MIRA INFORM REPORT
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Report Date : |
03.10.2012 |
IDENTIFICATION DETAILS
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Name : |
GUANGXI WONDER PHARMACY STOCK CO., LTD. |
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Registered Office : |
No. 152, Wuhua Avenue, Asean Economic Development Zone,
Nanning, Guangxi Zhuang Autonomous Region, 530105 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
12.05.2005 |
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Com. Reg. No.: |
450000400002724 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Manufacturing, Marketing and Contract Manufacturing Corticosteroids
and Steroidal Intermediates. |
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No. of Employees : |
180 |
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 : |
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
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
Guangxi Wonder Pharmacy Stock Co., Ltd.
No. 152, Wuhua Avenue, Asean Economic Development Zone, Nanning, Guangxi Zhuang Autonomous Region, 530105 Pr China
TEL: 86 (0) 771-6315818 / 6304888
FAX: 86 (0) 771-69301988 / 6315828
EXECUTIVE SUMMARY
INCORPORATION DATE : may 12, 2005
REGISTRATION NO. : 450000400002724
REGISTERED LEGAL FORM :
SHARES LIMITED COMPANY
STAFF STRENGTH : 180
REGISTERED CAPITAL : CNY 60,000,000
BUSINESS LINE : MANUFACTURING &
selling
TURNOVER : N/A
EQUITIES : CNY 68,950,000 (AS OF DEC. 31, 2011)
PAYMENT : AVERAGE
MARKET CONDITION : average
FINANCIAL CONDITION : fairly stable
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY
6.37 = 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
Note: SC’s current address “Asean Economic Development Zone” was formerly named as the given one “Nanning Overseas Chinese Investment Zone”.
SC was registered as a Shares Limited Company at Guangxi Zhuang Autonomous Region Administration for industry & commerce (AIC - the official body of issuing and renewing business license) on May 12, 2005.
Company Status: Shares limited co. This form of business in PR China is defined as a legal
person. Its registered capital is divided into shares of equal par value
and the co. raises capital by issuing share certificates by promotion or by
public offer. Shareholders bear limited liability to the extent of
shareholding, and the co. is liable for its debts only to the extent of its
total assets. The co has independent property of legal person and enjoys
property rights of legal person. The
characteristics of the shares limited co. are as follows: The establishment of the co. requires at least two
promoters and no more than 200, half
of whom shall be domiciled in China.. Natural person are allowed to
serve as promoters. The minimum registered capital of a co. is CNY The board of directors must consist of five to nineteen
directors. If the co. raises capital by public offer, the promoters
must not subscribe less than 35% of the total shares. the promoters’ shares
are restricted to transfer- within one year of the offer. A state-owned enterprise that is restructured into a
shares limited co. must comply with the conditions & requirements
specified under the law & administrative rule.
SC’s registered
business scope includes manufacturing and selling API of dexamethasone and betamethasone
and steroid hormone, intermediate for pharmaceutical.
SC is mainly
engaged in manufacturing and selling active pharmaceutical ingredients.
Mr. Wang Yuanqiu has been the legal representative, chairman and
general manager of SC since 2005.
SC is
known to have approx. 180 employees at present.
SC is currently
operating at the above stated address, and this address houses its operating
office and factory in the economic development zone
of Nanning. Our checks reveal that SC owns the total premise about 200,000
square meters.
http://gxwonder.com/ The design is
professional and the content is well organized. At present it is in both
Chinese and English versions.
Email: info@gxwonder.com ; gxwonder@gmail.com
Changes
of its registered information:
|
Date of change |
Item |
Before the change |
After the change |
|
|
Registered capital |
CNY 30,000,000 |
CNY 43,500,000 |
|
2011-3 |
Registered capital |
CNY 43,500,000 |
CNY 60,000,000 |
|
Shareholders |
Dongfang Sisal Group Co., Ltd.
of Guangdong Province Haijielian (Nanning) Bio-pharmaceutical
Industry Co., Ltd. Wang Yuanqiu (Canadian) Wang Zeyin (Canadian) Wang Zezhen (Canadian) |
Present ones |
|
|
Unspecified |
Registration No. |
003597 |
The present one |
SC is also known as Guangxi Wonder Pharmaceuticals Co., Ltd.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Wang Yuanqiu (Canadian)
25.38
Nanning Yurong Assets Management Co., Ltd.
(literal translation)
11.50
Nanning Shengrong Assets Management Co.,
Ltd. (literal translation)
15.00
Dongfang Sisal Group Co., Ltd.
of Guangdong Province
14.50
Nanning Xinde Assets Management Co., Ltd.
(literal translation)
3.00
Wang Zezhen (Canadian)
12.50
Haijielian (Nanning) Bio-pharmaceutical
Industry Co., Ltd.
3.62
Wang Zeyin (Canadian)
14.50
Dongfang Sisal Group Co., Ltd.
of Guangdong Province
=========================================
Dongfang Sisal Group Co., Ltd.
Of Guangdong Province is a big state-owned enterprise, carrying out
comprehensive management policy of an integration of agriculture-industry-trade
and one continuous line of production-supply-sales.
Registration No.: 440800000028733
Incorporation Date: Sep. 17, 1997
Chairman: Zhou Yizhong
Registered Capital: CNY 50,000,000
Web: http://www.dongfang-sisal.com/
Email: dfjmjt@126.com
Tel: 0759-2628835 2628893
2628892
Fax: 0759-2628870
Haijielian (Nanning) Bio-pharmaceutical
Industry Co., Ltd.
============================================
Registration no.:
450100400001654
Legal representative: Wang Yuanqiu
Date of incorporation: June 3,
2002
Nanning Yurong Assets Management Co., Ltd. (literal
translation)
===============================================
Registration No.: 450113200001374
Chairman: Zhou Guoping
Registered Capital: CNY 6,910,000
Nanning Shengrong Assets Management Co.,
Ltd. (literal translation)
==================================================
Registration No.: 450113200001462
Chairman: Lin Dimin
Registered Capital: CNY 9,010,000
Nanning Xinde Assets Management Co., Ltd.
(literal translation)
==============================================
Registration No.: 450113200001366
Chairman: Chen Guoqian
Registered Capital: CNY 1,810,000
- Legal Representative, Chairman and General Manager:
Mr. Wang Yuanqiu, Canadian, born in 1952, with
university education. He is currently responsible for the overall and daily
management of SC.
Working Experience(s):
From 2005 to present Working in SC as legal representative, chairman and general manager.
Also working in Haijielian (Nanning) Bio-pharmaceutical Industry Co., Ltd. as legal representative.
SC is specialized
in researching, manufacturing, marketing, customized synthesizing and contract
manufacturing Corticosteroids and steroidal intermediates.
SC’s products mainly
include Dexamethasone, Betamethasone, Dexamethasone Acetate, Dexamethasone
Sodium Phosphate,Meprednisone, Meprednisone Acetate, Steroid Intermediates,
Epiandrosterone, 16-Alpha Methyl Epoxide; 8DM, 16-Beta Methyl Epoxide; DB11,
5-alpha-Dihydroprogesterone, and so on.
SC sources its materials 100%
from domestic market. SC sells 40% of its products in domestic market, and 60%
to overseas market.
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.
Note: SC’s
management declined to release its customer and supplier details.
SC is known to invest in the other
companies, but the detail is unspecified 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.
No bank information
was found during our checks with the local Administration for Industry and
Commerce. And SC declined to release its banking details.
Summary
Unit: CNY’000
|
|
As of Dec. 31,
2011 |
As of Dec. 31, 2010 |
|
Current assets |
61,150 |
68,150 |
|
Long-term
investment |
/ |
72,606 |
|
|
---------------- |
---------------- |
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Total
assets |
136,400 |
143,981 |
|
|
============= |
============ |
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Current
liabilities |
1,670 |
5,630 |
|
Long-term
liabilities |
65,780 |
65,500 |
|
Other
liabilities |
0 |
/ |
|
|
------------------ |
------------------ |
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Total
liabilities |
67,450 |
/ |
|
Equities |
68,950 |
/ |
|
|
-------------------- |
-------------------- |
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Total
liabilities & equities |
136,400 |
143,981 |
|
|
============= |
============= |
|
Turnover |
/ |
57,433 |
|
Profit before
tax |
/ |
2,085 |
|
Profit tax |
/ |
219 |
|
Net profit |
/ |
1,866 |
Note: SC's accountant refused to release SC’s
detailed financial reports for Yr2010 & 2011.
Important Ratios
=============
|
|
as
of Dec. 31, 2011 |
as
of Dec. 31, 2010 |
|
*Current ratio |
36.62 |
12.10 |
|
*Liabilities
to assets |
0.49 |
/ |
|
*Net profit
margin (%) |
/ |
3.25 |
|
*Return on
total assets (%) |
/ |
1.30 |
|
*Turnover/Total
assets |
/ |
0.40
|
PROFITABILITY: AVERAGE
- The turnover of SC appears average in its line in 2010.
- SC’s net profit margin is average in 2010.
- SC’s return on total assets is average in 2010.
LIQUIDITY: AVERAGE
- The
current ratio of SC is normal in both years.
- SC’s turnover
is in a poor level in 2010, comparing with the size of its total assets.
LEVERAGE: AVERAGE
- The debt ratio of SC is average in
2011.
- The risk for SC to go bankrupt is
average.
Overall financial
condition of the SC: Fairly stable.
SC is considered medium-sized in its line with fairly stable
financial conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.78 |
|
|
1 |
Rs.85.16 |
|
Euro |
1 |
Rs.67.78 |
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 |
|
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 |
---- |
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.