MIRA
INFORM REPORT
|
Report Date : |
19.10.2013 |
IDENTIFICATION DETAILS
|
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) : |
31.12.2012 |
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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 of APIs and intermediates |
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No. of Employees : |
10 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Small Company |
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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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 2012 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 under 8% for 2012. An economic slowdown in Europe
contributed to China's, and is expected to further drag Chinese growth in 2013.
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 & 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
Date of Registration : october 28, 2005
REGISTRATION NO. : 330106000159784
LEGAL FORM : One-person
Limited Liability Company
CHIEF EXECUTIVE : bao jianhua (LEGAL
REPRESENTATIVE)
REGISTERED CAPITAL :
CNY 1,000,000
staff : 10
BUSINESS CATEGORY :
TRADING
Revenue : CNY 21,860,000 (AS OF DEC. 31, 2012)
EQUITIES : CNY 860,000 (AS OF DEC. 31, 2012)
WEBSITE : www.cowinpharma.com
E-MAIL :
infor@cowinpharma.com
PAYMENT : AVERAGE
MARKET CONDITION : average
FINANCIAL CONDITION : fairly stable
OPERATIONAL TREND : ordinary
GENERAL REPUTATION : average
EXCHANGE RATE : CNY 6.12 = 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
LEGAL STATUS & HISTORY
SC was
established as a limited liabilities company of PRC on October 28, 2005. However, SC changed to
present legal form, and was registered as one-person limited liabilities
company of PRC with State Administration for Industry & Commerce (SAIC)
under registration No.: 330106000159784
on December 29, 2010.
SC’s Organization Code Certificate No.:
77929182-4
SC’s Tax No.: 330100779291824
SC’s registered capital: CNY 1,000,000
SC’s paid-in capital: CNY 1,000,000
Registration Change Record:-
|
Date |
Change
of Contents |
Before
the change |
After
the change |
|
2010-12-29 |
Legal
Form |
Limited
Liabilities Company |
One-person
Limited Liabilities Company |
Current
Co search indicates SC’s shareholders & chief executives are as follows:-
|
Name
of Shareholder (s) |
% of
Shareholding |
|
Jiangxi Fuxiang
Pharmaceutical Co., Ltd. (Formerly as
Jingdezhen Fuxiang Pharmaceutical Co., Ltd.) |
100 |
SC’s
Chief Executives:-
|
Position |
Name |
|
Legal Representative and
Chairman |
Bao Jianhua |
|
General Manager |
Chen Jian |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART & BACKGROUND
Name
%
of Shareholding
Jiangxi Fuxiang Pharmaceutical Co., Ltd. 100
(Formerly as Jingdezhen Fuxiang
Pharmaceutical Co., Ltd.)
------------------------------------
Registration No.: 360200210008121
Date of Registration: March 20, 2002
Legal Form: Shares Limited Company
Registered Capital: CNY 54,000,000
Legal Representative: Bao Jianhua
In Dec. 2004, the company was approved by
ISO quality management system; In 2004-2005, the company was honored as
"Grade A Tax Payer" by related municipal authorities; in 2005, it was
honored as "Outstanding Privately Run Enterprise" by the city
government; in 2006, it was appraised as "Example Enterprise in Cultural
Construction" and "AAA Grade Credit Rating Enterprise", to name
just a few.
Add.: No.2
P.C.: 333000
Tel: +86-798-2193328/2193329 (Sales Dept.)
+86-798-2193307/2193308 (Purchase Dept.)
Fax: +86-798-2193330 (Sales. Dept.)
+86-798-2193307 (Purchase Dept.)
E-mail: infor@fuxiangpharm.com
Websie: www.fuxiangpharm.com
MANAGEMENT
Bao Jianhua , Legal
Representative and Chairman
----------------------------------------------------------------------------
Ø
Gender: M
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as legal representative and chairman
Chen Jian, General
Manager
----------------------------------------------
Ø
Gender: M
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as general manager
BUSINESS OPERATION
SC’s registered
business scope includes wholesale and retail, importing and exporting goods and
technology.
SC is mainly
engaged in selling APIs and intermediates.
SC’s
products mainly include:
|
PRODUCT NAME |
STANDARD |
CAS NO. |
|
Sulbactam sodium |
USP |
69388-84-7 |
|
Sulbactam Pivoxil |
|
|
|
Tazobactam |
|
89786-04-9 |
|
Tazobactam Sodium |
|
|
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Tazobactam Sodium/Piperacillin Sodium(1:8) |
|
|
|
Sultamicillin Base |
|
|
|
Sultamicillin Tosilate |
|
83105-70-8 |
|
Ofloxacin |
USP |
82419-36-1 |
|
Levofloxacin |
|
100986-85-4 |
|
Gatifloxacin |
|
180200-66-2 |
|
Pazufloxacin |
|
127045-41-4 |
|
Balofloxacin |
|
127294-70-6 |
|
Acarbose |
|
56180-94-0 |
|
Ketoconazole |
|
65277-42-1 |
|
Trimebutinemaleate |
JP |
34140-59-5 |
|
Trimebutine |
|
39133-31-8 |
|
Epalrestat |
|
82159-09-9 |
|
Terbinafine HCl |
EP |
78628-80-5 |
|
Tioconazole |
USP |
65899-73-2 |
|
Meropenem |
|
119478-56-7 |
|
Ampicillin Trihydrate |
|
7177-48-2 |
|
Piperacillin Acid |
|
61477-96-1 |
|
Levetiracetam |
|
102767-28-2 |
|
Thiamphenicol |
|
15318-45-3 |
|
Florfenicol |
|
76639-94-6 |
SC sources its
materials 100% from domestic market. SC sells 30% in domestic market and 70% to
overseas market, mainly
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.
Staff & Office:
--------------------------
SC is
known to have approx. 10 staff
at present.
SC rents an area as
its operating office, but the detailed information is unknown.
RELATED COMPANY
SC is not known to have the 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:
Bank of China Hangzhou Hi-tech Development Zone Sub-branch
AC#:
370158327213
Standard
Chartered Bank China Hangzhou Branch
AC#: N/a
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
As
of Dec. 31, 2012 |
|
340 |
510 |
630 |
|
|
Notes receivable |
0 |
0 |
0 |
|
Accounts
receivable |
5,590 |
1,260 |
5,250 |
|
Advances to
suppliers |
0 |
0 |
0 |
|
Other receivable |
700 |
100 |
1,510 |
|
Inventory |
550 |
0 |
1,110 |
|
Deferred
expenses |
0 |
0 |
0 |
|
Other current
assets |
520 |
40 |
20 |
|
|
------------------ |
------------------ |
------------------ |
|
Current assets |
7,700 |
1,910 |
8,520 |
|
Fixed assets |
160 |
150 |
120 |
|
Construction in
progress |
0 |
0 |
0 |
|
Intangible
assets |
0 |
0 |
0 |
|
Long-term
prepaid expenses |
0 |
0 |
0 |
|
Deferred income
tax assets |
0 |
0 |
0 |
|
Other
non-current assets |
10 |
0 |
10 |
|
|
------------------ |
------------------ |
------------------ |
|
Total assets |
7,870 |
2,060 |
8,650 |
|
|
============= |
============= |
============= |
|
Short-term loans |
0 |
0 |
0 |
|
Notes payable |
0 |
0 |
0 |
|
Accounts payable |
7,180 |
1,340 |
7,970 |
|
Wages payable |
0 |
0 |
0 |
|
Taxes payable |
0 |
0 |
0 |
|
Advances from
clients |
0 |
0 |
0 |
|
Other payable |
10 |
220 |
7 |
|
Other current
liabilities |
10 |
0 |
-187 |
|
|
------------------ |
------------------ |
------------------ |
|
Current
liabilities |
7,200 |
1,560 |
7,790 |
|
Non-current
liabilities |
-90 |
0 |
0 |
|
|
------------------ |
------------------ |
------------------ |
|
Total
liabilities |
7,110 |
1,560 |
7,790 |
|
Equities |
760 |
860 |
|
|
|
------------------ |
------------------ |
------------------ |
|
Total
liabilities & equities |
7,870 |
2,060 |
8,650 |
|
|
============= |
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2010 |
As of Dec. 31,
2011 |
As of Dec. 31,
2012 |
|
Revenue |
10,680 |
21,860 |
|
|
Cost of sales |
10,070 |
26,510 |
20,640 |
|
Sales expense |
220 |
590 |
240 |
|
Management expense |
350 |
410 |
630 |
|
Finance expense |
80 |
540 |
200 |
|
Profit before
tax |
-60 |
-260 |
170 |
|
Less: profit tax |
0 |
0 |
0 |
|
-60 |
-260 |
170 |
Important Ratios
=============
|
|
As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
As
of Dec. 31, 2012 |
|
*Current ratio |
1.07 |
1.22 |
1.09 |
|
*Quick ratio |
0.99 |
1.22 |
0.95 |
|
*Liabilities
to assets |
0.90 |
0.76 |
0.90 |
|
*Net profit
margin (%) |
-0.56 |
-0.94 |
0.78 |
|
*Return on
total assets (%) |
-0.76 |
-12.62 |
1.97 |
|
*Inventory /
Revenue ×365 |
19 days |
-- |
19 days |
|
*Accounts
receivable/ Revenue ×365 |
192 days |
17 days |
88 days |
|
*
Revenue/Total assets |
1.36 |
13.46 |
2.53 |
|
* Cost of
sales / Revenue |
0.94 |
0.96 |
0.94 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
l
The revenue of SC appears average in its line in
three year.
l
SC’s net profit margin is fair in 2010 and 2011,
average in 2012.
l
SC’s return on total assets is fair in 2010, poor
in 2011, average in 2012.
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 normal
level.
l
SC’s quick ratio is maintained in a normal level.
l
The inventory of SC appears average.
l
The accounts receivable of SC appears large.
l
SC has no short-term loans in three years.
l
SC’s revenue is in an
average level, comparing with the size of its total assets.
LEVERAGE:
FAIR
l
The debt ratio of SC is fairly high in 2012.
l
The risk for SC to go bankrupt is above 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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.28 |
|
UK Pound |
1 |
Rs.99.03 |
|
Euro |
1 |
Rs.83.80 |
INFORMATION DETAILS
|
Report
Prepared by : |
MNL |
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.