MIRA INFORM REPORT
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Report Date : |
03.10.2011 |
IDENTIFICATION DETAILS
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Name : |
ZHUHAI UNITED LABORATORIES CO., LTD. |
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Registered Office : |
Sanzao Science & Technology Park, National Hi-Tech Zone, Zhuhai, Guangdong Province, 519040 PR |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
03.07.1993 |
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Com. Reg. No.: |
440400400021954 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
manufacturing and selling
chemical medicine materials and preparations, antibiotic medicine materials
and preparations and Chinese native medicine |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
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 10,000,000 |
|
Status : |
Good |
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Payment
Behaviour : |
Slow but Correct |
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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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
China |
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 |
Company name & address
ZHUHAI UNITED
LABORATORIES CO., LTD.
SANZAO SCIENCE & TECHNOLOGY PARK,
NATIONAL HI-TECH ZONE,
ZHUHAI, GUANGDONG PROVINCE, 519040 PR CHINA
TEL: 86 (0) 756-7766777 FAX: 86 (0) 756-7767377
EXECUTIVE SUMMARY
INCORPORATION DATE : JUL. 3, 1993
REGISTRATION NO. : 440400400021954
REGISTERED LEGAL FORM : SHARES LIMiTED COMPANY
STAFF STRENGTH :
2,100
REGISTERED CAPITAL : CNY 562,496,000
BUSINESS LINE :
MANUFACTURING
TURNOVER :
cny 4,471,390,000 (Consolidated,
AS OF DEC. 31, 2010)
EQUITIES :
CNY 1,511,760,000 (Consolidated, AS OF DEC. 31, 2010)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : up to usd 10,000,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : STABLE
OPERATIONAL TREND :
steady
GENERAL REPUTATION : WELL-KNOWN
EXCHANGE RATE :
CNY 6.4767 = 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
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 was registered as a shares limited company at local
Administration for Industry & Commerce (AIC - The official body of issuing
and renewing business license) on Jul. 3, 1993.
SC’s registered business scope includes researching, developing,
producing and selling chemistry bulk drugs and preparations, antibiotic bulk
drugs and preparations, Chinese medicine preparations, biological bulk drugs
and preparations, biochemistry bulk drugs and
preparations, medical and chemical materials, medicinal packaging materials
(operating within the range authorized by License Guangdong Hab20060192);
operating 3rd category injection puncture devices, medical polymer
materials & products; producing & selling health food.
SC is
mainly engaged in producing and selling chemical medicine materials and
preparations, antibiotic medicine materials and preparations and Chinese
medicine.
Mr. Cai Jinle has
been chairman of SC since 1993.
SC is known
to have approx. 2,100 employees at present.
SC is
currently operating at the above stated address, and this address houses its
operating office and factory in the development zone of Zhuhai. Our checks
reveal that SC owns the total premise about 130,000 square meters.
http://www.tul.com.cn/ The web
belongs to SC’s ultimate parent company, The United Laboratories International
Holdings Limited (TUL). The design is professional and the content is well
organized. At present, the web is both in Chinese and English versions.
E-mail: exp@tul.com.cn
Changes
of SC’s registered information:
|
Date |
Item |
Before changed |
After changed |
|
|
Shareholders |
Zhongshan Jinyi Food Co., Ltd. (in Chinese Pinyin) 1.5%, Zhuhai Jindefu Co., Ltd. (in Chinese Pinyin) 3%, Zhongshan Kangzhile Pharmaceutical Co., Ltd. (in Chinese Pinyin) 46%, Cai Haishan 1.5%, Bear World Limited (Hong Kong) 48% |
Zhongshan Jinyi Food Co., Ltd. (in Chinese Pinyin) 1.5%, Zhuhai Jindefu Enterprise Plan Co., Ltd. (in Chinese Pinyin) 3%, Zhuhai Kangzhile Pharmaceutical Co., Ltd. (in Chinese Pinyin) 46%, Bear World Limited (Hong Kong) 49.5% |
|
|
Registered capital |
CNY 254,600,000 |
CNY 313,600,000 |
|
Shareholders |
Zhongshan Jinyi Food Co., Ltd. (in Chinese Pinyin) 1.5%, Zhuhai Jindefu Enterprise Plan Co., Ltd. (in Chinese Pinyin) 3%, Zhuhai Kangzhile Pharmaceutical Co., Ltd. (in Chinese Pinyin) 46%, Bear World Limited (Hong Kong) 49.5% |
Zhongshan Jinyi Food Co., Ltd. (in Chinese Pinyin) 1.22%, Zhuhai Jindefu Enterprise Plan Co., Ltd. (in Chinese Pinyin) 2.43%, Zhuhai Kangzhile Pharmaceutical Co., Ltd. (in Chinese Pinyin) 37.35%, Bear World Limited (Hong Kong) 59% |
|
|
2009 |
Registered capital |
CNY 313,600,000 |
CNY 413,600,000 |
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Shareholders |
Zhongshan Jinyi Food Co., Ltd. (in Chinese Pinyin) 1.22%, Zhuhai Jindefu Enterprise Plan Co., Ltd. (in Chinese Pinyin) 2.43%, Zhuhai Kangzhile Pharmaceutical Co., Ltd. (in Chinese Pinyin) 37.35%, Bear World Limited (Hong Kong) 59% |
The present ones |
|
|
Unknown |
Registration no. |
000361 |
Present one |
|
2010-12 |
Registered capital |
CNY 413,600,000 |
Present amount |
SC has got the certificates of GMP, GMP Hong Kong, and GMP SFDA.
MAIN
SHAREHOLDERS:
Name %
of Shareholding
Zhongshan Jinyi Food Co., Ltd. (in Chinese
Pinyin) 0.92
Zhuhai Jindefu Enterprise Plan Co., Ltd. (in
Chinese Pinyin) 1.85
Zhuhai Kangzhile Pharmaceutical Co., Ltd. (in
Chinese Pinyin) 28.32
Bear World Limited (Hong Kong) 68.91
Zhongshan Jinyi Food Co., Ltd.
======================
Add: The No. 1 Industrial Zone, Tanzhou
Town, Zhongshan, Guangdong
Tel: 0760-6655310, 6655816-3543
Fax: 0760-6655310
Zhongshan Kangzhile Pharmaceutical Co., Ltd.
=================================
Add: The No. 1 Industrial Zone, Tanzhou
Town, Zhongshan, Guangdong
Tel: 86 0760-6651237
Bear World Limited (Hong Kong)
========================
Registered number: 0537887
Incorporated date: Feb. 1, 1996
Legal form: Private
l
Chairman:
Mr. Cai Jinle, Hong Kong resident, ID# G119081(3), in his
Working Experience(s):
*1990 Founded Hong Kong United Laboratories Co., Ltd. and took up the post of Board Chairman & General Manager
*1991 The products of Hong Kong United Laboratories Co., Ltd entered the mainland market of China; successfully introduced the advanced management experience, and promoted development of the domestic pharmaceutical industry
*1993 To establish SC.
*1994 Established the United Laboratories (China) sales department.
*1995 Assumed the office of Shenyang Pharmaceutical University deputy board chairman and Prof. Hon. Of its Business Administration Academe.
*1996 Assumed the office of China Pharmaceutical University deputy board chairman
*1996 Assumed the office of Wuhan Tongji Pharmaceutical University Prof. Hon.
*1997 Awarded as "Honorary citizen of Zhuhai City" by Zhuhai Municipal People's government
*1998 Engaged by 36 medicine academies as their Prof. Hon.
*1998 Assumed the office of Guangdong Overseas Friendship Association Vice Chairman
*1999 Assumed the office of Council Member of the Guangdong Political Consultative Conference
*2002 Have made outstanding achievements in Patriotism theory and practice, be awarded as “Patriotic Star” by Chinese Patriotic Association Works.
From 1993 to present Working in SC as chairman.
Also working in United Laboratories (Chengdu) Co., Ltd. as legal
representative, and in Zhuhai United Laboratories Co., Ltd. Zhongshan Branch as
principal.
l
General Manager:
Ms. Peng Wei , with university education. She
is currently responsible for the daily management of SC.
Working Experience(s):
*1983 Graduated from the Xi'an Medical College
*1983 to 1993 Worked in the Hanjiang River Pharmaceutical Factory, and became a workshop directors.
*1983 to 1993 Production Manager of Zhuhai Xinzhu Pharmaceutical Company.
*1995 Joined in The United Laboratories Co., Ltd.
*1995 Factory director of Zhuhai United Laboratories (Zhongshan) Co., Ltd.
*1999 Vice-president of Zhuhai United Laboratories Co., Ltd. Factory Director of Zhuhai United Laboratories Co., Ltd. Zhuhai United Laboratories (Zhongshan) Co., Ltd.
*1997 to 1999 Labor Models of Zhongshan City
*2000 Labor Models of Guangdong Province
*2001 Outstanding Managers (Factory Director)
*Since 2002 General Manager of SC.
*2004 Medical and Pharmaceutical Field Advanced Individuals of Guangdong Province
*Since 2002 Chinese People's Political Consultative Conference Standing Committee of Zhuhai City
*2006 Gained the EMBA Degree of Zhongshan University (Lingnan College)
l
Directors:
Mr. Liang Yongkang ID# G277530(A). He joined the
Group in 1997 and is responsible for overseeing the financial matters of the
Group.
Cai Haishan ID# K665977(2)
Shen Huan ID# 420104770302162
SC is
mainly engaged in manufacturing and selling chemical medicine materials and preparations,
antibiotic medicine materials and preparations and Chinese native medicine.
SC’s products
mainly include:
A01--Amoxicillin
Capsules
A02--Ampicillin
Capsules
A03--Amoxicillin
Granules
A04--Amoxicillin
Sodium for Injection
A05--Cefazolin
Sodium for Injection
A06--Cefradine for
Injection
A07--Cefotaxime
Sodium for Injection
A08--Cefoperazone
Sodium for Injection
A09--Ceftriaxone
Sodium for Injection
A10--Cefuroxime
Axetil tablets
A10--Cefuroxime
Axetil tablets
A11--Ceftazidime
for Injection
A12--Cefpirome
Sulfate for Injection
A13--Cefetamet
Pivoxil Hydrochloride Tablets
A14--Amoxicillin
Sodium and Clavulanate Potassium for Injection
A15--Amoxicillin
and Clavulanate Potassium Tablets
A16--Ampicillin
Sodium and Sulbactam Sodium for Injection
SC sources its
materials 99% from domestic market, and 1% from the overseas market, mainly
European countries. SC sells 60% of its products in domestic market, and 40% to
the overseas market, mainly Southeast Asia, American and European countries.
The buying terms of SC include Check, T/T, L/C and Credit of 30-60 days.
The payment terms of SC include T/T, L/C and Credit of 30-60 days.
*Major Clients:
===========
ERYE pharmacy Co., Ltd.
Youcare Pharmaceutical Group Co., Ltd.
Guangzhou Baiyunshan Pharmaceutical Co.,
Ltd. Guangzhou Baiyunshan Pharmacy General Factory
*Major Supplier:
=============
Hebei Huaxu Chemical Co., Ltd.
The United
Laboratories International Holdings Limited (Cayman Islands)
United
Laboratories (Chengdu) Co., Ltd.
Etc.
SC is known to have 5 branches and 4
offices as below:
=========================================
Raw
Material Plant
Preparation
Plant
Jinyi Capsule
Plant
Zhongshan
Branch
Dalian
Branch
Jida
Office
Anhui
Office
Nanjing
Office
Kunming
Office
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: A trade enquiry currently
conducted with SC's supplier(s) reveal the following:
Supplier
A
Products sold: Chemical
products
Date account opened: N/A
Line of credit: N/A
Terms: T/T, Credit of
30-60 days
Average monthly sales: N/A
Current balance: N/A
Rating Key: 3
Any Special Comments:
______________________________________
Payment record keys :
1 = Prompt : Payment made before the credit
period expires
2 = As agreed terms : Payment made upon due
date
3 = Slightly slow but acceptable : Payment
made 5 to 20 days beyond agreed terms
4 = Slow : Payment made 16 to 45 days beyond
agreed terms
5 = Poor : Payment made over 45 days beyond
agreed terms
6
= No comment : Account is newly opened & record is not yet established
Note : In
some instances, payment beyond terms can be the result of disputes over
merchandise, lost invoices, disputed accounts & etc.
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.
Industrial and Commercial Bank of China Xiangzhou Sub-branch
AC#: 2002020429100169455
Relationship:
Normal.
Consolidated
Balance Sheet
Unit: CNY’000
|
|
As of Dec. 31, 2010 |
|
Cash & bank |
409,440 |
|
Inventory |
634,850 |
|
Bills receivable |
238,360 |
|
Accounts
receivable |
638,560 |
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Other Accounts
receivable |
76,870 |
|
Advances to suppliers |
305,410 |
|
Short-term
investment |
550,000 |
|
Interest
receivable |
850 |
|
A receivable tax
rebate of export |
81,100 |
|
Other current
assets |
0 |
|
|
------------------ |
|
Current assets |
2,935,440 |
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Fixed assets net
value |
644,010 |
|
Projects under
construction |
235,190 |
|
Project
materials |
90 |
|
Long-term
investment |
138,650 |
|
Long-term
deferred expense |
1,460 |
|
Intangible and
other assets |
36,260 |
|
|
------------------ |
|
Total assets |
3,991,100 |
|
|
============= |
|
Short loans |
263,000 |
|
Accounts payable |
357,020 |
|
Advance from
customers |
38,780 |
|
Other Accounts
payable |
246,920 |
|
Notes payable |
894,500 |
|
Accrued payroll |
32,210 |
|
Taxes payable |
67,020 |
|
Surcharge
payable |
860 |
|
Dividend payable |
124,170 |
|
Withdraw the
expenses in advance |
16,830 |
|
Other current
liabilities |
0 |
|
|
------------------ |
|
2,041,310 |
|
|
Long term
liabilities |
438,030 |
|
Other
liabilities |
0 |
|
|
------------------ |
|
Total
liabilities |
2,479,340 |
|
Equities |
1,511,760 |
|
|
------------------ |
|
3,991,100 |
|
|
|
============= |
Consolidated Income
Statement
Unit: CNY’000
|
|
As of Dec. 31, 2010 |
|
Turnover |
4,471,390 |
|
Cost of goods sold |
3,201,600 |
|
Taxes and additional of main
operation |
3,620 |
|
Profit
from other business |
19,170 |
|
Sales expense |
560,900 |
|
Management expense |
209,930 |
|
Finance expense |
63,970 |
|
Investment
income |
29,020 |
|
Subsidy income |
14,160 |
|
Non-operating
income |
270 |
|
Non-operating expense |
8,110 |
|
Profit before
tax |
485,880 |
|
Less: profit tax |
70,320 |
|
Profits |
415,560 |
Important Ratios
=============
|
|
As
of Dec. 31, 2010 |
|
*Current ratio |
1.44 |
|
*Quick ratio |
1.13 |
|
*Liabilities
to assets |
0.62 |
|
*Net profit
margin (%) |
9.29 |
|
*Return on
total assets (%) |
10.41 |
|
*Inventory /Turnover
×365 |
52 days |
|
*Accounts
receivable/Turnover ×365 |
52 days |
|
*Turnover/Total
assets |
1.12 |
|
* Cost of
goods sold/Turnover |
0.72 |
PROFITABILITY:
FAIRLY GOOD
l
The turnover of SC appears good in its line.
l
SC’s net profit margin is fairly good.
l
SC’s return on total assets is fairly good.
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 accounts receivable of SC is average.
l
The inventory of SC is average.
l
The short loans of SC are average.
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: Stable
SC is well-known in its industry with stable financial conditions. Over
the past 18 years, SC has made a stable growth with satisfactory profit. A
credit line up to USD 10,000,000 would appear to be within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.93 |
|
UK Pound |
1 |
Rs.76.52 |
|
Euro |
1 |
Rs.66.65 |
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.