MIRA INFORM REPORT
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Report Date : |
25.04.2011 |
IDENTIFICATION DETAILS
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Name : |
NINGBO MEDICN PHARMACEUTICAL CO., LTD |
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Registered Office : |
Room 708, Block B, Zhongshanyinzuo, No. 579 Zhongshan East Road,
Ningbo, Zhejiang Province, 315040 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
19.08.2005 |
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Com. Reg. No.: |
330215000011298 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
selling API (active pharmaceutical
ingredient) and its intermediates |
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 10,000 |
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Status : |
Small Company |
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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
|
Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
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China |
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 |
Company name & address
ningbo medicn
pharmaceutical CO., LTD.
Room 708, block b, zhongshanyinzuo, no. 579
zhongshan east road, ningbo, ZHEJIANG PROVINCE, 315040 PR CHINA
TEL: 86 (0) 574-56171707/56171772 FAX: 86 (0) 574-87701540
EXECUTIVE SUMMARY
INCORPORATION
DATE : AUG. 19, 2005
REGISTRATION
NO. : 330215000011298
REGISTERED LEGAL FORM : LIMITED
LIABILITIES COMPANY
STAFF STRENGTH :
8
REGISTERED CAPITAL : CNY 1,500,000
BUSINESS LINE :
TRADING
TURNOVER :
CNY 9,320,000 (AS OF DEC. 31, 2009)
EQUITIES :
CNY 1,340,000 (AS OF DEC. 31, 2009)
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 : CNY6.51 = 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
Renminbi
Note: SC’s correct
name should be the heading one. The operating address of SC is the heading one
instead of the given one “
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
Aug. 19, 2005.
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 service:
medical technology research and development, consulting services; market
research; corporate image planning, management consulting, convention and
exhibition services; investment management consulting; wholesaling and
retailing auto parts, machinery equipment, electrical equipment, building
materials, department stores, steel, hardware, household products, rubber
products, lubricants, air conditioning, refrigeration equipment, handicrafts,
plastic products; commodity information service; import and export of various
goods and technology, excluding the goods and technology prohibited or limited
by the country; Class 2 liquefied compressed gases (flammable gases) and Class
3 flammable liquids (low flash point liquid, the flash point of liquid) Class 4
flammable solids, spontaneous combustion and flammable when wet (flammable
solids) Category 5 oxidizers and organic peroxides (oxidants) Class 6 toxic
chemicals and infectious materials (toxic chemicals) Class 8 corrosive
substances (corrosive acid and other corrosive substances) (excluding virulent,
easy to produce a class of drugs, refined oil) (valid until Mar. 27, 2011).
SC is mainly engaged in selling API (active
pharmaceutical ingredient) and its intermediates.
Mr. Lv Zhenlin is the legal representative and chairman of SC
at present.
SC is
known to have approx. 8 employees at present.
SC is
currently operating at the above stated address, and this address houses its
operating office in the commercial zone of Ningbo. Our checks reveal that SC rents
the total premise, but SC’s employee refused to release the gross area of the
premise.
http://www.medicn.cn/ The design is professional and the content is
well organized. At present it is in Chinese and English versions.
Email: sales@medicn.cn
No
significant events or changes were found during our checks with the local Administration
for Industry and Commerce.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Liu Li 60
ID# 45020319731106004X
Lv Zhenlin 15
ID# 330624730411001
Wang Gufeng
15
ID# 330624711203001
Huang Suying
10
ID# 512222196004080043
l
Legal
representative and
chairman:
Mr. Lv Zhenlin , born in 1973. He is currently responsible for the overall
management of SC.
Working Experience(s):
At present Working in SC as legal representative and chairman
SC is mainly engaged in selling API (active
pharmaceutical ingredient) and its intermediates.
Main Products: formulation, intermediate,
NSAIDs, anti-infective, anti-cancer and related agent, etc.
SC sources its materials and products 100% from domestic market.
SC sells 70% of its products in domestic market and 30% of its products to
overseas market.
The
buying terms of SC include Check, T/T and Credit of 30-60 days. The payment
terms of SC include Check, 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 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.
Bank of China Ningbo Jiangdong
Sub-branch
AC# N/A
Relationship: Normal.
Balance Sheet
Unit: CNY’000
|
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as of Dec. 31, 2008 |
as of Dec. 31, 2009 |
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Cash & bank |
540 |
360 |
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Inventory |
50 |
60 |
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Accounts receivable |
350 |
350 |
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Advances to suppliers |
590 |
1,070 |
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Notes receivable |
0 |
550 |
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Other receivables |
260 |
260 |
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Other current assets |
10 |
110 |
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------------------ |
------------------ |
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Current assets |
1,800 |
2,760 |
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Fixed assets net value |
30 |
40 |
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Projects under construction |
0 |
0 |
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Long term investment |
0 |
400 |
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Other assets |
10 |
0 |
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------------------ |
------------------ |
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Total assets |
1,840 |
3,200 |
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============= |
============= |
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Short loans |
0 |
0 |
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Accounts payable |
200 |
540 |
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Advances from customers |
210 |
190 |
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Notes payable |
170 |
280 |
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Salaries and welfare payable |
0 |
0 |
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Taxes payable |
-50 |
0 |
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Other payable |
0 |
850 |
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Other current liabilities |
0 |
0 |
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------------------ |
------------------ |
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Current liabilities |
530 |
1,860 |
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Long term liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total liabilities |
530 |
1,860 |
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Equities |
1,310 |
1,340 |
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------------------ |
------------------ |
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Total liabilities & equities |
1,840 |
3,200 |
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============= |
============= |
Income Statement
Unit: CNY’000
|
|
as of Dec. 31, 2009 |
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Turnover |
9,320 |
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Cost of goods sold |
8,950 |
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Sales expense |
0 |
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Management expense |
300 |
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Finance expense |
0 |
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Non-operating income |
0 |
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Non-operating expense |
30 |
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Profit before tax |
40 |
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Less: profit tax |
0 |
|
Profits |
40 |
Important Ratios
=============
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|
as of Dec. 31, 2008 |
as of Dec. 31, 2009 |
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*Current ratio |
3.40 |
1.48 |
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*Quick ratio |
3.30 |
1.45 |
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*Liabilities to assets |
0.29 |
0.58 |
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*Net profit margin (%) |
/ |
0.43 |
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*Return on total assets (%) |
/ |
1.25 |
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*Inventory /Turnover ×365 |
/ |
3 days |
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*Accounts receivable/Turnover ×365 |
/ |
14 days |
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*Turnover/Total assets |
/ |
2.91 |
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* Cost of goods sold/Turnover |
/ |
0.96 |
PROFITABILITY: AVERAGE
l
The
turnover of SC appears average in its line in 2009.
l
SC’s net
profit margin is average in 2009.
l
SC’s
return on total assets is average in 2009.
l
SC’s cost
of goods sold is high in 2009, comparing with its turnover.
LIQUIDITY: AVERAGE
l
The
current ratio of SC is maintained in a fairly good level in 2008 and normal in
2009.
l
SC’s
quick ratio is maintained in a fairly good level in 2008 and normal in 2009.
l
The
inventory of SC appears small in both 2 years.
l
The
accounts receivable of SC appears average in both 2 years.
l
SC has
no short-term loan in both 2 years.
l
SC’s
turnover is in an average level in 2009, comparing with the size of its total
assets.
LEVERAGE: AVERAGE
l
The debt
ratio of SC is low in 2008 and average in 2009.
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. A credit line
up to USD 10,000 would appear to be within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.30 |
|
UK Pound |
1 |
Rs.72.92 |
|
Euro |
1 |
Rs.64.69 |
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 |
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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.