MIRA
INFORM REPORT
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Report Date : |
01.02.2012 |
IDENTIFICATION DETAILS
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Name : |
ZHEJIANG HISYN PHARMACEUTICAL CO., LTD. |
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Registered Office : |
Linhai Park, Chemical And Medical Raw Materials Base
Taizhou City, Zhejiang Province 317016 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
28.09.2003 |
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Com. Reg. No.: |
331000400002063 |
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Legal Form : |
Chinese-Foreign Equity Joint Venture Enterprise |
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Line of Business : |
Manufacturing iohexol, Polypeptide intermediate N - ( 9 - fluorene methoxy carbonyl ) - L - alanine, Sino what triazine ( cyromazine ). |
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No. of Employees : |
300 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 50,000 |
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Status : |
Moderate |
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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) |
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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 |
Company name and address
ZHEJIANG HISYN PHARMACEUTICAL CO., LTD.
LINHAI PARK, CHEMICAL AND MEDICAL RAW MATERIALS BASE
TAIZHOU CITY, ZHEJIANG PROVINCE 317016 PR CHINA
TEL: 86 (0) 576-85588628
FAX: 86 (0) 576-85588322
EXECUTIVE SUMMARY
Date of Registration : september 28, 2003
REGISTRATION NO. : 331000400002063
LEGAL FORM : Chinese-foreign equity joint venture
enterprise
REGISTERED CAPITAL : cny 58,000,000
staff :
300
BUSINESS CATEGORY : manufacturing
Revenue :
CNY 166,430,000 (AS OF DEC. 31,
2011)
EQUITIES :
CNY 19,280,000 (AS OF DEC. 31, 2011)
WEBSITE : www.xinhuachem.com
E-MAIL :
xinhuachem@hi2000.com
PAYMENT :
AVERAGE
Recommended Credit Limit : UP TO USD 50,000
MARKET CONDITION : fair
FINANCIAL CONDITION : fair
OPERATIONAL TREND : DOWNWARD
GENERAL REPUTATION : fair
EXCHANGE RATE :
CNY 6.31 = 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 with State
Administration of Industry & Commerce (SAIC) under registration No.:
331000400002063 on September 28, 2003.
SC’s Organization Code Certificate No.:
75491188-X
SC’s registered capital: cny 58,000,000
SC’s paid-in capital: cny 58,000,000
Registration Change Record:
No significant changes of SC have been noted
in SAIC since its incorporation
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Zhang Zhihong |
25 |
|
Hovione China Limited (Hong Kong) |
75 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman, and
General Manager |
Zhang Zhihong |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Zhang Zhihong 25
Hovione China Limited (Hong Kong) 75
---------------------------------------------
Registration No.: 1151603
Legal Form: Private
Status: Live
MANAGEMENT
Zhang Zhihong ,
Legal Representative, Chairman, and General Manager
--------------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Qualification:
University
Ø
Working
experience (s):
At
present, working in SC as legal representative, chairman, and general manager
Also
working in Zhejiang Huangyan Xinhua Pharmaceutical & Chemical Factory as
legal representative
BUSINESS OPERATION
SC’s registered business scope includes manufacturing
iohexol, Polypeptide intermediate N - ( 9 - fluorene methoxy carbonyl ) - L -
alanine, Sino what triazine ( cyromazine ).
SC is mainly
engaged in manufacturing and selling APIs and bulk drugs.
SC’s products
mainly include:
Iohexol
Iopamidol
Ioversol
Iodixanol
Iothalamic Acid, Etc.
SC sources its materials 100% from domestic
market. SC sells 60% of its products in domestic market, and 40% to overseas
market, mainly Southeast Asian market.
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. 300 staff at
present.
SC owns an area as
its operating office & factory of approx. 18,000 sq. meters at the heading
address.
RELATED COMPANY
n
Zhejiang Huangyan Xinhua Pharmaceutical & Chemical Factory
---------------------------------
Registration
No.: 331003000020022
Date
of Registration: September 3, 1996
Legal
Form: Shares jointly owned enterprise
Registered
Capital: CNY 3,000,000
Legal
Representative: Zhang Zhihong
n
Taizhou Nova Medicine Chemistry Co., Ltd.
---------------------------------------
Registration
No.: 331082000015650
Date
of Registration: May 13, 2002
Legal
Form: Limited Liabilities Company
Registered
Capital: CNY 5,880,000
Legal
Representative: Qian Weibing
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
The bank
information of SC is not filed in SAIC.
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
|
7,230 |
1,250 |
|
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Accounts receivable |
10,750 |
2,290 |
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Advances to
suppliers |
0 |
0 |
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Other receivable |
3,390 |
2,700 |
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Inventory |
73,850 |
66,190 |
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Non-current
assets within one year |
0 |
0 |
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Other current
assets |
780 |
1,130 |
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------------------ |
------------------ |
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Current assets |
96,000 |
73,560 |
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Fixed assets |
83,600 |
84,070 |
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Construction in
progress |
11,850 |
14,970 |
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Long-term
prepaid expenses |
0 |
0 |
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Deferred income
tax assets |
0 |
0 |
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Other
non-current assets |
5,850 |
5,830 |
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------------------ |
------------------ |
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Total assets |
197,300 |
178,430 |
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============= |
============= |
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Short-term loans |
46,000 |
46,000 |
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Notes payable |
0 |
0 |
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Accounts payable |
15,440 |
16,160 |
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Wages payable |
0 |
0 |
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Advances from
clients |
0 |
0 |
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Other payable |
1,420 |
1,200 |
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Other current
liabilities |
88,560 |
79,790 |
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------------------ |
------------------ |
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Current
liabilities |
151,420 |
143,150 |
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Non-current
liabilities |
23,000 |
16,000 |
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------------------ |
------------------ |
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Total
liabilities |
174,420 |
159,150 |
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Equities |
22,880 |
19,280 |
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------------------ |
------------------ |
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Total
liabilities & equities |
197,300 |
178,430 |
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============= |
============= |
Income Statement
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Unit: CNY’000 |
As of Dec. 31,
2011 |
|
Revenue |
166,430 |
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Cost of sales |
160,450 |
|
Sales expense |
1,160 |
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Management expense |
15,540 |
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Finance expense |
4,710 |
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Profit before
tax |
-14,490 |
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Less: profit tax |
0 |
|
-14,490 |
Important Ratios
=============
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As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
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*Current ratio |
0.63 |
0.51 |
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*Quick ratio |
0.15 |
0.05 |
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*Liabilities
to assets |
0.88 |
0.89 |
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*Net profit margin
(%) |
-- |
-8.71 |
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*Return on
total assets (%) |
-- |
-8.12 |
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*Inventory /
Revenue ×365 |
-- |
146 days |
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*Accounts
receivable/ Revenue ×365 |
-- |
6 days |
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*
Revenue/Total assets |
-- |
0.93 |
|
* Cost of
sales / Revenue |
-- |
0.96 |
FINANCIAL COMMENTS
PROFITABILITY:
FAIR
l
The revenue of SC appears fairly good in its line
in 2011.
l
SC’s net profit margin is fair in 2011.
l
SC’s return on total assets is fair in 2011.
l
SC’s cost of goods sold is fairly high, comparing
with its revenue.
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 poor level in
both years.
l
The inventory of SC appears large.
l
The accounts receivable of SC appear average.
l
SC’s short-term loans appear large.
l
SC’s revenue is in a fair level, comparing with the
size of its total assets.
LEVERAGE: FAIR
l
The debt ratio of SC is fairly high in both years.
l
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. The large amount of inventory & short-term loans may be a
threat to SC’s financial condition. A credit line up to USD 50,000 is
recommended upon a periodical review basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.68 |
|
|
1 |
Rs.78.17 |
|
Euro |
1 |
Rs.65.62 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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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.