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MIRA
INFORM REPORT
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Report No. : |
507779 |
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Report Date : |
08.05.2018 |
IDENTIFICATION DETAILS
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Name : |
ZHEJIANG WILD WIND PHARMACEUTICAL CO., LTD |
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Registered Office : |
Beijiang Industry Zone Geshan Town Dongyang
Zhejiang Province Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2016 |
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Date of Incorporation : |
21.08.1996 |
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Credibility Code : |
91330700147547609K |
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Legal Form : |
Shares limited co. |
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Line of Business : |
The subject’s registered business scope includes manufacturing medicine
material: methyldopa, carbidopa, levodopa; recycling production per year:
1000 tons of 20% waste hydrochloric acid; manufacturing and selling
pharmaceutical intermediates, pesticide intermediates and fine chemical
products, ammonium chloride, ammonium tartrate; importing and exporting goods
and technologies. |
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No. of Employees : |
294 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Good |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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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 Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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. China has implemented reforms in a gradualist fashion, resulting in efficiency gains that have contributed to a more than tenfold increase in GDP since 1978. Reforms began with the phaseout 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 continues to pursue an industrial policy, state support of key sectors, and a restrictive investment regime. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, China in 2016 stood as the largest economy in the world, surpassing the US in 2014 for the first time in modern history. China became the world's largest exporter in 2010, and the largest trading nation in 2013. Still, China's per capita income is below the world average.
After keeping its currency tightly linked to the US dollar for years, China in July 2005 moved to an exchange rate system that references a basket of currencies. From mid-2005 to late 2008, the renminbi appreciated more than 20% against the US dollar, but the exchange rate remained virtually pegged to the dollar from the onset of the global financial crisis until June 2010, when Beijing announced it would allow a resumption of gradual liberalization. From 2013 until early 2015, the renminbi (RMB) appreciated roughly 2% against the dollar, but the exchange rate fell 13% from mid-2015 until end-2016 amid strong capital outflows in part stemming from the August 2015 official devaluation; in 2017 the RMB resumed appreciating against the dollar – roughly 7% from end-of-2016 to end-of-2017. From 2013 to 2017, China had one of the fastest growing economies in the world, averaging slightly more than 7% real growth per year. In 2015, the People’s Bank of China announced it would continue to carefully push for full convertibility of the renminbi, after the currency was accepted as part of the IMF’s special drawing rights basket. However, since late 2015 the Chinese Government has strengthened capital controls and oversight of overseas investments to better manage the exchange rate and maintain financial stability.
The Chinese Government faces numerous economic challenges including: (a) reducing its high domestic savings rate and correspondingly low domestic household consumption; (b) managing its high corporate debt burden to maintain financial stability; (c) controlling off-balance sheet local government debt used to finance infrastructure stimulus; (d) facilitating higher-wage job opportunities for the aspiring middle class, including rural migrants and college graduates, while maintaining competitiveness; (e) dampening speculative investment in the real estate sector without sharply slowing the economy; (f) reducing industrial overcapacity; and (g) raising productivity growth rates through the more efficient allocation of capital and state-support for innovation. Economic development has progressed further in coastal provinces than in the interior, and by 2016 more than 169.3 million migrant workers and their dependents had relocated to urban areas to find work. One consequence of China’s population control policy known as the “one-child policy” - which was relaxed in 2016 to permit all families to have two children - 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 urbanization. The Chinese Government is seeking to add energy production capacity from sources other than coal and oil, focusing on natural gas, nuclear, and clean energy development. In 2016, China ratified the Paris Agreement, a multilateral agreement to combat climate change, and committed to peak its carbon dioxide emissions between 2025 and 2030.
The government's 13th Five-Year Plan, unveiled in March
2016, emphasizes the need to increase innovation and boost domestic consumption
to make the economy less dependent on government investment, exports, and heavy
industry. However, China has made more progress on subsidizing innovation than
rebalancing the economy. Beijing has committed to giving the market a more
decisive role in allocating resources, but the Chinese Government’s policies
continue to favor state-owned enterprises and emphasize stability. Chinese
leaders in 2010 pledged to double China’s GDP by 2020, and the 13th Five Year
Plan includes annual economic growth targets of at least 6.5% through 2020 to
achieve that goal. 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.
Chinese leaders also have undermined some market-oriented reforms by
reaffirming the “dominant” role of the state in the economy, a stance that
threatens to discourage private initiative and make the economy less efficient over time. The slight acceleration in economic
growth in 2017—the first such uptick since 2010—gives Beijing more latitude to
pursue its economic reforms, focusing on financial sector deleveraging and its
Supply-Side Structural Reform agenda, first announced in late 2015.
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Source
: CIA |
COMPANY NAME AND ADDRESS
Company Name : ZHEJIANG
WILD WIND PHARMACEUTICAL CO., LTD.
Address : BEIJIANG INDUSTRY
ZONE GESHAN TOWN DONGYANG
ZHEJIANG PROVINCE PR CHINA
Telephone : 0086-579-86733319
Facsimile : 0086-579-86730319
Website : http://www.wildwindpharm.com
Email : sales@wildwindchem.com
REGISTRATION
INFORMATION
Established Date : 1996-08-21
Credibility Code : 91330700147547609K
Legal Form : Shares limited co.
Registration Authority : Market Supervision Bureau - Jinhua
Status : Active
Registered Capital : RMB 80,000,000
Paid Up Capital : --
Turnover : RMB 145,128,000 (as of Dec. 31, 2016)
Equities : RMB 139,617,000 (as of Dec. 31, 2016)
Chief Executive : Zhou
Weiguo
Business Line : Manufacturer
Manpower : 294
Tax Registration
Certificate No. : 91330700147547609K
Organization Code : 14754760-9
HS code : 3319960117
Import & Export code :
3300147547609
Financial
Condition : Fairly
good
Business Size : Medium Enterprise
Payment : No complaints
Registered Address
Beijiang Industry Zone Geshan Town Dongyang
Zhejiang Province Pr China
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 RMB 5M. while that of the co.
with foreign investment is RMB 5M. The total capital of a co. which propose to
apply for publicly listed must be no less than RMB 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.
Premise
The subject operates from premises located at
the heading address, and this address houses its operating office and factory
in Dongyang. Our checks reveal that the subject owns the total premise, but the
square meters are unknown.
MANAGEMENT
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Position |
Name |
Nationality |
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Chairman |
Yu Qiang |
Chinese |
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Vice Chairman |
Tang Chaohui |
Chinese |
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General Manager |
Zhou Weiguo |
Chinese |
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Directors |
Cai Bangjing Bu Zhenggang Wu Fanhong Zhou Weiguo Zhang Yongjun |
Chinese |
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Supervisors |
Yu Guosheng Ye Xiwei Li Xianjun |
Chinese |
MAJOR
SHAREHOLDERS
Name
% Shareholding
Wildwind Group Co., Ltd. 48.53%
Dongyang Biyuan Investment Management
Partnership (limited partnership) 18.97%
Zhejiang Wildwind Venture Investment Co Ltd 12.50%
Dongyang Wildwind Holding Co Ltd 9.80%
Zhou Weiguo 4.35%
Tang Chaohui 3.75%
Wu Fanhong 1.01%
Yu Binhao 0.90%
Zhu Xiangyang 0.19%
Wildwind Group Co., Ltd.
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Credibility Code: 91330783715479617A
Legal representative: Yu Qiang
Registered Capital: RMB 800,000,000
Established Date: 1990-08-07
KEY EVENTS
Changes
of its registered information are as follows:
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Date of change |
Item |
Before the change |
After the change |
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2015-09-24 |
Legal representative |
Bu Zhenggang |
Present one |
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2015-08-21 |
Registered capital |
RMB 50,000,000 |
Present one |
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2014-01-10 |
Legal representative |
Zhou Weiguo |
Bu Zhenggang |
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2010-12-03 |
Legal representative |
Yu Qiang |
Zhou Weiguo |
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2010-02-24 |
Legal representative |
Xu Shangyan |
Yu Qiang |
BUSINESS
OPERATIONS
The subject’s registered business scope includes manufacturing medicine
material: methyldopa, carbidopa, levodopa; recycling production per year: 1000
tons of 20% waste hydrochloric acid; manufacturing and selling pharmaceutical
intermediates, pesticide intermediates and fine chemical products, ammonium
chloride, ammonium tartrate; importing and exporting goods and technologies.
The subject is mainly engaged in
manufacturing and selling medicine materials.
Products:
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Pharmaceuticals |
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Pharmaceuticals |
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Pharmaceuticals |
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Intermediate |
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Intermediate |
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Intermediate |
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Intermediate |
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Intermediate |
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Intermediate |
L-3-(3,4-DIMETHOXY PHENYL)-
α-AMINO-2-METHYLPROPIONITRILE HYDROCHLORIDE |
The
subject sources its materials 60% from domestic market, and 40% from overseas
market. the subject sells 30% of its products in domestic market, and 70% to
overseas market, mainly Canada, India, Italy, Brazil, Israel and Germany.
The
buying terms of the subject include Check, T/T, L/C and Credit of 30-60 days.
The payment terms of the subject include Check, T/T, L/C and Credit of 30-60
days.
SUPPLIER & CUSTOMER
No record.
RELATED COMPANIES
Subsidiaries
Dongyang Ziyang Thermal Energy Co., Ltd.
=====================
Credibility Code: 91330783355414560C
Legal representative: Pan Yanglin
Registered Capital: RMB 5,800,000
Established Date: 2015-09-10
Zhejiang Kangjier Pharmaceutical Co., Ltd.
========================
Credibility Code: 91330783666181995Q
Legal representative: Tang Chaohui
Registered Capital: RMB 30,000,000
Established Date: 2007-09-03
NEGATIVE
INFORMATION
Lawsuit Record:
|
Date |
Case No. |
Petitioner |
Defendant |
Executive court |
Status |
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2014-04-21 |
2014-01252 |
The subject company. |
Suzhou Su Pharmaceutical Chemical Co., Ltd. |
Dongyang people's
court |
Concluded |
Trade payment experience: The subject 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 the subject was placed to us for collection
within the last 6 years.
Customs
administrative penalty: No record.
Equity freeze
information: No record.
Administrative Penalty: No record.
MORTGAGE
There is no record of mortgage information at
present.
TRADEMARK
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Registration No. |
Registration Date |
Trademark Design |
|
6331823 |
2007-10-22 |
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PATENT
Patent name：A [3 (2 guanidine
4 preparation method of methyl thiazolyl) thio] C imino acid methyl ester
Published Application Number：CN106117160A
Application number：CN201610734683.2
Date of publication：2016-11-16
Patent name：A recovery method
of L-METHYLDOPA intermediates and its application
Published Application Number：CN105906520A
Application number：CN201610333542.X
Date of publication：2016-08-31
BANKING
Bank of China Dongyang Sub-Branch
Account No.: 367558336259
ABBREVIATED
FINANCIAL STATEMENT
Balance
Sheet
Unit: RMB’000
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As
of Dec. 31, 2015 |
As
of Dec. 31, 2016 |
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Inventory |
26,796 |
39,368 |
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Accounts receivable |
13,282 |
22,200 |
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Current assets |
90,818 |
109,396 |
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Total assets |
199,053 |
235,359 |
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============= |
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Total liabilities |
83,002 |
95,742 |
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Equities |
116,051 |
139,617 |
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------------------ |
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Total liabilities & equities |
199,053 |
235,359 |
Income
Statement
Unit: RMB’000
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As
of Dec. 31, 2015 |
As
of Dec. 31, 2016 |
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Turnover |
132,328 |
145,128 |
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Cost of goods sold |
93,657 |
106,440 |
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Taxes and additional of
main operations |
800 |
993 |
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Sales expense |
4,595 |
3,782 |
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Management expense |
17,357 |
20,911 |
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Finance expense |
1,605 |
1,679 |
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Non-operation income |
2,225 |
5,591 |
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Non-operation expenses |
475 |
152 |
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Profits |
16,266 |
16,948 |
Important
Ratios
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As of Dec. 31, 2015 |
As of Dec. 31, 2016 |
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*Current ratio |
/ |
/ |
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*Quick ratio |
/ |
/ |
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*Liabilities to assets |
0.42 |
0.41 |
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*Net profit margin (%) |
12.29 |
11.68 |
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*Return on total assets
(%) |
8.17 |
7.20 |
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*Inventory /Turnover ×365 |
74 days |
100 days |
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*Accounts
receivable/Turnover ×365 |
37 days |
56 days |
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*Turnover/Total assets |
0.66 |
0.62 |
|
*Cost of goods
sold/Turnover |
0.71 |
0.73 |
PROFITABILITY: FAIRLY GOOD
The turnover of the subject appears fairly good.
The subject’s net profit margin is fairly good.
The subject’s return on total assets is fairly good.
The subject’s cost of goods sold is average, comparing with
its turnover.
The inventory of the subject appears large.
The accounts receivable of the subject appears
average.
The subject’s turnover is fair, comparing with
the size of its total assets.
LEVERAGE: FAIRLY GOOD
The debt ratio of the subject is low.
The risk for the subject to go bankrupt is average.
Overall financial condition of the subject: Fairly good.
COMMENT
The subject was registered as a Shares limited co. at local
Administration for Industry & Commerce (AIC - The official body of issuing
and renewing business license).
The subject is considered medium-sized in its line with fairly good
financial conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 67.11 |
|
|
1 |
INR 90.85 |
|
Euro |
1 |
INR 80.12 |
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CNY |
1 |
INR 10.55 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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DIV |
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Report Prepared
by : |
SYL |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.