MIRA
INFORM REPORT
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Report Date : |
22.11.2006 |
IDENTIFICATION
DETAILS
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Name : |
QILU ANTIBIOTICS PHARMACEUTICAL CO., LTD. |
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Registered Office : |
No. 849 Dongjia Town, Licheng District, Jinan, Shandong Province, 250105 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
29.05.1995 |
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Com. Reg. No.: |
003642 |
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Legal Form : |
Chinese-Foreign Equity Joint Venture Enterprise |
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Line of Business : |
Engaged
in manufacturing and selling Cefazolin Sodium. |
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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Maximum Credit Limit : |
Up To usd 500,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Cler |
name
QILU ANTIBIOTICS PHARMACEUTICAL CO., LTD.
address
NO. 849 DONGJIA TOWN, LICHENG DISTRICT, JINAN,
SHANDONG PROVINCE, 250105 PR CHINA
TEL: 86 (0) 531-83128680
FAX: 86 (0) 531-83128687
EXECUTIVE SUMMARY
INCORPORATION DATE :
MAY 29, 1995
REGISTRATION NO. :
003642
REGISTERED LEGAL FORM : CHINESE-FOREIGN EQUITY
JOINT VENTURE ENTERPRISE
STAFF STRENGTH :
620
REGISTERED CAPITAL :
USD 12,500,000
BUSINESS LINE :
manufacturing
TURNOVER :
CNY 547,997,000 (AS OF DEC. 31, 2005)
EQUITIES :
CNY 124,747,000 (AS OF DEC. 31, 2005)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE :
UP TO usd 500,000
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
stable
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 7.87 = US$1 AS OF 2006-11-22
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
SC was registered as a Chinese-foreign equity joint venture enterprise at local Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license) on May 29, 1995.
Company Status: Chinese-foreign equity joint
venture enterprise This form of
business in PR China is defined as a legal person. It is a limited co.
jointly invested by one or more foreign companies and one or more PR China
controlled companies within the territories of PR China according to a
certain proportion of capital investment. The investing parties exercise
business management, share profits and bear all risks and liabilities of
the co. together. The equity joint venture law requires that foreign party
contribute not less than 25% of the registered capital, with no maximum.
The joint venture usually have a limited duration of 10 to 50 years.
Enterprise with large investment, long construction periods, low investment
returns, introducing of advanced technology & advanced technology
products which have good competition position in international market may
extend beyond the 50 years limit.
SC’s registered business scope
includes manufacturing and selling Cefazolin Sodium and Penicillin; researching
and developing Penicillin.
SC is mainly engaged in
manufacturing and selling Cefazolin Sodium.
Mr. Ma Tongxi has been chairman
of SC since 1995.
SC owns 620 staff.
SC is
currently operating at the above stated address, and this address houses its
operating office and factory in the industrial zone of Jinan. Our checks reveal
that SC owns the total premise about 25,000 square meters.
http://www.qilu-antibioticos.com.
The design is professional and the content is well organized. At present it is
in both Chinese and English versions.
In
January 2006, SC was awarded “Advanced Enterprise in Foreign Trade in the Year
2005” by Jinan Foreign Trade & Economy Bureau.
In
January 2005, SC was awarded “Advanced Enterprise in Industry In-put in the
Year 2004” by Jinan Economy Committee.
In
January 2004, SC was awarded “Big Contribution Enterprise in Revenue in the
Year 2003” by District Licheng Government of Jinan.
In
January 2004, SC was awarded “Advanced Enterprise in Foreign Trade of Industry
System”
In
January 2004, SC was appraised as “Advanced Enterprise of Safe Production”
In March
2003, SC was awarded “Advanced Enterprise in Foreign Trade of Industry System”
by Jinan Foreign Trade & Economy Committee.
In July
2002, SC was awarded “Youth Civilization Group” by Shandong Labor Committee.
In March
2002, SC was awarded “Advanced Enterprise in Utilizing Foreign Capital” by
Jinan city government.
In June
2002, SC was awarded “The Best Foreign Investigation Enterprise of Jinan City”
by Jinan city government.
In March
2002, SC was awarded “AA Class Enterprise by Custom of Republic of China” by
the Custom.
In 2002,
SC was awarded “Double-Excellent Enterprise in the Year 2001” by the Foreign
Business Committee.
In 2001,
SC was awarded “One of The Best Foreign Investigation Enterprise” by Jinan city
government.
In 2000,
SC was awarded “The Visualizing Foreign Enterprise of Jinan” by Jinan city
government.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Qilu Pharmaceutical Co., Ltd. 49
Italy Antibiotics Group Hong Kong Co., Ltd. 51
Qilu Pharmaceutical Co., Ltd.
It focus on developing, manufacturing and
marketing generic drugs in therapeutic area of Oncology, Cerebrovascular &
Cardiovascular, Infections, Psychological and Neurological system, Respiratory
system, Ophthalmological Diseases etc., as well as active pharmaceutical
ingredients.
Address: Xinluo Road (East), Central High
Tech Zone, Jinan, Shandong
Tel:
86-531-83127702/03/04/05/06/07/08/09
Fax: 86-531-83127700
E-mail: export@qilu-pharma.com
Web: http://www.qilu-pharma.com
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Chairman:
Mr. Ma
Tongxi, in his 60’s with university education. He is currently responsible for
the overall management of SC.
Working Experience(s):
From 1995 to present Working
in SC as chairman.
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General Manager:
Ms. Li
Yan, in her 40’s with university education. She is currently responsible for
the daily management of SC.
Working Experience(s):
From 2005 to present
Working in SC as general
manager.
SC is mainly engaged in
manufacturing and selling Cefazolin Sodium.
SC’s products mainly include:
Ceftazidime Sterile (Sodium
Carbonate)
Ceftazidime Sterile (L- Arginine)
Ceftazidime Pentahydrate Sterile
Cefoperazone Sodium +Sulbactam
Sodium (1:1/2:1)
Cefoperazone Sodium Sterile
(Crystallized/Lyophilized)
Ceftriaxone Sodium Sterile
Cefazolin Sodium Sterile
Cefotaxime Sodium Sterile
Cefuroxime Sodium Sterile
Cefprozil
Cefixime
Cefpiramide
Cefpiramide Sodium Sterile
Cefonicid Sodium Sterile
Cefminox Sodium Sterile
Sterile Cefepime Hydrochloride (L
- Arginine)
Cephalothin Sodium Sterile
Cefamandole Nafate Sterile
Cefteram Pivoxil
SC is one of the largest bulk
Cephalosporin production bases in China. It is the forthgoer among other
competitors to have undergone GMP (Good Manufacture Practice) approved by the
China State Drug Administration (SDA).
SC sources its materials 80% from
domestic market, and 20% from the overseas market, mainly from Europe. SC sells
90% of its products in domestic market, and 10% to the overseas market, mainly
to Europe.
The
buying terms of SC include Check, 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.
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.
Agriculture
Bank of China North Gongye Road Sub-Branch
AC# :
32515116601040001394
Relationship:
Normal.
Financial Summary
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Unit: CNY’000
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As of Dec. 31, 2004 |
As of Dec. 31, 2005 |
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Accounts receivable |
117,480 |
76,137 |
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Current assets |
247,066 |
239,377 |
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Fixed assets |
206,558 |
199,501 |
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Total assets |
459,139 |
455,920 |
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Current liabilities |
326,367 |
331,173 |
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Total liabilities |
326,367 |
331,173 |
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Equities |
132,772 |
124,747 |
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Total liabilities &
equities |
459,139 |
455,920 |
Income Statement
Unit: CNY’000
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As of Dec. 31, 2004 |
As of Dec. 31, 2005 |
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Turnover |
398,952 |
547,997 |
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Cost of goods sold |
370,780 |
515,406 |
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Sales expense |
3,713 |
4,280 |
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Management expense |
14,761 |
9,216 |
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Finance expense |
5,817 |
4,843 |
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Profit before tax |
10,143 |
19,091 |
Important Ratios
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As
of Dec. 31, 2004 |
As
of Dec. 31, 2005 |
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*Current ratio |
0.76 |
0.72 |
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*Quick ratio |
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*Liabilities
to assets |
0.71 |
0.73 |
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*Net profit
margin (%) |
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*Return on total
assets (%) |
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*Fixed
assets/Total assets |
0.47 |
0.44 |
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*Inventory
/Turnover ×365 |
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*Accounts
receivable/Turnover ×365 |
107days |
51days |
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*Turnover/Total
assets |
0.87 |
1.20 |
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* Cost of
goods sold/Turnover |
0.93 |
0.94 |
PROFITABILITY: FAIRLY GOOD
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The
turnover of SC appears fairly good in its line.
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SC’s
net profit before tax appears fairly good.
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SC’s
cost of goods sold is fairly high, comparing with its turnover.
LIQUIDITY: AVERAGE
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The
current ratio of SC is maintained in a fair level.
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The
accounts receivable of SC appears average in 2005.
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SC’s
turnover is in a fairly good level, comparing with the size of its total
assets.
LEVERAGE: AVERAGE
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The
debt ratio of SC is normal.
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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. A credit
line up to USD 500,000 would appear to be within SC’s capacities.
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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |
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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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