MIRA
INFORM REPORT
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Report Date : |
07.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
ZHEJIANG SHAXING PHARMACEUTICAL & CHEMICAL CO. LTD. |
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Registered Office : |
Yongquan Town Industrial Park Linhai City, Zhejiang
Province, 317021 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
01.02.1996 |
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Com. Reg. No.: |
331082000017866 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Manufacturing and selling pharmaceutical intermediates, pharmaceutical chemicals, etc. |
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No. of Employees : |
310 |
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 300,000 |
|
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
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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 |
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Off-credit |
D |
Company name and address
ZHEJIANG SHAXING PHARMACEUTICAL & CHEMICAL CO. LTD.
YONGQUAN TOWN INDUSTRIAL PARK
LINHAI CITY, ZHEJIANG PROVINCE, 317021 PR CHINA
TEL: 86 (0) 576-85686899/85686837
FAX: 86 (0) 576-85686328
EXECUTIVE SUMMARY
Date of Registration : FEBRUARY 1, 1996
REGISTRATION NO. : 331082000017866
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL : CNY 31,880,000
staff :
310
BUSINESS CATEGORY : MANUFACTURING
Revenue :
CNY 281,940,000 (AS OF DEC. 31, 2011)
EQUITIES :
CNY 48,190,000 (AS OF DEC. 31, 2011)
WEBSITE : www.shaxing.com
E-MAIL :
sales@shaxing.com
PAYMENT :
AVERAGE
Recommended Credit Limit: UP TO USD 300,000
(PERIODICAL REVIEW)
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRly stable
OPERATIONAL TREND : fairly STEADY
GENERAL REPUTATION : AVERAGE
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 limited liabilities company of PRC with State Administration of Industry
& Commerce (SAIC) under registration No.: 331082000017866
on February 1, 1996.
SC’s Organization Code Certificate No.:
25522208-6
SC’s registered capital: CNY 31,880,000
SC’s paid-in capital: CNY 31,880,000
Registration Change Record:
|
Date |
Change of Contents |
Before the change |
After the change |
|
-- |
Registered capital |
CNY 21,880,000 |
CNY 31,880,000 |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Wang Wenxiu |
38.6441 |
|
Jiang Xianxing |
3.9627 |
|
Chen Yongsheng |
6.2313 |
|
Zhou Guiyin |
1.6949 |
|
Chen Zaichai |
0.8475 |
|
Chen Yanfei |
0.8475 |
|
Wang Wenbin |
29.6881 |
|
Wang Hongsheng |
18.0839 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative and Chairman |
Wang Wenbin |
|
General Manager |
Wang Wenxiu |
|
Director |
Zhou Guiyin |
|
Chen Yongsheng |
|
|
Jiang Xianxing |
|
|
Supervisor |
Wu Chunsang |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Wang Wenxiu 38.6441
Jiang Xianxing 3.9627
Chen Yongsheng 6.2313
Zhou Guiyin 1.6949
Chen Zaichai 0.8475
Chen Yanfei 0.8475
Wang Wenbi 29.6881
Wang Hongsheng 18.0839
MANAGEMENT
Wang Wenbin ,
Legal Representative and Chairman
-------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 49
Ø
ID# 332601630525291
Ø
Qualification:
University
Ø
Working
experience (s):
At
present, working in SC as legal representative and chairman
Wang Wenxiu ,
General Manager
-------------------------------------------------------
Ø
Gender: M
Ø
Age: 44
Ø
ID# 332601680410293
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as general manager
Director
-----------
Zhou Guiyin ID#
332621630512447
Chen Yongsheng ID#
332601195403211815
Jiang Xianxing ID#
332601621011181
Supervisor
---------------
Wu Chunsang ID# 332621196002291543
BUSINESS OPERATION
SC’s registered
business scope includes manufacturing cyclopropylamine, methyl alcohol
(recycling), hydrochloric acid (recycling), manufacturing organic intermediate
(excluding prohibited, limited, eliminated and pre-permit items); importing and
exporting commodities and technology (excluding prohibited, limited and
pre-permit items).
SC is mainly
engaged in manufacturing and selling pharmaceutical intermediates,
pharmaceutical chemicals, etc.
SC’s products mainly include:
Antibiotic Drug
Cyclopropylamine
Cyclopropane
Carboxylic Acid
Methyl
Cyclopropane Carboxylate
2,3,4,5-Tetrafluorobenzoyl
Chloride
4-Chlorobutyryl
Chloride
Rifabutin
(2S,3S,5S)-5-tert-butyloxycarbonylamino-2-amino-3-hydroxy-1,6-diphenylhexane
(BDH PURE)
1β-methyl vinyl
phosphate (MAP or MVP)
(3S,4S)-3-[(R)-(tert-Butyldimethyl-Silyloxy)ethyl]-4-[(R)-Carboxyethyl]-2-Azetidinone
Anti-Virus Drug
4-Chloro-2-(Trifluoroacetyl)aniline
Hydrochloride Hydrate (E-2)
(S)-5-chloro-α-(Cyclopropylacetenyl)-2-[((4-methoxyphenyl)methyl)amino]-α-(trifluoromethyl)
benzenemethanol
(E-4)
Beta-Thymidine
5-Methyl Uridine
Cyclopropyl
acetylene
Efavirenz
(2S,3S,5S)-5-(tert-Butyloxycarbonyl)amino-2-Amino-3-Hydroxy-1,6-Diphenylhexane.1/2
Succinate (BDH
Succinate Salt)
N-((N-Methyl-N-((2-isopropyl-4-thiazolyl)methyl)amino)carbonyl)-L-Valine,
Lithium Salt
N-((N-Methyl-N-((2-isopropyl-4-thiazolyl)methyl)amino)carbonyl)-L-Valine
4-Nitrophenyl
Thiazol-5-ylmethyl Carbonate
Cardiovascular Drug
2-Cyano
Menthyl
5-[
5[
N-Acethyl-3-chloro-L-serine
Methyl ester
Losartan Potassium
2-Cyano-4'-Bromo
methylbiphenyl
Trityl Losartan
Other APIs and Intermediates
4-Chloro-4'-FluoroButyrophenone
L-2-Aminobutanamide
hydrochloride
DL-2-Aminobutyric
acid
2,5-Dihydroxy-1,4-dioxane-2,5-dimethanol
Sodium Sulphite
Clorsulon
Methyl(R)-(+)-2-(4-hydroxyphenoxy)propionate
Homoserine
4-Aminobutyric
acid
DL-Serine
4-Aminobutyramide
2-Amino-1,3-Propanediol
Methyl Carbamate
D-2-Aminobutyric
acid
2-(2-Hydroxyphenyl)benz[e][1,3]oxazin-4-one
(S)-2-(2-Oxopyrrolidin-1-yl)butanamide (Levetiracetam)
L(+)-2-Aminobutyric
acid
SC sources its materials 70% from domestic
market, and 30% from overseas market, mainly Taiwan and Europe. SC sells 40% of
its products in domestic market, and 60% to overseas market, mainly Indian
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.
Staff & Office:
--------------------------
SC is known
to have approx. 310 staff at
present.
SC owns an area as
its operating office & factory of approx. 27,000 sq. meters at the heading
address.
RELATED COMPANY
SC
is not known to have any subsidiary at present.
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:
Agricultural Bank of China Linhai Sub-branch
AC#: 930101040003791
Agricultural
Bank of China Zhang’an Sub-branch
AC#:
910801040011199
Bank of China
Taizhou Branch
AC#:
840011211908091001
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2011 |
|
170,500 |
|
|
Accounts
receivable |
21,800 |
|
Advances to
suppliers |
0 |
|
Other receivable |
5,690 |
|
Inventory |
33,910 |
|
Non-current
assets within one year |
0 |
|
Other current
assets |
11,220 |
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|
------------------ |
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Current assets |
243,120 |
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Fixed assets |
46,700 |
|
Construction in
progress |
4,370 |
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Intangible
assets |
0 |
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Long-term
investment |
42,380 |
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Deferred income
tax assets |
0 |
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Other
non-current assets |
15,820 |
|
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------------------ |
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Total assets |
352,390 |
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|
============= |
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Short-term loans |
156,410 |
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Notes payable |
0 |
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Accounts payable |
20,430 |
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Wages payable |
0 |
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Advances from
clients |
0 |
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Other payable |
1,610 |
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Other current
liabilities |
125,710 |
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------------------ |
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Current
liabilities |
304,160 |
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Non-current
liabilities |
40 |
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------------------ |
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Total liabilities |
304,200 |
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Equities |
48,190 |
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------------------ |
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Total
liabilities & equities |
352,390 |
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============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2011 |
|
Revenue |
281,940 |
|
Cost of sales |
235,770 |
|
Sales expense |
4,510 |
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Management expense |
19,780 |
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Finance expense |
18,460 |
|
Profit before
tax |
4,420 |
|
Less: profit tax |
20 |
|
4,400 |
Important Ratios
=============
|
|
As
of Dec. 31, 2011 |
|
*Current ratio |
0.80 |
|
*Quick ratio |
0.69 |
|
*Liabilities
to assets |
0.86 |
|
*Net profit
margin (%) |
1.56 |
|
*Return on
total assets (%) |
1.25 |
|
*Inventory /
Revenue ×365 |
44 days |
|
*Accounts
receivable/ Revenue ×365 |
29 days |
|
*
Revenue/Total assets |
0.80 |
|
* Cost of
sales / Revenue |
0.84 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
l
The revenue of SC appears average in its line.
l
SC’s net profit margin is average.
l
SC’s return on total assets is average.
l
SC’s cost of sales is average, comparing with its
revenue.
LIQUIDITY: FAIR
l
The current ratio of SC is maintained in a fair
level.
l
SC’s quick ratio is maintained in a fair 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
The short-term loan of SC appears fairly large.
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 fairly high.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly stable.
CONCLUSIONS
SC is considered medium-sized in its line with fairly stable financial
conditions. The fairly large amount of short-term loan may be a threat to SC’s
financial condition. A credit line up to USD 300,000 is recommended upon a
periodical review basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.50.03 |
|
|
1 |
Rs.79.32 |
|
Euro |
1 |
Rs.66.02 |
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.