MIRA
INFORM REPORT
|
Report Date : |
12.01.2012 |
IDENTIFICATION DETAILS
|
Name : |
SICHUAN HENGTAI PHARMACEUTICALS
CO., LTD. |
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Registered Office : |
1 and 2/F, Block 1, No. 3, Keyuan South Road, High and New
District, Chengdu, Sichuan Province, 610041 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
26.12.1992 |
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Com. Reg. No.: |
510000000028960 |
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Legal Form : |
One-Person Limited Liability
Company |
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Line of Business : |
Selling Pharmaceutical Products. |
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No. of Employees : |
100 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1,500,000 |
|
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 – 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
SICHUAN HENGTAI PHARMACEUTICALS
CO., LTD.
1&2/F, BLOCK 1, NO. 3, KEYUAN SOUTH ROAD, HIGH & NEW
DISTRICT, CHENGDU, SICHUAN PROVINCE, 610041 PR CHINA
TEL: 86 (0) 28-85136528/13308002897
FAX: 86 (0) 28-85153893
EXECUTIVE SUMMARY
INCORPORATION DATE : DEC. 26, 1992
REGISTRATION NO. :
510000000028960
REGISTERED LEGAL FORM :
ONE-PERSON LIMITED LIABILITY COMPANY
CHIEF EXECUTIVE :
MR. HUANG ZEMIN (CHAIRMAN)
STAFF STRENGTH :
100
REGISTERED CAPITAL : CNY 43,000,000
REGISTERED BUSINESS LINE :
TRADING
TURNOVER :
CNY 260,326,000 (AS OF DEC. 31,
2010)
EQUITIES :
CNY 100,123,000 (AS OF DEC. 31, 2010)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE :
UP TO USD 1,500,000
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION : STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.31 = 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 limited liabilities co. at local Administration for Industry &
Commerce (AIC - The official body of issuing and renewing business license) on Dec.
26, 1992, and has been under present ownership since May 21, 2008.
Company Status: One-person Limited Liability Company Single person LLC refers to a
limited liability company set up by only one natural person or legal person
as the single shareholder of it. The minimum registered capital
of Single person LLC is CNY100,000. The shareholder’s capital contributes,
as set out by the articles of associations should be a lump-sum payment in
full. One natural person can only
invest in and set up one limited liability company, which is not permitted
to invest in and set up a new Single person LLC. As to any one-person limited
liability company, the sole-investor nature of the natural person or legal
person shall be indicated in the registration documents of the company and
shall be indicated in the business license thereof as well. The regulation of Single person
LLC should be set up by the shareholder The regulation of Single person
LLC has no shareholder meeting.
SC’s registered business scope includes wholesale of
biochemical drug, biological product (excluding preventive biological
products), Chinese patent drug, chemical medicine preparation, antibiotics;
selling bread and cheese, health food; importing and exporting business.
SC is mainly engaged in selling pharmaceutical products.
Mr. Huang Zemin has been legal representative and chairman
since 2008.
SC is known to have approx. 100 employees at present.
SC is currently operating at the above stated address, and
this address houses its operating office in the high & new district zone of
Chengdu. Our checks reveal that SC rents the total premise about 800 square
meters.
SC is not known to host website of its own at present.
Changes of its registered information are as follows:
|
Date of change |
Item |
Before the change |
After the change |
|
|
Legal representative |
Shen Gongzhi |
Chen Chaolie |
|
|
Legal representative |
Chen Chaolie |
Chen Wei |
|
Registered capital |
CNY 200,000 |
CNY 3,000,000 |
|
|
Company name |
Sichuan Hengtai Pharmaceutical Technology Development
Corp. |
The present one |
|
|
|
Shareholders |
Chen Chaolie 7% Liu Deqi 7% Liu Taimin 6% Peng Shujun 6% Shen Zihong 24% Sichuan Zhongwei Biotechnology Development Co., Ltd. 50% |
Chen Chaolie 7% Liu Deqi 7% Liu Taimin 6% Peng Shujun 6% Shen Zihong 24% Chen Wei 50% |
|
|
Shareholders |
Chen Chaolie 7% Liu Deqi 7% Liu Taimin 6% Peng Shujun 6% Shen Zihong 24% Chen Wei 50% |
Sichuan Institute for Medical Information 20% Chen Wei 50% Peng Shujun 6% Shen Zihong 24% |
|
|
Shareholders |
Sichuan Institute for Medical Information 20% Chen Wei 50% Peng Shujun 6% Shen Zihong 24% |
Chen Wei 50% Peng Shujun 6% Shen Zihong 24% Zeng Jixuan 20% |
|
|
Registered capital |
CNY 3,000,000 |
CNY 10,000,000 |
|
Shareholders |
Chen Wei 50% Peng Shujun 6% Shen Zihong 24% Zeng Jixuan 20% |
Chen Wei 40% Zeng Jixuan 30% Ma Ling 30% |
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|
|
Shareholders |
Chen Wei 40% Zeng Jixuan 30% Ma Ling 30% |
Chen Wei 50% Ma Ling 50% |
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|
Registered capital |
CNY 10,000,000 |
The present amount |
|
Shareholders |
Chen Wei 50% Ma Ling 50% |
Chen Wei 11.63% Ma Ling 11.63% Zhan Chengjia 39.88% Liu Feijin 36.86% |
|
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|
Legal representative |
Chen Wei |
Liu Feijin |
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Shareholders |
Chen Wei 11.63% Ma Ling 11.63% Zhan Chengjia 39.88% Liu Feijin 36.86% |
Ma Ling 11.63% Zhan Chengjia 39.88% Liu Feijin 48.49% |
|
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|
Legal representative |
Liu Feijin |
Wang Ji |
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Shareholders |
Ma Ling 11.63% Zhan Chengjia 39.88% Liu Feijin 48.49% |
Zhou Xuanchuan 40% Wang Ji 30% Xue Yang 30% |
|
|
|
Legal representative |
Wang Ji |
The present one |
|
Legal form |
limited liabilities co. |
The present ownership |
|
|
Shareholders |
Zhou Xuanchuan 40% Wang Ji 30% Xue Yang 30% |
The present one |
MAIN
SHAREHOLDERS:
Name %
of Shareholding
Vital Pharmaceuticals Sichuan Co., Ltd. 100
Registration no.: 510000400001002
Legal representative: Wu Qingjiang
Add: No. 3, Keyuan South Road, High & New District,
Chengdu, Sichuan Province
Phone: (+8628)
82761291
Legal representative and chairman:
Mr. Huang Zemin ID# 510103196011161611, born in 1960. He is
currently responsible for the overall management of SC.
Working
Experience(s):
From 2008 to present Working
in SC as legal representative and chairman.
General manager:
Mr. Xue Yang,ID# 420802197402270019, born in 1974. He is
currently responsible for the daily management of SC.
Working
Experience(s):
At present
Working in SC as general manager.
Directors:
Zheng Guangwu
Xie Yuming ID# 510421196010150012
Zhang Mei ID#
510102196710182626
Xue Yang ID#
420802197402270019
Supervisor:
Zheng Xingzhong ID#
51102519530415895X
SC is mainly engaged in selling pharmaceutical products.
SC’s products mainly include: biochemical drug, biological
product, Chinese patent drug, chemical medicine preparation, etc.
SC sources its materials 80% from domestic market and 20%
from overseas market. SC sells 100% 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.
Note: SC declined to release its major suppliers and
clients.
According to the website http://www.vital-pharm.com/
Vital Pharmaceutical Company Limited (Hong Kong)
Vital Pharmaceuticals Wuhan Co., Ltd
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.
We could not find the bank information on SC in local AIC.
Balance
Sheet
Unit: CNY’000
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
Cash & bank |
35,513 |
38,018 |
|
Notes receivable |
11,782 |
32,886 |
|
Inventory |
76,424 |
62,946 |
|
Accounts receivable |
9,198 |
12,511 |
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Advances to suppliers |
2,645 |
16,601 |
|
Prepaid expenses |
0 |
0 |
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Other accounts receivable |
2,515 |
1,105 |
|
Other current assets |
0 |
0 |
|
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------------------ |
------------------ |
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Current assets |
138,077 |
164,067 |
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Fixed assets net value |
27,216 |
25,026 |
|
Project under construction |
0 |
0 |
|
Long term investment |
0 |
0 |
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Intangible |
90 |
242 |
|
Other assets |
587 |
298 |
|
|
------------------ |
------------------ |
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Total assets |
165,970 |
189,633 |
|
|
============= |
============= |
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Short loans |
0 |
30,000 |
|
Notes payable |
0 |
10,000 |
|
Accounts payable |
77,256 |
34,348 |
|
Advances from clients |
0 |
10,784 |
|
Accrued payroll |
3,124 |
2,574 |
|
Taxes payable |
-5,374 |
1,229 |
|
Other accounts payable |
963 |
575 |
|
Other current liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
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Current liabilities |
75,969 |
89,510 |
|
Long-term liabilities |
0 |
0 |
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|
------------------ |
------------------ |
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Total liabilities |
75,969 |
89,510 |
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Equities |
90,001 |
100,123 |
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|
------------------ |
------------------ |
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Total liabilities & equities |
165,970 |
189,633 |
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============= |
============= |
Income
Statement
Unit: CNY’000
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
Turnover |
287,888 |
260,326 |
|
Cost of goods sold |
215,655 |
182,584 |
|
Taxes and additional of main operation |
230 |
386 |
|
Other operation profit |
1,942 |
2,362 |
|
Sales expense |
58,334 |
59,300 |
|
Management
expense |
8,919 |
7,704 |
|
Finance expense |
328 |
175 |
|
Investment income |
8 |
0 |
|
Non-operating income |
5 |
13 |
|
Non-operating expense |
177 |
313 |
|
Profit before tax |
6,200 |
12,239 |
|
1,550 |
3,060 |
|
|
Profits |
4,650 |
9,179 |
Important
Ratios
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
*Current ratio |
1.82 |
1.83 |
|
*Quick ratio |
0.81 |
1.13 |
|
*Liabilities to assets |
0.46 |
0.47 |
|
*Net profit margin (%) |
1.62 |
3.53 |
|
*Return on total assets (%) |
2.80 |
4.84 |
|
*Inventory /Turnover ×365 |
97 days |
89 days |
|
*Accounts receivable/Turnover ×365 |
12 days |
18 days |
|
*Turnover/Total assets |
1.73 |
1.37 |
|
* Cost of goods sold/Turnover |
0.75 |
0.70 |
PROFITABILITY:
AVERAGE
The turnover of SC appears fairly good in its line.
SC’s net profit margin is average in both 2 years.
SC’s return on total assets is average in both 2 years.
SC’s cost of goods sold is low in both 2 years, comparing
with its turnover.
LIQUIDITY:
AVERAGE
The current ratio of SC is maintained in a normal level in
both 2 years.
SC’s quick ratio is maintained in a normal level in both 2
years.
The inventory of SC appears fairly large in both 2 years.
The accounts receivable of SC appears average in both 2
years.
SC has no short term loan in 2009 and it is average in 2010.
SC’s turnover is in an average level in both 2 years,
comparing with the size of its total assets.
LEVERAGE:
AVERAGE
The debt ratio of SC is average in both 2 years.
The risk for SC to go bankrupt is average.
Overall financial condition of the SC: Stable.
Credit amount: USD 1,500,000
SC is considered medium-sized in its line with stable
financial conditions. The given credit amount would appear to be within SC’s
capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.75 |
|
|
1 |
Rs.80.00 |
|
Euro |
1 |
Rs.65.99 |
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 |
|
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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.