MIRA INFORM REPORT
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Report No. : |
356275 |
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Report Date : |
25.12.2015 |
IDENTIFICATION DETAILS
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Name : |
SINOBRIGHT
PHARMACEUTICAL Co., Ltd. |
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Registered Office : |
Room 502, Zhongguan Building, Liuxian Avenue, Nanshan District, Shenzhen, Guangdong Province, 518055 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
02.11.2005 |
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Com. Reg. No.: |
440301104481263 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Import & export business (with permit if needed); selling of
medicine materials, chemical materials and health products; other domestic
commerce, goods and materials supply and marketing; technical development of
chemical products and economic information consultation. |
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No. of Employees : |
71 |
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 : |
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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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, growth of the private sector, development of stock markets and a modern banking system, 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 considered important to "economic security," explicitly looking to foster globally competitive industries. 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 2014 stood as the largest economy in the world, surpassing the US for the first time in modern history. Still, China's per capita income is below the world average.
After keeping its currency tightly linked to the US dollar for years, in July 2005 China 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. In 2014 the People’s Bank of China (PBOC) doubled the daily trading band within which the RMB is permitted to fluctuate.
The Chinese government faces numerous economic challenges, including: (a) reducing its high domestic savings rate and correspondingly low domestic consumption; (b) facilitating higher-wage job opportunities for the aspiring middle class, including rural migrants and increasing numbers of college graduates; (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 2014 more than 274 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.
Several factors are converging to slow China's growth, including debt overhang from its credit-fueled stimulus program, industrial overcapacity, inefficient allocation of capital by state-owned banks, and the slow recovery of China's trading partners. The government's 12th Five-Year Plan, adopted in March 2011 and reiterated at the Communist Party's "Third Plenum" meeting in November 2013, emphasizes continued economic reforms and the need to increase domestic consumption in order to make the economy less dependent in the future on fixed investments, exports, and heavy industry. However, China has made only marginal progress toward these rebalancing goals. The new government of President XI Jinping has signaled a greater willingness to undertake reforms that focus on China's long-term economic health, including giving the market a more decisive role in allocating resources. In 2014 China agreed to begin limiting carbon dioxide emissions by 2030. China also implemented several economic reforms in 2014, including passing legislation to allow local governments to issue bonds, opening several state-owned enterprises to further private investment, loosening the one-child policy, passing harsher pollution fines, and cutting administrative red tape.
|
Source
: CIA |
Company
name & address
SINOBRIGHT PHARMACEUTICAL Co., Ltd.
ROOM 502, ZHONGGUAN BUILDING, LIUXIAN AVENUE,
NANSHAN DISTRICT, SHENZHEN, GUANGDONG PROVINCE, 518055 PR CHINA
TEL: 86 (0) 755-26735482/26514290 FAX: 86 (0) 755-26735374
EXECUTIVE
SUMMARY
INCORPORATION DATE : Nov. 2, 2005
REGISTRATION NO. : 440301104481263
REGISTERED LEGAL FORM : LIMITED LIABILITIES COMPANY
CHIEF EXECUTIVE :
MR. MEI YONG (CHAIRMAN)
STAFF STRENGTH :
71
REGISTERED CAPITAL : CNY
15,000,000
BUSINESS LINE :
TRADING
TURNOVER :
CNY 312,490,000 (AS OF DEC. 31, 2014)
EQUITIES :
CNY 19,460,000 (AS OF DEC. 31, 2014)
PAYMENT :
AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly STABLE
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.4816 = 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 is operating in the heading address, while the “Flat Rm 1105 Lippo
Ctr Tower 189 Queens Way Admiralty China” is the registered address of SC’s
related company registered in Hong Kong.
SC and its related company in Hong Kong share
the same English name “Sinobright Pharmaceutical Co., Limited”.
SC is also known as Sinobright Import & Export Co., Ltd.
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 Nov. 2, 2005.
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 scope includes import & export business
(with permit if needed); selling of medicine materials, chemical materials and
health products; other domestic commerce, goods and materials supply and
marketing; technical development of chemical products and economic information
consultation.
SC is mainly engaged in trading different kinds of products.
Mr. Mei Yong is the legal representative, chairman and general manager
of SC at present.
SC is known to have approx. 71 employees at present.
SC is currently operating at the above stated address, and this address
houses its operating office in the commercial zone of Shenzhen. Detailed
information of the premise is unspecified.
http://www.sinobrightmedical.com
The design is professional and the content is well organized. At present it is
in English version.
E-mail: info@sinobrightpharma.com
Changes of its
registered information are as follows:
|
Date of change |
Item |
Before the change |
After the change |
|
2006-7 |
Registered Capital |
CNY 1,000,000 |
CNY 3,000,000 |
|
2010-1 |
Registration No. |
4403012193611 |
Present one |
|
2010-11 |
Registered Capital |
CNY 3,000,000 |
CNY 8,000,000 |
|
2015-8-3 |
CNY 8,000,000 |
Present amount |
|
|
Shareholders and shareholding |
Mei Ying 30% Mei Feng30% Fan Huifeng 10% Mei Yong 30% |
Present ones |
Tax registration no.:
440301781386507
Organization code: 781386507
For the past two years there is no record of litigation.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Mei Yong 30
Mei Feng 30
Mei Ying 25
Fan Huifeng 10
Tao Tianqi 5
Legal Representative, Chairman and General
Manager:
Mr. Mei Yong is currently responsible for the overall and daily
management of SC.
Working Experience(s):
At present Working in SC as
legal representative, chairman and general manager.
Supervisor:
Fan Huifeng
SC is mainly engaged in trading different kinds of products.
SC’s products mainly include:
I.V. Therapy
Syringe
& Needle
Surgical
Supplies
Personal
Care
Anesthesiology
Products
Diagnostics
Products
Respiratory
Products
Urological
Products
SC sources its materials 100% from domestic market. SC sells 10% of its
products in domestic market, and 90% to overseas market, mainly to USA, India,
Africa, Middle East and East Asia.
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.
Main Supplier:
============
Yantai Justaware Pharmaceutical Co., Ltd.
Trademark & Patents
No record
Note: SC refused to release its major customers.
Sinobright Pharmaceutical Co., Limited (Hong Kong)
CR No.: 1371160
Company Status: Private company limited by shares
Active Status: Live
Registered add.: Flat Rm. 1105, Lippo Ctr, Tower 1, 89 Queensway,
Admiralty, Hong Kong
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’s suppliers
declined to make any comments.
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.
Ping An Bank Shenzhen Xili Sub-branch
AC#：N/A
Relationship: Normal.
Balance Sheet
Unit: CNY’000
|
|
as of Dec. 31, 2013 |
as of Dec. 31, 2014 |
|
Cash & bank |
23,070 |
58,210 |
|
Inventory |
12,060 |
44,990 |
|
Accounts receivable |
3,930 |
8,940 |
|
Advances to suppliers |
-1,290 |
4,350 |
|
Other receivables |
11,460 |
19,040 |
|
Other current assets |
0 |
0 |
|
|
------------------ |
------------------ |
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Current assets |
49,230 |
135,530 |
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Long-term investments |
0 |
0 |
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Fixed assets net value |
1,190 |
4,330 |
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Projects under construction |
0 |
0 |
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Intangible assets |
0 |
0 |
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Other assets |
0 |
0 |
|
|
------------------ |
------------------ |
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Total assets |
50,420 |
139,860 |
|
|
============= |
============= |
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Short loans |
0 |
2,000 |
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Notes payable |
23,490 |
58,550 |
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Accounts payable |
5,670 |
55,240 |
|
Advances from customers |
770 |
2,420 |
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Employee pay payable |
800 |
740 |
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Taxes payable |
-1,390 |
-6,900 |
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Other accounts payable |
3,940 |
8,350 |
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Other current liabilities |
0 |
0 |
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----------------- |
----------------- |
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Current liabilities |
33,280 |
120,400 |
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Long term liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total liabilities |
33,280 |
120,400 |
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Shareholders equities |
17,140 |
19,460 |
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|
------------------ |
------------------ |
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Total liabilities & equities |
50,420 |
139,860 |
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|
============= |
============= |
Income Statement
Unit: CNY’000
|
|
as of Dec. 31, 2013 |
as of Dec. 31, 2014 |
|
Turnover |
200,320 |
312,490 |
|
Cost of goods sold |
181,130 |
293,430 |
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Taxes and additional of main operation |
60 |
10 |
|
Sales expense |
9,860 |
11,260 |
|
Management expense |
4,970 |
6,180 |
|
Finance expense |
1,470 |
-840 |
|
Non-operating income |
500 |
750 |
|
Non-operating expense |
10 |
0 |
|
Profit before tax |
3,320 |
3,200 |
|
Less: profit tax |
830 |
860 |
|
Net profit |
2,490 |
2,340 |
Important Ratios
=============
|
|
As of Dec. 31, 2013 |
As of Dec. 31, 2014 |
|
*Current ratio |
1.48 |
1.13 |
|
*Quick ratio |
1.12 |
0.75 |
|
*Liabilities to assets |
0.66 |
0.86 |
|
*Net profit margin (%) |
1.24 |
0.75 |
|
*Return on total assets (%) |
4.94 |
1.67 |
|
*Inventory /Turnover ×365 |
22 days |
53 days |
|
*Accounts receivable/Turnover ×365 |
8 days |
11 days |
|
*Turnover/Total assets |
3.97 |
2.23 |
|
* Cost of goods sold/Turnover |
0.90 |
0.94 |
PROFITABILITY:
AVERAGE
The turnover of SC appears fairly good in its line in both years, and it
increased in 2014
SC’s net profit margin is average in both years.
SC’s return on total assets is average in both years.
SC’s cost of goods sold is average in both years, comparing with its
turnover.
LIQUIDITY: AVERAGE
The current ratio of SC is maintained in a normal level in both years.
SC’s quick ratio is maintained in a normal level in 2013 but fair in
2014
The inventory of SC is maintained in an average level in both years
The accounts receivable of SC appears average in both years.
SC has no short-term loan in 2013 but average in 2014
SC’s turnover is in a fairly good level in 2013 but average in 2014,
comparing with the size of its total assets.
LEVERAGE: FAIR
The debt ratio of SC is average in 2013 but high in 2014.
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.66.20 |
|
|
1 |
Rs.98.30 |
|
Euro |
1 |
Rs.72.41 |
|
CNY |
1 |
Rs.10.20 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
: |
TRI |
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Report Prepared
by : |
TPT |
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 |
|
|
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 |
-- |
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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.