MIRA
INFORM REPORT
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Report Date : |
26.06.2007 |
IDENTIFICATION DETAILS
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Name : |
SHANGHAI OSD MEDICINE CHEMICAL CO., LTD. |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
Mar. 12, 2001 |
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Com. Reg. No.: |
3101152002901 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Engaged in
international trade. |
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 50,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name & address
SHANGHAI OSD MEDICINE CHEMICAL CO., LTD.
no.
SHANGHAI 200032 PR
TEL :
86 (0) 21-54242200
FAX :
86 (0) 21-54242200
EXECUTIVE SUMMARY
INCORPORATION DATE :
MAR. 12, 2001
REGISTRATION NO. :
3101152002901
REGISTERED LEGAL FORM : LIMITED LIABILITIES COMPANY
STAFF STRENGTH :
13
REGISTERED CAPITAL : CNY 6,000,000
BUSINESS LINE :
INTERNATIONAL TRADE
TURNOVER :
CNY 69,098,000 (AS OF DEC. 31, 2005)
EQUITIES :
CNY 7,459,000 (AS OF DEC. 31, 2005)
PAYMENT :
AVERAGE
RECOMM.
MARKET CONDITION :
AVERAGE
FINANCIAL CONDITION :
STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 7.62 =US1$ AS OF 2007-6-26
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 limited liabilities company at local Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license) on Mar. 12, 2001.
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 mainly engaged in international trade of chemical
products and chemical materials; four types of technical services in fine
chemicals and pharmacy areas; administrating and acting as an agent of import
and export of various goods and technologies, excluding the good prohibited or
limited by the country; transit trade, trade and trade
agency among enterprises in the bonded area; engaged in trade business with the
non-bonded area enterprise by the agent owned import and export right in
domestic market; business consulting services(in accordance with licenses).
SC is mainly
engaged in international trade.
Mr. Liu Jianhua
has been chairman of SC since 2004.
SC owns
approximately 13 staff at present.
SC is
currently operating at the above stated address, and this address houses its
operating office in the commercial zone of Shanghai. Our checks reveal that SC
rents the total premise about 230 square meters.
SC is not known to host website of its own at present.
Changes of its registered information:
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Date of change |
Item |
Before the change |
After the change |
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2001-10-30 |
Legal Representative |
Mr. Liu Haitao |
Mr. Yang Qingxiang |
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2004-4-28 |
Legal Representative |
Mr. Yang Qingxiang |
Mr. Liu Jianhua |
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2006-1-13 |
Name of the Company |
Shanghai OSD International Trade Co., Ltd. |
Shanghai OSD Medicine Chemical Co., Ltd. |
MAIN SHAREHOLDERS:
Name %
of Shareholding
Shen Fenming 4.45
Zhou Jurong 4.45
Zhu Yujian 16.67
Yuan Huafang 27.7
Lu Ying 10.83
Lu Fengying 18.12
Liu Jianhua 17.78
l
Chairman:
Mr. Liu Jianhua, in his 40’s with university
education. He is currently responsible for the overall management of SC.
Working Experience(s):
From 2004 to present Working in SC as chairman.
l
General Manager:
Mr. Zhu Huijiang, in his 40’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 international trade.
SC’s products mainly include: allopurinol,
aspirin, carbamazepine, dipyridamole persantin, nicorandil and TMP.
SC sources its
materials 20% from domestic market, and 80% from international market. SC sells
its products 70% in domestic market, and 30% to international market.
The buying terms
of SC include T/T, L/C and Credit of 30-60 days. The payment terms of SC
include T/T, L/C and Credit of 15-30 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.
Bank
of
AC#：044227-8500-08381118091001
Relationship:
Balance Sheet
Unit: CNY’000
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as
of Dec. 31, 2004 |
as
of Dec. 31, 2005 |
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Cash & bank |
5,057 |
5,984 |
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Accounts
receivable |
5,585 |
6,692 |
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Other
receivables |
2,738 |
6,260 |
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Accounts payable
advance |
860 |
879 |
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A receivable tax
rebate of export |
54 |
31 |
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Inventory |
1,234 |
0 |
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Other current
assets |
0 |
442 |
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------------------ |
------------------ |
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Current assets |
15,528 |
20,288 |
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Fixed assets |
810 |
893 |
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Fixed assets net
value |
552 |
475 |
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Projects under
construction |
0 |
0 |
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Long term
investment |
0 |
0 |
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Other assets |
0 |
0 |
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Total assets |
16,080 |
20,763 |
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============= |
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Short loans |
0 |
0 |
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Bills payable |
0 |
328 |
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Accounts payable |
7,328 |
7,141 |
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Accounts
receivable advance |
500 |
5,291 |
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Welfare payable |
8 |
18 |
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Tax payable |
-218 |
22 |
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Other payable |
1,293 |
504 |
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Other current
liabilities |
0 |
0 |
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------------------ |
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Current
liabilities |
8,911 |
13,304 |
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Long term
liabilities |
0 |
0 |
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------------------ |
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Total
liabilities |
8,911 |
13,304 |
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Equities |
7,169 |
7,459 |
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Total
liabilities & equities |
16,080 |
20,763 |
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Income Statement
Unit: CNY’000
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as of Dec. 31,
2004 |
as of Dec. 31,
2005 |
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Turnover |
45,750 |
69,098 |
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Cost of goods
sold |
41,101 |
63,927 |
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Sales expense |
1,745 |
2,246 |
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Management expense |
2,267 |
2,366 |
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Finance expense |
91 |
179 |
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Profit before
tax |
567 |
397 |
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Less: profit tax |
96 |
83 |
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Profits |
471 |
314 |
Important Ratios
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as
of Dec. 31, 2004 |
as
of Dec. 31, 2005 |
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*Current ratio |
1.74 |
1.52 |
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*Quick ratio |
1.60 |
1.52 |
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*Liabilities to
assets |
0.55 |
0.64 |
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*Net profit
margin (%) |
1.03 |
0.45 |
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*Return on
total assets (%) |
2.93 |
1.51 |
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*Fixed
assets/Total assets |
0.05 |
0.04 |
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*Inventory
/Turnover ×365 |
10days |
0 |
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*Accounts
receivable/Turnover ×365 |
45days |
35days |
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*Turnover/Total
assets |
2.85 |
3.33 |
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* Cost of
goods sold/Turnover |
0.90 |
0.93 |
PROFITABILITY:
AVERAGE
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The turnover of SC appears fairly good in its line,
and it was improved a lot in 2005.
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SC’s net profit margin was decreased; but it still
remains at an average level in 2005.
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SC’s return on total assets is average.
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SC’s cost of goods sold is acceptable, comparing
with its turnover.
LIQUIDITY: FAIRLY
GOOD
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The current ratio of SC is maintained in a normal
level.
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SC’s quick ratio is maintained in a fairly good
level.
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The accounts receivable of SC appears fairly large.
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SC has no short loans in 2005.
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SC’s turnover is in a fairly good level, comparing
with the size of its total assets.
LEVERAGE: AVERAGE
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The debt ratio of SC is normal.
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The risk for SC to go bankrupt is above average.
Overall financial
condition of the SC: Stable.
SC is considered small-sized in its line with stable financial conditions.
A credit line up to USD 50,000 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%)