MIRA INFORM REPORT
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Report Date : |
20.04.2011 |
IDENTIFICATION DETAILS
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Name : |
NANJING
WISDOMPHARM CHEMICAL CO., LTD. |
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Registered Office : |
Room 2207, |
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Country : |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
14.03.2008 |
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Com. Reg. No.: |
320103000157917 |
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Legal Form : |
Limited Liabilities Co. |
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Line of Business : |
Exporting Chemical 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 2,000 |
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Status : |
Small Company |
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Payment Behaviour : |
Slow but correct |
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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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A1 |
A1 |
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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 |
Company name and address
NANJING WISDOMPHARM CHEMICAL CO., LTD.
ROOM 2207,
GULOU DISTRICT,
TEL: 86 (0) 25-84752770/84752772
FAX: 86 (0) 25-84773443
EXECUTIVE
SUMMARY
INCORPORATION DATE :
MARCH 14, 2008
REGISTRATION NO. :
320103000157917
REGISTERED LEGAL FORM : LIMITED LIABILITIES CO.
STAFF STRENGTH : 6
REGISTERED CAPITAL : CNY 580,000
BUSINESS LINE :
TRADING
TURNOVER :
CNY 8,040,000 (AS OF DEC. 31, 2010)
EQUITIES :
CNY 590,000 (AS OF DEC. 31, 2010)
PAYMENT :
AVERAGE
RECOMM.
MARKET CONDITION :
AVERAGE
FINANCIAL CONDITION :
FAIRLY STABLE
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 6.51950=USD 1
Adopted
abbreviations
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY –
Note: SC’s complete name should be the heading one, instead of the given one “Nanjing Wisdom Pharm Co., Ltd.”.
SC was registered as a limited liabilities co. at local Administration for Industry & Commerce (AIC-The official body of issuing and renewing business license) on March 14, 2008.
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 selling
chemical products; importing and exporting commodities and technology.
SC
is mainly engaged in exporting chemical products.
Mr.
Sun Tao has been legal representative and chairman of SC since 2008.
SC is known
to have approx. 6 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office in the commercial zone of Nanjing. Our checks reveal that SC
owns the total premise about 130 square meters.
http://www.wisdom-pharm.com/ The
design is professional and the content is well organized. At present it is both
in Chinese and English versions.
Email: sales@wisdom-pharm.com
No significant events or changes were found during our checks with the
local AIC.
MAIN SHAREHOLDERS:
Name %
of shareholdings
Jin Ping 65.52
Sun Tao 34.48
l Legal Representative and Chairman:
Mr. Sun Tao ID# 321282198610060017, born in 1986 with junior college
education, he is currently responsible for the overall management of SC.
Working Experience(s):
From 2008 to present Working in SC as legal representative
and chairman.
l General Manager:
Ms. Jin Ping ID# 321024196707072467, born in 1967 with middle school education, she is currently responsiblefor the daily management of SC.
Working Experience(s):
At present Working in SC as general manager.
SC
is mainly engaged in exporting chemical products.
SC’s products
mainly include: organosilane series, pyridine derivatives series, montelukast
intermediate, special chemicals, API, and etc.
SC sources its
materials 99% from domestic market, and 1% from overseas markets, mainly
The buying terms of SC include Check, L/C, T/T and Credit of 30-60 days.
The payment terms of SC include Check, L/C, T/T, and Credit of 30-60 days.
*Major Supplier:
============
Jiangsu Wisdom Pharmaceutical Co., Ltd.
Note:
SC’s employee refused to release its major customers.
According to the above
website:
Jiangsu Wisdom Pharmaceutical Co., Ltd.
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:
Supplier
A
Products sold: Medical
intermediate
Date account opened: 2008
Line of credit: No comment
Terms: T/T,
Credit of 30-60 days
Average monthly sales: No comment
Current balance: No comment
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.
Agricultural
Bank of
AC#:
11350104000853
Relationship:
Balance Sheet
Unit: CNY’000
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As of Dec. 31, 2010 |
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Cash & bank |
1,710 |
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Notes receivable |
0 |
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Inventory |
2,020 |
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Accounts
receivable |
0 |
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Advances to
suppliers |
0 |
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Other accounts
receivable |
50 |
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Other current
assets |
0 |
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------------------ |
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Current assets |
3,780 |
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Fixed assets net
value |
5,770 |
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Project under
construction |
0 |
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Long-term
deferred expenses |
140 |
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Intangible and
other assets |
0 |
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------------------ |
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Total assets |
9,690 |
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============= |
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Short loans |
0 |
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Notes payable |
0 |
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Accounts payable |
5,620 |
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Advances from
clients |
60 |
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Accrued payroll |
0 |
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Taxes payable |
-1,110 |
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Other accounts
payable |
4,530 |
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Other current
liabilities |
0 |
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------------------ |
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Current liabilities |
9,100 |
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Long-term
liabilities |
0 |
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Total
liabilities |
9,100 |
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Equities |
590 |
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------------------ |
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Total
liabilities & equities |
9,690 |
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============= |
Income Statement
Unit: CNY’000
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As of Dec. 31,
2010 |
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Turnover |
8,040 |
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Cost of goods sold |
6,690 |
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Taxes and additional of main
operation |
10 |
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Sales expense |
90 |
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Management expense |
1,240 |
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Finance expense |
10 |
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Profit before
tax |
10 |
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9.7 |
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Profits |
0.3 |
Important Ratios
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As
of Dec. 31, 2010 |
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*Current ratio |
0.42 |
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*Quick ratio |
0.19 |
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*Liabilities
to assets |
0.94 |
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*Net profit
margin (%) |
0.004 |
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*Return on
total assets (%) |
0.003 |
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*Inventory /Turnover
×365 |
92 days |
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*Accounts
receivable/Turnover ×365 |
/ |
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*Turnover/Total
assets |
0.83 |
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* Cost of
goods sold/Turnover |
0.83 |
PROFITABILITY:
AVERAGE
l The turnover of SC
appears average in its line.
l SC’s net profit
margin appears average.
l SC’s return on
total assets appears average.
l
SC’s cost of goods sold is average, comparing with
its turnover.
LIQUIDITY: FAIR
l
The current ratio of SC is maintained in a fair
level.
l
SC’s quick ratio is maintained in a poor level.
l
The inventory of SC appears large in 2010.
l
SC has no accounts receivable in 2010.
l
SC has no short-term loan in 2010.
l
SC’s turnover is in a fair level, comparing with
the size of its total assets.
LEVERAGE: FAIR
l
The debt ratio of SC is high.
l
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 inventory could be a threat to SC’s financial
condition. A credit line up to USD 2,000 appears to be within SC’s capacities
upon a periodical review basis.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.44.68 |
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1 |
Rs.72.56 |
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Euro |
1 |
Rs.63.53 |
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 |
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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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.