MIRA
INFORM REPORT
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Report Date : |
14.03.2012 |
IDENTIFICATION DETAILS
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Name : |
ZHEJIANG JIANGBEI PHARMACEUTICAL CO., LTD. |
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Registered Office : |
Dongdai Dock, Zhang’an Street, Jiaojiang District, Taizhou, Zhejiang Province, 318017 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
23.07.1993 |
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Com. Reg. No.: |
331002000022752 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Manufacturing and selling pharmaceutical intermediates and bulk drugs. |
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No. of Employees : |
260 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 60,000 |
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Status : |
Moderate |
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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 |
|
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 jiangbei pharmaceutical co., ltd.
Dongdai Dock,
Zhang’an Street, Jiaojiang district, Taizhou,
zhejiang PROVINCE,
318017 PR CHINA
TEL: 86 (0)
576-88786669/88786552 FAX: 86 (0)
576-88786538
EXECUTIVE SUMMARY
INCORPORATION DATE : july
23, 1993
REGISTRATION NO. : 331002000022752
REGISTERED LEGAL FORM : Limited liabilities
company
STAFF STRENGTH :
260
REGISTERED CAPITAL : CNY 28,170,000
BUSINESS LINE : manufacturing
TURNOVER :
CNY 162,080,000 (AS OF DEC. 31, 2010)
EQUITIES :
CNY 14,090,000 (AS OF DEC. 31, 2010)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO USD 60,000 (periodical review)
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairLY
STABLE
OPERATIONAL TREND : fairLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.32 =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 limited liabilities company at local
Administration for Industry & Commerce (AIC - The official body of issuing
and renewing business license) on July 23, 1993.
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 drugs (simvastatin, levetiracetam,
clopidogrel bisulfate, oxcarbazepine, maleate enalapril); manufacturing
pharmaceutical intermediates (with permit if needed); import and export of
goods.
SC is mainly
engaged in manufacturing and selling pharmaceutical intermediates and bulk
drugs.
Mr. Tang
Dianli has been the legal representative
and chairman of SC since 1993.
SC is known to
have approx. 260 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 Taizhou. Our checks
reveal that SC rent the total premise about 30,000 square meters.
http://www.jiangbei.com
The design is professional and the content is well organized. At present the
web site is both in Chinese and English versions.
E-mail: hmc@jiangbei.com
Changes of its registered information are as follows:
|
Date of change |
Item |
Before the
change |
After the change |
|
2009 |
Registered capital |
CNY 6,170,000 |
CNY 28,170,000 |
|
Registration No. |
3310021001412 |
331002000022752 |
|
|
Shareholders |
Tang Dianli 84% Hong Fangxin 8% Tang Dianxin 8% |
Tang Dianli 96.36% Hong Xianxiang
3.64 |
MAIN SHAREHOLDERS:
Name %
of Shareholding
Tang Dianli (ID# 332601196107102918) 96.36
Hong Xianxiang (ID#
332601196312232922)
3.64
l
Legal representative, Chairman and General Manager:
Mr. Tang Dianli , ID# 332601196107102918, born in 1961 with university
education. He is currently responsible for the overall management of SC.
Working Experience(s):
From 1993 to present Working
in SC as legal representative, chairman and general manager;
Also working in Shanghai
Youdi Chemical Co., Ltd. as legal representative and chairman
l
Sales Manager:
Mr. Chen Huaming
Mobile Phone: +86 (0) 13175303641
Tel: 86 576 88786568
Fax: 86 576 88786538
SC is mainly
engaged in manufacturing and selling pharmaceutical intermediates and bulk
drugs.
SC’s products
mainly include:
Blood Fat Resistant API
Simvastatin
(COA/Specification)
Lovastatin
(COA/Specification)
Simvastatin
ammonium salt (COA/Specification)
Antiepileptic
Levetiracetam
(COA/Specification)
Antituberculous
Rifampicin(0.7)
(COA/Specification)
Isoniazid
(COA/Specification)
Rifampicin(0.5) (COA/Specification)
Rifadin
(COA/Specification)
Cefalotin Antibiotics API
Drop Blood Pressure API
Blood Sugar Reducing API
Glimepiride
(COA/Specification)
Bone Mass
Ipriflavone
(COA/Specification)
SC sources its materials 100% from domestic market,
mainly Shandong. SC sells 70% of its products in domestic market, and 30% to
overseas market, mainly Southeast Asian market.
The buying terms of SC include Check, T/T and Credit of 30-60 days. The
payment terms of SC include T/T, L/C and Credit of 30-60 days.
*Major Customer:
=============
Zhejiang Ruibang Pharmaceutical Co., Ltd.
*Major Supplier:
============
Shandong Lukang Pharmaceutical Group Co., Ltd.
Shanghai
Youdi Chemical Co., Ltd.
Address:
Room 715, Silver Tower, 933 Zhongshan (w) Rd., Changning District, Shanghai
Tel:
86 021-51113182/51113183-8008
Fax:
86 021-51113185
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’s suppliers
declined to make any comments.
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 Taizhou Branch Jiaojiang Sub-branch
Swift-BKCHCNBJ923
AC#:
354558358871 (USD account)
387058334488 (CNY account)
Relationship:
Normal.
Balance Sheet
|
Unit: CNY’000 |
as
of Dec. 31, 2009 |
as
of Dec. 31, 2010 |
|
Cash & bank |
14,560 |
18,670 |
|
Inventory |
18,950 |
22,720 |
|
Accounts
receivable |
8,160 |
13,540 |
|
Other Accounts
receivable |
25,340 |
31,820 |
|
To be
apportioned expense |
0 |
0 |
|
Other current
assets |
160 |
380 |
|
|
------------------ |
------------------ |
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Current assets |
67,170 |
87,130 |
|
Fixed assets net
value |
45,670 |
34,840 |
|
Projects under
construction |
0 |
0 |
|
Long term
investment |
0 |
0 |
|
Other assets |
-6,540 |
21,660 |
|
|
------------------ |
------------------ |
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Total assets |
106,300 |
143,630 |
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|
============= |
============= |
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Short loans |
61,440 |
72,540 |
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Accounts payable |
24,840 |
30,220 |
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Other Accounts
payable |
-400 |
5,910 |
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Withdraw the expenses
in advance |
0 |
0 |
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Other current
liabilities |
6,970 |
870 |
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------------------ |
------------------ |
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Current
liabilities |
92,850 |
109,540 |
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Long term
liabilities |
0 |
20,000 |
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Other
liabilities |
0 |
0 |
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|
------------------ |
------------------ |
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Total
liabilities |
92,850 |
129,540 |
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Equities |
13,450 |
14,090 |
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|
------------------ |
------------------ |
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Total
liabilities & equities |
106,300 |
143,630 |
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|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
as of Dec. 31,
2009 |
as of Dec. 31,
2010 |
|
Turnover |
101,590 |
162,080 |
|
Cost of goods
sold |
82,070 |
138,360 |
|
Sales expense |
1,340 |
2,740 |
|
Management expense |
7,880 |
11,160 |
|
Finance expense |
8,780 |
9,960 |
|
Other operating
profit |
1,750 |
3,300 |
|
Other expense |
810 |
2,300 |
|
Profit before
tax |
2,460 |
860 |
|
Less: profit tax |
0 |
220 |
|
Profits |
2,460 |
640 |
Important
Ratios
=============
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
*Current ratio |
0.72 |
0.80 |
|
*Quick ratio |
0.52 |
0.59 |
|
*Liabilities
to assets |
0.87 |
0.90 |
|
*Net profit
margin (%) |
2.42 |
0.39 |
|
*Return on
total assets (%) |
2.31 |
0.45 |
|
*Inventory
/Turnover ×365 |
69 days |
51 days |
|
*Accounts
receivable/Turnover ×365 |
30 days |
30 days |
|
*Turnover/Total
assets |
0.96 |
1.13 |
|
* Cost of
goods sold/Turnover |
0.81 |
0.85 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears fairly good in its line,
and it increased in 2010.
l
SC’s net profit margin is average.
l
SC’s return on total assets is average.
l
SC’s cost of goods sold is average, comparing with
its turnover.
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 appears fairly large.
l
The accounts receivable of SC appears average.
l
The short-term loan of SC appears large.
l
SC’s turnover is in an average level, comparing
with the size of its total assets.
LEVERAGE: FAIR
l
The debt ratio of SC is high.
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 fairly stable financial
conditions. The large amount of short-term loan could be a threat to SC’s
financial condition. A credit line up to USD 60,000 appears acceptable upon a
periodical review basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.84 |
|
|
1 |
Rs.77.97 |
|
Euro |
1 |
Rs.65.61 |
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.