MIRA
INFORM REPORT
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Report Date : |
12.10.2011 |
IDENTIFICATION DETAILS
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Name : |
HNG CHEMBIO PHARMACY CO., LTD. |
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Registered Office : |
Huanyuan South Road, National Biomedical Industrial Base Of Changsha, Liuyang,
Hunan Province, 410008 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
27.12.2006 |
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Com. Reg. No.: |
430181000005764 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Manufacturing and selling pharmaceutical products. |
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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Maximum Credit Limit : |
USD 400,000 |
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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 – 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
HNG CHEMBIO PHARMACY CO., LTD.
huanyuan south
road, national biomedical industrial base of changsha, LIUYANG, hunan PROVINCE,
410008 PR CHINA
TEL: 86 (0)
731-83283045 FAX: 86 (0)
731-83283046
EXECUTIVE SUMMARY
INCORPORATION DATE : december 27, 2006
REGISTRATION NO. : 430181000005764
REGISTERED LEGAL FORM : Limited liabilities
company
STAFF STRENGTH :
580
REGISTERED CAPITAL : CNY 93,330,000
BUSINESS LINE :
manufacturing
TURNOVER :
N/A (AS OF DEC. 31, 2010)
EQUITIES :
CNY 78,830,000 (AS OF DEC. 31, 2010)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO USD 400,000 (PERIODICAL REVIEW)
MARKET CONDITION : average
FINANCIAL CONDITION : FAIRLY STABLE
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.38 = 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 operating address should be the heading one,
while the given address belongs to one of SC’s subsidiaries HNG Chembio
Pharmacy Co., Ltd. Changde Southern Pharmaceutical Factory
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 December 27, 2006.
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 researching, manufacturing and selling synthetic biology
pharmaceutical intermediates and fine chemical products, researching bulk drugs
and formulations, operating and acting as an agent of importing and exporting
various kinds of commodities and technology, excluding the goods and technology
forbidden by the government.
SC is mainly
engaged in manufacturing and selling pharmaceutical products.
Mr. Yang
Wenxun is the legal representative and
chairman of SC at present.
SC is known to
have approx. 580 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 Liuyang. Our checks
reveal that SC owns the total premise about 70,000 square meters.
http://www.hngchembio.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: hnp@hngchembio.com
No significant events or changes were found during our checks with the
local Administration for Industry and Commerce.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Hunan Nonferrous Metals Investment Co., Ltd. 85.72
Shenzhen Jiefu Corporation 10.00
Zhang Shixi 4.28
Hunan Nonferrous Metals Investment Co.,
Ltd.:
===================================
Registered no.: 430000000015891
Legal representative: Luo Guoyu
Address: Floor 11, A Building, Nonferrous
Mansion, No. 342, Laodong West Road, Changsha City, Hunan Province
Tel: 86 0731-85392399
Fax: 86 0731-85385596
Email: hng_hni@126.com
l
Legal representative and Chairman:
Mr. Yang Wenxun , ID# 432502196302251016, born in 1963. He is currently
responsible for the overall management of SC.
Working Experience(s):
At present Working
in SC as legal representative and chairman.
SC is mainly
engaged in manufacturing and selling pharmaceutical products.
SC’s products mainly
include: synthetic biology pharmaceutical intermediates and fine chemical
products.
SC sources its materials 100% from domestic
market. SC sells 70% of its products in domestic market, and 30% to overseas
market, mainly Southeast Asian market.
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 declined to release its major suppliers and clients.
Subsidiaries:
HNG Chembio Trading Co., Ltd.
HNG Chembio Pharmacy Co., Ltd. Changde Southern Pharmaceutical Factory
Add:
Xihu Town, Xihu District, Changde, Hunan Province
Etc.
Branch:
HNG
Chembio Pharmacy Co., Ltd. Changsha Branch
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.
SC declined to release
its bank details.
Balance Sheet
Unit: CNY’000
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as of Dec. 31,
2010 |
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Cash & bank |
15,620 |
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Inventory |
122,230 |
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Accounts
receivable |
54,220 |
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Advances to
supplies |
9,060 |
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Other
receivables |
36,980 |
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Other current
assets |
6,490 |
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------------------ |
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Current assets |
244,600 |
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Fixed assets net
value |
120,860 |
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Projects under
construction |
2,160 |
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Long-term
investments |
95,240 |
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Intangible and
other assets |
33,710 |
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------------------ |
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Total assets |
496,570 |
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============= |
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Short loans |
30,000 |
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Accounts payable |
10,180 |
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Advances from
clients |
96,490 |
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Other Accounts
payable |
95,040 |
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Taxes payable |
-14,050 |
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Non-current
assets due within one year |
50,000 |
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Other current
liabilities |
2,730 |
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------------------ |
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Current
liabilities |
270,390 |
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Long term
liabilities |
147,350 |
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------------------ |
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Total
liabilities |
417,740 |
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Shareholders
equities |
78,830 |
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------------------ |
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Total
liabilities & equities |
496,570 |
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============= |
Note: we did not find SC’s income statement for
Yr2010.
Important Ratios
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as of Dec. 31,
2010 |
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*Current ratio |
0.90 |
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*Quick ratio |
0.45 |
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*Liabilities
to assets |
0.84 |
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*Net profit
margin (%) |
/ |
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*Return on
total assets (%) |
/ |
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*Inventory
/Turnover ×365 |
/ |
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*Accounts
receivable/Turnover ×365 |
/ |
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*Turnover/Total
assets |
/ |
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* Cost of goods
sold/Turnover |
/ |
LIQUIDITY: FAIR
l
The current ratio of SC is maintained in a fair
level.
l
SC’s quick ratio is maintained in a fair level.
l
The inventory of SC appears fairly large.
l
The accounts receivable of SC appears average.
l
SC’s short-term loan appears average.
LEVERAGE: FAIR
l
The debt ratio of SC is fairly high.
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 large amount of inventory could be a threat to SC’s financial
condition. A credit line up to USD 400,000 appears to be within SC’s capacities
upon a periodical review basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.03 |
|
|
1 |
Rs.76.60 |
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Euro |
1 |
Rs.66.80 |
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 |
|
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 |
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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.