MIRA
INFORM REPORT
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Report Date : |
13.05.2011 |
IDENTIFICATION DETAILS
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Name : |
Zhejiang Guobang
Pharmaceutical Co., Ltd. |
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Registered Office : |
No. 6, Weiwu Road, Shangyu Fine Chemical Industrial Park, Hangzhou
Bay, Zhejiang Province, 312369 Pr |
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Country : |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
06.08.2004 |
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Com. Reg. No.: |
330600400010566 |
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Legal Form : |
Chinese-Foreign Equity Joint Venture |
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Line of Business : |
Manufacturing and selling API, chemical intermediates and animal medicine |
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 1,500,000 |
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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) |
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|
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
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 |
Name and address
Zhejiang Guobang Pharmaceutical Co., Ltd.
NO. 6,
TEL: 86 (0)
575-86126552/82738278 FAX: 86 (0) 575-82730672
EXECUTIVE SUMMARY
INCORPORATION DATE : august 6, 2004
REGISTRATION NO. : 330600400010566
REGISTERED LEGAL FORM : Chinese-foreign equity
joint venture
STAFF STRENGTH :
1,000
REGISTERED CAPITAL : CNY 80,800,000
BUSINESS LINE :
manufacturing
TURNOVER :
CNY 1,002,108,000 (AS OF DEC. 31, 2009)
EQUITIES :
CNY 265,195,000 (AS OF DEC. 31, 2009)
PAYMENT :
AVERAGE
RECOMM.
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : WELL-KNOWN
EXCHANGE RATE :
CNY 6.49 = 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 is SC’s office address.
SC was registered as a wholly foreign-owned enterprise at local
Administration for Industry & Commerce (AIC - The official body of issuing
and renewing business license) on august 6, 2004 and has been under present
legal form since 2009.
Company Status: Chinese-foreign equity joint venture
enterprise This form of business in PR
China is defined as a legal person. It is a limited co. jointly invested by
one or more foreign companies and one or more PR China controlled companies
within the territories of PR China according to a certain proportion of
capital investment. The investing parties exercise business management,
share profits and bear all risks and liabilities of the co. together. The
equity joint venture law requires that foreign party contribute not less
than 25% of the registered capital, with no maximum. The investing parties
are free to agree on method of profit distribution and liabilities bearing
according to the proportion of capital investment. Each investing parties
contributes funds, tangible assets, technology & etc. The board of
directors excises the high authority. The joint venture usually has a
limited duration of 10 to 50 years. Enterprise with large investment, long
construction periods, low investment returns, introducing of advanced
technology & advanced technology products that have good competition
position in international market may extend beyond the 50 years limit.
SC’s registered
business scope includes manufacturing animal powder drug/premix, peroral
solution, bulk drugs, selling its products.
SC is mainly engaged
in manufacturing and selling API, chemical intermediates and animal medicines.
Mr. Qiu Jiajun (邱家军) has been the legal representative,
chairman and general manager of SC since 2004.
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 Shangyu. Detailed
information of the premise is unknown.
SC
has another office in
http://www.gbpharm.com
The design is professional and the content is well organized. At present it is both
in Chinese and English versions.
E-mail: gb@gbpharm.com
SC has passed ISO9001:2000 quality system and ISO14001environment
quality system certification as a whole. All products are strictly manufactured
according to ICH Q
Changes
of its registered information are as follows:
|
Date of change |
Item |
Before the
change |
After the change |
|
|
Registered Capital |
CNY 20,000,000 |
CNY 32,000,000 |
|
|
Legal
representative |
Zhang Qiong |
Qiu Jiajun |
|
|
Company Name |
Zhejiang Guobang
Veterinary
Drug Co., Ltd. |
Zhejiang Guobang
Pharmaceutical Co., Ltd. |
|
|
Registered Capital |
CNY 32,000,000 |
CNY 80,800,000 |
|
|
Registration No. |
003124 |
330600400010566 |
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|
Legal form |
Wholly foreign-owned enterprise |
Chinese-foreign equity joint venture
enterprise |
|
Shareholders and % of shareholdings |
Yubang Investment Limited (B.V.I.)100% |
Yubang Investment Limited (B.V.I.)60% Guobang Pharmaceutical Chemical Group Co.,
Ltd. 40% |
MAIN SHAREHOLDERS:
Name %
of Shareholding
Yubang Investment Limited (B.V.I.) 60
Guobang Pharmaceutical Chemical Group Co.,
Ltd. 40
Guobang Pharmaceutical Chemical Group Co.,
Ltd.:
=====================================
Address:
Tel: 86 0575-86124548/86133852
l
Legal Representative, Chairman and General Manager:
Mr.
Working Experience(s):
From 2004
to present Working in SC
as legal representative, chairman and general manager.
Jin Xiaoyong ID# 330624197603010032
Jin Biao ID# 330624194808050018
Zhu Yaqing ID# 330624196701060012
SC is mainly
engaged in manufacturing and selling API, chemical intermediates and animal
medicine.
SC’s products
mainly include: Azaerythromycin Order, Azithromycin USP / Ph. Eup.,
Clarithromycin USP / Ph. Eup., Roxithromycin Ph. Eup. /CP2005, Ciprofloxacin
Hcl USP / Ph. Eup., Ciprofloxacin Lactate, Cyclopropylamine (CPA), Cyclopropyl
Carboxylic Acid (Q-Acid), Levofloxacin, Levofloxacin Carboxylic Acid
SC sources its materials 100% from domestic
market, mainly
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 Supplier:
==============
Henan Topfond Pharmaceutical Co., Ltd.
*Major Customer:
==============
Shandong Kanghui Pharmaceutical Co., Ltd.
SC
is known to invest in the following companies:
Shangyu
Huada Pharmaceutical Chemicals R&D Co., Ltd.
Shangyu
Lianxin Recycling Materials Recovery Co., Ltd.
Shangyu
Water Treatment Development Co., Ltd.
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
AC# 870017377608091001
Relationship:
Balance Sheet
Unit: CNY’000
|
|
as
of Dec. 31, 2008 |
as
of Dec. 31, 2009 |
|
Cash & bank |
73,560 |
60,639 |
|
Short-term
investment |
0 |
500 |
|
Notes receivable |
0 |
14,535 |
|
Inventory |
153,120 |
112,003 |
|
Accounts
receivable |
57,010 |
104,423 |
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Other Accounts
receivable |
11,150 |
17,881 |
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Other current
assets |
11,740 |
0 |
|
|
------------------ |
------------------ |
|
Current assets |
306,580 |
309,981 |
|
Fixed assets net
value |
165,640 |
161,875 |
|
Projects under
construction |
0 |
25,385 |
|
Long term
investment |
0 |
3,904 |
|
Intangible and
other assets |
20,190 |
7,954 |
|
|
------------------ |
------------------ |
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Total assets |
492,410 |
509,099 |
|
|
============= |
============= |
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Short loans |
138,330 |
113,000 |
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Notes payable |
0 |
46,000 |
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Accounts payable |
61,660 |
57,191 |
|
Other Accounts
payable |
14,110 |
17,951 |
|
Welfare payable |
0 |
2,560 |
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Taxes payable |
0 |
5,932 |
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Surcharge
payable |
0 |
251 |
|
Accrued expenses |
0 |
1,019 |
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Other current
liabilities |
71,270 |
0 |
|
|
------------------ |
------------------ |
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Current
liabilities |
285,370 |
243,904 |
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Long term
liabilities |
0 |
0 |
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Other
liabilities |
10 |
0 |
|
|
------------------ |
------------------ |
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Total
liabilities |
285,380 |
243,904 |
|
Equities |
207,030 |
265,195 |
|
|
------------------ |
------------------ |
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Total
liabilities & equities |
492,410 |
509,099 |
|
|
============= |
============= |
Income Statement
Unit: CNY’000
|
|
as of Dec. 31,
2008 |
as of Dec. 31,
2009 |
|
Turnover |
744,610 |
1,002,108 |
|
Cost of goods
sold |
631,350 |
830,294 |
|
Sales expense |
20,050 |
17,862 |
|
Management expense |
47,010 |
78,906 |
|
Finance expense |
12,310 |
7,237 |
|
Profit before
tax |
40,610 |
68,061 |
|
Less: profit tax |
5,080 |
10,209 |
|
Profits |
35,530 |
57,852 |
Important
Ratios
=============
|
|
As
of Dec. 31, 2008 |
As
of Dec. 31, 2009 |
|
*Current ratio |
1.07 |
1.27 |
|
*Quick ratio |
0.54 |
0.81 |
|
*Liabilities
to assets |
0.58 |
0.48 |
|
*Net profit
margin (%) |
4.77 |
5.77 |
|
*Return on
total assets (%) |
7.22 |
11.36 |
|
*Inventory
/Turnover ×365 |
75 days |
41 days |
|
*Accounts
receivable/Turnover ×365 |
28 days |
38 days |
|
*Turnover/Total
assets |
1.51 |
1.97 |
|
* Cost of
goods sold/Turnover |
0.85 |
0.83 |
PROFITABILITY:
FAIRLY GOOD
l
The turnover of SC appears fairly good in its line
in 2008, and it increased in 2009.
l
SC’s net profit margin is average 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 in both 2 years,
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 fair level in
2008, and appears normal in 2009.
l
The inventory of SC appears fairly large in both 2
years.
l
The accounts receivable of SC appears average in
2008, but fairly large in 2009.
l
The short-term loan of SC appears fairly large in
both 2 years.
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 in both 2 years.
l
The risk for SC to go bankrupt is low.
Overall financial
condition of the SC: Fairly Stable.
SC is considered large-sized in its line with fairly stable 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.44.79 |
|
|
1 |
Rs.73.19 |
|
Euro |
1 |
Rs.63.59 |
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.