xMIRA INFORM REPORT
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Report Date : |
02.06.2011 |
IDENTIFICATION DETAILS
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Name : |
JIANGXI SANYUAN PHARMACEUTICAL CO., LTD. |
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Registered Office : |
Chengbei Industry Zone, Xin’gan
County, Ji’an, Jiangxi Province 313100
PR |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
12.03.2004 |
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Com. Reg. No.: |
360824210002402 |
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Legal Form : |
Limited Liabilities Co. |
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Line of Business : |
Manufacturing
and Selling Pharmaceuticals. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 2,000 |
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Status : |
Small Company |
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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 |
Company name & address
JIANGXI
SANYUAN PHARMACEUTICAL CO., LTD.
CHENGBEI INDUSTRY
ZONE, XIN’GAN COUNTY,
JI’AN, JIANGXI PROVINCE 313100 PR CHINA
TEL: 86 (0)
796-2620390 FAX: 86 (0) 796-2600130
EXECUTIVE SUMMARY
INCORPORATION DATE : MAR. 12, 2004
REGISTRATION NO. : 360824210002402
REGISTERED LEGAL FORM : LIMITED LIABILITIES CO.
STAFF STRENGTH :
110
REGISTERED CAPITAL : CNY 5,000,000
BUSINESS LINE :
MANUFACTURING
TURNOVER :
CNY 29,610,000 (UNaudited, AS OF DEC. 31, 2010)
EQUITIES :
CNY 410,000 (UNaudited, AS OF
DEC. 31, 2010)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO
USD 2,000 (PERIODICAL REVIEW)
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION :
FAIR
OPERATIONAL TREND :
FAIR
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.48= 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 co. at local
Administration for Industry & Commerce (AIC - The official body of issuing
and renewing business license) on Mar. 12, 2004.
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 manufacturing and selling pharmaceutical Intermediates
and other chemical products (excluding hazardous chemicals); power to engage in
import and export trade.
SC is mainly
engaged in manufacturing and selling pharmaceuticals.
Mr. Ge Guohua is
legal representative and chairman of SC at present.
SC is known to
have approx. 110 employees at present.
SC is currently operating at the above stated address, and this address
houses its operating office and factory in the industrial zone of Xin’gan
County. Our checks reveal that SC owns the total premise
about 6,000 square meters.
http://www.sy-pharm.com/ The
design is professional and the content is well organized. At present the web
site is in Chinese and English versions.
E-mail: sales@sy-pharm.com
SC has passed ISO9001 International Quality Management
System Authentication. (according to SC’s website)
MAIN
SHAREHOLDERS:
Name
% of Shareholding
Ge Guohua 48.5
Zhou Dingchang 46.5
Du Baojun 5
l
Legal representative and Chairman:
Mr. Ge Guohua, in his
Working Experience(s):
At present Working in SC as legal representative and chairman.
SC is mainly
engaged in manufacturing and selling pharmaceuticals.
SC’s products mainly include pharmaceutical intermediates and
biochemical products, etc.
SC sources its
materials 100% from domestic market. SC sells 95% in domestic market and 5% 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.
Note:
SC declined to release its major suppliers and clients.
SC is not known to have the 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 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.
Industrial and
Commercial Bank of China
AC#: N/A
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
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As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
Cash & bank |
90 |
850 |
|
Inventory |
2,390 |
2,300 |
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Bills receivable |
0 |
1,690 |
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Accounts
receivable |
2,110 |
1,730 |
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Advances to
suppliers |
10 |
10 |
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Other
receivables |
0 |
0 |
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To be apportioned
expense |
20 |
0 |
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Other current
assets |
0 |
740 |
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------------------ |
------------------ |
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Current assets |
4,620 |
7,320 |
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Fixed assets net
value |
3,220 |
3,060 |
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Long term
investment |
0 |
0 |
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Projects under
construction |
100 |
0 |
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Intangible and
other assets |
110 |
100 |
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------------------ |
------------------ |
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Total assets |
8,050 |
10,480 |
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=========== |
=========== |
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Short loan |
0 |
1,250 |
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Accounts payable |
1,060 |
170 |
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Bills payable |
0 |
0 |
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Advances from
clients |
0 |
0 |
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Taxes payable |
200 |
-40 |
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Other Accounts
payable |
7,320 |
8,330 |
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Other current
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Current
liabilities |
8,580 |
9,710 |
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Long term
liabilities |
370 |
360 |
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------------------ |
------------------ |
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Total
liabilities |
8,950 |
10,070 |
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Equities |
-900 |
410 |
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------------------ |
------------------ |
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Total
liabilities & equities |
8,050 |
10,480 |
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=========== |
=========== |
Income Statement
Unit: CNY’000
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As
of Dec. 31, 2010 |
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Turnover |
29,610 |
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Cost of goods sold |
24,840 |
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Sales expense |
830 |
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Management expense |
2,290 |
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Finance expense |
20 |
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Profit before tax |
1,310 |
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Less: profit tax |
0 |
|
Profits |
1,310 |
Note: The Financial Report for Year 2010 hasn’t been audited.
Important
Ratios
=============
|
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As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
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*Current ratio |
0.54 |
0.75 |
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*Quick ratio |
0.26 |
0.52 |
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*Liabilities
to assets |
1.11 |
0.96 |
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*Net profit
margin (%) |
/ |
4.42 |
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*Return on
total assets (%) |
/ |
12.50 |
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*Inventory
/Turnover ×365 |
/ |
28 days |
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*Accounts
receivable/Turnover ×365 |
/ |
21 days |
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*Turnover/Total
assets |
/ |
2.83 |
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* Cost of
goods sold/Turnover |
/ |
0.84 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears average in 2010.
l
SC’s net profit margin is average in 2010.
l
SC’s return on total assets is fairly good in 2010.
l
SC’s cost of goods sold is average, comparing with
its turnover in 2010.
LIQUIDITY: FAIR
l
The current ratio of SC is maintained in a fair
level.
l
SC’s quick ratio is maintained in a fair level.
l
The inventory of SC appears fairly large.
l
The accounts receivable of SC appears fairly large.
l
The short-term loan of SC appears fairly large in
2010.
l
SC’s turnover is in an average level, comparing
with the size of its total assets in 2010.
LEVERAGE: FAIR
l
The debt ratio of SC is too high in 2009, and high
in 2010.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fair.
SC is considered medium-sized in its line with fair financial conditions.
A credit line up to USD 2,000 would appear to be within SC’s capacities upon a
periodical review basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.89 |
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UK Pound |
1 |
Rs.73.85 |
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Euro |
1 |
Rs.64.76 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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.