MIRA INFORM REPORT
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Report Date : |
11.12.2012 |
IDENTIFICATION DETAILS
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Name : |
ZHEJIANG JIUZHOU PHARMACEUTICAL CO., LTD. |
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Registered Office : |
No. 99 Waisha Road, Jiaojiang District, Taizhou, Zhejiang Province, 318000
Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
13.07.1998
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Com. Reg. No.: |
330000000014592 |
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Legal Form : |
Shares
Limited Co. |
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Line of Business : |
Manufacturing
and Selling Chemical Raw Materials |
RATING & COMMENTS
|
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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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) |
|
China |
a2 |
a2 |
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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 & address
zhejiang jiuzhou
pharmaceutical co., ltd.
no. 99 waisha road, jiaojiang district, taizhou,
zhejiang PROVINCE, 318000 PR CHINA
TEL: 86 (0) 576-88827517 FAX: 86 (0) 576-88828052
EXECUTIVE
SUMMARY
INCORPORATION
DATE : JULY 13, 1998
REGISTRATION
NO. : 330000000014592
REGISTERED
LEGAL FORM : SHARES LIMITED CO.
STAFF
STRENGTH : 1,500
REGISTERED
CAPITAL : CNY 74,200,000
BUSINESS
LINE :
MANUFACTURING
TURNOVER : CNY 900,818,000 (AS OF DEC. 31, 2010)
EQUITIES : CNY
297,304,000 (AS OF DEC. 31, 2010)
PAYMENT : AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRLY STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : WELL-KNOWN
EXCHANGE
RATE : CNY 6.435= 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
%2011-Dec-2012_files/image026.gif){kind=small}
SC was
registered as a Shares limited co.
at Zhejiang Provincial Administration for Industry & Commerce (AIC - The official
body of issuing and renewing business license) on July 13, 1998.
Company Status: Shares limited co. This
form of business in PR China is defined as
a legal person. Its registered capital is divided into shares of equal par
value and the co. raises capital by issuing share certificates by promotion
or by public offer. Shareholders bear limited liability to the extent of
shareholding, and the co. is liable for its debts only to the extent of its
total assets. The co has independent property of legal person and enjoys
property rights of legal person. The characteristics of
the shares limited co. are as follows: The establishment of the co.
requires at least two promoters and no more than 200, half of whom shall be
domiciled in The minimum registered capital
of a co. is CNY The
board of directors must consist of five to nineteen directors. If the co. raises
capital by public offer, the promoters must not subscribe less than 35% of
the total shares. the promoters’ shares are restricted to transfer- within
one year of the offer. A
state-owned enterprise that is restructured into a shares limited co. must comply with the conditions & requirements
specified under the law & administrative rule.
SC’s registered
business scope includes manufacturing and selling chemical raw materials,
pharmaceutical intermediates, chemical materials (excluding precursor chemicals and other dangerous
articles), mechanical equipment, instruments and meters; research and development
of medicine and chemical products, technical consulting services, importing and
exporting business.
SC is mainly engaged in
manufacturing and selling chemical raw materials.
Mr. Hua Xuande has been legal
representative and chairman and general manager of SC since 1998.
SC is
known to have approx. 1,500 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 Taizhou. Our checks reveal that SC owns the total premise about 200,000 square meters.
%2011-Dec-2012_files/image027.jpg)
%2011-Dec-2012_files/image028.gif){kind=small}
http://www.jiuzhoupharma.com/ The
design is professional and the content is well organized. At present it is both
in Chinese and English versions.
E-Mail: zboffice@zbjz.cn
%2011-Dec-2012_files/image029.gif){kind=small}
Honors:
================
2005: Inter-dimethoxy
pyrimidine sulfonamides (SDM) Sulfadimethoxine obtain a certificate of
registration Russia azine (SASP) to obtain the EU COS Certificate
The first
international cooperation project R & D project β-MAA
Process Optimization
System Industrial Virtual Reality Scientific and Technological Progress Award,
Zhejiang Province, won the first prize
2006: high-tech
enterprise of National Torch Key
Carbamazepine
Carbamazepine were an EU COS, the Japanese foreign factory certification
information
Gliclazide
Gliclazide an EU COS Certificate
TPV-5 were awarded
the third prize of Science and Technology, Zhejiang Province, Taizhou third
prize of Science and Technology Progress Award
2007: Carbamazepine
Carbamazepine, hydrochloric acid, Atomaxetine certified by the U.S. FDA
Gliclazide
Gliclazide-site inspection by EDMQ
By GB/T28001: 2001
Occupational health and safety management system specification standard
management system certification
LAC were awarded the
third prize of Science and Technology, Zhejiang Province, Taizhou third prize
of Science and Technology Progress Award
2008: olanzapine
benzoate and aripiprazole TGA of cGMP certified through the Australian
State Zolmitriptan
obtain drug registration approval document
Human Resources and Social
Security approved the establishment of post-doctoral research station
National high-tech
enterprises
2009: venlafaxine
hydrochloride in the quality of the Authority by the European Medicines (EDQM)
assessment, obtained COS certificate
Fixed bed catalytic
dehydrogenation of ammonia Asia Qi (ISB) Research and application of key
technologies won the Ministry of Education, Science and Technology Progress
Award
2010: Zhejiang
province Patent demonstration enterprise. Through again the National GMP Certification.
Etc.
SC has passed ISO 9001, ISO 9002 and SFDA'S (State Food and
Drug Administration) GMP Inspection.
|
Date of change |
Item |
Before the change |
After the change |
|
|
Shareholders |
Taizhou Yizhou Chemical Industry Co., Ltd.(1.89%),
Zhejiang Huangyan 9th Chemical Plant(3.77%), Taizhou Jiaojiang Siwei
Chemical Plant (1.89%), Hainan Qiongshan Wangda Trade Co., Ltd.5.66%),
Zhejiang Zhongbei Jiuzhou Group Limited (86.79%) |
Taizhou Yizhou Chemical Industry Co., Ltd.(1.89%),
Zhejiang Huangyan 9th Chemical Plant(3.77%), Taizhou Jiaojiang Siwei
Chemical Plant(1.89%), Hua Lirong(5.66%), Zhejiang Zhongbei Jiuzhou
Group Limited(86.79%) |
|
|
Shareholders (Shareholding) |
Taizhou Yizhou Chemical Industry Co., Ltd.
1.89%), Zhejiang Huangyan 9th Chemical Plant(3.77%), Taizhou Jiaojiang Siwei
Chemical Plant(1.89%), Hua Lirong(5.66%), Zhejiang Zhongbei Jiuzhou Group
Limited(86.79%) |
Taizhou Siwei Chemical Plant (1.89%), Zhejiang Yizhou Chemical
Industry Co., Ltd.(1.89%), Zhejiang Oma Pharmaceutical Co., Ltd.(3.77%),
Hua Lirong（(5.66%), Zhejiang Zhongbei
Jiuzhou Group Limited (86.79%) |
|
Registered
no. |
3300001001670 |
Present
one |
|
|
|
Registered
capital |
CNY
26,500,000 |
Present
amount |
|
Shareholders (Shareholding) |
Taizhou Siwei Chemical Plant
(1.89%), Zhejiang
Yizhou Chemical Industry Co., Ltd.（(1.89%), Zhejiang Oma Pharmaceutical
Co., Ltd.(3.77%), Hua Lirong(5.66%), Zhejiang Zhongbei Jiuzhou Group
Limited (86.79%) |
Present ones |
Tax Registration
Certificate No.: 331002704676703
Organization Code:
70467670-3
%2011-Dec-2012_files/image033.gif){kind=small}
MAIN SHAREHOLDERS:
Name %
of Shareholding
Zhejiang Zhongbei Jiuzhou Group Limited 88.11
Zhejiang Oma Pharmaceutical Co., Ltd. 3.77
Taizhou Siwei Investment Co., Ltd. 2.45
Hua Lirong 5.67
Zhejiang Zhongbei Jiuzhou Group Limited
===============================
Registration no.: 331002000035118
Registered capital: CNY 143,800,000
Legal representative: Hua Xuande
Add: No. 99 Waisha Road, Taizhou.
Tel: 0576-88827580
Zhejiang Oma Pharmaceutical Co., Ltd.
============================
Oma is a pharmaceutical & chemical enterprise specializing
in producing pharmaceutical intermediates and APIs, with self-support import
and export authority. Oma received ISO9001 Quality System Certification in
2000; and it became an ISO14000 approved company in 2005.
Add.: Xiayanggu, Huangyan, Taizhou City, Zhejiang Province,
China
Zip code: 318020
Tel: +86-576-84058058, 84058028, 84058168
Fax: +86-576-84058088
E-mail: sales@omapharm.com
Taizhou Siwei Investment Co., Ltd.
==========================
Add: No. 99 Waisha Road, Taizhou.
Tel: 0576-88827133
%2011-Dec-2012_files/image034.gif){kind=small}
l
Legal representative, Chairman and General manager:
Mr. Hua
Xuande ID# 332601194310303716, born in 1943 with university education. He is
currently responsible for the overall management of SC.
Working Experience(s):
From 1998 to present Working in SC as legal representative, chairman and general manager;
Also working in Zhejiang Zhongbei Jiuzhou Group Limited and Haining Sanlian Chemical Co., Ltd. as legal representative.
l Vice-general
manager:
Ms. Hua Lirong ID# 460021196806162629, born in 1968. She is
currently responsible for the daily management of SC.
Working Experience(s):
At present Working in SC as vice-general manager.
Also working in Zhejiang Zhongbei Chemical Co., Ltd.,
Zhejiang Zhongbei Jiuzhou Imp. & Exp. Co., Ltd. and Taizhou Siwei Chemical
Co., Ltd. as legal representative.
l Directors:
Hua Xiaohui
Li Wenze
Zhou Qilin
Etc.
%2011-Dec-2012_files/image035.gif){kind=small}
SC is mainly engaged in
manufacturing and selling chemical raw materials.
SC’s
products mainly include: API, intermediates, asymmetric catalyst and lithium
battery materials.
%2011-Dec-2012_files/image036.jpg)
SC
sources its materials 90% from domestic market and 10% 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.
Note: SC refused to release its
major clients and suppliers.
%2011-Dec-2012_files/image037.gif){kind=small}
SC is known to invest in the
following companies:
Zhejiang
Jiuzhou Pharmaceutical Science & Technology Co., Ltd.
Investment
Capital: CNY 5,000,000
Registration
number: 330000000045814
Haining
Sanlian Chemical Co., Ltd.
Investment
Capital: CNY 1,530,000
Registration
number: 330481000021311
Zhejiang
Zhongbei Chemical Co., Ltd.
Investment
Capital: CNY 20,000,000
Registration
number: 331002000007154
Zhejiang
Zhongbei Jiuzhou Imp. & Exp. Co., Ltd.
Investment
Capital: CNY 15,000,000
Registration
number: 331002000008180
Taizhou
Siwei Chemical Co., Ltd.
Investment
Capital: CNY 2,400,000
Registration
number: 331002000008309
Etc.
%2011-Dec-2012_files/image038.gif){kind=small}
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.
%2011-Dec-2012_files/image039.gif){kind=small}
Agriculture Bank of China
Taizhou Jiaojiang Sub-branch
AC#：910101040010576
Relationship: Normal.
%2011-Dec-2012_files/image040.gif){kind=small}
Balance Sheet
Unit: CNY’000
|
|
as of Dec. 31,
2009 |
as of Dec. 31,
2010 |
|
59,007 |
58,911 |
|
|
Trading financial assets |
0 |
1,807 |
|
Bills receivable |
6,732 |
1,827 |
|
Accounts receivable |
83,306 |
115,771 |
|
Other receivables |
1,685 |
4,631 |
|
Advances to suppliers |
11,798 |
24,693 |
|
Inventory |
128,877 |
157,310 |
|
Other current assets |
0 |
0 |
|
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------------------ |
------------------ |
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Current assets |
291,405 |
364,950 |
|
Fixed assets net value |
128,339 |
131,780 |
|
Projects under construction |
37,456 |
160,582 |
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Project materials |
12,907 |
19,876 |
|
Long term investment |
67,717 |
67,385 |
|
Intangible and other assets |
49,483 |
50,955 |
|
|
------------------ |
------------------ |
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Total assets |
587,307 |
795,528 |
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|
============= |
============= |
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Short loans |
162,793 |
186,554 |
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Bills payable |
73,300 |
84,000 |
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Accounts payable |
93,471 |
130,774 |
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Advances from clients |
2,585 |
10,076 |
|
Salaries payable |
11,158 |
13,629 |
|
Tax payable |
3,869 |
719 |
|
Interest payable |
259 |
337 |
|
Other payable |
7,409 |
6,864 |
|
Long-term liabilities due with
in one year |
16,000 |
10,000 |
|
Other current liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
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Current liabilities |
370,844 |
442,953 |
|
Long-term loans |
0 |
55,000 |
|
Other liabilities |
0 |
271 |
|
|
------------------ |
------------------ |
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Total liabilities |
370,844 |
498,224 |
|
Equities |
216,463 |
297,304 |
|
|
------------------ |
------------------ |
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Total liabilities &
equities |
587,307 |
795,528 |
|
|
============= |
============= |
Income Statement
Unit: CNY’000
|
|
as of Dec. 31, 2009 |
as of Dec. 31, 2010 |
|
Turnover |
647,366 |
900,818 |
|
Cost of goods sold |
493,997 |
686,991 |
|
Sales expense |
7,496 |
10,014 |
|
Management expense |
67,734 |
87,080 |
|
Finance expense |
9,995 |
10,206 |
|
Profit before tax |
68,536 |
106,316 |
|
Less: profit tax |
10,220 |
10,476 |
|
Profits |
58,316 |
95,840 |
Important Ratios
=============
|
|
as of Dec. 31, 2009 |
as of Dec. 31, 2010 |
|
*Current ratio |
0.79 |
0.82 |
|
*Quick ratio |
0.44 |
0.47 |
|
*Liabilities to assets |
0.63 |
0.63 |
|
*Net profit margin (%) |
9.01 |
10.64 |
|
*Return on total assets (%) |
9.93 |
12.05 |
|
*Inventory /Turnover ×365 |
73 days |
64 days |
|
*Accounts receivable/Turnover ×365 |
47 days |
47 days |
|
*Turnover/Total assets |
1.10 |
1.13 |
|
* Cost of goods sold/Turnover |
0.76 |
0.76 |
%2011-Dec-2012_files/image041.gif){kind=small}
PROFITABILITY: FAIRLY GOOD
l
The turnover of SC appears fairly good in its line, and it
increased in 2010.
l
SC’s net profit margin is fairly good in both years.
l
SC’s return on total assets is fairly good in both years.
l
SC’s cost of goods sold is low, comparing with its turnover in
both years.
LIQUIDITY: FAIR
l
The current ratio of SC is maintained in a fair level in both
years.
l
SC’s quick ratio is maintained in a fair level in both years.
l
The inventory conversion period
of SC appears long in both years.
l
The accounts receivable of SC appears average in both years.
l SC’s short-term loan is large in
both years.
l
SC’s turnover is in an average level, comparing with the size of
its total assets in both years.
LEVERAGE: AVERAGE
l
The debt ratio of SC is average.
l
The risk for SC to go bankrupt is average.
Overall financial condition of
the SC: Fairly Stable.
%2011-Dec-2012_files/image042.gif){kind=small}
SC is
considered large-sized in its line with fairly stable financial conditions. The
large amount of inventory and short loans could be a threat to SC’s financial
condition.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.34 |
|
UK Pound |
1 |
Rs.87.09 |
|
Euro |
1 |
Rs.70.13 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
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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.