MIRA
INFORM REPORT
|
Report Date : |
11.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
ZHEJIANG TIANYU PHARMACEUTICAL CO., LTD. |
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Registered Office : |
Jiangkou Chemical Development Zone, Huangyan Taizhou,
Zhejiang Province 318020 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
14.02.2003 |
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Com. Reg. No.: |
331003000003258 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Manufacturing pharmaceutical products and pharmaceutical
intermediates. |
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No. of Employees : |
450 |
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 2,000,000 |
|
Status : |
Good |
|
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) |
|
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 |
|
Off-credit |
D |
Company name and address
ZHEJIANG TIANYU PHARMACEUTICAL CO., LTD.
JIANGKOU CHEMICAL DEVELOPMENT ZONE, HUANGYAN
TAIZHOU, ZHEJIANG PROVINCE 318020 PR CHINA
TEL: 86 (0) 576-84177669/89189669
FAX: 86 (0) 576-84172669
EXECUTIVE SUMMARY
Date of Registration : FEBRUARY 14, 2003
REGISTRATION NO. : 331003000003258
LEGAL FORM : Shares limited company
REGISTERED CAPITAL : CNY 90,000,000
staff :
450
BUSINESS CATEGORY : manufacturing
Revenue :
CNY 441,209,000 (AS OF DEC. 31,
2010)
EQUITIES :
CNY 233,673,000 (AS OF DEC. 31, 2010)
WEBSITE : www.tianyupharma.com
E-MAIL :
tianyu@tianyupharma.com
PAYMENT :
AVERAGE
Recommended Credit Limit : UP TO USD 2,000,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRly
good
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.29 = 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 limited liabilities company of PRC on February 14, 2003. However, SC
changed to present legal form, and was registered as shares limited company of
PRC with State Administration of Industry & Commerce (SAIC) under
registration No.: 331003000003258
on June 24, 2011.
SC’s Organization Code Certificate No.:
14814421-1
SC’s Tax No.: 331003148144211
SC’s registered capital: CNY 90,000,000
SC’s paid-in capital: CNY 90,000,000
Registration Change Record:
|
Date |
Change of Contents |
Before the change |
After the change |
|
|
Legal Representative |
Tu Shanzeng |
Lin Jie |
|
|
Registered Capital |
CNY 380,000 |
CNY 2,000,000 |
|
|
Registered Capital |
CNY 2,000,000 |
CNY 5,000,000 |
|
|
Company Name |
Zhejiang Huangyan Tianyu Chemical Factory |
Zhejiang Tianyu Chemical Co., Ltd. |
|
|
Registered Capital |
CNY 5,000,000 |
CNY 15,000,000 |
|
|
Legal Representative |
Lin Jie |
Tu Yongjun |
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Company Name |
Zhejiang Tianyu Chemical Co., Ltd. |
Zhejiang Tianyu Pharmaceutical Co., Ltd. |
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|
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Registration No. |
3310032003078 |
331003000003258 |
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Registered Capital |
CNY 15,000,000 |
CNY 25,000,000 |
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|
Registered Capital |
CNY 25,000,000 |
CNY 50,000,000 |
|
|
Registered Capital |
CNY 50,000,000 |
CNY 67,880,000 |
|
|
Registered Capital |
CNY 67,880,000 |
CNY 81,290,000 |
|
|
Registered Capital |
CNY 81,290,000 |
CNY 86,480,000 |
|
|
Legal Form |
Limited Liabilities Company |
Shares Limited Company |
|
Registered Capital |
CNY 86,480,000 |
CNY 90,000,000 |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Zhejiang Taizhou Shengting Investment Co.,
Ltd. |
8.91 |
|
Shanghai Jinglin Venture Capital Center |
4.00 |
|
Suzhou Huichuang Investment &
Development Co., Ltd. |
2.00 |
|
Tu Shanzeng |
4.34 |
|
Wang Juqing |
4.34 |
|
Tu Yongjun |
16.53 |
|
Cheng Rongde |
0.93 |
|
Fang Hongjun |
0.93 |
|
Li Meijun |
0.93 |
|
Zhang Yi |
0.93 |
|
Ma Cheng |
1.25 |
|
Yang Xuexian |
0.65 |
|
Wang Yaojie |
0.65 |
|
Zhou Yunfu |
0.17 |
|
Zhang Jialiu |
0.17 |
|
Lin Jie |
53.27 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman, and
General Manager |
Tu Yongjun |
|
Director |
Fang Hongjun |
|
Wen Zhijun |
|
|
Wu Chengye |
|
|
Wang Weisong |
|
|
Wang Yanguang |
|
|
Lin Jie |
|
|
Supervisor |
Wang Xiulin |
|
Yang Weiguo |
RECENT DEVELOPMENT
Honor
---------
SC becomes one of "top-10 enterprises" of Huangyan region in
2009.
In 2008, SC was approved as "example enterprise in Taizhou city for
technical innovation".
SC became a hi-tech enterprise of Zhejiang province in 2008
SC was approved as "key hi-tech enterprise” of China torch program
in 2007.
In 2007, SC was approved as "good enterprise" for harmonious
labor relationships.
In 2006, SC has passed ISO9001, ISO14001, OHSASA18000 Certificates.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Zhejiang Taizhou Shengting Investment Co.,
Ltd. 8.91
Shanghai Jinglin Venture Capital Center 4.00
Suzhou Huichuang Investment &
Development Co., Ltd. 2.00
Tu Shanzeng 4.34
Wang Juqing 4.34
Tu Yongjun 16.53
Cheng Rongde 0.93
Fang Hongjun 0.93
Li Meijun 0.93
Zhang Yi 0.93
Ma Cheng 1.25
Yang Xuexian 0.65
Wang Yaojie 0.65
Zhou Yunfu 0.17
Zhang Jialiu 0.17
Lin Jie 53.27
Zhejiang Taizhou Shengting Investment Co., Ltd.
=======================================
Registration No.: 331003000063523
Legal Form: Limited Liabilities
Company
Registered Capital: CNY 20,500,000
Shanghai Jinglin Venture Capital Center
=================================
Registration No.: 310115001196944
MANAGEMENT
Tu Yongjun , Legal
Representative, Chairman and General Manager
----------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 49
Ø
ID# 332603196302180017
Ø
Qualification:
University
Ø
Working
experience (s):
From 2005
to present, working in SC as legal representative, chairman and general manager
Director
------------
Fang Hongjun ID#
330106196210170030
Wen Zhijun ID#
110105197712237714
Wu Chengye ID#
410103194711182410
Wang Weisong ID#
310103195911232014
Wang Yanguang ID#
620102196411085354
Lin Jie ID#
332603196901310063
Supervisor
--------------
Wang Xiulin ID#
342901197204033419
Yang Weiguo ID#
231021196712050018
BUSINESS OPERATION
SC’s registered
business scope includes manufacturing 2,6-difluoroaniline, raw material drugs, candesartan cilexetil,
4'-methyl-2-cyanobiphenyl, 4-bromomethyl
SC is mainly
engaged in manufacturing pharmaceutical products and pharmaceutical
intermediates.
SC’s products mainly include:
l
Candesartan Cilexetil
l
Valsartan
l
Losartan Potassium
l
Irbesartan
l
Telmisartan
l
Olmesartan Medoxomil
l
Eprosartan Methanesulfonate
l
Montelukast Sodium
SC sources its materials 100% from domestic
market. SC sells 40% of its products in domestic market, and 60% to overseas
market.
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. 450 staff at
present.
SC owns an area as
its operating office and factory, but the detailed information is unknown.
RELATED COMPANY
SC is known to have a
subsidiary at present:
n
Linhai Tianyu Pharmaceutical Co., Ltd.
-----------------------------------------------------
Date of Registration: December 25, 2002
Registration No.: 331082000016154
Legal Form: One-person Limited
Liability Company
Registered Capital: CNY 58,880,000
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 China Taizhou Branch Huangyan Sub-branch
AC#:
840023559908091001
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
48,696 |
91,370 |
|
|
Accounts
receivable |
50,345 |
64,784 |
|
Advances to
suppliers |
5 |
5 |
|
Subsidies
receivable |
0 |
143 |
|
Other receivable |
1,750 |
-325 |
|
Inventory |
39,973 |
71,936 |
|
Prepaid expenses |
1,869 |
1,250 |
|
Other current
assets |
0 |
4,221 |
|
|
------------------ |
------------------ |
|
Current assets |
142,638 |
233,384 |
|
Fixed assets |
49,569 |
105,370 |
|
Construction in
progress |
25,159 |
613 |
|
Intangible
assets |
14,392 |
14,787 |
|
Long-term
investment |
60,000 |
86,760 |
|
Deferred income
tax assets |
0 |
0 |
|
Other non-current
assets |
0 |
0 |
|
|
------------------ |
------------------ |
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Total assets |
291,758 |
440,914 |
|
|
============= |
============= |
|
Short-term loans |
56,497 |
53,210 |
|
Notes payable |
35,000 |
96,000 |
|
Accounts payable |
5,809 |
9,645 |
|
Wages payable |
0 |
1,668 |
|
Taxes payable |
-447 |
11,361 |
|
Advances from
clients |
0 |
0 |
|
Other payable |
3,155 |
7,877 |
|
Other current
liabilities |
527 |
480 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
100,541 |
180,241 |
|
Non-current
liabilities |
52,000 |
27,000 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
152,541 |
207,241 |
|
Equities |
139,217 |
233,673 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
291,758 |
440,914 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2009 |
As of Dec. 31,
2010 |
|
Revenue |
263,837 |
441,209 |
|
Cost of sales |
206,382 |
340,689 |
|
Taxes and surcharges |
1,985 |
1,923 |
|
Sales expense |
4,855 |
3,624 |
|
Management expense |
15,797 |
35,122 |
|
Finance expense |
3,076 |
8,186 |
|
Subsidy income |
1,333 |
529 |
|
Non-business
income |
256 |
951 |
|
Non-business expense |
557 |
1,297 |
|
Profit before
tax |
32,776 |
51,897 |
|
Less: profit tax |
4,917 |
9,457 |
|
27,859 |
42,440 |
Important Ratios
=============
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
*Current ratio |
1.42 |
1.29 |
|
*Quick ratio |
1.02 |
0.90 |
|
*Liabilities
to assets |
0.52 |
0.47 |
|
*Net profit
margin (%) |
10.56 |
9.62 |
|
*Return on
total assets (%) |
9.55 |
9.63 |
|
*Inventory /
Revenue ×365 |
56 days |
60 days |
|
*Accounts
receivable/ Revenue ×365 |
70 days |
54 days |
|
*
Revenue/Total assets |
0.90 |
1.00 |
|
* Cost of
sales / Revenue |
0.78 |
0.77 |
FINANCIAL COMMENTS
PROFITABILITY:
FAIRLY GOOD
l
The revenue of SC appears fairly good, and it was
rising 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 sales is average, comparing with its
revenue.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a normal
level.
l
SC’s quick ratio is maintained in a normal level.
l
The inventory of SC is maintained in an average
level.
l
The accounts receivable of SC is maintained in an
average level.
l
SC’s short-term loans are in an average level.
l
SC’s revenue is in an average level, comparing with
the size of its total assets.
LEVERAGE: FAIRLY
GOOD
l
The debt ratio of SC is average in both years.
l
The risk for SC to go bankrupt is low.
Overall financial
condition of the SC: Fairly good.
CONCLUSIONS
SC is considered medium-sized in its line with fairly good financial
conditions. A credit line up to USD 2,000,000
would appear to be within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.64 |
|
|
1 |
Rs.78.35 |
|
Euro |
1 |
Rs.65.79 |
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.