine, dipyridamole,
vitamin B1, thiamine mononitrat, phenacetin, chloroquine phosphate,
iodoform and granisetron hydrochloride];
import and export tablet, pill, powder, electuary, granules, capsule,
injection, syrup, soft extract, vinum, tonic, herb tea, beverage, oral
solution, medicine intermediates, packing materials and related technology;
importing raw materials, medicinal materials, agricultural and sideline
products, machinery equipment, instruments and meters, and related technology
needed in the manufacture; manufacturing and selling cosmetics; development and
consulting services; affecting Chinese foreign equity joint venture enterprise
and Chinese foreign contractual joint venture enterprise; processing with
imported materials, processing with imported samples, assembling with imported
parts, and compensation trade in agreement; transportation of goods from
vehicles.
SC is mainly
engaged in manufacturing and selling different sorts of active pharmaceutical
ingredients.
Mr. Zhu
Chunlin is chairman and general manager
of SC at present.
SC is known
to have approx. 899 employees at present, including 141 technicians, 62
management staff, 453 workers and 145 sales representatives, and etc.
SC
is currently operating at the above stated address, and this address houses its
operating office and factory in the economic development zone of Nantong. Our
checks reveal that SC owns the total premise about 100,000 square meters.
http://www.ntjhzy.com/
The design is professional and the content is well organized. At present it is
in both Chinese and English versions.
Email: ntjh@jhoa.net
sales@jhoa.net
SC is a listed company in Shenzhen Stock Exchange Market with the code
of 002349.
Changes of its
registered information:
|
Date of change |
Item |
Before the change |
After the change |
|
2007-9 |
Chinese company name |
南通精华制药有限公司 |
The present one |
|
Legal form |
Limited Liabilities Company |
The present one |
Note: SC changed its Chinese name in 2007, while its English name
remains the same.
Tax Registration Certificate No.: 320601138297660
Organization Code: 13829766-0
Honors:
Ÿ
GMP certificate for API of Glutethimide is issued
on Nov. 30, 2004.
Ÿ
State control drugs are approved the special
inspection by SFDA on Dec. 26, 2005.
Ÿ
CEP renew for Fluorouracil is got in Feb. 2006.
Ÿ
CEP for Phenylbutazone is got in Oct., 2006.
MAIN SHAREHOLDERS: (as of Dec. 31, 2010)
Name %
of Shareholding
Nantong Industries Holding Group Co., Ltd. 41.3
Nantong Zongyi Investment Co., Ltd. 16.5
Jiangsu Province Nantong Gangzha Economic Development
Zone Corporation 5.7
National Council for Social Security Fund
Zhuanchi Sanhu 2.5
Zhu Chunlin 1.2
Shi Yuqing 0.7
Shanghai Securities - Merchants Bank -
Shanghai Securities No. 1 Collective Assets Management Plan 0.63
Zhou Yunzhong 0.58
Xu Yue 0.53
Lu Guosheng 0.53
Other shareholders 29.83
Nantong Industries Holding Group Co., Ltd.
===============================
Tel: 0513-85517519
Fax: 0513-85516205
Nantong Zongyi Investment Co., Ltd.
===========================
Tel: 0513-86563931
l
Chairman & General Manager:
Mr. Zhu Chunlin , senior engineer, born in 1960 with MBA Degree. He is currently
responsible for the overall management of SC.
Working Experience(s):
At present Working
in SC as chairman and general manager
Also working in Nantong Ningning Pharmaceutical
Trading Co., Ltd. and Nantong Pharmaceutical Co., Ltd. as legal representative
l
Vice General Manager:
Mr. Song Hao , born in 1965, with Master’s
Degree. He is currently responsible for the daily management of SC.
Working Experience(s):
At present Working
in SC as vice general manager.
*Officials:
=======
Name Title
Xu Yue Vice
general manager
Xiao Deming Director
Ji Zhengkun Supervisor
Zhu Xiaojing Supervisor
SC is mainly
engaged in manufacturing and selling different sorts of active pharmaceutical
ingredients.
SC’s products
mainly include intermediates, APIs, western medicine, Chinese traditional
medicine, and so on.
SC sources its materials 90% from domestic
market, and 10% from overseas market. SC sells 70% of its products in domestic
market, and 30% to overseas market, mainly Europe, Asia, etc.
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.
*Major Customers:
==============
K&M (Germany)
Apotex (Canada)
PT.CIPTA PRIMA
CHEMINDO (Indonesia)
Note: SC’s
management declined to release its supplier details.
SC is known to have the following subsidiaries:
Nantong
Ningning Pharmaceutical Trading Co., Ltd.
Nantong
Pharmaceutical Co., Ltd.
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.
SC’s management
declined to release its bank details.
Consolidated
Balance Sheet
Unit: CNY’000
|
|
as of Dec. 31, 2009 |
as of Dec. 31,
2010 |
|
Cash & bank |
57,087 |
401,797 |
|
Inventory |
33,195 |
50,618 |
|
Accounts
receivable |
30,624 |
31,776 |
|
Advances to
supplies |
2,159 |
28,440 |
|
Other
receivables |
851 |
337 |
|
Other current
assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current assets |
123,916 |
512,968 |
|
Fixed assets net
value |
80,371 |
77,620 |
|
Projects under
construction |
3,729 |
8,198 |
|
Long-term
investments |
0 |
0 |
|
Investment real
estate |
184 |
173 |
|
Intangible assets
|
10,182 |
9,740 |
|
other assets |
1,988 |
2,715 |
|
|
------------------ |
------------------ |
|
Total assets |
220,370 |
611,414 |
|
|
============= |
============= |
|
Short loans |
25,000 |
0 |
|
Accounts payable |
28,277 |
29,632 |
|
Other Accounts
payable |
11,878 |
13,236 |
|
Advances from
clients |
2,836 |
1,415 |
|
Taxes payable |
7,076 |
6,855 |
|
Accrued payroll |
3,839 |
6,878 |
|
Other current
liabilities |
711 |
393 |
|
|
----------------- |
----------------- |
|
Current liabilities |
79,617 |
58,409 |
|
Long term
liabilities |
3,643 |
8,555 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
83,260 |
66,964 |
|
Shareholders
equities |
137,110 |
544,450 |
|
|
------------------ |
------------------ |
|
Total liabilities
& equities |
220,370 |
611,414 |
|
|
============= |
============= |
Consolidated
Income Statement
Unit: CNY’000
|
|
as of Dec. 31,
2009 |
as of Dec. 31,
2010 |
|
Turnover |
259,387 |
274,320 |
|
Cost of goods
sold |
133,372 |
133,394 |
|
Taxes and
additional of main operation |
3,115 |
2,875 |
|
Sales expense |
49,781 |
50,910 |
|
Management expense |
32,733 |
37,145 |
|
Finance expense |
1,122 |
385 |
|
Operation Profit |
39,076 |
50,184 |
|
Less: profit tax |
6,276 |
7,545 |
|
Net profit |
32,800 |
42,639 |
Important Ratios
=============
|
|
as of Dec. 31,
2009 |
as of Dec. 31,
2010 |
|
*Current ratio |
1.56 |
8.78 |
|
*Quick ratio |
1.14 |
7.92 |
|
*Liabilities
to assets |
0.38 |
0.11 |
|
*Net profit
margin (%) |
12.65 |
15.54 |
|
*Return on
total assets (%) |
14.88 |
6.97 |
|
*Inventory
/Turnover ×365 |
47 days |
68 days |
|
*Accounts
receivable/Turnover ×365 |
44 days |
43 days |
|
*Turnover/Total
assets |
1.18 |
0.45 |
|
* Cost of goods
sold/Turnover |
0.51 |
0.49 |
PROFITABILITY: FAIRLY GOOD
The turnover of SC appears fairly good in its line, and it increasing in
2010.
l
SC’s net profit margin is good in both years.
SC’s return on total assets is good in 2009, and fairly good in 2010.
SC’s cost of goods sold is low, 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.
l
The accounts receivable of SC appears average.
l
SC has no short-term loan in 2010.
l
SC’s turnover is in a fair level in 2010, comparing
with the size of its total assets.
LEVERAGE: FAIRLY GOOD
l
The debt ratio of SC is low.
l
The risk for SC to go bankrupt is low.
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 2,000,000 appears to be within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.07 |
|
|
1 |
Rs.72.97 |
|
Euro |
1 |
Rs.63.57 |
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.