MIRA INFORM REPORT
|
Report Date : |
23.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
ZHEJIANG JIANGBEI PHARMACEUTICAL CO., LTD. |
|
|
|
|
Registered Office : |
Dongdai Dock, Zhang’an Street, Jiaojiang District, Taizhou, Zhejiang Province, 318017 Pr |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
23.07.1993 |
|
|
|
|
Com. Reg. No.: |
331002000022752 |
|
|
|
|
Legal Form : |
Limited Liabilities Company |
|
|
|
|
Line of Business : |
manufacturing and selling
of APIs and pharmaceutical intermediates of
pharmaceuticals, including cardiovascular drugs, antituberculosis drugs,
drugs for central nervous system and antiepileptic drugs and bulk
drugs |
|
|
|
|
No. of Employees : |
300 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
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 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
china ECONOMIC OVERVIEW
Since the late 1970s China has
moved from a closed, centrally planned system to a more market-oriented one that
plays a major global role - in 2010 China became the world's largest exporter.
Reforms began with the phasing out of collectivized agriculture, and expanded
to include the gradual liberalization of prices, fiscal decentralization,
increased autonomy for state enterprises, creation of a diversified banking
system, development of stock markets, rapid growth of the private sector, and
opening to foreign trade and investment. China has implemented reforms in a
gradualist fashion. In recent years, China has renewed its support for
state-owned enterprises in sectors it considers important to "economic
security," explicitly looking to foster globally competitive national
champions. After keeping its currency tightly linked to the US dollar for years,
in July 2005 China revalued its currency by 2.1% against the US dollar and
moved to an exchange rate system that references a basket of currencies. From
mid 2005 to late 2008 cumulative appreciation of the renminbi against the US
dollar was more than 20%, but the exchange rate remained virtually pegged to
the dollar from the onset of the global financial crisis until June 2010, when
Beijing allowed resumption of a gradual appreciation. The restructuring of the
economy and resulting efficiency gains have contributed to a more than tenfold
increase in GDP since 1978. Measured on a purchasing power parity (PPP) basis
that adjusts for price differences, China in 2012 stood as the second-largest
economy in the world after the US, having surpassed Japan in 2001. The dollar
values of China's agricultural and industrial output each exceed those of the
US; China is second to the US in the value of services it produces. Still, per
capita income is below the world average. The Chinese government faces numerous
economic challenges, including: (a) reducing its high domestic savings rate and
correspondingly low domestic demand; (b) sustaining adequate job growth for
tens of millions of migrants and new entrants to the work force; (c) reducing
corruption and other economic crimes; and (d) containing environmental damage
and social strife related to the economy's rapid transformation. Economic
development has progressed further in coastal provinces than in the interior,
and by 2011 more than 250 million migrant workers and their dependents had
relocated to urban areas to find work. One consequence of population control
policy is that China is now one of the most rapidly aging countries in the
world. Deterioration in the environment - notably air pollution, soil erosion,
and the steady fall of the water table, especially in the North - is another
long-term problem. China continues to lose arable land because of erosion and
economic development. The Chinese government is seeking to add energy
production capacity from sources other than coal and oil, focusing on nuclear
and alternative energy development. In 2010-11, China faced high inflation
resulting largely from its credit-fueled stimulus program. Some tightening
measures appear to have controlled inflation, but GDP growth consequently slowed
to under 8% for 2012. An economic slowdown in Europe contributed to China's,
and is expected to further drag Chinese growth in 2013. Debt overhang from the
stimulus program, particularly among local governments, and a property price
bubble challenge policy makers currently. The government's 12th Five-Year Plan,
adopted in March 2011, emphasizes continued economic reforms and the need to
increase domestic consumption in order to make the economy less dependent on
exports in the future. However, China has made only marginal progress toward
these rebalancing goals.
|
Source : CIA |
Company name & 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 :
300
REGISTERED CAPITAL : CNY 28,170,000
BUSINESS LINE :
manufacturing and trading
TURNOVER :
CNY 247,890,000 (AS OF DEC. 31, 2012)
EQUITIES :
CNY 18,790,000 (AS OF DEC. 31, 2012)
PAYMENT :
AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairLY STABLE
OPERATIONAL TREND : fairLY STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 6.12 =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. 300 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 covers an area of 60,000 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% |
For the past two years there is no record of litigation.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Tang Dianli (ID# 332601196107102918) 96.36
Hong Xianxiang
(ID# 332601196312232922)
3.64
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
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: APIs and pharmaceutical intermediates of pharmaceuticals,
including cardiovascular drugs, antituberculosis drugs, drugs for central
nervous system and antiepileptic drugs.
SC sources its materials 90% from domestic
market, and 10% from overseas market. 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, 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.
*Major Supplier:
============
Shandong Lukang Pharmaceutical Group Co., Ltd.
Note: SC refused
to release its major customers.
Shanghai Youdi Chemical Co., Ltd.
…………………………………….
Legal representative: Tang Dianli
Registration No.: 310115000867435
Incorporation date: 2004-11-25
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, 2011 |
as
of Dec. 31, 2012 |
|
Cash & bank |
37,580 |
52,800 |
|
Inventory |
31,310 |
25,160 |
|
Accounts
receivable |
38,690 |
29,450 |
|
Bills receivable |
0 |
200 |
|
Other accounts
receivable |
40,710 |
30,670 |
|
Other current
assets |
440 |
3,020 |
|
|
------------------ |
------------------ |
|
Current assets |
148,730 |
141,300 |
|
Fixed assets net
value |
45,660 |
43,240 |
|
Projects under construction |
8,850 |
13,190 |
|
Long term
investment |
0 |
15,170 |
|
Other assets |
6,000 |
6,730 |
|
|
------------------ |
------------------ |
|
Total assets |
209,240 |
219,630 |
|
|
============= |
============= |
|
Short loans |
96,680 |
92,430 |
|
Accounts payable |
61,160 |
64,650 |
|
Bills payable |
36,670 |
60,050 |
|
Salaries payable |
240 |
0 |
|
Other accounts
payable |
-17,570 |
-17,820 |
|
Taxes payable |
-1,350 |
-600 |
|
Other current
liabilities |
4,110 |
2,130 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
179,940 |
200,840 |
|
Long term
liabilities |
12,000 |
0 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
191,940 |
200,840 |
|
Equities |
17,300 |
18,790 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
209,240 |
219,630 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
as of Dec. 31,
2012 |
|
Turnover |
247,890 |
|
Cost of goods
sold |
214,510 |
|
Sales expense |
3,360 |
|
Management expense |
22,750 |
|
Finance expense |
11,210 |
|
Other operating
profit |
3,030 |
|
Other expense |
450 |
|
Profit before
tax |
-1,360 |
|
Less: profit tax |
80 |
|
Profits |
-1,440 |
Important
Ratios
=============
|
|
as
of Dec. 31, 2011 |
as
of Dec. 31, 2012 |
|
*Current ratio |
0.83 |
0.70 |
|
*Quick ratio |
0.65 |
0.58 |
|
*Liabilities
to assets |
0.92 |
0.91 |
|
*Net profit
margin (%) |
/ |
-0.58 |
|
*Return on total
assets (%) |
/ |
-0.66 |
|
*Inventory
/Turnover ×365 |
/ |
38 days |
|
*Accounts
receivable/Turnover ×365 |
/ |
44 days |
|
*Turnover/Total
assets |
/ |
1.13 |
|
* Cost of
goods sold/Turnover |
/ |
0.87 |
PROFITABILITY:
FAIR
l The turnover of SC
appears fairly good in its line in 2012.
l SC’s net profit
margin is fair in 2012.
l SC’s return on
total assets is fair in 2012.
l
SC’s cost of goods sold is average, comparing with
its turnover in 2012.
LIQUIDITY: FAIR
l
The current ratio of SC is maintained in a fair
level in both years.
l
SC’s quick ratio is maintained in a fair level in
both years.
l
The inventory of SC appears average in both years.
l
The accounts receivable of SC appears average in
both years.
l
The short-term loan of SC appears large in both
years.
l
SC’s turnover is in an average level, comparing
with the size of its total assets in 2012.
LEVERAGE: FAIR
l
The debt ratio of SC is high in both years.
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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.42 |
|
UK Pound |
1 |
Rs.102.09 |
|
Euro |
1 |
Rs.87.32 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.