MIRA
INFORM REPORT
|
Report Date : |
23.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
GUILIN PHARMACEUTICAL CO.,
LTD. |
|
|
|
|
Registered Office : |
No. 17 Shanghai Road, Xiangshan District, Guilin City, Guangxi, 541004 Pr |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
22.06.2001 |
|
|
|
|
Com. Reg. No.: |
450300000020300 |
|
|
|
|
Legal Form : |
Shares Limited Company |
|
|
|
|
Line of Business : |
Manufacturing and selling finished drug and APIs. |
|
|
|
|
No. of Employees : |
1000 |
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 |
|
Status : |
Good |
|
Payment Behaviour : |
Usually Correct |
|
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 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name and address
GUILIN
PHARMACEUTICAL CO., LTD.
NO. 17 SHANGHAI ROAD, XIANGSHAN DISTRICT,
GUILIN CITY, GUANGXI, 541004 PR CHINA
TEL: 86 (0) 773-3558278/3558021/3558026 FAX: 86 (0) 773-3558027
EXECUTIVE SUMMARY
INCORPORATION DATE : JUNE 22, 2001
REGISTRATION NO. :
450300000020300
REGISTERED LEGAL FORM : SHARES LIMITED CO.
STAFF STRENGTH : 1,000
REGISTERED CAPITAL : CNY 285,030,300
BUSINESS LINE :
MANUFACTURING AND TRADING
TURNOVER : CNY 221,175,000 (AS OF DEC. 31, 2010)
EQUITIES :
CNY 355,160,000 (AS OF DEC. 31, 2010)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO
USD 1,500,000
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
FAIRLY STABLE
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE : CNY 6.36=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 co. at local Administration for Industry &
Commerce (AIC-The official body of issuing and renewing business license) on
June 22, 2001.
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 manufacturing
and selling troche, granular formulation, film agent, hard capsules, soft
capsule, APIs, powder-injection, large capacity injection, small volume injection,
lyophilized powder injection, sterile API and packing material; exporting
self-made products and technology, importing raw materials, machines,
instrument and meter, components and related technology required in
manufacturing, research & development; processing with imported materials,
processing with imported samples, assembling with imported parts, and
compensation trade in agreement.
SC
is mainly engaged in manufacturing and selling finished drug and APIs.
Mr.
Yu Zhemin has been legal representative
and chairman of SC since 2007.
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 Guilin. Our checks reveal
that SC owns the total premise about 81,628 square meters.
http://www.guilinpharma.com/
The design is professional and the content is well organized. At present it is
both in Chinese and English versions.
Email: overseas@guilinpharma.com / scyxb@guilinpharma.com
/ luoy@guilinpharma.com
Certificates:
=========
SC owns the certification of “National Award for Science and Technology
Progress”, “High-Tech Enterprise”, “Advanced Enterprise”, “Guangxi Credible
Enterprise” and etc.
Changes
of its registered information:
|
Date of change |
Item |
Before the change |
After the change |
|
|
Legal representative |
Yan Xiaohua |
The present one |
|
|
Registered Capital |
CNY 72,400,000 |
CNY 82,400,000 |
|
|
Registered Capital |
CNY 82,400,000 |
CNY 194,180,000 |
|
|
Registered Capital |
CNY 194,180,000 |
The present amount |
|
Unknown |
Registration no. |
4503001107066 |
The present one |
MAIN SHAREHOLDERS:
Name
%
of shareholdings
Guilin Pharmacy Co., Ltd. (Literal
Translation) 41.585
Shanghai Fosun Pharmaceutical Industry
Development Co., Ltd. 58.415
Note:
The above shareholding information was SC’s former one, and the corresponding
registered capital was CNY 194,180,000. The changes in the amount of shares of each
shareholder were not yet filed in the local registry, hence no up-to-date
shareholder's information could be provided.
Shanghai Fosun Pharmaceutical Industry
Development Co., Ltd.
==============================================
Registration No. : 310225000247780
Establishment Date: Nov. 27, 2001
Chief Executive: Li Xianlin
Registered Capital: CNY 653,308,000
Add: Fosun Commercial Building, No. 2 Fuxing
Road (East), Shanghai
Tel: 86-21-63323318
Fax: 86-21-63325080
l
Legal representative and Chairman:
Mr. Yu Zhemin
ID# 310102195406081618, born in 1954, economist, he is currently
responsible for the overall management of SC.
Working Experience(s):
From 2007 to present Working in SC as legal representative
and chairman;
Also working in Shanghai Kelin Pharmaceutical
Technology Co., Ltd. as legal representative.
SC
is mainly engaged in manufacturing and selling finished drug and APIs.
SC’s products mainly
include: artesunate medicine, sulfanilamide medicines, antipyretics and
analgesics medicine, vitamins and mineral medicines, cardiovascular system
medicine, anti-infective, respiratory drugs, digestives, diuretics and
dehydrant drugs, raw materials medicine, medicine for blood circulatory system,
antihistaminics, regulator for sugar, salt, acid and alkali balance,
adrenocorticoids, anti-osteoporosis medicine, antiparasitic, hepatic medicine,
and etc.
SC sources its
materials 95% from domestic market, and 5% from overseas markets, mainly Japan
and India. SC sells 70% of its products in domestic market, and 30% to overseas
market, mainly Africa.
The buying terms of SC include Check, T/T, L/C and Credit of 30-60 days.
The payment terms of SC include Check, T/T, L/C and Credit of 30-60 days.
Note: SC refused
to release its major suppliers and customers.
According to the above website:
Guilin Auspicious Pharmaceutical Co., Ltd.
Shanghai Kelin Pharmaceutical Technology Co., Ltd.
Fenghuang County Jiangshan Technology Development Co., Ltd.
Shanghai Fosun Pharmaceutical (Group) Co., Ltd.
Shanghai Fosun Pharmaceutical Co., Ltd.
Etc.
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.
We could not
find the bank information on SC in local AIC.
Balance Sheet
|
Unit: CNY’000 |
As of Dec. 31, 2009 |
As of Dec. 31, 2010 |
|
Cash & bank |
30,280 |
/ |
|
Notes receivable |
3,560 |
/ |
|
Inventory |
88,650 |
/ |
|
Accounts
receivable |
58,470 |
/ |
|
Advances to
suppliers |
11,390 |
/ |
|
Other accounts
receivable |
6,120 |
/ |
|
Other current
assets |
0 |
/ |
|
|
------------------ |
------------------ |
|
Current assets |
198,470 |
/ |
|
Fixed assets net
value |
52,420 |
/ |
|
Project
materials |
5,790 |
/ |
|
Project under
construction |
84,890 |
/ |
|
Long term
investment |
0 |
/ |
|
Deferred income
tax assets |
2,250 |
/ |
|
Intangible and
other assets |
60 |
/ |
|
|
------------------ |
------------------ |
|
Total assets |
343,880 |
523,786 |
|
|
============= |
============= |
|
Short loans |
90,000 |
/ |
|
Notes payable |
0 |
/ |
|
Accounts payable |
14,730 |
/ |
|
Advances from
clients |
1,610 |
/ |
|
Accrued payroll |
6,880 |
/ |
|
Taxes payable |
160 |
/ |
|
Interest payable |
220 |
/ |
|
Dividends payable |
8,790 |
/ |
|
Other accounts
payable |
8,620 |
/ |
|
Other current
liabilities |
0 |
/ |
|
|
------------------ |
------------------ |
|
Current
liabilities |
131,010 |
/ |
|
Non-current
liabilities |
50,000 |
/ |
|
|
------------------ |
------------------ |
|
Total
liabilities |
181,010 |
168,626 |
|
Equities |
162,870 |
355,160 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
343,880 |
523,786 |
|
|
============= |
============= |
Income Statement
Unit: CNY’000
|
|
As of Dec. 31,
2009 |
As of Dec. 31,
2010 |
|
Turnover |
278,170 |
221,175 |
|
Cost of goods sold |
193,940 |
/ |
|
Taxes and additional of main operation |
2,590 |
/ |
|
Sales expense |
29,060 |
/ |
|
Management expense |
30,150 |
/ |
|
Finance expense |
4,010 |
/ |
|
Asset impairment loss |
-250 |
/ |
|
Non-operating
income |
9,200 |
/ |
|
Non-operating expense |
670 |
/ |
|
Profit before
tax |
27,200 |
3,572 |
|
4,440 |
1,307 |
|
|
Profits |
22,760 |
2,265 |
Note: we did not find SC’s detailed
financial reports at local AIC for Yr2010.
Important
Ratios
=============
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
*Current ratio |
1.51 |
/ |
|
*Quick ratio |
0.84 |
/ |
|
*Liabilities
to assets |
0.53 |
0.32 |
|
*Net profit
margin (%) |
8.18 |
1.02 |
|
*Return on
total assets (%) |
6.62 |
0.43 |
|
*Inventory
/Turnover ×365 |
117 days |
/ |
|
*Accounts
receivable/Turnover ×365 |
77 days |
/ |
|
*Turnover/Total
assets |
0.81 |
0.42 |
|
* Cost of goods
sold/Turnover |
0.70 |
/ |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears fairly good in its line.
l
SC’s net profit margin appears fairly good in 2009
but average in 2010.
l
SC’s return on total assets appears fairly good in
2009 but average in 2010.
l
SC’s cost of goods sold is average in 2009,
comparing with its turnover.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a normal
level in 2009.
l
SC’s quick ratio is maintained in a normal level in
2009.
l
The inventory of SC appears fairly large in 2009.
l
The accounts receivable of SC appears average in
2009.
l
The short-term loan of SC appears fairly large in
2009.
l
SC’s turnover is in a fair level in both 2 years,
comparing with the size of its total assets.
LEVERAGE: FAIRLY
GOOD
l
The debt ratio of SC is average in 2009, and low in
2010.
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 appears to be within SC’s
capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.70 |
|
|
1 |
Rs.82.44 |
|
Euro |
1 |
Rs.71.08 |
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.