MIRA
INFORM REPORT
|
Report Date : |
07.06.2007 |
IDENTIFICATION DETAILS
|
Name : |
SUZHOU CAPSUGEL CO., LTD. |
|
|
|
|
Registered Office : |
No. 369, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2006 |
|
|
|
|
Date of Incorporation : |
April 22, 1986 |
|
|
|
|
Com. Reg. No.: |
021506 |
|
|
|
|
Legal Form : |
Chinese-Foreign Equity Joint Venture |
|
|
|
|
Line of Business : |
Manufacturing and selling capsules. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
Up To USD 200,000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
name & address
SUZHOU CAPSUGEL CO., LTD.
NO. 369,
TEL 86 (0) 512-62585188
FAX 86 (0) 512-62589188
EXECUTIVE SUMMARY
INCORPORATION DATE :
APRIL 22, 1986
REGISTRATION NO. :
021506
REGISTERED LEGAL FORM : CHINESE-FOREIGN EQUITY JOINT VENTURE
STAFF STRENGTH :
250
REGISTERED CAPITAL : USD 28,200,000
BUSINESS LINE :
MANUFACTURING
TURNOVER :
CNY 181,970,000 (AS OF DEC. 31,
2006)
EQUITIES :
CNY 172,920,000 (AS OF DEC. 31, 2006)
PAYMENT :
AVERAGE
RECOMM.
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRLY stable
OPERATIONAL TREND : FAIRLY steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 7.64 = US$1 AS OF
2007-6-7
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY -
Note: SC’s current address should be the above stated one, and
the given address -
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 April 22, 1986.
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 empty capsule, liquid-filled capsule,
gelatin soft capsule and other capsules processed in different materials.
SC is mainly
engaged in manufacturing and selling capsules.
Mr. Charles Robert
Danjaut has been chairman of SC since August 2005.
SC owns 250 staff.
SC is
currently operating at the above stated address, and this address houses its
operating office and factory in the industrial zone of Suzhou. Our checks reveal
that SC owns the total premise about 30,000 square meters.
http://www.capsugel.com.cn/
The design is professional and the content is well organized. At present, the
web is only in Chinese version.
The given telephone number – 86-512-7616666 does not exist
now, and SC’s correct telephone number should be the above stated one.
SC’s former chairman was Mr. Lindong, and on August 16, 2005, he was
taken place by Mr. Charles Robert Danjaut.
SC’s Registration No. was changed from 007554 to 021506.
SC’s registered total investment is USD 36,200,000.
SC has got the certificate of ISO9001 and ISO14001.
MAIN SHAREHOLDERS:
Name % of Shareholding
Warner.Lambert Inc. (
======================
China National Pharmaceutical Foreign Trade
Corporation is a wholly-owned subsidiary of China National Pharmaceutical Group
Corporation.
The company’s business activities are
investment, import and export, and domestic distribution of pharmaceutical and
relevant sections, including pharmaceutical R&D, consultation, bonded
warehousing and other value-added services.
l
Legal
representative and General manager :
Mr. Charles Robert Danjaut, American, born in 1943, with university education.
He is currently responsible for the overall management of SC.
Working Experience(s):
From 2005 to present Working in SC as chairman and general manager.
l
Vice-general manager:
Mr. Li Zhengda, ID# 320504440820303, 62 years old with high school education. He is currently responsible for the daily management of SC.
Working Experience(s):
From 1995 to present Working in SC as Vice-general manager.
*Officials:
=======
Name Title
GUIDO DRIESEN Director
DOMENICO ANGELINI Director & General Manager
EDWARD ALLAN GABOR Director
SIRIPORN SRIDECH Director
Li Zhixin Vice-president
Cheng Zhong Director
Shen You Director
SC is mainly engaged
in manufacturing and selling capsules.
SC’s products
mainly include coni-snap, supro, licaps, pearlcaps, NPcaps, etc.
SC sources its materials 95%
from domestic market, and 5% from overseas market, mainly
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, Check and Credit of 30-60 days.
Major Suppliers:
=============
CAPSUGEL Inc. (
Rheinland (
Major Clients:
===========
Guiyang Xintian Pharmaceutical Co., Ltd.
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 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.
Construction Bank of
AC#：32201989036050085817
Relationship:
Balance Sheet (as
of Dec. 31, 2006)
Unit: CNY’000
|
Cash & bank |
10,790 |
|
Inventory |
26,330 |
|
Accounts
receivable |
74,450 |
|
Notes receivable |
4,920 |
|
Other
receivables |
1,250 |
|
Advances to
suppliers |
1,750 |
|
Other current
assets |
0 |
|
|
------------------ |
|
Current assets |
119,490 |
|
Fixed assets |
377,760 |
|
Fixed assets net
value |
324,060 |
|
Projects under
construction |
1,550 |
|
Long term
investment |
0 |
|
Other assets |
19,570 |
|
|
------------------ |
|
Total assets |
464,670 |
|
|
============= |
|
Short loans |
160,000 |
|
Accounts payable |
23,240 |
|
Other payable |
1,110 |
|
Advances from
customers |
750 |
|
Taxes payable |
2,270 |
|
Other current
liabilities |
4,380 |
|
|
------------------ |
|
Current
liabilities |
191,750 |
|
Long term
liabilities |
100,000 |
|
|
------------------ |
|
Total liabilities |
291,750 |
|
Equities |
172,920 |
|
|
------------------ |
|
Total
liabilities & equities |
464,670 |
|
|
============= |
Income Statement (as
of Dec. 31, 2006)
Unit: CNY’000
|
Turnover |
181,970 |
|
Cost of goods sold |
120,960 |
|
Sales expense |
23,850 |
|
Management expense |
22,130 |
|
Finance expense |
14,600 |
|
Profit before
tax |
660 |
|
Less: profit tax |
200 |
|
Profits |
460 |
Important Ratios
=============
|
|
as
of Dec. 31, 2006 |
|
*Current ratio |
0.62 |
|
*Quick ratio |
0.49 |
|
*Liabilities
to assets |
0.63 |
|
*Net profit
margin (%) |
0.25 |
|
*Return on
total assets (%) |
0.10 |
|
*Fixed
assets/Total assets |
0.70 |
|
*Inventory
/Turnover ×365 |
53days |
|
*Accounts
receivable/Turnover ×365 |
149days |
|
*Turnover/Total
assets |
0.39 |
|
* Cost of
goods sold/Turnover |
0.66 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears average in its line.
l
SC’s net profit margin is average.
l
SC’s return on total assets is average.
l
SC’s cost of goods sold is average, comparing with
its turnover.
LIQUIDITY: FAIR
l
The current ratio of SC is maintained in a fair
level.
l
SC’s quick ratio is maintained in a fair level.
l
The inventory of SC is maintained in an average
level.
l
The accounts receivable of SC appears fairly large.
l
SC’s short-term loan appears TOO LARGE.
l
SC’s turnover is in an acceptable level, comparing
with the size of its total assets.
LEVERAGE: AVERAGE
l
The debt ratio of SC is average.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly stable.
SC is considered an old-established business in medium size with fairly stable
financial conditions. The large amount of short loans could be a threat to SC’s
financial condition. A credit line up to
USD 200,000 appears to be within SC’s capacities upon a periodical review
basis.
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)