MIRA
INFORM REPORT
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Report Date : |
9th
February, 2007 |
IDENTIFICATION
DETAILS
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Name : |
hebei jiheng (group) pharmacy co., ltd. |
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Registered Office : |
No. 368 Jianshe Street, Hengshui, Hebei
Province, 053000 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
06.04.1999 |
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Com. Reg. No.: |
1311001000585 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Manufacturing and selling
tablet, capsule pharmaceutical, bulk drugs, and medicine intermediate. |
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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Maximum Credit Limit : |
Up To usd 200,000 |
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Status : |
Satisfactory
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name
hebei jiheng (group) pharmacy co., ltd.
address
no. 368
jianshe street, hengshui,
hebei
province, 053000 PR CHINA.
TEL: 86
(0) 318-2120491
FAX: 86
(0) 318-2167985
EXECUTIVE SUMMARY
INCORPORATION DATE :
april 6, 1999
REGISTRATION NO. :
1311001000585
REGISTERED LEGAL FORM : Limited liabilities
company
STAFF STRENGTH :
1,500
REGISTERED CAPITAL :
CNY 38,000,000
BUSINESS LINE :
manufacturing
TURNOVER :
CNY 342,760,000 (AS OF DEC. 31, 2005)
EQUITIES :
CNY 41,410,000 (AS OF DEC. 31, 2005)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE :
UP TO usd 200,000 (PERIODICAL REVIEW)
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
FAIRLY STABLE
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY7.79 = US$1 AS OF 2007-1-11
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 April 6, 1999.
Company Status: Limited liabilities co. This form of business
in PR China is defined as a legal person. 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 listed as follows: -manufacturing
co. : CNY 500,000.00 -trading
&wholesaling co. : CNY 500,000.00 -retailing co. : CNY 300,000.00 -consultancy &
service co. : CNY 100,000.00 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 50% of the registered capital
while contribution by intangible assets must not exceed 20% 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 and selling tablet, capsule pharmaceutical, and bulk
drug; selling medicine intermediate and chemical products; importing and
exporting all kinds of commodities and technology, excluding those forbidden by
the government.
SC is mainly engaged in
manufacturing and selling tablet, capsule pharmaceutical, bulk drugs, and
medicine intermediate.
Mr. Wang Pingsheng has been
chairman of SC since 1999.
SC owns about 1,500 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 Hengshui. Our checks
reveal that SC rents the total premise about 150,000 square meters.
http://www.jihengpharmacy.cn The design
is professional and the content is well organized. At present the web site is
both in Chinese and English versions.
E-mail: hmhrsx@163.com
SC has
got the certificate of ISO9001.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Hebei Jiheng Group Co., Ltd. 84
Shareholder’s Union of Staff 16
Hebei Jiheng Group Co., Ltd.:
======================
Hebei Jiheng Group Co., Ltd. is a arge enterprise with the headquarters at
Lubei Industrial Park in Hengshan City, which is also a top 100 enterprise in
Hebei Province with a total registered capital of almost RMB 1 billion Yuan, an
annual output and a sales volume of more than RMB 1.5 billion Yuan.
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Chairman:
Mr. Wang
Pingsheng, 44 years old with university education. He is currently responsible
for the overall management of SC.
Working Experience(s):
From 1999 to present Working
in SC as chairman.
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General Manager:
Mr. Li
Guosheng (李国生), 38 years old with university education. He
is currently responsible for the daily management of SC.
Working Experience(s):
From 1999 to present
Working in SC as general
manager.
SC is mainly engaged in
manufacturing and selling tablet, capsule pharmaceutical, bulk drugs, and
medicine intermediate.
SC’s products mainly include:
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Name |
Quality Standard |
Package |
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PARACETAMOL |
BP2002/USP27 |
25kg/fibre drum 25kg/carton or 25kg/bag |
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ANALGIN |
DAB10/EP4 |
25kg/fibre drum 25kg/carton or 25kg/bag |
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FOLIC ACLD |
BP2000/EP4 |
10kgor25kg fibre drum |
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BAMBUTEROL HYDROCHLORIDE |
WS-174(x-153)-2001 |
1kg/iron drum |
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ANTIPYRINE |
BP2000 |
25kg fibre drum |
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AICA HYDROCHLORIDE |
PLANT STANDARD |
10kg or 25kg fibre drum |
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AMINOPYRINE |
BPC54 |
25kg/ fibre drum |
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SODIUM ACETATE |
PLANT STANDAR |
25kgor50kg/bag |
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ASPIRIN |
Chemical Name: Acetyl- salicylic Acid
Appearance: White crystal or white crystalline powder Qulity Standard:
BP/EP/USP/CP M.F.: C9H8O4 M.W.: 180.16 Content: = 99.5% |
25kg/fibre-drum or 25kg/carton or 25kg/bag |
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SALICYLIC ACID |
Chemical Name: 2-Hydroxybenzoic Acid
Appearance: White crstalline povder Qulity Standard: HG2-303-80 M. F. :
C7H6O3 M. W. : 138.12 Content: ≥ 99.5% |
25kg/bag |
SC sources its materials 100% from domestic
market, mainly Hebei. SC sells 80% of its products in domestic market, and 20%
to overseas market, mainly Southeast Asian market.
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.
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.
Agricultural
Bank of China Hengshui Branch
AC#：401001040000195
Relationship:
Normal.
Balance Sheet (as of Dec. 31, 2005)
Unit: CNY’000
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Cash & bank |
84,000 |
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Inventory |
29,550 |
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Accounts receivable |
26,840 |
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Other Accounts receivable |
1,650 |
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To be apportioned expense |
90 |
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Other current assets |
560 |
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Current assets |
142,690 |
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Fixed assets |
113,350 |
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Fixed assets net value |
85,200 |
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Projects under construction |
0 |
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Long term investment |
3,060 |
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Other assets |
10,720 |
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Total assets |
241,670 |
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Short loans |
11,000 |
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Notes payable |
79,040 |
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Accounts payable |
20,470 |
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Other Accounts payable |
13,320 |
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Withdraw the expenses in
advance |
900 |
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Other current liabilities |
71,530 |
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Current liabilities |
196,260 |
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Long term liabilities |
4,000 |
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Other liabilities |
0 |
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Total liabilities |
200,260 |
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Equities |
41,410 |
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Total liabilities &
equities |
241,670 |
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Income Statement (as of Dec. 31, 2005)
Unit: CNY’000
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Turnover |
342,760 |
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Cost of goods sold |
306,250 |
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Sales expense |
10,130 |
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Management expense |
11,850 |
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Finance expense |
4,170 |
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Profit before tax |
11,070 |
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Less: profit tax |
2,220 |
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Profits |
8,850 |
Important Ratios (as of Dec. 31, 2005)
*Current ratio 0.73
*Quick ratio 0.58
*Liabilities to
assets 0.83
*Net profit
margin (%) 2.58
*Return on total
assets (%) 3.66
*Inventory
/Turnover ×365 31 days
*Accounts
receivable/Turnover ×365 29 days
*Turnover/Total
assets 1.42
* Cost of goods
sold/Turnover 0.89
PROFITABILITY: AVERAGE
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The
turnover of SC appears fairly good in its line.
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SC’s
net profit margin is average.
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SC’s
return on total assets is average.
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SC’s
cost of goods sold is average, comparing with its turnover.
LIQUIDITY: FAIR
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The
current ratio of SC is maintained in a fair level.
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SC’s
quick ratio is maintained in a fair level.
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The
inventory of SC is maintained in an average level.
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The
accounts receivable of SC is maintained in an acceptable level.
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SC’s
short-term loan appears fairly large, and SC’s notes payable appear LARGE.
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SC’s
turnover is in a fairly good level, comparing with the size of its total
assets.
LEVERAGE: FAIR
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The
debt ratio of SC is fairly high.
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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. A
credit line up to USD 200,000
would appear to be within SC’s capacities upon a periodical review basis.
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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