MIRA INFORM REPORT
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Report Date : |
18.04.2011 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
The First Nanquan Industrial District, |
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Country : |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
17.11.1999 |
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Com. Reg. No.: |
331081100009192 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Manufacturing and selling antibiotics, antiviral pharmaceutical raw materials, pharmaceutical intermediates, and sea biochemical & health products. |
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 |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
usd 150,000 |
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Status : |
Moderate |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2010
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Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
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A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Name
and address
The First Nanquan
Industrial District,
TEL: 86 (0)
576-86142506/86142587 FAX: 86 (0)
576-86142507
EXECUTIVE
SUMMARY
INCORPORATION DATE : november 17, 1999
REGISTRATION NO. : 331081100009192
REGISTERED LEGAL FORM : Limited liabilities
company
STAFF STRENGTH :
220
REGISTERED CAPITAL : CNY 20,000,000
BUSINESS LINE :
manufacturing
TURNOVER :
CNY 47,490,000 (AS OF DEC. 31, 2010)
EQUITIES :
CNY 24,780,000 (AS OF DEC. 31, 2010)
PAYMENT :
AVERAGE
RECOMM.
MARKET CONDITION : average
FINANCIAL CONDITION : fairly STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.53 = USD 1
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY -
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 November 17, 1999.
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 active pharmaceutical ingredient (API)
(tenofovir fumarate esters, adefovir dipivoxil); manufacturing and selling sea
biochemical products, chitin, clindamycin phosphate pharmaceutical
intermediates, non-edible ice; selling other pharmaceutical intermediates,
health food; importing and exporting goods and technology.
SC is mainly
engaged in manufacturing and selling antibiotics, antiviral pharmaceutical raw
materials, pharmaceutical intermediates, and sea biochemical & health
products.
Mr. Zhuang
Xiaoen has been the legal representative
and chairman of SC since 1999.
SC is known to
have approx. 220 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 Wenling. Our checks
reveal that SC owns the total premise, but the gross area is unspecified.
http://www.candorly.com/
The design is professional and the content is well organized. At present the
web site is in Chinese version and English version is under construction.
E-mail: trade@candorly.com
SC has got the certificate ISO9002.
Changes of its
registered information are as follows:
|
Date of change |
Item |
Before the
change |
After the change |
|
2010-8 |
Registered capital |
CNY 10,000,000 |
Present amount |
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Shareholders |
Zhuang Xiaoen 33.06% Guo Weimin
20.79% Guo Dingshun
9.31% Lin Yingxu 7.92% Guo Hongliang
7.73% Chen Xiaoqing
6.34% Guo Dingliang 3.96% Zhuang Dehui 5.35% Chen Dongsheng 3.96% Zhuang Jianhua 1.58% |
Present ones |
|
|
2011-2 |
Company name |
Taizhou Candorly
Sea Biochemical & Health Products Co., Ltd. |
Present one |
MAIN SHAREHOLDERS:
Name %
of Shareholding
Zheng Xixi 25.00
Guo Jiaming 20.00
Zhuang Xiaoen 21.53
Guo Weimin 10.39
Guo Dingshun 4.65
Lin Yingxu 3.96
Guo Hongliang 3.87
Chen Xiaoqing 3.17
Zhuang Dehui 2.68
Guo Dingliang 1.98
Chen Dongsheng 1.98
Zhuang Jianhua 0.79
l Legal
Representative and Chairman:
Mr.
Working Experience(s):
From 1999 to present Working in SC as legal representative and chairman
Also
working in Taizhou Candorly Sea Biochemical & Health Products Co.,
Ltd. Wenling Branch as principal
l Board of
Directors:
Guo Dingshun (ID# 332623690515725)
Chen Xiaoqing (ID#
332623701107661)
Chen Dongsheng (ID# 332623480131725)
Guo Weimin (ID# 332623194409207255)
SC is mainly engaged
in manufacturing and selling antibiotics, antiviral pharmaceutical raw
materials, pharmaceutical intermediates, and sea biochemical & health
products.
SC’s products
mainly include: clindamycin phosphate, didanosine, D-glucosamine hydrochloride,
formoterol fumarate, tenofovir, etc.
SC sources its materials 100% from domestic
market, mainly
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.
Note:
SC’s management declined to release its major suppliers and clients.
SC
is known to have a branch at present:
Taizhou
Candorly Sea Biochemical & Health Products Co., Ltd. Wenling Branch
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 &
Commercial Bank of
AC#1207048119045821706
Relationship:
Balance Sheet
|
Unit: CNY’000 |
as
of Dec. 31, 2009 |
as
of Dec. 31, 2010 |
|
Cash & bank |
3,220 |
3,470 |
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Inventory |
13,230 |
13,030 |
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Accounts
receivable |
5,100 |
4,020 |
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Other Accounts
receivable |
1,530 |
1,160 |
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To be
apportioned expense |
0 |
0 |
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Other current
assets |
230 |
540 |
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------------------ |
------------------ |
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Current assets |
23,310 |
22,220 |
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Fixed assets net
value |
10,820 |
14,320 |
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Projects under
construction |
0 |
4,450 |
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Long term
investment |
0 |
280 |
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Other assets |
7,410 |
1,300 |
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------------------ |
------------------ |
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Total assets |
41,540 |
42,570 |
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============= |
============= |
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Short loans |
20,690 |
16,000 |
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Accounts payable |
5,300 |
2,280 |
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Other Accounts
payable |
-670 |
-890 |
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Withdraw the
expenses in advance |
0 |
0 |
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Taxes payable |
-830 |
-500 |
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Other current
liabilities |
340 |
0 |
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------------------ |
------------------ |
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Current
liabilities |
24,830 |
16,890 |
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Long term liabilities |
1,900 |
900 |
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Other
liabilities |
10 |
0 |
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------------------ |
------------------ |
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Total
liabilities |
26,740 |
17,790 |
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Equities |
14,800 |
24,780 |
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------------------ |
------------------ |
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Total
liabilities & equities |
41,540 |
42,570 |
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============= |
============= |
Income Statement
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Unit: CNY’000 |
as of Dec. 31,
2009 |
as of Dec. 31,
2010 |
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Turnover |
42,840 |
47,490 |
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Cost of goods
sold |
37,480 |
41,400 |
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Sales expense |
1,320 |
1,420 |
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Management expense |
3,190 |
3,600 |
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Finance expense |
1,190 |
1,190 |
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Profit before
tax |
60 |
140 |
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Less: profit tax |
0 |
0 |
|
Profits |
60 |
140 |
Important
Ratios
=============
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As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
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*Current ratio |
0.94 |
1.32 |
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*Quick ratio |
0.41 |
0.54 |
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*Liabilities
to assets |
0.64 |
0.42 |
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*Net profit
margin (%) |
0.14 |
0.29 |
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*Return on
total assets (%) |
0.14 |
0.33 |
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*Inventory
/Turnover ×365 |
113 days |
100 days |
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*Accounts receivable/Turnover
×365 |
44 days |
31 days |
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*Turnover/Total
assets |
1.03 |
1.12 |
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* Cost of
goods sold/Turnover |
0.87 |
0.87 |
PROFITABILITY:
AVERAGE
l The turnover of SC
appears average in its line.
l SC’s net profit
margin is average in both 2 years.
l SC’s return on
total assets is average in both 2 years.
l
SC’s cost of goods sold is average in both 2 years,
comparing with its turnover.
LIQUIDITY: FAIR
l
The current ratio of SC is maintained in a fair level
in 2009 and in a normal level in 2010.
l
SC’s quick ratio is maintained in a fair level in
both 2 years.
l
The inventory of SC appears large in both 2 years.
l
The accounts receivable of SC appears average in
both 2 years.
l
The short-term loan of SC appears large in both 2
years.
l
SC’s turnover is in an average level in both 2
years, 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 average.
Overall financial condition
of the SC: Fairly Stable.
SC is considered medium-sized in its line with fairly stable financial
conditions. The large amount of inventory and short-term loan could be a threat
to SC’s financial condition. A credit line up to USD 150,000 would appear to be within SC’s capacities upon a
periodical review basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.52 |
|
|
1 |
Rs.72.72 |
|
Euro |
1 |
Rs.64.41 |
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
NB |
New Business |
-- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.