MIRA INFORM REPORT
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Report Date : |
14.05.2013 |
IDENTIFICATION DETAILS
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Name : |
JIANGXI FUSHINE PHARMACEUTICAL CO., LTD. |
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Formerly Known as: |
Jingdezhen Fuxiang Pharmaceutical Co., Ltd. |
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Registered Office : |
No. 2 Yuli Industrial Zone, Changjiang District, Jingdezhen City, Jiangxi Province, 333000 pr |
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Country : |
China |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
20.03.2002 |
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Com. Reg. No.: |
360200210008121 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
manufacturing and selling APIs and pharmaceutical intermediates |
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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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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 – March 31st 2013
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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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 |
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.
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Source
: CIA |
Company name & address
JIANGXI FUSHINE PHARMACEUTICAL co., ltd.
NO. 2 YULI INDUSTRIAL ZONE, CHANGJIANG DISTRICT, JINGDEZHEN CITY, JIANGXI PROVINCE, 333000PR CHINA
TEL: 86 (0) 798-2193328/2193310 FAX: 86 (0) 798-2193330/2193307
EXECUTIVE SUMMARY
INCORPORATION DATE : Mar. 20, 2002
REGISTRATION NO. : 360200210008121
REGISTERED LEGAL FORM : shares limited co.
CHIEF EXECUTIVE :
Mr. bao jianhua (CHAIRMAN)
STAFF STRENGTH :
350
REGISTERED CAPITAL : CNY 54,000,000
BUSINESS LINE :
manufacturing and trading
TURNOVER : cny 360,321,000 (AS OF DEC. 31, 2012)
EQUITIES : cny 184,604,000 (AS OF DEC. 31, 2012)
PAYMENT : AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRLY STABLE
OPERATIONAL TREND :
steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.14= 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 Mar. 20, 2002 and has been under present legal form since 2012.
Company Status: Shares limited co. This form of business in PR
China is defined as a legal person. Its registered capital is divided into
shares of equal par value and the co. raises capital by issuing share
certificates by promotion or by public offer. Shareholders bear limited
liability to the extent of shareholding, and the co. is liable for its
debts only to the extent of its total assets. The co has independent
property of legal person and enjoys property rights of legal person. The characteristics of the shares limited co. are as
follows: The establishment of the co.
requires at least two promoters and no more than 200, half of whom shall be domiciled
in China.. Natural person are allowed to
serve as promoters. The minimum registered capital
of a co. is CNY 5M. while that of the co. with foreign investment is CNY
5M. The total capital of a co. which propose to apply for publicly listed
must be no less than CNY 30M. The
board of directors must consist of five to nineteen directors. If the co. raises
capital by public offer, the promoters must not subscribe less than 35% of
the total shares. the promoters’ shares are restricted to transfer- within
one year of the offer. A
state-owned enterprise that is restructured into a shares limited co. must
comply with the conditions & requirements specified under the law &
administrative rule.
SC’s registered
business scope includes manufacturing and selling APIs (valid until May 24,
2014); manufacturing and selling chemical materials (excluding hazardous
chemicals); import and export business.
SC is mainly engaged
in manufacturing and selling APIs and pharmaceutical intermediates.
Mr. Bao
Jianhua is the legal representative and
chairman of SC at present.
SC is known to
have approx. 350 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 Jingdezhen. SC’s management declined to release detailed information of
the premise.
http://www.fuxiangpharm.com/ The design is professional and the content is
well organized. At present the web site is in Chinese and English versions.
E-mail: infor@fuxiangpharm.com
Changes of its
registered information are as follows:
|
Date of change |
Item |
Before the
change |
After the change |
|
2012 |
Registered capital |
CNY 16,000,000 |
CNY 51,000,000 |
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Company name |
Jingdezhen
Fuxiang Pharmaceutical Co., Ltd. |
Present one |
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Registered legal form |
Limited liabilities company |
Present one |
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Unknown |
Registered capital |
CNY 51,000,000 |
Present amount |
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Shareholdings |
Bao Jianhua 49.6%; Zhejiang Yongtai Technology Co., Ltd. 26%; Yu
Wenjun 10%; Jingdezhen Fushine Investment Co., Ltd. 7%; Chen Bin 4%; Bao Danhong
1.5%; Ke Xili 0.5%; Niu
Yunbo 0.3%; Feng Shenrong 0.5%; Jin Jizhong.3%; Wei
Yongchao 0.3% |
Present ones |
For the past two years there is no record of litigation.
MAIN SHAREHOLDERS:
Name
%
of Shareholding
Bao Jianhua 46.84
Zhejiang Yongtai Technology Co.,
Ltd. 24.56
Yu Wenjun 9.45
Jingdezhen Fushine Investment Co., Ltd. 6.61
Chen Bin 3.78
Bao Danhong 1.42
Ke Xili 0.47
Niu Yunbo 0.28
Feng Shenrong 0.47
Jin Jizhong 0.28
Wei Yongchao 0.28
Public shares 5.56
Zhejiang Yongtai Technology Co.,
Ltd.
…………………………………………
It is listed in Shenzhen Stock Exchange with
the stock code 002326.
Legal representative: Wang Yingmei
Registration No.: 331000000000876
Registered capital: CNY 240,300,000
Incorporation date: Oct. 11, 1999
Add: Linhai Park, Chemical &
Pharmaceutical Base, Linhai, Zhejiang Province
Tel: 0086-576-85588118
Fax: 0086-576-85588006
Website: http://www.yongtaitech.com/
Email: sales@yongtaitech.com
Legal
representative, Chairman and General manager:
Mr. Bao Jianhua , born in 1977, he is currently responsible for the overall management of SC.
Working
Experience(s):
At present Working
in SC as legal representative, chairman and general manager
Vice chairman:
Mr. Guan Hui is currently responsible for the daily management of SC.
Working
Experience(s):
At present Working in SC as vice chairman
Directors:
Li Shaohua
Xu Chunxia
Li Wuchen
Cheng Rongwu
Etc.
Supervisors:
Yang Haibin
Chen Lijie
Dong Wei
SC is mainly engaged
in manufacturing and selling APIs and pharmaceutical intermediates.
SC’s products mainly include:
APIs: Tazobactam, Tazobactam Sodium,
Sultamicillin Tosilate, Sultamicillin Base, Sulbactam pivoxil, Sulbactam
Sodium, etc.
Pharmaceutical Intermediates: Sulbactam
Acid, Iodomethyl Sulbactam, Tazobactam Benzhydryl, Diphenyl Methyl Ester,
Piperacillin Acid, 5-Mercapto-1-Methyltetrazole, 4-Ethyl-2,
3-Dioxo-1-Piperazinecarbonylchloride, L-2-Aminobutanamide Hydrochloride,
HO-EPCP, etc.
SC sources its materials 20% from the overseas market and
80% from domestic market. SC sells 50% of its products in domestic market and
50% to overseas market.
The buying terms of SC include Check, L/C, 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.
Note:
SC’s management declined to release its major clients and suppliers.
According to the website http://www.yongtaitech.com/:
Binhai Yongtai Pharmaceutical
& Chemical Co., Ltd.
Binhai Yongli Chemical Trade Co., Ltd.
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 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.
SC declined to
release its bank details.
Financial Summary
Unit: CNY’000
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As
of Dec. 31, 2011 |
As
of Dec. 31, 2012 |
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Total Liabilities |
233,118 |
287,886 |
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Shareholders equities |
124,046 |
184,604 |
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Total Assets |
357,164 |
472,490 |
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Turnover |
291,367 |
360,321 |
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Net profit |
38,891 |
40,079 |
Note: we did not find SC’s detailed financial reports for
Yr2011&2012. The above financial date comes from the information on SC in
the public reports of Zhejiang Yongtai Technology
Co., Ltd.
Important
Ratios
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As
of Dec. 31, 2011 |
As
of Dec. 31, 2012 |
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*Liabilities
to assets |
0.65 |
0.61 |
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*Net profit
margin (%) |
13.35 |
11.12 |
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*Return on
total assets (%) |
10.89 |
8.48 |
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*Turnover/Total
assets |
0.82 |
0.76 |
PROFITABILITY: FAIRLY
GOOD
l The turnover of SC
appears fairly good in its line, and it increased in 2012.
l SC’s net profit
margin is fairly good in both years.
l SC’s return on
total assets is fairly good in both years.
l
SC’s turnover is in a fair level, comparing with
the size of its total assets in both years.
LEVERAGE: AVERAGE
l
The debt ratio of SC is average 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.
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.92 |
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UK Pound |
1 |
Rs.84.44 |
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Euro |
1 |
Rs.71.32 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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.