MIRA INFORM REPORT
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Report No. : |
356920 |
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Report Date : |
28.12.2015 |
IDENTIFICATION DETAILS
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Name : |
JIANGSU YUTIAN PHARMACEUTICAL TECHNOLOGY CO., LTD. |
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Registered Office : |
No. 22 Linpu Road, Dapu Industrial Zone Economic & Technical Development Zone Lianyungang, Jiangsu Province 222100 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
11.09.2009 |
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Com. Reg. No.: |
320791000038684 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Subject engaged in research & development for bio-pharmaceutical
technology; selling pharmaceutical & chemical packaging raw &
auxiliary materials, and chemical products; importing and exporting commodities
and technology. |
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No. of Employee : |
60 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
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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) |
|
China |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
|
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.
|
Source
: CIA |
Company name
and address
JIANGSU YUTIAN
PHARMACEUTICAL TECHNOLOGY CO., LTD.
NO. 22 LINPU ROAD, DAPU INDUSTRIAL ZONE
ECONOMIC & TECHNICAL DEVELOPMENT ZONE
LIANYUNGANG, JIANGSU PROVINCE 222100 PR CHINA
TEL: 86 (0) 518-86098000/86098002
FAX: 86 (0) 518-86098001
EXECUTIVE
SUMMARY
Date of Registration :
september 11, 2009
REGISTRATION NO. :
320791000038684
LEGAL FORM : LIMITED LIABILITIES COMPANY
CHIEF EXECUTIVE :
zhu chunling (LEGAL REPRESENTATIVE)
REGISTERED CAPITAL : CNY
29,000,000
staff :
60
BUSINESS CATEGORY : R & D
& TRADING
Revenue :
CNY 26,413,000 (AS OF DEC. 31, 2014)
EQUITIES :
CNY 15,938,000 (AS OF DEC. 31, 2014)
WEBSITE : www.jsytsw.com
E-MAIL :
sales@jsytsw.com
PAYMENT :
SLOW BUT CORRECT
MARKET CONDITION :
average
FINANCIAL CONDITION :
fair
OPERATIONAL TREND : ordinary
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 6.46= 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.: 320791000038684 on September 11, 2009.
SC’s Organization Code Certificate No.: 69450321-8
SC’s Tax No.: 320797694503218
SC’s registered capital: CNY 29,000,000
SC’s paid-in capital: CNY 29,000,000
Registration
Change Record:-
|
Date |
Change
of Contents |
Before
the change |
After
the change |
|
2015-8-7 |
Legal
Representative |
Zhu
Wanli |
Zhu Chunling |
|
Registered
Capital |
CNY 16,000,000 |
CNY 29,000,000 |
|
|
% of Shareholding |
Zhu
Wanli 91% Xu Ping
9% |
Zhu
Wanli 95.03% Xu Ping
4.97% |
Current
Co search indicates SC’s shareholders & chief executives are as follows:-
|
Name
of Shareholder (s) |
% of
Shareholding |
|
Zhu
Wanli |
95.03 |
|
Xu Ping |
4.97 |
SC’s
Chief Executives:-
|
Position |
Name |
|
Legal Representative
and Chairman |
Zhu Chunling |
|
General
Manager |
Zhu
Wanli |
|
Supervisor |
Wei
Lihua |
RECENT
DEVELOPMENT
No recent
development was found during our checks at present.
SHAREHOLDER
CHART & BACKGROUND
Name
%
of Shareholding
Zhu Wanli 95.03
Xu Ping 4.97
MANAGEMENT
Zhu
Chunling, Legal
Representative and Chairman
-----------------------------------------------------------------------------
·
Gender:
F
·
Age:
58
·
ID#
320721195702171240
·
Qualification:
University
·
Working
experience (s):
At
present, working in SC as legal representative and chairman
Zhu Wanli, General
Manager
--------------------------------------------------
·
Gender:
M
·
Age:
38
·
ID#
320721197702281211
·
Qualification:
University
·
Working
experience (s):
·
At
present, working in SC as general manager
Xu Ping, Supervisor
-----------------------------------
·
Gender:
F
·
Age:
34
·
ID#
331004198109260041
·
Qualification:
University
BUSINESS
OPERATION
SC’s
registered business scope includes research & development for bio-pharmaceutical
technology; selling pharmaceutical & chemical packaging raw & auxiliary
materials, and chemical products; importing and exporting commodities and
technology.
SC is
mainly engaged in researching, developing and selling pharmaceutical and
chemical products.
SC’s
products mainly include:
API
Moxifloxacin
Febuxostat
Cefcapene
pivoxil hyd
Irinotecan
Linezolid
Silodosin
Entecavir
Intermediates
Ivabradine
hydrochloride Series
4-chloropyridine-3-sulfonamide
Cefotetan
Series
Doripenem
Series
Biapenem
Series
Irinotecan
Series
Linezolid
Series
Silodosin
Series
Entecavir
Series
Cefcapene
pivoxil hydrochlorid
butane-1,
4-disulfonic acid
SC sources
its products 100% from domestic markets. SC sells 60% of its products in domestic
markets, and 40% to the overseas market, mainly Southeast Asia.
The buying
terms of SC include T/T and Credit of 30-60 days. The payment terms of SC
include T/T, L/C and Credit of 30-60 days.
Staff & Office:
--------------------------
SC is
known to have approx. 60
staff at present.
SC owns an
area as its operating office and factory, but the detailed information is
unknown.
RELATED
COMPANY
SC is not
known to have any subsidiary at present.
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
The bank
information of SC is not filed in local SAIC.
FINANCIALS
Balance Sheet
|
Unit:
CNY’000 |
As
of Dec. 31, 2012 |
As
of Dec. 31, 2013 |
|
Cash |
276 |
1,440 |
|
Notes
receivable |
650 |
270 |
|
Accounts
receivable |
1,480 |
5,033 |
|
Advances
to suppliers |
2,951 |
7,694 |
|
Other
receivable |
6,089 |
1,485 |
|
Subsidy
receivable |
0 |
0 |
|
Inventory |
455 |
461 |
|
Prepaid
expenses |
0 |
0 |
|
Other
current assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current
assets |
11,901 |
16,383 |
|
Long-term
investment |
0 |
0 |
|
Fixed
assets |
4,138 |
7,057 |
|
Construction
in progress |
10,194 |
13,658 |
|
Engineering
materials |
139 |
0 |
|
Intangible
assets |
0 |
1,819 |
|
Long-term
prepaid expenses |
0 |
0 |
|
Deferred
income tax assets |
0 |
0 |
|
Other
non-current assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total
assets |
26,372 |
38,917 |
|
|
============= |
============= |
|
Short-term
loans |
0 |
2,489 |
|
Notes
payable |
0 |
1,388 |
|
Accounts
payable |
410 |
6,631 |
|
Wages
payable |
0 |
0 |
|
Taxes
payable |
-67 |
-113 |
|
Advances
from clients |
76 |
-110 |
|
Other
payable |
9,956 |
12,694 |
|
Accrued
expenses |
0 |
0 |
|
Other
current liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
10,375 |
22,979 |
|
Non-current
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
10,375 |
22,979 |
|
Equities |
15,997 |
15,938 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
26,372 |
38,917 |
|
|
============= |
============= |
Income Statement
|
Unit:
CNY’000 |
As
of Dec. 31, 2012 |
As
of Dec. 31, 2013 |
|
Revenue |
9,148 |
26,414 |
|
Cost of sales |
6,017 |
21,363 |
|
Taxes and surcharges |
8 |
26 |
|
Sales expense |
195 |
411 |
|
Management expense |
2,921 |
4,535 |
|
Finance expense |
2 |
59 |
|
Non-operating
income |
4 |
10 |
|
Non-operating expense |
0 |
8 |
|
Profit
before tax |
8 |
23 |
|
Less:
profit tax |
11 |
83 |
|
Profits |
-3 |
-60 |
Financial
Summary
|
Unit:
CNY’000 |
As
of Dec. 31, 2014 |
|
Total
assets |
42,468 |
|
|
------------- |
|
Total
liabilities |
26,530 |
|
Equities |
15,938 |
|
|
------------- |
|
Revenue |
26,413 |
|
Profit
before tax |
24 |
|
Less:
profit tax |
27 |
|
Profits |
-3 |
Important Ratios
=============
|
|
As
of Dec. 31, 2012 |
As
of Dec. 31, 2013 |
As
of Dec. 31, 2014 |
|
*Current
ratio |
1.15 |
0.71 |
-- |
|
*Quick
ratio |
1.10 |
0.69 |
-- |
|
*Liabilities
to assets |
0.39 |
0.59 |
0.62 |
|
*Net
profit margin (%) |
-0.03 |
-0.23 |
-0.01 |
|
*Return
on total assets (%) |
-0.01 |
-0.15 |
-0.01 |
|
*Inventory
/ Revenue ×365 |
19 days |
7 days |
-- |
|
*Accounts
receivable / Revenue ×365 |
60 days |
70 days |
-- |
|
*Revenue
/ Total assets |
0.35 |
0.68 |
0.62 |
|
*Cost of
sales / Revenue |
0.66 |
0.81 |
-- |
FINANCIAL
COMMENTS
PROFITABILITY: AVERAGE
The revenue
of SC appears average in its line.
SC’s net
profit margin is fair.
SC’s
return on total assets is fair.
SC’s cost
of sales is average, comparing with its revenue.
LIQUIDITY: FAIR
The
current ratio of SC is maintained in a normal level in 2012, fair in 2013.
SC’s quick
ratio is maintained in a fairly good level in 2012, fair in 2013.
The
inventory of SC appears average.
The
accounts receivable of SC is maintained in an average level.
The
short-term loans of SC appear average in 2013.
SC’s
revenue 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 above average.
Overall financial condition of the SC:
Fair.
CONCLUSIONS
SC is
considered small-sized in its line with fair financial conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.20 |
|
|
1 |
Rs.98.30 |
|
Euro |
1 |
Rs.72.41 |
|
CNY |
1 |
Rs.10.24 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
TRU |
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.