MIRA INFORM REPORT
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Report No. : |
303949 |
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Report Date : |
23.01.2015 |
IDENTIFICATION DETAILS
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Name : |
Viwit Pharmaceutical Co Ltd |
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Registered Office : |
No. 88, Weizhi Road, Biopharma Industry Base, Tengzhou, Shandong Province,
277514 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2014 (Unaudited) |
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Date of Incorporation : |
28.05.2010 |
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Com. Reg. No.: |
370400400002959 |
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Legal Form : |
Wholly Foreign-Owned Enterprise |
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Line of Business : |
· Engaged in technology development, technical consulting, technology services, technology transfer in the field of biology and medicine · Engaged in manufacturing and selling biological agents (non-pharmaceutical), chemical raw materials and products (excluding dangerous goods). (with permit if needed) ·
Engaged in development, manufacture and marketing of novel
products in pharmaceuticals, nutraceuticals, agrochemicals, performance
materials and alternative fuels. Subject product ranges includes
:- · Pharmaceuticals · Agrochemicals · Nutraceuticals · Performance Materials · Other Fine Chemicals |
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No of Employees : |
180 (Approximately) |
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 : |
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 – September 30, 2014
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Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
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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. 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 and expanded the daily trading band within
which the RMB is permitted to fluctuate. 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 2013 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 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 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. 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.
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Source : CIA |
Company
name & address
VIWIT PHARMACEUTICAL CO., LTD.
NO. 88, WEIZHI ROAD, BIOPHARMA INDUSTRY BASE,
TENGZHOU, SHANDONG PROVINCE, 277514 PR CHINA
TEL: 86 (0) 15165881993/15763221056 FAX: 86 (0) 632-2989678
EXECUTIVE
SUMMARY
INCORPORATION DATE : MAY 28, 2010
REGISTRATION NO. : 370400400002959
REGISTERED LEGAL FORM : Wholly foreign-owned
enterprise
CHIEF EXECUTIVE : MR. wei yanjun (CHAIRMAN)
STAFF STRENGTH :
180 (Approximately)
REGISTERED CAPITAL : usd 17,500,000
BUSINESS LINE :
manufacturing and TRADING
TURNOVER :
cny 13,370,000 (unaudited, AS OF
DEC. 31, 2014)
EQUITIES :
cny 74,970,000 (unaudited, AS OF DEC. 31, 2014)
PAYMENT :
Slow but Correct
MARKET CONDITION : average
FINANCIAL CONDITION : fairly STABLE
OPERATIONAL TREND : fairly steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.2165= 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 Ren Min Bi
Note: SC shares the same English name with its related company “上海威智医药科技有限公司” registered in Shanghai; according to the, we located SC.
SC was registered as a wholly foreign-owned enterprise at local Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license) on May 28, 2010.
Company Status: Wholly foreign-owned enterprise This form of business in PR
China is defined as a legal person. It is a limited co. established within
the territories of PR China with capital provided totally by the foreign
investors. More than one foreign investor may jointly invest in a wholly
foreign-owned enterprise. The investing party/parties solely exercise
management, reap profit and bear risks and liabilities by themselves. This
form of companies usually have a limited duration is extendible upon
approval of Examination and Approval Authorities.
SC’s registered business scope includes technology development, technical
consulting, technology services, technology transfer in the field of biology
and medicine; manufacturing and selling biological agents (non-pharmaceutical),
chemical raw materials and products (excluding dangerous goods). (with permit
if needed)
SC is mainly
engaged in development,
manufacture and marketing of novel products in pharmaceuticals, nutraceuticals,
agrochemicals, performance materials and alternative fuels.
Mr. Wei Yanjun is
legal representative, chairman and general manager of SC at present.
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 biopharma industry base of Tengzhou. Our
checks reveal that SC owns the total premise, but the gross area of the premise
is unspecific.
http://www.viwit.com.cn/ The
website belongs to Viwit Pharmaceutical. The design is professional and the content
is well organized. At present it is in Chinese and English versions.
E-Mail: lingling.peng@viwit.com
No significant changes were found during our checks with the local
Administration for Industry and Commerce.
According to SC’s accountant Ms. Peng, SC was taken into operation in
May of 2013.
Tax registration no.: 370481555235129
Organization code: 555235129
For the past two years there is no record of litigation.
MAIN SHAREHOLDERS:
Name
%
of Shareholding
Viwit Holdings Limited (Hong Kong) 100
Registration no.: 1718301
Legal form: Private company limited by
shares
Status: Live
Legal
Representative, Chairman and General Manager:
Mr. Wei Yanjun, born in 1977, PHD. He is currently responsible for the overall management of SC.
Working
Experience(s):
At present Working in SC as legal representative, chairman and general manager.
Also working in Viwit Pharmaceutical Co., Ltd. (Shanghai) (上海威智医药科技有限公司) as legal representative, Viwit Pharmaceutical Co., Ltd. (Shanghai) Songjiang Branch as principal.
Directors:
Li Ronghai
Guo Xinhai
Supervisor:
Zhou Xiaomiao
Engaged in development, manufacture and
marketing of novel products in pharmaceuticals, nutraceuticals, agrochemicals, performance
materials and alternative fuels.
SC’s products mainly include:
· Pharmaceuticals
· Agrochemicals
· Nutraceuticals
· Performance Materials
· Other Fine Chemicals
SC sources its
materials 100% from domestic market. SC sells 40% of its products in domestic
market, and 60% to the overseas market.
The buying terms of SC include Check, T/T and Credit of 30-60 days. The
payment terms of SC include T/T, L/C and Credit of 30-60 days.
Trademark &
Patents
No record
Note:
SC’s management refused to release its main suppliers and clients.
Viwit Pharmaceutical Co., Ltd. (Shanghai)
=====================
Incorporation
date: 2006-7-19
Registration
no.: 310104000348821
Registered
capital: CNY 5,000,000
Legal
rep.: Wei Yanjun
Viwit
Pharmaceutical Co., Ltd. (Shanghai) Songjiang Branch
==================================
Incorporation
date: 2008-4-18
Registration
no.: 310227001375186
Principal:
Wei Yanjun
Overall payment appraisal:
( ) Excellent (
) Good (X) Slow but
Correct ( ) 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.
Agricultural Bank of China Tengzhou Sub-branch Dawu Office
AC#：N/A
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
|
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Unaudited, as of Dec. 31, 2014 |
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Cash & bank |
2,340 |
|
Inventory |
18,640 |
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Accounts
receivable |
890 |
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Advances to
suppliers |
13,500 |
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Other
receivables |
40,220 |
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Other current
assets |
0 |
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|
------------------ |
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Current assets |
75,590 |
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Long-term
investments |
0 |
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Fixed assets net
value |
48,800 |
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Projects under
construction |
5,360 |
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Long-term
deferred expense |
550 |
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Intangible
assets |
810 |
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Other assets |
0 |
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------------------ |
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Total assets |
131,110 |
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============= |
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Short loans |
22,300 |
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Accounts payable |
8,620 |
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Advances from
customers |
3,090 |
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Accrued payroll |
0 |
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Taxes payable |
-3,300 |
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Other accounts
payable |
4,700 |
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Other current
liabilities |
0 |
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----------------- |
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Current
liabilities |
35,410 |
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Long term
liabilities |
20,730 |
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------------------ |
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Total
liabilities |
56,140 |
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Shareholders
equities |
74,970 |
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------------------ |
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Total
liabilities & equities |
131,110 |
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============= |
Income Statement
Unit: CNY’000
|
|
Unaudited, as of Dec. 31, 2014 |
|
Turnover |
13,370 |
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Cost of goods
sold |
6,860 |
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Taxes and
additional of main operation |
0 |
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Sales expense |
960 |
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Management expense |
9,100 |
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Finance expense |
3,070 |
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Non-operating
income |
270 |
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Non-operating expense |
10 |
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Profit before
tax |
-6,360 |
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Less: profit tax |
0 |
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Net profit |
-6,360 |
Important Ratios
=============
|
|
as of Dec. 31,
2014 |
|
*Current ratio |
2.13 |
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*Quick ratio |
1.61 |
|
*Liabilities
to assets |
0.43 |
|
*Net profit
margin (%) |
-47.57 |
|
*Return on
total assets (%) |
-4.85 |
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*Inventory
/Turnover ×365 |
509 days |
|
*Accounts
receivable/Turnover ×365 |
25 days |
|
*Turnover/Total
assets |
0.10 |
|
* Cost of
goods sold/Turnover |
0.51 |
PROFITABILITY:
FAIR
l
The turnover of SC appears average in its line.
l
SC’s net profit margin is poor.
l
SC’s return on total assets is fair.
l
SC’s cost of goods sold is low, comparing with its
turnover.
LIQUIDITY: AVERAGE
l
The current ratio of SC is in a normal level.
l
SC’s quick ratio is in a normal level.
l
The accounts receivable of SC is average.
l
The inventory of SC is average.
l
The short-term loan of SC is average in 2014.
l
SC’s turnover is in a poor 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.
SC is considered medium-sized in its line with fairly stable financial
conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.69 |
|
UK Pound |
1 |
Rs.93.33 |
|
Euro |
1 |
Rs.71.49 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
MNL |
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 |
|
-- |
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.