MIRA INFORM REPORT
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Report Date : |
18.05.2011 |
IDENTIFICATION DETAILS
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Name : |
GUANGZHOU TOSUN PHARMACEUTICAL CO., LTD. |
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Registered Office : |
Room 2010-2011, Tower C, Poly World Trade Center, No. 1000, Xin’gang East Road, Haizhu District, Guangzhou City, Guangdong Province, 510305 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
28.12.1999 |
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Com. Reg. No.: |
440106000175501 |
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Legal Form : |
Limited
Liabilities Co. |
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Line of Business : |
Selling Pharmaceutical
Products |
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 100,000 |
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Status : |
Satisfactory |
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Payment
Behaviour : |
Slow but Correct |
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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 – December 31, 2010
|
Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
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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
GUANGZHOU TOSUN PHARMACEUTICAL CO., LTD.
ROOM 2010-2011, TOWER C, POLY WORLD TRADE CENTER, NO. 1000
XIN’GANG EAST ROAD, HAIZHU DISTRICT, GUANGZHOU CITY,
GUANGDONG PROVINCE, 510305 PR CHINA
TEL: 86 (0) 20-89097105 FAX: 86
(0) 20-89097076
EXECUTIVE SUMMARY
INCORPORATION DATE :
DEC. 28, 1999
REGISTRATION NO. : 440106000175501
REGISTERED LEGAL
FORM : LIMITED LIABILITIES CO.
CHIEF EXECUTIVE : MS. ZHANG TONGLI
(CHAIRMAN)
STAFF STRENGTH : 40
REGISTERED CAPITAL :
CNY 10,000,000
BUSINESS LINE : TRADING
TURNOVER : CNY 30,150,000 (UNAUDITED, AS OF DEC. 31, 2010)
EQUITIES : CNY 9,960,000 (UNAUDITED, AS OF DEC. 31, 2010)
PAYMENT : AVERAGE
RECOMM. CREDIT RANGE : UP TO USD 100,000
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION :
STABLE
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE : CNY 6.50595= 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 complete
name should be the heading one, instead of the given one “Tosun Pharmaceutical Ltd.”.
SC’s current address should be the heading one, while the given one “21B
Huitingxuan, Dushihuating, 358 Tianhe North Road, Guangzhou” was its former
address.
In addition,
according to SC’s employee, SC also used the other name (United Pharmaceutical
(Far East) Ltd.) as its business one.
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 Dec. 28, 1999.
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 wholesale: traditional Chinese medicine, chemical raw
materials, chemical medicine preparations, antibiotics raw materials,
antibiotics preparations, biomedical chemicals, biological products; equity
fund investment; researching, developing, transferring of pharmaceutical
technology; wholesale and retail trade; import and export of various goods and
technologies.
SC is mainly engaged in selling
pharmaceutical products.
Ms. Zhang Tongli is legal representative and
chairman of SC at present.
SC is known to
have approx. 40 employees at present.
SC is currently operating at the above stated address, and this address houses its operating office in the commercial zone of Guangzhou. Our checks reveal that SC rents the total premise about 200 square meters.
http://www.tosunpharm.com/ The design is
professional and the content is well organized. At present it is both in
Chinese and English versions.
E-mail: info@upharm.cn / tech@upharm.cn
Changes of its registered
information:
|
Date of change |
Item |
Before the
change |
After the change |
|
Unknown |
Registered No. |
4401061102196 |
Present one |
MAIN SHAREHOLDERS:
Name % of Shareholding
Feng Guilan 50
Guangzhou Tongxi Trading Co., Ltd. (In Chinese Pinyin) 50
Guangzhou Tongxi Trading Co., Ltd. (In Chinese Pinyin)
=========================================
Establishment Date: May 27, 1998
Chief Executive: Feng Guilan
Registered Capital: CNY 10,000,000
l
Legal
representative and chairman:
Ms. Zhang Tongli, born in 1970 with university education. She is
currently responsible for the overall management of SC.
Working Experience(s):
At present Working in SC as legal representative and chairman.
l
General
Manager:
Mr. Sun Yihao, born in 1976 with university education, 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 selling
pharmaceutical products.
SC’s products mainly
include: pharmaceutical raw materials, intermediate, preparations, etc.
SC sources its
materials 80% from domestic market and 20% from overseas market, mainly India. SC
sells 100% of its products in domestic market.
The buying terms of
SC include Check, T/T, L/C and Credit of 30-60 days. The payment terms of SC
include Check, T/T and Credit of 30-60 days.
*Major Customers:
==============
Xianyang Pharmaceutical Corp. (Literal Translation)
Anyang Xinglin Pharmaceutical Chain Co., Ltd. (Literal Translation)
*Major Supplier:
==============
Henan Shuaike
Pharmaceutical Co., Ltd.
*United
Pharmaceutical (Far East) Ltd. (Hong Kong)
======================================
Registered
number: 0628366
Incorporated
date: Oct. 29, 1997
Legal
form: Private
*Hong
Kong China Sun Pharmaceutical Group Ltd.
====================================
Registered number: 0793489
Incorporated date: Apr. 17, 2002
Legal form: Private
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: A trade enquiry currently
conducted with SC's supplier(s) reveal the following:
Supplier
A
Products sold: Medicine
Date account opened: N/A
Line of credit: No
comment
Terms: T/T,
Credit of 30-60 days
Average monthly sales: No
comment
Current balance: No
comment
Rating Key: 3
Any Special Comments: ______________________________________
Payment record keys :
1 = Prompt : Payment made before the credit period expires
2 = As agreed terms : Payment made upon due date
3 = Slightly slow but acceptable : Payment made 5 to 20 days beyond
agreed terms
4 = Slow : Payment made 16 to 45 days beyond agreed terms
5 = Poor : Payment made over 45 days beyond agreed terms
6 = No comment : Account is newly opened & record is not yet established
Note : In some instances, payment beyond terms can
be the result of disputes over merchandise, lost invoices, disputed accounts
& etc.
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.
Guangzhou
Commercial Bank Zhongtian Sub-branch
AC#: 308800458533
Relationship: Normal.
Note: it was released by SC’s financial manager Ms. Peng that the given bank: Bank of China Hong Kong Ltd., is the USD Bank Account of SC opened by Hong Kong China Sun Pharmaceutical Group Ltd., but Ms. Peng declined to release its account number.
Balance Sheet
Unit: CNY’000
|
|
As of Dec. 31, 2009 |
As of Dec. 31, 2010 (unaudited) |
|
Cash & bank |
200 |
1,020 |
|
Inventory |
3,150 |
2,610 |
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Accounts receivable |
230 |
100 |
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Other receivables |
2,430 |
330 |
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Advances to suppliers |
3,430 |
4,280 |
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Prepaid expenses |
0 |
140 |
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Other current assets |
0 |
0 |
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|
------------------ |
------------------ |
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Current assets |
9,440 |
8,480 |
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Fixed assets net value |
120 |
3,460 |
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Projects under construction |
0 |
0 |
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Intangible assets |
140 |
130 |
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Other assets |
0 |
0 |
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------------------ |
------------------ |
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Total assets |
9,700 |
12,070 |
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============= |
============= |
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Short loans |
0 |
0 |
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Bills payable |
0 |
0 |
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Accounts payable |
0 |
0 |
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Advances from clients |
0 |
1,900 |
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Salary payable |
0 |
0 |
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Tax payable |
120 |
50 |
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Other payable |
20 |
150 |
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Surcharge payable |
0 |
10 |
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Other current liabilities |
0 |
0 |
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------------------ |
------------------ |
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Current liabilities |
140 |
2,110 |
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Long term liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total liabilities |
140 |
2,110 |
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Equities |
9,560 |
9,960 |
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------------------ |
------------------ |
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Total liabilities & equities |
9,700 |
12,070 |
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============= |
============= |
Income Statement
Unit: CNY’000
|
|
As of Dec. 31, 2009 |
As of Dec. 31, 2010 (unaudited) |
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Turnover |
21,840 |
30,150 |
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Cost of goods sold |
18,950 |
26,430 |
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Taxes and additional of main operation |
0 |
50 |
|
Sales expense |
1,160 |
1,140 |
|
Management expense |
1,370 |
1,920 |
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Finance expense |
0 |
80 |
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Income from other operations |
0 |
20 |
|
Profit before tax |
310 |
550 |
|
Less: profit tax |
80 |
140 |
|
Profits |
230 |
410 |
Important Ratios
=============
|
|
As of Dec. 31, 2009 |
As of Dec. 31, 2010 |
|
*Current ratio |
67.43 |
4.02 |
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*Quick ratio |
44.93 |
2.78 |
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*Liabilities to assets |
0.01 |
0.17 |
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*Net profit margin (%) |
1.05 |
1.36 |
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*Return on total assets (%) |
2.37 |
3.40 |
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*Inventory /Turnover ×365 |
53 days |
32 days |
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*Accounts receivable/Turnover ×365 |
4 days |
2 days |
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*Turnover/Total assets |
2.25 |
2.50 |
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* Cost of goods sold/Turnover |
0.87 |
0.88 |
PROFITABILITY: AVERAGE
l
The
turnover of SC appears average in its line in 2009, and it increased in 2010.
l
SC’s net
profit margin is average in both 2 years.
l
SC’s return
on total assets is average in both 2 years.
l
SC’s
cost of goods sold is average in both 2 years, comparing with its turnover.
LIQUIDITY: AVERAGE
l
The
current ratio of SC is in a fairly good level in 2010.
l
SC’s quick
ratio is in a fairly good level in 2010.
l
The inventory of SC appears average in both 2
years.
l
SC’s
accounts receivable is average in both 2 years.
l
SC has
no short loans in both 2 years.
l
SC’s
turnover is in a fairly good level in both 2 years, comparing with the size of
its total assets.
LEVERAGE: AVERAGE
l
The debt
ratio of SC is low in both 2 years.
l
The risk
for SC to go bankrupt is average.
Overall financial condition of the SC:
Stable.
SC is considered
medium-sized in its line with stable financial conditions. The given credit
amount would appear to be within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.07 |
|
UK Pound |
1 |
Rs.63.57 |
|
Euro |
1 |
Rs.72.97 |
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 |
|
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 |
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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.