MIRA
INFORM REPORT
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Report Date : |
02.11.2012 |
IDENTIFICATION DETAILS
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Name : |
HANGZHOU COWIN PHARMA CO., LTD. |
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Registered Office : |
Rm. 1206, 12/F, East Tower Of International Garden, No. 158 Tianmushan Road, Xihu District, Hangzhou, Zhejiang Province, 310007 Pr |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
28.10.2005 |
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Com. Reg. No.: |
330106000159784 |
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Legal Form : |
One-person Limited Liability Company |
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Line of Business : |
Selling API and intermediates |
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No. of Employees : |
10 |
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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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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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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 |
CHINA - ECONOMIC OVERVIEW
Since the late 1970s China
has moved from a closed, centrally planned system to a more market-oriented one
that plays a major global role - in 2010 China became the world's largest
exporter. Reforms began with the phasing out of collectivized agriculture, and
expanded to include the gradual liberalization of prices, fiscal
decentralization, increased autonomy for state enterprises, creation of a
diversified banking system, development of stock markets, rapid growth of the private
sector, and opening to foreign trade and investment. China has implemented
reforms in a gradualist fashion. In recent years, China has renewed its support
for state-owned enterprises in sectors it considers important to "economic
security," explicitly looking to foster globally competitive national
champions. After keeping its currency tightly linked to the US dollar for
years, in July 2005 China revalued its currency by 2.1% against the US dollar
and moved to an exchange rate system that references a basket of currencies.
From mid 2005 to late 2008 cumulative appreciation of the renminbi against the
US dollar was more than 20%, but the exchange rate remained virtually pegged to
the dollar from the onset of the global financial crisis until June 2010, when
Beijing allowed resumption of a gradual appreciation. The restructuring of the
economy and resulting efficiency gains have contributed to a more than tenfold
increase in GDP since 1978. Measured on a purchasing power parity (PPP) basis
that adjusts for price differences, China in 2010 stood as the second-largest
economy in the world after the US, having surpassed Japan in 2001. The dollar
values of China's agricultural and industrial output each exceed those of the
US; China is second to the US in the value of services it produces. Still, per
capita income is below the world average. The Chinese government faces numerous
economic challenges, including: (a) reducing its high domestic savings rate and
correspondingly low domestic demand; (b) sustaining adequate job growth for
tens of millions of migrants and new entrants to the work force; (c) reducing
corruption and other economic crimes; and (d) containing environmental damage
and social strife related to the economy's rapid transformation. Economic development
has progressed further in coastal provinces than in the interior, and by 2011
more than 250 million migrant workers and their dependents had relocated to
urban areas to find work. One consequence of population control policy is that
China is now one of the most rapidly aging countries in the world.
Deterioration in the environment - notably air pollution, soil erosion, and the
steady fall of the water table, especially in the North - is another long-term
problem. China continues to lose arable land because of erosion and economic
development. The Chinese government is seeking to add energy production
capacity from sources other than coal and oil, focusing on nuclear and
alternative energy development. In 2010-11, China faced high inflation
resulting largely from its credit-fueled stimulus program. Some tightening
measures appear to have controlled inflation, but GDP growth consequently
slowed to near 9% for 2011. An economic slowdown in Europe is expected to
further drag Chinese growth in 2012. Debt overhang from the stimulus program,
particularly among local governments, and a property price bubble challenge
policy makers currently. The government's 12th Five-Year Plan, adopted in March
2011, emphasizes continued economic reforms and the need to increase domestic
consumption in order to make the economy less dependent on exports in the
future. However, China has made only marginal progress toward these rebalancing
goals.
Source : CIA
Company name and address
HANGZHOU COWIN PHARMA CO., LTD.
rm. 1206, 12/f,
east tower OF international garden,
no. 158 tianmushan
road, xihu district,
hangzhou, zhejiang
PROVINCE, 310007 PR CHINA
TEL: 86 (0)
571-88212056 FAX: 86 (0)
571-88212052
EXECUTIVE SUMMARY
INCORPORATION DATE : october 28, 2005
REGISTRATION NO. : 330106000159784
REGISTERED LEGAL FORM : One-person Limited
Liability Company
STAFF STRENGTH :
10
REGISTERED CAPITAL : CNY 1,000,000
BUSINESS LINE :
trading
TURNOVER :
CNY 27,720,000 (AS OF DEC. 31, 2011)
EQUITIES :
CNY 500,000 (AS OF DEC. 31, 2011)
PAYMENT :
AVERAGE
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : fairLY STABLE
OPERATIONAL TREND : fairly STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.24 = 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 company at local Administration
for Industry & Commerce (AIC - The official body of issuing and renewing
business license) on October 28, 2005 and has been under present legal form
since 2010.
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 and retail, importing and exporting goods and
technology.
SC is mainly
engaged in selling API and intermediates.
Mr. Bao Jianhua
has been legal representative and chairman of SC since 2005.
SC is known to
have approx. 10 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office in the commercial zone of Hangzhou. Our checks reveal that SC
rents the total premise about 107 square meters.
http://www.cowinpharma.com
The design is professional and the content is well organized. At present the
web site is only in English version.
E-mail: infor@cowinpharma.com
Changes of its registered information are as follows:
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Date of change |
Item |
Before the
change |
After the change |
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Legal form |
Limited liabilities company |
One-person
limited liability company |
MAIN SHAREHOLDERS:
Name %
of Shareholding
Jingdezhen Fuxiang Pharmaceutical Co., Ltd. 100
Jingdezhen Fuxiang Pharmaceutical Co., Ltd.
is specialized in the R & D, manufacture and sales of APIs and
pharmaceutical intermediates.
Tel: 86-798-2193328
Fax: 86-798-2193330
Web: http://www.fuxiangpharm.com
E-mail: infor@fuxiangpharm.com
l
Chairman and Legal representative:
Mr.
Bao Jianhua, in his
Working Experience(s):
From 2005 to present Working
in SC as chairman and legal representative
l
General Manager:
Mr. Chen Jian , about 35 years old, with university
education. He is currently responsible for the daily management of SC.
Working Experience(s):
At present Working
in SC as general manager.
SC is mainly
engaged in selling API and intermediates.
SC’s products
mainly include: β-lactam enzyme inhibitor API and intermediate.
SC sources its materials 100% from domestic
market, mainly Zhejiang. SC sells 5% of its products in domestic market, and
95% to overseas market, mainly India and Egypt.
The buying terms of SC include Check, T/T and Credit of 30-60 days. The
payment terms of SC include T/T, L/C and Credit of 30-60 days.
Note: SC declined to release its major suppliers and clients.
SC
is not known to have any subsidiary at present.
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.
Bank of China Hangzhou Hi-tech Development Zone Sub-branch
中国银行杭州市高新技术开发区支行
AC#：370158327213
Standard Chartered
Bank China Hangzhou Branch
渣打银行中国杭州分行
AC#：N/A
Relationship:
Normal
Balance Sheet
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Unit: CNY’000 |
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Cash & bank |
340 |
510 |
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550 |
0 |
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Accounts receivable |
5,590 |
1,260 |
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Other Accounts
receivable |
700 |
100 |
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Other current
assets |
520 |
40 |
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------------------ |
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7,700 |
1,910 |
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Fixed assets net
value |
160 |
150 |
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Projects under construction |
0 |
0 |
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Long term
investment |
0 |
0 |
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Other assets |
10 |
0 |
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------------------ |
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Total assets |
7,870 |
2,060 |
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============= |
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Short loans |
0 |
0 |
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Accounts payable |
7,180 |
1,340 |
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Other Accounts
payable |
10 |
220 |
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Other current
liabilities |
10 |
0 |
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------------------ |
------------------ |
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7,200 |
1,560 |
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Long term
liabilities |
0 |
0 |
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Other
liabilities |
-90 |
0 |
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7,110 |
1,560 |
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Equities |
760 |
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7,870 |
2,060 |
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Income Statement
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Unit: CNY’000 |
as of Dec. 31,
2010 |
as of Dec. 31,
2011 |
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10,680 |
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10,070 |
26,510 |
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Sales
expense |
220 |
590 |
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Management expense |
350 |
410 |
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Finance expense |
80 |
540 |
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Profit before tax |
-60 |
-260 |
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Less: profit tax |
0 |
0 |
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-60 |
-260 |
Important
Ratios
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As
of Dec. 31, 2010 |
as
of Dec. 31, 2011 |
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*Current ratio |
1.07 |
1.22 |
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*Quick ratio |
0.99 |
1.22 |
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*Liabilities
to assets |
0.90 |
0.76 |
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*Net profit
margin (%) |
-0.56 |
-0.94 |
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*Return on
total assets (%) |
-0.76 |
-12.62 |
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*Inventory
/Turnover ×365 |
19 days |
/ |
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*Accounts
receivable/Turnover ×365 |
192 days |
17 days |
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*Turnover/Total
assets |
1.36 |
13.46 |
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* Cost of
goods sold/Turnover |
0.94 |
0.96 |
PROFITABILITY:
FAIR
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The turnover of SC appears average in its line, and
it increased in 2011.
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SC’s net profit margin is fair.
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SC’s return on total assets is fair.
l
SC’s cost of goods sold is high, comparing with its
turnover.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a normal
level.
l
SC’s quick ratio is maintained in a normal level.
l
SC has no inventory in 2011.
l
The accounts receivable of SC appears large.
l
SC has no short-term loan in both years.
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SC’s turnover is in a good level in 2011, comparing
with the size of its total assets.
LEVERAGE: FAIR
l
The debt ratio of SC is high in 2010, and fairly
high in 2011.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly stable.
SC is considered small-sized in its line with fairly stable financial
conditions.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs. |
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1 |
Rs. |
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Euro |
1 |
Rs. |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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 |
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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 |
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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 |
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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.