MIRA
INFORM REPORT
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Report Date : |
17.07.2007 |
IDENTIFICATION DETAILS
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Name : |
SUZHOU DAWNRAYS PHARMACEUTICALS CO., LTD. |
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Registered Office : |
No. 22 Tianling Road, Wuzhong Economic Development Zone,
Suzhou, Jiangsu Province, 215128 Pr |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
Dec. 8, 1995 |
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Com. Reg. No.: |
006615 |
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Legal Form : |
Wholly Foreign Owned |
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Line of Business : |
Manufacturing and selling medicines. |
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 3,000,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name & address
SUZHOU DAWNRAYS PHARMACEUTICALS CO., LTD.
NO.
TEL : 86 (0) 512-65626868
FAX : 86 (0) 512-65626868
EXECUTIVE SUMMARY
INCORPORATION DATE : DEC. 8, 1995
REGISTRATION NO. : 006615
REGISTERED LEGAL FORM : WHOLLY FOREIGN OWNED
STAFF STRENGTH :
590
REGISTERED CAPITAL : USD 45,000,000
BUSINESS LINE :
MANUFACTURING
TURNOVER :
cny 761,020,000 (AS OF DEC. 31, 2006)
EQUITIES :
cny 321,340,000 (AS OF DEC. 31, 2006)
PAYMENT :
AVERAGE
RECOMM.
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : STABLE
OPERATIONAL TREND : steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 7.67= US$1 AS OF 2007-5-29
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 wholly foreign owned enterprise at local Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license) on Dec. 8, 1995.
Company Status: Wholly foreign-owned enterprise This form of business in PR
China is defined as a legal person. It is a limited co. established within
the territories of PR China with capital provided totally by the foreign
investors. More than one foreign investors may jointly invest in a wholly
foreign-owned enterprise. The investing party/parties solely exercise
management, reap profit and bear risks and liabilities by themselves. This
form of companies usually have a limited duration is extendible upon
approval of Examination and Approval Authorities.
SC’s registered business scope includes manufacturing and selling
medicines and health products, including raw materials, injection, troche,
capsule and granular formulation.
SC is mainly
engaged in manufacturing and selling raw materials
medicine.
Mr. Li Qiling has
been chairman of SC since 2001.
SC owns about 590
staff.
SC is
currently operating at the above stated address, and this address houses its
operating office and factory in the industrial zone of Suzhou. Our checks
reveal that SC owns the total premise about 35,000 square meters.
http://www.dawnrays.com . It is the
website of its parent. The design is professional and the content is well
organized. At present it is in both Chinese and English versions.
In 2001, SC was recognized by the Ministry of Science and Technology of
PRC as the “Backbone Enterprise of Wuzhong Pharmaceutical Industrial Center of
State Torch Plan”;
In 2002, SC was recognized as the “Double Intensive i.e.
Technology-intensive and Knowledge-intensive” foreign-invested enterprise of
In 2003, SC was recognized as the “Backbone and Hi-tech Enterprise of
State Torch Plan” by the Ministry of Science and Technology of PRC.
MAIN SHAREHOLDERS:
Name % of Shareholding
Dawnrays International Co., Ltd. (BVI) 100
Dawnrays Pharmaceutical (Holdings) Ltd., founded
on 8th December 1995 by a Hong Kong investor, is now being the parent company
as a listed company in Hong Kong Stock Exchange Market since 7th November 2003
of Suzhou Dawnrays Pharmaceuticals Co., Ltd., Suzhou Dawnrays Chemical Co.,
Ltd., Shanghai Dawnrays Chemical Co., Ltd. and Dawnrays Pharma (
l
Chairman:
Mr. Li Qiling in his 40’s with university education. He is currently
responsible for the overall management of SC.
Working Experience(s):
From 2001 to present Working
in SC as chairman.
l
General Manager:
Mr. Su Guoqiang in his 30’s with university education. He is currently responsible for the daily management of SC.
Working Experience(s):
From 2001 to present Working in SC as general manager.
SC is mainly
engaged in manufacturing and selling medicines.
SC’s products
mainly include:
Cefoperazone
Sodium Sterile (Crystallization)
Ceftriaxone Sodium
Sterile
Cefotaxime Sodium
Sterile
Ceftazidime
Sterile
Ceftazidime
Sterile (with Sodium Carbonate)
Cefuroxime Sodium
Sterile
Cefepime Sterile
Cefixme
Sulbactam Sodium
Sterile
Cefoperazone
Sodium and Sulbactam Sodium Sterile (Crystallization)
Cefoperazone
Ceftriaxone Sodium
Crude
Cefotaxime Acid
Sparfloxacin
Lactate
Cetirizine
Hydrochloride
Amlodipine
Besylate
Anhydrous Sodium
Carbonate Sterile
SC sources its
materials 99% from domestic market and 1% from the overseas markets mainly from
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 Clients:
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Harbin Pharmaceutical Group Co., Ltd.
*Major Suppliers:
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Shijiazhuang Pharm Group Hebei Zhongrun
Pharmaceutical Co., Ltd.
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 refused to release any information of its
suppliers and the trade reference was not available.
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.
Industrial and Commercial Bank of
AC#：1102026209000096171
Relationship:
Balance Sheet
Unit: CNY’000
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As
of Dec. 31, 2006 |
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Cash & bank |
35,370 |
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Accounts payable
advance |
8,850 |
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Accounts
receivable |
130,120 |
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Inventory |
124,580 |
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Other
receivables |
5,010 |
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Other current
assets |
146,810 |
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Current assets |
450,740 |
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Fixed assets net
value |
186,760 |
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Projects under
construction |
800 |
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Long term
investment |
0 |
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Other assets |
23,660 |
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Total assets |
661,960 |
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Short loans |
25,350 |
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Accounts payable |
104,160 |
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Accounts
receivable advance |
1,400 |
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Bills payable |
104,270 |
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Taxes payable |
1,320 |
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Salaries payable |
450 |
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Other payable |
9,580 |
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Other current
liabilities |
94,090 |
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Current
liabilities |
340,520 |
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Long term
liabilities |
100 |
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Total
liabilities |
340,620 |
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Equities |
321,340 |
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Total
liabilities & equities |
661,960 |
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Income Statement
Unit: CNY’000
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As of Dec. 31,
2006 |
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Turnover |
761,020 |
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Cost of goods
sold |
617,760 |
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Sales expense |
53,560 |
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Management expense |
38,760 |
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Finance expense |
1,520 |
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Profit before
tax |
46,360 |
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Less: profit tax |
3,910 |
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Profits |
42,450 |
Important Ratios
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2006 |
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*Current ratio |
1.32 |
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*Quick ratio |
0.96 |
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*Liabilities
to assets |
0.51 |
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*Net profit
margin (%) |
5.58 |
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*Return on
total assets (%) |
6.41 |
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*Fixed
assets/Total assets |
0.28 |
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*Inventory
/Turnover ×365 |
60days |
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*Accounts
receivable/Turnover ×365 |
62days |
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*Turnover/Total
assets |
1.15 |
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* Cost of
goods sold/Turnover |
0.81 |
PROFITABILITY:
FAIRLY GOOD
l
The turnover of SC appears fairly good in 2006.
l
SC’s net profit margin is fairly good in 2006.
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SC’s return on total assets is fairly good in 2006.
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SC’s cost of goods sold is average, comparing with
its turnover.
LIQUIDITY: AVERAGE
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The current ratio of SC is maintained in a normal
level in 2006.
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SC’s quick ratio is maintained in a normal level in
2006.
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The accounts receivable of SC is average.
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The inventory of SC is average.
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The short loans are fair.
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SC’s turnover is in a fairly good level, comparing
with the size of its total assets.
LEVERAGE: AVERAGE
l
The debt ratio of SC is average.
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The risk for SC to go bankrupt is low.
Overall financial
condition of the SC: Stable.
SC is well-known in its industry with stable financial
conditions. Over the past 12 years, SC has made a stable growth with fairly good
profit. A credit line up to USD 3,000,000 would appear to be within SC’s
capacities.
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%)