MIRA
INFORM REPORT
|
Report Date : |
17.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
BEIJING LUNARSUN
PHARMACEUTICAL co., ltd. |
|
|
|
|
Registered Office : |
Room 1-C1-802, Yangguang Plaza, No. 68 Anli Road, Chaoyang District,
Beijing 100101 Pr |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
03.03.2006 |
|
|
|
|
Com. Reg. No.: |
110105009375779 |
|
|
|
|
Legal Form : |
Limited Liabilities Company |
|
|
|
|
Line of Business : |
Subject is engaged in selling Active Pharmaceutical Ingredients (API). |
|
|
|
|
No. of Employees : |
33 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
No complaints |
|
|
|
|
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 (31.03.2012) |
Current Rating (30.06.2012) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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
BEIJING LUNARSUN PHARMACEUTICAL co., ltd.
ROOM 1-C1-802, YANGGUANG PLAZA, NO. 68 ANLI
ROAD,
CHAOYANG DISTRICT, BEIJING 100101 PR CHINA
TEL: 86 (0) 10-80771377/80771377-8010
FAX: 86 (0) 10-64946614
EXECUTIVE SUMMARY
INCORPORATION DATE : MAR. 3, 2006
REGISTRATION NO. : 110105009375779
REGISTERED LEGAL FORM : Limited LiabilitIES
Company
CHIEF EXECUTIVE :
MR. XUAN NIANDONG (CHAIRMAN)
STAFF STRENGTH :
33
REGISTERED CAPITAL : CNY 5,000,000
BUSINESS LINE :
TRADING
TURNOVER :
CNY 63,330,000 (AS OF DEC. 31, 2011)
EQUITIES :
CNY 4,892,000 (AS OF DEC. 31, 2011)
PAYMENT :
AVERAGE
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.22 = 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 co. at local Administration for Industry & Commerce (AIC
- The official body of issuing and renewing business license) on Mar. 3, 2006.
Company Status: Limited
liabilities co. This form of business in PR
China is defined as a legal person. No more than fifty shareholders
contribute its registered capital jointly. Shareholders bear limited
liability to the extent of shareholding, and the co. is liable for its
debts only to extent of its total assets. The characteristics of this form
of co. are as follows: Upon the establishment of the
co., an investment certificate is issued to the each of shareholders. The board of directors is
comprised of three to thirteen members. The minimum registered capital
for a co. is CNY 30,000. Shareholders may take their
capital contributions in cash or by means of tangible assets or intangible
assets such as industrial property and non-patented technology. Cash contributed by all
shareholders must account for at least 30% of the registered capital. Existing shareholders have
pre-exemption right to purchase shares of the co. offered for sale by the
other shareholders and to subscribe for the newly increased registered
capital of the co.
SC’s registered business scopes include technology promotion service; selling
chemical products (excluding hazardous chemicals); importing and exporting
commodities and technology.
SC is mainly engaged in selling Active Pharmaceutical Ingredients (API).
Mr. Xuan Niandong has been legal representative and chairman of SC since
2007.
SC is known to have approx. 33 employees at present
SC is currently operating at the above stated address, and this address
houses its operating office in the commercial zone of Beijing. SC’s accountant
Ms. Li refused to release the detailed information of the area.
SC also houses its R & D center in Changping District, Beijing, but
the detailed information is unspecified.
http://www.lunarsun.com.cn
The design is professional and the content is well organized. At present it is
in Chinese and English versions.
E-mail: sales@lunarsun.com.cn
Changes of its
registered information:
|
Date of change |
Item |
Before the change |
After the change |
|
2007-4-20 |
Company name |
Beijing Lunarsun Technology Co., Ltd. |
Beijing Lunarsun Pharmaceutical Co., Ltd. |
|
Legal representative |
Zhang Weiping |
Xuan Niandong |
|
|
Shareholdings |
Zhang Weiping 80% Wang Yu 20% |
Liu Baoquan 41% Xuan Niandong 32% Chen Yongbi 27% |
|
|
2008-1-14 |
Shareholdings |
Liu Baoquan 41% Xuan Niandong 32% Chen Yongbi 27% |
Liu Baoquan 41% Xuan Niandong 32% Cui Dongdong 27% |
MAIN SHAREHOLDERS:
Name % of Shareholding
Liu Baoquan 41
Xuan Niandong 32
Cui Dongdong 27
Legal
representative and chairman:
Mr. Xuan Niandong, ID# 372422197612210015, born in 1976, with university
education. He is currently responsible for the overall management of SC.
Working Experience(s):
From 2007 to present Working in SC as legal
representative and chairman.
General manager:
Mr. Liu Baoquan, ID# 120107197204284535, born in 1972, with university
education. He is currently responsible for the daily management of SC.
Working Experience(s):
From 2007 to present Working in SC as general manager.
Supervisor:
========
Mr. Cui Dongdong, ID# 23030219731129563X
SC is mainly engaged in selling Active Pharmaceutical Ingredients (API).
SC’s products mainly include: API, Adefovir Dipivoxil, Agomelatine,
pharmaceutical intermediates, basic chemicals, formulation, etc.
SC sources its materials 90% from domestic market, and 10% from overseas
market. SC sells 50% of its products in domestic market, and 50% to overseas
market.
The buying terms of SC include T/T, L/C and Credit of 30-60 days. The
payment terms of SC include T/T, L/C and Credit of 30-60 days.
Note: SC’s
management declined to release its major clients and suppliers.
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 refused to release any information of
its suppliers and the trade reference was not available.
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 Beijing Anli Road Sub-branch
AC#: 322056024674
Relationship: Normal
Note: The given bank information (Bank of Beijing) was SC’s former one,
and SC has closed its account with the said bank.
Balance Sheet
Unit: CNY’000
|
|
As
of Dec. 31, 2011 |
|
Cash & bank |
4,694 |
|
Notes receivable |
0 |
|
Inventory |
91 |
|
Accounts receivable |
1,831 |
|
Advances to suppliers |
2,433 |
|
Other accounts receivable |
52 |
|
Deferred expenses |
469 |
|
Drawback receivable |
1,527 |
|
Other current assets |
6,300 |
|
|
----------------- |
|
Current assets |
17,397 |
|
Fixed assets net value |
3,212 |
|
Project under construction |
0 |
|
Long term investment |
0 |
|
Long-term prepaid expenses |
0 |
|
Project materials |
0 |
|
Intangible and other assets |
0 |
|
|
------------------ |
|
Total assets |
20,609 |
|
|
============= |
|
Short loans |
0 |
|
Notes payable |
0 |
|
Accounts payable |
6,774 |
|
Advances from clients |
6,836 |
|
Accrued payroll |
0 |
|
Welfare payable |
0 |
|
Taxes payable |
104 |
|
Surcharge payable |
0 |
|
Other accounts payable |
2,003 |
|
Other current liabilities |
0 |
|
Interest payable |
0 |
|
|
------------------ |
|
Current liabilities |
15,717 |
|
Long-term liabilities |
0 |
|
|
------------------ |
|
Total liabilities |
15,717 |
|
Equities |
4,892 |
|
|
------------------ |
|
Total liabilities & equities |
20,609 |
|
|
============= |
Income Statement
Unit: CNY’000
|
|
As
of Dec. 31, 2011 |
|
Turnover |
63,330 |
|
Cost of goods sold |
50,600 |
|
Taxes and additional of main operations |
57 |
|
Other business profit |
453 |
|
Other expenses |
6,806 |
|
Sales expense |
2,424 |
|
Management expense |
3,533 |
|
Finance expense |
129 |
|
Profit before tax |
234
|
|
58 |
|
|
Profits |
176 |
Important Ratios
=============
|
|
As
of Dec. 31, 2011 |
|
*Current ratio |
1.11 |
|
*Quick ratio |
1.10 |
|
*Liabilities to assets |
0.76 |
|
*Net profit margin (%) |
0.28 |
|
*Return on total assets (%) |
0.85 |
|
*Inventory /Turnover ×365 |
1 day |
|
*Accounts receivable/Turnover ×365 |
11 days |
|
*Turnover/Total assets |
3.07 |
|
* Cost of goods sold/Turnover |
0.80 |
PROFITABILITY:
AVERAGE
The turnover of SC appears average.
SC’s net profit margin is average.
SC’s return on total assets is average.
SC’s cost of goods sold is average, comparing with its turnover.
LIQUIDITY: AVERAGE
The current ratio of SC is maintained in a normal level.
SC’s quick ratio is maintained in a normal level
The inventory of SC appears small in 2011.
The accounts receivable of SC appears average in 2011.
SC has no short-term loan in 2011.
SC’s turnover is in a fairly good level, comparing with the size of its
total assets.
LEVERAGE: AVERAGE
The debt ratio of SC is fairly high in 2011.
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Stable.
SC is considered medium-sized in its line with stable financial
conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.82 |
|
|
1 |
Rs.87.9 |
|
Euro |
1 |
Rs.72.83 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
RATING EXPLANATIONS
|
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 |
|
---- |
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.