MIRA
INFORM REPORT
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Report Date : |
10.03.2012 |
IDENTIFICATION DETAILS
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Name : |
LIAOYUAN CITY BAIKANG PHARMACEUTICAL CO., LTD. |
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Registered Office : |
No. 124 Xinxing Street, Liaoyuan City Jilin Province 136200
Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
24.02.1995 |
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Com. Reg. No.: |
220400000000219 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Manufacturing and selling tablets, granules, hard capsules, bulk drugs. |
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No. of Employees : |
140 |
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 100,000 |
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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 |
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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 and address
LIAOYUAN CITY BAIKANG PHARMACEUTICAL CO., LTD.
NO. 124 XINXING STREET, LIAOYUAN CITY
JILIN PROVINCE 136200 PR CHINA
TEL: 86 (0) 437-5088986
FAX: 86 (0) 437-5088960
EXECUTIVE SUMMARY
Date of Registration : february 24, 1995
REGISTRATION NO. : 220400000000219
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL : cny 10,000,000
staff :
140
BUSINESS CATEGORY : manufacturing
Revenue :
CNY 91,410,000 (AS OF DEC. 31, 2011)
EQUITIES :
CNY 19,590,000 (AS OF DEC. 31, 2011)
WEBSITE : www.lypharm.com
E-MAIL :
lybk999@163.com
PAYMENT :
AVERAGE
Recommended Credit Limit: UP TO USD 100,000
(PERIODICAL REVIEW)
MARKET CONDITION : average
FINANCIAL CONDITION : FAIRly stable
OPERATIONAL TREND : fairly STEADY
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.: 220400000000219 on February 24, 1995.
SC’s Organization Code Certificate No.:
12516957-1
SC’s registered capital: cny 10,000,000
SC’s paid-in capital: cny 10,000,000
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 |
|
Li Haichen |
16.5 |
|
Wei Xiaoming |
15.4 |
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Other individuals |
68.1 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman, and General
Manager |
Wei Xiaoming |
|
Deputy General Manager |
Li Haichen |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Li Haichen 16.5
Wei Xiaoming 15.4
Other individuals 68.1
MANAGEMENT
Wei Xiaoming ,
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
Li Haichen ,
Deputy General Manager
-------------------------------------------------------------
Ø
Gender: M
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as deputy general manager
BUSINESS OPERATION
SC’s registered business scope includes manufacturing and
selling tablets, granules, hard capsules, bulk drugs.
SC is mainly engaged
in manufacturing and selling tablets, granules, hard capsules, bulk drugs.
Brand: Liaoyuan
SC’s products
mainly include:
Paracetamol
Piroxicam
Procaine
Hydrochloride
Diphenhydramine
Hydroclori
Famotidine
Diclofenac
Sodium
Etc.
SC sources its materials 100% from domestic
market. SC sells 70% of its products in domestic market, and 30% to overseas
market, mainly Southeast Asia, Mid East, etc.
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. 140 staff at
present.
SC owns an area as
its operating office & factory of approx. 43,000 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 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:
Liaoyuan
City Urban Credit Cooperative Jinhui Branch
AC#:
510000905500010
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2011 |
|
3,040 |
|
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Accounts
receivable |
4,540 |
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Advances to
suppliers |
0 |
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Other receivable |
330 |
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Inventory |
23,890 |
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Non-current
assets within one year |
0 |
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Other current
assets |
12,830 |
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------------------ |
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Current assets |
44,630 |
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Fixed assets |
21,820 |
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Construction in
progress |
410 |
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Intangible
assets |
0 |
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Deferred income
tax assets |
0 |
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Other
non-current assets |
12,300 |
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------------------ |
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Total assets |
79,160 |
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============= |
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Short-term loans |
24,840 |
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Notes payable |
0 |
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Accounts payable |
9,870 |
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Wages payable |
0 |
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Advances from
clients |
0 |
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Other payable |
17,700 |
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Other current
liabilities |
7,160 |
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------------------ |
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Current
liabilities |
59,570 |
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Non-current
liabilities |
0 |
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------------------ |
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Total
liabilities |
59,570 |
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Equities |
19,590 |
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------------------ |
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Total
liabilities & equities |
79,160 |
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============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2011 |
|
Revenue |
91,410 |
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Cost of sales |
73,350 |
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Sales expense |
5,470 |
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Management expense |
6,030 |
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Finance expense |
1,990 |
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Profit before
tax |
4,320 |
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Less: profit tax |
940 |
|
3,380 |
Important Ratios
=============
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As
of Dec. 31, 2011 |
|
*Current ratio |
0.75 |
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*Quick ratio |
0.35 |
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*Liabilities
to assets |
0.75 |
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*Net profit
margin (%) |
3.70 |
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*Return on
total assets (%) |
4.27 |
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*Inventory /
Revenue ×365 |
96 days |
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*Accounts
receivable/ Revenue ×365 |
19 days |
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*
Revenue/Total assets |
1.15 |
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* Cost of
sales / Revenue |
0.80 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
l
The revenue of SC appears average in its line.
l
SC’s net profit margin is average.
l
SC’s return on total assets is average.
l
SC’s cost of sales is average, comparing with its
revenue.
LIQUIDITY: FAIR
l
The current ratio of SC is maintained in a fair
level.
l
SC’s quick ratio is maintained in a poor level.
l
The inventory of SC appears fairly large.
l
The accounts receivable of SC is maintained in an
average level.
l
The short-term loan of SC appears fairly large.
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.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly stable.
CONCLUSIONS
SC is considered medium-sized in its line with fairly stable financial
conditions. The fairly large amount of inventory and short-term loan may be a
threat to SC’s financial condition. A credit line up to USD 100,000 is
recommended upon a periodical review basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.50.02 |
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|
1 |
Rs.79.01 |
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Euro |
1 |
Rs.66.18 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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-- |
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.