MIRA
INFORM REPORT
|
Report Date : |
17.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
ZHEJIANG DAZHI MEDICINAL CAPSULE CO., LTD. |
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Registered Office : |
Leidian Industrial Area, Deqing County, Zhejiang Province 313219 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
21.01.1993 |
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Com. Reg. No.: |
330500400005172 |
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Legal Form : |
Chinese-Foreign Equity Joint Venture
Enterprise |
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Line of Business : |
manufacturing and selling hard gelatin
capsule. |
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No. of Employees : |
121 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Poor |
|
Payment Behaviour : |
Slow |
|
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) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
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
ZHEJIANG DAZHI
MEDICINAL CAPSULE CO., LTD.
LEIDIAN INDUSTRIAL AREA, DEQING COUNTY
ZHEJIANG PROVINCE 313219 PR CHINA
TEL: 86 (0) 572-8486368/8485789
FAX: 86 (0) 572-8485319
EXECUTIVE SUMMARY
Date of Registration : JANUARY 21, 1993
REGISTRATION NO. : 330500400005172
LEGAL FORM : CHINESE-FOREIGN EQUITY JOINT VENTURE
ENTERPRISE
REGISTERED CAPITAL : USD 2,250,000
staff : 121
BUSINESS CATEGORY : manufacturing
Revenue : CNY 15,889,000 (AS OF DEC. 31, 2011)
EQUITIES : CNY -4,276,000 (AS OF DEC. 31, 2010)
WEBSITE : www.dzcapsule.cn
E-MAIL :
dzjn2001@dzcapsule.cn
PAYMENT : AVERAGE
MARKET CONDITION : FAIR
FINANCIAL CONDITION : poor
OPERATIONAL TREND : Downward
GENERAL REPUTATION : FAIR
EXCHANGE RATE : CNY 6.38 = USD 1
Adopted
abbreviations (as follows)
SC - Subject Company
(the company inquired by you)
N/A – Not available
CNY – China Yuan Ren Min Bi
OPERATIONAL TREND & GENERAL
REPUTATION
This section aims at indicating the relative positions of SC in respect
of its operational trend & general reputation
Operational Trend:- General
Reputation:-
Upward Excellent
Steady Good
Fairly Steady Fairly
Good
Ordinary Average
Fair Fair
Stagnant Detrimental
Downward Not
known
Not known Not
yet be determined
LEGAL
STATUS & HISTORY
SC was
established as a Chinese-Foreign Equity Joint Venture
Enterprise of PRC with State Administration of Industry & Commerce
(SAIC) under registration No.: 30500400005172 on January 21, 1993.
SC’s Organization Code Certificate
No.: 60958115-9
SC’s registered capital: USD 2,250,000
SC’s paid-in capital: USD 2,250,000 (CNY 12,993,750)
SC’s Tax No.: 330521609581159
SC’s Customs Registration No.: 3305930301
Registration Change Record:-
|
Date |
Change
of Contents |
Before
the change |
After
the change |
|
|
Legal Representative |
Ding Liren |
Lin Tangxi |
|
|
Registration No. |
000102 |
330500400005172 |
|
|
Shareholder
(s) |
Deqing Leidian Asset Management Co., Ltd. 5.11% Triumphant Score Company Limited (Hong
Kong) 13.33% Honwell Holdings
Limited (Hong Kong) 56% China Orient Asset Management Corporation Hangzhou Branch 25.56% |
Deqing Leidian Asset Management Co., Ltd.
5.11% Honwell Holdings Limited (Hong Kong) 56.00% China Orient
Asset Management Corporation Hangzhou Branch 25.56% Deqing Ouyate Cold Rolling Co., Ltd. 13.33% |
|
-- |
Shareholder (s) |
Deqing Leidian Asset Management Co., Ltd.
5.11% Honwell Holdings Limited (Hong Kong) 56.00% China Orient
Asset Management Corporation Hangzhou Branch 25.56% Deqing Ouyate Cold Rolling Co., Ltd. 13.33% |
Deqing Leidian Asset Management Co., Ltd. 5.11% Honwell Holdings
Limited (Hong Kong) 56.00% China Orient Asset Management Corporation Hangzhou Branch 25.56% Zhejiang Ruisheng Steel Strips Co., Ltd. 13.33% |
|
-- |
Shareholder (s) |
Deqing Leidian Asset Management Co., Ltd. 5.11% Honwell Holdings
Limited (Hong Kong) 56.00% China Orient Asset Management Corporation Hangzhou Branch 25.56% Zhejiang Ruisheng
Steel Strips Co., Ltd. 13.33% |
Deqing Leidian Asset Management Co., Ltd. 5.11% Honwell Holdings
Limited (Hong Kong) 56.00% China Orient Asset Management Corporation Hangzhou Branch 25.56% Deqing Shengta Jewellery Co., Ltd.
13.33% |
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Deqing Leidian Asset
Management Co., Ltd. |
5.11 |
|
Honwell Holdings
Limited (Hong Kong) |
56.00 |
|
China Orient Asset Management Corporation Hangzhou Branch |
25.56 |
|
Deqing Shengta Jewellery Co., Ltd. |
13.33 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman,
and General Manager |
Lin Tangxi |
|
Vice Chairman |
Tang Qiang |
|
Director |
Ye Genmu |
|
Xu Junxiang |
|
|
Xu Weifeng |
|
|
He Jianguo |
RECENT DEVELOPMENT
SC has got the certificate ISO9001.
SHAREHOLDER CHART & BACKGROUND
Name %
of Shareholding
Deqing Leidian Asset Management Co., Ltd. 5.11
Honwell
Holdings Limited (Hong Kong) 56.00
China Orient Asset Management
Corporation Hangzhou Office 25.56
Deqing Shengta Jewellery Co., Ltd. 13.33
Deqing Leidian Asset Management Co., Ltd.
=====================================
Date of Registration :
December 11, 2002
Registration No. :
330521000047976
Legal Form : Limited
Liabilities Company
Registered Capital :
CNY 8,000,000
China
Orient Asset Management Corporation Hangzhou Office
===================================================
Date of Registration :
April 24, 2000
Registration No. :
330000000013916
Legal Form : Office
Honwell
Holdings Limited
========================
Date of Registration: March 23, 1993
Registration No.: 16045187
Legal Form: Private
Status: Live
Deqing Shengta Jewellery Co., Ltd.
==============================
Date of Registration :
July 10, 2009
Registration No. :
330521000029664
Legal Form : Limited
Liabilities Company
Registered Capital :
CNY 500,000
MANAGEMENT
Lin Tangxi , Legal
Representative, Chairman and General Manager
--------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 61
Ø
ID# 330102195108120651
Ø
Working
experience (s):
From 1991 to 1995, worked in Zhejiang
Agricultural Machinery Industrial Co., Ltd. as deputy general manager
From 1995 to 2001, worked in Zhejiang
International Trust Investment Corp. as deputy general manager
From 2002 to present, working in SC as legal representative,
chairman and general manager
Tang Qiang , Vice Chairman
----------------------------------------------
Ø
Gender: M
Ø
Age: 49
Ø
ID# 330103196309160052
Ø
Working
experience (s):
At present, working in SC as vice chairman
Ye Genmu, Director
--------------------------------------
Ø
Gender: M
Ø
Age: 48
Ø
ID# 330103196404100015
Xu Junxiang,
Director
----------------------------------------
Ø
Gender: M
Ø
Age: 42
Ø
ID# 330724197010315813
Xu Weifeng
, Director
---------------------------------------
Ø
Gender: M
Ø
Age: 36
Ø
ID# 330521197605151715
He Jianguo , Director
---------------------------------------
Ø
Gender: M
Ø
Age: 43
Ø
ID# 33052119690121101X
BUSINESS OPERATION
SC’s registered business scope includes manufacturing
hard gelatin capsule.
SC is
mainly engaged in manufacturing and selling hard gelatin capsule.
)
SC’s
products mainly include: hard gelatin capsule.
The annual output of capsules is 25 hundred millions pcs.
SC sources its materials 85% from domestic
market, and 15% from the overseas market. SC sells
100% of its products in domestic market.
The buying terms of SC include Check, T/T, L/C and Credit of
30-60 days. The payment terms of SC include Check, T/T and Credit of 30-60
days.
*Major Customer:
=============
Dalian Hongyu
Pharmaceutical Group Co., Ltd.
Staff & Office:
--------------------------
SC is
known to have approx. 121
staff at present.
SC rents an area
as its operating office & factory of approx. 8,000 sq. meters at the
heading address.
RELATED COMPANY
SC
is not known to have any subsidiary at present.
PAYMENT
Overall payment appraisal:
( ) Excellent ( ) Good (X) Average ( ) Fair ( ) Poor ( ) Not yet be 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 records 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.
BANKING
Basic Bank:
Bank of China Deqing Branch Qianyuan Office
AC#:
890014513408091001
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
|
113 |
764 |
558 |
|
|
Notes receivable |
143 |
20 |
0 |
|
Accounts
receivable |
5,161 |
4,640 |
5,081 |
|
Advances to
suppliers |
9 |
71 |
80 |
|
Other receivable |
192 |
186 |
437 |
|
Inventory |
2,779 |
3,402 |
2,422 |
|
Non-current
assets within one year |
0 |
0 |
0 |
|
Other current
assets |
0 |
0 |
0 |
|
|
------------------ |
------------------ |
------------------ |
|
Current assets |
8,397 |
9,083 |
8,578 |
|
Fixed assets |
10,079 |
9,281 |
7,427 |
|
Construction in
progress |
0 |
0 |
0 |
|
Intangible
assets |
547 |
531 |
514 |
|
Long-term
prepaid expenses |
0 |
0 |
0 |
|
Deferred income
tax assets |
0 |
0 |
0 |
|
Other
non-current assets |
0 |
0 |
0 |
|
|
------------------ |
------------------ |
------------------ |
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Total assets |
19,023 |
18,895 |
16,519 |
|
|
============= |
============= |
============= |
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Short-term loans |
0 |
0 |
0 |
|
Notes payable |
0 |
0 |
0 |
|
Accounts payable |
1,857 |
2,102 |
2,061 |
|
Wages payable |
0 |
0 |
0 |
|
Taxes payable |
57 |
79 |
288 |
|
Interest payable |
2,641 |
3,419 |
3,419 |
|
Advances from
clients |
161 |
176 |
134 |
|
Other payable |
14,813 |
14,945 |
14,893 |
|
Other current
liabilities |
0 |
0 |
0 |
|
|
------------------ |
------------------ |
------------------ |
|
Current
liabilities |
19,529 |
20,721 |
20,795 |
|
Non-current
liabilities |
0 |
0 |
0 |
|
|
------------------ |
------------------ |
------------------ |
|
Total
liabilities |
19,529 |
20,721 |
20,795 |
|
Equities |
-506 |
-1,826 |
-4,276 |
|
|
------------------ |
------------------ |
------------------ |
|
Total
liabilities & equities |
19,023 |
18,895 |
16,519 |
|
|
============= |
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2009 |
As of Dec. 31,
2010 |
As of Dec. 31,
2011 |
|
Revenue |
13,081 |
15,977 |
15,889 |
|
Cost of sales |
10,238 |
11,518 |
11,796 |
|
Business Taxes and Surcharges |
21 |
21 |
146 |
|
Sales expense |
1,708 |
2,502 |
2,297 |
|
Management expense |
2,140 |
2,067 |
2,123 |
|
Finance expense |
13 |
790 |
7 |
|
Asset impairment losses |
260 |
321 |
1,381 |
|
Non-business
income |
68 |
51 |
249 |
|
Non-business expense |
28 |
128 |
838 |
|
Profit before
tax |
-1,259 |
-1,319 |
-2,449 |
|
Less: profit tax |
0 |
0 |
0 |
|
-1,259 |
-1,319 |
-2,449 |
Important Ratios
=============
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
|
*Current ratio |
0.43 |
0.44 |
0.41 |
|
*Quick ratio |
0.29 |
0.27 |
0.30 |
|
*Liabilities
to assets |
1.03 |
1.10 |
1.26 |
|
*Net profit
margin (%) |
-9.62 |
-8.26 |
-15.41 |
|
*Return on
total assets (%) |
-6.62 |
-6.98 |
-14.83 |
|
*Inventory /
Revenue ×365 |
78 days |
78 days |
56 days |
|
*Accounts
receivable/ Revenue ×365 |
145 days |
107 days |
117 days |
|
*
Revenue/Total assets |
0.69 |
0.85 |
0.96 |
|
* Cost of sales
/ Revenue |
0.78 |
0.72 |
0.74 |
FINANCIAL COMMENTS
PROFITABILITY:
FAIR
l
The revenue of SC appears average in three years.
l
SC’s net profit margin is fair in three years.
l
SC’s return on total assets is fair in three years.
l
SC’s cost of goods sold is average, comparing with
its revenue.
LIQUIDITY:
POOR
l
The current ratio of SC is maintained in a poor
level in three years.
l
SC’s quick ratio is maintained in a poor level in
three years.
l
The inventory of SC is maintained in an average
level.
l
The accounts receivable of SC appears large.
l
SC has no short-term loans in three years.
l
SC’s revenue is in a
fair level, comparing with the size of its total assets.
LEVERAGE:
POOR
l
The debt ratio of SC is high in three years.
l
The risk for SC to go bankrupt is high.
Overall financial
condition of the SC: Poor.
CONCLUSIONS
SC is considered small-sized in its line with
poor financial conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.98 |
|
UK Pound |
1 |
Rs.87.55 |
|
Euro |
1 |
Rs.68.69 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
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 |
|
---- |
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.