MIRA INFORM REPORT
|
Report Date : |
16.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
ZHEJIANG
JINGXIN PHARMACEUTICAL IMPORT & EXPORT CO., LTD |
|
|
|
|
Registered Office : |
No. 800, Dadao East Road,
Qingshan Industry Zone, Chengguan Town Xinchang County,
Shaoxing, Zhejiang Province 312500 PR |
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Country : |
China |
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Financials (as on) : |
31.12.2011 |
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|
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Date of Incorporation : |
28.11.2006 |
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Com. Reg. No.: |
330624000013543 |
|
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Legal Form : |
One-Person Limited Liability Company |
|
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Line of Business : |
Subject engaged in selling pharmaceutical
products |
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No. of Employees : |
8 |
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 |
|
Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
|
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
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 2010 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 near 9% for 2011. An economic slowdown in Europe is expected to further drag Chinese growth in 2012. 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
JINGXIN PHARMACEUTICAL IMPORT & EXPORT CO., LTD.
NO. 800,
DADAO EAST ROAD, QINGSHAN INDUSTRY ZONE, CHENGGUAN TOWN
XINCHANG
COUNTY, SHAOXING, ZHEJIANG PROVINCE 312500 PR CHINA
TEL: 86
(0) 575-86096890/86176505
FAX: 86
(0) 575-86096898
EXECUTIVE SUMMARY
Date of Registration : November 28, 2006
REGISTRATION NO. : 330624000013543
LEGAL FORM : One-person Limited Liability Company
REGISTERED CAPITAL :
CNY 5,000,000
staff : 8
BUSINESS CATEGORY :
TRADING
Revenue : CNY 258,874,000 (AS OF DEC. 31, 2011)
EQUITIES : CNY 5,642,000 (AS OF DEC. 31, 2011)
WEBSITE : N/A
E-MAIL : N/A
PAYMENT : AVERAGE
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : FAIRLY STABLE
OPERATIONAL TREND : ORDINARY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.23 = 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 one-person limited liabilities company of PRC with State Administration of
Industry & Commerce (SAIC) under registration No.: 330624000013543 on
November 28, 2006.
SC’s Organization Code Certificate
No.: 79646125-8
SC’s Tax No.:
330624796461258
SC’s registered capital: CNY 5,000,000
SC’s paid-in capital: CNY 5,000,000
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
2009 |
Registration No. |
3306242103609 |
330624000013543 |
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
zhejiang Jingxin Pharmaceutical Co., Ltd. |
100 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative,
Chairman, and General Manager |
Lv Gang |
|
Supervisor |
Lv Shaoying |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART & BACKGROUND
Name %
of Shareholding
zhejiang Jingxin Pharmaceutical Co., Ltd. 100
zhejiang Jingxin Pharmaceutical Co., Ltd.
------------------------------------------------------------
zhejiang Jingxin Pharmaceutical Co., Ltd. is listed in
Shenzhen Stock Exchange with the code of 002020.
zhejiang Jingxin Pharmaceutical Co., Ltd. has been developed
as one of the National Important High-tech Enterprises, Top 100 Pharmaceutical
Enterprises and the Listed Company. The headquarter is located at Xinchang
City, Zhejiang Province. It is an integrated company covers manufacturing, R
& D and marketing center. There are 4 manufacturing sites in the company
located at Xinchang, Shangyu, Shangrao Guangfeng (Jiangxi province) and
Bayannaoer (Inner Mongolia) respectively.
It has been awarded a lot of honors such as
“AAA level Enterprise of Contract-keeping and Credit-caring”, “AAA level
Enterprise of Tax-paying”, “Demonstrating Enterprise of Patent in Zhejiang
Province”, “the Advanced Innovative Enterprise in Zhejiang Province”, etc. The
brand of “JINGXIN” is the famous brand in both Zhejiang province and China and
Jingxin Pharm has been awarded as the famous trade name in Zhejiang province.
The products such as Ciprofloxacin and Simvastatin are the famous brand
products in Zhejiang Province; Sertraline Hydrochloride has been listed into
the national biopharmaceutical high-tech commercialization demonstration
programs; “KANG FU XIN Solution” has been listed as the national protected
product of Traditional Chinese Medicine.
Date of Registration: Oct. 25, 2001
Registered No.: 330000000031464
Registered Capital: CNY 101,550,000
Legal representative: Lv Gang
Address: No. 800, Dadao East Road, Qingshan
Industry Zone, Chengguan Town, Xinchang County, Shaoxing, Zhejiang Province
Tel: 86 (0) 575-86176531
Fax: 86 (0) 575-86096898
Web: www.jingxinpharm.com
E-mail: jingxin@mail.sxptt.zj.cn
MANAGEMENT
Lv Gang , Legal Representative, Chairman, and General
Manager
---------------------------------------------------------------------------------------------
Ø
Gender: M
Ø Qualification: Master
Degree
Ø Engineer
Ø ID#
330624196202250014
Ø Age: 51
Ø Working experience
(s):
At present, working in SC as legal
representative, chairman and general manager
Also
working in zhejiang Jingxin Pharmaceutical Co., Ltd., and
Shanghai Jingxin Biological Pharmaceutical Co., Ltd. as legal representative
Lv Shaoying , Supervisor
-------------------------------------------
Ø
Gender: F
Ø ID#
330624198111200061
Ø Age: 32
Ø Qualification:
University
BUSINESS OPERATION
SC’s registered
business scope includes importing and exporting commodities and technology; and
selling medical & chemical materials, pharmaceutical intermediates, steel
materials, and textile materials.
SC is mainly
engaged in selling pharmaceutical
products.
Brand: Jingxin.
SC’s products
mainly include: Drug Products, Active Pharmaceutical Ingredients, Veterinary
raw materials, etc.
SC sources its materials 100% from domestic market,
mainly Zhejiang. SC sells 100% of its products to overseas market, mainly
Southeast Asia, U.S.A., and Europe.
The buying terms of SC include Check, T/T and Credit of 30-60 days. The
payment terms of SC include L/C and Credit of 30-60 days.
*Major Supplier:
============
zhejiang Jingxin Pharmaceutical Co., Ltd.
Staff & Office:
--------------------------
SC is
known to have approx. 8 staff at present.
SC
rents an area as its operating office of approx. 100 sq. meters at the heading
address.
RELATED COMPANY
Related Companies:
===============
u
Shangyu Jingxin Pharmaceutical Co., Ltd.
Registration
No.: 330682000004011
Date
of Registration: December 17, 2004
Legal
Form: One-person Limited Liabilities Company
Registered
Capital: CNY 127,560,000
Legal
Representative: Wang Nengneng
u
Shanghai Jingxin Biological Pharmaceutical Co., Ltd.
Registration
No.: 310115000823323
Date
of Registration: March 19, 2004
Legal
Form: Limited Liabilities Company
Registered
Capital: CNY 15,000,000
Legal
Representative: Lv Gang
u
Guangfeng Jingxin Pharmaceutical Co., Ltd.
Registration
No.: 361122210001295
Date
of Registration: October 19, 2005
Legal
Form: Limited Liabilities Company
Registered
Capital: CNY 35,000,000
Legal
Representative: Xu Xiaoming
u
Inner Mongolia Jingxin Pharmaceutical Co., Ltd.
Registered
Capital: CNY 22,000,000
PAYMENT
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: A
trade enquiry currently conducted with SC's supplier(s) reveal the following:
Supplier
A
Products
sold: Pharmaceutical products
Date
account opened: 2007
Line
of credit: No
comment
Terms: Check, T/T,
Credit of 30 days
Average
monthly sales: No comment
Current
balance: No comment
Rating
Key: 3
Any Special Comments: N/a
Payment record keys:
1 = Prompt: Payment made before the credit period expires
2 = As agreed terms: Payment made upon due date
3 = Slightly slow but acceptable: Payment made 5 to 20 days beyond
agreed terms
4 = Slow: Payment made 16 to 45 days beyond agreed terms
5 = Poor: Payment made over 45 days beyond agreed terms
6 = No comment: Account is newly
opened & record is not yet established
Note: In some instances, payment beyond
terms can be the result of disputes over merchandise, lost invoices, disputed
accounts & etc.
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
Xinchang Sub-branch
AC#:
870033927008091001
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As of Dec. 31,
2008 |
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
|
12,230 |
56,980 |
30,782 |
28,701 |
|
|
Held for trading financial assets |
0 |
0 |
0 |
73 |
|
Note receivable |
0 |
0 |
0 |
0 |
|
Accounts
receivable |
6,610 |
22,590 |
22,502 |
19,692 |
|
Interest
receivable |
0 |
0 |
0 |
68 |
|
Advances to
suppliers |
0 |
2,800 |
0 |
3,691 |
|
Other receivable |
1,570 |
3,520 |
4,626 |
3,863 |
|
Inventory |
270 |
1,450 |
5,991 |
12,405 |
|
Non-current
assets within one year |
0 |
0 |
0 |
0 |
|
Other current
assets |
130 |
320 |
156 |
0 |
|
|
------------------ |
------------------ |
------------------ |
------------------ |
|
Current assets |
20,810 |
87,660 |
64,057 |
68,493 |
|
Fixed assets |
10 |
0 |
1 |
1 |
|
Construction in
progress |
0 |
0 |
0 |
0 |
|
Intangible
assets |
0 |
0 |
0 |
0 |
|
Long-term
investments |
0 |
0 |
0 |
0 |
|
Long-term
deferred expense |
0 |
0 |
0 |
0 |
|
Deferred income
tax assets |
0 |
0 |
0 |
259 |
|
Other
non-current assets |
0 |
0 |
0 |
0 |
|
|
------------------ |
------------------ |
------------------ |
------------------ |
|
Total assets |
20,820 |
87,660 |
64,058 |
68,753 |
|
|
============= |
============= |
============= |
============= |
|
Short-term loans |
0 |
0 |
0 |
5,000 |
|
Note payable |
11,300 |
55,300 |
36,140 |
13,227 |
|
Accounts payable |
15,620 |
35,740 |
22,500 |
41,771 |
|
Payroll payable |
0 |
0 |
35 |
144 |
|
Taxes payable |
0 |
-70 |
-491 |
-889 |
|
Interest payable |
0 |
0 |
0 |
4 |
|
Advances from
clients |
210 |
560 |
2,988 |
3,839 |
|
Other payable |
100 |
610 |
766 |
15 |
|
Non-current
liabilities within one year |
0 |
0 |
0 |
0 |
|
Other current
liabilities |
40 |
20 |
0 |
0 |
|
|
------------------ |
------------------ |
------------------ |
------------------ |
|
Current
liabilities |
27,270 |
92,160 |
61,938 |
63,111 |
|
Non-current
liabilities |
0 |
0 |
0 |
0 |
|
|
------------------ |
------------------ |
------------------ |
------------------ |
|
Total
liabilities |
27,270 |
92,160 |
61,938 |
63,111 |
|
Equities |
-6,450 |
-4,500 |
2,120 |
5,642 |
|
|
------------------ |
------------------ |
------------------ |
------------------ |
|
Total
liabilities & equities |
20,820 |
87,660 |
64,058 |
68,753 |
|
|
============= |
============= |
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As
of Dec. 31, 2008 |
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
|
Revenue |
89,010 |
139,300 |
206,363 |
258,874 |
|
Cost of sales |
85,670 |
133,120 |
193,617 |
251,874 |
|
Sales expense |
2,840 |
3,370 |
4,893 |
2,887 |
|
Management expense |
130 |
220 |
307 |
384 |
|
Finance expense |
840 |
-240 |
883 |
1,252 |
|
Non-operating
income |
570 |
0 |
0 |
219 |
|
Non-operating expense |
0 |
870 |
46 |
0 |
|
Profit before
tax |
100 |
1,960 |
6,617 |
4,081 |
|
Less: profit tax |
3,050 |
0 |
0 |
559 |
|
-2,950 |
1,960 |
6,617 |
3,522 |
Important Ratios
=============
|
|
As
of Dec. 31, 2008 |
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
|
*Current ratio |
0.76 |
0.95 |
1.03 |
1.09 |
|
*Quick ratio |
0.75 |
0.94 |
0.94 |
0.89 |
|
*Liabilities
to assets |
1.31 |
1.05 |
0.97 |
0.92 |
|
*Net profit
margin (%) |
-3.31 |
1.41 |
3.21 |
1.36 |
|
*Return on
total assets (%) |
-14.17 |
2.24 |
10.33 |
5.12 |
|
*Inventory /
Revenue ×365 |
2 day |
4 days |
11 days |
18 days |
|
*Accounts receivable/
Revenue ×365 |
28 days |
60 days |
40 days |
28 days |
|
*
Revenue/Total assets |
4.28 |
1.59 |
3.22 |
3.77 |
|
* Cost of
sales / Revenue |
0.96 |
0.96 |
0.94 |
0.97 |
FINANCIAL COMMENTS
PROFITABILITY:
FAIRLY GOOD
l The revenue of SC
appears fairly good in its line, and it increased greatly year by year.
l SC’s net profit
margin is fair in 2008, average in 2009 & 2010 & 2011.
l SC’s return on
total assets is poor in 2008, average in 2009, fairly good in 2010 & 2011.
l
SC’s cost of goods sold is fairly high, comparing
with its revenue in three years.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a fair
level in 2008 & 2009, normal in 2010 & 2011.
l
SC’s quick ratio is maintained in a normal level in
four years.
l
The inventory of SC is maintained in an average
level.
l
The accounts receivable of SC appears average.
l
The short-term loans of SC appear average in 2011.
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 in four years.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly Stable.
CONCLUSIONS
SC is considered small-sized in its line with fairly stable financial
conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian
Rupees |
|
US Dollar |
1 |
Rs.54.16 |
|
UK Pound |
1 |
Rs.81.74 |
|
Euro |
1 |
Rs.70.50 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
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.