MIRA INFORM REPORT
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Report Date : |
10.12.2011 |
IDENTIFICATION DETAILS
|
Name : |
SHANDONG LUKANG SHELILE PHARMACEUTICAL CO.,
LTD. |
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Registered Office : |
No. 173 West Taibailou Road, Jining, Shandong Province 272021 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
29.05.1993 |
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Com. Reg. No.: |
370800018011980 |
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Legal Form : |
One-Person Limited Liability
Company |
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Line of Business : |
manufacturing and selling veterinary APIs |
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No. of Employees
: |
700 persons |
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 : |
USD 1,000,000 |
|
Status : |
Satisfactory |
|
Payment
Behaviour : |
No Complaints |
|
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 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
China |
a2 |
a2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name & address
shandong lukang shelile pharmaceutical co.,
ltd.
no. 173 west
taibailou road, jining
shandong province
272021 PR CHINA
TEL: 86 (0)
537-2887823/2985832/2985825
FAX: 86 (0)
537-2985916
EXECUTIVE SUMMARY
Date of Registration : may 29, 1993
REGISTRATION NO. : 370800018011980
LEGAL FORM : One-person Limited Liability Company
REGISTERED CAPITAL :
cny 55,880,000
staff : 700
BUSINESS CATEGORY :
manufacturing
Revenue : CNY 4,001,850,000 (AS OF
DEC. 31, 2010)
EQUITIES : CNY 95,370,000 (AS OF
DEC. 31, 2010)
WEBSITE : N/A
E-MAIL :
N/A
PAYMENT : AVERAGE
Recommended Credit Limit: UP TO USD
1,000,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRly good
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.37 = USD 1
Adopted abbreviations
(As Follows)
SC - Subject Company
(the company inquired by you)
N/A – Not available
CNY – China Yuan Ren
Min Bi
OPERATIONAL TREND & GENERAL
REPUTATION
This section aims at indicating the relative positions of SC in respect
of its operational trend & general reputation
Operational Trend:- General
Reputation:-
Upward Excellent
Steady Good
Fairly Steady Fairly
Good
Ordinary Average
Fair Fair
Stagnant Detrimental
Downward Not
known
Not known Not
yet be determined
Not yet be determined
LEGAL STATUS & HISTORY
SC was
established as a one-person limited liability company of PRC with State
Administration of Industry & Commerce (SAIC) under registration No.: 370800018011980 on May 29,
1993.
SC’s Organization Code Certificate
No.: 61359078-7
SC’s registered capital: cny 55,880,000
SC’s paid-in capital: cny 55,880,000
Registration Change Record:
|
Date |
Change
of Contents |
Before the change |
After the change |
|
2009 |
Registered capital |
CNY 50,000,000 |
cny 55,880,000 |
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Shandong Lukang Pharmaceutical
Co., Ltd. |
100 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative and
Chairman |
Gao Xiangyou |
|
General Manager |
Dong Kun |
|
Deputy General Manager |
Peng Xin |
|
Xu Zhan |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART & BACKGROUND
Name %
of Shareholding
Shandong Lukang Pharmaceutical Co.,
Ltd. 100
===================================
Shandong Lukang Pharmaceutical Co., Ltd. is China's largest integrated
chemical and pharmaceutical companies, national important production base of
antibiotics. Lukang Pharmaceutical A shares (600,789) shares in February
Date of Registration: February 15, 1993
Registration No.: 370000018009756
Legal Form: Shares Limited Company
Registered Capital: CNY 581,575,000
Web: www.lkpc.com
MANAGEMENT
Gao Xiangyou, Legal Representative and Chairman
------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 43
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as legal representative and chairman
Also working in Shandong Lukang Pharmaceutical Co., Ltd., Shandong Lukang Pharmaceutical Group Co., Ltd. and Shandong Lukang Biological Manufacturing Co., Ltd. as legal representative and chairman
Dong Kun, General Manager
----------------------------------------------
Ø
Gender: M
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as general manager
Also working in Heze Lukang Shelile Pharmaceutical Co., Ltd. as legal representative and chairman
Peng Xin Deputy General Manager
-------------------------------------------------------
Ø
Gender: M
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as deputy general manager
Xu Zhan, Deputy
General Manager
-------------------------------------------------------
Ø
Gender: M
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as deputy general manager
BUSINESS OPERATION
SC’s registered business scope includes manufacturing
active pharmaceutical ingredients, Non sterile APIs, and powder injection.
SC is
mainly engaged in manufacturing and selling veterinary APIs.
SC’s products mainly include: veterinary APIs.
SC sources its materials 100% from domestic
market, mainly Shandong SC sells 70% of its products in domestic market, and
30% to overseas market, mainly Germany, Canada, India, etc.
The buying
terms of SC include T/T and Credit of 30-60 days. The payment terms of SC
include T/T, L/C and Credit of 30-60 days.
Staff & Office:
--------------------------
SC is
known to have approx. 700 staff at present.
SC rents an area
as its operating office and factory, but the detailed information is unknown.
RELATED COMPANY
Related Companies,
Shandong Lukang Pharmaceutical Group Co., Ltd.
Shandong Lukang Biological Manufacturing Co., Ltd.
Heze
Lukang Shelile Pharmaceutical Co., Ltd.
Etc.
SC is known to have a branch, as
follows,
Shandong
Lukang Shelile Pharmaceutical Co., Ltd. Hi-tech Zone Branch
PAYMENT
Overall payment appraisal:
( ) Excellent ( ) Good (X) Average ( ) Fair ( ) Poor ( ) Not yet be 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.
BANKING
Bank
of Communications Jining Branch
AC# N/A
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
13,700 |
33,640 |
|
|
Accounts receivable |
44,450 |
24,130 |
|
Advances to
suppliers |
0 |
0 |
|
Other receivable |
3,660 |
16,680 |
|
Inventory |
45,260 |
75,500 |
|
Non-current
assets within one year |
0 |
0 |
|
Other current
assets |
600 |
5,300 |
|
|
------------------ |
------------------ |
|
Current assets |
107,670 |
155,250 |
|
Fixed assets |
40,990 |
40,190 |
|
Construction in
progress |
2,490 |
5,140 |
|
Intangible
assets |
0 |
0 |
|
Long-term
investment |
5,230 |
3,480 |
|
Deferred income
tax assets |
0 |
0 |
|
Other non-current
assets |
11,860 |
10,380 |
|
|
------------------ |
------------------ |
|
Total assets |
168,240 |
214,440 |
|
|
============= |
============= |
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Short-term loans |
0 |
0 |
|
Notes payable |
0 |
0 |
|
Accounts payable |
44,210 |
58,270 |
|
Dividend payable |
0 |
0 |
|
Welfare expenses
payable |
0 |
0 |
|
Taxes payable |
0 |
0 |
|
Advances from
clients |
12,540 |
22,220 |
|
Other payable |
8,460 |
1,320 |
|
Other current
liabilities |
41,530 |
37,260 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
106,740 |
119,070 |
|
Non-current
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
106,740 |
119,070 |
|
Equities |
61,500 |
95,370 |
|
|
------------------ |
------------------ |
|
Total liabilities
& equities |
168,240 |
214,440 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2010 |
|
Revenue |
4,001,850 |
|
Cost of sales |
3,421,700 |
|
Sales expense |
17,160 |
|
Management expense |
12,300 |
|
Finance expense |
1,120 |
|
Profit before
tax |
26,350 |
|
Less: profit tax |
5,170 |
|
21,180 |
Important Ratios
=============
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
*Current ratio |
1.01 |
1.30 |
|
*Quick ratio |
0.58 |
0.67 |
|
*Liabilities
to assets |
0.63 |
0.56 |
|
*Net profit
margin (%) |
-- |
0.53 |
|
*Return on
total assets (%) |
-- |
9.88 |
|
*Inventory /
Revenue ×365 |
-- |
7 days |
|
*Accounts
receivable/ Revenue ×365 |
-- |
3 days |
|
*
Revenue/Total assets |
-- |
18.66 |
|
* Cost of
sales / Revenue |
-- |
0.86 |
FINANCIAL COMMENTS
PROFITABILITY:
FAIRLY GOOD
l
The revenue of SC appears
fairly good in its line in 2010.
l
SC’s net profit margin is average in 2010.
l
SC’s return on total assets is fairly good in 2010.
l
SC’s cost of goods sold is average, comparing with
its revenue.
LIQUIDITY:
AVERAGE
l
The current ratio of SC is maintained in a normal
level in both years.
l
SC’s quick ratio is maintained in a fair level in
both years.
l
The inventory of SC appears average.
l
The accounts receivable of SC is maintained in an
average level.
l
SC has no short-term loans in both years.
l
SC’s revenue is in a
fairly good level, comparing with the size of its total assets.
LEVERAGE:
FAIRLY GOOD
l
The debt ratio of SC is average in both years.
l
The risk for SC to go bankrupt is low.
Overall financial
condition of the SC: Fairly Good.
CONCLUSIONS
SC is considered medium-sized in its line with
fairly good financial conditions. Taking into consideration of SC’s
general performance, reputation as well as market conditions, a credit line up
to USD 1,000,000 is recommended.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.23 |
|
UK Pound |
1 |
Rs.81.55 |
|
Euro |
1 |
Rs.69.60 |
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 |
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.