MIRA
INFORM REPORT
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Report Date : |
10.09.2007 |
IDENTIFICATION DETAILS
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Name : |
NORTH CHINA PHARMACEUTICAL GOODSTAR CO.,
LTD. |
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Registered Office : |
High Tech
Development Zone, |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
Dec. 24, 1995 |
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Com. Reg. No.: |
1308001195010 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Engaged in manufacturing
and selling antibiotic and raw material medicines. |
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 250,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name & address
NORTH CHINA PHARMACEUTICAL GOODSTAR CO., LTD.
HIGH TECH DEVELOPMENT ZONE, CHENGDE,
TEL :
86 (0) 314-2155992
FAX :
86 (0) 314-2155180
EXECUTIVE SUMMARY
INCORPORATION DATE :
DEC. 24, 1995
REGISTRATION NO. :
1308001195010
REGISTERED LEGAL FORM : LIMITED LIABILITIES COMPANY
STAFF STRENGTH :
830
REGISTERED CAPITAL : CNY 46,000,000
BUSINESS LINE :
MANUFACTURING
TURNOVER :
CNY 100,610,000 (AS OF DEC. 31, 2006)
EQUITIES :
CNY 40,520,000 (AS OF DEC. 31, 2006)
PAYMENT :
AVERAGE
RECOMM.
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly STABLE
OPERATIONAL TREND : fairly STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY7.54 = US$1 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 Dec. 24, 1995.
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 and selling antibiotic and raw material medicines.
SC is mainly
engaged in manufacturing and selling antibiotic and raw material medicines.
Mr. Li Baorong has
been chairman of SC since 1995.
SC is known
to have approx. 830 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 Chengde. Our checks
reveal that SC owns the total premise about 110,000 square meters.
http://www.ncpcgsc.com.cn. The design is
professional and the content is well organized. At present the web site is in
both Chinese and English versions.
E-mail: ncpcgsc@heinfo.net
No significant events or changes were found during our checks with the
local AIC.
MAIN SHAREHOLDERS:
Name %
of Shareholding
North China Pharmaceutical Holding Co., Ltd. 65
Chengde the No.1 Pharmaceutical Factory 35
==============================
North China Pharmaceutical Co., Ltd. is a
listed company at Shanghai Stock Exchange with 59.87% of shares held by North
China Pharmaceutical Group Corp. (NCPC).
Address：388 Heping Donglu,
Telephone：0311-86677982-810 85992728
Fax：0311-85051711
Email：office@ncpcie.com
Web: http://www.ncpc.com
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Chairman:
Mr. Li Baorong, 54 years old with university education. He is currently
responsible for the overall management of SC.
Working Experience(s):
From 1995 to present Working in SC as chairman.
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General Manager:
Mr. Li Bo, 32 years old with university education. He is currently
responsible for the daily management of SC.
Working Experience(s):
From 2005 to present
Working in SC as general manager.
SC is mainly
engaged in manufacturing and selling antibiotic and raw material medicines.
SC’s products
include Tetracycline HCL, Tetracycline, Tetracycline HCL Capsules.
SC sources its
materials 100% from domestic market, mainly
The buying terms of SC include Check, T/T and Credit of 30-60 days. The
payment terms of SC include T/T, Check, L/C and Credit of 30-90 days.
Major Supplier:
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Beijing Ocean 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 refused to release any information of its
suppliers and the trade reference was not available.
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 & Commercial Bank of
AC#：0411001409221020392
Relationship:
Balance Sheet
Unit: CNY’000
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As
of Dec. 31, 2006 |
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Cash & bank |
13,490 |
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Advances to
suppliers |
3,480 |
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Accounts
receivable |
13,100 |
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Inventory |
6,130 |
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Other
receivables |
2,060 |
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Other current assets |
1,760 |
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------------------ |
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Current assets |
40,020 |
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Fixed assets net
value |
29,430 |
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Projects under
construction |
0 |
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Long term
investment |
0 |
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Other assets |
3,270 |
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Total assets |
72,720 |
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Short loans |
8,100 |
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Accounts payable |
6,780 |
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Advances from
clients |
130 |
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Bills payable |
10,640 |
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Taxes payable |
0 |
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Salaries payable |
0 |
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Other payable |
970 |
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Other current
liabilities |
5,580 |
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Current
liabilities |
32,200 |
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Long term
liabilities |
0 |
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Total
liabilities |
32,200 |
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Equities |
40,520 |
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Total
liabilities & equities |
72,720 |
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Income Statement
Unit: CNY’000
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As of Dec. 31,
2006 |
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Turnover |
100,610 |
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Cost of goods
sold |
85,720 |
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Sales expense |
2,070 |
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Management expense |
12,540 |
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Finance expense |
640 |
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Profit before
tax |
-360 |
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Less: profit tax |
0 |
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Profits |
-360 |
Important Ratios
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2006 |
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*Current ratio |
1.24 |
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*Quick ratio |
1.05 |
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*Liabilities
to assets |
0.44 |
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*Net profit
margin (%) |
-0.36 |
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*Return on
total assets (%) |
-0.50 |
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*Fixed assets/Total
assets |
0.40 |
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*Inventory
/Turnover ×365 |
22days |
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*Accounts
receivable/Turnover ×365 |
48days |
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*Turnover/Total
assets |
1.38 |
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* Cost of
goods sold/Turnover |
0.85 |
PROFITABILITY:
FAIR
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The turnover of SC appears fairly good in 2006.
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SC’s net profit margin is fair in 2006.
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SC’s return on total assets is fair in 2006.
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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 normal
level in 2006.
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SC’s quick ratio is maintained in a normal level in
2006.
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The accounts receivable of SC is acceptable.
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The inventory of SC is average.
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The short loans are acceptable.
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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 fairly low.
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The risk for SC to go bankrupt is fairly low.
Overall financial
condition of the SC: Fairly stable.
SC is considered medium-sized in its line with fairly stable financial
conditions. A credit line up to USD250,000 would appear 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%)