MIRA
INFORM REPORT
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Report Date : |
03.10.2011 |
IDENTIFICATION DETAILS
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Name : |
He’nan Newland Pharmaceutical Co., Ltd. |
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Registered Office : |
Southside Of Qinggong Road (East Section),
Changge City, He’nan Province, 461500 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
15.09.2005 |
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Com. Reg. No.: |
411082100006960 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Manufacturing and selling pharmaceutical intermediates. |
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 1,500,000 |
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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 and address
He’nan Newland Pharmaceutical Co., Ltd.
SOUTHSIDE OF
QINGGONG ROAD (EAST SECTION),
CHANGGE CITY,
HE’NAN PROVINCE, 461500 PR CHINA
TEL: 86 (0)
374-6103188 FAX: 86 (0)
374-6105388
EXECUTIVE SUMMARY
INCORPORATION DATE : SEPTEMBER 15, 2005
REGISTRATION NO. : 411082100006960
REGISTERED LEGAL FORM : SHARES LIMITED COMPANY
STAFF STRENGTH :
500
REGISTERED CAPITAL : CNY 99,000,000
BUSINESS LINE :
MANUFACTURING
TURNOVER :
CNY 230,810,000 (AS OF DEC. 31, 2009)
EQUITIES :
CNY 152,290,000 (AS OF DEC. 31, 2009)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO USD 1,500,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRly good
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY
6.48 = 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
address “Southside of Qinggong Road (East Section)” was formerly named “No. 31,
Qinggong Road”.
SC was registered as a Shares limited co. at local Administration for
industry & commerce (AIC - the official body of issuing and renewing
business license) on Sep. 15, 2005.
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 manufacturing and selling pharmaceutical intermediates (excluding
the hazard chemicals and within limits); import and export goods and
technology.
SC is mainly
engaged in manufacturing and selling pharmaceutical intermediates.
Mr. Xie
Jianzhong is legal representative and
chairman of SC at present.
SC is known
to have approx. 500 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office and factory in the industrial zone of Changge. Our checks
reveal that SC owns the total premise about 80,000 square meters.
http://www.newlandpharma.com/
The design is professional and the content is well organized. At present it is
in both Chinese and English versions.
E-mail: market@newlandpharma.com; xjz@newlandpharma.com
No significant events or changes were found during our checks with the
local Administration for Industry and Commerce.
SC’s quality system meets the international standards of ISO 14001,
OHSAS 18001 and ISO 9001.
MAIN SHAREHOLDERS:
Name %
of Shareholding
He’nan Shuangji Industrial Co., Ltd. 85.15
Changge Zhongyuan Commerce & Trade Co.,
Ltd. 14.85
He’nan Shuangji Industrial Co., Ltd.
==========================
Registration no.: 411082100000979
Legal representative: Xie Jianzhong
Changge Zhongyuan Commerce & Trade Co.,
Ltd.
=====================================
Registration no.: 411082100009777
Legal representative: Pan Huiping
l
Chairman & General Manager:
Mr. Xie Jianzhong, in his
Working Experience(s):
At present Working
in SC as chairman and general manager.
Also working in He’nan Shuangji Industrial Co., Ltd. as legal representative
SC is mainly engaged
in manufacturing and selling pharmaceutical intermediates.
SC’s products
mainly include D (-)-p-hydroxyphenylglycine, D-(-)-4-Hydroxyphenylglycine dane
salt, Para-Toluenesulfonic Acid monohydrate, and so on.
SC sources its materials 100% from domestic
market. SC sells 80% of its products in domestic market, and 20% to overseas
market.
The buying terms of SC include Check, T/T and Credit of 30-60 days. The
payment terms of SC include Check, T/T, L/C and Credit of 30-60 days.
SC
is not known to have any subsidiary at present.
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.
China
Construction Bank Changge Sub-branch
AC# N/A
Relationship:
Normal
Balance Sheet (as of Dec. 31, 2009)
Unit: CNY’000
|
Cash & bank |
7,110 |
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Inventory |
22,920 |
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Accounts
receivable |
56,150 |
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Notes receivable |
33,850 |
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Advances to
suppliers |
2,050 |
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Other
receivables |
12,800 |
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Other current
assets |
0 |
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------------------ |
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Current assets |
134,880 |
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Fixed assets net
value |
47,330 |
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Projects under
construction |
0 |
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Long term
investment |
0 |
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Intangible
assets |
20,240 |
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Other assets |
850 |
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------------------ |
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Total assets |
203,300 |
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============= |
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Short loans |
20,000 |
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Accounts payable |
14,410 |
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Other payable |
5,160 |
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Taxes payable |
6,230 |
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Accrued payroll |
4,190 |
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Other current
liabilities |
0 |
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------------------ |
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Current
liabilities |
49,990 |
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Long term
liabilities |
1,020 |
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------------------ |
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Total
liabilities |
51,010 |
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Equities |
152,290 |
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------------------ |
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Total
liabilities & equities |
203,300 |
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============= |
Income Statement (as of Dec. 31, 2009)
Unit: CNY’000
|
Turnover |
230,810 |
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Cost of goods
sold |
133,200 |
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Sales expense |
7,590 |
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Management expense |
18,880 |
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Finance expense |
1,720 |
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Other expenses |
420 |
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Profit before
tax |
69,000 |
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Less: profit tax |
16,030 |
|
Profits |
52,970 |
Important Ratios
=============
|
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as
of Dec. 31, 2009 |
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*Current ratio |
2.70 |
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*Quick ratio |
2.24 |
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*Liabilities
to assets |
0.25 |
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*Net profit
margin (%) |
22.95 |
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*Return on
total assets (%) |
26.06 |
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*Inventory
/Turnover ×365 |
36 days |
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*Accounts
receivable/Turnover ×365 |
89 days |
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*Turnover/Total
assets |
1.14 |
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* Cost of
goods sold/Turnover |
0.58 |
PROFITABILITY:
GOOD
l
The turnover of SC appears good in its line.
l
SC’s net profit margin is good.
l
SC’s return on total assets is good.
l
SC’s cost of goods sold is low, 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 is maintained in an average
level.
l
The accounts receivable of SC appears fairly large.
l
SC’s short-term loan is in an average level.
l
SC’s turnover is in an average 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 1,500,000 appears to be within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.93 |
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|
1 |
Rs.76.52 |
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Euro |
1 |
Rs.66.65 |
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 |
-- |
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.