MIRA
INFORM REPORT
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Report Date : |
12.10.2007 |
IDENTIFICATION DETAILS
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Name : |
ZHEJIANG WILDWIND
PHARMACEUTICAL Co., Ltd. |
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Registered Office : |
Beijiang
Industrial Zone, |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
August 21, 1996 |
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Com. Reg. No.: |
3307832004553 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Engaged in manufacturing
and selling bulk pharmaceuticals and medical intermediates. |
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 400,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name & address
ZHEJIANG WILDWIND
PHARMACEUTICAL Co., Ltd.
BEIJIANG INDUSTRIAL ZONE,
TEL :
86 (0) 579-86733291
FAX :
86 (0) 579-86730319
EXECUTIVE SUMMARY
INCORPORATION DATE : AUGUST 21, 1996
REGISTRATION NO. : 3307832004553
REGISTERED LEGAL FORM : LIMITED LIABILITIES COMPANY
STAFF STRENGTH : 200
REGISTERED CAPITAL : CNY 50,000,000
BUSINESS LINE : MANUFACTURING
TURNOVER : CNY 91,860,000 (AS OF DEC. 31, 2006)
EQUITIES : CNY 55,340,000 (AS OF DEC. 31, 2006)
PAYMENT : AVERAGE
RECOMM.
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : stable
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : well-known
EXCHANGE RATE : CNY
7.51 = US1$ AS OF
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 Aug. 21, 1996.
Company Status: Limited liabilities co. This form of business in PR China is defined as a legal
person. No more than fifty shareholders contribute its registered capital
jointly. 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 CNY 30,000. 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 30% 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 bulk pharmaceuticals; manufacturing and selling
medical intermediates, pesticide intermediates, fine chemical products and polymeric materials, importing and exporting
business.
SC is mainly engaged
in manufacturing and selling bulk pharmaceuticals and medical intermediates.
Mr. Xu Shangyan has been legal representative and chairman of SC since
1996.
SC is
known to have approx. 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 Dongyang. Our checks reveal that SC owns the total premise about 20,000
square meters.
http://www.wildwindchem.com/ The design is professional and the content is
well organized. At present it is in both Chinese and English versions.
Email: sales@wildwindchem.com
No significant events or changes were found during our
checks with the local Administration for Industry and Commerce.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Wildwind Group Co., Ltd. 90
Dongyang Wildwind Holding Co., Ltd. 4.72
Xu Shangyan 0.48
Zhou Weiguo 0.96
Wu Fanhong 1.62
Yu Binhao 1.44
Wu Yongzhi 0.48
Zhu Xiangyang 0.3
WildWind (Group) co., Ltd. is a large-scale
private enterprise group, consists of the development of real estate,
development and production of the pharmaceuticals and medicine intermediates,
construction, foreign trade, textiles, paper-packing industry, and financial
investment.
Tel: 86 (0)571-85453788
Fax: 86 (0)571-85454948
Address: Bldg. A,
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Legal representative and chairman:
Mr. Xu Shangyan, in his
Working Experience(s):
From 1996 to present Working in SC as chairman and legal representative.
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General manager:
Mr. Zhou Weiguo,
born in 1971, 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.
SC is mainly
engaged in manufacturing and selling bulk pharmaceuticals and medical
intermediates.
Based on the
intermediates in medicine, pesticide, dyestuff and pigment, SC is expanding the
fields of pharmaceuticals. SC is specializing in manufacturing the
L-Methyldopa, Carbidopa, 2, 4-Dichloro-5-Sulfamoyl Benzoic Acid,
4-Chloro-3-Sulfamoyl Benzoic Acid, 1-Hydroxybenzotriale, P-Nitrobenzene
Sulfonyl Chloride etc, and the L-Methyldopa is its strong product.
SC sources its materials 100%
from domestic market. SC sells 5% of its products in domestic market, and 95%
to overseas market, mainly
The buying terms of SC include Check, T/T and Credit of
30-60 days. The payment terms of SC include Check, T/T, L/C and Credit of 30-60
days.
*Major Suppliers:
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Haining Sino Fine Chemical 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’s supplier
declined to make any comments.
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#：850023956408091001
Relationship:
Balance Sheet (as of Dec. 31, 2006)
Unit: CNY’000
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Cash & bank |
5,540 |
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Inventory |
11,780 |
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Accounts receivable |
10,700 |
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Advances to
suppliers |
1,010 |
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Other
receivables |
650 |
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Internal account |
11,040 |
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Other current
assets |
2,460 |
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Current assets |
43,180 |
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Fixed assets |
29,170 |
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Fixed assets net
value |
19,940 |
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Projects under
construction |
5,860 |
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Long term
investment |
1,000 |
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Other assets |
5,060 |
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Total assets |
75,040 |
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Short loans |
8,000 |
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Accounts payable |
6,620 |
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Other payable |
230 |
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Notes payable |
1,490 |
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Accrued expenses |
3,260 |
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Other current
liabilities |
90 |
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Current
liabilities |
19,690 |
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Long term
liabilities |
10 |
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Total
liabilities |
19,700 |
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Equities |
55,340 |
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Total
liabilities & equities |
75,040 |
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Income Statement (as of Dec. 31, 2006)
Unit: CNY’000
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Turnover |
91,860 |
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Cost of goods
sold |
77,860 |
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Sales expense |
1,540 |
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Management expense |
7,110 |
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Finance expense |
1,880 |
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Profit before
tax |
3,380 |
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Less: profit tax |
0 |
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Profits |
3,380 |
Important Ratios
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as
of Dec. 31, 2006 |
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*Current ratio |
2.19 |
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*Quick ratio |
1.59 |
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*Liabilities
to assets |
0.26 |
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*Net profit
margin (%) |
3.86 |
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*Return on
total assets (%) |
4.50 |
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*Fixed
assets/Total assets |
0.27 |
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*Inventory
/Turnover ×365 |
47days |
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*Accounts
receivable/Turnover ×365 |
43days |
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*Turnover/Total
assets |
1.22 |
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* Cost of goods
sold/Turnover |
0.85 |
PROFITABILITY:
AVERAGE
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The turnover of SC appears fairly good in its line.
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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 fairly
good level.
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SC’s quick ratio is maintained in a normal level.
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The inventory of SC is maintained in an average
level.
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The accounts receivable of SC is maintained in an
average level.
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SC’s short-term loan appears average.
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SC’s turnover is in an average 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.
SC is considered medium-sized in its line with stable financial
conditions. Taking into consideration of SC’s fairly good background, reputation
as well as market conditions we would rate SC as an average credit risk
company.
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%)