MIRA
INFORM REPORT
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Report Date : |
14.03.2012 |
IDENTIFICATION DETAILS
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Name : |
SHANDONG JINCHENG KERUI CHEMICAL CO., LTD. |
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Registered Office : |
Dongzhang Village, Sibaoshan High-New Technology Development
Zone, Zibo City Shandong Province 255000 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
12.05.2005 |
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Com. Reg. No.: |
370300018517369 |
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Legal Form : |
One-Person Limited Liability Company |
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Line of Business : |
Manufacturing and selling pharmaceutical products |
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No. of Employees : |
350 |
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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Maximum Credit Limit : |
USD 1,000,000 |
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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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
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
SHANDONG JINCHENG KERUI CHEMICAL CO., LTD.
DONGZHANG VILLAGE, SIBAOSHAN
HIGH-NEW TECHNOLOGY DEVELOPMENT ZONE, ZIBO CITY
SHANDONG PROVINCE 255000 PR CHINA
TEL: 86 (0) 533-2072886/2072887
FAX: 86 (0) 533-5439426
EXECUTIVE SUMMARY
Date of Registration : MAY 12, 2005
REGISTRATION NO. : 370300018517369
LEGAL FORM : ONE-PERSON LIMITED
LIABILITY COMPANY
REGISTERED CAPITAL : cny 61,000,000
staff :
350
BUSINESS CATEGORY : manufacturing
Revenue :
CNY 196,382,000 (AS OF DEC. 31, 2010)
EQUITIES :
CNY 109,702,000 (AS OF DEC. 31, 2010)
WEBSITE : N/A
E-MAIL :
N/A
PAYMENT :
AVERAGE
Recommended Credit Limit : UP TO USD 1,000,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRly
good
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.32 = 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 Chinese-foreign equity joint venture enterprise of PRC on May 12,
2005. However, SC changed to present legal form, and was registered as
one-person limited liabilities company of PRC with State Administration of
Industry & Commerce (SAIC) under registration No.: 370300018517369 on
September 28, 2007.
SC’s Organization Code Certificate No.:
77316311-9
SC’s registered capital: cny 61,000,000
SC’s paid-in capital: cny 61,000,000
Registration Change Record:
|
Date |
Change of Contents |
Before the change |
After the change |
|
|
Shareholder (s) (% of Shareholding) |
Sinuo-American Trade Co., Ltd.(In Chinese Pinyin) 25% Shandong Jincheng
Pharmaceutical & Chemical Co., Ltd. 75% |
Shandong Jincheng Pharmaceutical & Chemical
Co., Ltd. 100% |
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Registered Capital |
CNY 12,000,000 |
CNY 93,492,448 |
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|
Legal Form |
Chinese-Foreign Equity Joint Venture Enterprise |
One-Person Limited Liabilities Company |
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Registered Capital |
CNY 93,492,448 |
CNY 36,000,000 |
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Shareholder’s Chinese Name |
山东金城医药化工有限公司 |
山东金城医药化工股份有限公司 |
|
-- |
Registered Capital |
CNY 36,000,000 |
cny 61,000,000 |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Shandong Jincheng Pharmaceutical & Chemical
Co., Ltd. |
100 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative and Chairman |
Zhao Hongfu |
|
General Manager |
Zhang Xuebo |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Shandong Jincheng Pharmaceutical & Chemical
Co., Ltd. 100
=============================================
Registration No.: 370300018517205
Legal Form: Shares Limited
Company
Registered Capital: CNY 121,000,000
Address: No. 26, Kunxin Road, Zichuan
District, Zibo City, Shandong Province, China
Tel: +86-533-5439411
Fax: +86-533-5776517, 5772739, 5439426
Website: http://www.jcpcol.com
Email: jcpc@jinchengpharm.com
MANAGEMENT
Zhao Hongfu ,
Legal Representative and Chairman
-----------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 63
Ø
Qualification:
Junior College
Ø
Working
experience (s):
From 2005 to present, working in SC as legal representative and
chairman, also as director of Shandong Jincheng Pharmaceutical & Chemical
Co., Ltd.
Zhang Xuebo ,
General Manager
------------------------------------------------------
Ø
Gender: M
Ø
Age: 49
Ø
Qualification:
Junior College
Ø
Working
experience (s):
At present, working in SC as general manager, also working
in Shandong Jincheng Pharmaceutical & Chemical Co., Ltd. as general manager
BUSINESS OPERATION
SC’s registered
business scope includes manufacturing and selling ceftazidime dihydrochloride,
BEAM, cefixime open side chain acid, import and export of goods (excluding
items prohibited or limited by country, with permit if needed).
SC is mainly
engaged in manufacturing and selling pharmaceutical products.
SC’s products
mainly include: pharmaceutical products, mainly ceftazidime dihydrochloride,
BEAM, cefixime open side chain acid, etc.
SC sources its
materials 100% from domestic market. SC sells 100% of its products to overseas
market.
The buying terms of SC include T/T and Credit of 30-60 days. The payment
terms of SC include T/T, L/C and Credit of 30-60 days.
Staff & Office:
--------------------------
SC is known
to have approx. 350 staff at
present.
SC owns an area as
its operating office & factory of approx. 60,000 sq. meters at the heading
address.
RELATED COMPANY
n
Shandong Huihai Pharmaceutical & Chemical Co., Ltd.
n
Shandong Jincheng Zhonghua Biopharmaceuticals 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 Communications Zibo Branch Zichuan Sub-branch
AC#:
373030602018010070053
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2010 |
|
20,588 |
|
|
Notes receivable |
2,789 |
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Accounts
receivable |
38,972 |
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Advances to
suppliers |
5,322 |
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Other receivable |
29,988 |
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Inventory |
23,649 |
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Non-current
assets within one year |
0 |
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Other current
assets |
0 |
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|
------------------ |
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Current assets |
121,308 |
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Fixed assets |
70,614 |
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Construction in
progress |
11,159 |
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Intangible
assets |
16,286 |
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Long-term
prepaid expenses |
0 |
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Deferred income
tax assets |
400 |
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Other
non-current assets |
0 |
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------------------ |
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Total assets |
219,767 |
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============= |
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Short-term loans |
72,000 |
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Notes payable |
5,000 |
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Accounts payable |
27,867 |
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Wages payable |
3,638 |
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Taxes payable |
764 |
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Advances from
clients |
0 |
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Other payable |
796 |
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Other current
liabilities |
0 |
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------------------ |
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Current
liabilities |
110,065 |
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Non-current
liabilities |
0 |
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------------------ |
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Total
liabilities |
110,065 |
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Equities |
109,702 |
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------------------ |
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Total
liabilities & equities |
219,767 |
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============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2010 |
|
Revenue |
196,382 |
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Cost of sales |
129,868 |
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Taxes and surcharges |
1,032 |
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Sales expense |
3,055 |
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Management expense |
11,382 |
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Finance expense |
4,317 |
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Non-business
income |
154 |
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Non-business expense |
122 |
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Profit before
tax |
46,233 |
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Less: profit tax |
6,870 |
|
39,363 |
Important Ratios
=============
|
|
As
of Dec. 31, 2010 |
|
*Current ratio |
1.10 |
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*Quick ratio |
0.89 |
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*Liabilities
to assets |
0.50 |
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*Net profit
margin (%) |
20.04 |
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*Return on
total assets (%) |
17.91 |
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*Inventory /
Revenue ×365 |
44 days |
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*Accounts
receivable/ Revenue ×365 |
73 days |
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*
Revenue/Total assets |
0.89 |
|
* Cost of
sales / Revenue |
0.66 |
FINANCIAL COMMENTS
PROFITABILITY:
FAIRLY GOOD
l
The revenue of SC appears fairly good in its line.
l
SC’s net profit margin is fairly good.
l
SC’s return on total assets is fairly good.
l
SC’s cost of sales is low, 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 low.
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 1,000,000
would appear to be within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.84 |
|
|
1 |
Rs.77.97 |
|
Euro |
1 |
Rs.65.61 |
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 |
|
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.