MIRA
INFORM REPORT
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Report Date : |
19.07.2012 |
IDENTIFICATION DETAILS
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Name : |
Taixing Yangzi Pharmaceutical Industry CO., LTD. |
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Registered Office : |
No. 16, |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
15.06.2001 |
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Com. Reg. No.: |
321200400004458 |
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Legal Form : |
Chinese-Foreign Equity Joint Venture Enterprise |
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Line of Business : |
Engaged in manufacturing and selling chemical products |
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No. of Employees : |
393 |
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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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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 |
Company name and address
Taixing Yangzi Pharmaceutical Industry
CO., LTD.
NO. 16,
XIN’GANG ROAD, ECONOMIC DEVELOPMENT ZONE, TAIXING
JIANGSU
PROVINCE 225400 PR CHINA
TEL: 86
(0) 523-87673750
FAX: 86
(0) 523-87672150
EXECUTIVE SUMMARY
Date of Registration : JUNE 15, 2001
REGISTRATION NO. : 321200400004458
LEGAL FORM : CHINESE-FOREIGN
EQUITY JOINT VENTURE ENTERPRISE
REGISTERED CAPITAL :
USD 365,000
staff : 393
BUSINESS CATEGORY :
manufacturing
Revenue : CNY 334,627,000 (AS OF DEC. 31, 2011)
EQUITIES : CNY 119,677,000 (AS OF DEC. 31, 2011)
WEBSITE : www.yzyyhg.com
E-MAIL : zzm@yzyyhg.com
PAYMENT : AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : stable
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.37 = USD
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 June 15, 2001. However,
SC changed to present legal form, and was registered as Chinese-foreign equity
joint venture enterprise of PRC with State Administration of Industry &
Commerce (SAIC) under registration No.: 321200400004458 on April 16, 2004.
SC’s Organization Code Certificate
No.: 72901472-2
SC’s registered capital: USD
365,000
SC’s paid-in capital: USD
365,000
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
-- |
Registered No. |
001157 |
321200400004458 |
|
|
Registered Legal Form |
Limited Liabilities Co. |
Chinese-Foreign Equity Joint Venture Enterprise |
|
Registered Capital |
CNY 3,030,000 |
USD 365,000 |
|
|
Shareholder (s) (% of
Shareholding) |
Zhao Bingnan 8.75% Ren Wenzhong 11.88% Zhou Zhaoming 17.82% Chen Qilin 23.76% other 33 individuals 37.79% |
Cheng HongYa
(French) 26.58% Chen Qilin 23.75% Zhou Zhaoming 17.84% Ren Wenzhong 11.89% other 5 individuals 19.94% |
|
|
|
Legal Representative |
Chen Qilin |
Zhou Zhaoming |
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Shareholder (s) (% of
Shareholding) |
Cheng HongYa
(French) 26.58% Chen Qilin 23.75% Zhou Zhaoming 17.84% Ren Wenzhong 11.89% other 5 individuals 19.94% |
Xu Limin 3.29% Cheng HongYa (French) 26.58% Zhou Zhaoming 55.59% Ren Wenzhong 11.89% Wang Bo 2.65% |
|
|
|
Shareholder (s) (% of
Shareholding) |
Xu Limin 3.29% Cheng HongYa (French) 26.58% Zhou Zhaoming 55.59% Ren Wenzhong11.89% Wang Bo 2.65% |
Cheng HongYa (French) 26.58% Ren Wenzhong 20.30% Wang Bo 13.53% Xu Limin 10.55% Zhou Zhaoming 29.04% |
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Cheng HongYa (French) |
26.58 |
|
Ren Wenzhong |
20.30 |
|
Wang Bo |
13.53 |
|
Xu Limin |
10.55 |
|
Zhou Zhaoming |
29.04 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative,
Chairman, and General Manager |
Zhou
Zhaoming |
|
Vice Chairman |
Cheng
HongYa |
|
Deputy General Manager |
Ren
Wenzhong |
RECENT
DEVELOPMENT
SC has passed ISO 9001: 2000 quality management system
certifications.
SHAREHOLDER
CHART & BACKGROUND
Name %
of Shareholding
Cheng HongYa (French) 26.58
Ren Wenzhong
20.30
Wang Bo
13.53
Xu Limin
10.55
Zhou Zhaoming
29.04
MANAGEMENT
Zhou
Zhaoming, Legal
Representative, Chairman and General Manager
----------------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 50
Ø
ID# 321025620307521
Ø
Qualification: University
Ø
Working experience (s):
From 2006 to present, working in SC as
legal representative, chairman and general manager, also working in Jiangsu
Decheng Import and Export Trading Co., Ltd. and Taixing Decheng Chemical Co.,
Ltd. as legal representative
Cheng
HongYa, Vice Chairman
-----------------------------------------
Ø
Gender: M
Ø
Nationality: France
Ø
Passport No.: 03RC29326
Ø
Qualification: University
Ø
Working experience (s):
At present, working in SC as vice chairman
Ren Wenzhong,
Deputy General Manager
------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 44
Ø
ID# 321025196809110010
Ø
Qualification: University
Ø
Working experience (s):
At present, working in SC as deputy general
manager
BUSINESS
OPERATION
SC’s registered business scope includes manufacturing 4 -
nitro-(benzene) phenol and 4-amino-benzene phenols.
SC is
mainly engaged in manufacturing and selling chemical products.
Brand:
SHENGNIAO
SC’s products mainly include:
para aminophenol, Para-Nitrophenol, etc.
SC
sources its materials 60% from domestic market, and 40% from the overseas
market. SC sells 70% of its products in domestic market, and 30% to the
overseas market, mainly USA, India, etc.
The buying terms of SC include Check, T/T, L/C and Credit of
30-60 days. The payment terms of SC include T/T, L/C and Credit of 30-60 days.
*Major Customer:
=============
First
Continental International Inc.
Staff & Office:
--------------------------
SC is
known to have approx. 393
staff at present.
SC
rents an area as its operating office & factory of approx. 21,333 sq.
meters at the heading address.
RELATED
COMPANY
SC is known to
have a subsidiary at present:
Jiangsu Decheng Import and Export Co., Ltd.
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 Taixing Sub-branch
AC#: 17765008092038
FINANCIALS
Balance Sheet
|
Unit:
CNY’000 |
As of Dec. 31, 2010 |
As of Dec. 31, 2011 |
|
80,302 |
86,536 |
|
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Notes receivable |
1,657 |
887 |
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Accounts
receivable |
45,384 |
51,292 |
|
Advances
to suppliers |
5,428 |
6,135 |
|
Other
receivable |
31,107 |
38,011 |
|
Inventory |
10,760 |
14,249 |
|
Non-current
assets within one year |
0 |
0 |
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Other
current assets |
820 |
2,288 |
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|
------------------ |
------------------ |
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Current
assets |
175,458 |
199,398 |
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Fixed
assets |
47,795 |
45,653 |
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Long
term investment |
5,000 |
5,000 |
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Construction
in progress |
2,844 |
1,987 |
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Long-term
prepaid expenses |
0 |
0 |
|
Deferred
income tax assets |
0 |
0 |
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Other
non-current assets |
0 |
0 |
|
|
------------------ |
------------------ |
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Total
assets |
231,097 |
252,038 |
|
|
============= |
============= |
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Short-term
loans |
25,000 |
30,000 |
|
Notes
payable |
57,920 |
53,470 |
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Accounts
payable |
15,449 |
17,634 |
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Wages
payable |
3,316 |
3,763 |
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Taxes
payable |
3,953 |
2,798 |
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Advances
from clients |
147 |
565 |
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Other
payable |
4,899 |
5,601 |
|
Other
current liabilities |
3,563 |
11,141 |
|
|
------------------ |
------------------ |
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Current
liabilities |
114,247 |
124,972 |
|
Non-current
liabilities |
7,916 |
7,389 |
|
|
------------------ |
------------------ |
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Total
liabilities |
122,163 |
132,361 |
|
Equities |
108,934 |
119,677 |
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|
------------------ |
------------------ |
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Total
liabilities & equities |
231,097 |
252,038 |
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|
============= |
============= |
Income Statement
|
Unit:
CNY’000 |
As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
|
Revenue |
295,708 |
334,627 |
|
Cost of sales |
252,940 |
305,462 |
|
Sales expense |
5,237 |
6,131 |
|
Management expense |
14,693 |
17,326 |
|
Finance expense |
321 |
654 |
|
Profit
before tax |
20,380 |
15,833 |
|
Less:
profit tax |
6,001 |
4,749 |
|
14,379 |
11,084 |
Important
Ratios
=============
|
|
As of Dec. 31, 2010 |
As of Dec. 31, 2011 |
|
*Current
ratio |
1.54 |
1.60 |
|
*Quick
ratio |
1.44 |
1.48 |
|
*Liabilities
to assets |
0.53 |
0.53 |
|
*Net
profit margin (%) |
4.86 |
3.31 |
|
*Return
on total assets (%) |
6.22 |
4.40 |
|
*Inventory
/ Revenue ×365 |
14
days |
16
days |
|
*Accounts
receivable/ Revenue ×365 |
57
days |
56
days |
|
*
Revenue/Total assets |
1.28 |
1.33 |
|
*
Cost of sales / Revenue |
0.86 |
0.91 |
FINANCIAL
COMMENTS
PROFITABILITY:
AVERAGE
l
The revenue of SC appears fairly good,
and it was rising in 2011.
l
SC’s net profit margin is average in
both years.
l
SC’s return on total assets is fairly
good in 2010 and average in 2011.
l
SC’s cost of sales is fairly high,
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
fairly good level.
l
The inventory of SC appears 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:
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: Stable.
CONCLUSIONS
SC is considered medium-sized in its line with stable
financial conditions. A credit line up to USD 1,500,000
would appear to be within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.33 |
|
|
1 |
Rs.86.55 |
|
Euro |
1 |
Rs.67.95 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
RATING EXPLANATIONS
|
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 |
|
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.