MIRA INFORM REPORT
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Report Date : |
23.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
NINGBO RENJIAN PHARMACEUTICAL GROUP CO., LTD.
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Registered Office : |
No. 555, Changchi Road, Cixi, Ningbo, Zhejiang Province,
315300 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
12.12.1991 |
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Com. Reg. No.: |
330200400021817 |
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Legal Form : |
Chinese-Foreign Equity Joint Venture Enterprise |
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Line of Business : |
Researching,
Developing, Manufacturing and Selling Biochemical Drugs, Synthetic
Pharmaceutical Intermediates, Apis and Preparations |
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 1,000,000 |
|
Status : |
Satisfactory |
|
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) |
|
China |
a2 |
a2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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
NINGBO RENJIAN
PHARMACEUTICAL GROUP CO., LTD.
NO. 555, CHANGCHI ROAD, CIXI, NINGBO, ZHEJIANG PROVINCE,
315300 PR CHINA
TEL: 86 (0) 574-63976073 FAX:
86 (0)574-63976066
EXECUTIVE SUMMARY
INCORPORATION DATE :
DEC. 12, 1991
REGISTRATION NO. :
330200400021817
REGISTERED LEGAL FORM : CHINESE-FOREIGN EQUITY JOINT VENTURE
ENTERPRISE
CHIEF EXECUTIVE :
MR. CEN YAOYUN (CHAIRMAN)
STAFF STRENGTH :
190
REGISTERED CAPITAL :
CNY 60,590,000
BUSINESS LINE :
R&D, MANUFACTURE
TURNOVER :
CNY 158,580,000 (AS OF DEC. 31,
2010)
EQUITIES :
CNY 188,750,000 (AS OF DEC. 31, 2010)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE :
UP TO USD 1,000,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION :
FAIRLY GOOD
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY
6.39 = 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
Note: The given name (Ningbo Renjian Pharmaceutical Co.,
Ltd.) was SC’s former name.
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 Dec. 12, 1991.
Company Status:
Chinese-Foreign Equity Joint Venture 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
freezing - drying powder for injection (including hormone), low capacity of
injection, bulk drugs (chorionic gonadotrophin, menotropins, lipo-hepinette,
posterior pituitary powder, oxytocin buld solution, chymocotrypsin, pamidronate
disodium) (with permit if needed).
SC is
mainly engaged in researching, developing, manufacturing and selling
biochemical drugs, synthetic pharmaceutical intermediates, APIs and
preparations.
Mr.
Cen Yaoyun is legal representative and
chairman of SC at present.
SC is known to have approx. 190 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
Cixi. Our checks revealed that SC owns the total premise with about 39,000
square meters.
http://www.rjpharm.com/
The
design is professional and the content is well organized. At present it is both
in Chinese and English versions.
E-Mail: info@rjpharm.com
Changes
of its registered information are as follows:
|
Date of change |
Item |
Before the change |
After the change |
|
Unknown |
Company name |
Ningbo Renjian
Pharmaceutical Co., Ltd. |
The present one |
SC has received many awards such as “Top Export Enterprises
of Ningbo”, “Technology Advancement Enterprises of Cixi”, “Model Enterprises
for Science and Technology Innovation of Cixi”, “High Technology and New
Technology enterprises of Cixi”, “High Technology and New Technology
Enterprises of Zhejiang Province
MAIN
SHAREHOLDERS:
Name % of Shareholding
Maxgrowth
International Development Limited (Hong Kong) 25
Cen Yaoyun 30
Cen Jian 45
Maxgrowth
International Development Limited (Hong Kong)
============================================
CR No. : 1079806
Registered Legal Form: Private
l
Legal representative and
chairman:
Mr. Cen Yaoyun, in his
Working Experience(s):
At present Working in SC as chairman and legal representative.
l
General manager:
Mr. Cen Jian, in his
Working Experience(s):
At present Working in SC as general manager.
SC is
mainly engaged in researching, developing, manufacturing and selling
biochemical drugs, synthetic pharmaceutical intermediates, APIs and
preparations.
SC’s products mainly include: Pharmaceutical Product, Bulk
Drug, Intermediates, etc.
SC sources its materials 95% from domestic market and 5%
from the overseas market. SC sells 40% of its products to overseas market and 60% in domestic
market.
The buying terms of SC include Check, L/C, 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.
*Major Supplier
============
Ningbo Petroleum Chemicals Imp. & Exp. Co., Ltd.
*Major Customer
=============
Ningbo Technical Co., Ltd.
Ningbo Second Hormone Factory
SC is known to invest in the following companies:
====================================
Ningbo Renjian Pharmaceutical Chemical Co., Ltd.
Ningbo Jianwei Pharmaceutical Co., Ltd.
Cixi Renjian Biochemical Materials 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’s supplier
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.
Note: SC’s
supplier declined to make any comments, so trade reference is not available.
Shenzhen
Development Bank
AC#: 11003931237601
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
|
|
as
of Dec. 31, 2010 |
as
of Dec. 31, 2009 |
|
Cash
& bank |
45,490 |
15,690 |
|
Bills
receivable |
2,600 |
3,590 |
|
Accounts
receivable |
40,740 |
14,690 |
|
Other
receivables |
22,540 |
45,690 |
|
Advances to
suppliers |
4,880 |
2,630 |
|
Inventory |
6,150 |
12,760 |
|
Prepaid expenses |
0 |
0 |
|
Other
current assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current
assets |
122,400 |
95,050 |
|
Fixed
assets net value |
45,340 |
41,510 |
|
Projects
under construction |
0 |
0 |
|
Long
term investment |
111,320 |
74,830 |
|
Intangible
assets and ther assets |
29,250 |
29,890 |
|
|
------------------ |
------------------ |
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Total
assets |
308,310 |
241,280 |
|
|
============= |
============= |
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Short
loans |
26,620 |
13,340 |
|
Bills
payable |
54,360 |
17,280 |
|
Accounts
payable |
12,240 |
8,500 |
|
Welfare
payable |
0 |
0 |
|
Advances from
clients |
110 |
600 |
|
Accrued
payroll |
500 |
430 |
|
Tax
payable |
530 |
80 |
|
Other
payable |
14,720 |
1,950 |
|
Profits
payable |
10,480 |
0 |
|
Other
current liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
119,560 |
42,180 |
|
Long
term liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
119,560 |
42,180 |
|
Equities |
188,750 |
199,100 |
|
|
------------------ |
------------------ |
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Total
liabilities & equities |
308,310 |
241,280 |
|
|
============= |
============= |
Income Statement
Unit: CNY’000
|
|
as of Dec. 31,
2010 |
as of Dec. 31,
2009 |
|
Turnover |
158,580 |
96,740 |
|
Cost of goods sold |
125,670 |
78,890 |
|
Sales expense |
470 |
490 |
|
Management expense |
14,400 |
10,350 |
|
Finance expense |
1,850 |
100 |
|
Investment
income |
19,550 |
/ |
|
Profit before
tax |
37,230 |
16,820 |
|
Less: profit tax |
2,290 |
990 |
|
Profits |
34,940 |
15,830 |
Important Ratios
=============
|
|
as
of Dec. 31, 2010 |
as
of Dec. 31, 2009 |
|
*Current ratio |
1.02 |
2.25 |
|
*Quick ratio |
0.97 |
1.95 |
|
*Liabilities
to assets |
0.39 |
0.17 |
|
*Net profit
margin (%) |
22.03 |
16.36 |
|
*Return on
total assets (%) |
11.33 |
6.56 |
|
*Inventory
/Turnover ×365 |
15 days |
49 days |
|
*Accounts receivable/Turnover
×365 |
94 days |
56 days |
|
*Turnover/Total
assets |
0.51 |
0.40 |
|
* Cost of
goods sold/Turnover |
0.79 |
0.82 |
PROFITABILITY:
FAIRLY GOOD
l
The turnover of SC appears average in
2009, and fairly good in 2010.
l
SC’s net profit margin is good in both
2 years.
l
SC’s return on total assets is fairly
good in both 2 years.
l
SC’s cost of goods sold is average in
both 2 years, comparing with its turnover.
LIQUIDITY:
AVERAGE
l
The current ratio of SC is maintained
in a fairly good level in 2009, and normal in 2010.
l
SC’s quick ratio is maintained in a
fairly good level in 2009, and normal in 2010.
l
The inventory of SC appears average in
both 2 years.
l
The accounts receivable of SC appears
average in both 2 years.
l
SC’s short-term loan is average in both
2 years.
l
SC’s turnover is in a fair level in
both 2 years, comparing with the size of its total assets.
LEVERAGE:
FAIRLY GOOD
l
The debt ratio of SC is low in both 2
years.
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 1,000,000 would appear to be
within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.46.13 |
|
UK Pound |
1 |
Rs.74.18 |
|
Euro |
1 |
Rs.64.88 |
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.