MIRA INFORM REPORT
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Report Date : |
04.05.2011 |
IDENTIFICATION DETAILS
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Name : |
ZHEJIANG APELOA KANGYU PHARMACEUTICAL CO.,
LTD |
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Registered Office : |
No. 333, Jiangnan Road, Hengdian Town, Dongyang, Zhejiang Province, 322118 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
08.08.1995 |
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Com. Reg. No.: |
3307831000042 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
manufacturing and selling chemical bulk pharmaceuticals
and preparation |
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 1,500,000 |
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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 – December 31, 2010
|
Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
|
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 |
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Off-credit |
D |
Company name & address
Zhejiang APELOA KANGYU
Pharmaceutical Co., Ltd.
NO. 333, Jiangnan Road, Hengdian town,
Dongyang
zhejiang PROVINCE, 322118 PR CHINA
TEL: 86 (0) 579-86551777 FAX: 86 (0) 579-86551666
EXECUTIVE SUMMARY
INCORPORATION
DATE : august 8, 1995
REGISTRATION
NO. : 3307831000042
REGISTERED
LEGAL FORM : Limited liabilities company
STAFF
STRENGTH : 1,200
REGISTERED
CAPITAL :
CNY 64,680,000
BUSINESS
LINE :
manufacturing
TURNOVER : CNY 462,450,000 (AS OF DEC. 31,
2009)
EQUITIES : CNY 278,900,000
(AS OF DEC. 31, 2009)
PAYMENT
: AVERAGE
RECOMM.
CREDIT RANGE : UP TO usd 1,500,000
MARKET
CONDITION : competitive
FINANCIAL
CONDITION : FAIRLY good
OPERATIONAL
TREND : steady
GENERAL REPUTATION : AVERAGE
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 Renminbi
SC was registered as a limited liabilities company at local Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license) on August 8, 1995.
Company Status: Limited liabilities co. This form of business in PR
China is defined as a legal person. No more than fifty shareholders
contribute its registered capital jointly. Shareholders bear limited
liability to the extent of shareholding, and the co. is liable for its
debts only to extent of its total assets. The characteristics of this form
of co. are as follows: Upon the establishment of the
co., an investment certificate is issued to the each of shareholders. The board of directors is
comprised of three to thirteen members. The minimum registered capital
for a co. is CNY 30,000. Shareholders may take their
capital contributions in cash or by means of tangible assets or intangible
assets such as industrial property and non-patented technology. Cash contributed by all
shareholders must account for at least 30% of the registered capital. Existing shareholders have
pre-exemption right to purchase shares of the co. offered for sale by the
other shareholders and to subscribe for the newly increased registered
capital of the co.
SC’s registered business scope includes manufacturing
tablets, capsules, granular formulation, agent solution, bulk pharmaceuticals
and toxic chemicals, exporting its products and technology, importing
materials, instruments, machinery and equipment, parts and technology needed
for its production.
SC is mainly engaged in manufacturing and
selling chemical bulk pharmaceuticals and preparation.
Mr. Ge Mengya has been chairman of SC since
1995.
SC is known to have approx. 1,200 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 Dongyang. Our checks reveal that SC owns the
total premise about 79,000 square meters.
SC is not known to
host web site of its own at present.
Changes of its registered information are as
follows:
|
Date of change |
Item |
Before the change |
After the change |
|
2006-4 |
Name |
Zhejiang
Kangyu Pharmaceutical Co., Ltd. |
Zhejiang
Apeloa Kangyu Pharmaceutical Co., Ltd. |
|
2007-5 |
Registered capital |
CNY 25,000,000 |
CNY 64,680,000 |
MAIN SHAREHOLDERS:
Name % of Shareholding
Apeloa Company Limited 98.07
Hengdian Group Holdings Co., Ltd. 1.93
Apeloa Company Limited:
===================
Apeloa Company Limited is principally engaged in the research,
production and sale of medicine. The Company’s products include four
categories: drug substances such as amantadine hydrochloride, levofloxacin
hydrochloride, ofloxacin and others; intermediates such as adamantine,
1-adamantanecarboxylic acid, adamantanol, and others; chemical preparations
such as ubenimex capsules, indapamide tablets, azithromycin sodium dithydrogen
citrate for injection and others; Chinese traditional medicine preparations
such as lentinan tablets, cucurbitacin tablets and others.
Address: No. 16 Zhanshan 1ST Road, Qingdao, Shandong
Province
Tel: +86 532 83870896
Fax: +86 532 83890739
E-mail: 000739@apeloa.com
Website: http://www.apeloa.com
l
Chairman
and General Manager:
Mr. Ge Mengya , with
university education. He is currently responsible for the overall management of
SC.
Working Experience(s):
From 1995 to present Working
in SC as chairman and general manager, and also working in Apeloa Company
Limited as general manager.
l
Salesman:
Fu Yuefei
Mobile phone: +86 15215861490
SC is mainly engaged in manufacturing and
selling chemical bulk pharmaceuticals and preparation.
SC’s products mainly include: anti-tumor
medicine, antiviral medicine, cardiovascular medicine and veterinary drugs.
SC sources its materials 100% from domestic market, mainly Zhejiang. SC
sells 70% of its products in domestic market, and 30% to overseas market,
mainly Southeast Asian market.
The buying terms of
SC include Check, 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 Customer:
==============
Apeloa Company Limited
Note: SC declined to release its major suppliers.
International Business
Office
Add: Floor 11, Lantian
Business Center, 18, Moganshan Road, Hangzhou, 310005, China
Tel: +86-571-56809788, 56809738
Fax: +86-571-88889988,
56808388
E-mail: apeloapharma@apeloa.com
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.
Bank of China
Zhejiang Branch
AC#800100245808093001
Relationship: Normal.
Balance Sheet
|
Unit: CNY’000 |
as of Dec. 31, 2008 |
as of Dec. 31, 2009 |
|
Cash & bank |
88,530 |
89,130 |
|
Inventory |
64,340 |
70,190 |
|
Accounts receivable |
56,170 |
59,340 |
|
Other Accounts receivable |
77,280 |
83,960 |
|
To be apportioned expense |
0 |
0 |
|
Other current assets |
9,070 |
10,270 |
|
|
------------------ |
------------------ |
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Current assets |
295,390 |
312,890 |
|
Fixed assets net value |
257,460 |
238,780 |
|
Projects under construction |
0 |
0 |
|
Long term investment |
0 |
0 |
|
Other assets |
30,380 |
60,800 |
|
|
------------------ |
------------------ |
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Total assets |
583,230 |
612,470 |
|
|
============= |
============= |
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Short loans |
0 |
0 |
|
Accounts payable |
50,160 |
49,720 |
|
Other Accounts payable |
17,220 |
22,750 |
|
Notes payable |
70,080 |
78,200 |
|
Advances from clients |
38,980 |
41,110 |
|
Withdraw the expenses in advance |
0 |
0 |
|
Other current liabilities |
82,680 |
75,670 |
|
|
------------------ |
------------------ |
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Current liabilities |
259,120 |
267,450 |
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Long term liabilities |
85,000 |
66,120 |
|
Other liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
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Total liabilities |
344,120 |
333,570 |
|
Equities |
239,110 |
278,900 |
|
|
------------------ |
------------------ |
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Total liabilities & equities |
583,230 |
612,470 |
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|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
as of Dec. 31, 2008 |
as of Dec. 31, 2009 |
|
Turnover |
447,800 |
462,450 |
|
Cost of goods sold |
349,280 |
346,830 |
|
Sales expense |
29,120 |
30,170 |
|
Management expense |
25,210 |
30,490 |
|
Finance expense |
13,550 |
7,120 |
|
Other expense |
1,240 |
260 |
|
Profit before tax |
29,400 |
47,580 |
|
Less: profit tax |
2,060 |
5,800 |
|
Profits |
27,340 |
41,780 |
Important Ratios
=============
|
|
As of Dec. 31, 2008 |
As of Dec. 31, 2009 |
|
*Current ratio |
1.14 |
1.17 |
|
*Quick ratio |
0.89 |
0.91 |
|
*Liabilities to assets |
0.59 |
0.54 |
|
*Net profit margin (%) |
6.11 |
9.03 |
|
*Return on total assets (%) |
4.69 |
6.82 |
|
*Inventory /Turnover ×365 |
53 days |
56 days |
|
*Accounts receivable/Turnover ×365 |
46 days |
47 days |
|
*Turnover/Total assets |
0.77 |
0.76 |
|
* Cost of goods sold/Turnover |
0.78 |
0.75 |
PROFITABILITY: FAIRLY GOOD
l
The
turnover of SC appears fairly good, and it was rising in 2009.
l
SC’s net
profit margin is fairly good in both years.
l
SC’s
return on total assets is average in 2008 and fairly good in 2009.
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 is maintained in an average level.
l
SC has
no short-term loan both in both years.
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: Fairly
good.
SC is considered medium-sized
in its line with fairly good financial conditions. A credit line up to USD 1,500,000 would appear to be within
SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.34 |
|
UK Pound |
1 |
Rs.73.70 |
|
Euro |
1 |
Rs.65.75 |
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 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.