MIRA INFORM REPORT
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Report No. : |
337581 |
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Report Date : |
21.08.2015 |
IDENTIFICATION DETAILS
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Name : |
FARMASINO PHARMACEUTICALS (JIANGSU) CO., LTD. |
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Registered Office : |
No. 100 Jianye Road, Nanjing, Jiangsu Province 210004 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2014 |
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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 engaged in selling pharmaceuticals, chemicals, 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 |
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No. of Employee : |
160 |
RATING & COMMENTS
|
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, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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, 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; (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 2014 more than 274 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 passing legislation to allow local governments to issue bonds, opening several state-owned enterprises to further private investment, loosening the one-child policy, passing harsher pollution fines, and cutting administrative red tape.
|
Source
: CIA |
Company
name and address
FARMASINO PHARMACEUTICALS
(JIANGSU) CO., LTD.
NO. 100 JIANYE ROAD, NANJING, JIANGSU PROVINCE 210004 PR CHINA
TEL: 86 (0) 25-86907289*345/84267953/86907288/86907282
FAX: 86 (0) 25-86907366/86907203
EXECUTIVE
SUMMARY
Date of Registration : OCTOBER 17, 2008
REGISTRATION NO. : 320000000076867
LEGAL FORM : Limited Liability Company
REGISTERED CAPITAL : CNY 32,727,300
staff :
160
BUSINESS CATEGORY : TRADING
Revenue :
CNY 781,680,000 (AS OF DEC. 31, 2014)
EQUITIES :
CNY 55,787,000 (AS OF DEC. 31, 2014)
WEBSITE : www.farmasino.com
E-MAIL :
info@famasino.com
PAYMENT :
NO complaints
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly stable
OPERATIONAL TREND : fairly STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.40 = 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.,%20LTD.%20-%20337581%2021-Aug-2015_files/image008.jpg)
SC’s registered capital: CNY 32,727,300
SC’s paid-in capital: CNY 32,727,300
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
-- |
Legal Representative |
Fan Zhongfeng |
Wan Huizhong |
|
Shareholder’s Name |
Jiangsu Light Industrial Products Import
& Export (Group) Corporation |
High Hope Zhongding Corporation |
|
|
Registered Capital |
CNY 10,000,000 |
CNY 30,000,000 |
|
|
% of shareholding |
High Hope
Zhongding Corporation 35% Tong Xiao 5% Wang Li 30% Yan Libo 30% |
High Hope
Zhongding Corporation 40% Tong Xiao 5% Wang Li 24.38% Yan Libo 30.62% |
|
|
2015-5-28 |
Registered Capital |
CNY 30,000,000 |
CNY 32,727,300 |
|
Shareholder (s)
(% of Shareholding) |
High Hope
Zhongding Corporation 40% Tong Xiao 5% Wang Li 24.38% Yan Libo 30.62% |
High Hope
Zhongding Corporation 45% Yan Libo 44% Nanjing Jiumeng
Investment Enterprise (Limited Partnership) 6.42% Tong Xiao4.58% |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
High Hope
Zhongding Corporation |
45 |
|
Yan Libo |
44 |
|
Nanjing Jiumeng
Investment Enterprise (Limited Partnership) |
6.42 |
|
Tong Xiao |
4.58 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative and Chairman |
Wan Huizhong |
|
General Manager |
Yan Libo |
|
Director |
Fan Zhongfeng |
|
Chen Hao |
|
|
Tong Xiao |
|
|
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 45
Yan Libo 44
Nanjing Jiumeng Investment Enterprise
(Limited Partnership) 6.42
Tong Xiao 4.58
%20CO.,%20LTD.%20-%20337581%2021-Aug-2015_files/image007.gif){kind=small}
High Hope
Zhongding Corporation
=============================
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
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
-------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 51
Ø Qualification:
University
Ø Working experience
(s):
At present, working in SC as legal
representative and chairman
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
------------------------------------------------
Ø Gender: M
Ø Age: 39
Ø Qualification:
University
Ø 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
-----------
Fan Zhongfeng
Chen Hao
Tong Xiao
Supervisor
--------------
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 selling pharmaceuticals, chemicals.
Brand: FARMASINO
SC’s products
mainly include:
l Finished Drugs
(Tablets, Capsules, Liquid Injections, Powder for Injections, Miscellaneous,
Packing Materials, Surgicals, Animal Medicine)
l Bulk
Pharmaceuticals (Active Pharmaceutical Ingredients, Veterinary Products, Amino
Acids, Vitamins, Plant Extracts, Nutritional Supplements, Food Additives)
l 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:
--------------------------
SC is known
to have approx. 160 staff at
present.
SC owns an area as
its operating office and factory, but the detailed information is unknown.
RELATED
COMPANY
n
Jiangsu Kaiyuan International Machinery Co., Ltd.
n
Jiangsu Kaiyuan Tourism Co., Ltd.
n
Jiangsu Kaiyuan International Tianpu Tools Co.,
Ltd.
n
Jiangsu Zhongxin Toys Co., Ltd.
n
Nanjing Kaiyuan Kangda Trading Co., Ltd.
SC is known to have a
subsidiary at present,
n
FarmaSino Pharmaceuticals (Anhui) Co., Ltd.
------------------------------------
Date of Registration: October 15, 2008
Registration No.: 341424000008410
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
|
Unit: CNY’000 |
As
of Dec. 31, 2012 |
As
of Dec. 31, 2013 |
As
of Dec. 31, 2014 |
|
85,442 |
87,564 |
96,676 |
|
|
Notes receivable |
0 |
0 |
10 |
|
Accounts
receivable |
54,382 |
83,349 |
187,707 |
|
Advances to
suppliers |
26,788 |
31,502 |
94,943 |
|
Other receivable |
413 |
18,464 |
28,588 |
|
Inventory |
10,110 |
14,588 |
17,645 |
|
Non-current
assets within one year |
0 |
0 |
0 |
|
Other current
assets |
9,645 |
14,005 |
31,302 |
|
|
------------------ |
------------------ |
------------------ |
|
Current assets |
186,780 |
249,472 |
456,871 |
|
Fixed assets |
1,228 |
17,107 |
18,695 |
|
Construction in
progress |
0 |
0 |
392 |
|
Intangible
assets |
0 |
0 |
5,206 |
|
Long-term
prepaid expenses |
0 |
1,189 |
1,397 |
|
Deferred income
tax assets |
87 |
104 |
1,111 |
|
Other
non-current assets |
0 |
8,041 |
8,119 |
|
|
------------------ |
------------------ |
------------------ |
|
Total assets |
188,095 |
275,913 |
491,791 |
|
|
============= |
============= |
============= |
|
Short-term loans |
48,000 |
35,000 |
141,503 |
|
Notes payable |
76,639 |
130,254 |
178,822 |
|
Accounts payable |
33,759 |
38,402 |
50,071 |
|
Wages payable |
0 |
0 |
0 |
|
Taxes payable |
-414 |
-1,092 |
-2,678 |
|
Advances from
clients |
5,397 |
22,431 |
26,149 |
|
Other payable |
140 |
211 |
42,137 |
|
Other current
liabilities |
0 |
0 |
0 |
|
|
------------------ |
------------------ |
------------------ |
|
Current
liabilities |
163,521 |
225,206 |
436,004 |
|
Non-current
liabilities |
0 |
0 |
0 |
|
|
------------------ |
------------------ |
------------------ |
|
Total
liabilities |
163,521 |
225,206 |
436,004 |
|
Equities |
24,574 |
50,707 |
55,787 |
|
|
------------------ |
------------------ |
------------------ |
|
Total
liabilities & equities |
188,095 |
275,913 |
491,791 |
|
|
============= |
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2012 |
As of Dec. 31,
2013 |
As of Dec. 31,
2014 |
|
Revenue |
500,282 |
541,935 |
781,680 |
|
Cost of sales |
472,186 |
510,793 |
736,743 |
|
Sales expense |
18,966 |
21,579 |
29,329 |
|
Management expense |
2,024 |
3,685 |
5,355 |
|
Finance expense |
650 |
-2,608 |
-389 |
|
Non-business
income |
63 |
174 |
343 |
|
Non-business expenditure |
315 |
366 |
5 |
|
Profit before
tax |
6,194 |
8,226 |
10,104 |
|
Less: profit tax |
1,670 |
2,093 |
2,646 |
|
4,524 |
6,133 |
7,458 |
Important Ratios
=============
|
|
As
of Dec. 31, 2012 |
As
of Dec. 31, 2013 |
As
of Dec. 31, 2014 |
|
*Current ratio |
1.14 |
1.11 |
1.05 |
|
*Quick ratio |
1.08 |
1.04 |
1.01 |
|
*Liabilities
to assets |
0.87 |
0.82 |
0.89 |
|
*Net profit
margin (%) |
0.90 |
1.13 |
0.95 |
|
*Return on total
assets (%) |
2.41 |
2.22 |
1.52 |
|
*Inventory /
Revenue ×365 |
8 days |
10 days |
9 days |
|
*Accounts
receivable/ Revenue ×365 |
40 days |
57 days |
88 days |
|
*Revenue/Total
assets |
2.66 |
1.96 |
1.59 |
|
*Cost of sales
/ Revenue |
0.94 |
0.94 |
0.94 |
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 fairly high, comparing with
its revenue.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a normal
level.
l
SC’s quick ratio is maintained in a fairly good
level.
l
The inventory of SC is maintained in an average
level in both years.
l
The accounts receivable of SC appears large in
2014.
l
SC’s short-term loans appear large in 2014.
l
SC’s revenue is in an average level, 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.
CONCLUSIONS
SC is considered large-sized in its line with fairly stable financial
conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.24 |
|
|
1 |
Rs.102.21 |
|
Euro |
1 |
Rs.72.57 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
ASH |
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.