MIRA INFORM
REPORT
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Report Date : |
14.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
HUNAN YUXIN
PHARMACEUTICAL CO., LTD. |
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Registered Office : |
Longxutang, Shuangqing District, |
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Country : |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
26.03.2002 |
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Com. Reg. No.: |
430500000005686 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Manufacturing and selling pharmaceutical products. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
usd 400,000 |
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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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
China |
a2 |
a2 |
|
Risk Category |
ECGC
Classification |
|
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 and address
HUNAN YUXIN PHARMACEUTICAL
CO., LTD.
Longxutang,
shuangqing district, shaoyang,
TEL: 86 (0)
739-5271168 FAX: 86 (0) 739-5270211
EXECUTIVE SUMMARY
INCORPORATION DATE : MAR.
26, 2002
REGISTRATION NO. : 430500000005686
REGISTERED LEGAL FORM : Limited liabilities co.
STAFF STRENGTH :
200
REGISTERED CAPITAL : CNY 21,400,000
BUSINESS LINE : manufacturing &
Trading
TURNOVER :
CNY 249,960,000 (UNAUDITED, AS OF
DEC. 31, 2010)
EQUITIES :
CNY 75,420,000 (UNAUDITED, AS OF DEC. 31, 2010)
PAYMENT :
AVERAGE
RECOMM.
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.57 = USD1
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 limited liabilities co. at local
Administration for Industry & Commerce (AIC - The official body of issuing
and renewing business license) on Mar. 26, 2002.
Company Status: Limited Liabilities Co. This form of business in PR
China is defined as a legal person. No more than fifty shareholders
contribute its registered capital jointly. Shareholders bear limited
liability to the extent of shareholding, and the co. is liable for its
debts only to extent of its total assets. The characteristics of this form
of co. are as follows: Upon the establishment of the
co., an investment certificate is issued to the each of shareholders. The board of directors is
comprised of three to thirteen members. The minimum registered capital
for a co. is CNY 30,000. Shareholders may take their
capital contributions in cash or by means of tangible assets or intangible
assets such as industrial property and non-patented technology. Cash contributed by all
shareholders must account for at least 30% of the registered capital. Existing shareholders have
pre-exemption right to purchase shares of the co. offered for sale by the
other shareholders and to subscribe for the newly increased registered
capital of the co.
SC’s registered business
scope includes bulk pharmaceutical chemicals, pharmaceutical chemical raw
material and chemical products (excluding hazardous chemicals); importing and
exporting commodities and technologies (excluding items limited and forbidden
by State); technology research, transfer and consultation on self-owned
products.
SC is mainly
engaged in manufacturing and selling pharmaceutical products.
Mr. Shen
Yuliang has been legal representative,
chairman and general manager of SC since 2002.
SC is known to have
approx. 200 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 Shaoyang. Our checks
reveal that SC owns the total premise about 10,000 square meters.
www.steroidchem.com
The design is professional and the content is well organized. At present the
web site is in both English and Chinese versions.
E-Mail: xiewenwu@steroidchem.net
Changes
of its registered information are as follows:
|
Date of change |
Item |
Before the change |
After the change |
|
|
Registered capital |
CNY 1,660,000 |
CNY 10,000,000 |
|
Shareholders (Shareholding) |
Shen Yuliang 78.01% He Huixian 21.99% |
Shen Yuliang 30.34% He Huixian 10.02% Hu Aiguo 15.04% Liu Xirong 12.02% Gan Hongxing 13.04% Xie Laibin 10.02% Xie Wenwu 9.52% |
|
|
|
Company name |
Shaoyang
Steroidchem Pharmaceutical Co., Ltd. |
Hunan
Steroidchem Pharmaceutical Co., Ltd. |
|
|
Registration No. |
4305002800530 |
The present one |
|
|
Shareholders (Shareholding) |
Shen Yuliang 30.34% He Huixian 10.02% Hu Aiguo 15.04% Liu Xirong 12.02% Gan Hongxing 13.04% Xie Laibin 10.02% Xie Wenwu 9.52% |
Shen Yuliang 40.36% Hu Aiguo 15.04% Liu Xirong 12.02% Gan Hongxing 13.04% Xie Laibin 10.02% Xie Wenwu 9.52% |
|
|
Shareholders (Shareholding) |
Shen Yuliang 40.36% Hu Aiguo 15.04% Liu Xirong 12.02% Gan Hongxing 13.04% Xie Laibin 10.02% Xie Wenwu 9.52% |
Shen Yuliang 40.36% Hu Aiguo 15.04% Liu Xirong 21.54% Gan Hongxing 13.04% Xie Laibin 10.02% |
|
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Company name |
Hunan Steroidchem Pharmaceutical Co., Ltd. |
The present one |
|
Registered
capital |
CNY 10,000,000 |
CNY 16,000,000 |
|
|
|
Registered
capital |
CNY 16,000,000 |
The present amount |
|
Shareholders (Shareholding) |
Shen Yuliang 40.36% Hu Aiguo 15.04% Liu Xirong 21.54% Gan Hongxing 13.04% Xie Laibin 10.02% |
Xiangjiang Industry Investment Co., Ltd.
20.23% Shen Yuliang 30.18% Hu Aiguo 11.25% Liu Xirong 16.10% Gan Hongxing 9.75% Xie Laibin 7.49% Li Shuilong 2% Cao Chunyu 0.4% Fu Jie 0.4% Li Jianguo 0.4% Jiang Qingfeng 0.4% Shu Zhijian 0.4% Shen Yujun 1% |
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|
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Shareholders (Shareholding) |
Xiangjiang Industry Investment Co., Ltd. 20.23% Shen Yuliang 30.18% Hu Aiguo 11.25% Liu Xirong 16.10% Gan Hongxing 9.75% Xie Laibin 7.49% Li Shuilong 2% Cao Chunyu 0.4% Fu Jie 0.4% Li Jianguo 0.4% Jiang Qingfeng 0.4% Shu Zhijian 0.4% Shen Yujun 1% |
Xiangjiang Industry Investment Co., Ltd. 20.23% Shen Yuliang 35.18% Hu Aiguo 11.25% Liu Xirong 11.10% Gan Hongxing 9.75% Xie Laibin 7.49% Li Shuilong 2% Cao Chunyu 0.4% Fu Jie 0.4% Li Jianguo 0.4% Jiang Qingfeng 0.4% Shu Zhijian 0.4% Shen Yujun 1% |
|
|
Shareholders (Shareholding) |
Xiangjiang Industry Investment Co., Ltd. 20.23% Shen Yuliang 35.18% Hu Aiguo 11.25% Liu Xirong 11.10% Gan Hongxing 9.75% Xie Laibin 7.49% Li Shuilong 2% Cao Chunyu 0.4% Fu Jie 0.4% Li Jianguo 0.4% Jiang Qingfeng 0.4% Shu Zhijian 0.4% Shen Yujun 1% |
The present ones |
MAIN SHAREHOLDERS:
Name %
of Shareholding
Xiangjiang Industry Investment Co., Ltd. 20.23
Shen Yuliang 46.28
Hu Aiguo 11.25
Gan Hongxing 9.75
Xie Laibin 7.49
Li Shuilong 2
Cao Chunyu 0.4
Fu Jie 0.4
Li Jianguo 0.4
Jiang Qingfeng 0.4
Shu Zhijian 0.4
Shen Yujun 1
Xiangjiang Industry Investment Co., Ltd.
=============================
Deregistration no.: 430000000061012
Legal representative: Cheng
l
Legal representative, Chairman and General manager:
Mr.
Working Experience(s):
From 2002 to present Working
in SC as legal representative, chairman and general manager;
Also working in Changsha Kaide Pharmaceutical
Chemical Co., Ltd. as legal representative.
SC is mainly engaged
in manufacturing and selling pharmaceutical products.
SC’s products
mainly include:
8DM, B11 acetate, DB11,
Diflorasone, Dutasteride, Estradiol,
Estrone, Estriolm, Ethisterone, Ethinylestradiol, Exemestane , Finasteride,
Flumethasone, Fluticasone propionate, Fluorometholone Acetate, Fluorogesterone
Acetate, Fluocinolone acetonide, Halobetasol Propionate, Hydrocortisone
acetate, Hydrocortisone Hemisuccinate, Hydrocortisone butyrate,
Medroxyprogesterone Acetate, Megestrol Acetate, Meprednisone, Nomegestrol
Acetate, Prednisolone Acetate 1, Prednisolone Sodium Phosphate, Triamcinolone
Acetonide, Triamcinolone diacetate, etc.
SC sources its materials 100% from domestic
market. SC sells 10% of its products in domestic market, and 90% to overseas
market, mainly
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’s management refused to release
information about its customers and suppliers.
Sales Department:
=============
Add: Room 2506 & 2057, 28/F, Xinwei Mingzuo Bldg., No. 460, Shaoshan
Rd. (N), Changsha, Hunan province
Tel:86(0)731－82762868/82762898
Fax: 86(0)731－85551702
Email:
info@steroidchem.com
Subsidiary:
=========
Changsha
Kaide Pharmaceutical Chemical Co., Ltd.
INCORPORATION DATE :
JUN. 4, 2007
REGISTRATION NO. :
430111000028106
REGISTERED LEGAL FORM : ONE-PERSON LIMITED LIABILITY COMPANY
CHIEF EXECUTIVE :
MR. SHEN YULIANG (CHAIRMAN)
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’s suppliers
declined to make any comments.
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.
Huarong Xiangjiang Bank Shaoyang Xinxing Sub-branch
AC#:
18647112010900019927
Industrial &
Commercial Bank of
AC#: N/A
Add:
Relationship:
Balance Sheet
|
Unit: CNY’000 |
as of Dec. 31,
2009 |
as of Dec. 31,
2010 (unaudited) |
|
Cash & bank |
6,900 |
23,380 |
|
Inventory |
26,160 |
52,930 |
|
Notes receivable |
60 |
0 |
|
Accounts
receivable |
42,260 |
53,440 |
|
Advances to
supplies |
2,470 |
2,080 |
|
Other
receivables |
4,300 |
88,900 |
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Subsidies
receivable |
0 |
0 |
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Prepaid expenses |
0 |
0 |
|
Other current
assets |
0 |
0 |
|
|
------------------ |
------------------ |
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Current assets |
82,150 |
220,730 |
|
Fixed assets net
value |
24,850 |
26,280 |
|
Projects under
construction |
550 |
0 |
|
Long-term
investments |
6,380 |
2,000 |
|
Long-term
deferred expenses |
70 |
20 |
|
Deferred tax
assets |
220 |
220 |
|
Intangible
assets |
16,160 |
14,760 |
|
Other assets |
0 |
0 |
|
|
------------------ |
------------------ |
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Total assets |
130,380 |
264,010 |
|
|
============= |
============= |
|
Short loans |
41,070 |
122,280 |
|
Accounts payable |
31,500 |
31,000 |
|
Advances from
customers |
680 |
660 |
|
Notes payable |
6,500 |
22,000 |
|
Accrued Wages |
870 |
0 |
|
Taxes payable |
790 |
720 |
|
Other Accounts
payable |
6,670 |
4,370 |
|
Other current
liabilities |
0 |
0 |
|
|
----------------- |
----------------- |
|
Current
liabilities |
88,080 |
181,030 |
|
Long term
liabilities |
6,000 |
6,000 |
|
Other long term
liabilities |
1,560 |
1,560 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
95,640 |
188,590 |
|
Shareholders
equities |
34,740 |
75,420 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
130,380 |
264,010 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
as of Dec. 31,
2010 (unaudited) |
|
Turnover |
249,960 |
|
Cost of goods sold |
215,250 |
|
Taxes and additional of main operation |
420 |
|
Sales expense |
4,510 |
|
Management expense |
14,180 |
|
Finance expense |
8,540 |
|
Investment income |
1,500 |
|
Non-operating
income |
2,480 |
|
Non-operating expense |
30 |
|
Profit before
tax |
11,010 |
|
Less: profit tax |
1,650 |
|
Profits |
9,360 |
Important Ratios
=============
|
|
as of Dec. 31,
2009 |
as of Dec. 31,
2010 |
|
*Current ratio |
0.93 |
1.22 |
|
*Quick ratio |
0.64 |
0.93 |
|
*Liabilities
to assets |
0.73 |
0.71 |
|
*Net profit
margin (%) |
/ |
3.74 |
|
*Return on
total assets (%) |
/ |
3.55 |
|
*Inventory
/Turnover ×365 |
/ |
78
days |
|
*Accounts
receivable/Turnover ×365 |
/ |
79
days |
|
*Turnover/Total
assets |
/ |
0.95 |
|
* Cost of
goods sold/Turnover |
/ |
0.86 |
PROFITABILITY:
FAIRLY GOOD
l
The turnover of SC appears fairly good in 2010.
l
SC’s net profit margin is average in 2010.
l
SC’s return on total assets is average in 2010.
l
SC’s cost of goods sold is average, comparing with
its turnover in 2010.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a fair
level in 2009 but in a normal level in 2010.
l
SC’s quick ratio is maintained in a fair level in
2009 but in a normal level in 2010.
l
The inventory of SC is average in 2009 but fairly
large in 2010.
l
The accounts receivable of SC is fairly large in
2009 and 2010.
l
The short term loan is large in 2009 and 2010.
l
SC’s turnover is in an average level in 2010,
comparing with the size of its total assets.
LEVERAGE: AVERAGE
l
The debt ratio of SC is average in 2009 and 2010.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly Stable.
SC is considered medium-sized in its line with fairly stable financial
conditions. The large amount of short term loans could be a threat to SC’s
financial conditions. A credit line up to USD 400,000
would appear to be within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.02 |
|
|
1 |
Rs.77.13 |
|
Euro |
1 |
Rs.67.56 |
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.