MIRA
INFORM REPORT
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Report Date : |
17.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
HWASUN BIOTECHNOLOGY CO., LTD. |
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Registered Office : |
Room 411-415, Bldg. 2, No. 2715, Longwu Road Xuhui District,
Shanghai 200231 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
13.04.2007 |
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Com. Reg. No.: |
310104000374653 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Researching, developing and selling pharmaceutical intermediates. |
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No. of Employees : |
25 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
usd 10,000 |
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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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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
HWASUN BIOTECHNOLOGY CO., LTD.
ROOM 411-415, BLDG. 2, NO. 2715, LONGWU ROAD
XUHUI DISTRICT, SHANGHAI 200231 PR CHINA
TEL: 86 (0) 21-64764896/64764113
FAX: 86 (0) 21-64765024
EXECUTIVE SUMMARY
Date of Registration : april 13, 2007
REGISTRATION NO. : 310104000374653
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL : cny 1,000,000
staff :
25
BUSINESS CATEGORY : R & D &
trading
Revenue : CNY 9,178,000 (AS OF DEC. 31, 2010)
EQUITIES :
CNY 1,564,000 (AS OF DEC. 31, 2010)
WEBSITE : www.hwasun.cn
E-MAIL :
sales@hwasun.cn
PAYMENT :
AVERAGE
Recommended Credit Limit: up to usd 10,000
MARKET CONDITION : average
FINANCIAL CONDITION : fairly
stable
OPERATIONAL TREND : ordinary
GENERAL REPUTATION : average
EXCHANGE RATE :
CNY 6.30 = 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
Not yet be determined
LEGAL STATUS & HISTORY
SC was established
as a limited liabilities company of PRC with State Administration of Industry
& Commerce (SAIC) under registration No.: 310104000374653 on April 13,
2007.
SC’s Organization Code Certificate No.:
66072978-8
SC’s Tax No.: 310104660729788
SC’s registered capital: cny 1,000,000
SC’s paid-in capital: cny 1,000,000
Registration Change Record:
No significant changes of SC have been noted
in SAIC since its incorporation.
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Hong Daosong |
50 |
|
Xu Sufang |
50 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman, and
General Manager |
Hong Daosong |
|
Supervisor |
Xu Sufang |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Hong Daosong 50
Xu Sufang 50
MANAGEMENT
Hong Daosong , Legal Representative, Chairman and
General Manager
---------------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Qualification:
University
Ø
Working
experience (s):
At
present, working in SC as legal representative, chairman and general manager
Xu
Sufang , Supervisor
-----------------------------------------
Ø
Gender: F
Ø
Qualification:
University
BUSINESS OPERATION
SC’s registered business scope includes technology
development, technology consultation, technology services, and technology
training in the fields of biology & pharmacy; and selling biological
reagent, manufacturing and selling chemical materials & products (excluding
dangerous articles), importing and exporting commodities and technology.
SC is mainly
engaged in researching, developing and selling pharmaceutical intermediates.
SC’s products
mainly include: pharmaceutical intermediates, etc.
SC sources its materials 100% from domestic market. SC sells 100% of its products to overseas market, mainly Southeast Asia.
The buying terms
of SC include T/T and Credit of 30-60 days. The payment terms of SC include
T/T, L/C and Credit of 30-60 days.
Staff & Office:
--------------------------
SC is known
to have approx. 25 staff at
present.
SC owns an area as
its operating office, but the detailed information is unknown.
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 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:
Industrial and
Commercial Bank of China Shanghai Changqiao Sub-branch
AC#:
1001299309006911626
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
1,359 |
1,114 |
|
|
Notes receivable |
0 |
0 |
|
Accounts
receivable |
1,306 |
833 |
|
Advances to
suppliers |
70 |
450 |
|
Other receivable |
456 |
568 |
|
Inventory |
210 |
186 |
|
Prepaid expenses |
157 |
98 |
|
Other current
assets |
4 |
0 |
|
|
------------------ |
------------------ |
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Current assets |
3,562 |
3,249 |
|
Long-term
investment |
0 |
0 |
|
Fixed assets |
131 |
98 |
|
Construction in
progress |
0 |
0 |
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Intangible assets |
0 |
0 |
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Long-term
prepaid expenses |
0 |
0 |
|
Deferred income
tax assets |
0 |
0 |
|
Other
non-current assets |
0 |
1 |
|
|
------------------ |
------------------ |
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Total assets |
3,693 |
3,348 |
|
|
============= |
============= |
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Short-term loans |
0 |
0 |
|
Notes payable |
0 |
0 |
|
Accounts payable |
1,125 |
1,547 |
|
Wages payable |
2 |
2 |
|
Taxes payable |
-317 |
20 |
|
Advances from
clients |
1,264 |
124 |
|
Other payable |
107 |
91 |
|
Other current
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
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Current
liabilities |
2,181 |
1,784 |
|
Non-current
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
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Total
liabilities |
2,181 |
1,784 |
|
Equities |
1,512 |
1,564 |
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|
------------------ |
------------------ |
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Total
liabilities & equities |
3,693 |
3,348 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2009 |
As of Dec. 31,
2010 |
|
Revenue |
8,399 |
9,178 |
|
Cost of sales |
7,363 |
8,051 |
|
Taxes and surcharges |
3 |
4 |
|
Sales expense |
207 |
265 |
|
Management expense |
579 |
712 |
|
Finance expense |
36 |
38 |
|
Non-business
income |
0 |
0 |
|
Non-business expense |
15 |
0 |
|
Profit before
tax |
119 |
61 |
|
Less: profit tax |
11 |
15 |
|
108 |
46 |
Important Ratios
=============
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
*Current ratio |
1.63 |
1.82 |
|
*Quick ratio |
1.54 |
1.72 |
|
*Liabilities to
assets |
0.59 |
0.53 |
|
*Net profit
margin (%) |
1.29 |
0.50 |
|
*Return on
total assets (%) |
2.92 |
1.37 |
|
*Inventory /
Revenue ×365 |
10 days |
8 days |
|
*Accounts
receivable/ Revenue ×365 |
57 days |
34 days |
|
*
Revenue/Total assets |
2.27 |
2.74 |
|
* Cost of
sales / Revenue |
0.88 |
0.88 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
l
The revenue of SC appears average in its line, and
it increased slightly in 2010.
l
SC’s net profit margin is average in both years.
l
SC’s return on total assets is average in both
years.
l
SC’s cost of sales is average, comparing with its
revenue.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a normal
level in both years.
l
SC’s quick ratio is maintained in a normal level in
both years.
l
The inventory of SC is maintained in an average
level.
l
The accounts receivable of SC is maintained in an
average level.
l
SC has no short-term loans in both years.
l
SC’s revenue is in an average level, comparing with
the size of its total assets.
LEVERAGE: AVERAGE
l
The debt ratio of SC is average in both years.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly Stable.
CONCLUSIONS
SC is considered small-sized in its line with fairly stable financial
conditions. A credit line up to USD 10,000
would appear to be within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.25 |
|
|
1 |
Rs.77.45 |
|
Euro |
1 |
Rs.64.89 |
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.