MIRA INFORM REPORT
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Report Date : |
07.07.2012 |
IDENTIFICATION DETAILS
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Name : |
SINOCHEM JIANGSU CO., LTD. |
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Registered Office : |
Floors 21& 22 |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
30.12.1992 |
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Com. Reg. No.: |
320000000004080 |
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Legal Form : |
One-Person Limited Liability Company |
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Line of Business : |
importing and exporting
pharmaceutical intermediates, APIs, formulations and other pharmaceutical
products |
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No. of Employees
: |
150 |
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 |
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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, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
China |
a2 |
a2 |
|
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
SINOCHEM JIANGSU
CO., LTD.
FLOORS 21& 22 JINCHENG TOWER, NO. 216
MIDDLE LONGPAN ROAD,
BAIXIA DISTRICT, NANJING CITY, JIANGSU PROVINCE,
210005 PR CHINA
TEL: 86 (0) 25-51817888/51817967 FAX: 86 (0) 25-51817799
EXECUTIVE SUMMARY
INCORPORATION DATE : DECEMBER 30, 1992
REGISTRATION NO. : 320000000004080
REGISTERED LEGAL FORM : ONE-PERSON LIMITED LIABILITY COMPANY
STAFF STRENGTH :
150
REGISTERED CAPITAL : CNY
102,218,576
BUSINESS LINE :
TRADING
TURNOVER :
CNY 914,630,000 (AS OF DEC. 31, 2011)
EQUITIES :
CNY 109,800,000 (AS OF DEC. 31, 2011)
PAYMENT :
AVERAGE
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION : FAIRLY STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
WELL-KNOWN
EXCHANGE RATE :
CNY
6.3049 = 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
SC was registered as a state-owned enterprise at Jiangsu provincial Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license) on december 30, 1992 and has been under present legal form since Oct. of 2009.
Company Status: One-person Limited
Liability Company Single
person LLC refers to a limited liability company set up by only one natural
person or legal person as the single shareholder of it. The
minimum registered capital of Single person LLC is CNY 100,000. The
shareholder’s capital contributes, as set out by the articles of
associations should be a lump-sum payment in full. One
natural person can only invest in and set up one limited liability company,
which is not permitted to invest in and set up a new Single person LLC. As
to any one-person limited liability company, the sole-investor nature of
the natural person or legal person shall be indicated in the registration
documents of the company and shall be indicated in the business license
thereof as well. The
regulation of Single person LLC should be set up by the shareholder The
regulation of Single person LLC has no shareholder meeting.
SC’s registered business scope includes wholesale of hazardous
chemicals, importing and exporting various kinds of commodities and technology,
domestic trade, technology development, transferring and consulting of chemical
pharmaceuticals.
SC is mainly
engaged in importing and exporting pharmaceutical intermediates, APIs,
formulations and other pharmaceutical products.
Mr. Dong Jianhua
has been legal representative, chairman and general manager of SC since 2009.
SC is known to have approx. 150 employees at
present.
SC is currently operating at the above stated address, and this
address houses its operating office in the commercial zone of Nanjing. Our
checks reveal that SC covers an area of 2,000 square meters.
http://www.sinochemjiangsu.com
The design is professional and the content is well organized. At present the
web site is in both Chinese and English versions.
E-mail: info@sinochem.com
Changes
of its registered information:
|
Date of change |
Item |
Before the change |
After the change |
|
2004-6 |
Legal representative |
He Shujun |
Gu Linmin |
|
2004-11 |
Registered capital |
CNY 33,076,000 |
CNY 50,000,000 |
|
2008 |
Registration No. |
3200001100945 |
320000000004080 |
|
2009-10 |
Legal Form |
State-Owned Enterprise |
One-Person Limited Liability Company |
|
Shareholders |
Sinochem Corporation 100% |
Sinochem Co., Ltd. 100% |
|
|
Company name |
Sinochem Jiangsu
Corporation |
Sinochem Jiangsu Co., Ltd. |
|
|
Registered Capital |
CNY 50,000,000 |
CNY 102,218,576 |
|
|
Legal representative |
Gu Linmin |
Dong Jianhua |
On 24-25th June 1999, the ISO9002:1994 quality management system of SC
was successfully accredited by SGS Yarsley International Certification Services
Limited for the first time on the spot, and it acquired the Certificate of
ISO9002:1994 quality management system issued by SGS Yarsley on 20th
July, 1999.
On 14-45th January, SC’s ISO9001:2000 quality management system was
successfully audited by SGS Systems and Services Certification again, and SC
obtained the certificate of ISO9001:2000 issued by SGS United Kingdom Ltd.
Systems & Services Certification on 8th April, 2003.
On 19th April, 2006, SGS Systems & Services Certification
audited SC’s quality management system at the expiration of the Certificate on
the basis of renewal. SC has got new Certificate by SGS United Kingdom Ltd.
Systems & Services Certification.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Sinochem Co., Ltd. 100
Sinochem Co., Ltd. is one of the largest companies in the "Fortune
500" and under the supervision of SASAC (State-owned Assets Supervision
and Administration Commission of the State Council).
Legal representative: Liu Deshu
Registration No.: 100000000042135
Add.: No. 28 Fuxingmennei Street, Xicheng
District, Beijing
Tel: 0086-10-59568888
Legal
representative,
chairman and
general manager:
Mr. Dong Jianhua, born in 1967, with Master's degree. He is currently
responsible for the overall and daily management of SC.
Working Experience(s):
From 2009 to present Working
in SC as legal representative, chairman and general manager;
Also
working in Sinochem Jiangsu Pharmaceutical Co., Ltd. as legal representative.
Supervisor:
Xu Yuhong, born in 1970.
Also
working in Shanghai Suhua International Trade Co., Ltd. as legal
representative.
SC is mainly
engaged in importing and exporting pharmaceutical intermediates, APIs,
formulations and other pharmaceutical products.
SC’s products
mainly include:
SC sources its
materials 70% from domestic market, mainly Jiangsu and Sichuan, and 30% from
overseas market. SC sells 80% of its products to overseas market, mainly India,
America and Europe, and 20% in domestic market.
The buying terms of SC include Check, T/T, L/C, 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 suppliers and customers.
SC is
known to invest in the following companies:
Sinochem
Jiangsu Pharmaceutical Co., Ltd.
Shanghai
Suhua International Trade Co., Ltd.
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.
Bank of China Jiangsu Branch
AC#: 044138090010000202
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
|
|
As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
|
Cash & bank |
295,490 |
21,060 |
|
Notes receivable |
350 |
7,650 |
|
Inventory |
63,970 |
84,660 |
|
Accounts
receivable |
140,380 |
132,000 |
|
Other Accounts
receivable |
33,520 |
48,960 |
|
Advances to
suppliers |
12,860 |
46,190 |
|
Other current
assets |
10 |
20 |
|
|
------------------ |
------------------ |
|
Current assets |
546,580 |
340,540 |
|
Fixed assets |
9,110 |
7,500 |
|
Long term
investment |
17,020 |
17,020 |
|
Deferred tax
assets |
2,300 |
2,000 |
|
Intangible
assets |
4,150 |
0 |
|
Long-term
deferred expenses |
1,030 |
770 |
|
Other assets |
0 |
3,320 |
|
|
------------------ |
------------------ |
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Total assets |
580,190 |
371,150 |
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|
============= |
============= |
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Short loans |
148,570 |
141,880 |
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Notes payable |
80,720 |
29,610 |
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Accounts payable |
82,790 |
48,250 |
|
Other Accounts
payable |
24,390 |
6,720 |
|
Salaries payable |
130 |
7,330 |
|
Welfares payable |
0 |
0 |
|
Taxes payable |
0 |
-4,330 |
|
Advance from
clients |
130,890 |
28,670 |
|
Other current
liabilities |
0 |
500 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
467,490 |
258,630 |
|
Long term
liabilities |
920 |
0 |
|
Anticipation
liabilities |
4,000 |
0 |
|
Other
liabilities |
0 |
2,720 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
472,410 |
261,350 |
|
Equities |
107,780 |
109,800 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
580,190 |
371,150 |
|
|
============= |
============= |
Income Statement
Unit: CNY’000
|
|
As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
|
Turnover |
776,910 |
914,630 |
|
Cost of goods sold |
721,010 |
865,870 |
|
Taxes and additional of main
operation |
850 |
390 |
|
Other income |
/ |
150 |
|
Sales expense |
23,460 |
24,060 |
|
Management expense |
20,700 |
25,070 |
|
Finance expense |
240 |
-620 |
|
Asset impairment
loss |
-9,400 |
-300 |
|
Investment
income |
130 |
0 |
|
Non-operating income |
1,180 |
3,470 |
|
Non-operating expense |
4,040 |
70 |
|
Profit before
tax |
15,160 |
3,710 |
|
Less: profit tax |
4,820 |
1,060 |
|
Profits |
10,340 |
2,650 |
Important Ratios
=============
|
|
As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
|
*Current ratio |
1.17 |
1.32 |
|
*Quick ratio |
1.03 |
0.99 |
|
*Liabilities
to assets |
0.81 |
0.70 |
|
*Net profit
margin (%) |
1.33 |
0.29 |
|
*Return on
total assets (%) |
1.78 |
0.71 |
|
*Inventory /Turnover
×365 |
31
days |
34 days |
|
*Accounts
receivable/Turnover ×365 |
66 days |
53 days |
|
*Turnover/Total
assets |
1.34 |
2.46 |
|
* Cost of
goods sold/Turnover |
0.93 |
0.95 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears fairly good in its line,
and appears a rising trend.
l
SC’s net profit margin is average in both 2 years.
l
SC’s return on total assets is average in both 2
years.
l
SC’s cost of goods sold is fairly high in both 2
years, comparing with its turnover.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a normal
level in both 2 years.
l
SC’s quick ratio is maintained in a normal level in
both 2 years.
l
The inventory of SC is average in both 2 years.
l
The accounts receivable of SC appears fairly large
in both 2 years.
l
SC’s short-term loan appears fairly large in both 2
years.
l
SC’s turnover is in an average level in both 2
years, comparing with the size of its total assets.
LEVERAGE: AVERAGE
l
The debt ratio of SC is fairly high in 2010 but
average in 2011.
l
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 favorable background and
fairly stable financial conditions. The large amount of short term loan could
be a threat to SC’s financial condition.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.99 |
|
UK Pound |
1 |
Rs.83.54 |
|
Euro |
1 |
Rs.63.40 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.