MIRA
INFORM REPORT
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Report Date : |
10.11.2011 |
IDENTIFICATION DETAILS
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Name : |
ANHUI BIOCHEM UNITED PHARMACEUTICAL CO., LTD. |
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Registered Office : |
No. 108 Shahe Road, Taihe County, Fuyang City Anhui Province 236604 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
15.08.2007 |
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Com. Reg. No.: |
341222000000276 |
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Legal Form : |
Chinese-Foreign Equity Joint Venture
Enterprise |
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Line of Business : |
Manufacturing and selling pharmaceutical
intermediates, APIs and finished drug. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 300,000 |
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Status : |
Satisfactory |
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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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
China |
A2 |
A2 |
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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 |
Company name and address
ANHUI BIOCHEM UNITED PHARMACEUTICAL CO., LTD.
NO. 108 SHAHE ROAD, TAIHE COUNTY, FUYANG CITY
ANHUI PROVINCE 236604 PR CHINA
TEL: 86 (0) 558 8629371
FAX: 86 (0) 558 8635599
EXECUTIVE SUMMARY
Date of Registration : august 15, 2007
REGISTRATION NO. : 341222000000276
LEGAL FORM : Chinese-foreign equity joint venture
enterprise
REGISTERED CAPITAL : USD 7,550,000
staff :
230
BUSINESS CATEGORY : manufacturing
Revenue :
CNY 63,870,000 (AS OF DEC. 31, 2010)
EQUITIES :
CNY 72,000,000 (AS OF DEC. 31, 2010)
WEBSITE : www.bcpharm.com
E-MAIL :
zn@bcpharm.com
PAYMENT :
AVERAGE
Recommended Credit Limit: UP TO USD 300,000
(PERIODICAL REVIEW)
MARKET CONDITION : average
FINANCIAL CONDITION : FAIRly stable
OPERATIONAL TREND : fairly STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.35 = USD 1
Adopted abbreviations (as follows)
SC - Subject Company
(the company inquired by you)
N/A – Not available
CNY – China Yuan Ren
Min Bi
OPERATIONAL TREND & GENERAL
REPUTATION
This section aims at indicating the relative positions of SC in respect
of its operational trend & general reputation
Operational Trend:- General
Reputation:-
Upward Excellent
Steady Good
Fairly Steady Fairly
Good
Ordinary Average
Fair Fair
Stagnant Detrimental
Downward Not
known
Not known Not
yet be determined
Not yet be determined
LEGAL STATUS & HISTORY
***Note: The given telephone No. (0086551 5167062)
belongs to SC’s parent company.
SC was established
as a Chinese-foreign equity joint venture enterprise of PRC with State
Administration of Industry & Commerce (SAIC) under registration No.:
341222000000276 on August 15, 2007.
SC’s Organization Code Certificate No.:
66293236-8
SC’s registered capital: USD 7,550,000
SC’s paid-in capital: USD 7,550,000
No significant changes of SC have been noted
in SAIC since its incorporation.
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Anhui Biochem Pharmaceutical Co., Ltd. |
73.49 |
|
QVT FUND LP (B.V.I.) |
26.00 |
|
Li Fulin |
0.50 |
|
Li Ling |
0.01 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman, and
General Manager |
Wang Zhibang |
|
Director |
Li Fulin |
|
Supervisor |
Li Ling |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Anhui Biochem Pharmaceutical Co., Ltd. 73.49
QVT FUND LP (B.V.I.) 26.00
Li Fulin 0.50
Li Ling 0.01
Anhui Biochem Pharmaceutical Co., Ltd.:
=================================
Date of Registration: March 26, 2003
Registration No.: 341222000001734
Legal Form: Limited
Liabilities Company
Registered Capital: CNY 26,000,000
MANAGEMENT
Wang Zhibang ,
Legal Representative, Chairman and General Manager
------------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age:
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as legal representative,
chairman and general manager
Also working in Anhui
Biochem Pharmaceutical Co., Ltd. as legal representative
Director
-----------
Li Fulin
Supervisor
---------------
Li Ling
BUSINESS OPERATION
SC’s registered business scope includes
manufacturing pharmaceutical intermediates, APIs and finished drug; researching
and developing related pharmaceutical raw materials and finished products;
selling its owned products and providing related support services.
SC is mainly
engaged in manufacturing and selling pharmaceutical
intermediates, APIs and finished drug.
Brand: BC
SC’s products
mainly include:
Lamivudine
(3TC)
Zidovudine
(AZT)
Nevirapine
(NVP)
Ritonavir
(RTV)
Lopinavir
(LPV)
Lafutidine
Entecavir
Tenofovir
Disoproxil Fumarate
S-Adenosyl-L-Methionine
Disulfate Tosylate (SAMe)
SC sources its materials 100% from domestic
market, mainly Anhui. SC sells 30% of its products in domestic market, and 70%
to overseas market, mainly USA, Europe and Southeast Asia.
The buying terms
of SC include T/T and Credit of 30-60 days. The payment terms of SC include
T/T, L/C and Credit of 30-60 days.
Staff & Office:
--------------------------
SC is known
to have approx. 230 staff at
present.
SC owns an area as
its operating office & factory of approx. 51,000 sq. meters at the heading
address.
RELATED COMPANY
SC
is known to have 2 subsidiaries at present:
n
Anhui Biochem Bio-Pharmaceutical Co., Ltd.
------------------------------------------------------------
Date
of Registration: 340106000007770
Address:
No. 30 Hongfeng Road, Hi-Tech Development Zone, Hefei (230088), China
Tel:
+86 551 5228299
Fax:
+86 551 5228200
Email:
xsl@bcpharm.com
n
Anhui Biochem Medical Sales Co., Ltd.
------------------------------------------------------
Date
of Registration: 340106000034843
Address:
No. 30 Hongfeng Road, Hi-Tech Development Zone, Hefei (230088), China
Tel:
+86 400 6907999
Fax:
+86 551 5369760
Email:
lzz@bcpharm.com
PAYMENT
Overall payment appraisal:
( ) Excellent ( ) Good (X) Average ( ) Fair ( ) Poor ( ) Not yet be 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.
BANKING
The bank
information of SC is not filed in SAIC.
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
500 |
2,330 |
|
|
Accounts
receivable |
1,480 |
45,020 |
|
Advances to
suppliers |
0 |
0 |
|
Other receivable |
19,430 |
-7,700 |
|
Inventory |
34,570 |
36,550 |
|
Non-current
assets within one year |
0 |
0 |
|
Other current
assets |
-13,260 |
20,670 |
|
|
------------------ |
------------------ |
|
Current assets |
42,720 |
96,870 |
|
Fixed assets |
5,950 |
6,060 |
|
Construction in
progress |
11,190 |
11,660 |
|
Intangible
assets |
0 |
0 |
|
Long-term
investment |
40,000 |
62,000 |
|
Deferred income
tax assets |
0 |
0 |
|
Other
non-current assets |
23,140 |
21,350 |
|
|
------------------ |
------------------ |
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Total assets |
123,000 |
197,940 |
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|
============= |
============= |
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Short-term loans |
34,010 |
32,000 |
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Accounts payable |
0 |
0 |
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Wages payable |
0 |
0 |
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Advances from
clients |
0 |
0 |
|
Other payable |
6,920 |
23,520 |
|
Other current
liabilities |
2,610 |
10,410 |
|
|
------------------ |
------------------ |
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Current
liabilities |
43,540 |
65,930 |
|
Non-current
liabilities |
30,020 |
60,010 |
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|
------------------ |
------------------ |
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Total
liabilities |
73,560 |
125,940 |
|
Equities |
49,440 |
72,000 |
|
|
------------------ |
------------------ |
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Total
liabilities & equities |
123,000 |
197,940 |
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|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2010 |
|
Revenue |
63,870 |
|
Cost of sales |
24,790 |
|
Sales expense |
2,190 |
|
Management expense |
9,080 |
|
Finance expense |
2,630 |
|
Profit before
tax |
25,210 |
|
Less: profit tax |
2,660 |
|
22,550 |
Important Ratios
=============
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
*Current ratio |
0.98 |
1.47 |
|
*Quick ratio |
0.19 |
0.91 |
|
*Liabilities
to assets |
0.60 |
0.64 |
|
*Net profit
margin (%) |
-- |
35.31 |
|
*Return on
total assets (%) |
-- |
11.39 |
|
*Inventory /
Revenue ×365 |
-- |
209 days |
|
*Accounts
receivable/ Revenue ×365 |
-- |
258 days |
|
*
Revenue/Total assets |
-- |
0.32 |
|
* Cost of
sales / Revenue |
-- |
0.39 |
FINANCIAL COMMENTS
PROFITABILITY:
FAIRLY GOOD
l
The revenue of SC appears average in its line.
l
SC’s net profit margin is good.
l
SC’s return on total assets is fairly good.
l
SC’s cost of goods sold is low, comparing with its
revenue.
LIQUIDITY: FAIR
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 appears large.
l
The accounts receivable of SC appears large.
l
The short-term loan of SC appears fairly large.
l
SC’s revenue is in a fair 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 average.
Overall financial
condition of the SC: Fairly stable.
CONCLUSIONS
SC is considered medium-sized in its line with fairly stable financial
conditions. The large amount of inventory and accounts receivable may be a
threat to SC’s financial condition. A credit line up to USD 300,000 is
recommended upon a periodical review basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.78 |
|
|
1 |
Rs.80.12 |
|
Euro |
1 |
Rs.68.82 |
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.