MIRA
INFORM REPORT
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Report Date : |
17.02.2012 |
IDENTIFICATION DETAILS
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Name : |
SHANGHAI ACANA PHARMATECH CO., LTD. |
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Registered Office : |
No. 129 Ming Qi Gong Guan, Lane 255 Sizhuan South Road
Songjiang District, Shanghai 201600 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
29.08.2007 |
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Com. Reg. No.: |
310227001351702 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Researching, developing and selling pharmaceutical & chemical
products. |
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No. of Employees : |
18 |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Poor |
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Payment Behaviour : |
Unknown |
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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
SHANGHAI ACANA PHARMATECH CO., LTD.
NO. 129 MING QI GONG GUAN, LANE 255 SIZHUAN SOUTH ROAD
SONGJIANG DISTRICT, SHANGHAI 201600 PR CHINA
TEL: 86 (0) 21-54135109
FAX: 86 (0) 21-54135109
EXECUTIVE SUMMARY
Date of Registration : august 29, 2007
REGISTRATION NO. : 310227001351702
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL : cny 1,000,000
staff :
18
BUSINESS CATEGORY : R & D &
trading
Revenue :
CNY 2,645,000 (AS OF DEC. 31,
2010)
EQUITIES :
CNY -1,093,000 (AS OF DEC. 31, 2010)
E-MAIL :
N/A
PAYMENT :
UNKNOWN
Recommended Credit Limit: c.o.d.
MARKET CONDITION : FAIR
FINANCIAL CONDITION : POOR
OPERATIONAL TREND : FAIR
GENERAL REPUTATION : FAIR
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
***Note: SC’s current address should be the heading
one, while the given address (5th F, Bldg.#29, Shanghai Caohejing
Hi-tech Park, 201#, Min Yi Road, Songjiang District, Shanghai) was the former
one.
SC was established
as a limited liabilities company of PRC with State Administration of Industry
& Commerce (SAIC) under registration No.: 310227001351702 on August 29,
2007.
SC’s Organization Code Certificate No.:
66603896-1
SC’s Tax No.: 310227666038961
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 |
|
Wang Jiayong |
50 |
|
Fan Linhui |
50 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman, and
General Manager |
Wang Jiayong |
|
Supervisor |
Fan Linhui |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Wang Jiayong 50
Fan Linhui 50
MANAGEMENT
Wang Jiayong , 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
Fan
Linhui , Supervisor
-----------------------------------------
Ø
Gender: F
Ø
Qualification:
University
BUSINESS OPERATION
SC’s registered business scope includes technology
development, technology services, and technology consultation in the fields of
pharmacy& chemistry, and fine chemistry; and selling chemical materials
& products (excluding dangerous articles), and chemical instruments.
SC is mainly
engaged in researching, developing and selling pharmaceutical & chemical
products.
SC’s products mainly
include: API, etc.
SC sources its materials 100% from domestic market. SC sells 100% of its products to overseas market, mainly Southeast Asian market.
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. 18 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 Songjiang Sub-branch
AC#:
1001714709300033778
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
295 |
977 |
|
|
Notes receivable |
0 |
0 |
|
Accounts
receivable |
6,231 |
-1,507 |
|
Advances to
suppliers |
18 |
14 |
|
Other receivable |
5 |
181 |
|
Inventory |
0 |
706 |
|
Prepaid expenses |
0 |
0 |
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Other current
assets |
0 |
0 |
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|
------------------ |
------------------ |
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Current assets |
6,549 |
371 |
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Long-term investment |
0 |
0 |
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Fixed assets |
441 |
423 |
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Construction in
progress |
0 |
0 |
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Intangible
assets |
0 |
0 |
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Long-term
prepaid expenses |
0 |
0 |
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Deferred income
tax assets |
0 |
0 |
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Other
non-current assets |
0 |
37 |
|
|
------------------ |
------------------ |
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Total assets |
6,990 |
831 |
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|
============= |
============= |
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Short-term loans |
0 |
0 |
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Notes payable |
0 |
0 |
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Accounts payable |
359 |
1,469 |
|
Wages payable |
50 |
0 |
|
Taxes payable |
67 |
-97 |
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Advances from
clients |
4,271 |
71 |
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Other payable |
1,381 |
481 |
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Other current
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Current
liabilities |
6,128 |
1,924 |
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Non-current
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total liabilities |
6,128 |
1,924 |
|
Equities |
862 |
-1,093 |
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|
------------------ |
------------------ |
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Total
liabilities & equities |
6,990 |
831 |
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|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2009 |
As of Dec. 31,
2010 |
|
Revenue |
8,076 |
2,645 |
|
Cost of sales |
6,669 |
2,381 |
|
Taxes and surcharges |
81 |
84 |
|
Sales expense |
297 |
960 |
|
Management expense |
965 |
1,182 |
|
Finance expense |
1 |
0 |
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Non-business
income |
0 |
0 |
|
Non-business expense |
0 |
0 |
|
Profit before
tax |
63 |
-1,962 |
|
Less: profit tax |
20 |
-7 |
|
43 |
-1,955 |
Important Ratios
=============
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
*Current ratio |
1.07 |
0.19 |
|
*Quick ratio |
1.07 |
-0.17 |
|
*Liabilities
to assets |
0.88 |
2.32 |
|
*Net profit
margin (%) |
0.53 |
-73.91 |
|
*Return on
total assets (%) |
0.62 |
-235.26 |
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*Inventory /
Revenue ×365 |
-- |
98 days |
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*Accounts receivable/
Revenue ×365 |
282 days |
-- |
|
*
Revenue/Total assets |
1.16 |
3.18 |
|
* Cost of
sales / Revenue |
0.83 |
0.90 |
FINANCIAL COMMENTS
PROFITABILITY:
POOR
l
The revenue of SC appears fair in its line, and it decreased
significantly in 2010.
l
SC’s net profit margin is average in 2009, and poor
in 2010.
l
SC’s return on total assets is average in 2009 and
poor in 2010.
l
SC’s cost of sales is average, comparing with its
revenue.
LIQUIDITY: POOR
l
The current ratio of SC is maintained in a normal
level in 2009, and appears poor in 2010.
l
SC’s quick ratio is maintained in a normal level in
2009.
l
The inventory of SC is maintained in an average
level in 2010.
l
The accounts receivable of SC is maintained in a
large level in 2009.
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: POOR
l
The debt ratio of SC is high in 2010.
l
The risk for SC to go bankrupt is fairly high.
Overall financial condition
of the SC: Poor.
CONCLUSIONS
SC is considered small-sized in its line with poor financial conditions.
Credit should be extended under guarantee, and C.O.D. is recommended.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.25 |
|
|
1 |
Rs.77.45 |
|
Euro |
1 |
Rs.64.89 |
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 |
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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 |
|
-- |
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.