MIRA
INFORM REPORT
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Report No. : |
346224 |
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Report Date : |
21.10.2015 |
IDENTIFICATION DETAILS
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Name : |
JIANGXI FUSHINE
PHARMACEUTICAL co., ltd. |
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Registered Office : |
No. 2 Yuli Industrial Zone, Changjiang District, |
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Country : |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
20.03.2002 |
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Com. Reg. No.: |
360200210008121 |
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Legal Form : |
Shares Limited Co. |
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Line of Business : |
Manufacture and sales of raw material medicine (it is subject to the
license; it is valid until Apr. 13, 2019); manufacture and sales of chemical
raw materials (excluding dangerous chemicals); import and export business (if
needed with permit). |
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No. of Employees : |
890 (Including Subsidiaries) |
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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Status : |
Good |
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Payment Behaviour : |
Regular |
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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.
|
Source
: CIA |
Company name & address
JIANGXI FUSHINE PHARMACEUTICAL co., ltd.
NO. 2 YULI INDUSTRIAL ZONE, CHANGJIANG DISTRICT,
JINGDEZHEN CITY, JIANGXI PROVINCE, 333000 PR CHINA
TEL: 86 (0) 798-2193328
FAX: 86 (0) 798-2193322
EXECUTIVE SUMMARY
INCORPORATION DATE : Mar. 20, 2002
REGISTRATION NO. : 360200210008121
REGISTERED LEGAL FORM : SHARES LIMITED CO.
CHIEF EXECUTIVE :
Mr. bao jianhua (CHAIRMAN)
STAFF STRENGTH :
890 (including Subsidiaries)
REGISTERED CAPITAL : CNY 54,000,000
BUSINESS LINE :
manufacturing and trading
TURNOVER :
cny 510,727,000 (consolidated, AS OF DEC. 31, 2014)
EQUITIES :
cny 283,263,000 (consolidated, AS OF DEC. 31, 2014)
PAYMENT :
AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRLY STABLE
OPERATIONAL TREND : steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.3676= USD 1
Adopted abbreviations:
ANS - amount not stated NS
- not stated SC - subject company (the
company inquired by you)
NA - not available CNY
- China Yuan Renminbi
SC was registered as a limited liabilities company at local
Administration for Industry & Commerce (AIC - The official body of issuing
and renewing business license) on Mar. 20, 2002 and has been under
present legal form since 2012.
Company Status: Shares limited co. This form of business in PR
China is defined as a legal person. Its registered capital is divided into
shares of equal par value and the co. raises capital by issuing share
certificates by promotion or by public offer. Shareholders bear limited
liability to the extent of shareholding, and the co. is liable for its
debts only to the extent of its total assets. The co has independent
property of legal person and enjoys property rights of legal person. The characteristics of the shares limited co. are as
follows: The establishment of the co. requires
at least two promoters and no more than 200, half of whom shall be domiciled in The minimum registered capital
of a co. is CNY 5M. while that of the co. with foreign investment is CNY
5M. The total capital of a co. which propose to apply for publicly listed
must be no less than CNY 30M. The board of directors must
consist of five to nineteen directors. If
the co. raises capital by public offer, the promoters must not subscribe
less than 35% of the total shares. the promoters’ shares are restricted to
transfer- within one year of the offer. A state-owned enterprise that
is restructured into a shares limited co. must comply with the conditions
& requirements specified under the law & administrative rule.
SC’s registered business scope includes manufacture and sales of raw
material medicine (it is subject to the license; it is valid until Apr. 13,
2019); manufacture and sales of chemical raw materials (excluding dangerous chemicals);
import and export business (if needed with permit).
SC is mainly engaged in manufacturing and selling APIs and
pharmaceutical intermediates.
Mr. Bao Jianhua is the legal representative, chairman and general
manager of SC at present.
SC is known to have approx. 890 employees (including subsidiaries) 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 Jingdezhen.
SC’s management declined to release detailed information of the premise.
http://www.fuxiangpharm.com/
The design is professional and the content is well organized. At present the
web site is in Chinese and English versions.
E-mail: infor@fuxiangpharm.com
Changes
of its registered information are as follows:
|
Date of change |
Item |
Before the change |
After the change |
|
2012 |
Registered capital |
CNY 16,000,000 |
CNY 51,000,000 |
|
Company name |
Jingdezhen Fuxiang Pharmaceutical Co., Ltd. |
Present one |
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Registered legal form |
Limited liabilities company |
Present one |
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|
Unknown |
Registered capital |
CNY 51,000,000 |
Present amount |
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Shareholdings |
Bao Jianhua 49.6%; Zhejiang Yongtai Technology Co., Ltd. 26%; Yu
Wenjun 10%; Jingdezhen
Fushine Investment Co., Ltd. 7%; Chen Bin 4%; Bao Danhong 1.5%; Ke Xili 0.5%; Niu Yunbo 0.3%; Feng Shenrong 0.5%; Jin Jizhong 0.3%;
Wei Yongchao 0.3% |
Present ones |
Organization code: 736360578
For the past two years there is no record of litigation.
MAIN SHAREHOLDERS:
Name Amount
(CNY) % of
Shareholding
Bao Jianhua 25,296,000 46.84
Zhejiang Yongtai Technology Co., Ltd. 13,260,000 24.56
Yu Wenjun 5,100,000 9.45
Jingdezhen Fushine Investment Co., Ltd.
3,570,000 6.61
Suzhou Industrial Park Zone Jiaqian Jiuding Investment Center (LP) (In
Chinese Pinyin)
2,365,400 4.38
Suzhou Industrial Park Zone Jiaxiang Jiuding Investment Center (LP) (In
Chinese Pinyin)
634,600 1.18
Chen Bin 2,040,000
3.78
Bao Danhong 765,000 1.42
Ke Xili 255,000 0.47
Niu Yunbo 153,000 0.28
Feng Shenrong 255,000 0.47
Jin Jizhong 153,000 0.28
Wei Yongchao 153,000 0.28
Zhejiang Yongtai Technology Co., Ltd.
…………………………………………
It is listed in Shenzhen Stock Exchange with the stock code 002326.
Legal representative: Wang Yingmei
Registration No.: 331000000000876
Incorporation date: Oct. 11, 1999
Add: Linhai Park, Chemical & Pharmaceutical Base, Linhai, Zhejiang
Province
Tel: 0576-85588006, 0576-85588960
Website: http://www.yongtaitech.com/
Email: zhengquan@yongtaitech.com
Legal
representative, Chairman and General manager:
Mr. Bao Jianhua, ID# 33260319770405****, born in 1977, he is currently
responsible for the overall management of SC.
Working Experience(s):
At present Working
in SC as legal representative, chairman and general manager
Also working in Jingdezhen Fushine Investment Co., Ltd., Jiangxi
Xiangtai Pharmaceutical Co., Ltd., Jiangxi Ruyi Technology Development Co.,
Ltd.. as legal representative
Vice
chairman:
Mr. Guan Hui, born in 1978, with university education. He is currently
responsible for the daily management of SC.
Working Experience(s):
At present Working
in SC as vice chairman;
Also working in Zhejiang Yongtai Technology Co., Ltd. as vice general
manager.
Directors:
………….
Liu Hong
Yu Wenjun
Li Yan
Supervisors:
…………….
Yang Haibin
Chen Lijie
Dong Wei
SC is mainly engaged in manufacturing and selling APIs and
pharmaceutical intermediates.
SC’s products mainly include:
APIs: Tazobactam, Tazobactam Sodium, Sultamicillin Tosilate,
Sultamicillin Base, Sulbactam pivoxil, Sulbactam Sodium.
Pharmaceutical Intermediates: Sulbactam Acid, Iodomethyl Sulbactam,
Tazobactam Benzhydryl, Diphenyl Methyl Ester, Piperacillin Acid,
5-Mercapto-1-Methyltetrazole, 4-Ethyl-2, 3-Dioxo-1-Piperazinecarbonylchloride,
L-2-Aminobutanamide Hydrochloride, HO-EPCP.
SC sources its materials 20% from the overseas market and 80% from
domestic market. SC sells 50% of its products in domestic market and 50% to
overseas market.
The buying terms of SC include Check, L/C, 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.
Trademarks &
Patents
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Registration No. |
7150140 |
9240745 |
9552186 |
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Registration Date |
2010-8-14 |
2012-5-14 |
2012-6-28 |
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Trademark Design |
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Major clients
==========
Zhuhai United Laboratories Co., Ltd.
Zhuhai United Laboratories Co., Ltd. Zhongshan Branch
Wuxi Jinlijie International Trading Co., Ltd.
Major suppliers
============
Zhuhai United Laboratories Co., Ltd.
Inner Mongolia Changsheng Pharmaceuticals Co., Ltd.
Shenzhen Bailingtang Pharmaceuticals Co., Ltd. (In Chinese Pinyin)
Subsidiaries
Jiangxi Xiangtai Pharmaceutical Co., Ltd. (literal translation)
=============================
Reg. No.: 360200110004182
Legal representative: Bao Jianhua
Incorporation date: 2010-11-8
Jiangxi Ruyi Technology Development Co., Ltd.
====================================
Reg. No.: 360923210000842
Legal representative: Bao Jianhua
Incorporation date: 2006-11-23
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’s suppliers refused to make any comment.
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 declined to release its bank details.
Consolidated
Balance Sheet
Unit: CNY’000
|
|
as
of Dec. 31, 2014 |
as
of Dec. 31, 2013 |
|
62,079 |
64,933 |
|
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Trading
financial assets |
0 |
13 |
|
Note receivable |
20,179 |
6,068 |
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Inventory |
116,582 |
80,824 |
|
Accounts
receivable |
83,719 |
82,537 |
|
Advances to
suppliers |
4,653 |
2,426 |
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Other
receivables |
15,990 |
7,552 |
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Other current
assets |
0 |
638 |
|
|
------------------ |
------------------ |
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Current assets |
303,202 |
244,991 |
|
Financial assets available for sale |
9,960 |
9,960 |
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Fixed assets net value |
247,574 |
179,220 |
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Project under construction |
3,180 |
36,420 |
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Project materials |
2,154 |
3,491 |
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Intangible assets |
61,873 |
63,270 |
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Goodwill |
1,146 |
1,147 |
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Long-term deferred expenses |
662 |
622 |
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Deferred assets |
1,312 |
1,173 |
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Other assets |
1,285 |
1,014 |
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------------------ |
------------------ |
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Total assets |
632,348 |
541,308 |
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============= |
============= |
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Short loans |
133,000 |
86,090 |
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Note payable |
40,003 |
52,423 |
|
Accounts payable |
82,708 |
65,516 |
|
Advances from clients |
2,199 |
906 |
|
Accrued payroll |
9,997 |
8,242 |
|
Taxes payable |
4,695 |
4,534 |
|
Interest payable |
303 |
250 |
|
Other payable |
3,508 |
1,654 |
|
Other current liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current liabilities |
276,413 |
219,615 |
|
Long term liabilities |
72,672 |
91,933 |
|
|
------------------ |
------------------ |
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Total liabilities |
349,085 |
311,548 |
|
Equities |
283,263 |
229,760 |
|
|
------------------ |
------------------ |
|
Total liabilities & equities |
632,348 |
541,308 |
|
|
============= |
============= |
Consolidated
Income Statement
Unit: CNY’000
|
|
as
of Dec. 31, 2014 |
as
of Dec. 31, 2013 |
|
Turnover |
510,727 |
442,842 |
|
Cost of goods sold |
371,269 |
328,057 |
|
Taxes and additional of main operation |
1,275 |
1,435 |
|
Sales expense |
15,848 |
12,209 |
|
Management expense |
52,579 |
42,724 |
|
Finance expense |
9,406 |
11,593 |
|
Assets impairment loss |
428 |
244 |
|
Investment income |
910 |
890 |
|
Gains on the changes in the fair value |
0 |
13 |
|
Non-operation income |
4,574 |
6,477 |
|
Non-operation expense |
1,804 |
1,035 |
|
Profit before tax |
63,602 |
52,925 |
|
Less: profit tax |
10,161 |
7,853 |
|
Profits |
53,441 |
45,072 |
Important
Ratios
=============
|
|
as
of Dec. 31, 2014 |
as
of Dec. 31, 2013 |
|
*Current ratio |
1.10 |
1.12 |
|
*Quick ratio |
0.68 |
0.75 |
|
*Liabilities to assets |
0.55 |
0.58 |
|
*Net profit margin (%) |
10.46 |
10.18 |
|
*Return on total assets (%) |
8.45 |
8.33 |
|
*Inventory /Turnover ×365 |
84 days |
67 days |
|
*Accounts receivable/Turnover ×365 |
60 days |
69 days |
|
*Turnover/Total assets |
0.81 |
0.82 |
|
* Cost of goods sold/Turnover |
0.73 |
0.74 |
PROFITABILITY:
FAIRLY GOOD
The turnover of SC appears fairly good in its line in both years.
SC’s net profit margin is good in both years.
SC’s return on total assets is fairly good in both years.
SC’s cost of goods sold is average, comparing with its turnover.
LIQUIDITY: FAIR
The current ratio of SC is maintained in a normal level in both years.
SC’s quick ratio is maintained in a fair level in both years.
SC’s inventory is average in both years.
SC’s accounts receivable is average in both years.
SC’s short-term loan is fairly large in 2014.
SC’s turnover 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 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 short-term loan could be a threat to SC’s
financial condition. Taking into consideration of SC’s general performance,
reputation as well as market conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.89 |
|
UK Pound |
1 |
Rs.100.39 |
|
Euro |
1 |
Rs.73.52 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
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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 |
-- |
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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.