MIRA
INFORM REPORT
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Report Date : |
02.12.2014 |
IDENTIFICATION DETAILS
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Name : |
HUNAN YUXIN PHARMACEUTICAL CO., LTD. |
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Registered Office : |
Longxutang, Shuangqing
District, |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
26.03.2002 |
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Com. Reg. No.: |
430500000005686 |
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Legal Form : |
Limited Liabilities Co. |
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Line of Business : |
Subject is mainly engaged in manufacturing and selling pharmaceutical
products. |
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No of Employees : |
320 |
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 : |
Slow but correct |
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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 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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, 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.
|
Source
: CIA |
COMPANY NAME & ADDRESS
HUNAN YUXIN PHARMACEUTICAL CO., LTD.
Longxutang, shuangqing district, shaoyang,
hunan province, 422000 PR CHINA
TEL: 86 (0) 739-5271168/5272233
FAX: 86 (0) 739-5271610
EXECUTIVE SUMMARY
INCORPORATION DATE : MAR. 26, 2002
REGISTRATION NO. : 430500000005686
REGISTERED LEGAL FORM : Limited liabilities co.
STAFF STRENGTH :
320
REGISTERED CAPITAL : CNY 21,400,000
BUSINESS LINE :
manufacturing & Trading
TURNOVER :
CNY 205,010,000 (AS OF DEC. 31,
2013)
EQUITIES :
CNY 103,050,000 (AS OF DEC. 31, 2013)
PAYMENT :
AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly STABLE
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.1426 = USD1
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 co. at local
Administration for Industry & Commerce (AIC - The official body of issuing
and renewing business license) on Mar. 26, 2002.
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 chemicals [excluding the hazard chemicals, precursor
chemicals, state monitored chemicals], bulk pharmaceutical chemicals and pharmaceutical
chemical raw material; import and export of various goods and technologies,
excluding the goods forbidden by the government; technology researching,
consulting and transfer.
SC is mainly
engaged in manufacturing and selling pharmaceutical products.
Mr. Shen Yuliang
has been legal representative, chairman and general manager of SC since 2002.
SC is known to
have approx. 320 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 Shaoyang. Our checks
reveal that SC owns the total premise about 10,000 square meters.
www.steroidchem.com
The design is professional and the content is well organized. At present the
web site is in both English and Chinese versions.
E-Mail: info@steroidchem.com
Changes of its registered
information are as follows:
|
Date of change |
Item |
Before the change |
After the change |
|
2004-06-03 |
Registered
capital |
CNY 1,660,000 |
CNY 10,000,000 |
|
Shareholders (Shareholding) |
Shen Yuliang 78.01% He Huixian 21.99% |
Shen Yuliang 30.34% He Huixian 10.02% Hu Aiguo 15.04% Liu Xirong 12.02% Gan Hongxing 13.04% Xie Laibin 10.02% Xie Wenwu 9.52% |
|
|
2006-03-13 |
Company name |
Shaoyang Steroidchem Pharmaceutical Co.,
Ltd. |
Hunan Steroidchem Pharmaceutical Co., Ltd. |
|
2008-04-14 |
Registration No. |
4305002800530 |
The present one |
|
2008-07-18 |
Shareholders (Shareholding) |
Shen Yuliang 30.34% He Huixian 10.02% Hu Aiguo 15.04% Liu Xirong 12.02% Gan Hongxing 13.04% Xie Laibin 10.02% Xie Wenwu 9.52% |
Shen Yuliang 40.36% Hu Aiguo 15.04% Liu Xirong 12.02% Gan Hongxing 13.04% Xie Laibin 10.02% Xie Wenwu 9.52% |
|
2008-11-27 |
Shareholders (Shareholding) |
Shen Yuliang 40.36% Hu Aiguo 15.04% Liu Xirong 12.02% Gan Hongxing 13.04% Xie Laibin 10.02% Xie Wenwu 9.52% |
Shen Yuliang 40.36% Hu Aiguo 15.04% Liu Xirong 21.54% Gan Hongxing 13.04% Xie Laibin 10.02% |
|
2009-03-13 |
Company name |
Hunan Steroidchem Pharmaceutical Co., Ltd. |
The present one |
|
Registered
capital |
CNY 10,000,000 |
CNY 16,000,000 |
|
|
2010-03-10 |
Registered
capital |
CNY 16,000,000 |
The present amount |
|
Shareholders (Shareholding) |
Shen Yuliang 40.36% Hu Aiguo 15.04% Liu Xirong 21.54% Gan Hongxing 13.04% Xie Laibin 10.02% |
Xiangjiang Industry Investment Co., Ltd. 20.23% Shen Yuliang 30.18% Hu Aiguo 11.25% Liu Xirong 16.10% Gan Hongxing 9.75% Xie Laibin 7.49% Li Shuilong 2% Fu Jie 0.4% Li Jianguo 0.4% Jiang Qingfeng 0.4% Shu Zhijian 0.4% Shen Yujun 1% |
|
|
2010-09-07 |
Shareholders (Shareholding) |
Xiangjiang Industry Investment Co., Ltd. 20.23% Shen Yuliang 30.18% Hu Aiguo 11.25% Liu Xirong 16.10% Gan Hongxing 9.75% Xie Laibin 7.49% Li Shuilong 2% Cao Chunyu 0.4% Fu Jie 0.4% Li Jianguo 0.4% Jiang Qingfeng 0.4% Shu Zhijian 0.4% Shen Yujun 1% |
Xiangjiang Industry Investment Co., Ltd. 20.23% Shen Yuliang 35.18% Hu Aiguo 11.25% Liu Xirong 11.10% Gan Hongxing 9.75% Xie Laibin 7.49% Li Shuilong 2% Cao Chunyu 0.4% Fu Jie 0.4% Li Jianguo 0.4% Jiang Qingfeng 0.4% Shu Zhijian 0.4% Shen Yujun 1% |
|
2010-12-17 |
Shareholders (Shareholding) |
Xiangjiang Industry Investment Co., Ltd. 20.23% Shen Yuliang 35.18% Hu Aiguo 11.25% Liu Xirong 11.10% Gan Hongxing 9.75% Xie Laibin 7.49% Li Shuilong 2% Fu Jie 0.4% Li Jianguo 0.4% Jiang Qingfeng 0.4% Shu Zhijian 0.4% Shen Yujun 1% |
Xiangjiang Industry Investment Co., Ltd. 20.23% Shen Yuliang
46.28% Hu Aiguo 11.25% Gan Hongxing 9.75% Xie Laibin 7.49% Li Shuilong 2% Fu Jie 0.4% Li Jianguo 0.4% Jiang Qingfeng 0.4% Shu Zhijian 0.4% Shen Yujun 1% |
|
Unknown |
Shareholders |
Xiangjiang Industry Investment Co., Ltd. 20.23% Shen Yuliang 46.28% Hu Aiguo
11.25% Gan Hongxing 9.75% Xie Laibin 7.49% Li Shuilong 2% Fu Jie 0.4% Li Jianguo 0.4% Jiang Qingfeng 0.4% Shu Zhijian 0.4% Shen Yujun 1% |
Present ones |
Tax registration no.: 430502740619423
Organization code: 740619423
For the past two years there is no record of litigation.
MAIN SHAREHOLDERS:
Name Amount
(CNY) % of Shareholding
Xiangjiang Industry Investment Co., Ltd. 4,330,000 20.23
Shen Yuliang 16,256,800 75.97
Li Shuilong 428,000 2
Shen Yujun 214,000 1
Shu Zhijian 85,600 0.4
Xiangjiang Industry Investment Co., Ltd.
=============================
Deregistration no.: 430000000061012
Legal representative: Cheng Xin
Registered capital: CNY 2,000,000,000
Legal form: Limited Liabilities Co.
l
Legal representative,
Chairman and General manager:
Mr. Shen Yuliang, ID# 43050219631123****, born in 1963, with university
education. He is currently responsible for the overall management of SC.
Working Experience(s):
From 2002 to present Working
in SC as legal representative, chairman and general manager;
Also working in Changsha Kaide Pharmaceutical Chemical Co.,
Ltd. as legal representative, Hunan Yuxin Pharmaceutical Co., Ltd. Changsha
Technology R & D Branch as principal.
SC is mainly
engaged in manufacturing and selling pharmaceutical products.
SC’s products
mainly include:
8DM, B11 acetate, DB11,
SC sources its materials 100% from domestic
market. SC sells 10% of its products in domestic market, and 90% to overseas
market, mainly India, Argentina and Spain.
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.
Trademark & Patents
No record
Note: SC’s management refused to release
information about its customers and suppliers.
Sales Department:
=============
Add: Room 28-2507, Xingwei Mingzuo Bldg., No. 460, Shaoshan Rd. (N),
Changsha, Hunan province
Tel: 86(0)731-82762868/82762898
Fax: 86(0)731-85551702
Email:
info@steroidchem.com
Subsidiary:
Changsha Kaide Pharmaceutical Chemical Co., Ltd.
======================================
Incorporation Date: Jun. 4, 2007
Registration No.: 430111000028106
Registered Legal Form: One-Person Limited Liability Company
Chief Executive : Mr. Shen Yuliang
Registered Capital: CNY 1,010,000
SC is known to have the following branches:
Hunan Yuxin Pharmaceutical Co., Ltd. Changsha Office
=======================================
Incorporation Date:
Registration No.: 430192000012738
Principal: Xie Wenwu
Hunan Yuxin Pharmaceutical Co., Ltd. Changsha Technology R & D Branch
==========================================================
Incorporation Date:
Registration No.: 430192000013013
Principal: Shen Yuliang
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’s accountant
refused to release the bank details.
Balance Sheet
|
Unit: CNY’000 |
as of Dec. 31, 2012 |
as of Dec. 31, 2013 |
|
Cash & bank |
31,930 |
12,130 |
|
Inventory |
98,120 |
108,950 |
|
Accounts
receivable |
45,890 |
35,250 |
|
Advances to
supplies |
/ |
7,610 |
|
Other
receivables |
83,960 |
80,780 |
|
Other current
assets |
5,900 |
0 |
|
|
------------------ |
------------------ |
|
Current assets |
265,800 |
244,720
|
|
Fixed assets net
value |
27,860 |
26,670 |
|
Projects under
construction |
0 |
1,460 |
|
Material for
construction |
/ |
1,050 |
|
Long-term
investments |
2,000 |
2,000 |
|
Long-term
deferred expenses |
/ |
70 |
|
Deferred tax
assets |
/ |
230 |
|
Intangible
assets |
16,900 |
13,780 |
|
Other assets |
/ |
0 |
|
|
------------------ |
------------------ |
|
Total assets |
312,560 |
289,980 |
|
|
============= |
============= |
|
Short loans |
149,750 |
142,800 |
|
Notes payable |
60,020 |
19,560 |
|
Accounts payable |
-3,340 |
18,760 |
|
Advances from
customers |
0 |
630 |
|
Taxes payable |
450 |
-610 |
|
Other Accounts
payable |
760 |
3,730 |
|
Other current
liabilities |
0 |
0 |
|
|
----------------- |
----------------- |
|
Current
liabilities |
207,640 |
184,870
|
|
Long term
liabilities |
2,070 |
2,060 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
209,710 |
186,930
|
|
Shareholders
equities |
102,850 |
103,050 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
312,560 |
289,980 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
as of Dec. 31,
2012 |
as of Dec. 31,
2013 |
|
Turnover |
216,370 |
205,010 |
|
Cost of goods sold |
178,000 |
176,370 |
|
Taxes and additional of main operation |
/ |
840 |
|
Sales expense |
/ |
2,320 |
|
Management expense |
/ |
15,170 |
|
Finance expense |
/ |
13,840 |
|
Non-operating
income |
/ |
4,180 |
|
Non-operating expense |
/ |
430 |
|
Profit before
tax |
10,750 |
220
|
|
Less: profit tax |
1,620 |
30 |
|
Profits |
9,130 |
190 |
Note: SC’s accountant declined to release the detailed income statement
for Yr2012.
Important Ratios
=============
|
|
as of Dec. 31,
2012 |
as of Dec. 31,
2013 |
|
*Current ratio |
1.28 |
1.32 |
|
*Quick ratio |
0.81 |
0.73 |
|
*Liabilities
to assets |
0.67 |
0.64 |
|
*Net profit
margin (%) |
4.22 |
0.09 |
|
*Return on
total assets (%) |
2.92 |
0.07 |
|
*Inventory
/Turnover ×365 |
166 days |
194 days |
|
*Accounts
receivable/Turnover ×365 |
78 days |
63 days |
|
*Turnover/Total
assets |
0.69 |
0.71 |
|
* Cost of
goods sold/Turnover |
0.82 |
0.86 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears fairly good in its line
in both years.
l
SC’s net profit margin is average in both years.
l
SC’s return on total assets is average in both
years.
l
SC’s cost of goods sold is average in both years,
comparing with its turnover.
LIQUIDITY: FAIR
l
The current ratio of SC is maintained in a normal
level in both years.
l
SC’s quick ratio is maintained in a normal level in
2012 but fair in 2013.
l
The inventory of SC is fairly large in both years.
l
The accounts receivable of SC is average in both
years.
l
The short-term loan is large in both years.
l
SC’s turnover is in a fair level in both years,
comparing with the size of its total assets.
LEVERAGE: AVERAGE
l
The debt ratio of SC is average.
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 inventory and short-term loan could be a threat to SC’s
financial conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.14 |
|
|
1 |
Rs.97.05 |
|
Euro |
1 |
Rs.77.37 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SMN |
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.