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MIRA
INFORM REPORT
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Report Date : |
11.06.2007 |
IDENTIFICATION DETAILS
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Name : |
GMS ( |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
03.08.2000 |
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Com. Reg. No.: |
005205 |
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Legal Form : |
Wholly Foreign-Owned |
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Line of Business : |
Engaged in manufacturing and selling isotope medicine |
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 : |
USD 30,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
COMPANY NAME &
ADDRESS
GMS (
NO.
TEL: 86 (0)
25-52121804
FAX: 86 (0) 25-52104787
EXECUTIVE SUMMARY
INCORPORATION
DATE : AUG. 3, 2000
REGISTRATION
NO. : 005205
REGISTERED
LEGAL FORM : WHOLLY FOREIGN-OWNED
STAFF
STRENGTH : 12
REGISTERED
CAPITAL : USD 910,000
BUSINESS
LINE :
MANUFACTURING
TURNOVER :
cny 3,780,000
(AS OF DEC. 31, 2006)
EQUITIES : cny 5,600,000
(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 2007-6-11
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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 Aug. 3, 2000.
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 isotope medicine; researching, developing and consulting of medical image technology and the related technology; medical image equipment repairing and the related technology consulting; manufacturing single photon emission computerized tomography and radiation protection equipment; selling its products.
SC is mainly engaged in manufacturing and selling isotope medicine.
Mr. Jay Richard Simon
has been chairman of SC since 2000.
SC owns about 12 staff.
SC is currently operating at the above stated address, and this address houses its operating office and factory in the industrial zone of Nanjing. Our checks reveal that SC rents the total premise about 1,000 square meters.
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SC is not known to host website of its own at present.
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No significant events or changes were found during our checks with local AIC.
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MAIN SHAREHOLDERS:
Name %
of Shareholding
Global Pharmaceutical Co., Ltd. (BVI) 100
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Chairman:
Mr. Jay Richard Simon is in his 50’s with university education. He is
currently responsible for the overall management of SC.
Working Experience(s):
From 2000 to present working in SC as chairman.
l
General Manager:
Mr. Guo Yuzhi (国毓智) is in his 60’s with university education.
He is currently responsible for the daily management of SC.
Working Experience(s):
From 2000 to present working in SC as general manager.
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SC is mainly engaged in manufacturing and selling isotope medicine.
SC’s products mainly include: small-capacity injection and radiopharmaceuticals.
SC sources its materials 70% from domestic market and 30% from
The buying terms of SC include Check, T/T and Credit of 30-60 days. The payment terms of SC include T/T and Credit of 30-60 days.
Major Clients
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SC is known to have a branch in
Add: Room
Tel: 86 10 63105565
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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.
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Bank of China
Development Zone Sub-branch
AC#0443208087508091001
Relationship:
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Balance Sheet
Unit: CNY’000
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As
of Dec. 31, 2006 |
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Cash & bank |
120 |
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Accounts paid in
advance |
50 |
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Accounts
receivable |
2,250 |
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Inventory |
190 |
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Other
receivables |
2,090 |
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Other current
assets |
540 |
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------------------ |
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Current assets |
5,240 |
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Fixed assets net
value |
320 |
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Projects under
construction |
0 |
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Long term
investment |
0 |
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Other assets |
600 |
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Total assets |
6,160 |
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============= |
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Short loans |
0 |
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Accounts payable |
440 |
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Accounts
received in advance |
0 |
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Taxes payable |
50 |
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Salaries payable |
0 |
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Other payable |
60 |
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Other current
liabilities |
10 |
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Current
liabilities |
560 |
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Long term liabilities |
0 |
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Total
liabilities |
560 |
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Equities |
5,600 |
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Total
liabilities & equities |
6,160 |
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Income Statement
Unit: CNY’000
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As of Dec. 31, 2006 |
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Turnover |
3,780 |
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Cost of goods sold |
1,960 |
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Sales expense |
370 |
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Management expense |
880 |
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Finance expense |
-10 |
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Profit before tax |
580 |
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Less: profit tax |
0 |
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Profits |
580 |
Important
Ratios
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2006 |
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*Current ratio |
9.36 |
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*Quick ratio |
9.01 |
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*Liabilities to assets |
0.09 |
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*Net profit margin (%) |
15.34 |
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*Return on total assets (%) |
9.42 |
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*Fixed assets/Total assets |
0.05 |
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*Inventory /Turnover ×365 |
18days |
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*Accounts receivable/Turnover ×365 |
217days |
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*Turnover/Total assets |
0.61 |
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* Cost of goods sold/Turnover |
0.52 |
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PROFITABILITY: AVERAGE
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The
turnover of SC appears fair in 2006.
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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: 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 fairly large.
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The
inventory of SC is average.
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SC’s
turnover is in a fair level, comparing with the size of its total assets.
LEVERAGE: AVERAGE
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The debt
ratio of SC is low.
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The risk
for SC to go bankrupt is low.
Overall financial condition of the SC:
Stable.
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SC is considered
small-sized in its line with stable financial conditions. A credit line up to
USD 30,000 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%)