MIRA
INFORM REPORT
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Report Date : |
21.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
chongqing daxin
pharmaceutical co., ltd. |
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Registered Office : |
No. 22, Chuangzao
Road, Dongyang Town, Beibei District Chongqing 400700 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
Feb. 11, 1998 |
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Com. Reg. No.: |
5000001804251 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Engaged
in manufacturing and selling active pharmaceutical ingredients and
preparation. |
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 1,000,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name & address
chongqing daxin
pharmaceutical co., ltd.
no. 22, chuangzao road, dongyang town, beibei
district
chongqing 400700 PR CHINA
TEL :
86 (0) 23-68284012
FAX :
86 (0) 23-68284713
EXECUTIVE SUMMARY
INCORPORATION DATE : feb. 11, 1998
REGISTRATION NO. : 5000001804251
REGISTERED LEGAL FORM : shares limited co.
STAFF STRENGTH :
1,200
REGISTERED CAPITAL : cny 180,113,343
BUSINESS LINE :
manufacturing
TURNOVER :
CNY 225,810,000 (AS OF DEC. 31, 2006)
EQUITIES :
CNY 216,490,000 (AS OF DEC. 31, 2006)
PAYMENT :
average
RECOMM. CREDIT RANGE : up to USD 1,000,000 (periodical REVIEW)
MARKET CONDITION : average
FINANCIAL CONDITION : fairly stable
OPERATIONAL TREND : steady
GENERAL REPUTATION : average
EXCHANGE RATE :
CNY 7.42= US$1
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 shares limited co. at local Administration for Industry & Commerce (AIC-The official body of issuing and renewing business license) on Feb. 11, 1998.
Company Status: Shares limited co. This form of business in PR
China is defined as a legal person. Its registered capital is divided into
shares of equal par value and the co. raises capital by issuing share
certificates by promotion or by public offer. Shareholders bear limited
liability to the extent of shareholding, and the co. is liable for its
debts only to the extent of its total assets. The characteristics of the
shares limited co. are as follows: The establishment of the co.
requires at least five promoters and at least three of them must be PR-
China controlled legal persons. Natural person can not be allowed to serve
as promoters. The minimum registered capital
of a co. is CNY 10M. while that of the co. with foreign investment is CNY
30M. The total capital of a co. which propose to apply for publicly listed
must not less than CNY 50M. The board of directors must
consist of an odd number of five to nineteen directors. If the co. raises capital by
public offer, the promoters must not subscribe less than 35% of the total
shares. the promoters’ shares are restricted to transfer- within three
years of the offer. Directors can not transfer the shares they hold in the
co. during their terms of office. A state-owned enterprise that
is restructured into a shares limited co. must comply with the conditions
& requirements specified under the law & administrative rule.
SC’s registered business scopes include manufacturing active pharmaceutical ingredients and preparation;
ordinary freight; domestic trade; exporting its products and relevant
technologies; importing raw materials, machinery, instruments &
apparatuses, components, and relevant technologies;
processing with imported materials, processing with imported samples,
assembling with imported parts, and compensation trade in agreement.
SC is mainly
engaged in manufacturing and selling active pharmaceutical
ingredients and preparation.
Mr. Fang Zhonghua
has been chairman of SC since 1998.
SC is known to have approx. 1,200 staff members 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 Chongqing. Our checks
reveal that SC owns the total premise about 100,000
square meters.
http://www.cqdxyy.com The design is
professional and the content is well organized. At present the web is both in
Chinese and English versions.
No significant events or changes were found during our checks with the
local AIC.
MAIN SHAREHOLDERS:
Name % of
Shareholding
Peking University Founder Group
Corp. 64.05
Chongqing Chemical and Pharmaceutical 23.60
Holding (Group) Company
China Great Wall Asset Management
Corporation 5.30
China Orient Asset Management Corporation 3.06
Corporative shares 3.21
Staff shares
0.78
Peking University Founder Group
Corp.
=============================
Founder Group now owns 5 listed public
companies on the securities exchanges of Shanghai, Shenzhen, Malaysia and Hong
Kong, as well as over 20 wholly-funded companies and joint-ventures both home
and abroad. In 2006, it ranks the 10th in the Top 100 State Electronic &
Information Enterprises and ranks the 9th in the Top 100 Beijing Enterprises.
Add: 9th Floor, ZhongGuanCun, Founder
Building, No.298, ChengFu Road, HaiDian District, Beijing, China
Postcode: 100871
Tel: 86-10-82529966
Fax: 86-10-82529506
E-mail: contact@founder.com
Website: http://www.founder.com
Chongqing Chemical and Pharmaceutical
Holding (Group) Company
==================================================
Address: No. 28, Wusi Road, Jiefangbei,
Yuzhong District, Chongqing
Tel: 86-23-89887261
Fax: 86-23-89887263
Website: www.hykg.com
China Great Wall Asset Management
Corporation
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China Great Wall Asset Management Corporation (CGWAMC) is a wholly
state-owned financial management company, established with approval from
China's central government. With a registered capital of RMB 10 billion Yuan,
the company is fully funded by the Ministry of Finance.
Address: F9-12, Yuetan DaSha Office,
Building A, No.2, YueTan Beijie, Xichengqu, Beijing, China
Post Code: 100045
Tel:
(86-10)-68054068
Fax: (86-10)-68082784
Website: http://www.gwamcc.com
China Orient Asset Management Corporation
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Approved by the State Council and the
People's Bank of China and registered at the State Industrial and Commercial
Administration, China Orient Asset Management Corporation (COAMC) was
established on October 15th, 1999 in Beijing. The State Council appoints both
the President and the Executive Vice Presidents.
Tel: 86-10-66084515
Fax: 86-10-66058971
Website: http://www.coamc.com.cn
l
Chairman and
General Manager:
Mr. Fang Zhonghua, in his 50’s with university education. He is
currently responsible for the overall management of SC.
Working Experience(s):
From 1998 to present Working in SC as chairman and general manager.
Sales Manager:
Mr. Li Guanghua
Tel: 023-68284189
Mobile Tel: 13908398171
SC is
mainly engaged in manufacturing and selling active
pharmaceutical ingredients and preparation.
SC manufactures more than 120 types and specifications of medical products,
which mainly contains cardiovascular, antibiotics, immunoloregulation, plasma
volume expander, APIs, finished dosages and intermediates.
SC sources its materials 80% from domestic market, and 20% from
overseas market. SC sells 40% of its products in domestic market, mainly
Sichuan province, and 60% to overseas market, mainly European and American
countries.
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 30-60 days.
SC is known to have the following subsidiaries at present:
Chongqing
Daxin Pharmaceutical Co., Ltd. Yuzhong Branch
Address:
No. 4, 1/F, Unit 3, No.1, Changjiang Er Road, Daping
Chongqing
Daxin Pharmaceutical Xinya Medical Shop
Address:
No. 289, Beixia Road, Chongqing
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.
Industrial and Commercial Bank of China
AC#：3100028209022103047
Relationship:
Normal.
Balance Sheet (as of Dec. 31, 2006)
Unit: CNY’000
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Cash & bank |
74,580 |
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Inventory |
72,490 |
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Accounts
receivable |
73,650 |
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Other Accounts
receivable |
33,940 |
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Advances to
suppliers |
35,420 |
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To be
apportioned expense |
0 |
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Other current
assets |
-30,950 |
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------------------ |
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Current assets |
259,130 |
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Fixed assets |
239,600 |
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Fixed assets net
value |
188,520 |
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Projects under
construction |
51,080 |
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Long term
investment |
3,740 |
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Other assets |
11,000 |
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------------------ |
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Total assets |
513,470 |
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Short loans |
189,930 |
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Bills payable |
0 |
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Accounts payable |
18,940 |
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Advances from
clients |
0 |
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Other Accounts
payable |
98,020 |
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Withdraw the
expenses in advance |
0 |
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Other current
liabilities |
-27,410 |
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------------------ |
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Current
liabilities |
279,480 |
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Long term
liabilities |
17,500 |
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Other
liabilities |
0 |
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Total
liabilities |
296,980 |
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Equities |
216,490 |
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------------------ |
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Total
liabilities & equities |
513,470 |
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Income Statement (as of Dec. 31, 2006)
Unit: CNY’000
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Turnover |
225,810 |
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Cost of goods
sold |
178,220 |
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Sales expense |
11,300 |
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Management expense |
28,810 |
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Finance expense |
11,050 |
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Profit before
tax |
-4,130 |
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Less: profit tax |
0 |
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Profits |
-4,130 |
Important Ratios (as of Dec. 31, 2006)
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*Current ratio 0.93
*Quick ratio 0.67
*Liabilities to
assets 0.58
*Net profit margin
(%) -1.83
*Return on total
assets (%) -0.80
*Inventory
/Turnover ×365 117days
*Accounts
receivable/Turnover ×365 119days
*Turnover/Total
assets 0.44
* Cost of goods
sold/Turnover 0.79
PROFITABILITY:
FAIR
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The turnover of SC appears fairly good in its line.
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SC’s net profit margin is fair.
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SC’s return on total assets is fair.
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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.
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SC’s quick ratio is maintained in a fair level.
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The inventory conversion period of SC appears long.
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The accounts receivable of SC is maintained in an average
level.
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The short-term loan of SC appears fairly large.
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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 average.
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The risk for SC to go bankrupt is average.
Overall
financial condition of the SC: Fairly stable.
SC is considered medium-sized in its line with fairly stable financial
conditions. The large amount of short-term loan
could be a threat to SC’s financial condition. A credit line up to USD 1,000,000 appears to be within SC’s capacities
upon a periodical review basis.
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. |
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%)