MIRA INFORM
REPORT
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Report Date : |
22.02.2011 |
IDENTIFICATION DETAILS
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Name : |
GUILIN
PHARMACEUTICAL CO., LTD. |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
22.06.2001 |
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Com. Reg. No.: |
450300000020300 |
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Legal Form : |
Shares Limited Co. |
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Line of Business : |
Manufacturing and Selling Finished Drug and Apis. |
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 : |
USD 1,400,000 |
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Status : |
Satisfactory |
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Payment
Behaviour : |
No complaints |
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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) |
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A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name and address
GUILIN PHARMACEUTICAL CO., LTD.
NO.
TEL: 86 (0) 773-3558278/3558020
FAX: 86 (0) 773-3558027
EXECUTIVE SUMMARY
INCORPORATION DATE : JUNE 22, 2001
REGISTRATION NO. :
450300000020300
REGISTERED LEGAL FORM : SHARES LIMITED CO.
STAFF STRENGTH : 1,000
REGISTERED CAPITAL : CNY 194,180,000
BUSINESS LINE :
MANUFACTURING AND TRADING
TURNOVER :
CNY 278,170,000 (AS OF DEC. 31, 2009)
EQUITIES :
CNY 162,870,000 (AS OF DEC. 31, 2009)
PAYMENT :
AVERAGE
RECOMM.
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION : STABLE
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.56820=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
SC was registered as a shares limited co. at local Administration for Industry &
Commerce (AIC-The official body of issuing and renewing business license) on
June 22, 2001.
Company Status: Shares limited co. This form of business in PR
China is defined as a legal person. Its registered capital is divided into
shares of equal par value and the co. raises capital by issuing share
certificates by promotion or by public offer. Shareholders bear limited
liability to the extent of shareholding, and the co. is liable for its
debts only to the extent of its total assets. The co has independent
property of legal person and enjoys property rights of legal person. The
characteristics of the shares limited co. are as follows: The establishment of the co.
requires at least two promoters and no more than 200, half of whom shall be
domiciled in The minimum registered capital
of a co. is CNY The board of directors must
consist of five to nineteen directors. If the co. raises capital by
public offer, the promoters must not subscribe less than 35% of the total
shares. the promoters’ shares are restricted to transfer- within one year
of the offer. A state-owned enterprise that
is restructured into a shares limited co. must comply with the conditions
& requirements specified under the law & administrative rule.
SC’s registered business scope includes manufacturing
and selling troche, capsula, injectable powder, high-capacity injection, small
volume injection and APIs; exporting self-made products and technology,
importing raw materials, machines, instrument and meter, components and related
technology required in manufacturing, research & development; processing
with imported materials, processing with imported samples, assembling with
imported parts, and compensation trade in agreement.
SC
is mainly engaged in manufacturing and selling finished drug and APIs.
Mr.
Yu Zhemin has been legal representative, chairman and general manager of SC
since 2001.
SC is known
to have approx. 1,000 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 Guilin. Our checks
reveal that SC owns the total premise about 81,628 square meters.
http://www.guilinpharma.com/ The
design is professional and the content is well organized. At present it is both
in Chinese and English versions.
Email: overseas@guilinpharma.com
/ scyxb@guilinpharma.com / luoy@guilinpharma.com
Certificates:
=========
SC owns the certification of “National Award for Science and Technology
Progress”, “High-Tech Enterprise”, “Advanced Enterprise”, “Guangxi Credible
Enterprise” and etc.
Changes
of its registered information:
|
Date of change |
Item |
Before the change |
After the change |
|
2010-5 |
Registered Capital |
CNY 82,400,000 |
CNY 194,180,000 |
MAIN SHAREHOLDERS:
Name %
of shareholdings
Guilin Pharmacy Co., Ltd. (Literal
Translation) 41.585
Shanghai Fosun Pharmaceutical Industry
Development Co., Ltd. 58.415
Guilin Pharmacy Co., Ltd. (Literal
Translation)
==================================
Registration No. : 450300000020893
Establishment Date: Dec. 11, 1989
Chief Executive: Yu Zhemin
Registered Capital: CNY 75,000,000
Add:
Tel: 86 (0) 773-3558278
Fax: 86 (0) 773-3558027
Website: http://www.guilinpharma.com/
Email: overseas@guilinpharma.com
Shanghai Fosun Pharmaceutical Industry
Development Co., Ltd.
==============================================
Registration No. : 310225000247780
Establishment Date: Nov. 27, 2001
Chief Executive: Li Xianlin
Registered Capital: CNY 653,308,000
Add:
Tel: 86-21-63323318
Fax: 86-21-63325080
l
Legal representative, Chairman and General Manager:
Mr. Yu Zhemin, born in 1954, economist, he is
currently responsible for the overall management of SC.
Working Experience(s):
From 2001 to present Working in SC as legal representative,
chairman and general manager;
Also
working in Guilin
Pharmacy Co., Ltd. (Literal Translation) and
SC
is mainly engaged in manufacturing and selling finished drug and APIs.
SC’s products
mainly include: artesunate medicine, sulfanilamide medicines, antipyretics and analgesics
medicine, vitamins and mineral medicines, cardiovascular system medicine,
anti-infective, respiratory drugs, digestives, diuretics and dehydrant drugs,
raw materials medicine, medicine for blood circulatory system, antihistaminics,
regulator for sugar, salt, acid and alkali balance, adrenocorticoids,
anti-osteoporosis medicine, antiparasitic, hepatic medicine, and etc.
SC sources its
materials 98% from domestic market, and 2% from overseas markets, mainly
The buying terms of SC include Check, L/C, T/T and Credit of 30-60 days.
The payment terms of SC include Check, L/C, T/T, and Credit of 30-60 days.
Note: SC’s employee refused to release its
major suppliers.
*Major Customer:
==============
Merial Ltd. (
According to the above website:
Shanghai Kelin Pharmaceutical Technology Co., Ltd.
Fenghuang County Jiangshan Technology Development Co., Ltd.
Shanghai Fosun Pharmaceutical (Group) Co., Ltd.
Shanghai Fosun Pharmaceutical Co., Ltd.
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: 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.
Note:
SC’s employee refused to release its major suppliers, so the trade reference is
not available.
SC’s management
declined to release its bank details.
Balance Sheet
Unit: CNY’000
|
|
As of Dec. 31, 2008 |
As of Dec. 31, 2009 |
|
Cash & bank |
51,130 |
30,280 |
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Notes receivable |
6,750 |
3,560 |
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Inventory |
104,030 |
88,650 |
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Accounts
receivable |
20,440 |
58,470 |
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Advances to
suppliers |
17,650 |
11,390 |
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Other accounts
receivable |
8,460 |
6,120 |
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Other current
assets |
0 |
0 |
|
|
------------------ |
------------------ |
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Current assets |
208,460 |
198,470 |
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Fixed assets net
value |
54,580 |
52,420 |
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Project
materials |
0 |
5,790 |
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Project under
construction |
45,860 |
84,890 |
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Long term
investment |
1,110 |
0 |
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Deferred income
tax assets |
2,960 |
2,250 |
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Intangible and
other assets |
90 |
60 |
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------------------ |
------------------ |
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Total assets |
313,060 |
343,880 |
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============= |
============= |
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Short loans |
85,000 |
90,000 |
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Notes payable |
0 |
0 |
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Accounts payable |
8,170 |
14,730 |
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Advances from
clients |
3,700 |
1,610 |
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Accrued payroll |
7,860 |
6,880 |
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Taxes payable |
670 |
160 |
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Interest payable |
0 |
220 |
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Dividends payable |
990 |
8,790 |
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Other accounts
payable |
6,230 |
8,620 |
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Other current
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Current
liabilities |
112,620 |
131,010 |
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Long-term loans |
40,000 |
40,000 |
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Other
non-current assets |
10,000 |
10,000 |
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------------------ |
------------------ |
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Total
liabilities |
162,620 |
181,010 |
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Equities |
150,440 |
162,870 |
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------------------ |
------------------ |
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Total
liabilities & equities |
313,060 |
343,880 |
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============= |
============= |
Income Statement
Unit: CNY’000
|
|
As of Dec. 31,
2008 |
As of Dec. 31,
2009 |
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Turnover |
250,290 |
278,170 |
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Cost of goods sold |
161,450 |
193,940 |
|
Taxes and additional of main
operation |
2,140 |
2,590 |
|
Sales expense |
21,850 |
29,060 |
|
Management expense |
39,080 |
30,150 |
|
Finance expense |
9,610 |
4,010 |
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Asset impairment
loss |
-230 |
-250 |
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Non-operating
income |
3,410 |
9,200 |
|
Non-operating expense |
670 |
670 |
|
Profit before
tax |
19,130 |
27,200 |
|
1,920 |
4,440 |
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Profits |
17,210 |
22,760 |
Important
Ratios
=============
|
|
As
of Dec. 31, 2008 |
As
of Dec. 31, 2009 |
|
*Current ratio |
1.85 |
1.51 |
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*Quick ratio |
0.93 |
0.84 |
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*Liabilities
to assets |
0.52 |
0.53 |
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*Net profit
margin (%) |
6.88 |
8.18 |
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*Return on
total assets (%) |
5.50 |
6.62 |
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*Inventory
/Turnover ×365 |
152 days |
117 days |
|
*Accounts
receivable/Turnover ×365 |
30 days |
77 days |
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*Turnover/Total
assets |
0.80 |
0.81 |
|
* Cost of
goods sold/Turnover |
0.65 |
0.70 |
PROFITABILITY:
FAIRLY GOOD
l
The turnover of SC appears fairly good in its line
in both years.
l
SC’s net profit margin appears fairly good in both
years.
l
SC’s return on total assets appears fairly good in
both years.
l
SC’s cost of goods sold is average in both years,
comparing with its turnover.
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 normal level in
both years.
l
The inventory of SC appears fairly large in both
years.
l
The accounts receivable of SC appears average in
both years.
l
The short-term loan of SC appears average in both
years.
l
SC’s turnover is in a fair level in both years,
comparing with the size of its total assets.
LEVERAGE: AVERAGE
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: Stable
SC is considered large-sized in its line with stable financial conditions.
The large amount of inventory could be a threat to SC’s financial condition. A
credit line up to USD 1,400,000 appears to be within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.11 |
|
|
1 |
Rs.73.25 |
|
Euro |
1 |
Rs.61.70 |
RATING EXPLANATIONS
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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 |
|
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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.