MIRA INFORM
REPORT
|
Report Date : |
18.02.2011 |
IDENTIFICATION DETAILS
|
Correct Name : |
CSPC
HEBEI ZHONGRUN PHARMACEUTICAL CO., LTD. |
|
|
|
|
Registered Office : |
NO. 47, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
12.12.1997 |
|
|
|
|
Com. Reg. No.: |
130000400000280 |
|
|
|
|
Legal Form : |
Chinese-Foreign Equity Joint Venture |
|
|
|
|
Line of Business : |
Manufacturing
Various
Kinds of Bulk Drug. |
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 5,000,000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment
Behaviour : |
Usually Correct |
|
|
|
|
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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
|
|
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name and address
CSPC HEBEI ZHONGRUN PHARMACEUTICAL CO.,
LTD.
NO. 47,
TEL: 86 (0) 311-88622748
FAX: 86 (0) 311-86068600/86827629
EXECUTIVE SUMMARY
INCORPORATION DATE : dec.
12, 1997
REGISTRATION NO. : 130000400000280
REGISTERED LEGAL FORM : CHINESE-FOREIGN EQUITY JOINT VENTURE
STAFF STRENGTH :
3,000
REGISTERED CAPITAL : cny 513,490,300
BUSINESS LINE : manufacturing
TURNOVER :
CNY 2,500,310,000 (UNaudited, AS OF DEC. 31, 2010)
EQUITIES :
CNY 1,167,650,000 (UNaudited, AS OF DEC. 31, 2010)
PAYMENT :
average
RECOMM.
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly
good
OPERATIONAL TREND : upward
GENERAL REPUTATION : WELL
KNOWN
EXCHANGE RATE :
CNY 6.59 = 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’s correct name should
be the above stated one, instead of the given name – Shijiazhuang Pharma Group Hebei Zhongrun Pharmaceutical
Co., Ltd.
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 Dec. 12, 1997.
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 investing parties
are free to agree on method of profit distribution and liabilities bearing
according to the proportion of capital investment. Each investing parties
contributes funds, tangible assets, technology & etc. The board of
directors excises the high authority. The joint venture usually has 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 that have good competition
position in international market may extend beyond the 50 years limit.
SC’s registered
business scope includes manufacturing and selling bulk drug and troche.
SC is
mainly engaged in manufacturing various kinds of bulk drug.
Mr. Cai
Dongchen has been chairman of SC since
1997.
SC is known
to have approx. 3,000 employees at
present.
SC
is currently operating at the above stated address, and this address houses its
operating office and factory in the industrial zone of Shijiazhuang. Our checks
reveal that SC owns the total premise about 200,000 square meters.
http://www.zhongrunpc.com The
design is professional and the content is well organized. At present, the web
is in both English and Chinese versions.
SC has got the certificates of GMP, ISO 9001:2000, ISO 14001-2004 and
GB/T28001-2001, etc.
Changes
of SC’s registered information:
|
Date |
Item |
Before changed |
After changed |
|
Unknown |
Registered number |
1300001000275 |
Present one |
|
Aug. 2009 |
Registered capital |
CNY 463,490,300 |
Present amount |
MAIN SHAREHOLDERS:
Name % of Shareholding
CSPC Pharmaceutical Group Limited 0.7131
China Pharmaceutical Group Limited (
Tin Lon Investment Limited (
CSPC Pharmaceutical Group Limited
===========================
CSPC Pharmaceutical Group Limited (CSPC
Pharma.) was founded on August 21, 1997 by the strong union of Hebei
Pharmaceutical Group Company, Shijiazhuang No.1 Pharmaceutical Group Company,
and so on, total 4 companies. It is the first one of the oversized
pharmaceutical enterprises that were founded by strong union in pharmaceutical
industry and a backbone enterprise group of
Currently CSPC has approx.
15,000 staff members and possesses Zhongrun, Weisheng, Zhongnuo, Zhongrun
Neimeng, NBP, etc., more than 10 wholly-owned or holding subsidiaries. Among
them, the one that was established in Hong Kong--China Pharmaceutical Group
Co., Ltd (China Pharma.) is the No
Add:
Tel: 0311-87037015
Fax: 0311-87039608
E-mail: cspc@mail.ecspc.com
China Pharmaceutical Group Limited (
====================================
Registered number: 0362244
Incorporated date: Jun. 16, 1992
Legal form: Private
Tel: 00852-28023011
Web: Http://www.cpg.hk
E-mail: info@cpg.hk
Tin Lon Investment Limited (
==============================
Registered number: 0538383
Incorporated date: Feb. 6, 1996
Legal from: Private
l
Chairman:
Mr. Cai Dongchen, with university education.
He is currently responsible for the overall management of SC.
Working Experience(s):
From 1984 to 1997 Worked in Hebei Pharmaceutical Factory
as general manager;
From 1997 to present Working
in SC as chairman;
Also working in CSPC Pharmaceutical Group Limited. and CSPC
Zhongnuo Pharmaceutical Co., Ltd. as chairman.
l
General Manager:
Mr. Lu Hua, with university education. He is currently responsible for the
daily management of SC.
Working Experience(s):
From 2009 to present Working
in SC as general manager.
SC is mainly
engaged in manufacturing various kinds of bulk
drug.
SC’s products mainly include:
*RAW MATERIAL:
Penicillin G sodium (benzylpenicillin
sodium)
Penicillin G potassium (benzylpenicillin
potassium)
Amoxicillin trihydrate
Ampicillin trihydrate
Cefazolin sodium
Ceftriaxone sodium
*INTERMEDIATES:
Penicillin G potassium crude
(benzylpenicillin potassium crude)
Cefazolin acid
SC's annual output is approx. 5,000 tons of penicillin.
SC sources its materials 100% from domestic
market, mainly
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.
*Major Suppliers:
==============
Qingdao Haimate International Trade Co., Ltd.
Address: Room
Tel: 0532-88016122 Fax: 0532-88010132
Shandong Xiangchi Group Co., Ltd.
*Major Customers:
==============
Address: No. 188,
Tel: 0311-83803616 Fax: 0311-83805385
Dalian Merro
Pharmaceutical Co., Ltd.
Guangzhou
Baiyunshan Pharmaceutical Co., Ltd.
Subsidiaries:
=========
CSPC Cenway (
Etc.
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 : A trade enquiry currently
conducted with SC's supplier(s) reveal the following:
Supplier
A
Products sold: Active
Pharmaceutical Ingredient
Date account opened: Since 2009
Line of credit: N/A
Terms: 30-60
days
Average monthly sales: N/A
Current balance: N/A
Rating Key : 3
Any Special Comments:
_______________________________________
Payment record keys :
1 = Prompt : Payment made before the credit
period expires
2 = As agreed terms : Payment made upon due
date
3 = Slightly slow but acceptable : Payment
made 5 to 20 days beyond agreed terms
4 = Slow : Payment made 16 to 45 days beyond
agreed terms
5 = Poor : Payment made over 45 days beyond
agreed terms
6
= No comment : Account is newly opened & record is not yet established
Note : In
some instances, payment beyond terms can be the result of disputes over
merchandise, lost invoices, disputed accounts & etc.
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.
China
Construction Bank
AC#：13001611808050002450
Relationship:
Balance Sheet (Unaudited)
|
Unit: CNY’000 |
as of Dec. 31, 2009 |
as
of Dec. 31, 2010 |
|
Cash & bank |
181,600 |
45,060 |
|
Inventory |
313,700 |
269,860 |
|
Accounts
receivable |
243,720 |
502,680 |
|
Advances to
suppliers |
241,490 |
369,120 |
|
Other Accounts receivable |
37,740 |
54,830 |
|
Other current
assets |
170,340 |
243,520 |
|
|
------------------ |
------------------ |
|
Current assets |
1,188,590 |
1,485,070 |
|
Fixed assets net
value |
650,620 |
148,410 |
|
Projects under
construction |
96,280 |
2,150 |
|
Long term
investment |
189,950 |
240,200 |
|
Other assets |
81,640 |
433,990 |
|
|
------------------ |
------------------ |
|
Total assets |
2,207,080 |
2,309,820 |
|
|
============= |
============= |
|
Short loans |
0 |
0 |
|
Accounts payable |
435,640 |
568,960 |
|
Advances from
clients |
15,600 |
19,570 |
|
Salaries payable |
100,180 |
94,770 |
|
Taxes payable |
70 |
0 |
|
Other Accounts
payable |
443,920 |
115,750 |
|
Other current
liabilities |
120,840 |
278,050 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
1,116,250 |
1,077,100 |
|
Long term
liabilities |
25,000 |
0 |
|
Other
liabilities |
149,750 |
65,070 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
1,291,000 |
1,142,170 |
|
Equities |
916,080 |
1,167,650 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
2,207,080 |
2,309,820 |
|
|
============= |
============= |
Income Statement (Unaudited)
Unit: CNY’000
|
|
as
of Dec. 31, 2009 |
as of Dec. 31, 2010 |
|
Turnover |
1,756,440 |
2,500,310 |
|
Cost of goods
sold |
1,609,850 |
1,958,590 |
|
Sales expense |
24,780 |
29,400 |
|
Management expense |
127,390 |
208,180 |
|
Finance expense |
9,540 |
4,240 |
|
Profit before
tax |
110 |
298,850 |
|
Less: profit tax |
20 |
43,100 |
|
Profits |
90 |
255,750 |
Important Ratios
=============
|
|
2009 |
2010 |
|
*Current ratio |
1.06 |
1.38 |
|
*Quick ratio |
0.78 |
1.13 |
|
*Liabilities
to assets |
0.58 |
0.49 |
|
*Net profit
margin (%) |
0.01 |
10.23 |
|
*Return on
total assets (%) |
0.004 |
11.07 |
|
*Inventory
/Turnover ×365 |
66 days |
40 days |
|
*Accounts
receivable/Turnover ×365 |
51 days |
74 days |
|
*Turnover/Total
assets |
0.80 |
1.08 |
|
* Cost of
goods sold/Turnover |
0.92 |
0.78 |
PROFITABILITY:
FAIRLY GOOD
l
The turnover of SC appears fairly good, and it was
rising in 2010.
l
SC’s net profit margin is average in 2009 and
fairly good 2010.
l
SC’s return on total assets is fair in 2009 and good
in 2010.
l
SC’s cost of goods sold is average,
comparing with its turnover.
LIQUIDITY:
AVERAGE
l
The current ratio of SC is maintained
in a normal level.
l
SC’s quick ratio is maintained in a
normal level.
l
The inventory of SC is maintained in an average level.
l
The accounts receivable of SC appears in an average level.
l
SC has no short loans in both years.
l
SC’s turnover is in an average level,
comparing with the size of its total assets.
LEVERAGE:
AVERAGE D
l
The debt ratio of SC is average.
l
The risk for SC to go bankrupt is low.
Overall
financial condition of the SC: Fairly good.
SC is considered large-sized in its line with fairly good financial
conditions. A credit line up to USD 5,000,000 would appear to be within SC’s
capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.38 |
|
|
1 |
Rs.73.08 |
|
Euro |
1 |
Rs.61.60 |
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 Company |
---- |
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.