MIRA INFORM REPORT
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Report Date : |
10.10.2011 |
IDENTIFICATION DETAILS
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Name : |
SHINEWAY PHARMACEUTICAL CO., LTD |
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Registered Office : |
Chengnankou, Luancheng County, Shijiazhuang City, Hebei Province, 051430 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
30.12.2003 |
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Com. Reg. No.: |
130000400001047 |
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Legal Form : |
Wholly Foreign-Owned Enterprise |
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Line of Business : |
Manufacturing
and Selling Pharmaceutical
Products |
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 6,000,000 |
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Status : |
Satisfactory |
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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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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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
shineway pharmaceutical co., ltd.
CHENGNANKOU, LUANCHENG
COUNTY, SHIJIAZHUANG CITY,
HEBEI PROVINCE,
051430 PR CHINA
TEL: 86 (0)
311-88030066/88036299 FAX: 86 (0)
311-88030088
EXECUTIVE SUMMARY
INCORPORATION DATE : DEC. 30, 2003
REGISTRATION NO. : 130000400001047
REGISTERED LEGAL FORM : WHOLLY FOREIGN-OWNED
enterprise
STAFF STRENGTH :
3,000
REGISTERED CAPITAL : USD 57,600,000
BUSINESS LINE : MANUFACTURING
TURNOVER :
CNY 971,259,000
(AS OF DEC. 31, 2010)
EQUITIES :
CNY 1,203,471,000 (AS OF DEC. 31, 2010)
PAYMENT :
average
RECOMM. CREDIT RANGE : UP TO USD 6,000,000
MARKET CONDITION : competitive
FINANCIAL CONDITION : fairly good
OPERATIONAL TREND : steady
GENERAL REPUTATION : well-known
EXCHANGE RATE : CNY 6.38 =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 wholly foreign-owned enterprise at Hebei Provincial Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license) on Dec. 30, 2003.
Company Status: Wholly foreign-owned enterprise
This form of business in PR
China is defined as a legal person. It is a limited co. established within
the territories of PR China with capital provided totally by the foreign
investors. More than one foreign investor may jointly invest in a wholly
foreign-owned enterprise. The investing party/parties solely exercise
management, reap profit and bear risks and liabilities by themselves. This
form of companies usually have a limited duration is extendible upon
approval of Examination and Approval Authorities.
SC’s
registered business scope includes researching, developing, manufacturing and selling medicine and chemical medicine
preparation.
SC is
mainly engaged in manufacturing and selling pharmaceutical products.
Mr. Chen Zhong has
been the legal representative and chairman of SC since 2008.
SC is known to have approx. 3,000 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 Luancheng County. SC’s
accountant declined to release the detailed information of the premise.
http://www.shineway.com/cn/
The design is professional and the content is well organized. At present it is in
Chinese and English versions.
Email: international@shineway.com
Changes of its
registered information are as follows:
|
Date
of change |
Item |
Before
the change |
After
the change |
|
|
Legal representative |
Li Zhenjiang |
Chen Zhong |
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|
Registered capital |
USD 25,000,000 |
Present amount |
MAIN
SHAREHOLDERS:
Name %
of Shareholding
Yuanda International Co., Ltd. (in Chinese
Pinyin) (B.V.I.) 100
l
Legal representative, chairman and
general manager:
Mr. Chen Zhong, born in 1967, he is currently responsible for the
overall management of SC.
Working Experience(s):
From 2008 to present Working in SC as legal representative, chairman and general manager
SC is
mainly engaged in manufacturing and selling pharmaceutical products.
SC’s products
mainly include: Shen Mai injection, Qing Kai Ling injection and Wu Fu Xin Nao
Qing soft capsule, etc.
SC sources its materials 95% from domestic
market, and 5% from overseas market. SC sells 99% of its products in domestic
market and 1% to overseas market, mainly Southeast Asia.
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 refused to release its major suppliers and clients.
According
to the above website:
· Hebei Shineway Pharmaceutical Co., Ltd.
· Tibet Shineway Pharmaceutical Co., Ltd.
· Shineway Pharmaceutical (Hainan) Co., Ltd.
· Shineway Pharmaceutical (Sichuan) Co., Ltd.
· Shineway Pharmaceutical (Zhangjiakou) 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.
The bank
information is not found in local AIC.
Financial
Summary
Unit: CNY’000
|
|
as of Dec. 31,
2009 |
as of Dec. 31,
2010 |
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Long-term investment |
5,000 |
66,765 |
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------------------ |
------------------ |
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Total Liabilities |
207,948 |
237,045 |
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Shareholders equities |
901,250 |
1,203,471 |
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Total Assets |
1,109,198 |
1,440,516 |
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------------------ |
------------------ |
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Turnover |
786,403 |
971,259 |
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Profit before tax |
284,754 |
353,741 |
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Net profit |
242,860 |
302,245 |
Note: we did not find SC’s detailed
financial reports for Yr2009 & Yr2010.
Important
Ratios
=============
|
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as of Dec. 31,
2009 |
as of Dec. 31,
2010 |
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*Liabilities
to assets |
0.19 |
0.16 |
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*Net profit
margin (%) |
30.88 |
31.12 |
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*Return on
total assets (%) |
21.90 |
20.98 |
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*Turnover/Total
assets |
0.71 |
0.67 |
PROFITABILITY:
GOOD
l
The turnover of SC appears fairly good in its line,
and it increased in 2010.
l
SC’s net profit margin is good.
l
SC’s return on total assets is good.
l
SC’s turnover is in a fair level, 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 well-known in its line with fairly good financial
conditions. A credit line up to USD 6,000,000 would
appear to be within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.14 |
|
UK Pound |
1 |
Rs.75.97 |
|
Euro |
1 |
Rs.65.99 |
RATING EXPLANATIONS
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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 |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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.