MIRA INFORM REPORT
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Report Date : |
14.11.2011 |
IDENTIFICATION DETAILS
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Name : |
CHINA SINOPHARM INTERNATIONAL CORPORATION |
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Registered Office : |
No. 4 Huixin East Street, Chaoyang District, Beijing, 100029 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
18.02.1989 |
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Com. Reg. No.: |
100000000009468 |
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Legal Form : |
State-Owned Enterprise |
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Line of Business : |
Subject is engaged
labor training, labor cooperation, engineering contracting, engineering
design, import & export, medical aid |
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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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 – September 30th, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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
CHINA SINOPHARM INTERNATIONAL CORPORATION
NO. 4 HUIXIN EAST STREET, CHAOYANG DISTRICT,
BEIJING, 100029 PR CHINA
TEL: 86
(0) 10-84618811/84663250 FAX:
86 (0) 10-84663250
EXECUTIVE SUMMARY
INCORPORATION DATE : FEB. 18, 1989
REGISTRATION NO. : 100000000009468
REGISTERED LEGAL FORM : STATE-OWNED ENTERPRISE
STAFF STRENGTH :
30
REGISTERED CAPITAL : CNY 1,000,000,000
BUSINESS LINE :
labor training, cooperation, engineering contracting
TURNOVER :
cny 20,376,000 (AS OF DEC. 31,
2010)
EQUITIES :
cny 1,552,000 (AS OF DEC. 31, 2010)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : Moderate amount
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : FAIRLY STABLE
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.34= 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
SC was registered as a state-owned enterprise at State Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license) on Feb. 18, 1989.
Company Status: State-owned enterprise
This form of business in PR
China is defined as a commodity production or operational units of a
socialist character which in accordance with the law, has autonomy in
management, takes full responsibility for its profits and losses and
practices independent business accounting. It is a legal person established
directly by central / local government or enterprise owned by central or
local government. In theory, the liabilities of this form of enterprise are
ultimately borne by the government, since the adoption of company law in
mid-1994, the Chinese government has planned to separate the ownership from
management and liabilities bearing.
SC’s registered business scope includes
medical and health industry contracted overseas projects and projects of
the international tender; the offshore engineering equipment required, the
material outlet; the implementation of the dispatch of foreign works outside
the workers; undertake China's foreign economic aid in health project ( include
to provide the necessary equipment, materials ); to carry out foreign labor
service cooperation, to overseas dispatch of engineering, production and
service industry workers ( excluding seamen ); self-and proxy unified national
organizations in addition to joint operation of the export countries and
companies approved the import of goods other than goods and technology import
and export business; to carry out the 'three to one up, feed processing
business; operating counter trade and entrepot trade; for overseas enterprises.
SC is mainly
engaged in labor training, labor cooperation, engineering contracting,
engineering design, import & export, medical aid.
Mr. Zhou Yuxiang
has been legal representative and general manager of SC since Feb., 2011.
SC is known
to have approx. 30 employees at present.
SC is
currently operating at the above stated address, and this address houses its
operating office in the commercial zone of Beijing. Our checks reveal that SC
owns the total premise about 2,000 square meters.
http://sinopharmintl.net
The design is professional and the content is well organized. At present it is
in Chinese version.
E-Mail: gly@sinopharmintl.com
Changes of SC’s
registered information:
|
Date |
Item |
Before changed |
After changed |
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Legal rep. |
Yang Zunrun |
Hua Jimin |
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Registered capital |
CNY 2,200,000 |
CNY 2,341,000 |
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Registered capital |
CNY 2,341,000 |
CNY 5,001,000 |
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Legal rep. |
Hua Jimin |
Ma Rang |
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Company name |
China Medical Corporation for International Technical Cooperation |
Present one |
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Legal rep. |
Ma Rang |
Present one |
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Registered capital |
CNY 5,001,000 |
Present amount |
|
Unknown |
Registered no. |
1000001000946 |
Present one |
MAIN SHAREHOLDERS:
Name %
of Shareholding
China National
Pharmaceutical Group Corporation 100
Address: No. 20 Zhichun Road, Haidian
District, Beijing, China
Fax: 86-10-62033332
Website: http://www.sinopharm.com
l
Legal Representative
and General Manager:
Mr. Zhou Yuxiang, ID# 110105195203060835, born in 1952, with university
education. He is currently responsible for the overall management of SC.
Working Experience(s):
From Feb., 2011 to present Working
in SC as legal rep. and general manager.
Also working in China National Pharmaceutical Group
Corporation as vice general manager.
SC is mainly
engaged in labor training, labor cooperation, engineering contracting,
engineering design, import & export, medical aid.
SC’s products
mainly include: medical products.
SC sources its
materials 100% from domestic market. SC sells 100% of its products to the
overseas market, mainly Southeast Asia and European countries.
The buying terms of SC include Check, T/T and Credit of 30-60 days. The
payment terms of SC include T/T, L/C and Credit of 30-60 days.
Note: SC’s management declined to release
its main clients and suppliers.
China National
Pharmaceutical Industry Corporation Ltd.
China
National Medicines Corporation Ltd.
China
National Pharmaceutical Foreign Trade Corporation
China
National Group Corporation of Traditional & Herbal Medicine
SINOPHARM
Medicine Holding Co., Ltd.
China
Pharmaceutical Exhibition Corporation
Sichuan
Industrial Institute of Antibiotics
SINOPHARM
United Engineering Company Ltd.
China
Pharmaceutical Advertising Limited Company
Etc.
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.
Bank of China
General Office
AC#00097908094001
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
21,971 |
34,638 |
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Inventory |
0 |
0 |
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Accounts receivable |
0 |
0 |
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Advances to suppliers |
9,049 |
40,874 |
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Other receivables |
0 |
0 |
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Prepaid expenses |
0 |
0 |
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Other current assets |
0 |
0 |
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------------------ |
------------------ |
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Current assets |
31,020 |
75,512 |
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Fixed assets net
value |
299 |
468 |
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Long term
investment |
0 |
0 |
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Intangible assets
and other assets |
0 |
0 |
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------------------ |
------------------ |
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Total assets |
31,319 |
75,980 |
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============= |
============= |
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Short loans |
0 |
0 |
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Accounts payable |
0 |
0 |
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Bills payable |
0 |
0 |
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Advances from
clients |
29,596 |
73,686 |
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Taxes payable |
75 |
136 |
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Salaries payable |
769 |
498 |
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Other payable |
146 |
108 |
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Other current
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Current
liabilities |
30,586 |
74,428 |
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Long term
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total
liabilities |
30,586 |
74,428 |
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Equities |
733 |
1,552 |
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------------------ |
------------------ |
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Total
liabilities & equities |
31,319 |
75,980 |
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============= |
============= |
Income Statement
Unit: CNY’000
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As of Dec. 31,
2009 |
As
of Dec. 31, 2010 |
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Turnover |
15,046 |
20,376 |
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Cost of goods
sold |
12,611 |
17,343 |
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Sales expense |
1,899 |
2,326 |
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Management expense |
0 |
0 |
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Finance expense |
-64 |
-194 |
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Profit before
tax |
530 |
819 |
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Less: profit tax |
0 |
0 |
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Profits |
530 |
819 |
Important Ratios
=============
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|
2009 |
2010 |
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*Current ratio |
1.01 |
1.01 |
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*Quick ratio |
1.01 |
1.01 |
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*Liabilities
to assets |
0.98 |
0.98 |
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*Net profit
margin (%) |
3.52 |
4.02 |
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*Return on
total assets (%) |
1.69 |
1.08 |
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*Inventory
/Turnover ×365 |
0 |
0 |
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*Accounts
receivable/Turnover ×365 |
0 |
0 |
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*Turnover/Total
assets |
0.48 |
0.27 |
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*Cost of goods
sold/Turnover |
0.84 |
0.85 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears average in 2009 and it
increased in 2010.
l
SC’s net profit margin is fairly good in both
years.
l
SC’s return on total assets is average in both
years.
l
SC’s cost of goods sold is average in both years,
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
SC has no inventory and account receivable in both
years.
l
SC has no short loans in both years.
l
SC’s turnover is in a fair level in both years,
comparing with the size of its total assets.
LEVERAGE: FAIR
l
The debt ratio of SC is high in both 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.
Taking into consideration of SC’s favorable background and general performance
we would rate SC as an average credit risk company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.50.28 |
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UK Pound |
1 |
Rs.80.08 |
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Euro |
1 |
Rs.68.45 |
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.