MIRA
INFORM REPORT
|
Report Date : |
16.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
WUXI CHANGJIANG CAPSULE CO., LTD. |
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Registered Office : |
Chengchang Industrial Development Zone, Huangtu Town,
Jiangyin, Jiangsu Province 214445 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
21.07.1992 |
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Com. Reg. No.: |
320281400004425 |
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Legal Form : |
Chinese-Foreign Equity Joint Venture
Enterprise |
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line of business
: |
Manufacturing and Selling hollow-hard capsule. |
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No. of Employees : |
130 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
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Payment Behaviour : |
Slow |
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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, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
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
sc’s INFO.:
================
WUXI CHANGJIANG CAPSULE CO., LTD.
CHENGCHANG INDUSTRIAL DEVELOPMENT ZONE
HUANGTU TOWN, JIANGYIN, JIANGSU PROVINCE 214445 PR CHINA
TEL: 86 (0) 510-86651688
FAX: 86 (0) 510-86651668
EXECUTIVE SUMMARY
Date of Registration : JULY 21, 1992
REGISTRATION NO. : 320281400004425
LEGAL FORM : CHINESE-FOREIGN
EQUITY JOINT VENTURE ENTERPRISE
CHIEF EXECUTIVE :
Lin Daquan (LEGAL REPRESENTATIVE)
REGISTERED CAPITAL : USD 6,500,000
staff :
130
BUSINESS CATEGORY : manufacturing
Revenue :
CNY 21,716,000 (AS OF DEC. 31,
2011)
EQUITIES :
CNY 4,638,000 (AS OF DEC. 31, 2011)
WEBSITE : www.wxcjjn.com
E-MAIL :
cjjn.jy@public1.wx.js.cn
PAYMENT :
AVERAGE
MARKET CONDITION : fair
FINANCIAL CONDITION : fair
OPERATIONAL TREND : FAIR
GENERAL REPUTATION : average
EXCHANGE RATE :
CNY 6.36 = USD
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 with State Administration of
Industry & Commerce (SAIC) under registration No.: 320281400004425 on July
21, 1992.
SC’s Organization Code Certificate No.:
60798303-1
SC’s Tax No. 320281607983031
SC’s Foreign Exchange Registration Certificate
No.: 320201010161
SC's Customs Registration No.: 3216930165
SC’s registered capital: USD 6,500,000
SC’s paid-in capital: USD 6,500,000 (CNY
37,173,500)
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
-- |
Legal Representative |
Chen Tongbin |
Chen Congwei |
|
Shareholder (s) (% of Shareholding) |
Jiangyin Huangtu Fifth Synthetic Chemical Factory 1% Taiwan Xinyuanfeng Enterprise Limited 99% |
Chen Congwei (Taiwan) 35% Lin Daquan (Taiwan) 25% Suzhou Sunny Pharmaceutical Machinery Co.,
Ltd. 20% Yushun Bio-tech Co., Ltd. (Literal
Translation) (Taiwan) 20% |
|
|
2011-12 |
Legal Representative |
Chen Congwei |
Lin Daquan |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Chen Congwei (Taiwan) |
35 |
|
Lin Daquan (Taiwan) |
25 |
|
Suzhou Sunny Pharmaceutical Machinery Co., Ltd. |
20 |
|
Yushun Bio-tech Co., Ltd. (Literal
Translation) (Taiwan) |
20 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman, and General Manager |
Lin Daquan |
|
|
Cai Huangben |
|
Zhou Hongyu |
|
|
Zhou Borong |
|
|
Supervisor |
Xu Xiaoyu |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Chen Congwei (Taiwan) 35
Lin Daquan (Taiwan) 25
Suzhou Sunny Pharmaceutical Machinery Co., Ltd. 20
Yushun Bio-tech Co., Ltd. (Literal Translation) (Taiwan) 20
Suzhou Sunny
Pharmaceutical Machinery Co., Ltd.
=========================================
Suzhou Sunny Pharmaceutical Machinery Co., Ltd. specializes in
researching, designing, manufacturing pharmaceutical equipments and providing
relevant services. Our company is member of China Association for
Pharmaceutical Equipment (CAPE).
The tablet printer, capsule printer which were invented & developed
by this company, have fully replaced the expensive same occident equipment in
China since 1995, good quality has enabled its products to be widely used in
Chinese and oversea pharmaceutical field. This company was appointed by State
Economic and Trade Commission (SETC) in year 2003 to make out "National
Industrial Standard of Capsules & Tablets Printing Machine". Its
tablet & capsule printer, and soft capsule printer win major part of
Chinese domestic market and also export a lot to foreign countries.
Add: Number 66-6, SULI Road, WuZhong, Suzhou, Jiangsu, China
Tel: 86 (0) 512-65323272/65514240
Fax: 86 (0) 512-65323274/66870605
P.C.: 215128
Website: www.xnprinter.com
E-mail: xwf@xnprinter.com
MANAGEMENT
Lin Daquan, Legal
Representative, Chairman, and General Manager
----------------------------------------------------------------------------------------------------
Gender: M
Nationality: Taiwan
Qualification: University
Working experience (s):
From 2011 to present, working in SC as legal representative, chairman,
and general manager
Cai Huangben,
Director
------------------------------------------
Gender: M
Nationality: Taiwan
Zhou Hongyu,
Director
------------------------------------------
Gender: M
ID# 320504196809141014
Age: 44
Zhou Borong,
Director
------------------------------------------
Gender: M
ID# 320219195310010051
Age: 59
Xu Xiaoyu,
Supervisor
------------------------------------------
Gender: F
ID# 320219197103060020
Age: 41
BUSINESS OPERATION
SC’s registered business scope includes manufacturing hollow-hard
capsule.
SC is mainly engaged in manufacturing and selling hollow-hard capsule.
Brand: CHANGJIANG
SC’s products mainly include: hollow-hard capsule.
SC sources its materials 100% from domestic market. SC sells 97% of its
products in domestic market, and 3% to overseas market, mainly Hong Kong.
The import &
export status of SC in 2010 is as follows,
|
Country |
Amount of Exports (USD) |
Amount of Imports (USD) |
|
Hong Kong |
115,000 |
-- |
|
|
------------------- |
------------------- |
|
Total Amount |
115,000 |
-- |
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.
Staff &
Office:
--------------------------
SC is known to have approx. 130 staff at present.
SC rents an area as its operating office & factory of approx. 23,947
sq. meters at the heading address.
RELATED COMPANY
SC is not known to have any subsidiary at present.
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
Basic Bank:
Bank of Communications Jiangyin Binjiang Sub-branch
AC#: 393000684010123000682
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
|
886 |
389 |
156 |
|
|
Notes receivable |
0 |
0 |
0 |
|
Accounts receivable |
7,007 |
6,805 |
8,344 |
|
Advances to suppliers |
1,148 |
868 |
847 |
|
Other receivable |
14,232 |
10,544 |
714 |
|
Inventory |
3,068 |
2,742 |
2,503 |
|
Other current assets |
0 |
0 |
0 |
|
|
------------------ |
------------------ |
------------------ |
|
Current assets |
26,341 |
21,348 |
12,564 |
|
Fixed assets |
16,680 |
14,284 |
12,582 |
|
Construction in progress |
0 |
0 |
0 |
|
Project goods and material |
0 |
0 |
0 |
|
Intangible assets |
803 |
745 |
688 |
|
Long term investment |
0 |
0 |
0 |
|
Deferred income tax assets |
354 |
41 |
0 |
|
Long-term deferred expense |
0 |
0 |
0 |
|
Other non-current assets |
0 |
0 |
0 |
|
|
------------------ |
------------------ |
------------------ |
|
Total assets |
44,178 |
36,418 |
25,834 |
|
|
============= |
============= |
============= |
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Short-term loans |
12,300 |
12,000 |
12,000 |
|
Notes payable |
0 |
0 |
0 |
|
Accounts payable |
7,968 |
6,986 |
6,831 |
|
Wages payable |
0 |
0 |
0 |
|
Advances from clients |
226 |
213 |
30 |
|
Taxes payable |
200 |
80 |
30 |
|
Dividend payable |
0 |
0 |
0 |
|
Other payable |
13,734 |
9,634 |
2,305 |
|
Long term liabilities due within one year |
0 |
0 |
0 |
|
Other current liabilities |
0 |
0 |
0 |
|
|
------------------ |
------------------ |
------------------ |
|
Current liabilities |
34,428 |
28,913 |
21,196 |
|
Non-current liabilities |
0 |
0 |
0 |
|
|
------------------ |
------------------ |
------------------ |
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Total liabilities |
34,428 |
28,913 |
21,196 |
|
Equities |
9,750 |
7,505 |
4,638 |
|
|
------------------ |
------------------ |
------------------ |
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Total liabilities & equities |
44,178 |
36,418 |
25,834 |
|
|
============= |
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
|
Revenue |
18,091 |
22,933 |
21,716 |
|
Cost of sales |
16,674 |
18,832 |
18,913 |
|
Sales expense |
1,874 |
2,111 |
2,210 |
|
Management expense |
3,787 |
3,151 |
3,261 |
|
Finance expense |
959 |
711 |
908 |
|
Profit before tax |
-5,198 |
-2,244 |
-2,856 |
|
Less: profit tax |
0 |
0 |
0 |
|
-5,198 |
-2,244 |
-2,856 |
Important Ratios
=============
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
|
*Current ratio |
0.77 |
0.74 |
0.59 |
|
*Quick ratio |
0.68 |
0.64 |
0.47 |
|
*Liabilities to assets |
0.78 |
0.79 |
0.82 |
|
*Net profit margin (%) |
-28.73 |
-9.79 |
-13.15 |
|
*Return on total assets (%) |
-11.77 |
-6.16 |
-11.06 |
|
*Inventory / Revenue ×365 |
62 days |
44 days |
43 days |
|
*Accounts receivable/ Revenue ×365 |
142 days |
109 days |
141 days |
|
* Revenue/Total assets |
0.41 |
0.63 |
0.84 |
|
* Cost of sales / Revenue |
0.92 |
0.82 |
0.87 |
FINANCIAL COMMENTS
PROFITABILITY:
FAIR
The revenue of SC appears average.
SC’s net profit margin is poor in three years.
SC’s return on total assets is poor in 2009 and 2011, fair in 2010.
SC’s cost of goods sold is average, comparing with its revenue.
LIQUIDITY: FAIR
The current ratio of SC is maintained in a fair level in three years.
SC’s quick ratio is maintained in a fair level in three years.
The inventory of SC is maintained in an average level.
The accounts receivable of SC appears slightly large.
The short-term loans of SC appear too large.
SC’s revenue is in a fair level, comparing with the size of its total
assets.
LEVERAGE: AVERAGE
The debt ratio of SC is average in three years.
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fair.
CONCLUSIONS
SC is considered medium-sized in its line with fair financial
conditions. Too large amount of short-term loans may be a threat to SC’s
financial condition
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.64 |
|
UK Pound |
1 |
Rs.87.31 |
|
Euro |
1 |
Rs.68.81 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.