MIRA INFORM REPORT
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Report Date : |
18.05.2011 |
IDENTIFICATION DETAILS
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Name : |
GUANGZHOU WINSUN PHARMACEUTICAL CO., LTD. |
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Registered Office : |
Room A-B, 25/F, Solana Court, Metro Paradise, No. 368 Tianhe
North Road, Guangzhou, Guangdong Province 510130 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
30.01.1994 |
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Com. Reg. No.: |
440101000046529 |
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Legal Form : |
Limited Liabilities Co. |
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Line of Business : |
wholesaling and Retailing Medicine. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
|
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 50,000 |
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Status : |
Moderate |
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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 – December 31, 2010
|
Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
|
China |
a2 |
a2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 WINSUN PHARMACEUTICAL co., ltd.
ROOM A-B, 25/F,
SOLANA COURT, METRO PARADISE, NO. 368 TIANHE NORTH ROAD, GUAngZHOU, GUANGDONG
province 510130 pr china
TEL: 86 (0)
20-38866693/38866695 FAX: 86 (0)
20-38861665
EXECUTIVE SUMMARY
INCORPORATION DATE :
jan. 30, 1994
REGISTRATION NO. :
440101000046529
REGISTERED LEGAL FORM : LIMITED LIABILITIES CO.
STAFF STRENGTH :
80
REGISTERED CAPITAL : CNY 6,000,000
BUSINESS LINE :
TRADING
TURNOVER :
CNY 113,120,000 (AS OF DEC. 31, 2010)
EQUITIES :
CNY 6,040,000 (AS OF DEC. 31, 2010)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO USD 50,000
MARKET CONDITION : competitive
FINANCIAL CONDITION : fairly
stable
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.51 =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 Jan. 30, 1994.
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 wholesaling Chinese traditional patent medicine, biochemical
medicine, chemical APIs, chemical
preparations for pharmaceutical purposes, antibiotics APIs, biological
products (except vaccine), antibiotics
(valid until July 27, 2014); product information consulting; wholesaling and
retailing trade; import and export of goods and technology (with permit if
needed); pharmaceutical products technical development, technical advice and
technology transfer.
SC is mainly
engaged in wholesaling and retailing medicine.
Mr. Chen Huazhao
is the legal representative and chairman of SC at present.
SC is known
to have approx. 80 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 300 square meters.
http://www.winsunpharm.com The design is professional and the content is
well organized. At present the web site is both in Chinese and English
versions.
E-mail: info@winsunpharm.com
Changes
of its registered information are as follows:
|
Date of change |
Item |
Before the
change |
After the change |
|
Unknown |
Registration No. |
4401012042894 |
Present one |
GSP certificate:
MAIN
SHAREHOLDERS:
Name
% of Shareholding
Cai Yimin
15
Chen Hongying
15
Chen Huazhao 40
Chen Yuhai
15
Liu Jingren
15
l
Legal representative and Chairman:
Mr. Chen Huazhao, in his
Working Experience(s):
At present Working in SC as legal representative and chairman
Also working in Foshan LongSun Medical Technological Co., Ltd. as legal representative
SC is mainly
engaged in wholesaling and retailing medicine.
SC’s products mainly include: API, Pellet, Intermediate, Veterinary,
Formulation, etc.
SC sources its
materials 80% from domestic market, and 20% form overseas market. SC sells 70%
in domestic market, mainly Jiangsu, and 30% to overseas market, mainly
Southeast Asia countries.
The buying terms of SC include T/T, L/C and Credit of 30-60 days. The
payment terms of SC include T/T, Check, L/C, and Credit of 30-60 days.
Major client:
…………….
Guangdong Jiuzhoutong Pharmaceutical Co., Ltd.
Major Supplier:
……………….
Guangdong P.D. Pharmaceutical Co., Ltd.
Dragon Hwa Chempharm. Co. Limited (Hong Kong)
……………………………………………………….
CR No.: 0659687
Date of Incorporation: Nov. 16, 1998
Company Status: Private
Gulin Hwasun
Pharmaceutical Co., Ltd.
Foshan
LongSun Medical Technological 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’s suppliers
declined to make any comments.
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.
China
Construction Bank Guangzhou Sport Center Sub-branch
AC#
44001382203059000003
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
|
|
as of Dec. 31,
2009 |
as of Dec. 31,
2010 |
|
Cash & bank |
2,890 |
3,600 |
|
Bills receivable |
710 |
1,690 |
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Inventory |
8,440 |
9,340 |
|
Accounts
receivable |
12,110 |
14,510 |
|
Advances to
supplies |
0 |
0 |
|
Other
receivables |
710 |
970 |
|
Other current
assets |
200 |
430 |
|
|
------------------ |
------------------ |
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Current assets |
25,060 |
30,540 |
|
Fixed assets net
value |
290 |
280 |
|
Projects under
construction |
0 |
0 |
|
Long-term
investments |
0 |
900 |
|
Intangible
assets |
0 |
0 |
|
Other assets |
0 |
10 |
|
|
------------------ |
------------------ |
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Total assets |
25,350 |
31,730 |
|
|
============= |
============= |
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Short loans |
0 |
0 |
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Accounts payable |
19,410 |
25,780 |
|
Advances from
clients |
0 |
0 |
|
Accrued payroll |
20 |
0 |
|
Welfares payable |
-70 |
-20 |
|
Taxes payable |
20 |
-120 |
|
Other accounts
payable |
0 |
50 |
|
Accrued expenses |
0 |
0 |
|
Other current
liabilities |
10 |
0 |
|
|
----------------- |
----------------- |
|
Current
liabilities |
19,390 |
25,690 |
|
Long term
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
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Total
liabilities |
19,390 |
25,690 |
|
Shareholders
equities |
5,960 |
6,040 |
|
|
------------------ |
------------------ |
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Total
liabilities & equities |
25,350 |
31,730 |
|
|
============= |
============= |
Income Statement
Unit: CNY’000
|
|
as of Dec. 31,
2009 |
as of Dec. 31,
2010 |
|
Turnover |
104,870 |
113,120 |
|
Cost of goods sold |
94,090 |
101,230 |
|
Taxes and
additional of main operation |
140 |
210 |
|
Sales expense |
7,100 |
7,880 |
|
Management expense |
3,420 |
3,590 |
|
Finance expense |
40 |
-60 |
|
Non-operating
income |
110 |
30 |
|
Non-operating expense |
50 |
100 |
|
Operation Profit |
170 |
260 |
|
Less: profit tax |
40 |
70 |
|
Net profit |
130 |
190 |
Important Ratios
=============
|
|
as of Dec. 31,
2009 |
as of Dec. 31,
2010 |
|
*Current ratio |
1.29 |
1.19 |
|
*Quick ratio |
0.86 |
0.83 |
|
*Liabilities
to assets |
0.76 |
0.81 |
|
*Net profit
margin (%) |
0.12 |
0.17 |
|
*Return on
total assets (%) |
0.51 |
0.60 |
|
*Inventory
/Turnover ×365 |
29 days |
30 days |
|
*Accounts
receivable/Turnover ×365 |
42 days |
47 days |
|
*Turnover/Total
assets |
4.14 |
3.57 |
|
* Cost of
goods sold/Turnover |
0.90 |
0.89 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears fairly good in its line.
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 maintained in a normal
level in both 2 years.
l
SC’s quick ratio is maintained in a normal level in
both 2 years.
l
The inventory of SC appears average in both 2
years.
l
The accounts receivable of SC appears fairly large
in both 2 years.
l
There is no short-term loan of SC 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: FAIR
l
The debt ratio of SC is fairly high in both 2
years.
l
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 given credit amount would appear to be within SC’s capacities,
and a credit line up to USD 50,000 is recommended.
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 |
|
|
>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 |
|
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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.