MIRA INFORM
REPORT
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Report Date : |
24.02.2011 |
IDENTIFICATION DETAILS
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Name : |
Northeast
Pharmaceutical Group Co., Ltd. |
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Registered Office : |
NO. 8, |
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Country : |
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Financials (as on) : |
30.06.2010 |
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Date of Incorporation : |
10.06.1993 |
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Com. Reg. No.: |
210100000035297 |
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Legal Form : |
Shares Limited Company |
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|
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Line of Business : |
Manufacturing
and Selling Reversed-Phased Drugs. |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 10,000,000 |
|
Status : |
Good |
|
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 – 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 |
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Restricted |
C2 |
|
Off-credit |
D |
Company name and address
Northeast Pharmaceutical Group Co.,
Ltd.
NO. 8,
TEL: 86 (0) 24-25806963
FAX: 86 (0) 24-25806300
EXECUTIVE SUMMARY
INCORPORATION DATE : JUN. 10, 1993
REGISTRATION NO. : 210100000035297
REGISTERED LEGAL FORM :
SHARES LIMITED COMPANY
STAFF STRENGTH :
11,323
REGISTERED CAPITAL : CNY 333,810,000
BUSINESS LINE :
MANUFACTURING
TURNOVER :
CNY 3,142,502,000 (CONSOLIDATED,
JAN. 1, 2010- JUNE 30, 2010)
EQUITIES :
CNY 2,193,052,000 (CONSOLIDATED, AS OF JUNE 30, 2010)
PAYMENT :
AVERAGE
RECOMM.
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly good
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : well-known
EXCHANGE RATE : CNY
6.58 = USD 1
Adopted abbreviations
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY -
Note: The and numbers belong to the
international trade department of SC.
SC was registered as a Shares limited
co. at Jiangxi Provincial Administration for industry & commerce (AIC - the
official body of issuing and renewing business license) on Jun. 10, 1993.
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 chemical biological agents,
reversed-phased drugs, health materials, pharmacy equipment and accessories;
manufacturing chemical drugs, pharmaceutical intermediates by-products,
packaging materials, chemical products, cosmetics, veterinary medicine, feed
additives, food additive and hazardous chemicals; selling food and manufactured
goods, metal materials and manufactured goods; domestic commercial trade
(excluding the products privileged, prohibited or franchised); developing
medicine new products; technical advisory service; achievement transfer;
leasing plant and equipment; importing and exporting commodities and
technologies, excluding commodities and technologies prohibited by the state;
economic information advisory service. (with permit if needed)
SC is mainly
engaged in manufacturing and selling reversed-phased drugs.
Mr. Liu Zhen is legal representative and chairman of SC at present.
SC is
known to have approx. 11,323 employees at present, including 1,090
technicians, 998 management staff, 6,808 workers and 2,427 sales
representatives.
SC
is currently operating at the above stated address, and this address houses its
operating office and factory in the development zone
of Shenyang. The detailed information of the premise is unspecified.
http://www.negpf.com.cn/ The
design is professional and the content is well organized. At present it is only
in Chinese version.
Email: dystock@negpf.com.cn
SC is a listed company in Shenzhen Stock Exchange with the code of
000597.
MAIN
SHAREHOLDERS: (as of June 30, 2010)
Name %
of Shareholding
Dongbei Pharmaceutical Group Co., Ltd. (in
Chinese Pinyin) 51.67
Bank of China-Yifangda Shenzheng 100
Transactional 0.94
Open Index Securities Investment Fund
- Dividends-Personal Dividends
-Traditional- Ordinary Insurance Products
Industrial and Commercial Bank of
-Rongtong Shenzheng 100 Index Securities
Investment Fund
-Traditional- Ordinary Insurance Products
Tan Zengying 0.41
Zeng Weiling 0.41
-Nuode Value Advanced Stock Security
Investment Fund
Zhang Sufen 0.31
Other shareholders 42.97
Dongbei Pharmaceutical Group Co., Ltd.
==============================
Registered no.: 210131000010201
Legal representative: Liu Zhen刘震
Registered capital: CNY 731,585,700
Add: No. 37,
Tel: 024-25807777
- Legal
Representative and Chairman:
Mr. Liu Zhen, born in 1953, senior economist,
with Master’s degree. He is currently responsible for the overall management of
SC.
Working Experience(s):
At present Working in SC as legal representative and
chairman
Also
working in Dongbei Pharmaceutical Group Co., Ltd., Shenyang Northeast
Pharmaceutical Import & Export Trade Co., Ltd. as legal representative.
l
Vice Chairman:
Mr. Ji Yong, born in 1970, senior engineer,
with Master’s degree. He is currently responsible for the daily management of SC.
Working Experience(s):
At present Working
in SC as vice chairman.
Also
working in Shenyang Northeast Pharmaceutical Design Co., Ltd., Northeast
Pharmaceutical Group Sales Co., Ltd. as legal representative.
*Officials:
========
Name Title
Zhao Yubi Director
Cai Ling Director
Tian Yang Supervisor
Li Songtao Supervisor
SC is mainly
engaged in manufacturing and selling reversed-phased drugs.
SC’s products mainly
include chemical API, Chinese traditional agents, microbial ecological agents,
etc.
SC sources its materials 50%
from domestic market, and 50% from overseas market. SC sells 80% of its products
in domestic market, and 20% to overseas market, mainly Japan, etc.
The buying terms of SC include Check, T/T, L/C and Credit of
30-60 days. The payment terms of SC include Check, T/T, L/C and Credit of 30-60
days.
*Major Suppliers:
=============
Shenyang Luoshi Construction Installation
Co., Ltd.
Shenyang Dongyao Fine Chemical Co., Ltd.
*Major Customers:
==============
Atlantic Chemicals Trading GMBH
BASF Japan Ltd.
Liaoning Taiping Pharmaceutical Co., Ltd.
International Trade
Department:
-------------------------------------------
Add:
19th Floor, Block B, Chamber of Commerce Head Quarter Mansion, No.
51, the Youth Street, Shenhe District,
Tel:
024-22721818
Fax:
024-22724536
Subsidiaries:
-----------------
Shanghai
Dongyao Hanfei Enterprise Development Co., Ltd.
Shenyang
Northeast Pharmaceutical Import & Export Trade Co., Ltd.
Shenyang Dongyao Fine Chemical Co., Ltd.
Northeast
Pharmaceutical (
Northeast
Pharmaceutical Group
Northeast
Pharmaceutical Group Supply and Marketing Co., Ltd.
Shenyang
Northeast Pharmaceutical Equipment Manufacturing Installation Co., Ltd.
Northeast
Pharmaceutical Group Liaoning Biomedicine Co., Ltd.
Shenyang
Northeast Pharmaceutical Design Co., Ltd.
Northeast
Pharmaceutical Group Sales 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’s suppliers
refused to make any comments.
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.
SC’s management
declined to release its bank details.
Consolidated
Balance Sheet
Unit: CNY’000
|
|
as of Dec. 31,
2009 |
as
of June 30, 2010 |
|
Cash & bank |
1,764,028 |
1,317,505 |
|
Inventory |
659,687 |
572,814 |
|
Accounts
receivable |
700,429 |
975,810 |
|
Notes receivable |
110,373 |
140,202 |
|
Advances to
supplies |
260,966 |
236,294 |
|
Dividends
receivable |
260 |
260 |
|
Other
receivables |
49,232 |
42,484 |
|
Other current
assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current assets |
3,544,975 |
3,285,369 |
|
Fixed assets net
value |
1,420,643 |
1,362,151 |
|
Projects under
construction |
167,031 |
299,168 |
|
Long-term
investments |
6,381 |
6,381 |
|
Intangible
assets |
827,900 |
849,399 |
|
Other assets |
111,998 |
109,504 |
|
|
------------------ |
------------------ |
|
Total assets |
6,078,928 |
5,911,972 |
|
|
============= |
============= |
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Short loans |
1,609,270 |
1,395,770 |
|
Accounts payable |
593,358 |
599,753 |
|
Bills payable |
86,769 |
81,000 |
|
Other Accounts
payable |
211,740 |
218,684 |
|
Interest payable |
7,050 |
28,200 |
|
Advances from
clients |
69,967 |
70,578 |
|
Taxes payable |
50,642 |
-82,580 |
|
Dividends
payable |
2,786 |
3,063 |
|
Accrued payroll |
8,951 |
7,826 |
|
Non-current
liabilities due within one year |
6,581 |
6,581 |
|
Other
current liabilities |
0 |
1 |
|
|
----------------- |
----------------- |
|
Current
liabilities |
2,647,114 |
2,328,876 |
|
Long term liabilities |
1,378,234 |
1,390,044 |
|
|
------------------ |
------------------ |
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Total
liabilities |
4,025,348 |
3,718,920 |
|
Shareholders
equities |
2,053,580 |
2,193,052 |
|
|
------------------ |
------------------ |
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Total
liabilities & equities |
6,078,928 |
5,911,972 |
|
|
============= |
============= |
Consolidated
Income Statement
Unit: CNY’000
|
|
as of Dec. 31,
2009 |
Jan.
1, 2010- June 30, 2010 |
|
Turnover |
5,093,588 |
3,142,502 |
|
Cost of goods sold |
3,535,872 |
2,393,143 |
|
Sales expense |
458,127 |
216,817 |
|
Management expense |
409,041 |
224,130 |
|
Finance expense |
94,824 |
60,609 |
|
Investment
income |
388 |
0 |
|
Profit before
tax |
584,378 |
223,499 |
|
Less: profit tax |
108,294 |
47,721 |
|
Net profit |
476,084 |
175,778 |
Important Ratios
=============
|
|
as of Dec. 31,
2009 |
as
of June 30, 2010 |
|
*Current ratio |
1.34 |
1.41 |
|
*Quick ratio |
1.09 |
1.16 |
|
*Liabilities
to assets |
0.66 |
0.63 |
|
*Net profit
margin (%) |
9.35 |
5.59 |
|
*Return on
total assets (%) |
7.83 |
2.97 |
|
*Inventory
/Turnover ×365/180 |
47 days |
33 days |
|
*Accounts
receivable/Turnover ×365/180 |
50 days |
56 days |
|
*Turnover/Total
assets |
0.84 |
0.53 |
|
* Cost of goods
sold/Turnover |
0.69 |
0.76 |
PROFITABILITY: FAIRLY GOOD
- The turnover of
SC appears good in its line.
- SC’s net profit margin is
fairly good.
- SC’s return on
total assets is fairly good.
- SC’s cost of goods
sold is average, comparing with its turnover.
LIQUIDITY: AVERAGE
- The current ratio of SC is maintained in a normal level.
- SC’s quick ratio is maintained in a normal level.
- The inventory of SC appears average.
- The accounts receivable of SC appears average.
- The
short-term loan of SC appears fairly large.
- SC’s turnover is in a fair level, comparing with the size of its
total assets.
LEVERAGE: AVERAGE
- The debt ratio of SC is average.
- 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. The large amount of short-term loan could be a threat to SC’s financial
condition. A credit line up to USD 10,000,000 appears
to be within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.20 |
|
|
1 |
Rs.73.16 |
|
Euro |
1 |
Rs.61.88 |
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.