MIRA INFORM REPORT
|
Report No. : |
326330 |
|
Report Date : |
12.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
Sino Pharm Jiangsu
Co., Ltd. |
|
|
|
|
Registered Office : |
2-3/F, No. 6 Building, Xincheng Hi-Tech Park, No. 69 Olympic Street Jianye District, Nanjing, Jiangsu Province 210019 Pr |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
05.01.1998 |
|
|
|
|
Com. Reg. No.: |
320000000064357 |
|
|
|
|
Legal Form : |
One-Person Limited Liabilities Company |
|
|
|
|
Line of Business : |
Subject is
mainly engaged in selling medicinal intermediate, medicine raw materials,
medicine products, medical appliances. |
|
|
|
|
No. of Employees : |
77 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
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 |
|
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; (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.
|
Source
: CIA |
Company
Name and address
Sino Pharm Jiangsu Co., Ltd.
2-3/F, No. 6
Building, Xincheng Hi-Tech Park, No. 69 Olympic Street Jianye District,
Nanjing, Jiangsu Province 210019 PR China
TEL: 86 (0)
25-84788580/84734340/84788554/83675101
FAX: 86 (0)
25-84788596/83675108
EXECUTIVE
SUMMARY
Date of Registration : JANUARY 5, 1998
REGISTRATION NO. : 320000000064357
LEGAL FORM : one-person Limited liabilities company
REGISTERED CAPITAL : cny
10,000,000
staff : 77
BUSINESS CATEGORY :
trading
Revenue : CNY 590,850,000 (AS OF DEC. 31, 2014)
EQUITIES : CNY 9,370,000 (AS OF DEC. 31, 2014)
WEBSITE : www.sino-pharmjs.com
E-MAIL : sinopharm@goldenhighway.com
PAYMENT : AVERAGE
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : FAIR
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 one-person limited liabilities company of PRC with State Administration of
Industry & Commerce (SAIC) under registration No.: 320000000064357.
SC’s Organization Code Certificate No.:
13479736-9
SC’s Tax No.: 320102134797369
SC’s registered capital: cny 10,000,000
SC’s paid-in capital: cny 10,000,000
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
-- |
Legal
Representative |
Zhuang Zhaohui |
Yin Yanbin |
|
2012 |
Registered
Capital |
CNY 3,000,000 |
cny 10,000,000 |
|
-- |
Legal
Representative |
Yin Yanbin |
Zhuang Zhaohui |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Nanjing Goldenhighway
Int'l SCM Corp. |
100 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal
Representative, Chairman and General Manager |
Zhuang Zhaohui |
|
Supervisor |
Chen Zhaohui |
RECENT
DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER
CHART & BACKGROUND
Name %
of Shareholding
Nanjing Goldenhighway Int'l SCM Corp. 100
------------------------------------------------
Add:
Tel: 86 (0) 25-84788666
Fax: 86 (0) 25-84722437
E-mail: care@goldenhighway.com
Registration No.: 320191000021694
Legal Form: Shares Limited Company
Registered Capital: CNY 73,031,800
Legal Representative: Yin Yanbin
MANAGEMENT
Zhuang Zhaohui, Legal Representative, Chairman and General
Manager
-----------------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
ID# 320106196807040018
Ø
Age: 47
Ø
Nationality: China
Ø Qualification:
University
Ø Working experience
(s):
At present, working in SC as legal
representative, chairman and general manager
Chen Zhaohui, Supervisor
---------------------------------------------
Ø
Gender: M
Ø
Nationality: China
Ø Qualification:
University
BUSINESS
OPERATION
SC’s registered
business scope includes permit manage items: wholesaling traditional chinese
medicine patent prescription, chemical medical raw materials, chemical medicine
preparation, biology chemical medicine, antibiotic, psychotropic medicine
(Grade B), medical poisonous
pharmaceutical; selling Grade B & C medical appliances, hazardous chemicals; general manage items:
importing and exporting commodities and technology; selling Grade A & B
medical appliances (excluding permits manage items), feed and feed additives.
SC is mainly
engaged in selling medicinal intermediate, medicine raw materials, medicine
products, medical appliances, etc.
Main Products:
Chinese traditional patent medicine, chemical pharmaceutical product, chemical
medicine preparation, biochemical medicine, antibiotics, psychotropic drugs
(category II), medical poisonous substances, medicine intermediate, fine chemical
products, high quality and high-tech diagnostic products, medical appliances,
etc.
SC sources its products 100% from domestic
market. SC sells 60% of its products in domestic market, and 40% to overseas
market, mainly U.S.A., Southeast Asia, etc.
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 Clients*
-----------------
Advanced Enzyme
Systems,Llc
Buenaventura
Staff & Office:
--------------------------
SC is known
to have approx. 77 staff at
present.
SC rents an area
as its operating office, 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
Basic Bank:
Industrial & Commercial Bank of China
AC#: 4301017609100220497
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As of Dec. 31, 2012 |
As of Dec. 31, 2013 |
|
26,192 |
13,928 |
|
|
Notes receivable |
8,981 |
5,826 |
|
Accounts receivable |
63,706 |
74,662 |
|
Advances to suppliers |
14,962 |
39,937 |
|
Other receivable |
3,252 |
3,818 |
|
Subsidy receivable |
0 |
0 |
|
Inventory |
70,782 |
41,053 |
|
Deferred expenses |
0 |
0 |
|
Non-current assets within one year |
0 |
0 |
|
Other current assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current assets |
187,875 |
179,224 |
|
Fixed assets |
1,552 |
1,457 |
|
Construction in progress |
0 |
0 |
|
Intangible assets |
459 |
269 |
|
Long-term prepaid expenses |
582 |
618 |
|
Deferred income tax assets |
0 |
0 |
|
Other non-current assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total assets |
190,468 |
181,568 |
|
|
============= |
============= |
|
Short-term loans |
15,915 |
11,859 |
|
Notes payable |
0 |
0 |
|
Accounts payable |
133,185 |
132,806 |
|
Wages payable |
0 |
0 |
|
Welfare payable |
0 |
0 |
|
Taxes payable |
-126 |
1,028 |
|
Dividends payable |
0 |
0 |
|
Advances from clients |
5,106 |
5,678 |
|
Other payable |
17,529 |
19,622 |
|
Accrued expense |
0 |
0 |
|
Other current liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current liabilities |
171,609 |
170,993 |
|
Non-current liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total liabilities |
171,609 |
170,993 |
|
Equities |
18,859 |
10,575 |
|
|
------------------ |
------------------ |
|
Total liabilities & equities |
190,468 |
181,568 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31, 2013 |
|
Revenue |
698,604 |
|
Cost of sales |
676,618 |
|
Taxes and surcharges |
717 |
|
Sales expense |
13,606 |
|
Management expense |
15,230 |
|
Finance expense |
-693 |
|
Non-business income |
272 |
|
Non-business expenditure |
38 |
|
Profit before tax |
-6,640 |
|
Less: profit tax |
0 |
|
-6,640 |
Financial Summary
|
Unit: CNY’000 |
As of Dec. 31, 2014 |
|
Total assets |
175,540 |
|
|
------------- |
|
Total liabilities |
166,170 |
|
Equities |
9,370 |
|
|
------------- |
|
Revenue |
590,850 |
|
Profit before tax |
-1,190 |
|
Less: profit tax |
0 |
|
Profits |
-1,190 |
Important Ratios
=============
|
|
As of Dec. 31, 2012 |
As of Dec. 31, 2013 |
As of Dec. 31, 2014 |
|
*Current ratio |
1.09 |
1.05 |
-- |
|
*Quick ratio |
0.68 |
0.81 |
-- |
|
*Liabilities to assets |
0.90 |
0.94 |
0.95 |
|
*Net profit margin (%) |
-- |
-0.95 |
-0.20 |
|
*Return on total assets (%) |
-- |
-3.66 |
-0.68 |
|
*Inventory / Revenue ×365 |
-- |
22 days |
-- |
|
*Accounts receivable / Revenue ×365 |
-- |
40 days |
-- |
|
*Revenue / Total assets |
-- |
3.85 |
3.37 |
|
*Cost of sales / Revenue |
-- |
0.97 |
-- |
FINANCIAL
COMMENTS
PROFITABILITY:
FAIR
l The revenue of SC
appears fairly good in its line, and it decreased in 2014.
l SC’s net profit
margin is fair in 2013 and 2014.
l SC’s return on
total assets is fair in 2013 and 2014.
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 fair level.
l
The inventory of SC appears average.
l
The accounts receivable of SC is maintained in an
average level.
l
SC’s short-term loans are in an average level.
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 fairly high.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fair.
CONCLUSIONS
SC is considered medium-sized in its line with fair financial
conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.89 |
|
|
1 |
Rs.98.90 |
|
Euro |
1 |
Rs.72.31 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
NIT |
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.