MIRA INFORM REPORT
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Report Date : |
15.10.2011 |
IDENTIFICATION DETAILS
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Name : |
SUZHOU KAIYUAN MINSHENG SCI & TECH CORP.
LTD. |
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Registered Office : |
No. 68, Qunxing 2nd Road, Loufeng Town, Industrial Park, Suzhou, Jiangsu Province, 215006 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
12.06.2000 |
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Com. Reg. No.: |
320000000063731 |
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Legal Form : |
Shares Limited Co. |
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Line of Business : |
Researching,
Developing, Manufacturing and Selling Pharmaceutical intermediates and
chemical products |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 200,000 |
|
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) |
|
China |
a2 |
a2 |
|
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
SUZHOU
KAIYUAN MINSHENG SCI & TECH CORP. LTD.
NO. 68, QUNXING 2ND
ROAD, LOUFENG TOWN, INDUSTRIAL PARK, SUZHOU, JIANGSU PROVINCE, 215006 PR CHINA
TEL: 86 (0) 512-62887188/62889638 FAX: 86 (0) 512-62889528
EXECUTIVE SUMMARY
INCORPORATION DATE : JUN. 12, 2000
REGISTRATION NO. : 320000000063731
REGISTERED LEGAL FORM : SHARES LIMITED CO.
STAFF STRENGTH :
200
REGISTERED CAPITAL : CNY 20,000,000
BUSINESS LINE :
R&D, MANUFACTURING, TRADING
TURNOVER :
CNY 64,313,000 (AS OF DEC. 31,
2009)
EQUITIES : CNY 30,962,000 (AS OF DEC. 31, 2009)
PAYMENT : AVERAGE
RECOMM. CREDIT RANGE : UP TO USD 200,000
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : Fairly stable
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.46602=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 limited liabilities co. at local
Administration for Industry & Commerce (AIC - The official body of issuing
and renewing business license) on Jun. 12, 2000 and has been under present
ownership since Oct. 25, 2007.
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 selling chemical products (in
according to the permit); manufacturing and processing food additives; manufacturing,
processing and selling pharmaceutical intermediates and polymer materials;
providing related technical services; researching, developing and selling
photographic materials; exporting self-made commodities and technology;
importing raw materials, instruments, machinery equipment and spare parts needed in manufacturing and researching.
SC is
mainly engaged in researching, developing, manufacturing and selling
pharmaceutical intermediates and chemical products.
Mr. Hu Weilin has
been legal representative and chairman of SC since 2007.
SC is known
to have approx. 200 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
Suzhou. Our checks reveal that SC rents the total premise, but the gross
area is unspecified.
http://www.minshengpharm.com/
The design is professional and the content is well organized. At present it is
in Chinese and English versions.
Email: business@minshengpharm.com
Certificates:
=========
MSTC has passed ISO9001:2008 International Quality System and EHS
System.
Changes
of its registered information:
|
Date of change |
Item |
Before the
change |
After the change |
|
|
Registered capital |
CNY 500,000 |
CNY 5,000,000 |
|
Shareholders and %
of Shareholdings |
Ju Weisheng 50% Hu Weimin 50% |
Hu Weimin 25% Hu Weilin 75% |
|
|
|
Company’s name |
Suzhou Industrial Park
Minsheng Pharmaceutical Chemical Co., Ltd. |
Suzhou Kaiyuan Minsheng
Chemical Technology Co., Ltd. |
|
|
Shareholders and %
of Shareholdings |
Hu Weimin 25% Hu Weilin 75% |
Hu Weimin25% Suzhou Kaiyuan Metal Material
Co., Ltd 75% |
|
|
Registered capital |
CNY 5,000,000 |
Present amount |
|
Shareholders and %
of Shareholdings |
Hu Weimin25% Suzhou Kaiyuan Metal Material
Co., Ltd. 75% |
Ye Fenggen 25% Suzhou Kaiyuan Investment
Development Co., Ltd. 50% Hu Weimin 6.25% Lu Meiqun 18.75% |
|
|
|
Shareholders and %
of Shareholdings |
Ye Fenggen 25% Suzhou Kaiyuan Investment
Development Co., Ltd. 50% Hu Weimin 6.25% Lu Meiqun 18.75% |
Ye Fenggen 25% Suzhou Kaiyuan Investment
Development Co., Ltd. 68.75% Hu Weimin6.25% |
|
|
Shareholders and %
of Shareholdings |
Ye Fenggen 25% Suzhou Kaiyuan Investment
Development Co., Ltd. 68.75% Hu Weimin 6.25% |
Hu Weimin 6.25% Ye Fenggen 25% Suzhou Kaiyuan Group Co., Ltd.
68.75% |
|
|
Legal representative |
Hu Weimin |
Present one |
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Shareholders and % of Shareholdings |
Hu Weimin6.25% Ye Fengge 25% Suzhou Kaiyuan Group Co., Ltd. 68.75% |
Present ones |
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Company’s name |
Suzhou Kaiyuan Minsheng Chemical Technology Co., Ltd. |
Present one |
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Registered legal form |
Limited liabilities co. |
Present one |
|
|
Unknown |
Registered no. |
3200002104336 |
Present one |
MAIN SHAREHOLDERS:
Name %
of shareholdings
Hu Weimin 20
Hu Weilin 60
Lu Lisheng 5
Ye Fenggen 10
Ye Wei 5
l
Legal Representative and Chairman:
Mr. Hu Weilin, ID# 320502196407242012, born in 1964, with associate
degree education. He is currently responsible for the overall management of SC.
Working Experience(s):
From 2007 to present Working in SC as legal representative and chairman;
l
General manager:
Mr. Hu Weimin, ID# 320511196209271556, born in 1962. He is currently
responsible for the daily management of SC.
Working Experience(s):
At present Working
in SC as general manager.
l
Directors:
Ye Fenggen
ID# 320511195811221514
Ye Wei
ID# 32050119811011504X
Jin Yueguo
ID# 320114710617211
l
Supervisor:
Lu Lisheng ID# 320504196011230018
SC is
mainly engaged in researching, developing, manufacturing and selling pharmaceutical
intermediates and chemical products.
SC’s products
mainly include: API, intermediates, benzoic acid series, image photosensitive
materials, etc.
SC sources its
materials 100% from domestic market. SC sells 20% of its products in domestic market,
and 80% to overseas market, mainly India.
The buying terms of SC include Check, T/T and Credit of 30-60 days. The
payment terms of SC include Check, L/C, T/T, and Credit of 30-60 days.
Note: SC’s employee refused to release its
major customers or suppliers.
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.
Agricultural
Bank of China Suzhou Shilu Sub-branch
AC #:
553801040002607
Bank of China
Suzhou Branch
AC#: N/A
Relationship:
Normal
Balance Sheet
Unit: CNY’000
|
|
As of Dec. 31, 2008 |
As of Dec. 31, 2009 |
|
Cash & bank |
13,520 |
4,895 |
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Notes receivable |
0 |
2,000 |
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Inventory |
20,957 |
20,351 |
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Accounts
receivable |
16,258 |
12,344 |
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Advances to
suppliers |
6,698 |
16,751 |
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Other accounts
receivable |
777 |
868 |
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Other current
assets |
116 |
204 |
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------------------ |
------------------ |
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Current assets |
58,326 |
57,413 |
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Fixed assets net
value |
4,351 |
4,225 |
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Project under
construction |
0 |
0 |
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Deferred income
tax assets |
361 |
434 |
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Long-term
deferred expenses |
318 |
253 |
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Intangible and
other assets |
132 |
125 |
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------------------ |
------------------ |
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Total assets |
63,488 |
62,450 |
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|
============= |
============= |
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Short loans |
30,000 |
25,000 |
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Notes payable |
0 |
0 |
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Accounts payable |
2,291 |
6,902 |
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Advances from
clients |
145 |
99 |
|
Accrued payroll |
48 |
0 |
|
Taxes payable |
67 |
-527 |
|
Other accounts
payable |
183 |
14 |
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Other current
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
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Current
liabilities |
32,734 |
31,488 |
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Long-term
liabilities |
150 |
0 |
|
|
------------------ |
------------------ |
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Total
liabilities |
32,884 |
31,488 |
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Equities |
30,604 |
30,962 |
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|
------------------ |
------------------ |
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Total
liabilities & equities |
63,488 |
62,450 |
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|
============= |
============= |
Income Statement
Unit: CNY’000
|
|
As of Dec. 31,
2008 |
As of Dec. 31,
2009 |
|
Turnover |
75,626 |
64,313 |
|
Cost of goods sold |
58,068 |
52,331 |
|
Sales expense |
1,171 |
900 |
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Management expense |
6,151 |
7,648 |
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Finance expense |
3,318 |
2,483 |
|
Profit before
tax |
7,150 |
354 |
|
998 |
-4 |
|
|
Profits |
6,152 |
358 |
Note: SC has not lodged the latest annual returns
in the local registry, hence no up-to-date detailed financial information could
be provided.
Important
Ratios
=============
|
|
As
of Dec. 31, 2008 |
As
of Dec. 31, 2009 |
|
*Current ratio |
1.78 |
1.82 |
|
*Quick ratio |
1.14 |
1.18 |
|
*Liabilities
to assets |
0.52 |
0.50 |
|
*Net profit
margin (%) |
8.13 |
0.56 |
|
*Return on
total assets (%) |
9.69 |
0.57 |
|
*Inventory
/Turnover ×365 |
102 days |
116 days |
|
*Accounts
receivable/Turnover ×365 |
79 days |
71 days |
|
*Turnover/Total
assets |
1.19 |
1.03 |
|
* Cost of
goods sold/Turnover |
0.77 |
0.81 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears average in its line in
2008, but it decreased in 2009.
l
SC’s net profit margin appears fairly good in 2008,
but it appears average in 2009.
l
SC’s return on total assets appears fairly good in
2008, but it appears average in 2009.
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 fairly large in both 2
years.
l
The accounts receivable of SC appears average in
both 2 years.
l
The short-term loan of SC appears fairly large in
both 2 years.
l
SC’s turnover is in an average level in both 2
years, comparing with the size of its total assets.
LEVERAGE: AVERAGE
l
The debt ratio of SC is average 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 large amount of inventory and short loans could be a threat to
SC’s financial condition. A credit line up to USD 200,000 appears to be within
SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.57 |
|
UK Pound |
1 |
Rs.71.75 |
|
Euro |
1 |
Rs.62.60 |
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.