MIRA
INFORM REPORT
|
Report Date : |
08.08.2007 |
IDENTIFICATION DETAILS
|
Name : |
Zhejiang APELOA
KANGYU Pharmaceutical Co., Ltd. |
|
|
|
|
Registered Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2006 |
|
|
|
|
Date of Incorporation : |
August 8, 1995 |
|
|
|
|
Com. Reg. No.: |
3307831000042 |
|
|
|
|
Legal Form : |
Limited Liabilities Company |
|
|
|
|
Line of Business : |
Engaged in
manufacturing and selling chemical bulk pharmaceuticals and preparation. |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
Up To usd 1,500,000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
name & address
Zhejiang APELOA
KANGYU Pharmaceutical Co., Ltd.
no.8
TEL :
86 (0) 579-86551689
FAX :
86 (0) 579-86551666
EXECUTIVE SUMMARY
INCORPORATION DATE : august 8, 1995
REGISTRATION NO. : 3307831000042
REGISTERED LEGAL FORM : Limited liabilities
company
STAFF STRENGTH :
850
REGISTERED CAPITAL : CNY 64,680,000
BUSINESS LINE :
manufacturing
TURNOVER :
CNY 408,440,000 (AS OF DEC. 31, 2006)
EQUITIES :
CNY 185,730,000 (AS OF DEC. 31, 2006)
PAYMENT :
AVERAGE
RECOMM.
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRLY STABLE
OPERATIONAL TREND : steady
GENERAL REPUTATION : fairly good
EXCHANGE RATE :
CNY7.57 = US$1 AS OF 2007-8-8
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY -
Note: SC’s
correct name should be the above stated one, instead of the given name –
Zhejiang Kangya Pharmaceutical Co. Ltd.
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 August 8, 1995.
Company Status: Limited liabilities co. This form of business in PR
China is defined as a legal person. No more than fifty shareholders contribute its registered
capital jointly. Shareholders bear limited liability to the extent of
shareholding, and the co. is liable for its debts only to extent of its
total assets. The characteristics of this form of co. are as follows: Upon
the establishment of the co., an investment certificate is issued to the
each of shareholders. The board of directors is
comprised of three to thirteen members. The minimum registered capital
for a co. is CNY 30,000. Shareholders may take their
capital contributions in cash or by means of tangible assets or intangible
assets such as industrial property and non-patented technology. Cash contributed by all
shareholders must account for at least 30% of the registered capital. Existing shareholders have
pre-exemption right to purchase shares of the co. offered for sale by the
other shareholders and to subscribe for the newly increased registered
capital of the co.
SC’s registered
business scope includes manufacturing chemical bulk pharmaceuticals and preparation,
exporting its products and technology, importing materials, instrument,
machinery and equipment, parts and technology needed for its production.
SC is mainly
engaged in manufacturing and selling chemical bulk pharmaceuticals and
preparation.
Mr. Ge Mengya has
been chairman of SC since 1995.
SC owns about 850
staff 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 Dongyang. Our checks
reveal that SC owns the total premise about 50,000 square meters.
http://www.apeloa.com The design is
professional and the content is well organized. At present the web site is both
in Chinese and English versions.
E-mail: 000739@apeloa.com
Changes of its registered information are as follows:
|
Date of change |
Item |
Before the
change |
After the change |
|
2006-4 |
Company name |
Zhejiang Kangyu
Pharmaceutical Co., Ltd. |
Zhejiang Apeloa
Kangyu Pharmaceutical Co., Ltd. |
|
2007-5 |
Registered capital |
CNY 25,000,000 |
CNY 64,680,000 |
MAIN SHAREHOLDERS:
Name %
of Shareholding
Apeloa Company Limited 98.07
Hengdian Group Holdings Co., Ltd. 1.93
l
Chairman and
General Manager:
Mr. Ge Mengya, 49 years old with university education. He is currently responsible
for the overall management of SC.
Working Experience(s):
From 1995 to present Working in SC as chairman and general manager, and also working in Apeloa
Company
Limited as general manager.
SC is mainly
engaged in manufacturing and selling chemical bulk pharmaceuticals and
preparation.
SC’s products
mainly include: anti-tumor medicine, antiviral medicine, cardiovascular
medicine and veterinary drugs.
SC sources its materials 100% from domestic
market, mainly
The buying terms of SC include Check, T/T and Credit of 30-60 days. The
payment terms of SC include T/T, L/C and Credit of 30-60 days.
*Major Customer:
==============
Apeloa Company Limited
SC is
not known to have any subsidiary at present.
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
AC#：N/A
Relationship:
Balance Sheet (as of Dec. 31, 2006)
Unit: CNY’000
|
Cash & bank |
107,320 |
|
Inventory |
66,730 |
|
Accounts
receivable |
54,640 |
|
Other Accounts
receivable |
61,500 |
|
To be
apportioned expense |
0 |
|
Other current
assets |
6,100 |
|
|
------------------ |
|
Current assets |
296,290 |
|
Fixed assets net
value |
216,550 |
|
Projects under
construction |
0 |
|
Long term
investment |
0 |
|
Other assets |
17,150 |
|
|
------------------ |
|
Total assets |
529,990 |
|
|
============= |
|
Short loans |
0 |
|
Accounts payable |
48,540 |
|
Other Accounts
payable |
11,710 |
|
Notes payable |
56,000 |
|
Advances from
customers |
11,410 |
|
Withdraw the
expenses in advance |
0 |
|
Other current
liabilities |
86,600 |
|
|
------------------ |
|
Current
liabilities |
214,260 |
|
Long term
liabilities |
130,000 |
|
Other
liabilities |
0 |
|
|
------------------ |
|
Total
liabilities |
344,260 |
|
Equities |
185,730 |
|
|
------------------ |
|
Total
liabilities & equities |
529,990 |
|
|
============= |
Income Statement (as of Dec. 31, 2006)
Unit: CNY’000
|
Turnover |
408,440 |
|
Cost of goods
sold |
302,420 |
|
Sales expense |
24,840 |
|
Management expense |
33,960 |
|
Finance expense |
11,350 |
|
Profit before
tax |
32,980 |
|
Less: profit tax |
2,730 |
|
Profits |
30,250 |
Important Ratios (as of Dec. 31, 2006)
=============================
*Current ratio 1.38
*Quick ratio 1.07
*Liabilities to
assets 0.65
*Net profit
margin (%) 7.41
*Return on total
assets (%) 5.71
*Inventory
/Turnover ×365 60 days
*Accounts
receivable/Turnover ×365 49 days
*Turnover/Total
assets 0.77
*Cost of goods
sold/Turnover 0.74
PROFITABILITY:
FAIRLY GOOD
l
The turnover of SC appears fairly good in its line.
l
SC’s net profit margin is fairly good.
l
SC’s return on total assets is average.
l
SC’s cost of goods sold is average, comparing with
its turnover.
LIQUIDITY: FAIRLY
GOOD
l
The current ratio of SC is maintained in a fairly
good level.
l
SC’s quick ratio is maintained in a fairly good
level.
l
The inventory of SC is maintained in an average
level.
l
The accounts receivable of SC is maintained in an
acceptable level.
l
SC has no short-term loan in 2006.
l
SC’s turnover is in an average level, comparing
with the size of its total assets.
LEVERAGE: AVERAGE
l
The debt ratio of SC is average.
l
The risk for SC to go bankrupt is low.
Overall financial
condition of the SC: Fairly good.
Over the past 12 years, SC has made a stable growth with satisfactory
profit. A credit line up to USD 1,500,000
would appear to be within SC’s capacities.
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)