MIRA
INFORM REPORT
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Report Date : |
31.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
HANGZHOU CHYSZERN BIO-TECH CO LTD |
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Registered Office : |
G 19/F, Block 1, Goudu Development Building, No. 182,Zhaohui Road, Hanhzhou
City, Zhejiang Province 310 014 |
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Country : |
China |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
16.09.2002 |
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Com. Reg. No.: |
330103000001840 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Seller of veterinary medicine and feed additives. |
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 10,000 |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
hangzhou chyszern bio-tech co.,
ltd.
G, 19/F,
BLOCK 1, gUODU DEVELOPMENT BUILDING, NO. 182, ZHAOHUI ROAD
HANGZHOU
CITY, ZHEJIANG PROVINCE 310014 PR CHINA
浙江省杭州市朝晖路182号国都发展大厦1号楼19层G
TEL: 86
(0) 571-56850293 FAX: 86 (0)
571-85785669
EXECUTIVE SUMMARY
INCORPORATION
DATE : sep. 16,
2002
REGISTRATION
NO. :
330103000001840
REGISTERED
LEGAL FORM : Limited liabilities company
STAFF
STRENGTH :
30
REGISTERED
CAPITAL : CNY 5,000,000
BUSINESS
LINE :
trading
TURNOVER : CNY
26,210,000 (AS OF DEC. 31, 2006)
EQUITIES :
CNY 770,000 (AS OF DEC. 31, 2006)
PAYMENT
:
AVERAGE
RECOMM. CREDIT RANGE :
UP TO usd 10,000
MARKET
CONDITION :
average
FINANCIAL
CONDITION : fairly
stable
OPERATIONAL
TREND : fairly STEADY
GENERAL
REPUTATION : AVERAGE
EXCHANGE
RATE : CNY
7.19 = US$1 AS OF 2008-1-31
Note:
SC’s address should be the above stated one, instead of the given one THE 2ND
BRIDGE VILLAGE NINGWEI TOWN, XIAOSHAN, ZHEJIANG 311200 HANGZHOU.
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 Sep. 16, 2002.
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
wholesaling and retailing veterinary medicine, feed
additives, lab instruments and equipment; technical consulting of medical
intermediates & veterinary medicine; technical development and results
transfer of feed additives; manufacturing premixed feeds and chemical products;
importing and exporting commodities & technologies.
SC is mainly engaged in selling veterinary medicine and feed additives.
Mr. Wang Hong (王宏) has been
chairman of SC since 2002.
SC is known to have approx. 30 staff members
at present.
SC is currently operating
at the above stated address, and this address houses its operating office in
the commercial zone of Hangzhou. Our checks reveal that SC rents the total
premise about 500 square meters.
http://www.chyszbio.com The design is
professional and the content is well organized. At present the web site is both
in Chinese and English versions.
E-mail: sales@chyszbio.com
In 2007, SC’s registered
capital was increase from CNY 1,000,000 to the present amount; meanwhile, SC’s
registration number was changed from 3301032005244 to the present one.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Wang Hong 50.00
Sheng Lifang 18.75
Fang Zhong 12.50
Other individuals 18.75
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Chairman
and General Manager:
Mr. Wang Hong (王宏), in his 40’s with university education. He is currently responsible for the overall management of SC.
Working Experience(s):
From 2002 to present Working
in SC as chairman and general manager.
SC is mainly engaged in selling veterinary medicine and feed additives.
SC’s products mainly include: API, veterinary
medicine, finish product of vet drugs, feed
additives and bio-preparation.
SC sources its materials 15% from overseas market, and 85% from
domestic market, mainly Zhejiang. SC sells 90% of its products in domestic
market, mainly Zhejiang, and 10% to overseas market.
The buying terms of
SC include Check, T/T, L/C, 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:
==============
Zhejiang K-sheng
Bio-pharm. 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 : A trade
enquiry currently conducted with SC's supplier(s) reveal the following:
Products sold: veterinary
medicine
Date account opened: 2005
Line of credit: N/A
Terms:
T/T,
Credit of 30-60 days
Average monthly sales: N/A
Current balance: N/A
Rating Key : 3
Any Special Comments: _______________________________________
Payment record keys :
1 = Prompt
: Payment made before the credit period
expires
2 = As agreed terms : Payment made upon due date
3 = Slightly slow but acceptable : Payment made 5 to 20 days beyond
agreed terms
4 = Slow : Payment made 16 to 45 days beyond agreed
terms
5 = Poor : Payment made over 45 days beyond agreed
terms
6 = No comment : Account is newly opened & record is not
yet established
Note : In some instances, payment beyond terms can
be the result of disputes over merchandise, lost invoices, disputed accounts
& etc.
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.
v China Commercial Bank
AC#：72108120177
Relationship: Normal.
Balance Sheet
(as of Dec. 31, 2006)
Unit: CNY’000
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Cash & bank |
3,500 |
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Inventory |
1,570 |
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Accounts receivable |
6,800 |
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Other Accounts receivable |
1,330 |
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Advances to suppliers |
0 |
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To be apportioned expense |
0 |
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Other current assets |
2,480 |
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Current assets |
15,680 |
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Fixed assets |
540 |
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Long term investment |
0 |
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Other assets |
1,100 |
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Total assets |
17,320 |
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Short loans |
2,700 |
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Accounts payable |
7,460 |
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Other Accounts payable |
1,540 |
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Withdraw the expenses in advance |
0 |
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Other current liabilities |
4,850 |
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Current liabilities |
16,550 |
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Long term liabilities |
0 |
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Other liabilities |
0 |
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Total liabilities |
16,550 |
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Equities |
770 |
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Total liabilities & equities |
17,320 |
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Income Statement
(as of Dec. 31, 2006)
Unit: CNY’000
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Turnover |
26,210 |
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Cost of goods sold |
24,490 |
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Sales expense |
1,900 |
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Management expense |
0 |
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Finance expense |
89 |
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Profit before tax |
72 |
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Less: profit tax |
61 |
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Profits |
11 |
Important Ratios
(as
of Dec. 31, 2006)
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*Current ratio 0.95
*Quick ratio 0.85
*Liabilities to assets 0.96
*Net profit margin (%) 0.04
*Return on total assets (%) 0.06
*Inventory /Turnover ×365 22days
*Accounts receivable/Turnover ×365 95days
*Turnover/Total assets 1.51
* Cost of goods sold/Turnover 0.93
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 average.
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SC’s return on
total assets is average.
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SC’s cost of
goods sold is fairly high, comparing with its turnover.
LIQUIDITY: AVERAGE
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The current
ratio of SC is maintained in a fair 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 appears fairly large.
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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: FAIR
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The debt ratio
of SC is high.
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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. A credit
line up to USD 10,000 appears to be within SC’s capacities.
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%)