MIRA INFORM
REPORT
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Report Date : |
12.01.2011 |
IDENTIFICATION DETAILS
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Name : |
HARBIN PHARMACEUTICAL GROUP 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 : |
28.12.1991 |
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Com. Reg. No.: |
230199100000366 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Manufacturing Western
Medicine, Traditional Chinese Medicine Preparation, Western Medicine Raw
Materials, Biological Engineering Medicine, Health care products, etc. |
RATING & COMMENTS
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MIRA’s Rating : |
A |
|
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 |
|
Maximum Credit Limit : |
USD 35,000,000 |
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Status : |
Good |
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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 & address
HARBIN PHARMACEUTICAL GROUP CO., LTD.
NO.
431
TEL: 86 (0) 451-84604688 FAX: 86 (0) 451-84604688
EXECUTIVE SUMMARY
INCORPORATION DATE : DECEMBER 28, 1991
REGISTRATION NO. : 230199100000366
REGISTERED LEGAL FORM : SHARES LIMITED COMPANY
STAFF STRENGTH :
16,666 (AS OF DEC. 31, 2009)
REGISTERED CAPITAL : CNY 1,242,005,473
BUSINESS LINE :
MANUFACTURING
TURNOVER :
CNY 10,677,301,000 (AS OF DEC. 31, 2009)
EQUITIES :
CNY 5,984,257,000
(AS OF DEC. 31, 2009)
PAYMENT :
AVERAGE
RECOMM.
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : STRONG
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : well-known
EXCHANGE RATE :
CNY
6.83 = 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 given address (109,
SC was registered as a shares limited company at local Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license).
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 purchasing and selling chemical raw materials and
products (excluding hazardous and
poisonous chemicals), importing and exporting
with permits; the following items are limited to branches: manufacturing
medicine devices and pharmaceutical machinery (excluding items specially
regulated by state), medicine and pharmaceutical commerce, practice production;
manufacturing purified water, drinking, starch, feed additive, foods, cosmetics
and related packaging and printing; manufacturing avermectins; manufacturing
and selling health products (lotion); manufacturing and selling health care
food and daily chemicals.
SC is mainly engaged
in manufacturing western medicine, traditional Chinese medicine preparation,
western medicine raw materials, biological engineering medicine, health care
products, etc.
Mr. Hao Weizhe is
the legal representative and chairman of SC at present.
SC is known to have approx. 16,666
employees as of December 31, 2009, including 9,006 productive staff, 3,909
sales employees, 2,169 technicians, 467 financial employees and 1,115
administration employees.
SC
is currently operating at the above stated address, and this address houses its
operating office in
http://www.hayao.com
It is the website of its parent (Harbin Pharmaceutical Group Holding Co.,
Ltd.). The design is professional and the content is well organized. At present
it is in both Chinese and English versions.
Email: master@hayao.com
SC is a listed company in Shanghai Stock Exchange Market with the code
of 600664.
Changes of its registered information are as follows:
|
Date of change |
Item |
Before the
change |
After the change |
|
Unknown |
Registration No. |
2301091345031 |
230199100000366 |
Export Credit
Insurance Amount Assessment
SC’s management released that SC has not purchased credit insurances.
MAIN
SHAREHOLDERS: (As of December 31, 2009)
Name %
of Shareholding
Harbin Pharmaceutical Group Holding Co.,
Ltd. 34.76
China Jianyin Investment Co., Ltd. 13.33
Agricultural Bank of China-Zhongyou Hexin
Growing Security Investment Fund 4.73
Agricultural Bank of China-Zhongyou Hexin
Youxuan Security Investment Fund
4.02
China Securities Investor Protection Funds Co., Ltd. 2.65
Industrial Bank Co., Ltd.-Xingye Trend Investment
Hybrid Securities Investment Fund 1.51
Agricultural Bank of
Profit Sharing
Shanghai Pudong Link Project Construction Company 0.90
Other Shareholders 34.42
Harbin Pharmaceutical Group Holding Co.,
Ltd.:
===================================
Legal representative: Hao Weizhe
Website: http://www.hayao.com/
Tel: +86-0451-84608188
The Harbin Pharmaceutical Group is one of
the top 500 state-run large-scale enterprise groups and one of he 120
large-scale pilot enterprise groups in
China Jianyin Investment Co., Ltd.:
==========================
Address: 2# Building, Chang’an
Tel: 86 010-66276114
==========================
Address: 20-28/F,
Tel: 86 0755-82138888
l
Legal representative and chairman:
Mr. Hao Weizhe, born in 1952, with Master’s degree. He is currently
responsible for the overall management of SC.
Working Experience(s):
At present Working in SC as chairman and legal representative;
Also working in Harbin Pharmaceutical Group Holding Co., Ltd. as chairman and legal representative.
l
Vice chairman and general manager:
Mr. Jiang Linkui, born in 1961, 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 and general manager;
Also working in Harbin Pharm Group Sanjing Pharmaceutical Co., Ltd. as chairman and legal representative
*Officials:
=======
Name Title
Wu Zhijun Director
and Vice General Manager
Zhang Lijun Director
and Vice General Manager
Liu Wei Vice
General Manager
Jin Naiyan Vice
General Manager
Ding Hongli
Chairman of Supervisory Board, Etc.
SC is mainly engaged
in manufacturing western medicine, traditional Chinese medicine preparation,
western medicine raw materials, biological engineering medicine, health care
products, etc.
Main Products: Antibiotics, Chemical medicine preparation, Traditional
Chinese medicines, OTC medicines and health care products, Medicine logistics,
Bioengineering, ETC.
Brand: 
SC sources its materials 80% from domestic
market, and 20% from overseas market. SC sells 90% of its products in domestic
market, and 10% to overseas market.
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:
=============
· Harbin Pharm Group Sanjing Pharmaceutical Co., Ltd.
· Harbin Hengtong Development Industry Corporation
· Harbin Kangling Technology Development Co., Ltd
· Harbin Pharm Group Bioengineering Co., Ltd.
·
· Heilongjiang Harbin Pharm Liu Wuda Lianchi Spring Water Co., Ltd.
*Major Customers:
==============
· Harbin Pharm Group Sanjing Pharmaceutical Co., Ltd.
· Harbin Pharm Group Harbin Linglan Medicine Sales Co., Ltd.
· Harbin Hengtong Development Industry Corporation
SC is known to invest in the following companies:
· Harbin Pharm Group Medicine Co., Ltd.
· Harbin Pharm Group Shiyitang Chinese Medicine Crude Drugs Co., Ltd.
· Harbin Shiyitang Huana Medicine Co., Ltd.
· Harbin Pharm Group Sanjing Pharmaceutical Co., Ltd.
· Harbin Pharm Group Sanjing Jiabin Medicine Co., Ltd.
· Hayao Cihang Pharmaceutical Co., Ltd.
· Sichuan Shenghe Sanjing Pharmaceutical Co., Ltd.
· Hunan Sanjing Medicine Commercial Co., Ltd.
· Nanjing Sanjing Medicine Co., Ltd.
·
· Harbin Sanjing Packaging Materials Co., Ltd.
· Harbin Pharm Group Property Management Co., Ltd.
· Heilongjiang Harbin Pharm Liu Wuda Lianchi Spring Water Co., Ltd.
· Harbin Pharm Group Harbin Linglan Medicine 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
declined 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
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As
of Dec. 31, 2008 |
As
of Dec. 31, 2009 |
|
1,563,667 |
1,979,258 |
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Notes receivable |
926,995 |
923,494 |
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Inventory |
1,825,060 |
1,792,176 |
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Accounts receivable |
1,335,547 |
1,521,068 |
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Advances to supplies |
125,927 |
204,930 |
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Interest receivable |
371 |
2,665 |
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Dividends receivable |
0 |
0 |
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Other receivables |
151,701 |
85,724 |
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Long-term investment due within one year |
341,861 |
29,000 |
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Other current assets |
11,331 |
13,310 |
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------------------ |
------------------ |
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Current assets |
6,282,460 |
6,551,625 |
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Fixed assets |
2,419,400 |
2,419,276 |
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Projects under construction |
114,935 |
159,911 |
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Long-term investments |
636,334 |
636,016 |
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Investment real estate |
0 |
0 |
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Project materials |
0 |
0 |
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Intangible assets |
135,992 |
130,218 |
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Development Expenditure |
0 |
0 |
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Long-term deferred expenses |
5,478 |
5,000 |
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Deferred tax assets |
0 |
0 |
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Other assets |
88,498 |
105,118 |
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------------------ |
------------------ |
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Total assets |
9,683,097 |
10,007,164 |
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============= |
============= |
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Short loans |
820,000 |
14,000 |
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Notes payable |
597,477 |
948,721 |
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Accounts payable |
1,315,074 |
1,698,481 |
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Advances from customers |
112,427 |
204,678 |
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Payroll payable |
349,521 |
353,758 |
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Taxes payable |
121,290 |
136,455 |
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Dividends payable |
0 |
0 |
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Other Accounts payable |
339,154 |
444,935 |
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Non-current liabilities due with in one year |
35,676 |
36,392 |
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Other current liabilities |
4,461 |
0 |
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----------------- |
----------------- |
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Current liabilities |
3,695,080 |
3,837,420 |
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Long-term loans |
111,174 |
111,064 |
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Specified payables |
18,184 |
10,411 |
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Other non-current liabilities |
69,885 |
64,012 |
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------------------ |
------------------ |
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Total liabilities |
3,894,323 |
4,022,907 |
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Shareholders equities |
5,788,774 |
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|
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------------------ |
------------------ |
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Total liabilities & equities |
9,683,097 |
10,007,164 |
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============= |
============= |
Consolidated
Income Statement
Unit: CNY’000
|
|
As of Dec. 31,
2008 |
|
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Turnover |
9,695,068 |
10,677,301 |
|
Cost of goods sold |
6,592,306 |
7,261,594 |
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Taxes and additional of main operation |
58,286 |
69,382 |
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Sales expense |
1,000,674 |
1,083,951 |
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Management expense |
1,077,968 |
1,220,191 |
|
Finance expense |
18,892 |
4,427 |
|
Asset impairment loss |
46,775 |
30,628 |
|
Investment income |
73,096 |
76,525 |
|
Non-operating
income |
152,057 |
26,855 |
|
Non-operating expense |
40,290 |
23,660 |
|
Profit before
tax |
1,085,030 |
1,086,848 |
|
Less: profit tax |
221,377 |
153,256 |
|
Net profit |
863,653 |
933,592 |
Important Ratios
=============
|
|
As
of Dec. 31, 2008 |
As
of Dec. 31, 2009 |
|
*Current ratio |
1.70 |
1.71 |
|
*Quick ratio |
1.21 |
1.24 |
|
*Liabilities
to assets |
0.40 |
0.40 |
|
*Net profit
margin (%) |
8.91 |
8.74 |
|
*Return on total
assets (%) |
8.92 |
9.33 |
|
*Inventory
/Turnover ×365 |
69 days |
62 days |
|
*Accounts
receivable/Turnover ×365 |
51 days |
52 days |
|
*Turnover/Total
assets |
1.00 |
1.07 |
|
* Cost of
goods sold/Turnover |
0.68 |
0.68 |
PROFITABILITY:
FAIRLY GOOD
l
The turnover of SC appears good in its line, and in
increased in 2009.
l
SC’s net profit margin is fairly good in both 2
years.
l
SC’s return on total assets is fairly good in both
2 years.
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 in both 2 years.
l
SC’s quick ratio is maintained in a normal level in
both 2 years.
l
The inventory of SC appears average.
l
The accounts receivable of SC appears average.
l
The short-term loan of SC appears average.
l
SC’s turnover is in an average level, comparing
with the size of its total assets.
LEVERAGE: FAIRLY
GOOD
l
The debt ratio of SC is low.
l
The risk for SC to go bankrupt is low.
Overall financial
condition of the SC: Strong.
SC is considered large-sized in its line with strong financial
conditions. Taking into consideration of SC’s general performance, reputation
as well as market conditions, a credit line up to USD 35,000,000 would appear
to be within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.32 |
|
|
1 |
Rs.70.54 |
|
Euro |
1 |
Rs.58.70 |
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 |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.