MIRA
INFORM REPORT
|
Report Date : |
18.04.2008 |
IDENTIFICATION
DETAILS
|
Name : |
ningxia qiyuan pharmaceutical co., ltd. |
|
|
|
|
Registered Office : |
No.1 Qiyuan Street, Wangyuan Industrial
Area, Yinchuan, Ningxia Hui
Autonomouse Region, 750002 Pr |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
31.12.2007 |
|
|
|
|
Date of Incorporation : |
21.01.2001 |
|
|
|
|
Com. Reg. No.: |
6400001200229 |
|
|
|
|
Legal Form : |
Limited Liabilities Company |
|
|
|
|
Line of Business : |
Manufacturing
and Selling Troche, Capsule, Granule, and Bulk Drug. |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
usd 2,000,000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
name & address
ningxia qiyuan pharmaceutical co., ltd.
no.1 qiyuan street,
wangyuan industrial area, yinchuan,
Ningxia Hui
Autonomouse Region, 750002 PR CHINa
TEL: 86 (0)
951-4066592 FAX: 86 (0)
951-4066968
EXECUTIVE SUMMARY
INCORPORATION DATE : january 21, 2001
REGISTRATION NO. : 6400001200229
REGISTERED LEGAL FORM : Limited liabilities
company
STAFF STRENGTH :
2,500
REGISTERED CAPITAL : CNY 129,700,000
BUSINESS LINE :
manufacturing
TURNOVER :
CNY 836,370,000 (AS OF DEC. 31,
2007)
EQUITIES :
CNY 716,680,000 (AS OF DEC. 31, 2007)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO usd 2,000,000 (periodical review)
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : Fairly Stable
OPERATIONAL TREND : steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 7.00 = 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 Renminbi
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 January 21, 2001.
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 troche, capsule, granule, and
bulk drug.
SC is mainly
engaged in manufacturing and selling troche, capsule, granule, and bulk drug.
Mr. Hu Jidong has
been chairman of SC since 2001.
SC is known to
have approx. 2,500 employees 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 Yinchuan. Our checks
reveal that SC owns the total premise about 170,000 square meters.
http://www.china-qiyuan.com
The design is professional and the content is well organized. At present the
web site is only in Chinese version.
E-mail: ie@china-qiyuan.com
SC has got the United States FDA certification and Europe COS
certification.
Honor:
National Enterprise Technology Center
National key high-tech enterprises
Total View of the 100 key export enterprises
MAIN SHAREHOLDERS:
Name %
of Shareholding
Shareholder’s Union of Staff 96.86
State-owned Assets Supervision and
Administration Commission of Ningxia Hui
Autonomouse Region Government 3.14
l
Chairman and General Manager:
Mr. Hu Jidong , about 56 years old with
university education. He is currently responsible for the overall management of
SC.
Working Experience(s):
Before 2001 Worked
in Ningxia Pharmaceutical Factory as factory director.
From 2001 to present Working
in SC as chairman and general manager.
l
Vice General Manager:
Ms. Ju Lihong , about 41 years old with university education. She is
currently responsible for the daily management of SC.
Working Experience(s):
From 2001 to present Working in SC as vice general
manager, and also working in Ningxia Qiyuan Guoyao Co., Ltd. as general
manager.
l
Sales Manager:
Ms. Catherine
Mobile Telephone: 86 13895013315
E-mail: ie@china-qiyuan.com
SC is mainly
engaged in manufacturing and selling troche, capsule, granule, and bulk drug.
SC’s products
mainly include: tetracycline hydrochloride, tetracycline, carbenoxolone sodium,
18-β-glycyrrhetinic acid, erythromycin thiocyanate, tetracycline
hydrochloride capsules, marine.
|
|
|
|
|
|
|
Tetracycline Hydrochloride |
Tetracycline |
Carbenoxolone Sodium |
18-β-glycyrrhetinic Acid |
Erythromycin Thiocyanate |
|
ANNUAL OUTPUT: 4000TON STANDARD OF QUALITY: CONFORMS TO
BP2001、USP25、EP4. PACKING:25KG/DRUM、25KG/CARTON. |
ANNUAL OUTPUT: 3000TON STANDARD OF QUALITY:CONFORMS TO EDITION
1989 OF MINISTRY OF PUBLIC HEALTH
PR.CHINA、BP2000、USP24.PACKING: 25KG/DRUM. |
ANNUAL OUTPUT: 2000KG. STANDARD OF QUALITY:CONFORMS TO
BP98、CP95 PACKING: 2KG×4BOTTLE/CASE. |
ANNUAL OUTPUT: 3000KG. IT CAN BE PRODUCED ACCORDING TO CUSTOMER'S
NEED PACKING: 10KG/DRUM. |
ANNUAL OUTPUT: 2000TON STANDARD OF QUALITY: ENTERPRISE'S
INTERMEDIATE STANDARD/CPV2000 PACKING:20KG/DRUM |
SC sources its materials 100% from domestic
market, mainly Ningxia. SC sells 70% of its products in domestic market, and
30% to overseas market, mainly Southeast Asian market.
The buying terms of SC include Check, T/T and Credit of 30-60 days. The
payment terms of SC include T/T, L/C and Credit of 30-60 days.
*Major Customer:
==============
Ningxia Qiyuan Guoyao Co., Ltd.
SC is
known to have a subsidiary at present:
Ningxia Qiyuan Guoyao Co., Ltd.
Address:
No.85 Ning’an Street, Jinfeng District, Yinchuan, Ningxia.
Tel: 86
0951-5055178
Fax: 86
0951-5070398
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 Yinchuan Branch
AC#：2902009209021003861
Relationship:
Normal.
Balance Sheet (as of Dec. 31, 2007)
Unit: CNY’000
|
Cash & bank |
96,910 |
|
Inventory |
128,930 |
|
Accounts
receivable |
13,370 |
|
Other Accounts
receivable |
11,470 |
|
To be
apportioned expense |
0 |
|
Other current
assets |
13,370 |
|
|
------------------ |
|
Current assets |
264,050 |
|
Fixed assets net
value |
1,364,150 |
|
Projects under
construction |
695,860 |
|
Other assets |
-364,940 |
|
|
------------------ |
|
Total assets |
1,959,120 |
|
|
============= |
|
Short loans |
500,500 |
|
Accounts payable |
28,490 |
|
Other Accounts
payable |
14,710 |
|
Withdraw the
expenses in advance |
0 |
|
Other current
liabilities |
21,420 |
|
|
------------------ |
|
Current
liabilities |
565,120 |
|
Long term
liabilities |
676,400 |
|
Other
liabilities |
920 |
|
|
------------------ |
|
Total
liabilities |
1,242,440 |
|
Equities |
716,680 |
|
|
------------------ |
|
Total
liabilities & equities |
1,959,120 |
|
|
============= |
Income Statement (as of Dec. 31, 2007)
Unit: CNY’000
|
Turnover |
836,370 |
|
Cost of goods
sold |
634,410 |
|
Sales expense |
25,320 |
|
Management expense |
105,020 |
|
Finance expense |
19,910 |
|
Profit before
tax |
51,280 |
|
Less: profit tax |
0 |
|
Profits |
51,280 |
Important Ratios (as of Dec. 31, 2007)
=============================
*Current ratio 0.47
*Quick ratio 0.24
*Liabilities to
assets 0.63
*Net profit
margin (%) 6.13
*Return on total
assets (%) 2.62
*Inventory
/Turnover ×365 56 days
*Accounts
receivable/Turnover ×365 6 days
*Turnover/Total
assets 0.43
* Cost of goods
sold/Turnover 0.76
PROFITABILITY:
FAIRLY GOOD
l
The turnover of SC appears fairly good in its line.
l
SC’s net profit margin is fairly good.
l
SC’s return on total assets is average.
l
SC’s cost of goods sold is average, comparing with its turnover.
LIQUIDITY: FAIR
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 is maintained in an average level.
l
The accounts receivable of SC appears large.
l
The short-term loan of SC appears fairly large.
l
SC’s turnover is in a fair 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 low.
Overall financial
condition of the SC: Fairly Stable.
Over the past 7 years, SC has made a stable growth with fairly stable
financial conditions. The large amount of inventory could be a threat to SC’s
financial condition. A credit line up to USD 2,000,000
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. |
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%)