MIRA INFORM REPORT
|
Report No. : |
341709 |
|
Report Date : |
22.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
SUZHOU FUSHILAI
PHARMACEUTICAL CO., LTD. |
|
|
|
|
Registered Office : |
No. 16 Haiwang Road, Changshu Advanced Materials Industrial Park, Jiangsu Province 215522 Pr China |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
27.11.2000 |
|
|
|
|
Com. Reg. No.: |
320581400003642 |
|
|
|
|
Legal Form : |
Shares Limited Company |
|
|
|
|
Line of Business : |
Subject is engaged in manufacturing
and selling medical and chemical products. |
|
|
|
|
No. of Employees : |
260 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No Complaints |
|
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 |
|
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 and expanded
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 2013 stood as
the second-largest economy in the world after the US, having surpassed Japan in
2001. The dollar values of China's agricultural and industrial output each
exceed those of the US; China is second to the US in the value of services it
produces. 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 2011 more than 250 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.
|
Source
: CIA |
Company
name and address
SUZHOU FUSHILAI PHARMACEUTICAL CO., LTD.
no. 16 haiwang road, changshu
advanced materials industrial park, jiangsu province 215522
PR CHINA
TEL: 86 (0)
512-52838367/52015600/52838771
FAX: 86 (0)
512-52831795
EXECUTIVE
SUMMARY
Date of Registration : november 27, 2000
REGISTRATION NO. : 320581400003642
LEGAL FORM : Shares limited company
CHIEF EXECUTIVE : qian xiangyun (LEGAL REPRESENTATIVE)
REGISTERED CAPITAL :
CNY 60,000,000
staff : 260
BUSINESS CATEGORY :
manufacturing & trading
Revenue :
CNY 166,913,000 (AS OF DEC. 31, 2013)
EQUITIES :
CNY 169,739,000 (AS OF DEC. 31, 2013)
WEBSITE : www.fuslai.com
E-MAIL :
sales@fuslai.com
PAYMENT : AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : stable
OPERATIONAL TREND :
FAIRLY STEADY
GENERAL REPUTATION : average
EXCHANGE RATE : CNY 6.25
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 November 27, 2000. However, SC
changed to present legal form, and was registered as a shares limited company
of PRC with State Administration for Industry & Commerce (SAIC) under
registration No.: 320581400003642 on November 21, 2013.
SC’s Organization Code Certificate
No.: 72055254-0
SC’s registered capital: cny 60,000,000
SC’s paid-in capital: CNY 60,000,000
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
2013-11-21 |
Legal Form |
Limited Liabilities Company |
Shares Limited Company |
|
Registered Capital |
CNY 54,347,800 |
CNY 60,000,000 |
|
|
Company Name |
Changshu Fushilai Medicine &
Chemical Co., Ltd. |
Suzhou Fushilai Pharmaceutical
Co., Ltd. |
|
|
2014-6-4 |
Shareholder |
Changshu Fushilai Chemical Factory (General Partnership) |
Suzhou Fushilai Technical Service and Development Center
(Limited Partnership) |
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Suzhou Fushilai Technical Service and Development Center
(Limited Partnership) |
92 |
|
Suzhou Guofa Angel Venture Capital Enterprise (Limited
Partnership) |
3 |
|
Wujiang Dongfang Guofa Venture Capital Co., Ltd. |
5 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman and General Manager |
Qian Xiangyun |
|
Director |
Ji Genbao |
|
Zhao Jianping |
|
|
|
|
|
Yu Xiong |
|
|
Zhang Binqi |
|
|
Zhu Zulong |
|
|
Supervisor |
Qian Yi |
|
Hu Ruilong |
|
|
Li Yaoming |
RECENT
DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER
CHART & BACKGROUND
Name %
of Shareholding
Suzhou Fushilai Technical Service and Development Center (Limited
Partnership)
92
Suzhou Guofa Angel Venture Capital Enterprise (Limited Partnership)
3
Wujiang Dongfang Guofa Venture Capital Co., Ltd.
5
Suzhou Fushilai Technical Service and Development Center
(General Partnership)
Registration No.: 320581000136772
Principal: Qian Xiangyun
Suzhou Guofa Angel Venture Capital Enterprise (Limited Partnership)
Registration No.: 320500000075080
Wujiang Dongfang Guofa Venture Capital Co., Ltd.
Registration No.: 320584000194952
Registered Capital: CNY 150,000,000
Legal Representative: Chen Xiaoyong
MANAGEMENT
Qian Xiangyun
Legal Representative, Chairman and General Manager
Gender: M
ID# 320520196909101511
Age: 46
Working experience (s):
At present, working in SC as legal representative, chairman and general
manager, also as principal of Suzhou Fushilai
Technical Service and Development Center
Director
-----------
Ji Genbao
Zhao Jianping Cao Youqiang
Yu Xiong
Zhang Binqi
Zhu Zulong
Supervisor
--------------
Qian Yi
Hu Ruilong
Li Yaoming
BUSINESS
OPERATION
SC’s registered business scope includes manufacturing
ethyl 6,8-dichlorocaprylate and lipoic acid; selling its products; importing
and exporting commodities and technology.
SC is mainly engaged in manufacturing and selling medical and
chemical products.
SC’s products mainly include:
Alpha Lipoic Acid
L-Carnosine
Ipriflavone
Thiodipropionic acid
Thioctamide
R(α)Alpha lipoic Acid Tromethamine salt
L-α-Glycerylphosphorylcholine hydrate
Alpha Lipoic Acid
N-ACETYL-L-CARNOSINE
Garlic Oil
6,8-Dichloro ethyl Caprylate
Inositol Nicotinate
5-Methyl-7-methoxy isoflavone
Dithiosalicylic acid
R(+)Alpha Lipoic Acid
4-Methyl-2-oxovaleric acid calcium
Zinc Carnosine
Pyridoxamine Dihydrochloride
β-Thymidine
Etc.
SC sources its materials 100% from domestic market. SC sells 60% of its
products in domestic market, and 40% to overseas market, mainly U.S.A.,
Southeast Asia.
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 Customers:
==============
Aidp Inc.
Lalilab Inc.
Staff
& Office:
--------------------------
SC is known to have approx. 260 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
Financial Summary
|
Unit: CNY’000 |
As of Dec. 31,
2012 |
As of Dec. 31,
2013 |
|
Total assets |
341,760 |
353,788 |
|
|
------------- |
------------- |
|
Total liabilities |
237,890 |
184,049 |
|
Equities |
103,870 |
169,739 |
|
|
------------- |
------------- |
|
Revenue |
148,590 |
166,913 |
|
Profit before tax |
-- |
46,211 |
|
Less: profit tax |
-- |
6,741 |
|
Profits |
36,720 |
39,470 |
Important Ratios
=============
|
|
As of Dec. 31,
2012 |
As of Dec. 31,
2013 |
|
*Liabilities to assets |
0.70 |
0.52 |
|
*Net profit margin (%) |
24.71 |
23.65 |
|
*Return on total assets (%) |
10.74 |
11.16 |
|
*Revenue / Total assets |
0.43 |
0.47 |
FINANCIAL
COMMENTS
PROFITABILITY:
AVERAGE
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.
LIQUIDITY:
FAIR
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 average.
Overall financial
condition of the SC: Stable.
CONCLUSIONS
SC is considered medium-sized in its line with stable
financial conditions. 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.65.75 |
|
|
1 |
Rs.102.17 |
|
Euro |
1 |
Rs.74.37 |
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.