MIRA INFORM REPORT
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Report No. : |
342356 |
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Report Date : |
28.09.2015 |
IDENTIFICATION DETAILS
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Name : |
ZHEJIANG TIANYU PHARMACEUTICAL CO., LTD. |
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Formerly Known As : |
ZHEJIANG TIANYU PHARMACEUTICAL AND CHEMICAL CO., LTD. |
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Registered Office : |
Jiangkou Chemical Development Zone, Huangyan, Taizhou, Zhejiang Province, 318020 PR |
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Country : |
China |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
14.02.2003 |
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Com. Reg. No.: |
331003000003258 |
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Legal Form : |
Shares Limited Co |
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Line of Business : |
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No. of Employees : |
1,000 |
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 : |
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
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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.
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Source
: CIA |
Company
name and address
Zhejiang Tianyu Pharmaceutical Co., Ltd.
Jiangkou CHEMICAL
Development Zone, Huangyan,
TAIZHOU, ZHEJIANG PROVINCE,
318020 PR CHINA
TEL: 86 (0)
576-84177669/84172862 FAX: 86 (0)
576-84172669/89189661
EXECUTIVE
SUMMARY
INCORPORATION DATE :
FEBRUARY 14, 2003
REGISTRATION NO. :
331003000003258
REGISTERED LEGAL FORM : SHARES LIMITED CO.
STAFF STRENGTH :
1,000
REGISTERED CAPITAL :
CNY 90,000,000
BUSINESS LINE :
MANUFACTURING & TRADING
TURNOVER :
CNY 814,007,000 (AS OF DEC. 31, 2014)
EQUITIES :
CNY 405,040,000 (AS OF DEC. 31, 2014)
PAYMENT :
NO COMPLAINTS
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
FAIRLY STABLE
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 6.36 = 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 Feb. 14, 2003, and has been
under the current ownership since 2011.
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 China.. Natural person are allowed to serve as promoters.
The minimum registered capital of a co. is CNY
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 shares limited co. must comply with the conditions & requirements specified under the law & administrative rule.
SC’s registered business scope includes annual recycling: ethyl acetate 631 tons, 509 tons of tetrahydrofuran, cyclohexane + isopropyl alcohol 1135 tons, toluene 5.3 tons, N, N - dimethyl formamide (DMF) 7.3 tons, ethanol 17.6 tons, acetonitrile 1.3 tons, acetone 1.5 tons, 4.3 tons of methanol, dichloromethane 3.3 tons (with valid permit), Jiangkou Chemical Development Zone, Huangyan, Taizhou: active pharmaceutical ingredients (losartan potassium, candesartan cilexetil, olmesartan medoxomi I, telmisartan, valsartan, irbesartan), (the following for the branch) no.15, donghai 5th avenue, Zhejiang Provincial Chemical and Medical Raw Materials Base Linhai Zone, Zhejiang: active pharmaceutical ingredients (montelukast, ezetimibe, bosentan, and aliskiren) manufacturing (with valid permit), N, N - dicyclohexyl carbimide, candesartan, methyl - 2-4 cyano biphenyl, 4 bromine methyl - 2 - cyano biphenyl, main ring, felbinac, eprosartan manufacturing.
SC is mainly
engaged in manufacturing and selling pharmaceutical products and pharmaceutical
intermediates.
Mr. Tu Yongjun has
been legal representative, chairman and manager of SC since 2005.
SC is known to have approx. 1,000 employees at present.
SC is currently operating at the above stated address, and this address houses its operating office and factory in the development zone of Taizhou. Our checks reveal that SC owns the total premise, but SC’s accountant refused to release the gross area.
http://www.tianyupharm.com/ The design is professional and the content is well organized. At present it is in both Chinese and English versions.
Email: tianyu@tianyupharma.com
For the past two years there is no record of litigation.
Changes
of its registered information:
|
Date of change |
Item |
Before the change |
After the change |
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2005-5-13 |
Registered capital |
CNY 5,000,000 |
CNY 15,000,000 |
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2005-7-21 |
Company Name |
Zhejiang Tianyu Pharmaceutical and Chemical Co., Ltd. |
Zhejiang Tianyu Pharmaceutical Co., Ltd. |
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Legal representative |
Lin Jie |
Present one |
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2007-8-6 |
Reg. No. |
Present one |
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2008-9-12 |
Registered capital |
CNY 15,000,000 |
CNY 25,000,000 |
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2009-9-21 |
Registered capital |
CNY 25,000,000 |
CNY 50,000,000 |
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2010-11-18 |
Registered capital |
CNY 50,000,000 |
CNY 67,880,000 |
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2010-11-23 |
Registered capital |
CNY 67,880,000 |
CNY 81,290,000 |
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2010-11-30 |
Registered capital |
CNY 81,290,000 |
CNY 86,480,000 |
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2011-6-24 |
Registered capital |
CNY 86,480,000 |
Present amount |
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2011-6-24 |
Legal form |
Limited liabilities company |
Present one |
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Chinese Name |
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Present one |
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2014-8-20 |
Shareholders |
Lin Jie 53.28% Tu Yongjun 16.54% Zhejiang Taizhou Shengting Investment Co.,
Ltd. 8.92% Wang Juqing 4.34% Tu Shanzeng 4.34% Shanghai Jinglin Pioneer Investment Center
(Limited Partnership) (literal translation) 4.00% Suzhou Huichuang Investment Development
Co., Ltd. (literal translation) 2% Ma Cheng 1.25% Other 8 Individuals 5.33% |
Present ones |
Note: SC changed it Chinese name in 2011, while its English name remains
the same.
SC’s predecessor was Zhejiang Huangyan Tianyu Chemical Factory
SC becomes one of "top-10 enterprises" of Huangyan region in
2009.
In 2008, SC was approved as "example enterprise in Taizhou city for
technical innovation".
SC became a hi-tech enterprise of Zhejiang province in 2008;
SC was approved as "key hi-tech enterprise” of China torch program
in 2007.
In 2007, SC was approved as "good enterprise" for harmonious
labor relationships.
In 2006, SC has passed ISO9001、ISO14001、OHSASA18000
Certificates.
Organization code: 148144211
MAIN SHAREHOLDERS:
Name %
of Shareholding
Lin Jie 53.28
Tu Yongjun 18.54
Zhejiang Taizhou
Shengting Investment Co., Ltd. 8.92
Wang Juqing 4.34
Tu Shanzeng 4.34
Shanghai Jinglin
Pioneer Investment Center (Limited Partnership) (literal
translation) 4.00
Ma Cheng 1.25
Other 8 Individuals 5.33
Zhejiang Taizhou Shengting Investment Co.,
Ltd.
====================================
Reg. No.: 331003000063523
Incorporation date: Nov. 17, 2010
Legal representative: Lin Jie 林洁
Website: http://www.shengtinggroup.com
Shanghai Jinglin Pioneer Investment Center
(Limited Partnership) (literal translation)
====================================
Reg. No.: 310115001196944
Incorporation date: Jan. 28, 2010
l Legal
representative, chairman & manager:
Mr. Tu Yongjun, born in 1963. He is
currently responsible for the overall management of SC.
Working Experience(s):
From 2005 to present Working in SC as chairman, legal
representative and manager.
Also working in Linhai Tianyu Pharmaceutical
Co., Ltd., Binhai Sanyong Pharmaceutical Chemical Co., Ltd. (literal
translation), Changyi Tianyu Pharmaceutical Co., Ltd. (literal translation) and
Shanghai Xinbu Pharmaceutical Science and Technology Co., Ltd. (literal
translation) as legal representative.
l Directors:
Wang Weisong
Lin Jie
Also working in Zhejiang Taizhou
Shengting Investment Co., Ltd. and Zhejiang Shengting Bio-Technology Co., Ltd.
(literal translation) as legal representative.
Wang Yanguang
Fang Hongjun
Wu Chengye
Sheng Lianghong
l Supervisors:
Yang Weiguo
Wang Xiulin
Ma Cheng
SC is mainly engaged
in manufacturing and selling pharmaceutical products and pharmaceutical
intermediates.
SC’s products mainly include: pharmaceutical intermediates, pesticides
& intermediates, flavor ingredient.
SC sources its materials 100% from domestic
market. SC sells 50% of its products in domestic market, and 50% to overseas
market.
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.
Note:
SC’s management declined to release its major clients and suppliers.
Trademark & Patents
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Registration No. |
11225182 |
12454141 |
5717036 |
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Registration Date |
2013-12-14 |
2014-9-28 |
2012-10-21 |
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Trademark Design |
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Zhejiang Shengting Bio-Technology Co., Ltd. (literal translation)
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Reg. No.: 331000400008221
Legal representative: Lin Jie
Incorporation date: June 26, 2013
Website: http://www.shengtinggroup.com
Subsidiary
Linhai Tianyu Pharmaceutical Co., Ltd.
=====================
Reg. No.: 331082000016154
Legal representative: Tu Yongjun
Incorporation date: Dec. 25, 2002
Registered capital: CNY 148,880,000
Legal form: One-person limited liability company
Address: No. 15 5th Avenue, Donghai, Linhai Park, Zhejiang Provincial Chemical Crude Drug Basis, Linhai
Binhai Sanyong Pharmaceutical Chemical Co., Ltd. (literal translation)
=====================
Reg. No.: 320922000016934
Legal representative: Tu Yongjun
Incorporation date: Jan. 9, 2004
Changyi Tianyu Pharmaceutical Co., Ltd. (literal translation)
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Reg. No.: 370786200016871
Legal representative: Tu Yongjun
Incorporation date: Oct. 21, 2013
Shanghai Xinbu Pharmaceutical Science and Technology Co., Ltd. (literal translation)
=====================
Reg. No.: 310104000598299
Legal representative: Tu Yongjun
Incorporation date: Nov. 14, 2014
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 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.
Bank of China Taizhou Branch Huangyan Sub-branch
AC#：N/A
Relationship:
Normal.
Financial Summary
Unit: CNY’000
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As
of Dec. 31, 2013 |
As
of Dec. 31, 2014 |
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Total assets |
833,620 |
917,375 |
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Total
liabilities |
427,820 |
512,335 |
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Equities |
405,800 |
405,040 |
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Turnover |
744,420 |
814,007 |
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Cost of goods
sold |
602,680 |
653,800 |
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Profits |
24,220 |
20,835 |
Note: SC refused
to release its detailed financial information.
Important Ratios
=============
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As
of Dec. 31, 2013 |
As
of Dec. 31, 2014 |
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*Liabilities
to assets |
0.51 |
0.56 |
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*Net profit
margin (%) |
3.25 |
2.56 |
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*Return on
total assets (%) |
2.91 |
2.27 |
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*Turnover/Total
assets |
0.89 |
0.89 |
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* Cost of
goods sold/Turnover |
0.81 |
0.80 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears fairly good in its line
in both years and it increased in 2014.
l
SC’s net profit margin is average in both years.
l
SC’s return on total assets is average in both
years.
l
SC’s cost of goods sold is average in both years,
comparing with its turnover.
l
SC’s turnover is in a fair level in both years,
comparing with the size of its total assets.
LEVERAGE: AVERAGE
l
The debt ratio of SC is average in both years.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly Stable
SC is considered large-sized in its line with fairly stable financial conditions.
Taking into consideration of SC’s operation size and development history we
would rate SC as an average credit risk company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.10 |
|
UK Pound |
1 |
Rs.100.89 |
|
Euro |
1 |
Rs.73.96 |
INFORMATION DETAILS
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Analysis Done by
: |
TRI |
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Report Prepared
by : |
VNT |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
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.