MIRA
INFORM REPORT
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Report Date : |
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IDENTIFICATION DETAILS
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Name : |
ZHEJIANG TIANXIN PHARMACEUTICAL CO., LTD. |
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Formerly Known As : |
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Registered Office : |
NO. : JAN. 23, 1996 331023000035607 LIMITED LIABILITIES COMPANY 600 manufacturing and selling of bulk pharmaceuticals and medicine intermediates. |
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Financials (as on) : |
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Date of Incorporation : |
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Com. Reg. No.: |
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Legal Form : |
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Line of Business : |
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No. of Employees : |
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RATING & COMMENTS
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MIRA’s Rating : |
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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 |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
NB |
New Business |
-- |
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Status : |
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Payment Behaviour : |
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Litigation : |
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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
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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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 TIANXIN PHARMACEUTICAL CO., LTD.
NO.
TEL: 86 (0)
576-83989008 FAX: 86 (0)
576-83993266
EXECUTIVE SUMMARY
INCORPORATION DATE : JAN. 23, 1996
REGISTRATION NO. : 331023000035607
REGISTERED LEGAL FORM : LIMITED LIABILITIES COMPANY
STAFF STRENGTH :
600
REGISTERED CAPITAL : CNY 12,000,000
BUSINESS LINE : MANUFACTURING
TURNOVER :
CNY 462,614,000 (AS OF DEC. 31, 2008)
EQUITIES :
CNY 154,996,000 (AS OF DEC. 31, 2008)
PAYMENT :
AVERAGE
RECOMM.
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly good
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : WELL-KNOWN
EXCHANGE RATE :
CNY
6.37 =USD 1 AS OF
CREDIT RATING : CA3+ (see below explanatory notes)
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RATING KEY |
CREDIT RISK ASSESSMENT |
PROPOSED CREDIT LIMIT (in concerned business field) |
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CA1 |
Minimal |
Credit can proceed with favorable terms |
Large amount |
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CA2 |
Low |
Credit can proceed promptly |
Fairly large amount |
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CA3 |
Average |
Credit can proceed normally |
Moderate amount |
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CA4 |
Above average |
Credit should proceed with monitor |
Small amount – periodical review |
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CA5 |
Fairly High |
Credit should be extended under guarantee |
C.O.D. To small amount |
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CA6 |
High |
Credit is not recommended |
C.O.D. |
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NR |
Assessment not conducted |
Insufficient data available |
No recommendation |
This rating 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 %) in our credit
analysis are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market
trend (10%) Operational
size (10%)
In case of unlimited companies, newly established companies, or lack of
financial data, more weight is given to ‘Ownership background’ and ‘Payment
record’ in our analysis.
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 limited liabilities company at local Administration for
Industry & Commerce (AIC - The official body of issuing and renewing business
license) on Jan. 23, 1996.
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 manufacturing bulk pharmaceuticals, food and feed
additives(in accordance with license); manufacturing medicine intermediates (excluding
dangerous chemical products); exporting its products and technology, importing
materials, equipment, apparatus & instrument, spare parts relative
technology for its production and scientific research (excluding the good and
technology limited or prohibited by the country); processing with imported materials, processing with imported samples,
assemblying with imported parts, and compensation trade in agreement. (该公司的法定经营范围包括：原料药、食品添加剂、饲料添加剂（凭许可证经营）制造；医药中间体（不含危险化学品）制造；经营本企业自产产品及技术的出口业务；经营本企业生产所需的原辅材料、仪器仪表、机械设备、零配件及技术进口业务（国家限定公司经营和国家禁止进出口的商品及技术除外）；经营进料加工和“三来一补”业务。)
SC is mainly
engaged in manufacturing and selling of bulk pharmaceuticals and medicine
intermediates. (该公司目前主要从事各类原料药及医药中间体的生产的销售。)
Mr. Xu Jiangnan (许江南) has been
chairman of SC since 1996.
SC is known to
have approx. 600 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 Tiantai county. Our
checks reveal that SC owns the total premise about 20,000 square meters.
www.txpharm.com
The design is professional and the content is well organized. At present it is
in both Chinese and English versions.
E-mail: info@txpharm.com
Changes of its registered information:
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Date of change |
Item |
Before the change |
After the change |
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Name of the company |
Zhejiang Tiantai Tianxin Fine Chemical Co., Ltd. |
Zhejiang Tiantai Tianxin Pharmaceutical Industry Co., Ltd. |
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Registered Capital |
CNY 1,000,000 |
CNY 6,000,000 |
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Name of the company |
Zhejiang Tiantai Tianxin Pharmaceutical Industry Co., Ltd. |
Zhejiang Tianxin Pharmaceutical Chemical Industry Co., Ltd. |
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Registered Capital |
CNY 6,000,000 |
CNY 12,000,000 |
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Name of the company |
Zhejiang Tianxin Pharmaceutical Chemical Industry Co., Ltd. |
Zhejiang Tianxin Pharmaceutical Co., Ltd. |
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Registration no. |
331023000035607 |
MAIN SHAREHOLDERS:
Name %
of Shareholding
Xu Jiangnan (ID# 332625620405005) 74
许江南
Wang Guangtian (ID# 332625630127001) 16
王光天
Qiu Qinyong (ID# 332625610815001) 10
邱勤勇
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Chairman and General Manager:
Mr. Xu Jiangnan (许江南), born in 1962.
He is currently responsible for the overall management of SC.
Working
Experience(s):
From 1996
to present Working in SC
as chairman and general manager.
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Vice general manager:
Mr. Wang Guangtian (王光天), born in 1963.
He is currently responsible for the daily management of SC.
Working
Experience(s):
From 1996
to present Working in SC
as vice general manager.
SC is mainly
engaged in manufacturing and selling of bulk pharmaceuticals and medicine
intermediates. (该公司目前主要从事各类原料药及医药中间体的生产的销售。)
SC’s products mainly include: naproxen, naproxen sodium, vitamin B6,
vitamin B1, ascorbyl palmitate, mefenamic acid, 2-Methyl-3-Nitrobenzoic Acid,
2-Methyl-3-Aminobenzoic Acid, and 4-Methyl-5-Ethoxyoxazole.
SC sources its materials 70% from domestic
market, and 30% from overseas market, mainly France. SC sells 90% of its
products in domestic market, and 10% to overseas market, mainly Europe.
The buying terms of SC include Check, L/C, T/T and Credit of 30-60 days.
The payment terms of SC include Check, L/C, T/T, and Credit of 30-60 days.
According to SC’s website, it is known to have the following related
companies:
Jiangxi Tianxin Pharmaceutical Co., Ltd.
江西天新医药化工有限公司
Investment amount: CNY 3,300,000
% of Shareholding: 33%
Baoji Tianxin Pharmaceutical Co., Ltd.
宝鸡天新药业有限公司
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
records 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.
Agricultural Bank of China
中国农业银行
AC#：940101040015975
Relationship:
Normal.
Balance Sheet
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Unit: CNY’000 |
as
of Dec. 31, 2007 |
as
of Dec. 31, 2008 |
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Cash & bank |
13,849 |
24,705 |
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Inventory |
79,245 |
81,845 |
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Accounts
receivable |
20,050 |
24,090 |
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Other Accounts
receivable |
67,476 |
54,563 |
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Advances to
suppliers |
15,891 |
15,595 |
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To be
apportioned expense |
0 |
0 |
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Other current
assets |
3,170 |
1,156 |
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Current assets |
199,681 |
201,954 |
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Fixed assets net
value |
48,744 |
41,205 |
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Projects under
construction |
135 |
201 |
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Long term
investment |
0 |
0 |
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Other assets |
12,329 |
12,141 |
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Total assets |
260,889 |
255,501 |
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Short loans |
27,912 |
10,610 |
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Accounts payable |
63,385 |
37,110 |
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Other Accounts
payable |
3,088 |
490 |
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Advances from
clients |
3,153 |
1,894 |
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Withdraw the
expenses in advance |
0 |
0 |
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Other current
liabilities |
15,800 |
16,851 |
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Current
liabilities |
113,338 |
66,955 |
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Long term
liabilities |
33,550 |
33,550 |
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Other
liabilities |
2 |
0 |
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Total
liabilities |
146,890 |
100,505 |
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Equities |
113,999 |
154,996 |
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Total
liabilities & equities |
260,889 |
255,501 |
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Income Statement
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Unit: CNY’000 |
as of Dec. 31,
2007 |
as of Dec. 31,
2008 |
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Turnover |
507,846 |
462,614 |
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Cost of goods
sold |
414,408 |
374,595 |
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Sales expense |
5,742 |
4,624 |
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Management expense |
29,402 |
34,028 |
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Finance expense |
4,177 |
3,314 |
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Profit before
tax |
49,321 |
43,181 |
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Less: profit tax |
16,276 |
6,478 |
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Profits |
33,045 |
36,703 |
Note: SC has not lodged the latest annual returns in local registry,
hence no up-to date detailed financial information available.
Important
Ratios
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As
of Dec. 31, 2007 |
As
of Dec. 31, 2008 |
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*Current ratio |
1.76 |
3.02 |
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*Quick ratio |
1.06 |
1.79 |
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*Liabilities
to assets |
0.56 |
0.39 |
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*Net profit
margin (%) |
6.51 |
7.93 |
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*Return on
total assets (%) |
12.67 |
14.37 |
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*Inventory
/Turnover ×365 |
57 days |
65 days |
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*Accounts
receivable/Turnover ×365 |
14 days |
19 days |
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*Turnover/Total
assets |
1.95 |
1.81 |
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* Cost of
goods sold/Turnover |
0.82 |
0.81 |
PROFITABILITY:
FAIRLY GOOD
l
The turnover of SC appears fairly good, but it
decreased in 2008.
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SC’s net profit margin is fairly good in 2007 and
2008.
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SC’s return on total assets is good in 2007 and
2008.
l
SC’s cost of goods sold is average, comparing with
its turnover.
LIQUIDITY: FAIRLY
GOOD
l
The current ratio of SC is maintained in a fairly
good level.
l
SC’s quick ratio is maintained in a fairly good
level.
l
The inventory of SC is maintained in an average
level.
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The accounts receivable of SC is maintained in an
average level.
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SC’s short-term loan is in an average level.
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SC’s turnover is in an average level, comparing
with the size of its total assets.
LEVERAGE: AVERAGE
l
The debt ratio of SC is low.
l
The risk for SC to go bankrupt is average.
Overall financial condition
of the SC: Fairly good.
SC is considered medium-sized in its line with fairly good financial
conditions. A credit line up to USD 1,000,000
would appear to be within SC’s capacities.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.55.85 |
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1 |
Rs.86.88 |
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Euro |
1 |
Rs.69.88 |
INFORMATION DETAILS
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Report Prepared
by : |
PRL |
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 |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
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.