MIRA INFORM REPORT
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Report Date : |
17.01.2012 |
IDENTIFICATION DETAILS
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Name : |
DRAGONFARM CO., LTD. |
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Registered Office : |
Room 1001-1002, 1# Building Of Huahong
Mansion, No. 238 Tianmushan Road, Hangzhou |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
30.04.2002 |
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Com. Reg. No.: |
330100000038004 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
International
Trade |
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No. of Employees
: |
28 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 80,000 |
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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 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
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 & address
DRAGONFARM CO., LTD.
ROOM 1001-1002, 1#
BUILDING OF HUAHONG MANSION
NO. 238 TIANMUSHAN
ROAD, HANGZHOU
ZHEJIANG PROVINCE
310012 PR CHINA
TEL: 86 (0)
571-85899500
FAX: 86 (0)
571-85899589
EXECUTIVE SUMMARY
Date of Registration : april 30, 2002
REGISTRATION NO. : 330100000038004
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL :
CNY 8,000,000
staff : 28
BUSINESS CATEGORY :
trading
Revenue : CNY 123,371,000 (AS OF DEC. 31, 2010)
EQUITIES : CNY 12,518,000 (AS OF DEC. 31, 2010)
WEBSITE : www.dragonpharm.com.cn
E-MAIL :
service@apichina.cn
PAYMENT : AVERAGE
Recommended Credit Limit: UP TO USD
80,000
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : FAIRly stable
OPERATIONAL TREND :
ORDINARY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.31 = 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.: 330100000038004 on April 30, 2002.
SC’s Organization Code Certificate
No.: 73843907-9
SC’s Tax No.: 330103738439079
SC’s registered capital: cny 8,000,000
SC’s paid-in capital: cny 8,000,000
Registration Change Record:
|
Date |
Change
of Contents |
Before
the change |
After the change |
|
-- |
Shareholder
(s) (% of Shareholding) |
Yao Hong 63% Yu Jun 10% Wang Hong 27% |
Yao Hong 63% Yu Jun 14% Gu Xiaochun 23% |
Current Co search indicates SC’s shareholders & chief executives
are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Yao Hong |
63 |
|
Yu Jun |
14 |
|
Gu Xiaochun |
23 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative and
General Manager |
Yao Hong |
|
Director/Supervisor |
Yu Jun |
|
Gu Xiaochun |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Yao Hong 63
Yu Jun 14
Gu Xiaochun 23
MANAGEMENT
Yao Hong, Legal Representative and General Manager
--------------------------------------------------------------------------------
Ø
Gender: F
Ø
Age: 40
Ø
ID# 330522197206021020
Ø
Education: Master’s Degree
Ø
Working
experience (s):
From 2002 to present, working in SC as legal representative and general manager
Yu Jun,
Director/Supervisor
---------------------------------------------
Ø
Gender: M
Ø
Education: University
Gu Xiaochun,
Director/Supervisor
---------------------------------------------------------
Ø
Gender: M
Ø
Education: University
BUSINESS OPERATION
SC’s registered
business scope includes wholesaling and retailing chemical materials &
products, chemical intermediates, plastic materials & products, and medical
equipment (limited to I items); importing and exporting commodities.
SC is mainly
engaged in international trade.
SC’s
products mainly include:
Formulations
APIs
Intermediates
Pharmaceutical
Machines & Equipments
Laboratory
Instruments
SC sources its materials 100%
from domestic market, mainly Zhejiang. SC sells 100% to overseas market, mainly
Europe,
India, and Korea.
The buying terms of SC include Check, 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.
Staff & Office:
--------------------------
SC is
known to have approx. 28
staff at present.
SC
rents an area as its operating office of approx. 300 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 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:
China CITIC Bank
Hangzhou Yuquan Sub-branch
AC#:
7332510182200001001
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
8,549 |
26,019 |
|
|
Short-term investment |
120 |
35 |
|
Accounts
receivable |
27,925 |
49,260 |
|
Advances to
suppliers |
0 |
2,463 |
|
Other receivable |
6,341 |
5,325 |
|
Subsidy
receivable |
0 |
2,681 |
|
Inventory |
10,462 |
4,499 |
|
Non-current
assets within one year |
0 |
0 |
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Other current
assets |
0 |
0 |
|
|
------------------ |
------------------ |
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Current assets |
53,397 |
90,282 |
|
Fixed assets |
7,982 |
7,875 |
|
Construction in
progress |
0 |
0 |
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Intangible
assets |
5 |
4 |
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Long-term
prepaid expenses |
0 |
78 |
|
Deferred income
tax assets |
0 |
0 |
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Other
non-current assets |
0 |
0 |
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------------------ |
------------------ |
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Total assets |
61,384 |
98,239 |
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|
============= |
============= |
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Short-term loans |
14,407 |
10,791 |
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Notes payable |
4,305 |
20,655 |
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Accounts payable |
18,506 |
6,971 |
|
Taxes payable |
-1,227 |
483 |
|
Advances from
clients |
0 |
30,905 |
|
Other payable |
13,434 |
15,045 |
|
Deferred expense |
227 |
871 |
|
Other current
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
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Current
liabilities |
49,652 |
85,721 |
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Non-current
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total
liabilities |
49,652 |
85,721 |
|
Equities |
11,732 |
12,518 |
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|
------------------ |
------------------ |
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Total
liabilities & equities |
61,384 |
98,239 |
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|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2009 |
As of Dec. 31,
2010 |
|
Revenue |
107,666 |
123,371 |
|
Cost of sales |
92,571 |
108,009 |
|
Taxes and surcharges |
9 |
7 |
|
Sales expense |
5,766 |
4,995 |
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Management expense |
6,049 |
7,010 |
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Finance expense |
1,800 |
2,198 |
|
Subsidy income |
0 |
0 |
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Non-business
income |
45 |
405 |
|
Non-business expense |
6 |
293 |
|
Profit before
tax |
1,511 |
1,262 |
|
Less: profit tax |
706 |
476 |
|
805 |
786 |
Important Ratios
=============
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
*Current ratio |
1.08 |
1.05 |
|
*Quick ratio |
0.86 |
1.00 |
|
*Liabilities
to assets |
0.81 |
0.87 |
|
*Net profit
margin (%) |
0.75 |
0.64 |
|
*Return on
total assets (%) |
1.31 |
0.80 |
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*Inventory /
Revenue ×365 |
36 days |
14 days |
|
*Accounts
receivable/ Revenue ×365 |
95 days |
146 days |
|
*
Revenue/Total assets |
1.75 |
1.26 |
|
* Cost of
sales / Revenue |
0.86 |
0.88 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
l
The revenue of SC appears fairly good, and it was
rising 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 goods sold 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 appears large in
2010.
l
SC’s short-term loans are in an average level.
l
SC’s revenue is in an
average level, comparing with the size of its total assets.
LEVERAGE:
FAIR
l
The debt ratio of SC is fairly high 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. The large amount of accounts receivable may be a threat
to SC’s financial condition. A credit line up to USD 80,000 would appear to be within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.65 |
|
UK Pound |
1 |
Rs.79.09 |
|
Euro |
1 |
Rs.65.32 |
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 |
|
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.