MIRA
INFORM REPORT
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Report No. : |
334041 |
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Report Date : |
30.07.2015 |
IDENTIFICATION DETAILS
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Name : |
HUNAN JIUDIAN
PHARMACEUTICAL CO., LTD. |
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Registered Office : |
24/F, Bobo Wealth Of The World Cta
City Centre, No. 368, 1st Section Of Furong South
Road, Changsha, Hunan Province 410004 Pr |
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Country : |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
19.01.2001 |
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Com. Reg. No.: |
430181000023195 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Manufacturing and selling tablet, hard capsule, oral liquid, admixture,
syrup, soft extract, granules, APIs, pharmaceutic
adjuvant, oral solution and medical machinery with Class I; wholesaling and
retailing pre-packaged food and bulk food; researching and technical transfer
of medical preparation, health food, fine chemical products and new drug;
exporting its products and technologies; importing and exporting raw
materials, instrument and meters, mechanical equipment, components and
technologies needed for its manufacture (excluding the goods forbidden by the
government); processing with imported materials, processing with imported
samples, assembling with imported parts, and compensation trade in agreement.
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No. of Employees : |
450 |
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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Maximum Credit Limit : |
USD 3,000,000 |
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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) |
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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. 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 & address
HUNAN JIUDIAN PHARMACEUTICAL CO., LTD.
24/F, BOBO
WEALTH OF THE WORLD CTA CITY CENTRE
NO. 368, 1ST
SECTION OF FURONG SOUTH ROAD
CHANGSHA, HUNAN
PROVINCE 410004 PR CHINA
TEL: 86 (0)
731-88220220
FAX: 86 (0)
731-88220260
***Note: SC’s correct
name should be the heading one, instead of the given name-Henan Jiudian
Pharmaceutical
EXECUTIVE SUMMARY
Date of Registration : JANUARY 19, 2001
REGISTRATION NO. : 430181000023195
LEGAL FORM : SHARES LIMITED
COMPANY
CHIEF EXECUTIVE :
ZHU ZHIHONG (LEGAL REPRESENTATIVE)
REGISTERED CAPITAL : CNY
80,580,000
staff :
450
BUSINESS CATEGORY : MANUFACTURING
& TRADING
REVENUE :
CNY 266,489,000 (AS OF DEC. 31,
2014)
EQUITIES :
CNY 239,211,000 (AS OF DEC. 31, 2014)
WEBSITE : www.jiudianph.com
E-MAIL :
yly@jiudianph.com
PAYMENT :
AVERAGE
Recommended Credit Limit : UP TO USD
3,000,000 (periodical review)
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRLY stable
OPERATIONAL TREND : fairly STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.21 = 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 on January 19, 2001. However, SC changed to
present legal form, and was registered as shares limited company of PRC with
State Administration for Industry & Commerce (SAIC) under registration No.:
430181000023195 on January 26,
2015.
SC’s Organization Code Certificate No.:
72252076-1
SC’s registered capital: CNY 80,580,000
SC’s paid-in capital: CNY 80,580,000
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
2015-01-26 |
Registered Capital |
CNY 47,400,000 |
CNY 80,580,000 |
|
Legal Form |
Limited Liabilities Company |
Shares Limited Company |
|
|
Company Chinese Name |
湖南九典制药有限公司 |
湖南九典制药股份有限公司 |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Changsha Wangdian
Investment Partnership Enterprise |
10.11 |
|
Suzhou Xiaqi Zhishi Jiuding Pharmaceutical
Investment Center (Limited Partnership) |
2.26 |
|
Suzhou Xiaqi Xingxian Jiuding Pharmaceutical
Investment Center (Limited Partnership) |
0.70 |
|
Suzhou Xiaqi Baoshou Jiuding Pharmaceutical
Investment Center (Limited Partnership) |
2.79 |
|
Suzhou Xiaqi Zhuoxing Jiuding Pharmaceutical
Investment Center (Limited Partnership) |
2.28 |
|
Suzhou Xiaqi Shengshi Jiuding Pharmaceutical
Investment Center (Limited Partnership) |
2.53 |
|
Zheng Xiahui |
1.79 |
|
Xie Yanping |
2.11 |
|
Zhu Zhiyun |
1.27 |
|
Bu Zhenjun |
0.68 |
|
Zhu Zhichun |
0.74 |
|
Xiong Ying |
0.31 |
|
Tan Junhua |
0.31 |
|
Fan Pengyun |
0.44 |
|
Li Min |
0.49 |
|
Zhu Zhihong |
54.11 |
|
Duan Lixin |
17.08 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative and Chairman |
Zhu Zhihong |
|
Vice Chairman |
Duan Lixin |
|
General Manager and Director |
Zheng Xiahui |
|
Director |
Zhu Zhiyun |
|
Cheng Wei |
|
|
Xie Yanping |
|
|
Supervisor |
Duan Bin |
|
Lu Shang |
|
|
Yang Yang |
RECENT
DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER
CHART & BACKGROUND
Name %
of Shareholding
Changsha Wangdian
Investment Partnership Enterprise 10.11
Suzhou Xiaqi Zhishi Jiuding Pharmaceutical
Investment Center (Limited Partnership) 2.26
Suzhou Xiaqi Xingxian Jiuding Pharmaceutical
Investment Center (Limited Partnership) 0.70
Suzhou Xiaqi Baoshou Jiuding Pharmaceutical
Investment Center (Limited Partnership) 2.79
Suzhou Xiaqi Zhuoxing Jiuding Pharmaceutical
Investment Center (Limited Partnership) 2.28
Suzhou Xiaqi Shengshi Jiuding Pharmaceutical
Investment Center (Limited Partnership) 2.53
Zheng Xiahui 1.79
Xie Yanping 2.11
Zhu Zhiyun 1.27
Bu Zhenjun 0.68
Zhu Zhichun 0.74
Xiong Ying 0.31
Tan Junhua 0.31
Fan Pengyun 0.44
Li Min 0.49
Zhu Zhihong 54.11
Duan Lixin 17.08
Changsha Wangdian
Investment Partnership Enterprise
------------------------------------------------------------------
Registration No.: 430100000161346
Suzhou Xiaqi Zhishi Jiuding Pharmaceutical
Investment Center (Limited Partnership)
-------------------------------------------------------------------
Registration No.: 320594000201899
Suzhou Xiaqi Xingxian Jiuding Pharmaceutical
Investment Center (Limited Partnership)
-------------------------------------------------------------------
Registration No.: 320594000204223
Suzhou Xiaqi Baoshou Jiuding Pharmaceutical
Investment Center (Limited Partnership)
-------------------------------------------------------------------
Registration No.: 320594000204215
Suzhou Xiaqi Zhuoxing Jiuding Pharmaceutical
Investment Center (Limited Partnership)
-------------------------------------------------------------------
Registration No.: 320594000199385
Suzhou Xiaqisheng Jiuding Pharmaceutical Investment Center (Limited
Partnership)
--------------------------------------------------------------------
Registration No.: 320594000199393
MANAGEMENT
Zhu Zhihong, Legal
Representative and Chairman
-----------------------------------------------------------------------------
Gender: M
Nationality: China
Qualification: University
Working experience (s):
At present, working in SC as legal representative and chairman
Duan Lixin, Vice Chairman
-----------------------------------------------
Gender: M
Nationality: China
Qualification: University
Working experience (s):
At present, working in SC as vice chairman
Zheng Xiahui, General Manager
and Director
----------------------------------------------------------------------
Gender: M
Nationality: China
Qualification: University
Working experience (s):
At present, working in SC as general manager and director
Director
----------
Zhu Zhiyun
(Also working in Hunan Pudao Pharmaceutical
Technology Co., Ltd. as legal representative)
Cheng Wei
Xie Yanping
Supervisor
--------------
Duan Bin
Lu Shang
Yang Yang
BUSINESS
OPERATION
SC’s registered business scope includes manufacturing and selling tablet,
hard capsule, oral liquid, admixture, syrup, soft extract, granules, APIs, pharmaceutic adjuvant, oral solution and medical machinery
with Class I; wholesaling and retailing pre-packaged food and bulk food;
researching and technical transfer of medical preparation, health food, fine
chemical products and new drug; exporting its products and technologies;
importing and exporting raw materials, instrument and meters, mechanical
equipment, components and technologies needed for its manufacture (excluding
the goods forbidden by the government); processing with imported materials,
processing with imported samples, assembling with imported parts, and
compensation trade in agreement.
SC is mainly engaged in manufacturing and selling APIs and preparations.
SC’s products mainly include: APIs, Herbal Extracts, Intermediates.
SC sources its materials 100% from domestic market. SC sells 30% of its products in domestic market, and 70% to overseas market.
The buying terms of SC include Check, 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. 450
staff at present.
SC rents an area as its operating office, but the detailed information
is unknown.
Factory address:
Near the Health Avenue, Liuyang
Bio-pharmaceutical Park, Changsha
RELATED
COMPANY
SC is known to
have a subsidiary and branch at present:
Hunan Pudao Pharmaceutical Technology Co.,
Ltd.
Registration No.: 430181000033615
Date of Registration: May 19, 2008
Legal Form: One-person Limited Liabilities Company
Registered Capital: CNY 2,000,000
Legal Representative: Zhu Zhiyun
Hunan Jiudian Pharmaceutical Co., Ltd. Changsha Office
---------------------------------------------
Registration No.: 430192000008014
Principal: Zeng Bin
Date of Registration:
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 SAIC.
FINANCIALS
Consolidated
Balance Sheet
|
Unit: CNY’000 |
As of Dec. 31,
2013 |
As of Dec. 31,
2014 |
|
42,981 |
27,850 |
|
|
Notes receivable |
8,813 |
19,859 |
|
Accounts receivable |
34,197 |
31,474 |
|
Advances to suppliers |
4,299 |
8,249 |
|
Other receivable |
1,802 |
237 |
|
Inventory |
52,417 |
55,537 |
|
Non-current assets within one year |
0 |
0 |
|
Other current assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current assets |
144,509 |
143,206 |
|
Fixed assets |
76,323 |
86,635 |
|
Construction in progress |
1,986 |
10,385 |
|
Intangible assets |
23,987 |
24,622 |
|
Development expenditure |
29,847 |
31,239 |
|
Long-term prepaid expenses |
1,600 |
1,291 |
|
Deferred income tax assets |
1,880 |
2,353 |
|
Other non-current assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total assets |
280,132 |
299,731 |
|
|
============= |
============= |
|
Short-term loans |
30,000 |
15,000 |
|
Notes payable |
0 |
0 |
|
Accounts payable |
15,565 |
20,190 |
|
Wages payable |
469 |
456 |
|
Taxes payable |
3,586 |
4,604 |
|
Advances from clients |
10,630 |
6,127 |
|
Other payable |
14,986 |
12,221 |
|
Other current liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current liabilities |
75,236 |
58,598 |
|
Non-current liabilities |
3,147 |
1,922 |
|
|
------------------ |
------------------ |
|
Total liabilities |
78,383 |
60,520 |
|
Equities |
201,749 |
239,211 |
|
|
------------------ |
------------------ |
|
Total liabilities & equities |
280,132 |
299,731 |
|
|
============= |
============= |
Consolidated
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2013 |
As of Dec. 31,
2014 |
|
Revenue |
241,413 |
266,489 |
|
Cost of sales |
108,799 |
128,018 |
|
Taxes and surcharges |
1,931 |
2,471 |
|
Sales expense |
58,076 |
57,879 |
|
Management expense |
32,464 |
30,820 |
|
Finance expense |
2,265 |
1,218 |
|
Investment income |
10 |
853 |
|
Non-business income |
5,937 |
3,896 |
|
Non-business expenditure |
1,089 |
705 |
|
Profit before tax |
42,131 |
47,993 |
|
Less: profit tax |
5,875 |
6,756 |
|
36,256 |
41,237 |
Important Ratios
=============
|
|
As of Dec. 31,
2013 |
As of Dec. 31,
2014 |
|
*Current ratio |
1.92 |
2.44 |
|
*Quick ratio |
1.22 |
1.50 |
|
*Liabilities to assets |
0.28 |
0.20 |
|
*Net profit margin (%) |
15.02 |
15.47 |
|
*Return on total assets (%) |
12.94 |
13.76 |
|
*Inventory / Revenue ×365 |
80 days |
77 days |
|
*Accounts receivable/ Revenue ×365 |
52 days |
44 days |
|
*Revenue/Total assets |
0.86 |
0.89 |
|
*Cost of sales / Revenue |
0.45 |
0.48 |
FINANCIAL COMMENTS
PROFITABILITY:
FAIRLY GOOD
The revenue of SC appears fairly good in its line.
SC’s net profit margin is fairly good.
SC’s return on total assets is fairly good.
SC’s cost of sales is average, comparing with its revenue.
LIQUIDITY: AVERAGE
The current ratio of SC is maintained in a fairly good level.
SC’s quick ratio is maintained in a fairly good level.
The inventory of SC is maintained in an average level.
The accounts receivable of SC appears average.
SC’s short-term loans are in an average level.
SC’s revenue is in an average level, comparing with the size of its
total assets.
LEVERAGE: AVERAGE
The debt ratio of SC is low.
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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.89 |
|
|
1 |
Rs.99.71 |
|
Euro |
1 |
Rs.70.63 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
TPT |
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.