MIRA
INFORM REPORT
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Report No. : |
353419 |
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Report Date : |
12.12.2015 |
IDENTIFICATION DETAILS
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Name : |
HUNAN YUXIN
PHARMACEUTICAL CO., LTD. |
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Registered Office : |
Longxutang, Shuangqing District, Shaoyang, Hunan Province, 422000 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2014 |
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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 engaged in manufacturing and selling pharmaceutical
products |
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No. of Employee : |
320 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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With Financials |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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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 |
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. 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 for the first time in modern history. Still, China's per capita income is below the world average.
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 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 also 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.
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Source
: CIA |
Company name
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 229,050,000 (AS OF DEC. 31,
2014)
EQUITIES :
CNY 103,010,000 (AS OF DEC. 31, 2014)
PAYMENT :
SLOW BUT CORRECT
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly STABLE
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.3941 = USD
Adopted abbreviations:
ANS - amount not stated NS
- not stated SC - subject company (the
company inquired by you)
NA - not available CNY
- China Yuan Renminbi
Note: the given tel. no. “0086 731
82762898” and fax no. “0086 731 85551702” belong to SC’s sales department in
Changsha.
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 |
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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% Cao Chunyu 0.4% Fu Jie 0.4% Li Jianguo 0.4% Jiang Qingfeng 0.4% Shu Zhijian 0.4% Shen Yujun 1% |
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|
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% 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 46.28% Hu Aiguo 11.25% 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% |
|
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, DB11 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, 2013 |
as of Dec. 31, 2014 |
|
Cash & bank |
12,130 |
20,380 |
|
Notes receivable |
0 |
150 |
|
Inventory |
108,950 |
106,450 |
|
Accounts
receivable |
35,250 |
36,970 |
|
Advances to
supplies |
7,610 |
3,270 |
|
Other
receivables |
80,780 |
5,360 |
|
Other current
assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current assets |
244,720 |
172,580 |
|
Fixed assets net
value |
26,670 |
32,330 |
|
Projects under
construction |
1,460 |
710 |
|
Material for
construction |
1,050 |
840 |
|
Long-term
investments |
2,000 |
88,350 |
|
Long-term
deferred expenses |
70 |
50 |
|
Deferred tax
assets |
230 |
230 |
|
Intangible
assets |
13,780 |
11,180 |
|
Other assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total assets |
289,980 |
306,270 |
|
|
============= |
============= |
|
Short loans |
142,800 |
142,090 |
|
Notes payable |
19,560 |
41,170 |
|
Accounts payable |
18,760 |
15,160 |
|
Advances from
customers |
630 |
620 |
|
Employee pay
payable |
/ |
1,560 |
|
Taxes payable |
-610 |
-280 |
|
Other Accounts
payable |
3,730 |
1,940 |
|
Other current
liabilities |
0 |
0 |
|
|
----------------- |
----------------- |
|
Current
liabilities |
184,870 |
202,260 |
|
Long term
liabilities |
2,060 |
1,000 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
186,930 |
203,260 |
|
Shareholders
equities |
103,050 |
103,010 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
289,980 |
306,270 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
as of Dec. 31,
2013 |
as of Dec. 31,
2014 |
|
Turnover |
205,010 |
229,050 |
|
Cost of goods sold |
176,370 |
199,920 |
|
Taxes and additional of main operation |
840 |
580 |
|
Sales expense |
2,320 |
2,070 |
|
Management expense |
15,170 |
19,150 |
|
Finance expense |
13,840 |
12,020 |
|
Impairment of assets |
/ |
-60 |
|
Non-operating
income |
4,180 |
4,710 |
|
Non-operating expense |
430 |
20 |
|
Profit before
tax |
220 |
60 |
|
Less: profit tax |
30 |
10 |
|
Profits |
190 |
50 |
Important Ratios
=============
|
|
as of Dec. 31,
2013 |
as of Dec. 31,
2014 |
|
*Current ratio |
1.32 |
0.85 |
|
*Quick ratio |
0.73 |
0.33 |
|
*Liabilities
to assets |
0.64 |
0.66 |
|
*Net profit margin
(%) |
0.09 |
0.02 |
|
*Return on
total assets (%) |
0.07 |
0.02 |
|
*Inventory
/Turnover ×365 |
194 days |
170 days |
|
*Accounts
receivable/Turnover ×365 |
63 days |
59 days |
|
*Turnover/Total
assets |
0.71 |
0.75 |
|
* Cost of
goods sold/Turnover |
0.86 |
0.87 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears fairly good in its line in
both years, and it increased in 2014.
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 2013 but fair in 2014.
l
SC’s quick ratio is maintained in a fair level in
2013 but poor in 2014.
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.66.79 |
|
UK Pound |
1 |
Rs.101.10 |
|
Euro |
1 |
Rs.73.10 |
|
CYN |
1 |
Rs. 10.40 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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|
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%)s
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.