MIRA
INFORM REPORT
|
Report Date : |
14.10.2011 |
IDENTIFICATION DETAILS
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Name : |
ZHEJIANG CHIRAL MEDICINE CHEMICALS CO., LTD. |
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Registered Office : |
No. 288 Shixin South Road, Xiaoshan District, Hangzhou
Zhejiang Province 311200 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
16.07.2001 |
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Com. Reg. No.: |
330100400007817 |
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Legal Form : |
Wholly Foreign-Owned Enterprise |
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Line of Business : |
Researching, developing and manufacturing pharmaceutical intermediates, bulk drugs (Etodolac, Gabapentin); selling its owned products. |
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 300,000 |
|
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 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
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
ZHEJIANG CHIRAL MEDICINE CHEMICALS CO., LTD.
NO. 288 SHIXIN SOUTH ROAD, XIAOSHAN DISTRICT, HANGZHOU
ZHEJIANG PROVINCE 311200 PR CHINA
TEL: 86 (0) 571-82621151
FAX: 86 (0) 571-82654686
EXECUTIVE SUMMARY
Date of Registration : july 16, 2001
REGISTRATION NO. : 330100400007817
LEGAL FORM : Wholly foreign-owned enterprise
REGISTERED CAPITAL : usd 2,480,000
staff :
190
BUSINESS CATEGORY : manufacturing
Revenue :
CNY 95,468,000 (AS OF DEC. 31,
2010)
EQUITIES :
CNY 43,916,000 (AS OF DEC. 31, 2010)
WEBSITE : www.chiralchem.com
E-MAIL :
sales@chiralchem.com
PAYMENT :
AVERAGE
Recommended Credit Limit: UP TO USD 300,000
(PERIODICAL REVIEW)
MARKET CONDITION : average
FINANCIAL CONDITION : stable
OPERATIONAL TREND : fairly STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.38 = USD 1
Adopted abbreviations (as follows)
SC - Subject Company
(the company inquired by you)
N/A – Not available
CNY – China Yuan Ren
Min Bi
OPERATIONAL TREND & GENERAL
REPUTATION
This section aims at indicating the relative positions of SC in respect
of its operational trend & general reputation
Operational Trend:- General
Reputation:-
Upward Excellent
Steady Good
Fairly Steady Fairly
Good
Ordinary Average
Fair Fair
Stagnant Detrimental
Downward Not
known
Not known Not
yet be determined
Not yet be determined
LEGAL STATUS & HISTORY
SC was established
as a Chinese-foreign equity joint venture enterprise of PRC on July 16, 2001.
However, SC changed to present legal form, and was registered as a wholly
foreign-owned enterprise of PRC with State Administration for Industry &
Commerce (SAIC) under registration No.: 330100400007817 in 2009.
SC’s Organization Code Certificate No.:
72278479-1
SC’s Tax No.: 330181722784791
SC’s Registration No.: 3316930452
SC’s registered capital: usd 2,480,000
SC’s paid-in capital: usd 2,480,000 (CNY 20,348,076.25)
Registration Change Record:
|
Date |
Change of Contents |
Before the change |
After the change |
|
2005 |
Legal Representative |
Fan Weirong |
Zhang Bin |
|
Registered Capital |
USD 1,580,000 |
USD 2,480,000 |
|
|
2009 |
Legal Form |
Chinese-foreign
equity joint venture enterprise |
Wholly
foreign-owned enterprise |
|
Registration No. |
003836 |
330100400007817 |
|
|
Legal Representative |
Zhang Bin |
Fan Weirong |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
China Medicinal & Chemical Industrial Development
Group Limited (Hong Kong) |
100 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman, and
General Manager |
Fan Weirong |
|
Director |
Liu Tianchun |
|
Hu Peixing |
|
|
Supervisor |
Song Guozhu |
RECENT DEVELOPMENT
Honor:
---------
Gabapentin, received Canada DMF registration number: 2006
Gabapentin, received DMF registration number: 20826 of FDA in 2007
Gabapentin, received GMP certificate No. ZK
Gabapentin, received TGA GMP certificate No. MI-2008-CE-00293
Gabapentin, received Singapore DMF registration number: [015:257] in
2011
Gabapentin, received Gabapentin Korea FDA GMP Certification:
Etc.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
China Medicinal & Chemical Industrial
Development Group Limited (Hong Kong) 100
===============================
Date of Registration: July 15, 2005
Registration No.: 0983576
Legal Form: Private
Status: Live
MANAGEMENT
Fan Weirong, Legal
Representative, Chairman and General Manager
-----------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 49
Ø
ID# 330106196211220052
Ø
Qualification:
University
Ø
Working
experience (s):
At
present, working in SC as legal representative, chairman and general manager
Also
working in Hangzhou Chiral Fine Chemical Co., Ltd. as legal representative and
chairman
Director
-----------
Liu Tianchun ID# 330106196009230011
Hu Peixing ID#
330121195710200055
Supervisor
---------------
Song Guozhu ID#
330121196107144516
BUSINESS OPERATION
SC’s registered business scope includes researching,
developing and manufacturing pharmaceutical intermediates, bulk drugs (Etodolac,
Gabapentin); selling its owned products.
SC is mainly
engaged in manufacturing and selling pharmaceutical intermediates, bulk drugs.
SC’s products
mainly include:
Methyldopa (CEP DMF)
Etodolac (DMF)
Gabapentin
(TGA GMP DMF KFDA-GMP)
Carbidopa
(CEP DMF)
Levodopa
DL-Methyldopa
Dimethoxy
Methyldopa hydrochloride (DMMD)
7-Ethyl
tryptophol
Etodolac
methyl ester
3,3-Pentamethylene-4-butyrolactam
(CDI)
(s)-2-(aminocarbonyl)-amino-3-(3,
4-dimethoxyphenyl)-2-methylpropanoic acid
(s)-2-hydrazino-3,
4-dimethoxy-2-methyl benzene propanoic acid monohydrate
2,5-Dimethoxy
benzaldehyde
Tetra
Methoxy Bromo Toluene
SC sources its materials 100% from domestic
market, mainly Zhejiang. SC sells 64% of its products in domestic market, and
36% to overseas market, mainly India, etc.
The
import & export status of SC in 2010 is as follows,
|
Country |
Amount of
Exports (USD) |
Amount of Imports (USD) |
|
India |
5,084,372.6 |
-- |
|
|
------------------- |
------------------- |
|
Total Amount |
5,084,372.6 |
-- |
The buying terms
of SC include T/T and Credit of 30-60 days. The payment terms of SC include
T/T, L/C and Credit of 30-60 days.
Staff & Office:
--------------------------
SC is known
to have approx. 190 staff at
present.
SC owns an area as
its operating office & factory of approx. 15,000 sq. meters at the heading
address.
RELATED COMPANY
n
Hangzhou Chiral Fine Chemical Co., Ltd.
------------------------------------------------------
Date of Registration: December 4, 1998
Registration No.: 3301812410485
Legal Form: Limited Liabilities
Company
Registered Capital: CNY 500,000
PAYMENT
Overall payment appraisal:
( ) Excellent ( ) Good (X) Average ( ) Fair ( ) Poor ( ) Not yet be 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.
BANKING
Shanghai Pudong Development Bank Hangzhou Branch Xiaoshan Sub-branch
AC#95041319683
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
6,395 |
10,887 |
|
|
Accounts
receivable |
11,067 |
13,080 |
|
Advances to
suppliers |
31 |
363 |
|
Other receivable |
312 |
3,289 |
|
Inventory |
23,309 |
29,143 |
|
Non-current
assets within one year |
0 |
0 |
|
Other current
assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current assets |
41,114 |
56,762 |
|
Fixed assets |
30,047 |
30,860 |
|
Construction in
progress |
0 |
2,194 |
|
Intangible
assets |
2,863 |
2,809 |
|
Long-term
prepaid expenses |
0 |
0 |
|
Deferred income
tax assets |
0 |
0 |
|
Other
non-current assets |
0 |
0 |
|
|
------------------ |
------------------ |
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Total assets |
74,024 |
92,625 |
|
|
============= |
============= |
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Short-term loans |
34,000 |
33,000 |
|
Notes payable |
0 |
2,000 |
|
Accounts payable |
4,152 |
8,169 |
|
Tax payable |
-718 |
-39 |
|
Advances from
clients |
0 |
0 |
|
Other payable |
169 |
5,291 |
|
Other current
liabilities |
17 |
288 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
37,620 |
48,709 |
|
Non-current
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
37,620 |
48,709 |
|
Equities |
36,404 |
43,916 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
74,024 |
92,625 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2009 |
As of Dec. 31,
2010 |
|
Revenue |
78,448 |
95,468 |
|
Cost of sales |
67,289 |
74,769 |
|
Sales expense |
2,948 |
1,477 |
|
Management expense |
8,500 |
8,318 |
|
Finance expense |
1,822 |
2,149 |
|
Profit before
tax |
448 |
8,774 |
|
Less: profit tax |
66 |
1,327 |
|
382 |
7,447 |
Important Ratios
=============
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
*Current ratio |
1.09 |
1.17 |
|
*Quick ratio |
0.47 |
0.57 |
|
*Liabilities
to assets |
0.51 |
0.53 |
|
*Net profit
margin (%) |
0.49 |
7.80 |
|
*Return on
total assets (%) |
0.52 |
8.04 |
|
*Inventory /
Revenue ×365 |
109 days |
112 days |
|
*Accounts receivable/
Revenue ×365 |
52 days |
51 days |
|
*
Revenue/Total assets |
1.06 |
1.03 |
|
* Cost of
sales / Revenue |
0.86 |
0.78 |
FINANCIAL COMMENTS
PROFITABILITY:
FAIRLY GOOD
l
The revenue of SC appears average, and it was
rising in 2010.
l
SC’s net profit margin is average in 2009 and
fairly good in 2010.
l
SC’s return on total assets is average in 2009 and
fairly good in 2010.
l
SC’s cost of goods sold is average, comparing with
its revenue.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a normal
level in both years.
l
SC’s quick ratio is maintained in a fair level in
both years.
l
The inventory of SC appears fairly large.
l
The accounts receivable of SC is maintained in an
average level.
l
The short-term loans of SC appear fairly large.
l
SC’s revenue is in an average level, comparing with
the size of its total assets.
LEVERAGE: AVERAGE
l
The debt ratio of SC is average in both years.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Stable.
CONCLUSIONS
SC is considered medium-sized in its line with stable financial
conditions. The fairly large amount of inventory and short-term loans may be a
threat to SC’s financial condition. A credit line up to USD 300,000 is recommended
upon a periodical review basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.02 |
|
|
1 |
Rs.77.13 |
|
Euro |
1 |
Rs.67.55 |
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.