MIRA
INFORM REPORT
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Report Date : |
09.07.2014 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
No. 1 Starry Avenue, Modern Industrial Centralization Area, Xianju County, Taizhou, Zhejiang Province, 317300 PR |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
15.09.1997 |
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Com. Reg. No.: |
331000400001749 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Manufacturing API (iohexol, Levofloxacin); manufacturing
and selling levofloxacin, ioversol, iotrolanvist, iodixanol intermediates;
exporting self-made products and importing machinery and equipment, spare parts,
raw and auxiliary materials. |
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No. of Employees |
983 |
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 31, 2014
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Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
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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
ZHEJIANG STARRY PHARMACEUTICAL CO., LTD.
NO. 1 STARRY AVENUE, MODERN INDUSTRIAL CENTRALIZATION AREA,
XIANJU COUNTY, TAIZHOU, ZHEJIANG PROVINCE, 317300 PR CHINA
TEL: 86 (0) 576-87718605/87718621
FAX: 86 (0) 576-87718686/87718678
EXECUTIVE SUMMARY
INCORPORATION DATE :
SEP. 15, 1997
REGISTRATION NO. :
331000400001749
REGISTERED LEGAL FORM :
SHARES LIMITED
COMPANY
CHIEF EXECUTIVE : MR. HU JINSHENG (CHAIRMAN)
STAFF STRENGTH :
983
REGISTERED CAPITAL :
CNY 90,000,000
BUSINESS LINE :
MANUFACTURING
TURNOVER :
CNY 685,905,000 (AS OF DEC. 31, 2013)
EQUITIES :
CNY 389,232,000 (AS OF DEC. 31, 2013)
PAYMENT :
AVERAGE
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
Fairly stable
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE : CNY 6.2069 = 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 Shares limited co. at local Administration for industry & commerce (AIC - the official body of issuing and renewing business license).
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 The minimum registered capital
of a co. is CNY 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 API (iohexol, Levofloxacin); manufacturing and selling levofloxacin, ioversol, iotrolanvist, iodixanol intermediates; exporting self-made products and importing machinery and equipment, spare parts, raw and auxiliary materials which used for self-production, excluding the goods and technology prohibited or limited by the country.
SC is mainly engaged in manufacturing and selling API (active pharmaceutical ingredient) and its intermediates.
Mr. Hu Jinsheng has been legal representative, chairman and general manager of SC since 2001.
SC is known to have approx. 983 employees at
present, including 50 marketing staff, 100 administrative staff, 156 technical
staff, 20 managers and 657 production staff.
SC is currently operating at the above stated address, and this address houses its operating office and factory in the industrial zone of Xianju County. SC’s management declined to release the detailed information of the premise.
http://www.starrypharm.com/ The design is professional and the content is well organized. At present it is in Chinese, English and other versions.
E-Mail: sales@starrypharma.com
The main productions of SC have acquired European COS certificate, passed the official PMDA audit in Japan, certified by ISO14001 Environment Management System.
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ECONOMY CLASS
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SCIENCE & TECH
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MANAGEMENT
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CULTURE CLASS
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Top 100 of most growable medium-sized
enterprise in 
Changes of its registered information:
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Date |
Item |
Before the change |
After the change |
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Legal representative |
Zhang Aijiang |
Zheng Aiqin 郑爱琴 |
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Company name |
Zhejiang Taizhou Xianyuan Medicament Health Product Co., Ltd. (in Chinese Pinyin) |
Zhejiang Taizhou Starry Medicines & Chemical Co., Ltd. |
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Legal representative |
Zheng Aiqin |
Present one |
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Registered capital |
CNY 1,180,000 |
CNY 5,180,000 |
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Company name |
Zhejiang Taizhou Starry Medicines & Chemical Co., Ltd. |
Zhejiang Starry Pharmaceutical Co., Ltd. |
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Shareholders (Shareholding) |
Hu Aimin 3.5%; Ma Yike 15%; Ye Jiexi 22%; Hu Jinsheng 59.5% |
Hu Aimin 18.5%; Ye Jiexi 22%; Hu Jinsheng 59.5% |
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Shareholders (Shareholding) |
Hu Aimin 18.5%; Ye Jiexi 22%; Hu Jinsheng 胡锦生 59.5% |
Hu Aimin 18.5%; Ye Jiexi 22%; Hu Jinsheng 40.19%; Yangtze River Pharmaceutical Group Co., Ltd. 19.31% |
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Shareholders |
Hu Aimin 18.5%; Ye Jiexi 22%; Hu Jinsheng 40.19%; Yangtze River Pharmaceutical Group Co., Ltd. 19.31% |
Hu Aimin 18.5%; Hu Jian 22%; Hu Jinsheng 40.19%; Yangtze River Pharmaceutical Group Co., Ltd. 19.31% |
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Shareholders (Shareholding) |
Hu Aimin 18.5%; Hu Jian 22%; Hu Jinsheng 40.19%; Yangtze River Pharmaceutical Group Co., Ltd. 19.31% |
Hu Aimin 18.5%; Hu Jian 41.31%; Hu Jinsheng 40.19% |
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Shareholders (Shareholding) |
Hu Aimin 18.5%; Hu Jian 41.31%; Hu Jinsheng 40.19% |
Hu Aimin 18.5%; Hu Jian 14.5%; Hu Jinsheng 40%; Liew Yew Thoong 27% |
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Registered legal form |
Limited Liabilities Company |
Chinese-Foreign
Equity Joint Venture |
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Registration No. |
3310241000102 |
001797 |
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Registered capital |
CNY 5,180,000 |
CNY 21,460,000 |
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Registration No. |
001797 |
Present one |
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Registered capital |
CNY 21,460,000 |
CNY 38,000,000 |
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Shareholding |
Hu Aimin 18.5%; Hu Jian 14.5%; Hu Jinsheng 40%; Liew Yew Thoong 27% |
Hu Aimin 3%; Hu Jian 30%; Hu Jinsheng 40%; Liew Yew Thoong 27% |
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Registered capital |
CNY 38,000,000 |
CNY 76,880,000 |
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Shareholders |
Hu Aimin 3%; Hu Jian 30%; Hu Jinsheng 40%; Liew Yew Thoong 27% |
Present shareholders |
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2011 |
Registered capital |
CNY 76,880,000 |
Present amount |
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Legal form |
Chinese foreign equity joint venture enterprise |
Present one |
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Chinese name |
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Present one |
Note: in 2011 SC changed its Chinese name, while its English name remains the same.
Subject passed the annual inspection of 2012 with Administration for Industry & Commerce.
Organization Code: 704720655
There is no record of litigation till now.
MAIN SHAREHOLDERS:
Name Amount (CNY) % of Shareholding
Shanghai Changliang Investment Development Co., Ltd
. (in Chinese Pinyin) 5,850,000 6.5
Taizhou Juhe Investment Co., Ltd. (in Chinese Pinyin) 4,500,000 5.0
Zhejiang Silicon Paradise Hesheng
Venture Capital Co., Ltd. (in Chinese Pinyin) 2,250,000 2.5
Zhejiang Silicon Paradise Hefeng Venture
Capital Co., Ltd. 2,250,000 2.5
Full Keen Limited 1,350,000 1.5
Lansen Investments (Hong Kong) Limited 18,000,000 20.0
Hu Jinsheng ID# 33262419550815XXXX 25,650,000 28.5
Hu Aimin ID# 33262419630508XXXX 2,700,000 3.0
Hu Jian ID# 33262419791102XXXX 22,500,000 25.0
Liew Yew Thoong (Malaysian) ID# A10693723 4,950,000 5.5
Shanghai Changliang Investment Development Co., Ltd. (in Chinese Pinyin)
=======================================================
Registration no.: 310118002211778
Legal representative: Yi Chun
Incorporation date: Mar. 15, 2004
Add: No. 198 Zhenjing Road, Xujing Town, Qingpu District, Shanghai
Tel: 021-68889690
Zhejiang Silicon Paradise Hesheng Venture Capital Co., Ltd. (in Chinese Pinyin)
==========================================================
Legal representative: Liang Zheng
Registration No.: 330000000043999
Incorporation date: Oct. 20, 2009
Zhejiang Silicon Paradise Hefeng Venture Capital Co., Ltd.
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Legal representative: Cai Hangwei
Registration No.: 330000000043765
Incorporation date: Oct. 13, 2009
Lansen Investments (Hong Kong) Limited
==============================
CR No.: 1528017
Incorporation date: Nov. 12, 2010
Company type: Private Company limited by shares
Legal
representative, chairman and
general manager:
Mr. Hu Jinsheng, ID# 33262419550815XXXX, born in 1955. He is currently responsible for the overall management of SC.
Working Experience(s):
From 2001 to present Working in SC as chairman, general manager and legal representative.
Vice chairman and vice
general manager:
Mr. Hu Jian he is the son of Mr. Hu Jinsheng, ID# 33262419791102XXXX, born in 1979. He is currently responsible for the daily management of SC.
Working Experience(s):
At present Working in SC as vice chairman and vice general manager.
Also
working in Jiangxi Starry Pharmaceutical Co., Ltd. as legal
representative.
Vice general managers:
Fang Qinhu
Jiang Zhihua
Xu Chuanlong
Etc.
Supervisors
Chen Hongshu
Chen Fangchao
SC is mainly engaged in manufacturing and selling API (active pharmaceutical ingredient) and its intermediates.
SC’s products mainly include:
Contrast Medium:
Iohexol
Iohexol Hydrolysate
Iohexol Iodide
Ioversol
Iopamidol
Iomeprol
Iopromide
Gadobenate Dimeglumine
Iodixanol
Gadopentetate Dimeglumine
Gadoterate Meglumine
Fluoroquinolones
Levofloxacin Hemihydrate
Levofloxacin HCL
Levofloxacin Acid Ester
Levofloxacin Acid
Pazufloxacin
Pazufloxacin Mesylate
SC sources its materials 60% from domestic market and 40% from overseas market. SC sells 22% of its products to overseas market and 78% in domestic market.
The buying terms of SC include Check, T/T, L/C and Credit of 30-60 days. The payment terms of SC include Check, T/T, L/C and Credit of 30-60 days.
Main clients:
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Yangtze River Pharmaceutical Group Co., Ltd.
Jiangsu Hengrui Medicine Co., Ltd.
Dratig Enterprises Co., Ltd.
Etc.
Main suppliers:
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SQM Europe N.V.
Independent Iodine Ltd.
Taizhou Huangyan Yuanhong Medical and Chemical Technology Co., Ltd.
Zhejiang Zhongxin Chemicals Co., Ltd.
Inner Mongolia Saintchem Chemicals Co., Ltd.
SC is known to invest
in the following companies:
Jiangxi
Starry Pharmaceutical Co., Ltd.
=========================
It was
formerly named as Jiangxi Starry Technology Co., Ltd.
Registration
No.: 360982210010640
Incorporation
Date:
Legal
representative: Hu Jian
Shanghai Starry Pharmaceutical Co., Ltd.
========================
Registration
No.: 310116002631300
Incorporation
Date:
Legal
representative: Wu Jinwei
Etc.
According to SC’s website, SC is known to have an office in Hangzhou:
Tel: 86 0571-81061690/81061692
Fax: 86 0571-81061697
Add.: C902, Euro American Center (EAC), No.18 Jiaogong Road, Hangzhou, Zhejiang
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’s suppliers declined to make any comments.
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 management declined to release its bank details.
Balance Sheet
Unit: CNY’000
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As of Dec. 31, 2013 |
As of Dec. 31, 2012 |
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Cash & bank |
52,402 |
43,874 |
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Bills receivable |
91,416 |
32,607 |
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Inventory |
162,098 |
194,152 |
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Accounts receivable |
51,392 |
57,289 |
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Other Accounts receivable |
45,004 |
15,331 |
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Advances to suppliers |
1,271 |
4,065 |
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Other current assets |
38 |
0 |
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Current assets |
403,621 |
347,318 |
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Fixed assets net value |
353,816 |
355,230 |
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Projects under construction |
24,945 |
5,630 |
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Project materials |
1,747 |
2,313 |
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Long-term investment |
71,400 |
71,400 |
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Intangible assets |
40,756 |
40,989 |
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Long-term deferred expenses |
5,537 |
4,592 |
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Other assets |
530 |
524 |
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Total assets |
902,352 |
827,996 |
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Short loans |
328,021 |
244,571 |
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Accounts payable |
40,870 |
66,752 |
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Advance from customers |
192 |
20,255 |
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Other Accounts payable |
2,817 |
33,151 |
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Notes payable |
9,500 |
0 |
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Accrued payroll |
9,906 |
7,585 |
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Taxes payable |
13,885 |
5,420 |
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Interest payable |
1,292 |
679 |
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Non-current liabilities due within one year |
49,000 |
59,000 |
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Other current liabilities |
0 |
0 |
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------------------ |
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455,483 |
437,413 |
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Long term liabilities |
50,000 |
49,000 |
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Other liabilities |
7,637 |
7,120 |
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Total liabilities |
513,120 |
493,533 |
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Equities |
389,232 |
334,463 |
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902,352 |
827,996 |
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Income Statement
Unit: CNY’000
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As of Dec. 31,
2013 |
As of Dec. 31,
2012 |
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Turnover |
685,905 |
574,711 |
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Cost of goods sold |
503,519 |
432,631 |
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Taxes and additional of main operation |
3,865 |
2,740 |
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Sales expense |
9,372 |
10,306 |
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Management expense |
65,971 |
60,687 |
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Finance expense |
25,657 |
26,026 |
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Assets impairment loss |
1,747 |
1,322 |
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Investment income |
404 |
242 |
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Non-operating income |
7,132 |
7,689 |
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Non-operating expense |
4,034 |
3,138 |
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Profit before tax |
79,276 |
45,792 |
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Less: profit tax |
11,006 |
6,716 |
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Profits |
68,270 |
39,076 |
Important Ratios
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As of Dec. 31, 2013 |
As of Dec. 31, 2012 |
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*Current ratio |
0.89 |
0.79 |
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*Quick ratio |
0.53 |
0.35 |
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*Liabilities to assets |
0.57 |
0.60 |
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*Net profit margin (%) |
9.95 |
6.80 |
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*Return on total assets (%) |
7.57 |
4.72 |
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*Inventory /Turnover ×365 |
87 days |
124 days |
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*Accounts receivable/Turnover ×365 |
28 days |
37 days |
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*Turnover/Total assets |
0.76 |
0.69 |
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* Cost of goods sold/Turnover |
0.73 |
0.75 |
PROFITABILITY: FAIRLY GOOD
The turnover of SC appears fairly good in its line.
SC’s net profit margin is fairly good.
SC’s return on total assets is average in 2012, and fairly good in 2013.
SC’s cost of goods sold is average, comparing with its turnover.
LIQUIDITY: FAIR
The current ratio of SC is maintained in a fair level.
SC’s quick ratio is maintained in a fair level.
The inventory of SC is fairly large.
The accounts receivable of SC is maintained in an average level.
SC’s short-term loan appears large in both years.
SC’s turnover is in a fair 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: Fairly stable.
SC is considered large-sized in its line with fairly stable financial conditions. The large amount of inventory and short loans could be a threat to SC’s financial condition.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.59.80 |
|
|
1 |
Rs.102.42 |
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Euro |
1 |
Rs.81.32 |
INFORMATION DETAILS
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Analysis Done by
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DIV |
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Report Prepared
by : |
NIS |
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.