MIRA
INFORM REPORT
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Report Date : |
13.07.2011 |
IDENTIFICATION DETAILS
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Name : |
NINGXIA TAIRUI PHARMACEUTICAL CO., LTD. |
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Registered Office : |
Wangyuan Economic Development Zone,
Yongning County, Yinchuan,
Ningxia, 750101 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
21.01.2000 |
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Com. Reg. No.: |
640000200004472 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Manufacturing and selling livestock antibiotic |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
usd 1,000,000 |
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Status : |
Satisfactory |
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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 – 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 |
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Moderate |
B1 |
|
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
NINGXIA TAIRUI PHARMACEUTICAL CO., LTD.
WANGYUAN ECONOMIC
DEVELOPMENT ZONE, YONGNING COUNTY,
YINCHUAN, NINGXIA,
750101 PR CHINA
TEL: 86 (0)
951-6149319 FAX: 86 (0) 951- 6149106
EXECUTIVE SUMMARY
INCORPORATION DATE : JANUARY 21, 2000
REGISTRATION NO. : 640000200004472
REGISTERED LEGAL FORM : Shares limited company
STAFF STRENGTH :
1,200
REGISTERED CAPITAL : CNY 139,860,000
BUSINESS LINE :
MANUFACTURING
TURNOVER :
CNY 420,560,000 (AS OF DEC. 31, 2009)
EQUITIES :
CNY 341,870,000 (AS OF DEC. 31, 2009)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO usd 1,000,000 (PERIODICAL REVIEW)
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly stable
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.50 = 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
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 January 21, 2000, and has been under present legal form since 2010.
Company Status: Shares limited co. This form of business in PR
China is defined as a legal person. Its registered capital is divided into
shares of equal par value and the co. raises capital by issuing share
certificates by promotion or by public offer. Shareholders bear limited
liability to the extent of shareholding, and the co. is liable for its
debts only to the extent of its total assets. The co has independent
property of legal person and enjoys property rights of legal person. The
characteristics of the shares limited co. are as follows: The establishment of the co.
requires at least two promoters and no more than 200, half of whom shall be
domiciled in The minimum registered capital
of a co. is CNY The board of directors must
consist of five to nineteen directors. If the co. raises capital by
public offer, the promoters must not subscribe less than 35% of the total
shares. the promoters’ shares are restricted to transfer- within one year
of the offer. A state-owned enterprise that
is restructured into a shares limited co. must comply with the conditions
& requirements specified under the law & administrative rule.
SC’s registered
business scope includes manufacturing and selling raw material medicine
(Tylosin Tartrate, Tylosin phosphate, Tylosin), mixed medicine, medicinal powder;
exporting its products and technology; importing raw materials, machines,
components and related technology (excluding the items limited or prohibited by
the state).
SC is mainly
engaged in manufacturing and selling livestock antibiotic.
Mr. Wang Yi is legal representative and chairman of SC at
present.
SC is known to
have approx. 1,200 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office and factory in the economic development zone of Yongning
County. SC’s accountant refused to release the detailed information of the
area.
http://www.tairuiworld.com
The design is professional and the content is well organized. At present the
web site is both in Chinese and English versions.
E-mail: tairuiren0908@163.com
SC has passed the Certificate of Good Manufacturing Practices for Animal
Drugs.
Changes of its registered information:
|
Date of change |
Item |
Before the change |
After the change |
|
Unknown |
Registered no. |
6400002202425 |
640000200004472 |
|
2010-9 |
Company name |
Ningxia Duoweitairui Pharmaceutical Co., Ltd. |
Ningxia Tairui Pharmaceutical Co., Ltd. |
|
Legal form |
Limited Liabilities Company |
Shares Limited Company |
MAIN SHAREHOLDERS:
Name %
of Shareholding
Wang Yi 10
Qi Xiuping 90
l
Legal Representative and Chairman:
Mr. Wang Yi , with university education. 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 manufacturing and selling livestock antibiotic.
Brand: Tairui.
SC’s products mainly
include: Vitamin B12 Feed agent, Salinomycin premixes, Tylosin premix, etc.
SC sources its materials 60% from domestic
market and 40% from oversea market. SC sells 40% of its products in domestic
market, and 60% to overseas market, mainly Southeast Asian market.
The buying terms of SC include Check, T/T, L/C and Credit of 30-60 days.
The payment terms of SC include T/T, L/C and Credit of 30-60 days.
Related
company:
Ningxia
Duowei Medicine Industry Co., Ltd.
SC has a marketing department in Beijing: (according to the above stated
website)
Address: F20, Dahangjiye Building, No.33 North Renda Road, Haidan
District, Beijing, P.R. China
TEL: 0086-010-82684966 ext.819/816/813
FAX: 0086-010-82684961
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.
SC declined to
release its bank details.
Balance Sheet
Unit: CNY’000
|
|
as of Dec. 31,
2008 |
as of Dec. 31,
2009 |
|
Cash & bank |
4,720 |
26,420 |
|
Inventory |
18,600 |
26,790 |
|
Accounts
receivable |
22,280 |
24,970 |
|
Other
receivables |
800 |
610 |
|
Short-term
investments |
0 |
0 |
|
Other current
assets |
20 |
480 |
|
|
------------------ |
------------------ |
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Current assets |
46,420 |
79,270 |
|
Fixed assets net
value |
156,430 |
466,950 |
|
Long-term
investment |
12,220 |
1,470 |
|
Projects under
construction |
134,330 |
35,910 |
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Intangible and
other assets |
67,090 |
21,850 |
|
|
------------------ |
------------------ |
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Total assets |
416,490 |
605,450 |
|
|
============= |
============= |
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Short loans |
88,000 |
204,200 |
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Accounts payable |
33,000 |
5,640 |
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Bills payable |
6,000 |
5,860 |
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Other Accounts
payable |
-17,790 |
-49,980 |
|
Other current
liabilities |
4,520 |
15,860 |
|
|
----------------- |
----------------- |
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Current
liabilities |
113,730 |
181,580 |
|
Long term
liabilities |
49,000 |
82,000 |
|
|
------------------ |
------------------ |
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Total
liabilities |
162,730 |
263,580 |
|
Shareholders
equities |
253,760 |
341,870 |
|
|
------------------ |
------------------ |
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Total
liabilities & equities |
416,490 |
605,450 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
as of Dec. 31,
2008 |
as of Dec. 31,
2009 |
|
Turnover |
334,330 |
420,560 |
|
Cost of goods
sold |
268,000 |
241,380 |
|
Sales expense |
11,040 |
9,520 |
|
Management expense |
11,270 |
12,770 |
|
Finance expense |
13,450 |
10,860 |
|
Other income |
1,180 |
7,140 |
|
Profit before
tax |
31,750 |
153,170 |
|
Less: profit tax |
0 |
0 |
|
Profits |
31,750 |
153,170 |
Important Ratios
=============
|
|
As of Dec. 31,
2008 |
As of Dec. 31,
2009 |
|
*Current ratio |
0.41 |
0.44 |
|
*Quick ratio |
0.24 |
0.29 |
|
*Liabilities to
assets |
0.39 |
0.44 |
|
*Net profit
margin (%) |
9.50 |
36.42 |
|
*Return on
total assets (%) |
7.62 |
25.30 |
|
*Inventory
/Turnover ×365 |
21 days |
24 days |
|
*Accounts
receivable/Turnover ×365 |
25 days |
22 days |
|
*Turnover/Total
assets |
0.80 |
0.69 |
|
* Cost of
goods sold/Turnover |
0.80 |
0.57 |
PROFITABILITY:
FAIRLY GOOD
l
The turnover of SC appears fairly good, and it was
rising in 2009.
l
SC’s net profit margin is fairly good in 2008, and good
in 2009.
l
SC’s return on total assets is fairly good in 2008,
and good in 2009.
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 poor
level.
l
SC’s quick ratio is maintained in a poor level.
l
The inventory of SC is maintained in a fairly large
level.
l
The accounts receivable of SC is maintained in a
fairly large level.
l
The short-term loan of SC appears large.
l
SC’s turnover is in a fair level, comparing with
the size of its total assets.
LEVERAGE: FAIRLY
GOOD
l
The debt ratio of SC is low.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly stable.
SC is considered large-sized in its line with fairly stable financial
conditions. The large amount of short-term loan could be a threat to SC’s
financial condition. But taking into consideration of SC’s general performance,
reputation as well as market conditions, a credit line up to USD 1,000,000
would appear to be within SC’s capacities upon a periodical review basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.69 |
|
|
1 |
Rs.70.87 |
|
Euro |
1 |
Rs.62.26 |
RATING EXPLANATIONS
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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.