MIRA INFORM REPORT
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Report Date : |
07.06.2011 |
IDENTIFICATION DETAILS
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Name : |
ZHEJIANG NEO-DANKONG PHARMACEUTICAL CO., LTD |
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Registered Office : |
No. 183 Central Avenue, Economic Development Zone, Taizhou City, Zhejiang Province, 318000 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
18.01.2001 |
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Com. Reg. No.: |
330000000018864 |
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Legal Form : |
Shares Limited Co. |
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Line of Business : |
Manufacturing
and selling API. |
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 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) |
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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
ZHEJIANG
NEO-DANKONG PHARMACEUTICAL CO.,
LTD.
NO. 183 CENTRAL AVENUE, ECONOMIC DEVELOPMENT
ZONE,
TAIZHOU CITY, ZHEJIANG PROVINCE, 318000 PR
CHINA
TEL: 86 (0) 576-88816843/88582501 FAX: 86 (0) 576-88582501
EXECUTIVE SUMMARY
INCORPORATION DATE : JAN. 18, 2001
REGISTRATION NO. :
330000000018864
REGISTERED LEGAL FORM : SHARES LIMITED CO.
STAFF STRENGTH : 900
REGISTERED CAPITAL : CNY 86,000,000
BUSINESS LINE :
MANUFACTURING AND TRADING
TURNOVER :
CNY 583,990,000 (UNAUDITED, AS OF DEC. 31, 2010)
EQUITIES : CNY 224,640,000 (UNAUDITED, AS OF DEC. 31, 2010)
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 6.48050=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 Ren Min Bi
Note: SC’s current address should be the heading one, while the given one “No. 83, Jiefang North Road, Jiaojiang, Taizhou” was SC’s former address.
SC was registered as a shares limited co. at local 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
tablet, capsule, granular and API; manufacturing and selling pharmaceutical
intermediates and chemical products, international trade.
SC is
mainly engaged in manufacturing and selling API. (该公司目前主要从事原料药的生产、销售业务。)
Mr. Xu
Ziqing has been legal representative and
chairman of SC since 2001.
SC is known
to have approx. 900 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 Taizhou. Our
checks reveal that SC owns the total premise about 120,000 square meters.
http://lbcskj.66571.com.cn/zjxdg/
The design is professional and the content is well organized. At present it is
both in Chinese and English versions.
Email: ndankong@163.com
Changes
of its registered information:
|
Date of change |
Item |
Before the change |
After the change |
|
2011-3 |
Shareholders and % of Shareholdings |
Taizhou City Qianjin Chemical Industry Co.,
Ltd.1.26% Wang Yunyo28.35% Wang Yunfu28.26% Cao Enfa1.16% Wang Zhimin1.16% Wang Yijing1.16% Sun Yang1.16% Hong Huabin1.16% Xu Ziqing.16% Li Fengwu3.49% Other 32 Individual Shareholders31.68% |
Present ones |
MAIN
SHAREHOLDERS:
Name
%
of shareholdings
Wang Yunyou 28.98
Wang Yunfu 28.88
Cao Enfa 1.16
Wang Zhimin 1.16
Wang Yijing 1.16
Sun Yang 1.16
Hong Huabin 1.16
Xu Ziqing 1.16
Li Fengwu 3.49
Lu Ying 2.33
Other 31 Individual Shareholders 29.36
l
Legal Representative and Chairman:
Mr. Xu Ziqing ID# 332601195709294713, born in 1957 with junior college
education, he is currently responsible for the overall management of SC.
Working Experience(s):
From 2001 to present Working in SC as legal representative and chairman.
Also working in Zhejiang Neo-Dankong Biotechnology Co., Ltd. and Taizhou Dankong Veterinary Medicine Co., Ltd. as legal representative.
l
General Manager:
Mr. Hong Huabin ID# 330123196505181630, born in 1965, he is currently responsible for the daily management of SC.
Working Experience(s):
At present Working in SC as general manager.
SC is mainly
engaged in manufacturing and selling API.
SC’s products
mainly include: bulk drug, pharmaceutical intermediates, preparation, and etc
SC sources its
materials 85% from domestic market, and 15% from overseas markets, mainly
Japan. SC sells 40% of its products in domestic market, and 60% to overseas
market, mainly Europe, America and Southeast Asia.
The buying terms of SC include Check, L/C, T/T and Credit of 30-60 days.
The payment terms of SC include Check, L/C, T/T, and Credit of 30-60 days.
Note: SC’s employee refused to release its
major customers or suppliers.
Dankong Industry & Trade Group Co., Ltd.
SC
is also known to have the following subsidiaries:
Zhejiang Neo-Dankong Biotechnology Co., Ltd.
Taizhou Dankong Veterinary Medicine Co., Ltd.
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
Unit: CNY’000
|
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As of Dec. 31,
2010 (unaudited) |
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Cash & bank |
39,680 |
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Notes receivable |
7,100 |
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Inventory |
142,230 |
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Accounts
receivable |
63,420 |
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Advances to
suppliers |
640 |
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Subsidies
receivable |
930 |
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Prepaid expenses |
460 |
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Other accounts
receivable |
640 |
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Other current
assets |
0 |
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------------------ |
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Current assets |
255,100 |
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Fixed assets net
value |
119,470 |
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Project under
construction |
18,710 |
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Long term
investment |
44,950 |
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Deferred tax |
1,430 |
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Intangible and
other assets |
31,680 |
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------------------ |
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Total assets |
471,340 |
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============= |
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Short loans |
50,000 |
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Notes payable |
57,700 |
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Accounts payable |
108,840 |
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Advances from
clients |
2,210 |
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Accrued payroll |
11,370 |
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Taxes payable |
12,480 |
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Accrued expenses |
160 |
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Estimated liabilities |
2,620 |
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Surcharge payable |
430 |
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Other accounts
payable |
890 |
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Other current
liabilities |
0 |
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------------------ |
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Current
liabilities |
246,700 |
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Long-term
liabilities |
0 |
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------------------ |
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Total
liabilities |
246,700 |
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Equities |
224,640 |
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------------------ |
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Total
liabilities & equities |
471,340 |
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============= |
Income Statement
Unit: CNY’000
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As of Dec. 31,
2010 (unaudited) |
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Turnover |
583,990 |
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Cost of goods sold |
467,740 |
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Taxes and additional of main operation |
2,910 |
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Sales expense |
3,560 |
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Management expense |
60,280 |
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Finance expense |
2,520 |
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Income from
other operations |
2,510 |
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Non-operating
income |
4,130 |
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Non-operating expense |
1,430 |
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Profit before
tax |
52,190 |
|
7,390 |
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Profits |
44,800 |
Important
Ratios
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As
of Dec. 31, 2010 |
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*Current ratio |
1.03 |
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*Quick ratio |
0.46 |
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*Liabilities
to assets |
0.52 |
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*Net profit
margin (%) |
7.67 |
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*Return on
total assets (%) |
9.50 |
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*Inventory
/Turnover ×365 |
89 days |
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*Accounts
receivable/Turnover ×365 |
40 days |
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*Turnover/Total
assets |
1.24 |
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* Cost of
goods sold/Turnover |
0.80 |
PROFITABILITY:
FAIRLY GOOD
l
The turnover of SC appears fairly good in its line.
l
SC’s net profit margin appears fairly good.
l
SC’s return on total assets appears fairly good.
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 normal
level.
l
SC’s quick ratio is maintained in a fair level.
l
The inventory of SC appears large in 2010.
l
The accounts receivable of SC appears average in
2010.
l
The short-term loan of SC appears average in 2010.
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SC’s turnover is in an average level, comparing
with the size of its total assets.
LEVERAGE: AVERAGE
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The debt ratio of SC is average.
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The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly Stable
SC is considered medium-sized in its line with fairly stable financial conditions.
The large amount of inventory could be a threat to SC’s financial condition. A
credit line up to USD 1,000,000 appears to be within SC’s capacities upon a
periodical review basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.44.72 |
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UK Pound |
1 |
Rs.73.46 |
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Euro |
1 |
Rs.65.47 |
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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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.