MIRA
INFORM REPORT
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Report Date : |
30.04.2012 |
IDENTIFICATION DETAILS
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Name : |
TAIZHOU HENGFENG
PHARMACEUTICAL & CHEMICAL co., ltd. |
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Registered Office : |
Shuiyang Industrial Development Zone, |
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Country : |
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Date of Incorporation : |
16.06.200 |
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Com. Reg. No.: |
331000400003759 |
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Legal Form : |
Chinese-Foreign Equity Joint Venture |
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Line of Business : |
Selling Pharmaceutical & Chemical Products |
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No. of Employees : |
10 |
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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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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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 30, 2011
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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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
TAIZHOU HENGFENG PHARMACEUTICAL & CHEMICAL
co., ltd.
SHUIYANG INDUSTRIAL DEVELOPMENT ZONE, LINHAI,
ZHEJIANG PROVINCE, 317022 PR CHINA
TEL: 86 (0) 576-85993403/85698699 FAX: 86 (0) 576-85993006
EXECUTIVE SUMMARY
INCORPORATION DATE :
JUNE 16, 2000
REGISTRATION NO. :
331000400003759
REGISTERED LEGAL FORM : CHINESE-FOREIGN EQUITY JOINT VENTURE
ENTERPRISE
CHIEF EXECUTIVE :
MR. LU YUFU (CHAIRMAN)
STAFF STRENGTH :
10
REGISTERED CAPITAL : USD 500,000
BUSINESS LINE :
TRADING
TURNOVER :
N/A
EQUITIES :
N/A
PAYMENT :
AVERAGE
MARKET CONDITION :
AVERAGE
FINANCIAL CONDITION :
N/A
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 6.2854 = 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
SC was registered as a Chinese-foreign
equity joint venture enterprise at local Administration for Industry
& Commerce (AIC-The official body of issuing and renewing business license)
on June 16, 2000.
Company Status: Chinese-foreign equity joint venture
enterprise This form of business in PR
China is defined as a legal person. It is a limited co. jointly invested by
one or more foreign companies and one or more PR China controlled companies
within the territories of PR China according to a certain proportion of
capital investment. The investing parties exercise business management,
share profits and bear all risks and liabilities of the co. together. The
equity joint venture law requires that foreign party contribute not less
than 25% of the registered capital, with no maximum. The investing parties
are free to agree on method of profit distribution and liabilities bearing
according to the proportion of capital investment. Each investing parties
contributes funds, tangible assets, technology & etc. The board of
directors excises the high authority. The joint venture usually has a
limited duration of 10 to 50 years. Enterprise with large investment, long
construction periods, low investment returns, introducing of advanced
technology & advanced technology products that have good competition
position in international market may extend beyond the 50 years limit.
SC’s registered business scope includes manufacturing and selling
pharmaceutical intermediates.
SC is mainly engaged in selling pharmaceutical & chemical products.
Mr. Lu Yufu is legal representative and chairman of SC at present.
SC is known to have approx. 10
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 Linhai.
Detailed premise information is not available at present.
http://www.hfchem.cn
The design is professional and the content is well organized. At present, the
web is both in Chinese and English versions.
E-mail: hfchem@hfchem.cn
SC has passed the test of ISO 9001:2000 Quality Approval Systems.
According to SC’s employee, SC formerly had manufacturing business but
only engaged in selling inventory since Oct. of 2011.
MAIN SHAREHOLDERS:
Name % of Shareholding
Linhai Hengfeng Pharmaceutical & Chemical Factory 70
Full Sky Development Limited (Hong Kong) 30
Linhai Hengfeng Pharmaceutical & Chemical Factory
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Registration
No.: 331082000023028
Legal
representative: Lu Linyun
Registered capital: CNY 2,060,000
Full Sky Development Limited (Hong Kong)
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Registration no.: 0206366
Legal form: private
Legal
representative and chairman:
Mr. Lu Yufu is currently responsible for the overall management of SC.
Working Experience(s):
At present Working in SC as
legal representative and chairman.
Vice-chairman:
Ren Beihong is currently
responsible for the daily management of SC.
Working Experience(s):
At present Working in SC as
vice-chairman.
Directors:
Pan Yongjiang
Lu Caigen
Zheng Mengzong
According to SC’s employee, SC formerly had manufacturing business but
only engaged in selling inventory since Oct. of 2011.
SC is mainly engaged in selling pharmaceutical & chemical products.
SC’s products mainly include:
Resveratrol
Efavirenz Intermediate E-2
Isotretinoin
2-Deoxy-D-Ribose
Acitretin
4-(2-hydroxyethyl) phenol
Tretinoin (Retinoic acid)
Cytidine
(2S, 3S) 3-amino-2-methyl-4-oxoazetidine-1-sulfonic acid
Aztreonam; azthreonam
Cytidylic acid、CMP
Pentamidine Isethionate
Epalrestat
Pyrimidines
Adenine
Kinetin
Vitamin B4
SC sources its materials 100% from domestic market. SC sells its
products 70% in domestic market, and 30% 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.
Note: SC’s management refused to release its main clients and 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.
SC declined to release its banking details.
SC’s financial reports were not found during our checks with the local
Administration for Industry and Commerce.
SC’s management declined to release any financial information.
SC is considered small-sized in its line with 12 years operation
history.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.52.68 |
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1 |
Rs.85.12 |
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Euro |
1 |
Rs.69.38 |
INFORMATION DETAILS
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Report Prepared
by : |
SDA |
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.