MIRA
INFORM REPORT
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Report Date : |
31.08.2014 |
IDENTIFICATION DETAILS
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Name : |
FARMASINO PHARMACEUTICALS ( |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
17.10.2008 |
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Com. Reg. No.: |
320000000076867 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject includes permitted operation items: operating hazardous
chemicals, non-medicine precursor chemicals, II & III class medical
apparatus and instruments. General operation items: developing, researching
and transferring chemical technology and information consultant and services;
importing and exporting commodities and technology; selling chemical
products; and domestic trade |
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No. of Employees |
155 |
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 – June 01, 2014
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Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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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 Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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, growth of the private sector, development of stock markets and a modern banking system, 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 considered important to "economic security," explicitly looking to foster globally competitive industries. After keeping its currency tightly linked to the US dollar for years, in July 2005 China 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 and expanded the daily trading band within which the RMB is permitted to fluctuate. 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 2013 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 consumption; (b) facilitating higher-wage job opportunities for the aspiring middle class, including rural migrants and increasing numbers of college graduates; (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. Several factors are converging to slow China's growth, including debt overhang from its credit-fueled stimulus program, industrial overcapacity, inefficient allocation of capital by state-owned banks, and the slow recovery of China's trading partners. The government's 12th Five-Year Plan, adopted in March 2011 and reiterated at the Communist Party's "Third Plenum" meeting in November 2013, emphasizes continued economic reforms and the need to increase domestic consumption in order to make the economy less dependent in the future on fixed investments, exports, and heavy industry. However, China has made only marginal progress toward these rebalancing goals. The new government of President XI Jinping has signaled a greater willingness to undertake reforms that focus on China's long-term economic health, including giving the market a more decisive role in allocating resources
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Source
: CIA |
Company name and address
FARMASINO
PHARMACEUTICALS (JIANGSU) CO., LTD.
NO. 100 JIANYE ROAD, NANJING, JIANGSU PROVINCE 210004 PR CHINA
TEL: 86 (0) 25-84267953/86907288/86907282
FAX: 86 (0) 25-86907366
EXECUTIVE SUMMARY
DATE OF REGISTRATION : OCTOBER 17, 2008
REGISTRATION NO. : 320000000076867
LEGAL FORM : LIMITED LIABILITY COMPANY
CHIEF EXECUTIVE : WAN HUIZHONG (LEGAL REPRESENTATIVE)
REGISTERED CAPITAL : CNY 30,000,000
STAFF : 155
BUSINESS CATEGORY : TRADING
REVENUE : CNY 541,935,000 (AS OF DEC. 31, 2013)
EQUITIES : CNY 50,707,000 (AS OF DEC. 31, 2013)
WEBSITE : WWW.FARMASINO.COM
E-MAIL : info@famasino.com
PAYMENT : AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : stable
OPERATIONAL TREND : fairly STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.15 = 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 with State Administration of Industry & Commerce (SAIC) under registration No.: 320000000076867 on October 17, 2008.
SC’s Organization Code Certificate No.: 68114945-9
%20CO%20,%20LTD%20%20-%20283883%2031-Aug-2014_files/image002.jpg)
SC’s registered capital: CNY 30,000,000
SC’s paid-in capital: CNY 30,000,000
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
-- |
Legal Representative |
Fan Zhongfeng |
Wan Huizhong |
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Shareholder’s Name |
Jiangsu Light Industrial Products Import & Export (Group) Corporation |
High Hope Zhongding Corporation |
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Registered Capital |
CNY 10,000,000 |
CNY 30,000,000 |
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% of shareholding |
High Hope Zhongding Corporation 35% Tong Xiao 5% Wang Li 30% Yan Libo 30% |
High Hope Zhongding Corporation 40% Tong Xiao 童5% Wang Li 24.38% Yan Libo 30.62% |
Current Co search indicates SC’s shareholders & chief executives are as follows:-
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Name of Shareholder
(s) |
% of Shareholding |
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High Hope Zhongding Corporation |
40 |
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Tong Xiao |
5 |
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Wang Li |
24.38 |
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Yan Libo |
30.62 |
SC’s Chief Executives:-
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Position |
Name |
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Legal Representative and Chairman |
Wan Huizhong |
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General Manager |
Yan Libo |
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Director |
Fan Zhongfeng范 |
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Wang Li |
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Tong Xiao |
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Supervisor |
Pan Shijie |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
High Hope Zhongding Corporation 40
Tong Xiao 5
Wang Li 24.38
Yan Libo 30.62
High Hope Zhongding Corporation
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High Hope Zhongding Corporation (formerly “Jiangsu Light Industrial Products Import & Export (Group) Corporation”) is one of the earliest foreign trade companies since the opening of Jiangsu port. Today the company has become a large-scale state enterprise with foreign trade as its leading work and a combination of real estate and investment business. Its registered capital is 278 million 592 thousand and 6 hundred Yuan. By the end of 2013, its net assets had exceeded 1 billion Yuan with annual business volume about 10 billion Yuan. The company mainly engages in export of light industrial products, textiles, machinery, ships, pharmaceuticals, chemicals, import and domestic trade of chemical materials, machinery and equipments. With an annual import and export volume over 1.2 billion USD, its business has spread over 100 countries and regions. For many years, it has ranked among the first hundred of five hundred enterprises holding the largest import and export amount in China. The brands of “FRIENDLY” and “JSLTOYS” have been recognized by the state as specially supported key brands for export and “Panda”, “Tiger”, “Swallow” as Jiangsu provincial famous brands.
Date of Registration: October 15, 1981
Registration No.: 320000000000640
Chief Executive: Wan Huizhong
Registered Capital: CNY 278,592,600
Tel: 86-25-58006166
Fax: 86-25-84208398
Web: www.jslgroup.com
E-mail: jsl@jslgroup.com
MANAGEMENT
Wan Huizhong , Legal Representative and Chairman
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Gender: M
Age: 50
Qualification: University
Working experience (s):
At present, working in SC as chairman and legal representative
Also working in High Hope Zhongding Corporation, Jiangsu Kaiyuan International Machinery Co., Ltd., Jiangsu Kaiyuan Tourism Co., Ltd., Jiangsu Kaiyuan International Tianpu Tools Co., Ltd., Jiangsu Zhongxin Toys Co., Ltd., Nanjing Kaiyuan Kangda Trading Co., Ltd., etc. as legal representative
Yan Libo , General Manager
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Gender: M
Age: 38
Qualification: University
Working experience (s):
From 2008 to present, working in SC as general manager and director
Also working in FarmaSino Pharmaceuticals (Anhui) Co., Ltd. as legal representative
Director
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Fan Zhongfeng
Wang Li
Tong Xiao
Supervisor
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Pan Shijie
BUSINESS OPERATION
SC’s registered business scope includes permitted operation items: operating hazardous chemicals, non-medicine precursor chemicals, II & III class medical apparatus and instruments. General operation items: developing, researching and transferring chemical technology and information consultant and services; importing and exporting commodities and technology; selling chemical products; and domestic trade.。
SC is mainly engaged in trading of pharmaceuticals, chemicals, etc.
Brand: FARMASINO
SC’s products mainly include:
Finished Drugs (Tablets, Capsules, Liquid Injections, Powder for Injections, Miscellaneous, Packing Materials, Surgicals, Animal Medicine)
Bulk Pharmaceuticals (Active Pharmaceutical Ingredients, Veterinary Products, Amino Acids, Vitamins, Plant Extracts, Nutritional Supplements, Food Additives)
Intermediates & Chemicals (Pharmaceutical Intermediates, Agrochemical Intermediates, Pigment Intermediates, Fine Chemicals, Petrochemicals, Customer Manufacturing)
SC sources its materials 100% from domestic market. SC sells 40% of its products in domestic market, and 60% to overseas market, mainly European and Indian 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.
*Major Customers:
==============
Catherych Inc.
Utc Overseas Inc.
Gurvey & Berry Co. Inc.
Staff & Office:
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SC is known to have approx. 155 staff at present.
SC owns an area as its operating office and factory, but the detailed information is unknown.
RELATED COMPANY
Jiangsu Kaiyuan International Machinery Co., Ltd.
Jiangsu Kaiyuan Tourism Co., Ltd.
Jiangsu Kaiyuan International Tianpu Tools Co., Ltd.
Jiangsu Zhongxin Toys Co., Ltd.
Nanjing Kaiyuan Kangda Trading Co., Ltd.
Etc.
SC is known to have a subsidiary at present,
FarmaSino Pharmaceuticals (Anhui) Co., Ltd.
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Date of Registration: October 15, 2008
Registration No.: 341424000008410
Chief Executive: Yan Lipo
Registered Capital: CNY 5,000,000
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 Jiangsu Branch
AC#: 509258191251
FINANCIALS
Balance Sheet
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Unit: CNY’000 |
As of Dec. 31, 2012 |
As of Dec. 31, 2013 |
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85,442 |
87,564 |
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Notes receivable |
0 |
0 |
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Accounts receivable |
54,382 |
83,349 |
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Advances to suppliers |
26,788 |
31,502 |
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Other receivable |
413 |
18,464 |
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Inventory |
10,110 |
14,588 |
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Non-current assets within one year |
0 |
0 |
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Other current assets |
9,645 |
14,005 |
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------------------ |
------------------ |
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Current assets |
186,780 |
249,472 |
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Fixed assets |
1,228 |
17,107 |
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Construction in progress |
0 |
0 |
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Intangible assets |
0 |
0 |
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Long-term prepaid expenses |
0 |
1,189 |
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Deferred income tax assets |
87 |
104 |
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Other non-current assets |
0 |
8,041 |
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Total assets |
188,095 |
275,913 |
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============= |
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Short-term loans |
48,000 |
35,000 |
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Notes payable |
76,639 |
130,254 |
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Accounts payable |
33,759 |
38,402 |
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Wages payable |
0 |
0 |
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Taxes payable |
-414 |
-1,092 |
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Advances from clients |
5,397 |
22,431 |
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Other payable |
140 |
211 |
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Other current liabilities |
0 |
0 |
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------------------ |
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Current liabilities |
163,521 |
225,206 |
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Non-current liabilities |
0 |
0 |
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------------------ |
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Total liabilities |
163,521 |
225,206 |
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Equities |
24,574 |
50,707 |
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------------------ |
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Total liabilities & equities |
188,095 |
275,913 |
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Income Statement
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Unit: CNY’000 |
As of Dec. 31, 2012 |
As of Dec. 31, 2013 |
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Revenue |
500,282 |
541,935 |
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Cost of sales |
472,186 |
510,793 |
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Sales expense |
18,966 |
21,579 |
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Management expense |
2,024 |
3,685 |
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Finance expense |
650 |
-2,608 |
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Non-business income |
63 |
174 |
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Non-business expenditure |
315 |
366 |
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Profit before tax |
6,194 |
8,226 |
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Less: profit tax |
1,670 |
2,093 |
|
4,524 |
6,133 |
Important Ratios
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As of Dec. 31, 2012 |
As of Dec. 31, 2013 |
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*Current ratio |
1.14 |
1.11 |
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*Quick ratio |
1.08 |
1.04 |
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*Liabilities to assets |
0.87 |
0.82 |
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*Net profit margin (%) |
0.90 |
1.13 |
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*Return on total assets (%) |
2.41 |
2.22 |
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*Inventory / Revenue ×365 |
8 days |
10 days |
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*Accounts receivable/ Revenue ×365 |
40 days |
57 days |
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*Revenue/Total assets |
2.66 |
1.96 |
|
*Cost of sales / Revenue |
0.94 |
0.94 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
The revenue of SC appears fairly good in its line.
SC’s net profit margin is average.
SC’s return on total assets is average.
SC’s cost of sales is fairly high, 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 fairly good 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: AVERAGE
The debt ratio of SC is average.
The risk for SC to go bankrupt is average.
Overall financial condition of the SC: Stable.
CONCLUSIONS
SC is considered large-sized in its line with stable financial conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.47 |
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|
1 |
Rs.100.35 |
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Euro |
1 |
Rs.79.86 |
INFORMATION DETAILS
|
Report Prepared
by : |
TPT |
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 |
|
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 |
-- |
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.