MIRA
INFORM REPORT
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Report Date : |
13.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
HUNAN
STEROIDCHEM PHARMACEUTICAL CO., LTD. |
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Registered Office : |
Room 2207, 25/F, No.460 Shaoshan Road, Yuhua District, Changsha, Hunan
Province, 410007 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
04.06. 2007 |
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Com. Reg. No.: |
430111000028106 |
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Legal Form : |
One-Person Limited Liability Company |
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Line of Business : |
Selling Chemical Raw Materials and Pharmaceutical Intermediates. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 15,000 |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name & address
HUNAN STEROIDCHEM
PHARMACEUTICAL CO., LTD.
ROOM 2207, 25/F, NO.460 SHAOSHAN ROAD, YUHUA
DISTRICT, CHANGSHA,
HUNAN PROVINCE, 410007 PR CHINA
TEL: 0086-731-2762879 FAX:
0086-731-2762619
EXECUTIVE SUMMARY
INCORPORATION DATE : JUN. 4, 2007
REGISTRATION NO. :
430111000028106
REGISTERED LEGAL FORM : ONE-PERSON LIMITED LIABILITY COMPANY
CHIEF EXECUTIVE :
MR. SHEN YULIANG (CHAIRMAN)
STAFF STRENGTH :
8
REGISTERED CAPITAL : CNY 1,010,000
BUSINESS LINE : TRADING
TURNOVER :
CNY 8,090,000 (AS OF DEC. 31,
2007)
EQUITIES :
CNY 1,370,000 (AS OF DEC. 31, 2007)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO
USD 15,000
MARKET CONDITION :
AVERAGE
FINANCIAL CONDITION : FAIRLY STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.86351 = USD 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 One-person Limited Liability Company
at local Administration for Industry & Commerce (AIC - The official body of
issuing and renewing business license) on Jun. 4, 2007.
Company Status: One-person Limited Liability Company Single person
LLC refers to a limited liability company set up by only one natural person
or legal person as the single shareholder of it. The minimum
registered capital of Single person LLC is CNY100,000. The shareholder’s
capital contributes, as set out by the articles of associations should be a
lump-sum payment in full. One natural
person can only invest in and set up one limited liability company, which
is not permitted to invest in and set up a new Single person LLC. As to any
one-person limited liability company, the sole-investor nature of the
natural person or legal person shall be indicated in the registration
documents of the company and shall be indicated in the business license
thereof as well. The regulation
of Single person LLC should be set up by the shareholder The regulation
of Single person LLC has no shareholder meeting.
SC’s registered business scope includes processing, producing and selling
chemical raw materials and pharmaceutical intermediates; after-sale services,
importing and exporting services (with permit if needed).
SC is mainly
engaged in selling chemical raw materials and pharmaceutical intermediates.
Mr. Shen Yuliang has
been legal representative and chairman of SC since 2007.
SC is known to have approx. 8 employees at present.
SC is
currently operating at the above stated address, and this address houses its
operating office in the commercial zone of Changsha. Our checks reveal that SC
rents the total premise about 100 square meters.
http://www.steroidchem-pharm.com The design is professional and the content
is well organized. At present it is both in Chinese and English versions.
E-Mail: sales@steroidchem-pharm.com
No significant events or changes were found during our checks with the local
Administration for Industry and Commerce.
MAIN SHAREHOLDERS:
Name %
of Shareholding
HUNAN STEROID
CHEMICALS CO., LTD. 100
Hunan Steroid Chemicals Co., Ltd. strictly
follows the GMP regulations to catch up with the international standards step
by step both in the fields of Production and management. The company got the
ISO9001:2000 certification by early 2004.
INCORPORATION DATE: MAR. 26, 2002
REGISTRATION NO.: 430500000005686
REGISTERED LEGAL FORM : LIMITED LIABILITIES CO.
CHIEF EXECUTIVE: MR. SHEN YULIANG (CHAIRMAN)
REGISTERED CAPITAL: CNY 10,000,000
TEL: 0086-739-5271158
FAX: 0086-739-5271168
l
Legal representative, chairman and general
manager:
Mr. Shen Yuliang, about 45 years old with university education. He is
currently responsible for the overall management of SC.
Working Experience(s):
From 2007 to present Working in SC and Hunan Steroid Chemicals Co., Ltd. as
chairman, legal q representative and
general manager.
l
Vice-General manager:
Mr. Liu Xihua, in his 30’s with university education. He is currently
responsible for the daily management of SC.
Working Experience(s):
From 2007 to present Working
in SC as vice-general manager.
SC is mainly
engaged in selling chemical raw materials and pharmaceutical intermediates.
SC’s products mainly include: Deflazacort, Budesonide, Desonide,
Triamcinolone, Acetonide, Methylprednisolone, Meprednisone, Fluorometholone,
Estrone, Estradiol and Drospirenone.
SC sources its merchandises 10% from the overseas market and 90% from
domestic market. SC sells 10% of its merchandises in domestic market, and 90%
to overseas market, mainly in India and Switzerland.
The buying terms of SC include Check, L/C, 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 Supplier*
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Mingxiang Huanyu Co., Ltd.
*Major Customer*
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Emco Ltd. (Switzerland)
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 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.
Shanghai Pudong
Development Bank Changsha Sub-branch
AC#66010154740002670
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
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as
of Dec. 31, 2007 |
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Cash & bank |
120 |
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Bills receivable |
0 |
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Accounts
receivable |
2,110 |
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Other
receivables |
90 |
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Advances to
suppliers |
220 |
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Inventory |
10 |
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Prepaid expenses |
0 |
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Other current
assets |
240 |
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Current assets |
2,790 |
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Fixed assets |
200 |
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Fixed assets net
value |
200 |
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Projects under
construction |
0 |
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Long term
investment |
0 |
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Other assets |
0 |
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Total assets |
2,990 |
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============= |
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Short loans |
0 |
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Bills payable |
0 |
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Accounts payable |
1,610 |
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Welfare payable |
10 |
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Advances from
clients |
0 |
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Accrued payroll |
0 |
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Tax payable |
0 |
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Other payable |
0 |
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Surcharge
payable |
0 |
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Other current
liabilities |
0 |
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Current liabilities |
1,620 |
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Long term
liabilities |
0 |
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Total
liabilities |
1,620 |
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Equities |
1,370 |
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Total
liabilities & equities |
2,990 |
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Income Statement
Unit: CNY’000
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as of Dec. 31, 2007 |
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Turnover |
8,090 |
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Cost of goods
sold |
7,030 |
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Sales expense |
70 |
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Management expense |
110 |
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Finance expense |
10 |
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Profit before
tax |
880 |
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Less: profit tax |
0 |
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Profits |
880 |
Important Ratios
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as
of Dec. 31, 2007 |
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*Current ratio |
1.72 |
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*Quick ratio |
1.72 |
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*Liabilities
to assets |
0.54 |
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*Net profit
margin (%) |
10.88 |
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*Return on
total assets (%) |
29.43 |
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*Inventory /Turnover
×365 |
1 day |
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*Accounts
receivable/Turnover ×365 |
96 days |
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*Turnover/Total
assets |
2.71 |
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* Cost of
goods sold/Turnover |
0.87 |
PROFITABILITY:
AVERAGE
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The turnover of SC appears average 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 normal level.
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SC’s quick ratio is maintained in a normal level.
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The inventory conversion period of SC appears average.
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The accounts receivable of SC appears fairly large.
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There’s no short-term loan of SC in 2007.
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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 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 small-sized in its line with fairly stable financial
conditions. The large amount of accounts receivable could be a threat to SC’s
financial condition. A credit line up to USD 15,000 would appear to be within
SC’s capacities.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.42.67 |
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UK Pound |
1 |
Rs.80.92 |
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Euro |
1 |
Rs.63.71 |
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%)