MIRA INFORM REPORT
|
Report Date : |
08.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
GUANGZHOU HAICHENG PHARMACEUTICAL CO., LTD. |
|
|
|
|
Registered Office : |
311-312a Yangming Nongzi
Market, No. 180-1 Tianyuan Road, Tianhe Area Guangzhou, Guangdong Province
510650 Pr |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
08.08.2007 |
|
|
|
|
Com. Reg. No.: |
440106000116031 |
|
|
|
|
Legal Form : |
Limited Liabilities Company |
|
|
|
|
Line of Business : |
Selling Feed
Additives and Veterinary Bulk Drugs |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 15,000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment
Behaviour : |
Usually Correct |
|
|
|
|
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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
China |
a2 |
a2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name & address
GUANGZHOU HAICHENG PHARMACEUTICAL CO., LTD.
311
TIANHE AREA GUANGZHOU, GUANGDONG PROVINCE 510650 PR CHINA
TEL: 86 (0) 20-37095482
FAX: 86 (0) 20-37084907
EXECUTIVE SUMMARY
Date of Registration : august 8, 2007
REGISTRATION NO. : 440106000116031
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL : cny 2,000,000
staff :
12
BUSINESS CATEGORY : trading
Revenue :
CNY 20,418,000 (AS OF DEC. 31, 2010)
EQUITIES :
CNY 1,980,000 (AS OF DEC. 31, 2010)
WEBSITE : http://www.haichengphar.com
E-MAIL :
haichengphar@haichengphar.com
PAYMENT :
AVERAGE
Recommended Credit Limit: UP TO USD 15,000
MARKET CONDITION : average
FINANCIAL CONDITION : fairly stable
OPERATIONAL TREND : ORDINARY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.47 = USD 1
Adopted abbreviations
(as follows)
SC - Subject Company
(the company inquired by you)
N/A – Not available
CNY – China Yuan Ren
Min Bi
OPERATIONAL TREND & GENERAL
REPUTATION
This section aims at indicating the relative positions of SC in respect of
its operational trend & general reputation
Operational Trend:- General
Reputation:-
Upward Excellent
Steady Good
Fairly Steady Fairly
Good
Ordinary Average
Fair Fair
Stagnant Detrimental
Downward Not
known
Not known Not yet be determined
Not yet be determined
LEGAL STATUS & HISTORY
SC was established
as a limited liabilities company of PRC with State Administration of Industry
& Commerce (SAIC) under registration No.: 440106000116031 on August 8, 2007.
SC’s Organization Code Certificate No.:
665905007
SC’s registered capital: cny 2,000,000
SC’s paid-in capital: cny 2,000,000
Registration Change Record:
|
Date |
Change of Contents |
Before the change |
After the change |
|
2010 |
Registered Capital |
CNY 1,000,000 |
CNY 2,000,000 |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Xu Wei |
45 |
|
Liu Yuefan |
25 |
|
Fu Yiyan |
30 |
SC’s Chief Executives:-
Legal Representative, Chairman and General Manager: Xu Wei
Director: Liu Yuefan
Supervisor: Fu Yiyan
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Xu Wei 45
Liu Yuefan 25
Fu Yiyan 30
MANAGEMENT
Xu Wei, Legal
Representative, Chairman and General Manager
-------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as legal representative, chairman
and general manager
Liu Yuefan ,
Director
---------------------------------------
Ø
Gender: M
Ø
Qualification:
University
Fu Yiyan,
Supervisor
---------------------------------------
Ø
Gender: F
Ø
Qualification:
University
BUSINESS OPERATION
SC’s registered business scope includes
selling veterinary chemical medicine, Chinese medicine, feed, and feed additives; importing and exporting goods.
SC is mainly engaged
in selling feed additives and veterinary bulk drugs
SC’s products
mainly include: Olaquindox, Quinocetone, Kitasamycin, Decoquinate, Clopidol,
Betine, Diclazuril, Flavomycin, Monensin Sodium, Maduramicin Ammonium,
Enramycin, Colistin Sulfate, Salinomycin Sodium, L-Tryptophan, Nicarbazine.
SC sources its materials 100% from domestic
market. SC sells 30% of its products in domestic market, and 70% to overseas
market, mainly Southeast Asian market.
The buying terms of
SC include T/T and Credit of 30-60 days. The payment terms of SC include T/T,
L/C and Credit of 30-60 days.
Staff & Office:
--------------------------
SC is known
to have approx. 12 staff at present.
SC rents an area
as its operating office of approx.100 sq. meters at the heading address.
RELATED COMPANY
SC is
not known to have any subsidiary at present.
PAYMENT
Overall payment appraisal:
( ) Excellent ( ) Good (X) Average ( ) Fair ( ) Poor ( ) Not yet be 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 records 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.
BANKING
Basic Bank:
Agricultural Bank of China Guangzhou Branch
AC#
059401040001281
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
223 |
27 |
|
|
Accounts
receivable |
266 |
2,342 |
|
Advances to
suppliers |
0 |
0 |
|
Other receivable |
0 |
179 |
|
Inventory |
1,458 |
2,888 |
|
Non-current
assets within one year |
0 |
0 |
|
Other current
assets |
2 |
2 |
|
|
------------------ |
------------------ |
|
Current assets |
1,949 |
5,438 |
|
Fixed assets |
32 |
43 |
|
Construction in
progress |
0 |
0 |
|
Intangible
assets |
0 |
0 |
|
Long-term
prepaid expenses |
0 |
0 |
|
Deferred income
tax assets |
0 |
0 |
|
Other
non-current assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total assets |
1,981 |
5,481 |
|
|
============= |
============= |
|
Short-term loans |
0 |
0 |
|
Notes payable |
0 |
0 |
|
Accounts payable |
209 |
1,725 |
|
Wages payable |
0 |
0 |
|
Advances from
clients |
0 |
0 |
|
Other payable |
778 |
1,680 |
|
Other current
liabilities |
13 |
96 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
1,000 |
3,501 |
|
Non-current
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total liabilities |
1,000 |
3,501 |
|
Equities |
981 |
1,980 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
1,981 |
5,481 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2010 |
|
Revenue |
20,418 |
|
Cost of sales |
17,852 |
|
Sales expense |
2,538 |
|
Management expense |
0 |
|
Finance expense |
4 |
|
Profit before
tax |
6 |
|
Less: profit tax |
4 |
|
2 |
Important Ratios
=============
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
*Current ratio |
1.95 |
1.55 |
|
*Quick ratio |
0.49 |
0.73 |
|
*Liabilities
to assets |
0.50 |
0.64 |
|
*Net profit
margin (%) |
-- |
0.01 |
|
*Return on
total assets (%) |
-- |
0.04 |
|
*Inventory /
Revenue ×365 |
-- |
52 days |
|
*Accounts
receivable/ Revenue ×365 |
-- |
42 days |
|
*
Revenue/Total assets |
-- |
3.73 |
|
* Cost of
sales / Revenue |
-- |
0.87 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
l
The revenue of SC appears average in its line in
2010.
l
SC’s net profit margin is average in 2010.
l
SC’s return on total assets is average in 2010.
l
SC’s cost of goods sold is average, comparing with
its revenue.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a normal
level in both years.
l
SC’s quick ratio is maintained in a fair level in
both years.
l
The inventory of SC is maintained in an average
level.
l
The accounts receivable of SC is maintained in an
average level.
l
SC has no short-term loan in both years.
l
SC’s revenue 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 average.
Overall financial
condition of the SC: Fairly stable
CONCLUSIONS
SC is considered small-sized in its line with fairly stable financial
conditions. A credit line up to USD 15,000
would appear to be within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.42 |
|
UK Pound |
1 |
Rs.70.95 |
|
Euro |
1 |
Rs.63.63 |
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 |
|
---- |
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.