MIRA
INFORM REPORT
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Report Date : |
16.08.2012 |
IDENTIFICATION DETAILS
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Name : |
ZHEJIANG YUESHAN
CAPSULES CO., LTD. |
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Registered Office : |
Hengdu Bridge Industry Zone, Ru’ao Town, Xinchang County, Shaoxing, Zhejiang Province, 312500 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
28.10.1999 |
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Com. Reg. No.: |
330624000023766 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Producing and selling medical hollow capsules |
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No. of Employees : |
120 |
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 : |
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, 2012
|
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 and address
ZHEJIANG YUESHAN
CAPSULES CO., LTD.
HENGDU BRIDGE INDUSTRY ZONE, RU’AO TOWN,
XINCHANG COUNTY,
SHAOXING, ZHEJIANG PROVINCE, 312500 PR CHINA
TEL: 86 (0) 575-86065022 FAX:
86 (0) 575-86065788
EXECUTIVE SUMMARy
INCORPORATION DATE :
OCT. 28, 1999
REGISTRATION NO. :
330624000023766
REGISTERED LEGAL FORM : LIMITED LIABILITIES CO.
CHIEF EXECUTIVE :
MR. WANG QUANLAI (CHAIRMAN)
STAFF STRENGTH :
120
REGISTERED CAPITAL : CNY 6,000,000
BUSINESS LINE :
MANUFACTURING
TURNOVER :
CNY 31,110,000 (AS OF DEC. 31,
2011)
EQUITIES :
CNY 10,900,000 (AS OF DEC. 31, 2011)
PAYMENT :
AVERAGE
MARKET CONDITION :
AVERAGE
FINANCIAL CONDITION :
FAIRLY STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 6.36 = 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 is also known as Zhejiang Yueshan Capsule Co., Ltd.
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 Oct. 28, 1999.
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 producing and selling hollow
capsules, capsules machines and plastic products; selling capsule materials,
pharmaceutical machinery, textile materials, chemical products, metal
materials, building materials, electromechanical products and household
appliances; importing
and exporting commodities and technologies.
SC is mainly
engaged in producing and selling medical hollow capsules.
Mr. Wang Quanlai
is legal representative, chairman and general manager of SC at present.
SC is known
to have approx. 120 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 Xinchang county. Our
checks reveal that SC owns the total premise with about 6,600 square meters.
SC is not known to host website of its own at present.
SC has got certificates as
follows:
Changes
of its registered information:
|
Date of change |
Item |
Before the change |
After the change |
|
|
Shareholders (Shareholding) |
Wang Xueyong(25%), Pan Yuqin(25%), Wang Quanlai(50%) |
Yu Juzhong(1%), Zhang Yu’an(1%), Huang Ping’an(1%), Huang Yuancai
(1%), Pan Yuqin (17%), Wang Quanlai(50%), Wang Xueyong(25%), Pan Weidong(1%),
Pan Jinxiao (1%), Pan Yuming(1%), Li Kuirong (1%) |
|
|
Registered name |
Xinchang Yueshan Capsule Co., Ltd. |
Present
one |
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Registered capital |
CNY
2,000,000 |
CNY
6,000,000 |
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|
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Shareholders (Shareholding) |
Yu Juzhong(1%), Zhang Yu’an(1%), Huang Ping’an(1%), Huang Yuancai1%), Pan Yuqin(17%), Wang Quanlai(50%), Wang Xueyong(25%), Pan Weidong(1%), Pan Jinxiao(1%), Pan Yuming(1%), Li Kuirong(1%) |
Present
ones |
|
Unknown |
Registered no. |
3306242100099 |
Present
one |
MAIN SHAREHOLDERS:
Name %
of Shareholding
Wang Quanlai 50
Wang Xueyong 41.67
Pan Yuqin 8.33
l
Legal Representative, Chairman and
General Manager:
Mr. Wang Quanlai , born in 1948, with junior high school education. He
is currently responsible for the overall management of SC.
Working Experience(s):
At present Working
in SC as legal representative, chairman and general manager.
SC is mainly engaged
in producing and selling medical hollow capsules.
SC’s products mainly include: medical hollow capsules.
SC sources its materials 90% from domestic market and 10% from the
overseas market. SC sells 40% of its products to overseas market and 60% in domestic market.
The buying terms of SC include Check, L/C, 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 refused
to release its major suppliers and customers.
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’s management
declined to release its banking details.
Balance Sheet
Unit: CNY’000
|
|
as
of Dec. 31, 2010 |
as
of Dec. 31, 2011 |
|
Cash & bank |
480 |
1,410 |
|
Bills receivable |
1,500 |
/ |
|
Accounts
receivable |
9,230 |
9,560 |
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Other
receivables |
590 |
180 |
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Advances to
suppliers |
0 |
0 |
|
Inventory |
510 |
1,290 |
|
Other current
assets |
0 |
3,630 |
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------------------ |
------------------ |
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Current assets |
12,310 |
16,070 |
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Fixed assets net
value |
6,170 |
6,140 |
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Projects under
construction |
1,330 |
1,010 |
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Intangible
assets |
1,290 |
1,280 |
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Long term
investment |
0 |
0 |
|
Other assets |
30 |
0 |
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------------------ |
------------------ |
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Total assets |
21,130 |
24,500 |
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============= |
============= |
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Short loans |
6,230 |
8,720 |
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Bills payable |
0 |
0 |
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Accounts payable |
3,570 |
4,370 |
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Welfare payable |
0 |
0 |
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Advances from
clients |
0 |
0 |
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Accrued payroll |
650 |
0 |
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Tax payable |
580 |
230 |
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Other payable |
80 |
280 |
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Other current
liabilities |
70 |
0 |
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------------------ |
------------------ |
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Current liabilities |
11,180 |
13,600 |
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Long term
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total
liabilities |
11,180 |
13,600 |
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Equities |
9,950 |
10,900 |
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------------------ |
------------------ |
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Total
liabilities & equities |
21,130 |
24,500 |
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============= |
============= |
Income Statement
Unit: CNY’000
|
|
as of Dec. 31,
2010 |
as of Dec. 31,
2011 |
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Turnover |
28,520 |
31,110 |
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Cost of goods sold |
20,010 |
22,340 |
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Sales expense |
3,920 |
4,410 |
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Management expense |
2,560 |
2,820 |
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Finance expense |
280 |
360 |
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Profit before
tax |
1,530 |
950 |
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Less: profit tax |
0 |
0 |
|
Profits |
1,530 |
950 |
Important Ratios
=============
|
|
as of Dec. 31, 2010 |
as of Dec. 31, 2011 |
|
*Current ratio |
1.10 |
1.18 |
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*Quick ratio |
1.06 |
1.09 |
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*Liabilities
to assets |
0.53 |
0.56 |
|
*Net profit
margin (%) |
5.36 |
3.05 |
|
*Return on total
assets (%) |
7.24 |
3.88 |
|
*Inventory
/Turnover ×365 |
7
days |
16 days |
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*Accounts
receivable/Turnover ×365 |
119
days |
113 days |
|
*Turnover/Total
assets |
1.35 |
1.27 |
|
* Cost of
goods sold/Turnover |
0.70 |
0.72 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears average in its line and
it increased in 2011.
l
SC’s net profit margin is fairly good in 2010 but
average in 2011.
l
SC’s return on total assets is fairly good in 2010
but average in 2011.
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 normal
level.
l
SC’s quick ratio is maintained in a normal level.
l
The inventory of
SC appears average.
l
The accounts receivable of SC appears fairly large.
l
SC’s short-term loan appears fairly large.
l
SC’s turnover is in an average level, comparing
with the size of its total assets.
LEVERAGE: AVERAGE
l
The debt ratio of SC is average.
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 accounts receivable and short-term loan could be
a threat to SC’s financial condition.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.64 |
|
|
1 |
Rs.87.31 |
|
Euro |
1 |
Rs.68.81 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.