MIRA INFORM REPORT
|
Report Date : |
02.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
CHENGDA PHARMACEUTICALS CO., LTD. |
|
|
|
|
Registered Office : |
No. 5, Hengshan Road, Jiashan Economic Development Zone, Zhejiang Province, 314100 Pr |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
31.12.2009 |
|
|
|
|
Date of Incorporation : |
30.06.1980 |
|
|
|
|
Com. Reg. No.: |
330400400005966 |
|
|
|
|
Legal Form : |
Shares Limited Company |
|
|
|
|
Line of Business : |
manufacturing and Selling Food Additives and Pharmaceutical
Intermediates |
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 |
|
Maximum Credit Limit : |
USD 500,000 |
|
Status : |
Satisfactory |
|
Payment
Behaviour : |
No Complaints |
|
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
CHENGDA PHARMACEUTICALS Co., Ltd.
no. 5, hengshan
road, jiashan economic development zone,
zhejiang PROVINCE,
314100 PR CHINA
TEL: 86 (0)
573-84183630 FAX: 86 (0)
573-84183629
EXECUTIVE SUMMARY
INCORPORATION DATE : june 30, 1980
REGISTRATION NO. : 330400400005966
REGISTERED LEGAL FORM : SHARES LIMITED COMPANY
CHIEF EXECUTIVE :
MS. GE JIANLI (CHAIRMAN)
STAFF STRENGTH :
200
REGISTERED CAPITAL : CNY 50,000,000
BUSINESS LINE :
MANUFACTURING
TURNOVER :
CNY 130,820,000 (AS OF DEC. 31,
2009)
EQUITIES :
CNY 83,650,000 (AS OF DEC. 31, 2009)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO USD 500,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRly stable
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : well-known
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
Note: SC’s correct address should be the heading one, instead of the given one – No. 5, Hengshan Road, United 5 Development Zone, Jiashan.
SC was registered as a shares limited co. at Zhejiang Provincial Administration for industry & commerce (AIC - the official body of issuing and renewing business license).
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 food additives, pharmaceutical
intermediates chemical raw materials and chemicals (excluding the hazard and
precursor chemicals), technology research and transferring of technical fruit
of raw materials and pharmaceutical intermediates.
SC is mainly
engaged in manufacturing and selling food additives and pharmaceutical
intermediates.
Ms. Ge Jianli is
legal representative and chairman of SC at present.
SC is known
to have approx. 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 Jiashan. Our
checks reveal that SC owns the total premise, but SC’s accountant refused to
release the gross area of the premise.
http://www.chengdapharm.com/
The design is professional and the content is well organized. At present it is
in both Chinese and English versions.
Email: jinlu@chengdapharm.com admin@chengdapharm.com
No significant events or changes were found during our checks with the
local Administration for Industry and Commerce.
MAIN
SHAREHOLDERS:
Name %
of Shareholding
Shanghai Nuoaier Bio-pharmaceutical Co.,
Ltd. (in Chinese Pinyin) 6
Shenzhen Jiuheng Investment Advisory Co.,
Ltd. (in Chinese Pinyin) 5
Zhejiang Dayoo Chemical Industrial Co., Ltd. 2.79
Huang Honglin ID # 330421196212015915 24.41
Ge Jianli
ID # 33080219530322442X 26.61
Li Qiang 31.19
Wang Zhe 4
Shanghai Nuoaier Bio-pharmaceutical Co.,
Ltd.
===================================
Registration no.: 310225000576914
Legal representative: Zhou Qiuhua
Registered capital: CNY 30,000,000
Shenzhen Jiuheng Investment Advisory Co.,
Ltd.
====================================
Registration no.: 440301103361850
Legal representative: Liu Yanping
Registered capital: CNY 10,000,000
Zhejiang Dayoo Chemical Industrial Co., Ltd.
==================================
Registration no.: 330100000029069
Legal representative: Tang Shuyuan
Registered capital: CNY 10,000,000
Tel: +86-571-85833303, 85865552
Fax: +86-571-85865553
E-mail: dayoo@dayoochem.cn dayoochem@163.com
Web: http://www.dayoochem.com/
l
Chairman & General Manager:
Ms. Ge Jianli
, born in 1953 with university education. She is currently responsible
for the overall management of SC.
Working Experience(s):
At present Working in SC as chairman and general manager.
SC is mainly
engaged in manufacturing and selling food additives and pharmaceutical
intermediates.
SC’s products
mainly include L-Carnitine Base, L-Carnitine Tartrate, Acetyl-L-Carnitine Hydrochloride,
L-Carnitine Hydrochloride, L-Carnitine Fumarate, and so on.
SC sources its materials 100% from domestic
market. SC sells 50% of its products in domestic market, and 50% 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.
SC’s management
declined to release its bank details.
Balance Sheet (as of Dec. 31, 2009)
Unit: CNY’000
|
Cash & bank |
9,910 |
|
Inventory |
28,620 |
|
Accounts
receivable |
37,890 |
|
Notes receivable |
2,640 |
|
Advances to
suppliers |
850 |
|
Other
receivables |
5,400 |
|
Other current
assets |
0 |
|
|
------------------ |
|
Current assets |
85,310 |
|
Fixed assets net
value |
43,170 |
|
Projects under
construction |
1,270 |
|
Long term
investment |
10,000 |
|
Intangible
assets |
8,150 |
|
Other assets |
220 |
|
|
------------------ |
|
Total assets |
148,120 |
|
|
============= |
|
Short loans |
10,000 |
|
Accounts payable |
20,770 |
|
Notes payable |
4,150 |
|
Other payable |
2,910 |
|
Taxes payable |
1,520 |
|
Advances from
clients |
50 |
|
Dividends
payable |
24,500 |
|
Other current
liabilities |
570 |
|
|
------------------ |
|
Current
liabilities |
64,470 |
|
Long term
liabilities |
0 |
|
|
------------------ |
|
Total
liabilities |
64,470 |
|
Equities |
83,650 |
|
|
------------------ |
|
Total
liabilities & equities |
148,120 |
|
|
============= |
Income Statement (as of Dec. 31, 2009)
Unit: CNY’000
|
Turnover |
130,820 |
|
Cost of goods
sold |
87,240 |
|
Sales expense |
2,280 |
|
Management expense |
16,610 |
|
Finance expense |
830 |
|
Non-operating
income |
260 |
|
Other incomes |
280 |
|
Profit before
tax |
24,400 |
|
Less: profit tax |
3,070 |
|
Profits |
21,330 |
Important Ratios
=============
|
|
as
of Dec. 31, 2009 |
|
*Current ratio |
1.32 |
|
*Quick ratio |
0.88 |
|
*Liabilities
to assets |
0.44 |
|
*Net profit
margin (%) |
16.30 |
|
*Return on
total assets (%) |
14.40 |
|
*Inventory
/Turnover ×365 |
80 days |
|
*Accounts
receivable/Turnover ×365 |
106 days |
|
*Turnover/Total
assets |
0.88 |
|
* Cost of
goods sold/Turnover |
0.67 |
PROFITABILITY:
FAIRLY GOOD
l
The turnover 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 low, comparing with its
turnover.
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 conversion period of SC appears long.
l
The accounts receivable of SC appears fairly large
in 2009.
l
SC’s short-term loan is in an average level.
l
SC’s turnover is in a fair level, comparing with
the size of its total assets.
LEVERAGE: AVERAGE
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 an old-established business in medium size. The large
amount of inventory and accounts receivable could be a threat to SC’s financial
condition. A credit line up to USD 500,000 appears to be within SC’s
capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.89 |
|
UK Pound |
1 |
Rs.73.85 |
|
Euro |
1 |
Rs.64.76 |
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.