MIRA INFORM
REPORT
|
Report Date : |
10.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
ZHUHAI UNITED LABORATORIES CO., LTD. |
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Registered Office : |
Sanzao Science & Technology Park, National Hi-Tech Zone, Zhuhai, Guangdong Province, 519040 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2008 |
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Date of Incorporation : |
03.07.1993 |
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Com. Reg. No.: |
440400400021954 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
manufacturing and selling
chemical medicine materials and preparations, antibiotic medicine materials
and preparations and Chinese native medicine. |
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 6,000,000 |
|
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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
China |
a2 |
a2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
|
Off-credit |
D |
Company name & address
ZHUHAI UNITED
LABORATORIES CO., LTD.
SANZAO SCIENCE & TECHNOLOGY PARK,
NATIONAL HI-TECH ZONE,
ZHUHAI, GUANGDONG PROVINCE, 519040 PR CHINA
TEL: 86 (0) 756-7766777 FAX: 86 (0) 756-7767377
EXECUTIVE SUMMARY
INCORPORATION DATE : JUL. 3, 1993
REGISTRATION NO. : 440400400021954
REGISTERED LEGAL FORM : SHARES LIMiTED COMPANY
STAFF STRENGTH :
1,000
REGISTERED CAPITAL : CNY 413,600,000
BUSINESS LINE :
MANUFACTURING
TURNOVER :
cny 3,414,233,000 (AS OF DEC.
31, 2008)
EQUITIES :
CNY 928,197,000 (AS OF DEC. 31, 2008)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : up to usd 6,000,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : STABLE
OPERATIONAL TREND : steady
GENERAL REPUTATION : WELL-KNOWN
EXCHANGE RATE : CNY 6.50 = 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 company at local
Administration for Industry & Commerce (AIC - The official body of issuing
and renewing business license) on Jul. 3, 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 researching,
developing, producing and selling chemistry bulk drugs and preparations,
antibiotic bulk drugs and preparations, Chinese medicine preparations,
biological bulk drugs and preparations, biochemistry bulk drugs and
preparations, medical and chemical materials, medicinal packaging materials
(operating within the range authorized by License Guangdong Hab20060192).
SC is
mainly engaged in producing and selling chemical medicine materials and
preparations, antibiotic medicine materials and preparations and Chinese
medicine.
Mr. Cai Jinle has
been chairman of SC since 1993
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 development zone of Zhuhai. Our checks reveal that SC
owns the total premise about 130,000 square meters.
http://www.tul.com.cn/
The web belongs to SC’s ultimate parent company, The United Laboratories
International Holdings Limited (TUL). The design is professional and the
content is well organized. At present, the web is both in Chinese and English
versions.
E-mail: exp@tul.com.cn
Changes
of SC’s registered information:
|
Date |
Item |
Before changed |
After changed |
|
|
Shareholders |
Zhongshan Jinyi Food Co., Ltd. (in Chinese
Pinyin) 1.5%, Zhuhai Jindefu Co., Ltd.
(in Chinese Pinyin) 3%, Zhongshan Kangzhile Pharmaceutical Co.,
Ltd. (in Chinese Pinyin) 46%, Cai Haishan
1.5%, Bear World Limited (Hong Kong 48% |
Zhongshan Jinyi Food Co., Ltd. (in Chinese
Pinyin) 1.5%, Zhuhai Jindefu Enterprise Plan Co., Ltd. (in Chinese Pinyin)
3%, Zhuhai Kangzhile Pharmaceutical Co., Ltd. (in Chinese Pinyin) 46%, Bear
World Limited (Hong Kong) 49.5% |
|
|
Registered capital |
CNY 254,600,000 |
CNY 313,600,000 |
|
Shareholders |
Zhongshan Jinyi Food Co., Ltd. (in Chinese
Pinyin) 1.5%, Zhuhai Jindefu Enterprise Plan Co., Ltd. (in Chinese Pinyin)
3%, Zhuhai Kangzhile Pharmaceutical Co., Ltd. (in Chinese Pinyin) 46%, Bear
World Limited (Hong Kong) 49.5% |
Zhongshan Jinyi Food Co., Ltd. (in Chinese
Pinyin) 中山金亿食品有限公司 1.22%, Zhuhai
Jindefu Enterprise Plan Co., Ltd. (in Chinese Pinyin) 2.43%, Zhuhai Kangzhile
Pharmaceutical Co., Ltd. (in Chinese Pinyin) 37.35%, Bear World Limited (Hong
Kong) 59% |
|
|
2009 |
Registered capital |
CNY 313,600,000 |
The present amount |
|
Shareholders |
Zhongshan Jinyi Food Co., Ltd. (in Chinese
Pinyin) 1.22%, Zhuhai Jindefu Enterprise Plan Co., Ltd. (in Chinese Pinyin)
2.43%, Zhuhai Kangzhile Pharmaceutical Co., Ltd. (in Chinese Pinyin) 37.35%,
Bear World Limited (Hong Kong 59% |
The present ones |
|
|
Unknown |
Registration no. |
000361 |
Present one |
SC has got the certificates of GMP, GMP Hong Kong, and GMP SFDA.
MAIN
SHAREHOLDERS:
Name %
of Shareholding
Zhongshan Jinyi Food Co., Ltd. (in Chinese
Pinyin) 0.92
Zhuhai Jindefu Enterprise Plan Co., Ltd. (in
Chinese Pinyin) 1.85
Zhuhai Kangzhile Pharmaceutical Co., Ltd. (in
Chinese Pinyin) 28.32
Bear World Limited (Hong Kong) 68.91
Zhongshan Jinyi Food Co., Ltd.
======================
Add: The No. 1 Industrial Zone, Tanzhou
Town, Zhongshan, Guangdong
Tel: 0760-6655310, 6655816-3543
Fax: 0760-6655310
Zhongshan Kangzhile Pharmaceutical Co., Ltd.
=================================
Add: The No. 1 Industrial Zone, Tanzhou
Town, Zhongshan, Guangdong
Tel: 86 0760-6651237
Bear World Limited (Hong Kong)
========================
Registered number: 0537887
Incorporated date: Feb. 1, 1996
Legal form: Private
l
Chairman:
Mr. Cai Jinle , Hong Kong resident, ID# G119081(3), in his
Working Experience(s):
*1990 Founded Hong Kong United Laboratories Co., Ltd. and took up the post of Board Chairman & General Manager
*1991 The products of Hong Kong United Laboratories Co., Ltd entered the mainland market of China; successfully introduced the advanced management experience, and promoted development of the domestic pharmaceutical industry
*1993 To establish SC.
*1994 Established the United Laboratories (China) sales department.
*1995 Assumed the office of Shenyang Pharmaceutical University deputy board chairman and Prof. Hon. Of its Business Administration Academe.
*1996 Assumed the office of China Pharmaceutical University deputy board chairman
*1996 Assumed the office of Wuhan Tongji Pharmaceutical University Prof. Hon.
*1997 Awarded as "Honorary citizen of Zhuhai City" by Zhuhai Municipal People's government
*1998 Engaged by 36 medicine academies as their Prof. Hon.
*1998 Assumed the office of Guangdong Overseas Friendship Association Vice Chairman
*1999 Assumed the office of Council Member of the Guangdong Political Consultative Conference
*2002 Have made outstanding achievements in Patriotism theory and practice, be awarded as “Patriotic Star” by Chinese Patriotic Association Works.
l
General Manager:
Ms. Peng Wei, in her
Working Experience(s):
*1983 Graduated from the Xi'an Medical College
*1983 to 1993 Worked in the Hanjiang River Pharmaceutical Factory, and became a workshop directors.
*1983 to 1993 Production Manager of Zhuhai Xinzhu Pharmaceutical Company.
*1995 Joined in The United Laboratories Co., Ltd.
*1995 Factory director of Zhuhai United Laboratories (Zhongshan) Co., Ltd.
*1999 Vice-president of Zhuhai United Laboratories Co., Ltd. Factory Director of Zhuhai United Laboratories Co., Ltd. Zhuhai United Laboratories (Zhongshan) Co., Ltd.
*1997 to 1999 Labor Models of Zhongshan City
*2000 Labor Models of Guangdong Province
*2001 Outstanding Managers (Factory Director)
*Since 2002 General Manager of SC.
*2004 Medical and Pharmaceutical Field Advanced Individuals of Guangdong Province
*Since 2002 Chinese People's Political Consultative Conference Standing Committee of Zhuhai City
*2006 Gained the EMBA Degree of Zhongshan University (Lingnan College)
l
Director:
Mr. Liang Yongkang ID#
G277530(A). He joined the Group in 1997 and is responsible for overseeing the
financial matters of the Group.
Mr. Peng Wei ID# 612301630307022
Mr. Cai Haishan ID# K665977(2)
Mr. Shen Huan ID# 420104770302162
SC is
mainly engaged in manufacturing and selling chemical medicine materials and preparations,
antibiotic medicine materials and preparations and Chinese native medicine.
SC’s products
mainly include:
A01--Amoxicillin
Capsules
A02--Ampicillin
Capsules
A03--Amoxicillin
Granules
A04--Amoxicillin
Sodium for Injection
A05--Cefazolin
Sodium for Injection
A06--Cefradine for
Injection
A07--Cefotaxime
Sodium for Injection
A08--Cefoperazone
Sodium for Injection
A09--Ceftriaxone
Sodium for Injection
A10--Cefuroxime
Axetil tablets
A10--Cefuroxime
Axetil tablets
A11--Ceftazidime
for Injection
A12--Cefpirome
Sulfate for Injection
A13--Cefetamet
Pivoxil Hydrochloride Tablets
A14--Amoxicillin
Sodium and Clavulanate Potassium for Injection
A15--Amoxicillin
and Clavulanate Potassium Tablets
A16--Ampicillin
Sodium and Sulbactam Sodium for Injection
SC sources its
materials 80% from domestic market, and 20% from the overseas market, mainly
European countries. SC sells 70% of its products in domestic market, and 30% to
the overseas market, mainly Southeast Asia, American and European countries.
The buying terms of SC include Check, T/T, L/C and Credit of 30-60 days.
The payment terms of SC include T/T, L/C and Credit of 30-60 days.
*Major Client:
===========
ERYE pharmacy Co., Ltd.
*Major Supplier:
=============
Hebei Huaxu Chemical Co., Ltd.
SC is
known to have 5 branches and 4 offices as below:
Raw
Material Plant
Preparation
Plant
Jinyi
Capsule Plant
Zhongshan
Branch
Dalian Branch
Jida
Office
Anhui
Office
Nanjing
Office
Kunming
Office
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.
Industrial and Commercial Bank of China Xiangzhou Sub-branch
AC#: 2002020429100169455
Relationship:
Normal.
Consolidated
Balance Sheet
Unit: CNY’000
|
|
As
of Dec. 31, 2007 |
As
of Dec. 31, 2008 |
|
Cash & bank |
227,978 |
286,314 |
|
Inventory |
365,044 |
390,085 |
|
Accounts
receivable |
362,436 |
377,150 |
|
Notes receivable |
225,549 |
127,969 |
|
Advances to
suppliers |
20,603 |
33,358 |
|
Other
receivables |
819,318 |
951,473 |
|
Receivable drawback
for export |
8,099 |
0 |
|
Other current
assets |
0 |
0 |
|
|
------------------ |
------------------ |
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Current assets |
2,029,027 |
2,166,349 |
|
Fixed assets net
value |
323,963 |
373,359 |
|
Projects under
construction |
17,888 |
140,047 |
|
Project
materials |
56 |
53 |
|
Long term
investment |
0 |
0 |
|
Other assets |
44,801 |
42,142 |
|
|
------------------ |
------------------ |
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Total assets |
2,415,735 |
2,721,950 |
|
|
============= |
============= |
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Short loans |
125,000 |
185,000 |
|
Accounts payable |
303,530 |
281,688 |
|
Notes payable |
509,915 |
500,340 |
|
Advances from
clients |
25,275 |
30,764 |
|
Taxes payable |
19,656 |
43,427 |
|
Salaries payable |
13,542 |
10,390 |
|
Other payable |
97,129 |
31,216 |
|
Accrued expenses |
4,658 |
4,189 |
|
Dividends
payable |
0 |
73,650 |
|
Long-term debt
due within one year |
0 |
240,000 |
|
Other current
liabilities |
480 |
295 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
1,099,185 |
1,400,959 |
|
Long term
liabilities |
450,368 |
353,440 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
1,549,553 |
1,754,399 |
|
Minority
stockholder's interest |
29,320 |
39,354 |
|
Equities |
836,862 |
928,197 |
|
|
------------------ |
------------------ |
|
Total liabilities
& equities |
2,415,735 |
2,721,950 |
|
|
============= |
============= |
Consolidated
Income Statement
Unit: CNY’000
|
|
As of Dec. 31,
2007 |
As of Dec. 31,
2008 |
|
Turnover |
2,517,852 |
3,414,233 |
|
Cost of goods sold |
1,714,637 |
2,406,712 |
|
Tax and additional of main operation |
6,287 |
10,215 |
|
Add: Income from
other operations |
10,432 |
8,708 |
|
Sales expense |
330,897 |
451,178 |
|
Management expense |
91,127 |
121,994 |
|
Finance expense |
30,721 |
64,228 |
|
Subsidies income |
5,101 |
12,550 |
|
Non-operating
income |
432 |
601 |
|
Non-operating expense |
715 |
7,130 |
|
Profit before
tax |
359,433 |
374,635 |
|
Less: profit tax |
43,124 |
58,207 |
|
Minority interest income |
27,751 |
35,144 |
|
Profits |
288,558 |
281,284 |
Note: SC’s management declined to release its
financial reports of Yr2009, and the above are the latest financial reports
from local AIC.
Important Ratios
=============
|
|
2007 |
2008 |
|
*Current ratio |
1.85 |
1.55 |
|
*Quick ratio |
1.51 |
1.27 |
|
*Liabilities
to assets |
0.64 |
0.64 |
|
*Net profit
margin (%) |
11.46 |
8.24 |
|
*Return on
total assets (%) |
11.94 |
10.33 |
|
*Inventory
/Turnover ×365 |
53 days |
42 days |
|
*Accounts
receivable/Turnover ×365 |
53 days |
40 days |
|
*Turnover/Total
assets |
1.04 |
1.25 |
|
* Cost of
goods sold/Turnover |
0.68 |
0.70 |
PROFITABILITY:
FAIRLY GOOD
l
The turnover of SC appears good, and it was rising
in 2008.
l
SC’s net profit margin is fairly good, but it
decreased in 2008.
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.
l
SC’s quick ratio is maintained in a normal level.
l
The accounts receivable of SC is average.
l
The inventory of SC is average.
l
The short loans of SC are average.
l
SC’s turnover is in an average level, comparing
with the size of its total assets.
LEVERAGE: AVERAGE
l
The debt ratio of SC is average.
l
The risk for SC to go bankrupt is low.
Overall financial
condition of the SC: Stable
SC is well-known in its industry with stable financial conditions. Over
the past 17 years, SC has made a stable growth with satisfactory profit. A
credit line up to USD 6,000,000 would appear to be within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.72 |
|
UK Pound |
1 |
Rs.73.47 |
|
Euro |
1 |
Rs.65.38 |
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.