MIRA
INFORM REPORT
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Report Date : |
09.05.2007 |
IDENTIFICATION DETAILS
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Name : |
SYNPAC-KINGDOM PHARMACEUTICAL CO LTD |
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Registered Office : |
7FL |
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Country : |
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Date of Incorporation : |
July 20, 1965 |
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Com. Reg. No.: |
03436008 |
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Legal Form : |
Public Company |
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Line of Business : |
Manufacturing and importing a range of pharmaceuticals and other related
products. |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 1,000,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name & address
SYNPAC-KINGDOM PHARMACEUTICAL CO LTD
7FL
SECTION 2
TEL: 886-2-25818887
FAX: 886-2-25816608
EXECUTIVE SUMMARY
INCORPORATION DATE :
JULY 20, 1965
REGISTRATION NO. :
03436008
LEGAL FORM :
PUBLIC COMPANY
CHIEF EXECUTIVE :
MR. CHENG-YUN KU (CHAIRMAN)
STAFF STRENGTH :
140
CAPITAL :
US$ 9,033,424
BUSINESS LINE :
MANUFACTURER
TURNOVER :
NTD 473,005,000 (AS OF 2005)
EQUITIES :
NTD 997,066,000 (AS OF 2005)
PAYMENT :
AVERAGE
RECOMM.
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
TWD 33.16737 = US$1 AS OF 2007-4-20
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
M - million
TWD –
*Company History*
===============
1965 -
Established with its head office located in
south suburb of
5,200 pings (roughly 190,000 sq.
ft.) and has already been a GMP plant since 1987.
August 2004 - The
plant accomplished the validation procedures for all products to meet the
requirement
of GMP.
*Company Registration*
===================
License number : 03436008
Date issued : 20 July,
1965
Issuing authority : Ministry of
Economic Affairs (MOEA)
*Licenses & Permits*
================
License number : 9960245400
Date issued : N/A
Issuing authority : Industrial
Development Bureau, MOEA
Type of license : Factory
license
*Company Name*
==============
Previous name : KINGDOM
PHARMACEUTICAL CO LTD
Changed name to : SYNPAC-KINGDOM PHARMACEUTICAL CO LTD
Date of change : N/A
*Office & Facilities*
===============
Size : 1,370
sq. meters (Approx)
Location : Centra
Business District (CBD)
Facilities : Modern
Property status : Rented
Type of building : Commercial
building
Other Contact Details
-------------------------------
E-mail : jtchu@sking.com.tw
Toll free no. :
1-800-211757
Previous Contact Details
----------------------------------
Address : 4Fl NOEC Bldg
Tel no. : 2-27362236
Fax no. : 2-27357004
*Factories, Size & Locations*
======================
Size :
6,100 sq. meters (Approx)
Location :
Facilities : Modern
Type of building : Industrial
building
Property status : Owned by
SYNPAC-KINGDOM PHARMACEUTICAL CO LTD
*Corporate & Organization Structure*
============================
A large specialized company operated and managed by an experienced team
of professionals.
*Auditors*
=========
DELOITTE & TOUCHE CO
*Reputation*
==========
Reference checking for the purpose of establishing the firm's reputation
within the respective industry failed to reveal any negative information.
Web
site: www.sking.com.tw
The design is professional and the content is well organized. At present
it is in both Chinese and English versions.
E-mail: alex.shiou@sking.com.tw
For the past two years there is no record of litigation.
*Major Shareholders*
=================
Total number of shareholder : 1
Shareholder's Name
% of Shares
--------------------------
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CHINA SYNTHETIC RUBBER CORP 100.00
Management: Mr. Alex Chung-hsin
Hsiao, Manager
Mr. Chin-chuan Yeh, Manager
Mr. Jefferson Chun-chieh Liu, General Manager
Name Nationality
Job Description Dept. /
Division
Mr. Alex Chung-hsin Hsiao Taiwanese
Manager Finance
Mr. Chin-chuan Yeh Taiwanese
Manager Sales
Mr. Jefferson Chun-chieh Liu Taiwanese
General Manager -
Mr. Shen-hung Fang Taiwanese
General Manager -
Mr. Hui-lung Chang Taiwanese
Manager -
Mr. Cheng-yun Ku Taiwanese
President -
*Key Personnel*
==============
(1)Mr. Cheng-yun Ku
Founder :
Co-founder
Age :
53 years
Resident status :
Education : The
Work experience : More than
15 years experience.
Responsibilities : Handles
the daily operation of the firm including all financials, sales and legal
matters.
Years with company : Since 2001
Other positions : Chairman
of the following local companies:
- TAIWAN CEMENT CORP
- CHINA SYNTHETIC RUBBER CORP
(2)Mr. Chun-chieh Liu
E-mail :
Years with company : Since 2002
(3)Mr. Hui-lung Chang
Department :
R&D
(4)Mr. Alex Chung-hsin Hsiao
Email
: alex.shiou@sking.com.tw
*Main Products & Services*
======================
Specializes in manufacturing and importing a range of pharmaceuticals
and other related products.
Products also include the following :
- Enalapril maleate
- Erythromycin estolate
- Erythromycin stearate
- Fluoxetine
- Procaine penicillin G
- Amarine (tablets)
Products: Ampicillin
Erythromycin
Natural
antibiotics
Tetracycline
Amoxicillin
*Brand*
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KING DOM
*Payment Terms*
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Sales
--------
Local : Cash
30-90 days credit
Purchase
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Local : 30-90 days credit
Import : Letter of Credit (L/C)
Document against Acceptance (D/A) settlement
using Bankwire transfer (T/T)
*Associations*
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Member of the following associations :
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- Chinese Pharmaceutical Manufacture & Development Association
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*Competitors*
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The following locally based companies supply similar range of products :
- ANALYTICA TECHNOLOGY CORP
- HSIN WAN JEN CHEMICAL & PHARMACEUTICAL CO LTD
- HUATA CHEMICAL & PHARMACEUTICAL CO LTD
- ORIENTAL CHEMICAL WORKS INC
- YUNG CHANG CHEMISTRY PHARMACY CO LTD
*Domestic Customers*
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Major local customers include:
- CHI SHENG CHEMICAL CORP
- BRISTOL-MYERS SQUIBB (
- CHINA CHEMICAL & PHARMACEUTICAL CO LTD
*Local Distribution Network*
=======================
100% of the annual turnover is attributed to local sales to consumer
through hospital and pharmacy stop and agent.
*Export Markets*
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There is no record of export since the prime focus of the firm's
activity is concentrated on local sales only.
*International Trade Ranking*
=========================
The firm has been ranked among
Details of rank are as follows :
Year Rank
----- ------
1997 2535
*LOCAL BRANCHES & MANAGEMENT*
================================
Branch : SYNPAC-KINGDOM PHARMACEUTICAL CO LTD -
Branch Address : 5Fl-2,
Branch Tel : [+886] 7-5524124
Branch Fax : [+886] 7-5524072
Branch Employees : 10
*(Subsidiaries , Joint-ventures & Affiliates)
===============================
Company Name : PHYTOHEALTH CORP
Address : 5Fl-5 Central Finance Bldg
Country :
Relationship : Affiliate
Legal Form : Private Limited Company
Company Type : Manufacturer
Industry : Medical Equipment & Pharmaceutical
PAYMENT RATING : 2 OBTAINED SCORES : 76
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Implication |
Implications |
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1 |
Scores 85–100 |
Excellent |
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2 |
Scores 75 – 84 |
Above Average |
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3 |
Scores 50 – 74 |
Average |
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4 |
Scores 35 – 49 |
Fair |
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5 |
Scores 15 – 34 |
Below Average |
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6 |
Scores 01 – 14 |
Poor |
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NR |
No Data |
No Data |
The rating indicates the payment
pattern of SC based upon our Payment Database, comments from suppliers of SC,
information from banks (if available), as well as industrial sources.
Dealings on open terms may be possible for FAIRLY
LARGE amounts depending on individual judgement experience.
*Bank Details*
============
Bank name : HUA NAN COMMERCIAL BANK LTD
Branch :
Swift code : HNBKTWTP
Balance Sheet
Currency : NTD
Denomination : In thousands
2001 2002 2003 2004 2005
-------------- -------------- -------------- -------------- --------------
Current Assets
351,993 238,082 309,089 337,952 419,687
Funds & long-term investments 66,400 207,211 171,405 173,172 161,969
Property
110,931 121,898 102,143 95,949 702,983
Other Assets
30,815 23,373 25,195 25,214 3,856
Total Assets
604,157 630,180 643,046 663,099 1,314,905
Current Liabilities (Before) 79,591 86,524 97,711 96,404 93,028
(After)
79,928 103,940 134,390 154,455 -
Long-term Liabilities
Other Liabilities 50,531 58,880 30,528 34,603 224,811
Total Liabilities (Before) 130,122 145,404 128,239 131,007 317,839
(After)
130,459 162,820 164,918 189,058 -
Common stock
3,000,000 3,000,000 3,000,000 3,000,000 3,000,000
Capital Reserve
8,381 - - - 424,242
Retained Earnings (Before) 174,092 201,436 224,793 252,615 291,748
(After)
173,755 184,020 188,114 194,565 -
Total Shareholder's Equity (Before)
474,035 484,776 514,807 532,092 997,066
(After) 473,698 467,360 478,128 474,041 -
Income Statement
Currency : NTD
Denomination : In thousands
2001 2002 2003 2004 2005
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Operating revenue 351,036 358,466 368,386 436,478 473,005
Gross Profit
148,734 171,343 181,198 243,427 265,648
Operating Income
257 18,695 21,767 89,918 121,093
Non-operating income 2,071 531 145 1,994 1,526
Non-operating expense 415 660 868 1,126 5
Net Income
5,356 19,300 40,773 64,501 97,184
Earnings (losses) per share (After) 0.18 0.64 1.36 2.15 -
*Financial Ratios*
===============
2001 2002 2003 2004 2005
-------------- -------------- -------------- -------------- --------------
Ratio of liabilities to Assets % 21.54 23.07 19.94 19.76 24.17
Ratio of long-term capital to fixed
Assets % 427.32 397.69 504.01 554.56 141.83
Current ratio %
442.25 275.16 317.25 350.56 451.14
Quick ratio %
332.88 190.60 251.78 262.90 362.36
Interest coverage
- 36.40 50.88 63.06 21,985.40
Turnover of receivable (times)
3.02 0.02 3.15 3.53 3.47
Average collection period of
receivable
121 116 116 103 105
Turnover of inventories (times) 2.34 2.36 2.78 2.64 2.51
Turnover of expense (times) 9.89 7.32 6.98 6.63 5.27
Average days of sales 156 155 131 138 145
Turnover of fixed assets (times) 3.16 2.94 3.61 4.55 0.67
Turnover of total assets (times) 0.58 0.57 0.57 0.66 0.36
Return on total assets % 0.95 3.21 6.51 10.01 9.83
Return on shareholder's Equity % 1.13 4.03 8.16 12.32 12.71
Operating Income
0.09 6.23 7.26 29.97 40.36
Net Income before tax (2.07) 7.79 14.43 23.29 36.64
Profit margin %
1.53 5.38 11.07 14.78 20.55
Retroactive 0.18 0.64 1.36 2.15 3.24
Cash flows ratio % 12.16 34.88 37.13 67.47 153.55
Cash flows adequacy % 138.85 93.34 91.97 87.37 147.34
Cash reinvestment ratio % 1.74 5.15 3.37 4.87 6.75
Degree of operating leverage
596.12 6.23 5.60 2.42 1.91
Degree of financial leverage (1.63) 1.04 1.04 1.01 1.00
Int´l Trade Activity (Currency:
===============================
Year Imports Exports Total
1996 $11,900,000.00 $4,400,000.00 $16,300,000.00
1997 $9,000,000.00 $4,800,000.00 $13,800,000.00
1998 $5,800,000.00 $3,200,000.00 $9,000,000.00
2003 $1,600,000.00 $0.00 $1,600,000.00
2004 $2,750,000.00 $0.00 $2,750,000.00
2005 $1,950,000.00 $0.00 $1,950,000.00
*Financial Summary (Currency:
==============================
Year Sales Assets Net Income
2001 $10,186,767.27 $17,532,124.20 $155,426.58
2002 $10,303,707.96 $18,113,825.81 $554,757.11
2003 $10,622,433.68 $18,542,272.20 $1,175,692.04
2004 $13,127,157.89 $19,942,827.07 $1,939,879.70
2005 $14,944,865.72 $41,545,181.67 $3,070,584.52
Over the past 42 years, SC has made a stable growth with satisfactory
profit. It is considered a credit line up to USD 1,000,000 appears to be within
SC’s capacities.
Attached:
trade references
SIC PRODUCT CLASSIFICATION & ACTIVITY
Activity Code Product/Service Description
Importing 2834 Pharmaceutical
preparations
Manufacturing 2833 Medicinals
and botanicals
Manufacturing 2834 Pharmaceutical
preparations
Manufacturing 5122 Drugs/Druggists'
Sundries
HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY
Activity Code Product/Service Description
Importing 2941101000 Ampicillin
and its salts
Importing 2941300000 Tetracyclines
and their derivatives; salts thereof
Importing 2941500000 Erythromycin
and its derivatives; salts thereof
Importing 2941901000 Natural
antibiotics
Manufacturing 2834210000 Potassium
nitrates
Manufacturing 2922491500 Benzocaine;
and procaine hydrochloride
Manufacturing 2936299015 Niacinamide
Manufacturing 2939700000 Nicotine
and its salts
Manufacturing 2941102000 Penicillin
g and its salts
Manufacturing 2941500000 Erythromycin
and its derivatives; salts thereof
DETAILED PRODUCT CLASSIFICATION & ACTIVITY
Activity Product/Service
Description
Manufacturing Erythromycin, procaine
Manufacturing Generic pharmaceuticals
Manufacturing Hydrochloride,
procaine
Manufacturing Nicotinamide
Manufacturing Ointments
Manufacturing Suspension
Manufacturing Solutions
Manufacturing Procaine penicillin
Manufacturing Potassium
Manufacturing Pharmaceutical drugs
INTERNATIONAL TRADE : ACTIVITY & MARKETS
Importing from
Importing from
Importing from
Importing from
Importing from
Importing from
Importing from
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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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%)