MIRA INFORM REPORT
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Report Date : |
02.11.2011 |
IDENTIFICATION DETAILS
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Name : |
ZUELLIG PHARMA SDN. BHD. |
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Formerly Known As : |
F.E.ZUELLIG (MALAYSIA) SDN.BHD |
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Registered Office : |
C/O Symphony Corporatehouse Sdn Bhd Level 8, Symphony House, Pusat Dagangan Dana 1, Jalan Pju 1a/46, Petaling Jaya, Selangor Darul Ehsan, Zip/Postal Code 47301 |
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Country : |
Malaysia |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
12.12.1960 |
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Com. Reg. No.: |
4013-D |
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Legal Form : |
Private Limited Company Limited By Shares |
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Line of Business : |
Sales and distribution of pharmaceutical and healthcare products |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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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 |
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Maximum Credit Limit : |
USD 4,000,000 |
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Status : |
Good |
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Payment
Behaviour : |
Regular |
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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 – September 30th, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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Malaysia |
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 |
Identification details
Verified Address
Subject name : ZUELLIG PHARMA SDN. BHD.
Business address : No 15, Persiaran Pasak Bumi
Seksyen U8
Perindustrian Bukit Jelutong
Town : Shah Alam
Province : Selangor Darul Ehsan
Zip/postal code : 40150
Country : Malaysia
Tel : +60 3 55662288
Fax : +60 3 55662388
Email : mycontacts@zuelligpharma.com.my
Website : www.zuelligpharma.com
Registered address : C/o SYMPHONY CORPORATEHOUSE SDN BHD Level 8, Symphony House
Pusat Dagangan Dana 1
Jalan PJU 1A/46
Town : Petaling Jaya
Province : Selangor Darul Ehsan
Zip/postal code : 47301
Country : Malaysia
Summary details
Executive Summary
Date founded or registered : 12/12/1960
Legal form : Private Limited Company Limited By Shares
Chief executive : Stefan Heitmann
Issued & paid up capital : MYR 13,833,723
Sales turnover : MYR 2,806,608,000 (Non-consolidated 12 months, 31/12/2010)
Net income : MYR 36,163,000 (Non-consolidated 12 months, 31/12/2010)
Total fixed assets : MYR 786,620,000 (Non-consolidated 12 months, 31/12/2010)
Line of business : Sales and distribution of pharmaceutical and healthcare products.
Staff employed : 341 (Subject) 10,000+ (Zuellig Group)
Credit risk opinion
Company Analysis
Country risk : Country risk is minimal
Operation trend : Operational trend is steady
Management experience : Management is adequately experienced
Financial performance : Financial performance is very good
Organization structure : Organizational structure is consistent
Detrimental : No detrimental records found
Payment history : No payment delays noted
Credit amount suggestion : USD 4,000,000
Credit amount asked : Not described.
Comments : Larger credit can still be considered. The Subject is well positioned in the
market and the financial stability of the group is positive.
Statutory details
Registry Data
Registration date : 12/12/1960
Legal form : Private Limited Company Limited By
Shares
Registration no 4013-D
Registered authority : Companies Commission of Malaysia
Registry status : Live/Active
Previous name : The Subject was established on
1960-12-12 under the name F.E.ZUELLIG (MALAYSIA) SDN.BHD. and changed to
current style on 08-01-1993.
Change of legal form : None reported.
Management / directors
Key Management
Name : Stefan Heitmann
Designation : Chief Executive Officer
Name : Law Kar Siang
Designation : Financial Manager
Name : Richard Ong
Designation : IT Manager
Name : Thanujah Mahalingam
Designation : Human Resources Manager
Name : Daryl Ong
Designation : Operation Manager
Board of directors / other
appointments
Appointments
Name : Datuk Dr. Anis Bin Ahmad
Designation : Director
Identification no : 460218-01-5211
Appointment date: 31/05/01
Address : No 41,Jalan PJU 1A/1E Ara Damansara
47301 Petaling Jaya Selangor Darul Ehsan Malaysia
Name : Baba Bin Mohd Salleh Haji
Designation : Director
Identification no : 521001-10-5669
Appointment date : 17/05/00
Address : No 9, Jalan SS 3/53
Kelana Jaya
47300 Petaling Jaya Selangor Darul Ehsan Malaysia
Name : Roland Urs Bruhin
Designation : Director
Identification no : E3769641
Appointment date : 26/03/09
Address : Flat B, 1/F, Borrett Mansion
8-9 Bowen Road Mid Level Central Hong Kong
Name : Seow Heng Choo
Designation : Director
Identification no : S2553902H
Appointment date : 24/01/00
Address : 25 Holand Hill
09-01, Holland Peak
Singapore 278740
Singapore
Name : Catherine Mah Suik Ching
Designation : Company Secretary
Identification no : 600421-10-6364
Appointment date : 05/10/10
Address : 19, Jalan BK3/8D
Bandar Kinrara, Puchong
58200 Kuala Lumpur Wilayah
Persekutuan Malaysia
Name : See Siew Cheng
Designation : Company Secretary
Identification no : 670505-10-5880
Appointment date : 15/10/08
Address : 17, Jalan Ara SD 7/4G Bandar Sri
Damansara
52200 Kuala Lumpur Wilayah Persekutuan Malaysia
Staff employed : 341 (Subject) 10,000+ (Zuellig Group)
Key Advisors
Auditors : PRICEWATERHOUSECOOPERS
Level 10, 1 Sentral
Jalan Travers
Kuala Lumpur Sentral
50470 Kuala Lumpur
Malaysia
Share capital
Composition
Authorized Capital : MYR 20,000,000
No of shares : 20,000,000 Ordinary Shares
Share par value : MYR 1
Issued capital : MYR 13,833,723
Paid up capital : MYR 13,833,723
ownership / shareholders
How listed : Full List
Composition
Shareholder name : INTERPHARMA EQUITY (MALAYSIA) SDN.BHD.
Address : No 15, Persiaran Pasak Bumi,Seksyen U8
Perindustrian Bukit Jelutong
40150 Shah Alam, Selangor Darul
Ehsan
Malaysia
No. of shares : 13,833,723 Ordinary Shares
% of shares : 100%
Related companies & corporate Affiliations
Structure
Name : THE ZUELLIG GROUP, INC
Affiliation type : Ultimate Holding Company
Address : 13th Floor, Shui On Centre
6-8 Harbour Road
Wanchai
Hong Kong
Comments : The company is registered in
The Zuellig
Group, Inc. operates in healthcare and pharmaceutical, agribusiness
manufacturing and distribution, agricultural equipment supply and materials
handling, and real estate businesses in the Asia Pacific region. It distributes
pharmaceutical products, as well as provides logistical services, including
inventory management, warehousing, distribution, and customer order management;
offers professional services on stock supply to pharmacies, which comprise
supply chain management, stock replenishment, private label procurement, and
purchasing; provides health care, appearance, and medication information and
advice; offers pharmaceuticals contract manufacturing services; supplies
nutritional ingredients, such as whole herb powders and teas, herbal extracts,
vitamins, minerals, specialty supplements, and value added ingredients; and
manufactures and markets livestock and aquaculture feeds, including compound
feed, concentrates, and premixes. The company also distributes farm tractors
and machinery, which comprise harvesting, tillage and seeding, materials
handling, and ground care equipment; and distributes and rents materials handling
and construction equipment, and forklifts. In addition, it provides property
investment and asset management services; and leases land and buildings in
1916 and is based in Wanchai, Hong Kong. It has
manufacturing plants in the Philippines, Thailand, and Vietnam.
Name : INTERPHARMA EQUITY (MALAYSIA) SDN.BHD.
Affiliation type : Parent Company
Address : No 15, Persiaran Pasak Bumi,Seksyen U8
Perindustrian Bukit Jelutong
40150 Shah Alam, Selangor Darul Ehsan
Malaysia
Name : ZUELLIG PHARMA ASIA PACIFIC LTD.
Affiliation type : Sister Company
Address : Suite 1303, Shui On Centre
6-8 Harbour Road
Wan Chai
Hong Kong
Comments : Zuellig Pharma Asia Pacific Ltd., a
pharmaceutical and healthcare products distribution company, provides
distribution solutions for healthcare products in
Name : ZUELLIG PHARMA BANGLADESH LIMITED
Affiliation type : Sister Company
Address : 110, Tejgaon Industrial Area
Dhaka 1208
Bangladesh
Name : ZUELLIG PHARMA SDN BHD.
Affiliation type : Sister Company
Address : Simpang 607, Lot 29996
Unit 5, Kg. Beribi
Jalan Gadong BE 1118
Bandar Seri Begawan
Brunei Darussalam
Name : ZUELLIG PHARMA KOREA LTD
Affiliation type : Sister Company
Address : Zuellig Pharma
Korea Head Office
3F Dongwon Bldg
275 Yangjae-dong
Seocho-gu, Seoul 137-717
Korea
Name : ZUELLIG PHARMA CORPORATION
Affiliation type : Sister Company
Address : Zuellig Pharma Building, Km. 14
West Service Road, South
Superhighway Corner
Edison Avenue Brgy, Sun Valley
Paranaque City, Metro Manila
1700
Philippines
Comments Zuellig Pharma Corporation engages in the
business of pharmaceutical distribution. It offers warehousing, sales order
processing, invoicing, collection, credit and risk management, retail sales
force, sample management, supply chain management, and product destruction
services. Zuellig Pharma Corporation was formerly known as Pharma Industries,
Inc. The company is based in
Name ZUELLIG PHARMA LIMITED
Affiliation type Sister Company
Address Suite 608, 6/F
Devon House, Taikoo Place
Quarry Bay
Hong Kong
Comments Zuellig Pharma Ltd. distributes pharmaceutical and healthcare products in Hong Kong. Zuellig Pharma Ltd. was formerly known as Mason and changed its name to Zuellig Pharma Ltd. in 1993. The company is based in Hong Kong. Zuellig Pharma Ltd. operates as a subsidiary of Zuellig Pharma Asia Pacific Ltd.
Name : ZUELLIG PHARMA AUSTRALIA PTY. LTD.
Affiliation type : Sister Company
Address : 80 Mount Street
North Sydney, NSW 2060
Australia
Name : ZUELLIG PHARMA PTE LTD
Affiliation type : Sister Company
Address : 15 Changi North Way
#01-01
Singapore 498770
Singapore
Related companies and corporate affiliations comments
Other companies of the The Zuellig Group should agribusiness manufacturing and distribution, agricultural equipment be considered affiliates of the Subject. The Zuellig Group operates in healthcare and pharmaceutical, Supply and materials handling, and real estate businesses in the Asia Pacific region.
Bank & mortgages
Bank Details
Name of
bank :
CIMB Bank Berhad
Address :
Malaysia
Account
details :
Current Account
Name of
bank :
HSBC Bank Malaysia Berhad
Address :
Malaysia
Account
details :
Current Account
Comments : It is generally not the policy of local
banks to provide credit status information to non related parties, however
interested parties would be advised to consult first with the Subject if
banker's references are required.
Mortgages
Total of Charge: OPEN CHARGE
Date of Creation: 06-03-1975
Name of Chargee: THE HONGKONG SHANGHAI BANKING CORP
Charge Status: FULLY SATISFIED
Total of Charge: 2,400,000.00
Date of Creation: 29-06-1987
Name of Chargee: BANK BUMIPUTRA MALAYSIA BHD
Charge Status: FULLY SATISFIED
Total of Charge: 6,500,000.00
Date of Creation: 29-06-1987
Name of Chargee: THE HONGKONG AND SHANGHAI BANKING CORPORATION
Charge Status: FULLY SATISFIED
Total of Charge: 2,500,000.00
Date of Creation: 31-07-1989
Name of Chargee: UTAMA WARDLEY BERHAD
Charge Status: FULLY RELEASED
Legal Fillings
Bankruptcy fillings : None reported.
Court judgements : None reported.
Tax liens : None reported.
Others : None reported.
financial data
Description
Source of financial statement : Commercial Registry Filings
Financial statement date : 31/12/10
Type of accounts : Full audited
Currency : Malaysia, Ringgit (MYR)
Exchange rate : 1 USD = MYR 3.14 as of 24-10-2011
Summarized Financial Information
Consolidation type : Non Consolidated Non Consolidated Currency :
Date of financial year end : 31/12/10 31/12/09
Length of accounts : 12 months 12 months
Gross profit : 108,808,000 98,422,000
Operating profit : 49,039,000 43,901,000
Profit before tax : 49,039,000 43,883,000
Net income : 36,163,000 32,324,000
Non current assets : 88,290,000 94,100,000
Current assets : 698,330,000 656,776,000
Inventories : 114,601,000 145,039,000
Total assets : 786,620,000 750,876,000
Current liabilities : 658,976,000 639,918,000
Non current liabilities : 750,000 227,000
Total liabilities : 659,726,000 640,145,000
Share equity : 126,894,000 110,731,000
Retained earning : 113,060,000 96,897,000
Comments : The Subject's Ultimate Holding Company
The Zuellig Group, Inc. group consolidated turnover is estimated at USD 12
billion.
Operation details
Main activities The Subject is engaged in
sales and distribution of pharmaceutical and healthcare products.
The Subject is
part of The Zuellig Group which is a privately-owned group of companies that
owns and manages a portfolio of industry-leading businesses across the
Asia-Pacific region.
Brand : Abbott, Allergan, Amo, Astra Zeneca,
Bausch & Lomb, Baxter Healthcare, Bayer Consumer, Bayer-Schering,
Blackmores, Cambert, Danone Dumex, Edwards Lifesciences, Ego Pharma, Eig
Pharma, Embun Elit, Emerging Pharma, Fresenius Kabi, Galderma, Groway, GSK
Consumer, GSK Pharmaceutical, Herbal Revival, iNova, J&J Cordis, J&J
Depuy, J&J Medical, J&J Ortho Clinical, Janssen-Cilag, Johnson &
Johnson, Merck, Molnlycke, MSD, Mundipharma-Analgesics, Mundipharma-Antiseptics,
Neo Asia, Novartis, Nuvanta, Orient Europharma, Otsuka, Pfizer,(Wyeth
Consumer), Purecare, Reckitt Benckiser, Rohto-Mentholatum, Sanofi Pasteur,
Servier, Siemens Healthcare, Smith & Nephew, Sun Pharmaceutical, Swiss Bio
Pharma, Takeda, Total Health Concept, Total Image, UCB Pharma, Unam
Corporation, Urgo, Uriage
Purchases
International : Asia, Europe, North America
Sales
Local : Yes
International : Asia
Property & Assets
Premises :
The Subject operates from premises
located at the verified heading address consisting of
distribution centre and administrative office covering 24,000 square
meter.
Branches :
In addition, the Subject operates from
customer care centre: Customer Care Centers
West Malaysia Penang Ipoh, Perak Melaka Johor Bahru, Johor Kota Bahru, Kelantan Kuantan, Pahang East Malaysia Kuching, Sarawak Kota Kinabalu, Sabah
Other property : Total NBV of property, plant and equipment as of 31-12-2010 was MYR 10,999,000.
Summarized country risk
Gross Domestic Products (GDP) & Economic
Overview
Central bank : Central Bank of
Reserve of foreign exchange & gold :
US$131 billion as of 30 September 2011
Gross domestic product - GDP : US$ 247.781 billion
GPP (Purchasing power parity) : 442.01
billion of International dollars
GDP per capita - current prices : US$
8,624
GDP - composition by sector : agriculture: 9.4% industry: 40.9% services: 49.7%
Inflation 2008: 5.4%
2009: 0.6%
2010: 1.7%
Unemployment
rate 2008
3.3%
2009 3.6%
2010 3.3%
Public debt
(General Government gross
debt as a % GDP) 2008: 42.8 %
2009: 55.4%
2010: 55.2%
Government bond
ratings Standard
& Poor's: A-/Stable/A-2
Moody's rating: A3
Moody's outlook: STA
Market value of publicly traded shares US$ 420 Billion
Largest companies in the country : CIMB Group Holdings (Banking), Sime
Darby (Conglomerates),
Public
Bank (Banking), Maybank (Banking), Tenaga Nasional(Utilities), Petronas
Chemicals, Maxis Berhad
Trade & Competitiveness Overview
Total exports : US$210.3 billion
Exports commodities : electronic equipment, petroleum and liquefied natural gas, wood and wood
products, palm oil, rubber, textiles, chemicals
Total imports : US$156.2 billion
Imports commodities : electronics, machinery, petroleum products, plastics, vehicles, iron andsteel
products, chemicals
Export - major partners : US 15.6%, Singapore 14.6%, Japan 9.1%, China 8.8%, Thailand 5%, Hong
Kong 4.6%
Import - major partners : Japan 13%, China 12.9%, Singapore 11.5%, US 10.8%, Taiwan 5.7%,
Thailand 5.3%, South Korea 4.9%, Germany 4.6%, Indonesia 4.2%
FDI Inflows 2007: US$8,538 million
2008: US$7,318 million
2009: US$1,381 million
Country and Population Overview
Total population :
28.23 million
Total area :
329,847 km2
Capital : Kuala Lumpur
Currency : Malaysia Ringgits (MYR)
Internet
users as % of total population
: 57.61%
Payment history
Purchase Term
Local : Prepayment, Credit 30-90 days
International : L/C, Prepayment, Credit 30-90 days
Sales Term
Local : Prepayment, Cash against document,
Credit 30-90 days
International : L/C, Credit 30-90 days
Trade Reference/ Payment Behaviour
Comments : As local and international trade references
were not supplied, the Subject's payment track record history cannot be
appropriately determined but based on our research, payments are believed to be
met without delay.
Investigation Note
Sources : Interviews and material provided by the
Subject
: Other
official and local business sources
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.08 |
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UK Pound |
1 |
Rs.78.78 |
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Euro |
1 |
Rs.67.76 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<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.