MIRA
INFORM REPORT
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Report Date : |
15.07.2011 |
IDENTIFICATION DETAILS
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Name : |
CHIFENG PHARMACEUTICAL CO., LTD. |
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Registered Office : |
No. 84, Yidong Street, Hongshan District, Chifeng Inner Mongolia 024001 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
18.05.2007 |
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Com. Reg. No.: |
150400000000328 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Manufacturing and selling bulk drugs, food additives, Vitamin E, B2, importing and exporting various kinds of commodities and technology, excluding the goods forbidden by the government. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 2,000,000 |
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Status : |
Good |
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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 |
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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 |
Name and address
CHIFENG PHARMACEUTICAL CO., LTD.
NO. 84, YIDONG STREET, HONGSHAN DISTRICT, CHIFENG
INNER MONGOLIA 024001 PR CHINA
TEL: 86 (0) 476-8221312
FAX: 86 (0) 476-8220481/8223758
EXECUTIVE SUMMARY
Date of Registration : may 18, 2007
REGISTRATION NO. : 150400000000328
LEGAL FORM : Shares limited company
REGISTERED CAPITAL : cny 250,000,000
staff :
2,300
BUSINESS CATEGORY : manufacturing
Revenue :
CNY 454,490,000 (AS OF DEC. 31, 2010)
EQUITIES :
CNY 303,440,000 (AS OF DEC. 31, 2010)
WEBSITE : N/A
E-MAIL :
N/A
PAYMENT :
AVERAGE
Recommended Credit Limi : UP TO USD 2,000,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRly good
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : fairly good
EXCHANGE RATE :
CNY 6.45 = 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 shares limited company of PRC with State
Administration of Industry & Commerce (SAIC) under registration No.: 150400000000328 on may
18, 2007.
SC’s Organization Code Certificate No.:
660978346
SC’s registered capital: cny 250,000,000
SC’s paid-in capital: cny 250,000,000
Registration Change Record:
|
Date |
Change of Contents |
Before the change |
After the change |
|
2008 |
Registered Capital |
CNY 150,000,000 |
CNY 170,000,000 |
|
|
Registered Capital |
CNY 170,000,000 |
cny 250,000,000 |
|
Legal Representative |
Zhao Jianmin |
Liu Deming |
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|
Shareholder (s) (% of Shareholding) |
Chifeng Pharmaceutical (Group) Co., Ltd. 28.82% Shanghai Desano Nutrition Science and Technology Co., Ltd. 71.18% |
Chifeng Pharmaceutical (Group) Co., Ltd. 19.92% Shanghai Hegno Pharmaceuticals Holding Co., Ltd. 80.08% |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Chifeng Pharmaceutical (Group) Co., Ltd. |
19.92 |
|
Shanghai Hegno Pharmaceuticals Holding Co., Ltd. |
80.08 |
SC’s Chief Executives:-
Legal Representative and Chairman: Liu Deming
General Manager: Hu Jianhua
RECENT DEVELOPMENT
SC has got the certificate GMP.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Chifeng Pharmaceutical (Group) Co., Ltd. 19.92
Shanghai Hegno Pharmaceuticals Holding Co.,
Ltd. 80.08
Chifeng Pharmaceutical (Group) Co., Ltd.:
===============================
Date of Registration: March 8, 2001
Registration No.: 150400000021653
Legal Form: Limited Liabilities Company
Chief Executive: Zhang Shujun
Address: No.84 Yidong Street, Hongshan
District, Chifeng, Inner Mongolia, 024001 PR China
Tel: 86 0476-8221311/8221312
Shanghai Hegno Pharmaceuticals Holding Co.,
Ltd.:
======================================
Date of Registration :
August 21, 2008
Registration No. :
310000000094562
Legal Form : Shares Limited Company
Registered Capital :
CNY 300,000,000
Address: No. 1479 Zhangheng Road, Zhangjiang
Hi-tech Park, Pudong New Area, Shanghai
Tel: 86 021-51323366
MANAGEMENT
Liu Deming , Legal
Representative and Chairman
----------------------------------------------------------------------------
Ø
Gender: M
Ø
Qualification:
University
Ø
Working
experience (s):
From 2010 to present, working in SC as legal representative
and chairman
Also working in Shanghai Hegno Pharmaceuticals Holding Co.,
Ltd. as legal representative
Hu Jianhua ,
General Manager
----------------------------------------------------
Ø
Gender: M
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as general manager
BUSINESS OPERATION
SC’s registered business
scope includes manufacturing and selling bulk drugs, food additives, Vitamin E,
B2, importing and exporting various kinds of commodities and technology,
excluding the goods forbidden by the government.
SC is mainly
engaged in manufacturing and selling bulk drugs, food additives, Vitamin E, B2.
SC’s products mainly include:
Oxytetracycline base, oxytetracycline hydrochloride, L-glutamine, Vitamin E and
B2.
SC sources its materials 100% from domestic
market. SC sells 35% of its products in domestic market, and 65% to overseas
market, mainly USA, Europe and Southeast Asian market.
The buying terms of SC include Check, 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. 2,300 staff
at present.
SC owns an area as
its operating office & factory of approx. 110,000 sq. meters at the heading
address.
RELATED COMPANY
SC is known to have 3
subsidiaries at present:
=================================
Chifeng
Mysun Pharmaceutical Co., Ltd.
Chifeng
Arker Pharmaceutical Technology Co., Ltd.
Chifeng
Yuansheng Pharmaceutical Co., Ltd.
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
The bank
information of SC is not filed in SAIC.
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2010 |
|
6,470 |
|
|
Accounts
receivable |
66,500 |
|
Advances to
suppliers |
0 |
|
Other receivable |
26,180 |
|
Inventory |
36,010 |
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Non-current
assets within one year |
0 |
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Other current
assets |
11,960 |
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|
------------------ |
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Current assets |
147,120 |
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Fixed assets |
266,770 |
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Construction in
progress |
7,670 |
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Intangible
assets |
0 |
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Long-term
investment |
52,980 |
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Deferred income
tax assets |
0 |
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Other
non-current assets |
121,780 |
|
|
------------------ |
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Total assets |
596,320 |
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|
============= |
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Short-term loans |
77,000 |
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Accounts payable |
33,350 |
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Wages payable |
0 |
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Advances from
clients |
6,480 |
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Other payable |
6,950 |
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Other current
liabilities |
18,860 |
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|
------------------ |
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Current
liabilities |
142,640 |
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Non-current
liabilities |
150,240 |
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|
------------------ |
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Total
liabilities |
292,880 |
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Equities |
303,440 |
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|
------------------ |
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Total
liabilities & equities |
596,320 |
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|
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2010 |
|
Revenue |
454,490 |
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Cost of sales |
317,310 |
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Sales expense |
8,730 |
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Management expense |
57,780 |
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Finance expense |
10,130 |
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Profit before
tax |
63,240 |
|
Less: profit tax |
15,480 |
|
47,760 |
Important Ratios
=============
|
|
As
of Dec. 31, 2010 |
|
*Current ratio |
1.03 |
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*Quick ratio |
0.78 |
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*Liabilities
to assets |
0.49 |
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*Net profit
margin (%) |
10.51 |
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*Return on
total assets (%) |
8.01 |
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*Inventory /
Revenue ×365 |
29 days |
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*Accounts
receivable/ Revenue ×365 |
54 days |
|
*
Revenue/Total assets |
0.76 |
|
* Cost of
sales / Revenue |
0.70 |
FINANCIAL COMMENTS
PROFITABILITY:
FAIRLY GOOD
l
The revenue of SC appears fairly good in its line.
l
SC’s net profit margin is fairly good.
l
SC’s return on total assets is fairly good.
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.
l
SC’s quick ratio is maintained in a normal level.
l
The inventory of SC is maintained in an average
level.
l
The accounts receivable of SC is maintained in an
average level.
l
The short-term loan of SC appears slightly large.
l
SC’s revenue is in a fair level, comparing with the
size of its total assets.
LEVERAGE: FAIRLY
GOOD
l
The debt ratio of SC is average.
l
The risk for SC to go bankrupt is low.
Overall financial
condition of the SC: Fairly Good.
CONCLUSIONS
SC is considered large-sized in its line with fairly good financial
conditions. A credit line up to USD 2,000,000
would appear to be within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.53 |
|
|
1 |
Rs.71.80 |
|
Euro |
1 |
Rs.63.15 |
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.