MIRA INFORM REPORT
|
Report Date : |
21.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
BOAI NKY PHARMACEUTICALS LTD. |
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Registered Office : |
No. 9, Zhongshan Road, Boai County, Jiaozuo City, Henan
Province, 454450 Pr |
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|
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Country : |
China |
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|
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Financials (as on) : |
30.09.2011 |
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Date of Incorporation : |
13.03.2003 |
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Com. Reg. No.: |
410822100001782 |
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Legal Form : |
Shares Limited Company |
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|
|
Line of Business : |
manufacturing and selling PVP series products |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
usd 1,000,000 |
|
Status : |
Satisfactory |
|
Payment
Behaviour : |
No Complaints |
|
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
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
China |
a2 |
a2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name & address
boai nky
pharmaceuticals ltd.
NO. 9, ZHONGSHAN
ROAD, BOAI COUNTY,
JIAOZUO CITY, HENAN
PROVINCE, 454450 PR CHINA
TEL: 86 (0)
391-8610682 FAX: 86 (0)
391-8610681
EXECUTIVE SUMMARY
INCORPORATION DATE : MARCH 13, 2003
REGISTRATION NO. : 410822100001782
REGISTERED LEGAL FORM : Shares limited company
STAFF STRENGTH : 275
REGISTERED CAPITAL : CNY 72,000,000
BUSINESS LINE :
manufacturing
TURNOVER : CNY 143,687,000 (Consolidated, unaudited, JAN. 1 TO SEP. 30,
2011)
EQUITIES : CNY 346,171,000
(Consolidated, unaudited, AS OF SEP. 30, 2011)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO usd 1,000,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly good
OPERATIONAL TREND : steady
GENERAL REPUTATION : WELL-KNOWN
EXCHANGE RATE :
CNY 6.3492 = 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 correct name should be the heading one instead of the given one (Baoinky Pharmaceuticals P. Ltd.).
SC was registered as a limited liabilities company at local
Administration for Industry & Commerce (AIC - The official body of issuing
and renewing business license) on March 13, 2003, and has been under present
legal form since 2009.
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 pharmaceutical excipients, polyvinylpyrrolidone and vinyl ether products/maleic anhydride polymer; exporting self-made products and technology, importing the needed machinery equipment, parts, raw materials and technology, excluding the items prohibited or limited by the country.
SC is mainly engaged in manufacturing and selling PVP series products.
Mr. Yang Haijiang is chairman of SC at present.
SC is known to have approx. 275 employees at present, including 67
R&D staff, 157 production staff, 21 sales & service staff and 30
managers & other-position staff.
SC is currently operating at the above stated address, and this address houses its operating office and factory in the industrial zone of Jiaozuo. Detailed premise information is not available at present.
Note: The address (Chengdongguan, Boai County 博爱县城东关) refers to the same place as the heading premise.
http://www.china-pvp.com The
design is professional and the content is well organized. At present it is both
in Chinese and English versions.
E-mail: pr@china-pvp.com
SC was listed in Shenzhen Stock Exchange Market in Jun. of 2010 with the
stock code 300109.
Changes of its
registered information are as follows:
|
Date
of change |
Item |
Before the
change |
After the change |
|
|
Company’s Chinese name |
博爱新开源制药有限公司 |
Present one |
|
Legal Form |
limited liabilities company |
Note: SC changed its Chinese name in 2009, while its English name
remains the same.
SC has obtained GB/T 19001-2000 Quality Management system; SC was awarded
“Hi-Tech Enterprise”, “Henan Provincial Enterprise Technology Center”, “Jiaozuo
Technology Innovation Advanced Enterprise”, etc.
MAIN SHAREHOLDERS:
(As of June 30, 2011)
Name %
of Shareholding
Wang Donghu 19.94
Yang Haijiang 9.69
Wang Jianqiang 9.69
Beijing Hanchuda Investment Consultant Co.,
Ltd 4.17
Jincheng Xintai Trade Co., Ltd. 4.17
Bao Jie 2.78
Wu Congzhou 2.78
Gao Zhuo 2.03
Shi Jianjun 1.67
Wang Jinjun 1.67
Zhang Jianjun 1.67
Li Weimin 1.67
Li Li 1.67
Other shareholders 36.4
Beijing Hanchuda Investment Consultant Co.,
Ltd
======================================
Registration No.: 110105003138481
Legal representative: Fang Huasheng
l
Chairman:
Mr. Yang Haijiang, born in 1953, with Senior High School education. He is
currently responsible for the overall management of SC.
Working Experience(s):
At present Working in SC as chairman.
Also working in Jiaozuo Yangjiang Food Co., Ltd. as legal representative.
l
General Manager:
Mr. Wang Donghu , born in 1954, with master’s degree. He is currently
responsible for the daily management of SC.
Working Experience(s):
At present Working in SC as general manager.
Also working in Tianjin Boai NKY International Ltd. as legal representative.
l
Board of
Directors:
Wu Wenbin
Ye Zijiang
Tang Guoping
Wang Wenxia
Liu Yanqin
Etc.
SC is mainly
engaged in manufacturing and selling PVP series products.
SC’s products
mainly include:
Pharmaceutical Industry:
povidone-KoVidoneTMK－PVP K Series
Povidone - KoVidoneTM-I－Povidone Iodine
crospovidone - PolyKoVidoneTM－Crospovidone Type A & Type B
Copovidone - KoVidoneTMVA64－Copovidone
pyrrolidone - NKY®2P-- 2-Pyrrolidone
PVP/H2O2 complexes
OraRezTMW-PVM/MA Copolymer
Pvme/ma copolymer - OraRezTMAN-PVM/MA Copolymer
Cosmetics Industry:
polyvinylpyrrolidone - PolyViscolTM K- PVP K Series
PolyViscolTM VA-PVP/VA Series
PVP/H2O2 complexes
PVM/MA Copolymer - OraRezTMW-PVM/MA Copolymer
PVM/MA Copolymer - OraRezTMAN-PVM/MA Copolymer
Wine/Beer/Beverage Industry:
PolyFilterTM-PVPP
Non-recycling & Recycling
Other Industries:
N-vinyl-2-pyrrolidone
- NKY®NVP--N-Vinlpyrrolidone
Pyrrolidone
- NKY®2P-- 2-Pyrrolidone
Brand: NKY
SC sources its materials 43% from domestic
market, and 57% from overseas market. SC sells 52% of its products in domestic
market, and 48% to overseas market, mainly North America, European countries,
Latin America, etc.
The buying terms of SC include Check, T/T, L/C and Credit of 30-60 days.
The payment terms of SC include T/T, L/C and Credit of 30-60 days.
*Major Suppliers:
==============
Poly China Development Limited
Nanjing Chemical Material Corp.
Wushenqi New Type Chemical Co., Ltd.
Unid Jiangsu Chemical Co., Ltd.
Friends Union Enterprises (Tianjin) Ltd.
*Major Customers:
==============
Zhejiang Kaida Stationery Co., Ltd.
Ningbo Jiangbei Yitai Industry
& Trade Co., Ltd. (in Chinese pinyin)
Beijing Origin Water Film Technology Co.,
Ltd.
Jiangsu Xingda Stationery Group Co., Ltd.
Pankaj Sales Agency
Jiaozuo Yangjiang Livestock Co., Ltd. (literal translation)
Jiaozuo Yangjiang Food Co., Ltd.
Friends Union Chemicals Co., Ltd.
Boai NKY Pharmaceuticals Ltd. 3rd
Plant
SC is known to invest in
the following companies:
Tianjin
Boai NKY International Ltd.
Jiaozuo
City Commercial Bank 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 Boai Sub-branch
AC#41001545510059888888
Industrial and Commercial Bank of China Boai Zhongshan Road Sub-branch
AC#1709123829251851893
China
CITIC Bank Jiaozuo Branch
AC#7396110182100011294
Relationship: Normal.
Consolidated
Balance Sheet
Unit: CNY’000
|
|
As
of Sep. 30, 2011 |
As
of Dec. 31, 2010 |
|
Cash & bank |
154,116 |
219,011 |
|
Inventory |
62,210 |
41,059 |
|
Accounts
receivable |
21,251 |
16,395 |
|
Notes receivable |
2,867 |
799 |
|
Other Accounts
receivable |
2,862 |
2,698 |
|
Advances to
supplies |
13,382 |
5,944 |
|
Other current
assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current assets |
256,688 |
285,906 |
|
Fixed assets |
40,469 |
40,427 |
|
Projects under
construction |
70,299 |
7,499 |
|
Projects
materials |
249 |
41 |
|
Long term
investment |
5,000 |
5,000 |
|
Intangible
assets |
18,120 |
16,362 |
|
Deferred tax
assets |
1,188 |
1,181 |
|
Other assets |
4,004 |
1,396 |
|
|
------------------ |
------------------ |
|
Total assets |
396,017 |
357,812 |
|
|
============= |
============= |
|
Short loans |
20,000 |
4,000 |
|
Accounts payable |
15,917 |
9,196 |
|
Notes payable |
0 |
0 |
|
Accrued Payroll |
1,396 |
1,847 |
|
Taxes payable |
4,185 |
2,849 |
|
Advances from
customers |
3,547 |
1,539 |
|
Other Accounts
payable |
578 |
2,199 |
|
Other current
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
45,623 |
21,630 |
|
Long term
liabilities |
0 |
0 |
|
Long-term
payables |
1,300 |
0 |
|
Other
liabilities |
2,923 |
2,969 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
49,846 |
24,599 |
|
Equities |
346,171 |
333,213 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
396,017 |
357,812 |
|
|
============= |
============= |
Consolidated
Income Statement
Unit: CNY’000
|
|
Jan. 1 to Sep.
30, 2011 |
As of Dec. 31,
2010 |
|
Turnover |
143,687 |
163,311 |
|
Cost of goods sold |
103,572 |
112,820 |
|
Taxes and additional of main
operation |
435 |
782 |
|
Sales expense |
6,548 |
8,016 |
|
Management expense |
13,202 |
15,534 |
|
Finance expense |
-1,309 |
1,947 |
|
Assets impairment loss |
435 |
785 |
|
Investment
income |
739 |
0 |
|
Non-operating
income |
2,294 |
3,210 |
|
Non-operating expense |
32 |
35 |
|
Profit before
tax |
23,805 |
26,602 |
|
Less: profit tax |
3,647 |
3,576 |
|
Profits |
20,158 |
23,026 |
Note: The financial reports for the
first three quarters of 2011 have not been audited.
Important
Ratios
=============
|
|
As
of Sep. 30, 2011 |
As
of Dec. 31, 2010 |
|
*Current ratio |
5.63 |
13.22 |
|
*Quick ratio |
4.26 |
11.32 |
|
*Liabilities
to assets |
0.13 |
0.07 |
|
*Net profit
margin (%) |
14.03 |
14.10 |
|
*Return on
total assets (%) |
5.09 |
6.44 |
|
*Inventory
/Turnover ×365 |
/ |
92
days |
|
*Accounts
receivable/Turnover ×365 |
/ |
37
days |
|
*Turnover/Total
assets |
0.36 |
0.46 |
|
* Cost of
goods sold/Turnover |
0.72 |
0.69 |
PROFITABILITY:
FAIRLY GOOD
l
The turnover of SC appears fairly good in its line.
l
SC’s net profit margin is fairly good.
l
SC’s return on total assets is fairly good.
l
SC’s cost of goods sold is average, comparing with
its turnover.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a fairly
good level.
l
SC’s quick ratio is maintained in a fairly good
level.
l
The inventory of SC appears fairly large.
l
The accounts receivable of SC is maintained in an
average level.
l
SC’s short-term loan appears average.
l
SC’s turnover is in a fair level, comparing with
the size of its total assets.
LEVERAGE: FAIRLY
GOOD
l
The debt ratio of SC is low.
l
The risk for SC to go bankrupt is low.
Overall financial
condition of the SC: Fairly good.
SC is considered medium-sized in its line with fairly good financial
conditions. A credit line up to USD
1,000,000 would appear to be
within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.35 |
|
UK Pound |
1 |
Rs.80.97 |
|
Euro |
1 |
Rs.68.26 |
RATING EXPLANATIONS
|
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 |
|
---- |
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.