MIRA INFORM REPORT
|
Report Date : |
12.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
SHANDONG NEW TIME
PHARMACEUTICAL CO., LTD. |
|
|
|
|
Registered Office : |
No. 1 North Outer Ring Road, Feixian,
/Shandong Province 273400 Pr |
|
|
|
|
Country : |
China |
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|
|
|
Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
30.03.2001 |
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Com. Reg. No.: |
371300400000357 |
|
|
|
|
Legal Form : |
Chinese Foreign Equity Joint Venture
Enterprise |
|
|
|
|
Line of Business : |
Manufacturing
and Selling Pharmaceutical Products |
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 5,000,000 |
|
Status : |
Satisfactory |
|
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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
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 & address
SHANDONG NEW TIME PHARMACEUTICAL CO., LTD.
NO. 1 NORTH OUTER
RING ROAD, FEIXIAN
SHANDONG PROVINCE
273400 PR CHINA
TEL: 86 (0)
539-5030628/3116123/5030788
FAX: 86 (0)
539-5030600/8331269
EXECUTIVE SUMMARY
Date of Registration : MARch 30, 2001
REGISTRATION NO. : 371300400000357
LEGAL FORM : CHINESE FOREIGN EQUITY JOINT VENTURE
ENTERPRISE
REGISTERED CAPITAL : CNY 189,000,000
staff : 2,550
BUSINESS CATEGORY : manufacturing
Revenue :
CNY 1,194,580,000 (AS OF DEC. 31,
2010)
EQUITIES :
CNY 686,540,000 (AS OF DEC. 31, 2010)
WEBSITE : N/A
E-MAIL :
N/A
PAYMENT : AVERAGE
Recommended Credit
Limit: UP TO USD 5,000,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRly stable
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : fairly good
EXCHANGE RATE : CNY 6.39 = 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
SC was
established as a Chinese foreign equity joint venture enterprise
of PRC with State Administration of Industry & Commerce (SAIC) under
registration No.: 371300400000357 on March 30,
2001.
SC’s Organization Code Certificate
No.: 72755352-X
SC’s registered capital: CNY 189,000,000
SC’s paid-in capital: CNY 189,000,000
Registration Change Record:
|
Date |
Change
of Contents |
Before
the change |
After
the change |
|
|
Company Name |
Linyi Lunan
Pharmaceutical Group Yimeng Pharmaceutical Co., Ltd. |
Linyi New Time Pharmaceutical
Co., Ltd. |
|
|
Legal Representative |
Shen Xiaoguo |
Zhao Zhiquan |
|
Registered Capital |
CNY 3,200,000 |
CNY 30,000,000 |
|
|
|
Company Name |
Linyi New Time Pharmaceutical Co., Ltd. |
Shandong New Time Pharmaceutical Co., Ltd. |
|
|
CNY 63,600,000 |
||
|
Shareholders Shareholding) |
Kunlun Properties, Inc. U.S.A. 25.00% Lunan Pharmaceutical Co., Ltd. 30.00% Long Guangxia 30.00% Yu Renchang 7.30% Beijing Tianheng Pharmaceutical Institute 3.00% Sun Xiaoliang 3.00% Wang Xueping 1.70% |
||
|
|
Registered Capital |
CNY 63,600,000 |
CNY 105,000,000 |
|
Shareholders |
Kunlun Properties, Inc. U.S.A. 25.00% Lunan Pharmaceutical Co., Ltd. 30.00% Long Guangxia 30.00% Yu Renchang 7.30% Beijing Tianheng Pharmaceutical Institute 3.00% Sun Xiaoliang 3.00% Wang Xueping 1.70% |
Kunlun Properties, Inc. (USA) 25.00% Lunan Pharmaceutical Group Corporation
30.00% Long Guangxia 30.00% Yu Renchang 7.30% Beijing Tianheng Pharmaceutical Institute 3.00% Sun Xiaoliang 3.00% Wang Xueping 1.70% |
|
|
|
Shareholders (%of Shareholding) |
Kunlun Properties, Inc. (USA) 25.00% Lunan Pharmaceutical Group Corporation
30.00% Long Guangxia 30.00% Yu Renchang 7.30% Beijing Tianheng Pharmaceutical Institute 3.00% Sun Xiaoliang 3.00% Wang Xueping 1.70% |
Kunlun Properties, Inc. (USA) 25.00% Lunan Pharmaceutical Group Corporation 32.05% Long Guangxia 30.00% Yu Renchang 8.25% Beijing Tianheng Pharmaceutical Institute 3.00% Wang Xueping 1.70% |
|
|
(%of Shareholding) |
Kunlun Properties, Inc. (USA) 25.00% Lunan Pharmaceutical Group Corporation 32.05% Long Guangxia 30.00% Yu Renchang 8.25% Beijing Tianheng Pharmaceutical Institute 3.00% Wang Xueping 1.70% |
Anderson Investment Co., Ltd. (B.V.I.) 25.00% Lunan Pharmaceutical Group Corporation 32.05% Long Guangxia 30.00% Yu Renchang 8.25% Beijing Tianheng Pharmaceutical Institute 3.00% Wang Xueping 1.70% |
|
|
Registered capital |
CNY 105,000,000 |
CNY 189,000,000 |
|
Shareholders (%of Shareholding) |
Anderson Investment Co., Ltd. (B.V.I.) 25.00% Lunan Pharmaceutical Group Corporation 32.05% Long Guangxia 30.00% Yu Renchang 8.25% Beijing Tianheng Pharmaceutical Institute 3.00% Wang Xueping 1.70% |
Anderson Investment Co., Ltd. (B.V.I.) 25.00% Lunan Pharmaceutical Group Corporation 32.05% Beijing Tianheng Pharmaceutical Institute 3.00% Long Guangxia 30.00% Yu Renchang 8.28% Wang Xueping 1.67% |
|
|
|
Shareholders (%of Shareholding) |
Anderson Investment Co., Ltd. (B.V.I.) 25.00% Lunan Pharmaceutical Group Corporation 32.05% Beijing Tianheng Pharmaceutical Institute 3.00% Long Guangxia 30.00% Yu Renchang 8.28% Wang Xueping 1.67% |
Anderson Investment Co., Ltd. (B.V.I.) 25.00% Lunan Pharmaceutical Group Corporation 35.00% Long Guangxia 34.80% Beijing Tianheng Pharmaceutical Institute 3.53% Wang Xueping 1.67% |
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Anderson Investment Co., Ltd.
B.V.I. |
25.00 |
|
Lunan Pharmaceutical Group Corporation |
35.00 |
|
Long Guangxia |
34.80 |
|
Beijing Tianheng
Pharmaceutical Institute |
3.53 |
|
Wang Xueping |
1.67 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative and
Chairman |
Zhao Zhiquan |
|
Director |
Long
Guangxia |
|
Wang
Xueping |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Anderson Investment Co., Ltd.
(B.V.I.) 25.00
Lunan Pharmaceutical Group Corporation 35.00
Long Guangxia 34.80
Beijing Tianheng Pharmaceutical
Institute 3.53
Wang Xueping 1.67
Lunan
Pharmaceutical Group Corporation
-------------------------------------------------------------
Registration No.: 370000400002298
Chief Executive: Zhao Zhiquan (Legal Representative)
Address: No. 209, Hongqi Rd, Linyi City,
Shandong Province
Tel: 86 (0) 539-8331258
Fax: 86 (0) 539-8331269
Website: www.lunan.com.cn
E-mail: ibo@lunan.com.cn
Beijing
Tianheng Pharmaceutical Institute
-------------------------------------------------------------
Registration No.: 110102000823740
Date of Registration: July 27, 1998
Legal Form: Collective-owned enterprise
Registered Capital: CNY 2,000,000
Chief Executive: Liu Quanzhi (Legal Representative)
MANAGEMENT
Zhao Zhiquan , Legal Representative and Chairman
-------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 55
Ø
Qualification:
University
Ø
Working
experience (s):
From 2002 to present, working in SC as legal representative and chairman
Also working in Lunan Pharmaceutical Group Corporation as chairman and general manager, in Lunan Hope Pharmaceutical Co., Ltd. and Lunan Better Pharmaceutical Co., Ltd. as legal representative
Director
-----------
Long Guangxia
Wang Xueping
BUSINESS OPERATION
SC’s registered business scope includes manufacturing and selling:
granular formulation, tablet, injection, dry powder, hard capsule, large volume
parenteral solutions, small volume parenteral solutions,
suppository, pill, soft capsules, capsule powder inhalation, dry suspension,
inhalation, API(active pharmaceutical ingredients), sterile APIs,
bio-engineering product, spirit drug; chemical materials and chemical products
( excluding hazardous chemicals); package material ( excluding items limited by
state).
SC is mainly
engaged in manufacturing and selling pharmaceutical products.
SC’s products
mainly include: Faropenem Sodium,Ketorolac Tromethamine, 4-AA , Tamsulosin HCI,
Sevoflurane, Isoflurane, clavulanate potassium, 7-adca,Isosorbide Mononitrate,
Isosorbide Dinitrate, Milrinone, Moclobemide, Mosapride Citrate, Sotalol
Hydrochloride,Acipimox, Alfuzosin Hydrochloride, Aniracetam, Cetirizine
Hydrochloride, Chlorzoxazone, Epirubicin Hydrochloride.
SC sources its
materials 85% from domestic market, and 15% from the overseas market, mainly
European countries. SC sells 70% of its products in domestic market, and 30% to
the overseas market, mainly Southeast Asia, USA, Europe, etc.
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 Customer:
=============
Lunan Hope Pharmaceutical Co., Ltd.
Lunan Better Pharmaceutical Co., Ltd.
Staff & Office:
--------------------------
SC is
known to have approx. 2,550 staff
at present.
SC rents an area
as its operating office & factory of approx. 180,000 sq. meters at the
heading address.
RELATED COMPANY
u
Lunan Hope Pharmaceutical Co., Ltd.
---------------------------------------------------
Registration No.: 371300400000429
Date of Registration: December 16, 2003
Legal Form: Chinese-foreign equity joint venture enterprise
Registered Capital: CNY 50,000,000
Legal Representative: Zhao Zhiquan
u
Lunan Better Pharmaceutical Co., Ltd.
----------------------------------------------------
Registration
No.: 371300400000437
Date of Registration: December 16, 2003
Legal Form: Chinese-foreign equity joint venture enterprise
Registered Capital: CNY 50,000,000
Legal Representative: Zhao Zhiquan
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
Basic Bank:
Industrial & Commercial Bank of China Feixian Sub-branch
AC#
1610020809022107543
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2008 |
|
104,870 |
|
|
Accounts
receivable |
321,730 |
|
Advances to
suppliers |
49,420 |
|
Other receivable |
322,360 |
|
Inventory |
208,490 |
|
Non-current
assets within one year |
0 |
|
Other current
assets |
174,120 |
|
|
------------------ |
|
Current assets |
1,180,990 |
|
Fixed assets |
258,540 |
|
Construction in
progress |
24,400 |
|
Long-term
prepaid expenses |
0 |
|
Deferred income
tax assets |
0 |
|
Other
non-current assets |
19,430 |
|
|
------------------ |
|
Total assets |
1,483,360 |
|
|
============= |
|
Short-term loans |
280,330 |
|
Taxes payable |
7,690 |
|
Accounts payable |
589,180 |
|
Salaries payable |
19,030 |
|
Advances from
clients |
105,710 |
|
Other payable |
217,710 |
|
Other current
liabilities |
52,110 |
|
|
------------------ |
|
Current
liabilities |
1,271,760 |
|
Non-current
liabilities |
0 |
|
|
------------------ |
|
Total liabilities |
1,271,760 |
|
Equities |
211,600 |
|
|
------------------ |
|
Total
liabilities & equities |
1,483,360 |
|
|
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2008 |
|
Revenue |
560,480 |
|
Cost of sales |
450,760 |
|
Sales expense |
21,260 |
|
Management expense |
38,520 |
|
Finance expense |
5,630 |
|
Profit before
tax |
56,850 |
|
Less: profit tax |
0 |
|
56,850 |
Financial Summary
|
Unit: CNY’000 |
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
Long term investment |
145,380 |
145,380 |
|
Total assets |
1,866,450 |
2,346,010 |
|
|
------------- |
------------- |
|
Long term liabilities |
14,400 |
695,950 |
|
Total
liabilities |
1,409,690 |
1,659,470 |
|
Equities |
456,760 |
686,540 |
|
|
------------- |
------------- |
|
Revenue |
956,330 |
1,194,580 |
|
Profit before
tax |
187,710 |
237,230 |
|
Less: profit tax |
0 |
0 |
|
Profits |
187,710 |
237,230 |
Note: The detailed financials for Y2009 and Y2010 are not filed in local
SAIC.
Important Ratios
=============
|
|
As
of Dec. 31, 2008 |
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
*Current ratio |
0.93 |
-- |
-- |
|
*Quick ratio |
0.76 |
-- |
-- |
|
*Liabilities
to assets |
0.86 |
0.76 |
0.71 |
|
*Net profit
margin (%) |
10.14 |
19.63 |
19.86 |
|
*Return on
total assets (%) |
3.83 |
10.06 |
10.11 |
|
*Inventory /
Revenue ×365 |
136 days |
-- |
-- |
|
*Accounts
receivable/ Revenue ×365 |
210 days |
-- |
-- |
|
*
Revenue/Total assets |
0.38 |
0.51 |
0.51 |
|
* Cost of
sales / Revenue |
0.80 |
-- |
-- |
FINANCIAL COMMENTS
PROFITABILITY:
FAIRLY GOOD
l
The revenue of SC appears fairly good, and it was
rising in 2010.
l
SC’s net profit margin is fairly good in three
years.
l
SC’s return on total assets is average in 2008, and
fairly good in 2009 and 2010.
LIQUIDITY:
FAIR
l
SC’s revenue is in a
fair level, comparing with the size of its total assets.
LEVERAGE:
FAIRLY GOOD
l
The debt ratio of SC is average in three years.
l
The risk for SC to go bankrupt is low.
Overall financial
condition of the SC: Fairly Stable.
CONCLUSIONS
SC is considered medium-sized in its line with
fairly stable financial conditions. Taking into consideration of SC’s
general performance, reputation as well as market conditions, a credit line up
to USD 5,000,000 would appear to
be within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.46.38 |
|
UK Pound |
1 |
Rs.74.01 |
|
Euro |
1 |
Rs.64.48 |
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.