MIRA
INFORM REPORT
|
Report Date : |
16.03.2007 |
IDENTIFICATION
DETAILS
|
Name : |
tianjin gencom
pharmaceutical co., ltd. |
|
|
|
|
Registered Office : |
Dagang Ocean
Petrochemistry Technology Area Tianjin 300270 Pr |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
31.12.2005 |
|
|
|
|
Date of Incorporation : |
JUL. 2, 2003 |
|
|
|
|
Com. Reg. No.: |
1201091003696 |
|
|
|
|
Legal Form : |
Limited Liabilities Company |
|
|
|
|
Line of Business : |
Manufacturing and selling medicine. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
Up To usd 100,000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
name & address
tianjin gencom
pharmaceutical co., ltd.
DAGANG OCEAN PETROCHEMISTRY TECHNOLOGY AREA
TIANJIN 300270 PR CHINA
TEL: 86 (0) 22-63108023/63108047
FAX: 86 (0) 22-63108023
EXECUTIVE SUMMARY
INCORPORATION DATE : JUL. 2, 2003
REGISTRATION NO. : 1201091003696
REGISTERED LEGAL FORM : limited liabilities
company
STAFF STRENGTH :
249
REGISTERED CAPITAL : CNY 189,500,000
BUSINESS LINE :
manufacturing
TURNOVER :
cny 18,880,000 (AS OF DEC. 31, 2005)
EQUITIES :
CNY 103,880,000 (AS OF DEC. 31, 2005)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : up to usd 100,000 (Periodial review)
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairLY POOR
OPERATIONAL TREND : FAIR
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 7.74 = US$1 AS OF 2007-03-15
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY - China Yuan Ren Min Bi
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 Jul. 2, 2003.
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 medical intermediates; development and consultation
of chemical medicine, and chemicals.
SC is mainly
engaged in manufacturing and selling medicine.
Mr. Hao Feifei has
been chairman of SC since 2003.
SC owns about 249
staff at present.
SC is currently
operating at the above stated address, and this address houses its operating
office and factory in the development zone of Tianjin. Our checks reveal that
SC rents the total premise about 137,900 square meters.
http://www.gencom.com.cn The design is
professional and the content is well organized. At present, the web is both in
English and Chinese versions.
E-mail: bgs@pharm.com.cn
In 2004, SC increased its registered capital from CNY 49,900,000 to CNY
99,800,000; and in 2006, it was raised once more to the present.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Tianjin Pharmaceutical Group Co., Ltd.
89.99
Tianjin Zhongxin Pharmaceuticals Group Co.,
Ltd.
10.01
l
Chairman:
Mr. Hao Feifei, 49 years old with university education. He is currently
responsible for the overall management of SC.
Working Experience(s):
Educated in Heilongjiang Commercial College
From 1982 to 1994 Worked in Tianjin Darentang Pharmaceutical 2
Factory as deputy sector
chief and assistant
manager;
From May of 1994 to
December of 1994 Worked in Gansu
Longnan Economic Section as deputy director
general;
From December of 1994
to 1997 Worked in Tianjin
Xinfeng Pharmaceutical Co., Ltd. as assistant
manager;
From 1997 to 1999 Worked
in Tianjin 6th Chinese Drugs Factory as factory manager;
From 1999 to present Working in Tianjin Pharmaceutical Group Co., Ltd. as assistant
manager;
From 2003 to present Working in SC as chairman;
At present
Working in Tianjin Zhongxin Pharmaceuticals Group Co., Ltd. as
chairman.
l
General
Manager:
Mr. Dai Yuming, in his 40’s with university education. He is currently
responsible for the daily management of SC.
Working Experience(s):
Educated in China Pharmaceutical University
Worked in Tianjin City Medicine Group Corp., and Tianjin Zhongxin Pharmaceuticals Group Co., Ltd., etc.
From 2003 to present Working in SC as manager.
SC is mainly
engaged in manufacturing and selling medicine.
SC’s products
mainly include: intermediate, powder injection cephalosporin, and capsules
cephalosporin, etc.
SC supplies intermediate of 150
tons, powder injection cephalosporin of 20~40 million bottles, 200 million
tablets cephalosporin, 200 million capsules cephalosporin and 100 million
granule bags of cephalosporin per year.
SC sources its
materials 95% from domestic market, mainly Jiangsu province, and 5% from
overseas market; SC sells its products 20% in domestic market, and 80% to
overseas market, mainly India, Japan, and Holland.
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.
*Major Supplier:
==============
Suzhou Sanray Pharmaceutical Co., Ltd.
Address: No. 4, Zhenxing Road, Economic & Technical Development
Zone, Zhangjiagang
Tel: 0512-58988123
Fax: 0512-58988128
*Major Customer:
==============
India DHANUKA 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 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 China
Dagang Sub-branch
AC#:
09831108091001
Relation: Normal
Balance Sheet (as
of Dec. 31, 2005)
Unit: CNY’000
|
Cash & bank |
5,260 |
|
Inventory |
12,210 |
|
Accounts
receivable |
650 |
|
Other Accounts
receivable |
3,210 |
|
Accounts payable
in advance |
8,800 |
|
To be apportioned
expense |
0 |
|
Other current
assets |
310 |
|
|
------------------ |
|
Current assets |
30,440 |
|
Fixed assets |
149,910 |
|
Long term
investment |
0 |
|
Other assets |
12,620 |
|
|
------------------ |
|
Total assets |
192,970 |
|
|
============= |
|
Short loans |
50,000 |
|
Accounts payable |
8,500 |
|
Accounts
receivable in advance |
1,690 |
|
Other Accounts
payable |
7,770 |
|
Salaries payable |
0 |
|
Welfares payable |
150 |
|
Taxes payable |
-2,530 |
|
Withdraw the
expenses in advance |
0 |
|
Other current
liabilities |
10 |
|
|
------------------ |
|
Current
liabilities |
65,590 |
|
Long term
liabilities |
23,500 |
|
Other
liabilities |
0 |
|
|
------------------ |
|
Total
liabilities |
89,090 |
|
Equities |
103,880 |
|
|
------------------ |
|
Total
liabilities & equities |
192,970 |
|
|
============= |
Income Statement (as
of Dec. 31, 2005)
Unit: CNY’000
|
Turnover |
18,880 |
|
Cost of goods
sold |
16,460 |
|
Sales expense |
930 |
|
Management expense |
10,380 |
|
Finance expense |
2,630 |
|
Non-operating
income |
470 |
|
Profit before
tax |
-11,050 |
|
Less: profit tax |
0 |
|
Profits |
-11,050 |
Important Ratios (as of Dec. 31, 2005)
=============================
*Current ratio 0.46
*Quick ratio 0.28
*Liabilities to
assets 0.46
*Net profit
margin (%) -58.53
*Return on total
assets (%) -5.73
*Inventory
/Turnover ×365 236 days
*Accounts
receivable/Turnover ×365 13 days
*Turnover/Total
assets 0.10
* Cost of goods
sold/Turnover 0.87
PROFITABILITY:
FAIR
l
The turnover of SC appears fair in its line.
l
SC’s net profit margin is POOR.
l
SC’s return on total assets is fair.
l
SC’s cost of goods sold is high, comparing
with its turnover.
LIQUIDITY: FAIRLY POOR
l
The current ratio of SC is maintained in a POOR level.
l
SC’s quick ratio is maintained in a POOR level.
l
The inventory of SC appears LARGE.
l
The accounts receivable is maintained in a normal level.
l
The short-term loan of SC appears TOO LARGE.
l
SC’s turnover is in a fairly poor level, comparing with the size of its total assets.
LEVERAGE:
AVERAGE
l
The debt ratio of SC is average.
l
The risk for SC to go bankrupt is average.
Overall
financial condition of the SC: Fairly poor.
SC is considered small-sized in its line with fairly poor financial
conditions. The large amount of short-term loan could be a threat to SC’s
financial condition. A credit line up to USD 100,000 would appear to be within
SC’s capacities upon a periodical review basis.
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)