MIRA
INFORM REPORT
|
Report Date : |
25.11.2008 |
IDENTIFICATION
DETAILS
|
Name : |
NORTH CHINA
PHARMACEUTICAL GOODSTAR CO., LTD. |
|
|
|
|
Registered Office : |
High Tech Development Zone, Chengde, Hebei
Province, 067000 Pr |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
31.12.2007 |
|
|
|
|
Date of Incorporation : |
15.12.1995 |
|
|
|
|
Com. Reg. No.: |
130805000002142 |
|
|
|
|
Legal Form : |
Limited Liabilities Company |
|
|
|
|
Line of Business : |
Manufacturing and Selling Antibiotic and Raw Material Medicine |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 500,000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
name & address
NORTH CHINA
PHARMACEUTICAL GOODSTAR CO., LTD.
HIGH TECH DEVELOPMENT ZONE, CHENGDE,
HEBEI PROVINCE, 067000 PR CHINA
TEL: 86 (0) 314-2155180 FAX:
86 (0) 314-2156115
EXECUTIVE SUMMARY
INCORPORATION DATE :
DEC. 15, 1995
REGISTRATION NO. :
130805000002142
REGISTERED LEGAL FORM : LIMITED LIABILITIES COMPANY
STAFF STRENGTH :
850
REGISTERED CAPITAL : CNY 46,000,000
BUSINESS LINE :
MANUFACTURING
TURNOVER :
CNY 112,540,000 (AS OF DEC. 31,
2007)
EQUITIES :
CNY 40,630,000 (AS OF DEC. 31, 2007)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO
USD 500,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : STABLE
OPERATIONAL TREND : fairly STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.84 = 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 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 Dec. 15, 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 medicine.
SC is mainly
engaged in manufacturing and selling antibiotic and raw material medicine.
Mr. Li
Baorong has been chairman of SC since
1995.
SC is known
to have approx. 850 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 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
SC’s former registered number: 1308001195010.
MAIN SHAREHOLDERS:
Name %
of Shareholding
North China Pharmaceutical Co., Ltd. 65
Chengde the No.1 Pharmaceutical Factory 35
North China Pharmaceutical Co., Ltd.
============================
North China Pharmaceutical Co., Ltd. is a
listed company at Shanghai Stock Exchange with 27.88% of shares held by North
China Pharmaceutical Group Corp. (NCPC).
l
Chairman:
Mr. Li Baorong, 55 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.
l
General Manager:
Mr. Li Bo, 33 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 medicine.
SC’s products
include Tetracycline HCL, Tetracycline, and Tetracycline HCL Capsules.
SC sources its
materials 100% from domestic market, mainly Hebei and Beijing. SC sells 30% of
its products in domestic market and 70% to Japan, South Korea, Europe and
Southeast Asian countries.
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:
============
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 China Chengde Branch
AC#0411001409221020392
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
|
|
As
of Dec. 31, 2006 |
As
of Dec. 31, 2007 |
|
Cash & bank |
13,490 |
11,250 |
|
Inventory |
6,130 |
7,960 |
|
Accounts
receivable |
13,100 |
12,850 |
|
Advances to
suppliers |
3,480 |
10,410 |
|
Other
receivables |
2,060 |
1,560 |
|
Other current
assets |
1,760 |
1,320 |
|
|
------------------ |
------------------ |
|
Current assets |
40,020 |
45,350 |
|
Fixed assets net
value |
29,430 |
34,250 |
|
Projects under
construction |
0 |
5,120 |
|
Long term
investment |
0 |
0 |
|
Other assets |
3,270 |
420 |
|
|
------------------ |
------------------ |
|
Total assets |
72,720 |
85,140 |
|
|
============= |
============= |
|
Short loans |
8,100 |
15,000 |
|
Accounts payable |
6,780 |
11,050 |
|
Advances from
clients |
130 |
5,610 |
|
Bills payable |
10,640 |
5,500 |
|
Taxes payable |
0 |
-210 |
|
Salaries payable |
0 |
0 |
|
Other payable |
970 |
5,100 |
|
Other current
liabilities |
5,580 |
2,460 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
32,200 |
44,510 |
|
Long term
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
32,200 |
44,510 |
|
Equities |
40,520 |
40,630 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
72,720 |
85,140 |
|
|
============= |
============= |
Income Statement
Unit: CNY’000
|
|
As of Dec. 31, 2006 |
As of Dec. 31, 2007 |
|
Turnover |
100,610 |
112,540 |
|
Cost of goods
sold |
85,720 |
92,680 |
|
Sales expense |
2,070 |
3,650 |
|
Management expense |
12,540 |
16,410 |
|
Finance expense |
640 |
560 |
|
Profit before
tax |
-360 |
110 |
|
Less: profit tax |
0 |
0 |
|
Profits |
-360 |
110 |
Important Ratios
=============
|
|
2006 |
2007 |
|
*Current ratio |
1.24 |
1.02 |
|
*Quick ratio |
1.05 |
0.84 |
|
*Liabilities
to assets |
0.44 |
0.52 |
|
*Net profit
margin (%) |
-0.36 |
0.09 |
|
*Return on
total assets (%) |
-0.50 |
0.13 |
|
*Inventory
/Turnover ×365 |
22days |
26days |
|
*Accounts
receivable/Turnover ×365 |
48days |
42days |
|
*Turnover/Total
assets |
1.38 |
1.32 |
|
* Cost of
goods sold/Turnover |
0.85 |
0.82 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears fairly good in 2006 and 2007.
l
SC’s net profit margin is fair in 2006 and average in 2007.
l
SC’s return on total assets is fair in 2006 and average in 2007.
l
SC’s cost of goods sold is average, comparing with its turnover.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a normal level.
l
SC’s quick ratio is maintained in a normal level.
l
The accounts receivable of SC appears average.
l
The inventory of SC is average.
l
The short loans of SC appear fairly large in 2007.
l
SC’s turnover is in an average 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: Stable.
SC is considered medium-sized in its line with stable financial
conditions. A credit line up to USD 500,000 appears to be within SC’s capacity.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.85 |
|
UK Pound |
1 |
Rs.76.60 |
|
Euro |
1 |
Rs.64.68 |
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%)