MIRA
INFORM REPORT
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Report Date : |
07.07.2007 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
Room 601B No. 11 Jiangong
Road, Tianhe District, Guangzhou, Guangdong Province, 510630 Pr |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
Arp. 4, 1996 |
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Com. Reg. No.: |
4400001008322 |
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Legal Form : |
State Owned |
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Line of Business : |
Manufacturing and selling radio medicines. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
name & address
ROOM 601B NO.
TEL :
86 (0) 20-85575576
FAX :
86 (0) 20-85539679
EXECUTIVE SUMMARY
INCORPORATION DATE : ARP. 4, 1996
REGISTRATION NO. : 4400001008322
REGISTERED LEGAL FORM : STATE OWNED
STAFF STRENGTH :
25
REGISTERED CAPITAL : CNY 2,712,000
BUSINESS LINE :
MANUFACTURING
TURNOVER :
CNY 7,340,000 (AS OF DEC. 31, 2006)
EQUITIES :
CNY -650,000 (AS OF DEC. 31, 2006)
PAYMENT :
AVERAGE
RECOMM.
MARKET CONDITION : FAIR
FINANCIAL CONDITION : POOR
OPERATIONAL TREND : FAIR
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 7.62 = US$1 AS OF 2007-6-28
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY -
SC was registered as a state owned enterprise at local
Administration for Industry & Commerce (AIC-The official body of issuing
and renewing business license) on Apr. 4, 1996.
Company Status: State-owned
enterprise This form of business in PR China
is defined as a commodity production or operational units of a socialist
character which in accordance with the law, has autonomy in management,
takes full responsibility for its profits and losses and practices
independent business accounting. It is a legal person established directly
by central / local government or enterprise owned by central or local
government. In theory, the liabilities of this form of enterprise are
ultimately borne by the government, since the adoption of company law in
mid-1994, the Chinese government has planned to separate the ownership from
management and liabilities bearing.
SC’s registered business scope
includes importing and exporting various goods and technology and acting as an
agent for it; manufacturing and selling internal radio pharmaceuticals (valid
for Dec. 31, 2011); providing the related technology consulting and technology
service.
SC is
mainly engaged in manufacturing and selling radio medicines.
Mr. Ba
Gena has been chairman of SC since 1996.
SC
owns about 25 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
Guangzhou. Our checks reveal that SC owns the total premise about 600 square
meters.
SC is not known to host website of its own at present.
No significant events or changes
were found during our checks with local AIC.
Name % of Shareholding
China
Isotope Corporation (CIC) 100
Approved by the State Council of the P. R.
China, China Isotope Corporation (CIC) was established in May 1983. CIC is a
nationwide professional corporation in isotope business and a wholly owned
subsidiary of the China National Nuclear Corporation (CNNC). It is engaged in
research, production, trade and application of isotope products and is in
charge of isotope products import and export business of the whole nation.
Add; No. 1 Sanlihe The 2nd
District, Xicheng District,
Tel: 010-68522774
Fax: 010-68512374
E-mail: cic@china-isotope.com
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Chairman and General Manager:
Mr. Ba Gena, in his 50’s with university education. He is currently
responsible for the overall management of SC.
Working Experience(s):
From 1996 to
present Working in SC as chairman and
general manager.
SC is mainly
engaged in manufacturing and selling radio medicines.
SC’s products mainly include:
Techmetium[99mTc]Albumin Aggregated Injection
[99mTc]
Techmetium[99mTc]Pentetate Injection
[99mTc]
Sodium Pertechnetate [99mTc] Injection
[99mTc]
Technetium [99mTc] Methylenediphosphonate Injection
[99mTc]
Technetium [99mTc] Etifenin Injection
[99mTc]
Technetium[99mTc]Bicisate Injection
[99mTc]
Techmetium[99mTc]Phytate Injection
[99mTc]
SC sources its materials 70%
from domestic markets and 30% from overseas market, mainly from
The buying terms of SC include T/T and Credit of 30-60 days.
The payment terms of SC include T/T and Credit of 15-30 days.
SC is not known to have any subsidiary and branch.
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 records 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#: 825907983608091001
Relation:
Balance Sheet
Unit: CNY’000
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As
of Dec. 31, 2006 |
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Cash & bank |
190 |
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Accounts paid in
advance |
0 |
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Accounts
receivable |
3,600 |
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Inventory |
440 |
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Other
receivables |
710 |
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Other current
assets |
350 |
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Current assets |
5,290 |
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Fixed assets net
value |
200 |
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Projects under
construction |
0 |
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Long term
investment |
0 |
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Other assets |
0 |
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Total assets |
5,490 |
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Short loans |
0 |
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Accounts payable |
2,790 |
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Accounts received
in advance |
0 |
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Taxes payable |
0 |
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Salaries payable |
0 |
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Other payable |
3,280 |
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Other current
liabilities |
70 |
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Current
liabilities |
6,140 |
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Long term
liabilities |
0 |
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Total liabilities |
6,140 |
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Equities |
-650 |
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Total
liabilities & equities |
5,490 |
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Income Statement
Unit: CNY’000
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As of Dec. 31,
2006 |
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Turnover |
7,340 |
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Cost of goods
sold |
6,010 |
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Sales expense |
1,010 |
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Management expense |
1,010 |
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Finance expense |
10 |
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Profit before
tax |
-780 |
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Less: profit tax |
0 |
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Profits |
-780 |
Important Ratios
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2006 |
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*Current ratio |
0.86 |
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*Quick ratio |
0.79 |
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*Liabilities
to assets |
1.12 |
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*Net profit
margin (%) |
-10.63 |
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*Return on
total assets (%) |
-14.21 |
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*Fixed
assets/Total assets |
0.04 |
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*Inventory
/Turnover ×365 |
22days |
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*Accounts
receivable/Turnover ×365 |
179days |
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*Turnover/Total
assets |
1.34 |
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* Cost of
goods sold/Turnover |
0.82 |
PROFITABILITY:
POOR
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The turnover of SC appears average in its line.
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SC’s net profit margin is poor in 2006.
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SC’s return on total assets is poor in 2006.
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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 in 2006.
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SC’s quick ratio is maintained in a fair level in
2006.
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The accounts receivable of SC is fairly large.
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The inventory of SC is average.
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SC’s turnover is in a normal level, comparing with
the size of its total assets.
LEVERAGE: POOR
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The debt ratio of SC is fairly high.
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The risk for SC to go bankrupt is high.
Overall financial
condition of the SC: Poor.
SC is considered small-sized in its line with poor financial conditions.
Great caution is requested in providing credit to SC and COD is recommended.
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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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%)