MIRA
INFORM REPORT
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Report Date : |
29.10.2007 |
IDENTIFICATION DETAILS
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Name : |
sichuan yuanda
shuyang pharmaceutical co., ltd. |
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Registered Office : |
Jie’eryan,
Huayang, |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
Aug. 12, 1985 |
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Com. Reg. No.: |
5101001808817 |
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Legal Form : |
Limited Liabilities Co |
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Line of Business : |
Engaged
in manufacturing and selling blood products. |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
Up To USD 1,000,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name & address
sichuan yuanda
shuyang pharmaceutical co., ltd.
jie’eryan, huayang,
TEL :
86 (0) 28-86622777
FAX :
86 (0) 28-85635596
EXECUTIVE SUMMARY
INCORPORATION DATE : aug. 12, 1985
REGISTRATION NO. :
5101001808817
REGISTERED LEGAL FORM : LIMITED
LIABILITIES CO.
STAFF STRENGTH :
427
REGISTERED CAPITAL : CNY 70,000,000
BUSINESS LINE :
MANUFACTURING
TURNOVER :
CNY 271,120,000 (AS OF DEC. 31, 2006)
EQUITIES :
CNY 206,380,000 (AS OF DEC. 31, 2006)
PAYMENT :
AVERAGE
RECOMM.
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : stable
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : well known
EXCHANGE RATE :
CNY
7.48=US1$
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY -
Note: SC is operating in be the above stated address, and the
given one the 32nd floor,
SC was registered as a limited liabilities co. at local Administration
for Industry & Commerce (AIC - The official body of issuing and renewing
business license) on Aug. 12, 1985.
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 freeze-dry powder injectors,
granular formulation, pills, tincture and blood products; selling its products;
importing and exporting commodities & technologies.
SC is
mainly engaged in manufacturing and selling blood products.
Mr.
Jiang Dexi has been chairman of SC since 1985.
SC is
known to have approx. 427 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 Chengdu. Our checks
reveal that SC owns the total premise about 102,335
square meters.
http://www.shuyang.com The design is
professional and the content is well organized. At present the web is both in
Chinese and English versions.
E-mail: shuyang@shuyang.com
SC’s predecessor is Chengdu Shuyang Pharmaceutical Factory, which was
founded in 1985 as a military enterprise. SC is a comprehensive enterprise which
professionally manufactures blood products and now subordinate to China Grand
Group.
MAIN SHAREHOLDERS:
Name
% of Shareholding
China Grand Group Co., Ltd. 60
Heilongjiang Harbin Grand
Shopping Center Co., Ltd. 40
China Grand Group Co., Ltd.
Address: 25/F, Block B,
Tel: 010-84891818
Fax: 010-84891871
Heilongjiang Harbin Grand
Shopping Center Co., Ltd.
Address: No. 378,
Tel: 0451-53678811
Website: http://www.ydgw.cn
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Chairman and
General Manager:
Mr. Jiang Dexi, 48 years old with university
education. He is currently responsible for the overall management of SC.
Working Experience(s):
Worked in Chengdu Shuyang Pharmaceutical Plant as factory manager, and in Chengdu Shuyang Enterprise (Group) Co., Ltd. as chairman;
From 1985 to present Working in SC as chairman and general manager.
SC is
mainly engaged in manufacturing and selling blood products.
SC’s products mainly include: Human Albumin, Human Immunoglobulin (pH4)
for Intravenous Injection (IVIG), Human Hepatitis B Immunoglobulin, Human
Immunoglobulin for Intramuscular Injection，Human Histamine
Immunoglobulin.
SC
sources its materials 100% from domestic market, mainly
The buying terms of SC include T/T, Check and Credit of
30-60 days. The payment terms of SC include T/T, L/C, Check and Credit of 30-60
days.
*Major Supplier:
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Danning Plasma Station
*Major Customer:
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Sichuan Ruide Pharmaceutical Co., Ltd.
SC is
known to have a subsidiary at present, as follows:
Sichuan
Huaxi Pharmaceutical Technical Development Co., Ltd.
Address:
No. 28,
Tel:
028-85173043
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 suppliers
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 Communications
AC#：0141141077
Relationship:
Balance Sheet
Unit: CNY’000
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As
of Dec. 31, 2006 |
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Cash & bank |
99,070 |
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Inventory |
24,010 |
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Accounts
receivable |
30,820 |
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Other Accounts
receivable |
107,190 |
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Advances to
suppliers |
1,790 |
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To be
apportioned expense |
0 |
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Other current
assets |
9,990 |
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------------------ |
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Current assets |
272,870 |
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Fixed assets |
63,600 |
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Long term
investment |
6,100 |
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Other assets |
17,990 |
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Total assets |
360,560 |
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Short loans |
50,000 |
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Accounts payable |
19,160 |
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Bills payable |
0 |
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Advance from
clients |
430 |
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Taxes payable |
2,356 |
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Other Accounts
payable |
41,350 |
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Withdraw the
expenses in advance |
0 |
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Other current
liabilities |
40,884 |
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Current
liabilities |
154,180 |
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Long term
liabilities |
0 |
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Other
liabilities |
0 |
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Total
liabilities |
154,180 |
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Equities |
206,380 |
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Total
liabilities & equities |
360,560 |
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Income Statement
Unit: CNY’000
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As of Dec. 31,
2006 |
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Turnover |
271,120 |
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Cost of goods
sold |
124,950 |
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Sales expense |
61,490 |
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Management expense |
29,070 |
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Finance expense |
630 |
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Profit before
tax |
51,050 |
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Less: profit tax |
5,880 |
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Profits |
45,170 |
Important Ratios
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As
of Dec. 31, 2006 |
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*Current ratio |
1.77 |
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*Quick ratio |
1.61 |
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*Liabilities
to assets |
0.43 |
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*Net profit
margin (%) |
16.66 |
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*Return on
total assets (%) |
12.53 |
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*Inventory
/Turnover ×365 |
32 days |
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*Accounts
receivable/Turnover ×365 |
41 days |
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*Turnover/Total
assets |
0.75 |
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* Cost of
goods sold/Turnover |
0.46 |
PROFITABILITY:
FAIRLY GOOD
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The turnover of SC appears fairly good in
its line.
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SC’s net profit margin is fairly good.
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SC’s return on total assets is fairly
good.
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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
fairly good 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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The short-term loan of SC is maintained in an
average level.
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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 well-known in its industry with fairly good background. Taking
into consideration of SC’s general performance, 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%)