MIRA INFORM REPORT
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Report No. : |
319454 |
|
Report Date : |
28.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
ZHEJIANG JIANGBEI PHARMACEUTICAL CO., LTD. |
|
|
|
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Registered Office : |
Dongdai Dock, Zhangan Street, Jiaojiang District, Taizhou Zhejiang
Province 318017 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
23.07.1993 |
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Com. Reg. No.: |
331002000022752 |
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Legal Form : |
Limited Liabilities Company |
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|
|
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Line of Business : |
Subject is engaged in manufacturing and selling pharmaceutical
intermediates and active pharmaceutical ingredient. |
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|
|
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No. of Employee : |
365 |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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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, 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. In
2014 the People’s Bank of China (PBOC) doubled 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 2014 stood as the largest economy in the world,
surpassing the US that year� 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; � 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. In 2014 China agreed to begin limiting carbon dioxide
emissions by 2030. China implemented several economic reforms in 2014,
including legislation allowing local governments to issue bonds, further
opening several state-owned enterprises to private investment, loosening the
one-child policy, passing harsher pollution fines, and cutting administrative
red tape.
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. In 2014 China agreed to begin limiting carbon dioxide
emissions by 2030. China implemented several economic reforms in 2014,
including legislation allowing local governments to issue bonds, further
opening several state-owned enterprises to private investment, loosening the
one-child policy, passing harsher pollution fines, and cutting administrative
red tape.
|
Source
: CIA |
company
name and address
ZHEJIANG JIANGBEI
PHARMACEUTICAL CO., LTD.
DONGDAI DOCK, ZHANGAN STREET, JIAOJIANG DISTRICT, TAIZHOU
ZHEJIANG PROVINCE 318017 PR CHINA
TEL: 86 (0) 576-88786568/88786669/88786552
FAX: 86 (0) 576-88786538
EXECUTIVE
SUMMARY
Date of Registration : july 23, 1993
REGISTRATION NO. : 331002000022752
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL : cny 28,170,000
staff : 365
BUSINESS CATEGORY : manufacturing & trading
Revenue : CNY 342,460,000 (AS OF DEC. 31, 2014)
EQUITIES : CNY 39,160,000 (AS OF DEC. 31, 2014)
WEBSITE : www.jiangbei.com
E-MAIL : hmc@jiangbei.com
PAYMENT : AVERAGE
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION :
FAIRLY STABLE
OPERATIONAL TREND :
FAIRLY STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE : CNY 6.20 = 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.: 331002000022752
on July 23, 1993.
SC’s Organization Code Certificate No.:
14824473-0
SC’s Tax No.: 331002148244730
SC’s registered capital: CNY 28,170,000
SC’s paid-in capital: CNY 28,170,000
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
2009 |
Registered Capital |
CNY 6,170,000 |
CNY 28,170,000 |
|
Registration No. |
3310021001412 |
331002000022752 |
|
|
Shareholder (s) (% of Shareholding) |
Tang Dianli 84% Hong Fangxin 8% Tang Dianxin 8% |
Tang Dianli 96.36% Hong Xianxiang 3.64% |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Tang Dianli |
96.36 |
|
Hong Xianxiang |
3.64 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman and General
Manager |
Tang Dianli |
|
Supervisor |
Hong Xianxiang |
RECENT
DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER
CHART & BACKGROUND
Name %
of Shareholding
Tang Dianli 96.36
Hong Xianxiang 3.64
MANAGEMENT
Tang Dianli, Legal Representative, Chairman and General
Manager
---------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
ID# 332601196107102918
Ø
Age: 54
Ø Working experience
(s):
At present, working in SC as legal
representative, chairman and general manager
Also
working in Shanghai Jyoudi Pharmaceutical Co., Ltd. as legal representative
Hong Xianxiang, Supervisor
------------------------------------------------
Ø
Gender: F
Ø
ID# 332601196312232922
Ø
Age: 52
BUSINESS
OPERATION
SC’s registered
business scope includes manufacturing bulk drugs (simvastatin, levetiracetam,
clopidogrel bisulfate, oxcarbazepine, maleate enalapril); manufacturing pharmaceutical
intermediates (with permit if needed); import and export of goods.
SC is mainly
engaged in manufacturing and selling pharmaceutical intermediates and active
pharmaceutical ingredient.
SC’s products
mainly include:
APIs
Intermediates
SC sources its materials 100% from domestic
market. SC sells 40% of its products in domestic market, and 60% to overseas
market, mainly U.S.A.
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 Client*
------------------
Ropsohn
Therapeutics Ltda
Staff & Office:
--------------------------
SC is known
to have approx. 365 staff at
present.
SC owns an area as
its operating office and factory, but the detailed information is unknown.
RELATED
COMPANY
Shanghai
Jyoudi Pharmaceutical Co., Ltd.
Registration
No.: 310115000867435
Date
of Registration: November 25, 2004
Legal
Form: Limited Liabilities Company
Registered
Capital: CNY 1,000,000
Legal
Representative: Tang Dianli
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
Bank of China Taizhou Branch Jiaojiang Sub-branch
Swift-BKCHCNBJ923
AC#:
354558358871 (USD account)
387058334488 (CNY account)
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2014 |
|
65,810 |
|
|
Notes receivable |
0 |
|
Accounts
receivable |
75,610 |
|
Advances to
suppliers |
0 |
|
Other receivable |
7,840 |
|
Inventory |
47,530 |
|
Non-current
assets within one year |
0 |
|
Other current
assets |
3,110 |
|
|
------------------ |
|
Current assets |
199,900 |
|
Fixed assets |
58,320 |
|
Construction in
progress |
21,740 |
|
Intangible
assets |
0 |
|
Long-term
investment |
23,170 |
|
Deferred income
tax assets |
0 |
|
Other
non-current assets |
6,970 |
|
|
------------------ |
|
Total assets |
310,100 |
|
|
============= |
|
Short-term loans |
122,890 |
|
Notes payable |
0 |
|
Accounts payable |
65,640 |
|
Welfares payable |
0 |
|
Taxes payable |
0 |
|
Advances from
clients |
0 |
|
Other payable |
-18,060 |
|
Other current
liabilities |
69,200 |
|
|
------------------ |
|
Current
liabilities |
239,670 |
|
Non-current
liabilities |
31,270 |
|
|
------------------ |
|
Total
liabilities |
270,940 |
|
Equities |
39,160 |
|
|
------------------ |
|
Total
liabilities & equities |
310,100 |
|
|
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2014 |
|
Revenue |
342,460 |
|
Cost of sales |
274,070 |
|
Sales expense |
4,560 |
|
Management expense |
32,390 |
|
Finance expense |
15,290 |
|
Profit before
tax |
23,150 |
|
Less: profit tax |
4,260 |
|
18,890 |
Important Ratios
=============
|
|
As of Dec. 31, 2014 |
|
*Current ratio |
0.83 |
|
*Quick ratio |
0.64 |
|
*Liabilities
to assets |
0.87 |
|
*Net profit
margin (%) |
5.52 |
|
*Return on
total assets (%) |
6.09 |
|
*Inventory /
Revenue ×365 |
51 days |
|
*Accounts
receivable / Revenue ×365 |
81 days |
|
*Revenue /
Total assets |
1.10 |
|
*Cost of sales
/ Revenue |
0.80 |
FINANCIAL
COMMENTS
PROFITABILITY:
AVERAGE
l The revenue of SC
appears fairly good in its line.
l SC’s net profit
margin is average.
l SC’s return on
total assets is average.
l
SC’s cost of sales is average, comparing with its
revenue.
LIQUIDITY: FAIR
l
The current ratio of SC is maintained in a fair
level.
l
SC’s quick ratio is maintained in a fair level.
l
The inventory of SC appears average.
l
The accounts receivable of SC appears large.
l
The short-term loans of SC appear large.
l
SC’s revenue is in an average level, comparing with
the size of its total assets.
LEVERAGE: FAIR
l
The debt ratio of SC is high.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly Stable.
CONCLUSIONS
SC is considered medium-sized in its line with fairly stable financial
conditions. The large amount of accounts receivable and short-term loans may be
a threat to SC’s financial condition.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.61 |
|
|
1 |
Rs.96.56 |
|
Euro |
1 |
Rs.69.18 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
ANK |
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.