MIRA
INFORM REPORT
|
Report Date : |
22.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
ZHEJIANG
TIANYU PHARMACEUTICAL CO., LTD. |
|
|
|
|
Registered Office : |
Jiangkou
Chemical Development Zone, Huangyan Taizhou, Zhejiang Province 318020 Pr |
|
|
|
|
Country : |
China |
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|
|
|
Financials (as on) : |
31.12.2012 |
|
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|
|
Date of Incorporation : |
14.02.2003 |
|
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Com. Reg. No.: |
331003000003258 |
|
|
|
|
Legal Form : |
Shares Limited Company |
|
|
|
|
Line of Business : |
Subject is engaged in manufacturing pharmaceutical products and
pharmaceutical intermediates. |
|
|
|
|
No. of Employees : |
1,114 |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
|
Payment Behaviour : |
Regular |
|
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 and address
ZHEJIANG TIANYU PHARMACEUTICAL CO., LTD.
JIANGKOU
CHEMICAL DEVELOPMENT ZONE, HUANGYAN TAIZHOU, ZHEJIANG PROVINCE 318020 PR CHINA
TEL: 86 (0)
576-84177669/89189669
FAX: 86 (0)
576-84172669
EXECUTIVE SUMMARY
Date of Registration : FEBRUARY 14, 2003
REGISTRATION NO. : 331003000003258
LEGAL FORM : Shares limited company
CHIEF EXECUTIVE :
TU YONGJUN (LEGAL REPRESENTATIVE)
REGISTERED CAPITAL : CNY 90,000,000
staff : 1,114
BUSINESS CATEGORY : manufacturing
Revenue :
CNY 1,037,746,000 (AS OF DEC. 31, 2012)
EQUITIES :
CNY 401,385,000 (AS OF DEC. 31, 2012)
WEBSITE : www.tianyupharma.com
E-MAIL :
tianyu@tianyupharma.com
PAYMENT :
AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRly good
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : FAIRLY GOOD
EXCHANGE RATE :
CNY 6.13 = 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 on February
14, 2003. However, SC changed to present legal form, and was registered as
shares limited company of PRC with State Administration of Industry &
Commerce (SAIC) under registration No.: 331003000003258
on June 24, 2011.
SC’s Organization Code Certificate No.:
14814421-1
SC’s Tax No.: 331003148144211
SC’s registered capital: CNY 90,000,000
SC’s paid-in capital: CNY 90,000,000
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
|
Legal Representative |
Tu Shanzeng |
Lin Jie |
|
|
Registered Capital |
CNY 380,000 |
CNY 2,000,000 |
|
|
Registered Capital |
CNY 2,000,000 |
CNY 5,000,000 |
|
|
Company Name |
Zhejiang Huangyan Tianyu Chemical Factory |
Zhejiang Tianyu Chemical Co., Ltd. |
|
|
Registered Capital |
CNY 5,000,000 |
CNY 15,000,000 |
|
|
Legal Representative |
Lin Jie |
Tu Yongjun |
|
Company Name |
Zhejiang Tianyu Chemical Co., Ltd. |
Zhejiang Tianyu Pharmaceutical Co., Ltd. |
|
|
|
Registration No. |
3310032003078 |
331003000003258 |
|
|
Registered Capital |
CNY 15,000,000 |
CNY 25,000,000 |
|
|
Registered Capital |
CNY 25,000,000 |
CNY 50,000,000 |
|
|
Registered Capital |
CNY 50,000,000 |
CNY 67,880,000 |
|
|
Registered Capital |
CNY 67,880,000 |
CNY 81,290,000 |
|
|
Registered Capital |
CNY 81,290,000 |
CNY 86,480,000 |
|
|
Legal Form |
Limited Liabilities Company |
Shares Limited Company |
|
Registered Capital |
CNY 86,480,000 |
CNY 90,000,000 |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Zhejiang Taizhou Shengting Investment Co.,
Ltd. |
8.91 |
|
Shanghai Jinglin Venture Capital Center |
4.00 |
|
Suzhou Huichuang Investment &
Development Co., Ltd. |
2.00 |
|
Tu Shanzeng |
4.34 |
|
Wang Juqing |
4.34 |
|
Tu Yongjun |
16.53 |
|
Cheng Rongde |
0.93 |
|
Fang Hongjun |
0.93 |
|
Li Meijun |
0.93 |
|
Zhang Yi |
0.93 |
|
Ma Cheng |
1.25 |
|
Yang Xuexian |
0.65 |
|
Wang Yaojie |
0.65 |
|
Zhou Yunfu |
0.17 |
|
Zhang Jialiu |
0.17 |
|
Lin Jie |
53.27 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman, and General Manager |
Tu Yongjun |
|
Director |
Fang Hongjun |
|
Wen Zhijun |
|
|
Wu Chengye |
|
|
Wang Weisong |
|
|
Wang Yanguang |
|
|
Lin Jie |
|
|
Supervisor |
Wang Xiulin |
|
Yang Weiguo |
RECENT
DEVELOPMENT
Honor
---------
SC becomes one of "top-10 enterprises" of Huangyan region in
2009.
In 2008, SC was approved as "example enterprise in Taizhou city for
technical innovation".
SC became a hi-tech enterprise of Zhejiang province in 2008
SC was approved as "key hi-tech enterprise” of China torch program
in 2007.
In 2007, SC was approved as "good enterprise" for harmonious
labor relationships.
In 2006, SC has passed ISO9001, ISO14001, OHSASA18000 Certificates.
SHAREHOLDER
CHART & BACKGROUND
Name %
of Shareholding
Zhejiang Taizhou Shengting Investment Co., Ltd. 8.91
Shanghai Jinglin Venture Capital Center 4.00
Suzhou Huichuang Investment & Development Co., Ltd. 2.00
Tu Shanzeng 4.34
Wang Juqing 4.34
Tu Yongjun 16.53
Cheng Rongde 0.93
Fang Hongjun 0.93
Li Meijun 0.93
Zhang Yi 0.93
Ma Cheng 1.25
Yang Xuexian 0.65
Wang Yaojie 0.65
Zhou Yunfu 0.17
Zhang Jialiu 0.17
Lin Jie 53.27
Zhejiang Taizhou Shengting Investment Co., Ltd.
--------------------------------------------
Registration No.: 331003000063523
Legal Form: Limited Liabilities
Company
Chief Executive: Tu Yongjun
Registered Capital: CNY
20,500,000
Shanghai Jinglin Venture Capital Center
-------------------------------------------
Registration No.: 310115001196944
MANAGEMENT
Tu Yongjun, Legal
Representative, Chairman and General Manager
---------------------------------------------------------------------------------------------------
Gender: M
Age: 50
ID# 332603196302180017
Qualification: University
Working experience (s):
From 2005 to present, working in SC as legal representative, chairman
and general manager
Director
------------
Fang Hongjun ID#
330106196210170030
Wen Zhijun ID#
110105197712237714
Wu Chengye ID#
410103194711182410
Wang Weisong ID#
310103195911232014
Wang Yanguang ID#
620102196411085354
Lin Jie ID#
332603196901310063
Supervisor
--------------
Wang Xiulin ID#
342901197204033419
Yang Weiguo ID#
231021196712050018
BUSINESS
OPERATION
SC’s registered business scope includes manufacturing
2,6-difluoroaniline, raw material drugs,
candesartan cilexetil, 4'-methyl-2-cyanobiphenyl, 4-bromomethyl
SC is mainly engaged in manufacturing pharmaceutical products and
pharmaceutical intermediates.
SC’s products mainly include:
Candesartan Cilexetil
Valsartan
Losartan Potassium
Irbesartan
Telmisartan
Olmesartan Medoxomil
Eprosartan Methanesulfonate
Montelukast Sodium
SC sources its materials 100% from domestic market. SC sells 40% of its
products in domestic market, and 60% to overseas market.
The buying terms of SC include Check, T/T 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. 1,114
staff at present.
SC owns an area as its operating office and factory, but the detailed
information is unknown.
RELATED
COMPANY
SC is known to have
the following subsidiaries at present:
Taizhou Erkang Pharmaceutical Co., Ltd.
-----------------------------------------------------
Date of Registration: December 25, 2002
Registration No.: 331082000016154
Legal Form: One-person Limited Liability
Company
Chief Executive: Tu Yongjun
Registered Capital: CNY 58,880,000
Binhai Sanyong Pharmaceutical Chemical Co., Ltd.
Registration No.: 320922000016934
Etc.
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 China Taizhou Branch Huangyan Sub-branch
AC#: 840023559908091001
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As of Dec. 31,
2009 |
As of Dec. 31,
2010 |
As of Dec. 31,
2011 |
As of Dec. 31,
2012 |
|
48,696 |
91,370 |
68,182 |
178,515 |
|
|
Held for trading
financial assets |
0 |
0 |
1,360 |
199 |
|
Notes receivable |
0 |
0 |
9,362 |
17,618 |
|
Accounts receivable |
50,345 |
64,784 |
112,227 |
150,019 |
|
Advances to suppliers |
5 |
5 |
73,985 |
120,619 |
|
Subsidies receivable |
0 |
143 |
0 |
0 |
|
Other receivable |
1,750 |
-325 |
2,717 |
2,552 |
|
Inventory |
39,973 |
71,936 |
119,192 |
150,987 |
|
Prepaid expenses |
1,869 |
1,250 |
0 |
0 |
|
Other current assets |
0 |
4,221 |
0 |
8,111 |
|
|
------------------ |
------------------ |
------------------ |
------------------ |
|
Current assets |
142,638 |
233,384 |
387,025 |
628,620 |
|
Fixed assets |
49,569 |
105,370 |
109,761 |
142,404 |
|
Construction in progress |
25,159 |
613 |
2,666 |
8,184 |
|
Intangible assets |
14,392 |
14,787 |
28,203 |
27,714 |
|
Long-term investment |
60,000 |
86,760 |
93,236 |
93,236 |
|
Deferred income tax assets |
0 |
0 |
908 |
1,277 |
|
Other non-current assets |
0 |
0 |
0 |
0 |
|
|
------------------ |
------------------ |
------------------ |
------------------ |
|
Total assets |
291,758 |
440,914 |
621,799 |
901,435 |
|
|
============= |
============= |
============= |
============= |
|
Short-term loans |
56,497 |
53,210 |
144,221 |
261,983 |
|
Transaction financial liabilities |
0 |
0 |
0 |
36 |
|
Notes payable |
35,000 |
96,000 |
98,000 |
132,000 |
|
Accounts payable |
5,809 |
9,645 |
60,484 |
81,090 |
|
Wages payable |
0 |
1,668 |
10,797 |
14,718 |
|
Taxes payable |
-447 |
11,361 |
3,650 |
1,526 |
|
Interest payable |
0 |
0 |
0 |
3,045 |
|
Advances from clients |
0 |
0 |
1,950 |
3,563 |
|
Other payable |
3,155 |
7,877 |
2,145 |
1,783 |
|
Other current liabilities |
527 |
480 |
0 |
0 |
|
|
------------------ |
------------------ |
------------------ |
------------------ |
|
Current liabilities |
100,541 |
180,241 |
321,247 |
499,744 |
|
Non-current liabilities |
52,000 |
27,000 |
503 |
306 |
|
|
------------------ |
------------------ |
------------------ |
------------------ |
|
Total liabilities |
152,541 |
207,241 |
321,750 |
500,050 |
|
Equities |
139,217 |
233,673 |
300,049 |
401,385 |
|
|
------------------ |
------------------ |
------------------ |
------------------ |
|
Total liabilities & equities |
291,758 |
440,914 |
621,799 |
901,435 |
|
|
============= |
============= |
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2009 |
As of Dec. 31,
2010 |
As of Dec. 31,
2011 |
As of Dec. 31,
2012 |
|
Revenue |
263,837 |
441,209 |
759,558 |
1,037,746 |
|
Cost of sales |
206,382 |
340,689 |
573,568 |
776,027 |
|
Taxes and surcharges |
1,985 |
1,923 |
3,461 |
6,168 |
|
Sales expense |
4,855 |
3,624 |
9,155 |
15,581 |
|
Management expense |
15,797 |
35,122 |
55,725 |
94,482 |
|
Finance expense |
3,076 |
8,186 |
10,058 |
13,660 |
|
Subsidy income |
1,333 |
529 |
0 |
0 |
|
Investment income |
0 |
0 |
3,093 |
1,456 |
|
Non-business income |
256 |
951 |
1,338 |
3,120 |
|
Non-business expense |
557 |
1,297 |
1,891 |
2,272 |
|
Profit before tax |
32,776 |
51,897 |
108,663 |
129,906 |
|
Less: profit tax |
4,917 |
9,457 |
18,669 |
17,739 |
|
27,859 |
42,440 |
89,994 |
112,167 |
Important Ratios
=============
|
|
As of Dec. 31,
2009 |
As of Dec. 31,
2010 |
As of Dec. 31,
2011 |
As of Dec. 31,
2012 |
|
*Current ratio |
1.42 |
1.29 |
1.20 |
1.26 |
|
*Quick ratio |
1.02 |
0.90 |
0.83 |
0.96 |
|
*Liabilities to assets |
0.52 |
0.47 |
0.52 |
0.55 |
|
*Net profit margin (%) |
10.56 |
9.62 |
11.85 |
10.81 |
|
*Return on total assets (%) |
9.55 |
9.63 |
14.47 |
12.44 |
|
*Inventory / Revenue ×365 |
56 days |
60 days |
58 days |
54 days |
|
*Accounts receivable / Revenue ×365 |
70 days |
54 days |
54 days |
53 days |
|
*Revenue / Total assets |
0.90 |
1.00 |
1.22 |
1.15 |
|
*Cost of sales / Revenue |
0.78 |
0.77 |
0.76 |
0.75 |
FINANCIAL
COMMENTS
PROFITABILITY:
FAIRLY GOOD
The revenue of SC appears fairly good, and it was rising year by year.
SC’s net profit margin is fairly good in four years.
SC’s return on total assets is fairly good in four years.
SC’s cost of sales is average, comparing with its revenue.
LIQUIDITY: AVERAGE
The current ratio of SC is maintained in a normal level.
SC’s quick ratio is maintained in a normal level.
The inventory of SC is maintained in an average level.
The accounts receivable of SC is maintained in an average level.
SC’s short-term loans are in an average level.
SC’s revenue is in an average level, comparing with the size of its
total assets.
LEVERAGE: FAIRLY
GOOD
The debt ratio of SC is average in four years.
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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.79 |
|
|
1 |
Rs.91.03 |
|
Euro |
1 |
Rs.78.52 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.