MIRA INFORM REPORT
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Report Date : |
17.12.2012 |
IDENTIFICATION DETAILS
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Name : |
HUNAN YUXIN PHARMACEUTICAL CO., LTD. |
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Registered Office : |
Longxutang, Shuangqing District, Shaoyang, Hunan Province, 422000 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
26.03.2002 |
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Reg. No.: |
430500000005686 |
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Legal Form : |
Limited Liabilities Co. |
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Line of Business : |
Manufacturing and Selling pharmaceutical products |
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No. of Employees : |
200 |
RATING & COMMENTS
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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China |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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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 |
china - ECONOMIC OVERVIEW
Since the late 1970s China has moved from a closed, centrally planned system to a more market-oriented one that plays a major global role - in 2010 China became the world's largest exporter. Reforms began with the phasing out of collectivized agriculture, and expanded to include the gradual liberalization of prices, fiscal decentralization, increased autonomy for state enterprises, creation of a diversified banking system, development of stock markets, rapid growth of the private sector, and opening to foreign trade and investment. China has implemented reforms in a gradualist fashion. In recent years, China has renewed its support for state-owned enterprises in sectors it considers important to "economic security," explicitly looking to foster globally competitive national champions. After keeping its currency tightly linked to the US dollar for years, in July 2005 China revalued its currency by 2.1% against the US dollar and moved to an exchange rate system that references a basket of currencies. From mid 2005 to late 2008 cumulative appreciation of the renminbi against the US dollar was more than 20%, but the exchange rate remained virtually pegged to the dollar from the onset of the global financial crisis until June 2010, when Beijing allowed resumption of a gradual appreciation. The restructuring of the economy and resulting efficiency gains have contributed to a more than tenfold increase in GDP since 1978. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, China in 2010 stood as the second-largest economy in the world after the US, having surpassed Japan in 2001. The dollar values of China's agricultural and industrial output each exceed those of the US; China is second to the US in the value of services it produces. Still, per capita income is below the world average. The Chinese government faces numerous economic challenges, including: (a) reducing its high domestic savings rate and correspondingly low domestic demand; (b) sustaining adequate job growth for tens of millions of migrants and new entrants to the work force; (c) reducing corruption and other economic crimes; and (d) containing environmental damage and social strife related to the economy's rapid transformation. Economic development has progressed further in coastal provinces than in the interior, and by 2011 more than 250 million migrant workers and their dependents had relocated to urban areas to find work. One consequence of population control policy is that China is now one of the most rapidly aging countries in the world. Deterioration in the environment - notably air pollution, soil erosion, and the steady fall of the water table, especially in the North - is another long-term problem. China continues to lose arable land because of erosion and economic development. The Chinese government is seeking to add energy production capacity from sources other than coal and oil, focusing on nuclear and alternative energy development. In 2010-11, China faced high inflation resulting largely from its credit-fueled stimulus program. Some tightening measures appear to have controlled inflation, but GDP growth consequently slowed to near 9% for 2011. An economic slowdown in Europe is expected to further drag Chinese growth in 2012. Debt overhang from the stimulus program, particularly among local governments, and a property price bubble challenge policy makers currently. The government's 12th Five-Year Plan, adopted in March 2011, emphasizes continued economic reforms and the need to increase domestic consumption in order to make the economy less dependent on exports in the future. However, China has made only marginal progress toward these rebalancing goals.
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Source : CIA |
Company
name and address
HUNAN YUXIN PHARMACEUTICAL CO., LTD.
Longxutang, shuangqing district, shaoyang,
hunan province, 422000 PR CHINA
TEL: 86 (0) 739-5271168/5272233 FAX: 86 (0) 739-5270211
EXECUTIVE
SUMMARY
INCORPORATION DATE : MAR. 26, 2002
REGISTRATION NO. : 430500000005686
REGISTERED LEGAL FORM : Limited liabilities co.
CHIEF EXECUTIVE :
MR. sHEN yULIANG (CHAIRMAN)
STAFF STRENGTH :
200
REGISTERED CAPITAL : CNY 21,400,000
BUSINESS LINE :
manufacturing & Trading
TURNOVER :
CNY 249,960,000 (AS OF DEC. 31,
2010)
EQUITIES :
CNY 75,420,000 (AS OF DEC. 31, 2010)
PAYMENT : AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.25 = USD1
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 tel. no. and fax no. belong to SC’s sales department in
Changsha.
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 chemicals [excluding the hazard chemicals,
precursor chemicals, state monitored chemicals], bulk pharmaceutical chemicals
and pharmaceutical chemical raw material; import and export of various goods
and technologies, excluding the goods forbidden by the government; technology
researching, consulting and transfer.
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 |
|
2004-06-03 |
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% |
|
|
2006-03-13 |
Company name |
Shaoyang Steroidchem Pharmaceutical Co., Ltd. |
Hunan Steroidchem Pharmaceutical Co., Ltd. |
|
2008-04-14 |
Registration No. |
4305002800530 |
The present one |
|
2008-07-18 |
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% |
|
2008-11-27 |
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% |
|
2009-03-13 |
Company name |
Hunan Steroidchem Pharmaceutical Co., Ltd. |
The present one |
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Registered capital |
CNY 10,000,000 |
CNY 16,000,000 |
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|
2010-03-10 |
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% Fu Jie 0.4% Li Jianguo 0.4% Jiang Qingfeng 0.4% Shu Zhijian 0.4% Shen Yujun 1% |
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|
2010-09-07 |
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% 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% Fu Jie 0.4% Li Jianguo 0.4% Jiang Qingfeng 0.4% Shu Zhijian 0.4% Shen Yujun 1% |
|
2010-12-17 |
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% 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 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% |
|
Unknown |
Shareholders |
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% |
Present ones |
MAIN SHAREHOLDERS:
Name %
of Shareholding
Li Shuilong 2
Cao Chunyu 0.4
Xiangjiang Industry Investment Co., Ltd. 20.23
Shen Yujun 1
Shen Yuliang 75.97
Shu Zhijian 0.4
Xiangjiang Industry Investment Co., Ltd.
=============================
Deregistration no.: 430000000061012
Legal representative: Cheng Xin
Registered capital: CNY 2,000,000,000
Legal form: Limited Liabilities Co.
Date of incorporation: June 30, 2009
Legal
representative, Chairman and General
manager:
Mr. Shen Yuliang , ID# 430502196311231517, born in 1963, with university
education. He is currently responsible for the overall management of SC.
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 India, Argentina and
Spain.
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, Xingwei Mingzuo Bldg., No. 460,
Shaoshan Rd. (N), Changsha, Hunan province
Tel: 86(0)73182762868/82762898
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
Registered Capital: CNY 1,010,000
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.
Huarong Xiangjiang Bank Shaoyang Xinxing Sub-branch
AC#: 18647112010900019927
Industrial & Commercial Bank of China Shaoyang City Xinxing
Sub-branch
AC#: N/A
Add: No. 389 Hongqi Road, Shaoyang, Hunan Province
Relationship: Normal.
Balance Sheet
|
Unit: CNY’000 |
as
of Dec. 31, 2009 |
as of Dec. 31,
2010 |
|
Cash & bank |
6,900 |
23,380 |
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Inventory |
26,160 |
52,930 |
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Notes receivable |
60 |
0 |
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Accounts receivable |
42,260 |
53,440 |
|
Advances to supplies |
2,470 |
2,080 |
|
Other receivables |
4,300 |
88,900 |
|
Subsidies receivable |
0 |
0 |
|
Prepaid expenses |
0 |
0 |
|
Other current assets |
0 |
0 |
|
|
------------------ |
------------------ |
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Current assets |
82,150 |
220,730 |
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Fixed assets net value |
24,850 |
26,280 |
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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 |
|
|
============= |
============= |
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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 |
|
|
------------------ |
------------------ |
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Total liabilities & equities |
130,380 |
264,010 |
|
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============= |
============= |
Income Statement
|
Unit: CNY’000 |
as
of Dec. 31, 2010 |
|
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 |
Note: SC’s
management declined to release its financial information of Yr2011.
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
The turnover of SC appears fairly good in 2010.
SC’s net profit margin is average in 2010.
SC’s return on total assets is average in 2010.
SC’s cost of goods sold is average, comparing with its turnover in 2010.
LIQUIDITY: AVERAGE
The current ratio of SC is maintained in a fair level in 2009 and in a
normal level in 2010.
SC’s quick ratio is maintained in a fair level in 2009 and in a normal
level in 2010.
The inventory of SC is average in 2009 but fairly large in 2010.
The accounts receivable of SC is fairly large in 2009 and 2010.
The short term loan is large in 2009 and 2010.
SC’s turnover is in an average level in 2010, comparing with the size of
its total assets.
LEVERAGE: AVERAGE
The debt ratio of SC is average in 2009 and 2010.
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
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.39 |
|
|
1 |
Rs.87.78 |
|
Euro |
1 |
Rs.71.29 |
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.