MIRA
INFORM REPORT
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Report Date : |
07.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
ZHEJIANG SUPOR
PHARMACEUTICALS CO., LTD. |
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Registered Office : |
Yuedong Road, Paojiang Industrial Zone, Shaoxing, Zhejiang Province,
312071 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
30.05. 2002 |
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Com. Reg. No.: |
3306001006869 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Manufacturing and Selling Pharmaceutical Chemical Intermediate. |
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 60,000 |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name & address
ZHEJIANG SUPOR
PHARMACEUTICALS CO., LTD.
YUEDONG ROAD, PAOJIANG INDUSTRIAL ZONE,
SHAOXING,
ZHEJIANG PROVINCE, 312071 PR CHINA
TEL: 86 (0) 575-88042728 FAX: 86 (0) 575-88040472
EXECUTIVE SUMMARY
INCORPORATION DATE : MAY 30, 2002
REGISTRATION NO. : 3306001006869
REGISTERED LEGAL FORM : LIMITED LIABILITIES
COMPANY
STAFF STRENGTH :
250
REGISTERED CAPITAL : CNY 10,000,000
BUSINESS LINE :
MANUFACTURING
TURNOVER :
cny 30,730,000 (AS OF DEC. 31, 2006)
EQUITIES :
cny 11,370,000 (AS OF DEC. 31, 2006)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : up to usd 60,000
MARKET CONDITION : competitive
FINANCIAL CONDITION : FAIRly stable
OPERATIONAL TREND : steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 7.00= USD1
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY - China Yuan Ren Min Bi
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 May 30, 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 manufacturing and selling
pharmaceutical chemical intermediate; manufacturing raw materials medicines;
exporting its products and technology; importing and exporting various goods;
processing with imported materials, processing with imported samples,
assembling with imported parts, and compensation trade in agreement.
SC is mainly
engaged in manufacturing and selling pharmaceutical chemical intermediate.
Mr. Lin Kang has been chairman of SC since 2006.
SC is known
to have approx. 250 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 Shaoxing. Our checks
reveal that SC owns the total premise about 40,000 square meters.
http://www.suporpharm.com
. The design is professional and the content is well organized. At present it
is in both Chinese and English versions.
E-Mail: sales@suporpharm.com
Changes of its registered information:
|
Date |
Items |
Before changed |
After changed |
|
Nov. 2006 |
Legal Rep. |
Huang Xianqing |
Lin Kang |
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Shareholders |
Lin Kang 5% Tong Xiaobing5% Zhejiang Kinisy Pharmaceutial Co., Ltd. 10%; Supor Group Co., Ltd. 80%. |
Present ones |
MAIN SHAREHOLDERS:
Name %
of Shareholding
Supor Group Co., Ltd. 85
Zhejiang South Ocean Pharmaceutical Co.,
Ltd. 10
Lin Kang 5
Supor Group Co., Ltd.
It is a large sized group company
incorporated in 1994. At present it owns about 18 subsidiaries including
Zhejiang Supor Co., Ltd., which is listed in Shenzhen stock exchange.
Tel: 86 571-86770888
Fax: 86 571-86770000
Web: http://www.suporgroup.com
l
Chairman:
Mr. Lin Kang , ID: 332627196811220612, in his 40’s with university
education. He is currently responsible for the overall management of SC.
Working Experience(s):
From 2006 to present Working
in SC as chairman.
l
General Manager:
Mr. Tong Xiaobing, ID: 310107620916121, in his 40’s 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 pharmaceutical chemical intermediate.
SC’s products
mainly include:
|
No. |
Product name |
CAS NO |
Quality standard |
DMF |
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01 |
19387-91-8 |
Usp29 EP5.5 CP2005 |
US DMF #18824 |
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02 |
3366-95-8 |
In-house Standard |
US DMF#19450 |
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03 |
16773-42-5 |
In-house Standard |
DMF Available |
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04 |
31677-93-7 |
Usp29 |
US DMF#18123 |
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05 |
84057-84-1 |
In-house Standard |
US DMF#19542 |
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06 |
111974-72-2 |
In-house Standard |
US DMF#19541 CANADA DMF |
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07 |
72509-76-3 |
EP5.5 USP29 CP2005 |
USDMF# 19449 |
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08 |
53-19-0 |
USP29 |
DMF Available |
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09 |
13 2539-06-1 |
In-house Standard |
DMF Available |
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10 |
59729-32-7 |
USP29 |
DMF Available |
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11 |
57248-88-1 |
EP5.5 |
DMF Available |
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12 |
121268-17-5 |
USP29 |
DMF Available |
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13 |
118072-93-8 |
In-house Standard |
DMF Available |
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14 |
103628-48-4 |
USP29 BP2005 EP5.5 |
DMF Available |
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15 |
154323-57-6 |
In-house Standard |
DMF Available |
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16 |
144034-80-0 |
In-house Standard |
DMF Available |
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17 |
139264-17-8 |
In-house Standard |
DMF Available |
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18 |
89796-99-6
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In-house
Standard |
DMF
Available |
SC sources its
materials 80% from domestic market, and 20% from the overseas market, mainly
European countries. SC sells 70% of its products in domestic market, and 30% to
the overseas market, mainly American and European countries.
The buying terms of SC include Check, T/T, L/C and Credit of 30-60 days.
The payment terms of SC include T/T, L/C and Credit of 30-60 days.
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
domestic 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 and Commercial Bank of China Yuecheng Sub-branch Paojiang
Office
AC#1211017409200003526
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
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As
of Dec. 31, 2005 |
As
of Dec. 31, 2006 |
|
Cash & bank |
2,970 |
1,270 |
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Inventory |
5,170 |
7,770 |
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Accounts
receivable |
7,010 |
6,070 |
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Advances to
suppliers |
720 |
700 |
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Other
receivables |
310 |
210 |
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Other current
assets |
120 |
40 |
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------------------ |
------------------ |
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Current assets |
16,300 |
16,060 |
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Fixed assets net
value |
15,830 |
17,340 |
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Projects under
construction |
1,190 |
7,290 |
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Long term
investment |
0 |
450 |
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Other assets |
3,250 |
3,150 |
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------------------- |
------------------ |
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Total assets |
36,570 |
44,290 |
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============ |
============= |
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Short loans |
8,500 |
15,450 |
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Accounts payable |
1,730 |
2,260 |
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Advances from
clients |
0 |
70 |
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Taxes payable |
-180 |
630 |
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Salaries payable |
210 |
250 |
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Other payable |
16,310 |
13,170 |
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Other current
liabilities |
1,240 |
1,090 |
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------------------ |
------------------ |
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Current
liabilities |
27,810 |
32,920 |
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Long term
liabilities |
100 |
0 |
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------------------ |
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Total
liabilities |
27,910 |
32,920 |
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Equities |
8,660 |
11,370 |
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-------------------- |
------------------ |
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Total
liabilities & equities |
36,570 |
44,290 |
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============= |
============= |
Income Statement
Unit: CNY’000
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As of Dec. 31, 2005 |
As of Dec. 31, 2006 |
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Turnover |
22,590 |
30,730 |
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Cost of goods
sold |
16,520 |
20,620 |
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Sales expense |
790 |
860 |
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Management expense |
2,380 |
3,680 |
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Finance expense |
680 |
1,380 |
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Profit before
tax |
2,150 |
3,900 |
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Less: profit tax |
330 |
1,230 |
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Profits |
1,820 |
2,670 |
Important Ratios
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2005 |
2006 |
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*Current ratio |
0.59 |
0.49 |
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*Quick ratio |
0.40 |
0.25 |
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*Liabilities
to assets |
0.76 |
0.74 |
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*Net profit
margin (%) |
8.06 |
8.69 |
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*Return on
total assets (%) |
4.98 |
6.03 |
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*Inventory
/Turnover ×365 |
84days |
92days |
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*Accounts
receivable/Turnover ×365 |
113days |
72days |
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*Turnover/Total
assets |
0.62 |
0.69 |
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* Cost of
goods sold/Turnover |
0.73 |
0.67 |
PROFITABILITY:
AVERAGE
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The turnover of SC appears average in 2005 and 2006.
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SC’s net profit margin is fairly good in 2005 and 2006.
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SC’s return on total assets is fairly good in 2005 and 2006.
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SC’s cost of goods sold is average, comparing with its turnover.
LIQUIDITY: FAIR
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The current ratio of SC is maintained in a fair level in 2005 and 2006.
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SC’s quick ratio is maintained in a fair level in 2005 and 2006.
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The accounts receivable of SC is average.
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The inventory of SC is average.
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The short loans of SC are fairly large in both years.
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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 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 medium-sized in its line with fairly stable financial
conditions. Credit dealings of small amount can be considered for it at
present.
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%)