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MIRA
INFORM REPORT
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Report Date : |
21.01.2011 |
IDENTIFICATION DETAILS
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Name : |
Farmasino Pharmaceuticals ( |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
17.10.2008 |
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Com. Reg. No.: |
320000000076867 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Trading of pharmaceuticals, chemicals, etc. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 20,000 |
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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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
|
|
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
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
Farmasino Pharmaceuticals (
NO.
TEL: 86 (0)
25-84267961/86907278 FAX: 86 (0)
25-84209861/ 86907266
EXECUTIVE SUMMARY
INCORPORATION DATE : OCTOBER 17, 2008
REGISTRATION NO. : 320000000076867
REGISTERED LEGAL FORM : LIMITED LIABILITIES COMPANY
STAFF STRENGTH :
40
REGISTERED CAPITAL : CNY 10,000,000
BUSINESS LINE :
TRADING
TURNOVER :
CNY 201,380,000 (AS OF DEC. 31, 2009)
EQUITIES :
CNY 5,960,000 (AS OF DEC. 31, 2009)
PAYMENT :
AVERAGE
RECOMM.
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : fairly STABLE
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY
6.7963 = USD 1
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY -
%20CO%20,%20LTD%20%20-%20130553%2021-Jan-2011_files/image015.gif){kind=small}
SC was registered as a limited liabilities company at
provincial Administration for Industry & Commerce (AIC - The official body
of issuing and renewing business license) on October 17, 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 developing, researching and transferring chemical technology and
information consultant and services; importing and exporting commodities and
technology; selling chemical products; and domestic trade.
SC is mainly
engaged in trading of pharmaceuticals, chemicals, etc.
Mr. Wan
Huizhong is legal representative and
chairman of SC at present.
SC is known to have approx. 40 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
freely uses the total premise, but SC’s accountant refused to release the gross
area.
%20CO%20,%20LTD%20%20-%20130553%2021-Jan-2011_files/image016.gif){kind=small}
http://www.farmasino.com/
The design is professional and the content is well organized. At present it is
in both Chinese and English versions.
Email: info@famasino.com
%20CO%20,%20LTD%20%20-%20130553%2021-Jan-2011_files/image017.gif){kind=small}
Changes of its registered information:
|
Date of change |
Item |
Before the change |
After the change |
|
Unknown |
Legal representative |
Fan Zhongfeng |
Wan Huizhong |
According to SC’s accountant Mr. Shi, SC started its normal business at the
beginning of 2009. As of Dec. 31, 2008 SC’s paid up capital reached CNY
3,000,000; and SC’s paid up capital is CNY 5,000,000 at present.
%20CO%20,%20LTD%20%20-%20130553%2021-Jan-2011_files/image018.gif){kind=small}
MAIN SHAREHOLDERS:
Name %
of Shareholding
Tong Xiao 5
ID # 320106196901250425
Wang Li 30
ID # 320923197711070321
Yan Libo 30
ID # 432426197609198010
*
=======================================================
Established in 1974, Jiangsu Light
Industrial Products Import & Export (Group) Corporation is a large-scale
international trade company mainly dealing in import and export business, real
estate and industrial investment. Its registered capital is 253 million and 266
thousand Yuan. By the end of 2009, its total assets had reached about 3 billion
Yuan and its net assets had reached nearly 600 million Yuan with annual
business volume about 5 billion Yuan. The company mainly engages in export of
footwear, toys, bags and suitcases, household electrical appliance, garments,
stationery and sports goods and sundry goods, import and domestic trade of
chemical materials, machinery and equipments. For many years, it has ranked
among the first hundred of five hundred enterprises with the largest import an
export amount in
Add: No. 100, Jian Ye Road,
Tel: 86-25-58006166
Fax: 86-25-84208398 86-25-84209520
Email: jsl@jslgroup.com
%20CO%20,%20LTD%20%20-%20130553%2021-Jan-2011_files/image019.gif){kind=small}
l
Legal representative and chairman:
Mr. Wan Huizhong , ID # 320114196408070914, born in 1964. He is
currently responsible for the overall management of SC.
Working Experience(s):
At present Working
in SC as chairman and legal representative.
l
General manager:
Mr.
Working Experience(s):
From 2008 to present Working
in SC as general manager;
%20CO%20,%20LTD%20%20-%20130553%2021-Jan-2011_files/image020.gif){kind=small}
SC is mainly
engaged in trading of pharmaceuticals, chemicals, etc.
Main Products:
Finished Drugs
(Tablets, Capsules, Liquid Injections, Powder for Injections, Miscellaneous, Packing
Materials, Surgicals, Animal Medicine)
Bulk
Pharmaceuticals (Active Pharmaceutical Ingredients, Veterinary Products, Amino
Acids, Vitamins, Plant Extracts, Nutritional Supplements, Food Additives)
Intermediates
& Chemicals (Pharmaceutical Intermediates, Agrochemical Intermediates,
Pigment Intermediates, Fine Chemicals, Petrochemicals, Customer Manufacturing)
SC sources its materials 100% from domestic
market. SC sells 40% of its products in domestic market, and 60% to overseas
market, mainly European and Indian 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.
According to SC’s accountant Mr. Shi, SC started its normal business at
the beginning of 2009.
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*SC is jointly
occupying the heading premise with the following company:
Nanjing
Sino Pharmtech Co., Ltd.
*According to SC’s website, it has
the following related factory:
Anhui Sino
Pharmaceuticals Chemicals Co., Ltd.
%20CO%20,%20LTD%20%20-%20130553%2021-Jan-2011_files/image022.gif){kind=small}
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.
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Bank of
AC# N/A
Relationship:
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Balance Sheet
Unit: CNY’000
|
|
as of Dec. 31,
2008 |
as of Dec. 31,
2009 |
|
Cash & bank |
5,040 |
8,310 |
|
Inventory |
0 |
15,550 |
|
Accounts
receivable |
0 |
-9,530 |
|
Advances to
supplies |
0 |
0 |
|
Other
receivables |
0 |
5,190 |
|
Other current
assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current assets |
5,040 |
19,520 |
|
Fixed assets net
value |
0 |
570 |
|
Projects under
construction |
0 |
0 |
|
Long-term
investments |
0 |
0 |
|
Other assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total assets |
5,040 |
20,090 |
|
|
============= |
============= |
|
Short loans |
0 |
0 |
|
Notes payable |
0 |
7,010 |
|
Accounts payable |
0 |
1,900 |
|
Advances from
customers |
2,090 |
7,140 |
|
Employee pay
payable |
0 |
0 |
|
Taxes payable |
0 |
-2,190 |
|
Other Accounts
payable |
0 |
250 |
|
Other current
liabilities |
0 |
20 |
|
|
----------------- |
----------------- |
|
Current
liabilities |
2,090 |
14,130 |
|
Long term
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
2,090 |
14,130 |
|
Shareholders
equities |
2,950 |
5,960 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
5,040 |
20,090 |
|
|
============= |
============= |
Income Statement (as of Dec. 31, 2009)
Unit: CNY’000
|
Turnover |
201,380 |
|
Cost of goods
sold |
191,310 |
|
Taxes and
additional of main operation |
2 |
|
Sales expense |
6,090 |
|
Management expense |
1,250 |
|
Finance expense |
1,310 |
|
Non-operating
income |
106 |
|
Non-operating
expense |
100 |
|
Profit before
tax |
1,420 |
|
Less: profit tax |
400 |
|
Profits |
1,020 |
Important Ratios
=============
|
|
as of Dec. 31,
2008 |
as of Dec. 31,
2009 |
|
*Current ratio |
2.41 |
1.38 |
|
*Quick ratio |
2.41 |
0.28 |
|
*Liabilities
to assets |
0.41 |
0.70 |
|
*Net profit margin
(%) |
/ |
0.51 |
|
*Return on
total assets (%) |
/ |
5.08 |
|
*Inventory
/Turnover ×365 |
/ |
29 days |
|
*Accounts
receivable/Turnover ×365 |
/ |
/ |
|
*Turnover/Total
assets |
/ |
10.02 |
|
* Cost of
goods sold/Turnover |
/ |
0.95 |
%20CO%20,%20LTD%20%20-%20130553%2021-Jan-2011_files/image025.gif){kind=small}
PROFITABILITY:
FAIRLY GOOD
l
The turnover of SC appears fairly good in its line
in 2009.
l
SC’s net profit margin is average in 2009.
l
SC’s return on total assets is fairly good in 2009.
l
SC’s cost of goods sold is fairly high, comparing
with its turnover in 2009.
LIQUIDITY: FAIR
l
The current ratio of SC is maintained in a fairly
good level in 2008 but in a normal level in 2009.
l
SC’s quick ratio is maintained in a fairly good level
in 2008 but in a poor level in 2009.
l
The inventory of SC appears large in 2009.
l
SC has no short-term loan in both two years.
l
SC’s turnover is in a fairly good level, comparing
with the size of its total assets in 2009.
LEVERAGE: AVERAGE
l
The debt ratio of SC is average in 2009.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly stable.
%20CO%20,%20LTD%20%20-%20130553%2021-Jan-2011_files/image026.gif){kind=small}
SC is considered medium-sized in its line with fairly stable conditions.
The large amount of inventory could be a threat to SC’s financial condition. A
credit line up to USD 20,000 would appear to be within SC’s capacities upon a
periodical review basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.58 |
|
|
1 |
Rs.72.73 |
|
Euro |
1 |
Rs.61.45 |
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 |
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 |
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.