MIRA
INFORM REPORT
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Report Date : |
28.11.2012 |
IDENTIFICATION DETAILS
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Name : |
ACETO PHARMACEUTICAL ( |
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Formerly Known As : |
ACETO (SHANGHAI) LTD |
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Registered Office : |
Room 908, No. 1701, Beijing West Road, Shanghai 200040 PR |
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Country : |
China |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
18.02.2003 |
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Com. Reg. No.: |
310115400117446 |
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Legal Form : |
Wholly Foreign-Owned Enterprise |
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Line of Business : |
Engaged in Exporting Chemical Products. |
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No. of Employees : |
25 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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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 (31.03.2012) |
Current Rating (30.06.2012) |
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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 |
Since the late 1970s
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Source : CIA |
COMPANY NAME AND ADDRESS
ACETO PHARMACEUTICAL (SHANGHAI) LTD.
ROOM 908, NO. 1701, BEIJING WEST ROAD, SHANGHAI 200040 PR CHINA
TEL: 86 (0) 21-62880099
FAX: 86 (0) 21-62884488
EXECUTIVE SUMMARY
Date of Registration : FEBRUARY 18, 2003
REGISTRATION NO. : 310115400117446
LEGAL FORM : WHOLLY FOREIGN-OWNED ENTERPRISE
REGISTERED CAPITAL : USD 400,000
staff :
25
BUSINESS CATEGORY : TRADING
Revenue :
CNY 619,100,000 (AS OF DEC. 31, 2011)
EQUITIES :
CNY 128,760,000 (AS OF DEC. 31, 2011)
WEBSITE : www.aceto.com
E-MAIL :
acetosh@sh.aceto.com
PAYMENT :
AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRly stable
OPERATIONAL TREND : fairly STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.23 = 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 wholly foreign-owned enterprise of PRC with State Administration of
Industry & Commerce (SAIC) under registration No.: 310115400117446 on
February 18, 2003.
SC’s Organization Code Certificate No.:
74727631-2
%20LTD%20%20-%20201799%2028-Nov-2012_files/image003.jpg)
SC’s registered capital: USD 400,000
SC’s paid-in capital: USD 400,000
Registration Change Record:-
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Date |
Change of Contents |
Before the change |
After the change |
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-- |
Registration No. |
314111 |
310115400117446 |
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***Note: SC
changed its Chinese name, while its English name remains the same.
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
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Name of Shareholder (s) |
% of Shareholding |
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Aceto Corporation (U.S.A.) |
100 |
SC’s Chief Executives:-
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Position |
Name |
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Legal Representative and Chairman |
Gary J. Mo |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
%20LTD%20%20-%20201799%2028-Nov-2012_files/image004.gif){kind=small}
Aceto Corporation (U.S.A.) 100
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Aceto Corporation, founded in 1947, is a
global leader in the marketing and distribution of pharmaceutical intermediates
and active ingredients, finished dosage form generics, nutraceutical products,
agricultural protection products and specialty chemicals.
Phone: 516-627-6000
Website: www.aceto.com
E-mail: aceto@aceto.com
MANAGEMENT
Gary J. Mo, Legal Representative, Chairman and General
Manager
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Ø
Gender: M
Ø
Age:
Ø
Nationality: Canada
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as legal representative and
chairman
Also working in Aceto Pharmaceutical (Shanghai) Ltd.
Branch as principal
BUSINESS OPERATION
SC’s registered business scope includes international trade;
transit trade; trade with the
enterprises within the free trade zone and trade agency; operating business
with enterprises within free trade zone by the enterprises which have right of
import & export; importing &
exporting commodities and technology; simple commercial processing;
commercial consulting services.
SC is mainly engaged in exporting chemical products.
SC’s products mainly include: various chemical products.
SC sources its materials 100% from domestic market. SC sells 100% of its products to overseas market, mainly European and American countries.
The buying terms of SC include Check, T/T and Credit of 30-60 days. The payment terms of SC include Check, L/C, T/T and Credit of 30-60 days.
*Major Customers:
==============
Dana Classic
Fragrances Inc.
Aceto Corp
Golden Mountain
Trading Ltd.
Staff & Office:
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SC is known
to have approx. 25 staff at
present.
SC rents an area
as its operating office of approx. 200 sq. meters at the heading address.
RELATED COMPANY
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Aceto Fine Chem GmbH (Hamburg)
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Aceto France S.A.S.
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Aceto Health Ingredients GmbH (Hamburg)
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Aceto Netherlands
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Aceto Pharma GmbH (Hamburg)
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Aceto Pharma (India) Private Limited
SC is known to have a
branch at present,
n
Aceto Pharmaceutical (Shanghai) Ltd. Branch
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Date of Registration: September 20, 2006
Registration No.: 310115500056932
Legal Form: Branch
Company
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 Merchants
Bank
AC#: N/a
FINANCIALS
Balance Sheet
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Unit: CNY’000 |
As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
|
9,220 |
12,170 |
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Notes receivable |
0 |
0 |
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Accounts
receivable |
190,550 |
213,520 |
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Advances to
suppliers |
640 |
3,700 |
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Other receivable |
0 |
0 |
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Inventory |
0 |
0 |
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Deferred
expenses |
20 |
70 |
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Other current
assets |
0 |
0 |
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------------------ |
------------------ |
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Current assets |
200,430 |
229,460 |
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Fixed assets |
300 |
260 |
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Construction in
progress |
0 |
0 |
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Intangible
assets |
0 |
90 |
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Long-term
prepaid expenses |
120 |
0 |
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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 |
200,850 |
229,810 |
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============= |
============= |
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Short-term loans |
0 |
0 |
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Notes payable |
1,180 |
2,310 |
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Accounts payable |
71,670 |
93,750 |
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Wages payable |
1,110 |
890 |
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Taxes payable |
700 |
830 |
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Advances from
clients |
0 |
0 |
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Other payable |
420 |
2,960 |
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Other current
liabilities |
180 |
310 |
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------------------ |
------------------ |
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Current
liabilities |
75,260 |
101,050 |
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Non-current
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total
liabilities |
75,260 |
101,050 |
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Equities |
125,590 |
128,760 |
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------------------ |
------------------ |
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Total
liabilities & equities |
200,850 |
229,810 |
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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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Revenue |
725,030 |
619,100 |
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Cost of sales |
702,410 |
599,250 |
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Sales expense |
140 |
440 |
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Management expense |
9,950 |
10,260 |
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Finance expense |
3,890 |
4,910 |
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Profit before
tax |
10,000 |
4,240 |
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Less: profit tax |
2,270 |
1,070 |
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7,730 |
3,170 |
Important Ratios
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As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
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*Current ratio |
2.66 |
2.27 |
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*Quick ratio |
2.66 |
2.27 |
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*Liabilities
to assets |
0.37 |
0.44 |
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*Net profit
margin (%) |
1.07 |
0.51 |
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*Return on
total assets (%) |
3.85 |
1.38 |
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*Inventory /
Revenue ×365 |
-- |
-- |
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*Accounts
receivable/ Revenue ×365 |
96 days |
126 days |
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*
Revenue/Total assets |
3.61 |
2.69 |
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* Cost of
sales / Revenue |
0.97 |
0.97 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
l
The revenue of SC appears fairly good 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 fairly high, comparing with
its revenue.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a fairly
good level.
l
SC’s quick ratio is maintained in a fairly good
level.
l
SC has no inventory in both years.
l
The accounts receivable of SC appears large.
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: AVERAGE
l
The debt ratio of SC is low.
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.
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.70 |
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UK Pound |
1 |
Rs.89.34 |
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Euro |
1 |
Rs.72.35 |
INFORMATION DETAILS
|
Report Prepared
by : |
NLM |
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.