MIRA
INFORM REPORT
|
Report Date : |
16.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
SHIJIAZHUANG PHARMA GROUP HEBEI ZHONGRUN PHARMACEUTICAL CO., LTD. |
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Formerly Known As : |
CSPC HEBEI ZHONGRUN PHARMACEUTICAL CO., LTD. |
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Registered Office : |
No. 47, Fengshou Road, Shijiazhuang, Hebei Province 050041 Pr |
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Country : |
China |
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Financials (as on) : |
30.06.2011 |
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Date of Incorporation : |
12.12.1997 |
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Com. Reg. No.: |
130000400000280 |
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Legal Form : |
Chinese-Foreign Equity Joint Venture
Enterprise |
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Line of Business : |
Manufacturing benzylpenicillin sotassium, Benzylpenicillin,
Amoxicillin, Ampicillin, Ampicillin sodium, Ticarcillin sodium, Mezlocillin sodium,
Azlocillin sodium, Meropenem, Potassium clavulanate, etc |
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 6,000,000 |
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Status : |
Good |
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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 – 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 |
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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
SHIJIAZHUANG PHARMA GROUP
HEBEI ZHONGRUN PHARMACEUTICAL CO., LTD.
(CSPC Hebei Zhongrun Pharmaceutical Co., Ltd.)
NO. 47, fengshou ROAD, shijiazhuang, hebei PROVINCE 050041 PR CHINA
TEL: 86 (0) 311-88622602/88622651
FAX: 86 (0) 311-86827629/88622752
EXECUTIVE SUMMARY
Date of Registration : december 12, 1997
REGISTRATION NO. : 130000400000280
LEGAL FORM : CHINESE-FOREIGN EQUITY JOINT VENTURE
ENTERPRISE
REGISTERED CAPITAL : CNY 513,490,300
staff :
2,800
BUSINESS CATEGORY : manufacturing
& trading
Revenue :
CNY 1,402,300,000 (FROM JAN. 1, 2011
TO JUN. 30, 2011)
EQUITIES :
CNY 1,254,780,000 (AS OF JUN. 30, 2011)
WEBSITE : www.zhongrunpc.com
E-MAIL :
N/A
PAYMENT :
AVERAGE
Recommended Credit Limit: UP TO USD 6,000,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly good
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : good
EXCHANGE RATE :
CNY 6.47 = 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.: 130000400000280 on December 12, 1997.
SC’s Organization Code Certificate No.:
601908022
SC’s registered capital: CNY 513,490,300
SC’s paid-in capital: CNY 513,490,300
Registration Change Record:
|
Date |
Change of Contents |
Before the change |
After the change |
|
2009 |
Registered Capital |
CNY 463,490,300 |
CNY 513,490,300 |
|
-- |
Registration No. |
1300001000275 |
130000400000280 |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
China Pharmaceutical Group Limited (Hong
Kong) |
81.0809 |
|
Tin Lon Investment Limited (Hong Kong) |
18.2060 |
|
Shijiazhuang Pharmaceutical Group Co.,
Ltd. (CSPC Pharmaceutical Group Limited) |
0.7131 |
SC’s Chief Executives:-
Legal Representative and Chairman: Cai Dongchen
General Manager: Lu Hua
RECENT DEVELOPMENT
SC is one of the earliest pharmaceutical enterprises which passed
through ISO9001:2000, ISO14000 and ISO18000 authentication. SC also got the COS
certificate for amoxicillin in 2008.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
China Pharmaceutical Group Limited (Hong
Kong) 81.0809
Tin Lon Investment Limited (Hong Kong) 18.2060
Shijiazhuang Pharmaceutical Group Co., Ltd. 0.7131
(CSPC Pharmaceutical Group Limited)
China
Pharmaceutical Group Limited (Hong Kong)
==========================================
China Pharmaceutical Group Limited
("China Pharm") (Ticker: 1093) is one of the largest pharmaceutical group
in China. It has been listed on the Main Board of the Hong Kong Stock Exchange
since June 1994.
Company File No.: 0362244
Date of Registration: June 16, 1992
Legal form: Private
Web: www.cpg.hk
Address: Room 3206, 32/F, Central Plaza, 18
Harbour Road, Wanchai, Hong Kong
Tel: 852-28023011
Fax: 852-28024552
E-mail: info@cpg.hk
Tin Lon Investment
Limited (Hong Kong)
===================================
Company File No.: 0538383
Date of Registration: February 6, 1996
Legal form: Private
Shijiazhuang
Pharmaceutical Group Co., Ltd.
(CSPC
Pharmaceutical Group Limited)
=====================================
China Shijiazhuang Pharmaceutical Group Co.,
Ltd. (CSPC) was incorporated by Hebei Pharmaceutical Corporation, Shijiazhuang
No. 1 Pharmaceutical Group Co., Ltd. and other two companies on Aug 21, 1997.
It’s the first mega pharmaceutical enterprise jointly established by big
pharmaceutical enterprises in the medicine industry of China, and it’s also one
of the pillar enterprise groups of Hebei Province.
CSPC Pharma is a mega pharmaceutical
enterprise specialized in science, technology and trading, and mainly engaged
in pharmaceutical product development, production and sale. Its key products
include antibiotic, vitamin, cardiovascular and cerebrovascular medicine,
antipyretic and analgesic drug and respiratory drug, etc, six series in total
and nearly 1,000 varieties, and penicillin series and vitamin series are its
dominant products. At present, the annual Vitamin C production capacity has
reached 25,000 tons, 16,000t for penicillin series of pharmaceutical products,
1,600 tons for 7-ACA, 6,000t for amoxicillin, and 8,000t for caffeine,
respectively ranking the first place in the world. CSPC’s sterile injection
powder production capacity is 3 billion pieces, 20 billion for tablet, 8
billion for capsule and 1 billion for soft capsule. The output, scale and
strength of the dominant products of CSPC Pharma come out top in China, and
CSPC has developed into one of the largest “Chemical Pharmaceutical
Manufacturing Bases” and “Comprehensive Preparation Production Bases”. At
present, single-variety sales value of 30 products of CSPC Pharma has exceeded
CNY 100 million, and the products are sold around China and more than 60
countries and regions in the world.
Web: www.e-cspc.com
Address: No. 276 West Zhongshan Road,
Shijiazhuang Hebei Province
Tel: 86 (0) 311-87037015
Fax: 86 (0) 311-87039608
E-mail: cspc@mail.ecspc.com
MANAGEMENT
Cai Dongchen ,
Legal Representative and Chairman
------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 58
Ø
Native Place: Luancheng County, Hebei Province
Ø
Qualification:
University
Ø
Education
Background & Working experience (s):
Appointed
as an executive director of China Pharmaceutical Group Limited in 1998
Mr. Cai
graduated from Hebei Pharmaceutical Finance College in the PRC and has over
thirty years of technical and management experience in the pharmaceutical
industry.
From 1984 to 1997 Worked
in Hebei Pharmaceutical Factory as general manager
At
present, working in SC as legal representative and chairman
Also
working in CSPC Pharmaceutical Group Limited, CSPC Zhongnuo Pharmaceutical Co.,
Ltd., CSPC Weisheng Pharmaceutical (Shijiazhuang) Co., Ltd., CSPC Hebei
Hongyuan Chemical Co., Ltd., and CSPC NBP Pharmaceutical Co., Ltd. as legal
representative
Lu Hua , General
Manager
-------------------------------------------
Ø
Gender: M
Ø
Age: 39
Ø
Qualification:
Master’s degree
Ø
Working
experience (s):
At
present, working in SC as general manager
Also
working in CSPC Pharmaceutical Group Limited vice president and chief operating
officer
BUSINESS OPERATION
SC’s registered business scope include manufacturing
benzylpenicillin sotassium, Benzylpenicillin, Amoxicillin, Ampicillin,
Ampicillin sodium, Ticarcillin sodium, Mezlocillin sodium, Azlocillin sodium,
Meropenem, Ertapenem, Ospeneff, Potassium clavulanate, Meropenem/sodium
carbonate, Piperacillin sodium, and Piperacillin sodium/Tazobactam active
pharmaceutical ingredients; Pharmaceutical intermediates: 7-ACA, D-7-ACA,
Penicillin industry salt, 6-APA, 7-ACT, Cefazolin acid, Ceftriaxone crude
product, Erythromycin thiocyanate, Immobilized penicillin G acylase,
Immobilized D amino acid oxidase, Immobilized glutaryl--7-ACA acylase, and Semi
synthetic antibiotic agents; and selling its products.
SC is mainly
engaged in manufacturing and selling active pharmaceutical ingredients and
pharmaceutical intermediates.
SC’s products
mainly include:
Penicilling series
Ampicillin
Amoxicillin
Benzylpenicillin
G sodium
Benzylpenicillin
G potassium
Cephalosporin Series
Cefotaxime
sodium
Cefixime
D—7ACA
7—ACA
Enzyme Series
GL―7―ACA
acylase
Immobilized
Penicillin G Acylase
Carbapenem series
Meropenem(crude)
Meropenem
MAP
Biapenem
Five leading products like 7-ACA, amoxicillin, 6-APA and penicillin g
potassium obtained DMF registration number from USFDA.
SC sources its materials 100% from domestic
market, mainly Shandong. SC sells 80% of its products in domestic market,
mainly Hebei, Liaoning, Guangdong, etc., and 20% to overseas market, mainly
India, etc.
The buying terms
of SC include Check, T/T and Credit of 30-60 days. The payment terms of SC
include Check, T/T, L/C and Credit of 30-60 days.
Main Supplier:
Shandong Xiangchi Group Co., Ltd.
Main Client:
CSPC
Zhongnuo Pharmaceutical (Shijiazhuang) Co., Ltd.
Staff & Office:
--------------------------
SC is known
to have approx. 2,800 staff at present.
SC owns an area as
its operating office & factory of approx. 185,000 sq. meters at the heading
address.
RELATED COMPANY
Related Companies:
CSPC
Zhongnuo Pharmaceutical (Shijiazhuang) Co., Ltd.
Web:
www.znpc.cn
Add:
No.188, Gongnong Road, Shijiazhuang, Hebei Province
Tel:
86 (0) 311-83805386
Fax:
86 (0) 311-83864321
E-mail:
znpcsales@vip.sina.com
CSPC
Weisheng Pharmaceutical (Shijiazhuang) Co., Ltd.
Web:
www.e-wspc.cn
Add:
No. 236, Yellow Road of Shijiazhuang New-high Technology Industry Development
Zone, Hebei Province
Tel:
86 (0) 311-85388577/85388575/85381209
Fax:
86 (0) 311-85388577/85388574
E-mail:
robin@cspc-healthcare.com
Shijiazhuang
Pharma Group Ouyi Pharmaceutical Co., Ltd.
Hebei
Huarong Pharmaceutical Co., Ltd.
Web:
www.huarongpc.com
Add:
East Road, North Circle, Shijiazhuang, Hebei Province
Tel:
86 (0) 311-86861028/86814830
Fax:
86 (0) 311-86820942/86830348
E-mail:
hrpc@huarongpc.com
CSPC
Hebei Hongyuan Checmial Co., Ltd.
Add:
No. 91, Hainan Road, Economy & Technology Development Zone, Shijiazhuang,
Hebei Province
Tel:
86 (0) 311-83092280
Fax:
86 (0) 311-83092276
E-mail:
hongyuan@mail.ecspc.com
CSPC
NBP Pharmaceutical Co., Ltd.
Web:
www.nbp.com.cn
Add:
No. 88, Yangzi Road, Economy & Technology Development Zone, Shijiazhuang,
Hebei Province
Tel:
86 (0) 311-83092888
Fax:
86 (0) 311-83092777
E-mail:
cspcnbp@mail.ecspc.com
Shijiazhuang
Pharma. Innovation Co., Ltd.
Web:
www.xnwpharma.com
Add:
No. 36, Fuqiang West Road, Luancheng County, Shijiazhuang, Hebei Province
Tel:
86 (0) 311-85408700
Fax:
86 (0) 311-85409463
E-mail:
xnw@xnwpharma.com
Etc.
SC is known to have the
following subsidiaries and branches,
CSPC Cenway (Tianjin) Pharmaceuticals Co.,
Ltd.
Shijiazhuang
Pharma Group Hebei Zhongrun Pharmaceutical Co., Ltd. Shijiazhuang Branch
Etc.
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 records and our debt collection record
concerning SC.
Trade payment experience: SC’s suppliers
declined to make any comments.
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
China
Construction Bank
AC# 13001611808050002450
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2010 |
As
of Jun. 30, 2011 |
|
45,060 |
53,130 |
|
|
Accounts
receivable |
502,680 |
529,760 |
|
Advances to
suppliers |
369,120 |
403,520 |
|
Other receivable |
54,830 |
849,120 |
|
Inventory |
269,860 |
228,210 |
|
Non-current assets
within one year |
0 |
0 |
|
Other current
assets |
243,520 |
155,090 |
|
|
------------------ |
------------------ |
|
Current assets |
1,485,070 |
2,218,830 |
|
Fixed assets |
148,410 |
150,050 |
|
Construction in
progress |
2,150 |
23,580 |
|
Long-term
prepaid expenses |
240,200 |
292,700 |
|
Deferred income
tax assets |
0 |
0 |
|
Other
non-current assets |
433,990 |
398,920 |
|
|
------------------ |
------------------ |
|
Total assets |
2,309,820 |
3,084,080 |
|
|
============= |
============= |
|
Short-term loans |
0 |
0 |
|
Accounts payable |
568,960 |
587,290 |
|
Advances from
clients |
19,570 |
18,800 |
|
Payroll payable |
94,770 |
102,260 |
|
Other payable |
115,750 |
754,900 |
|
Other current
liabilities |
278,050 |
183,160 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
1,077,100 |
1,646,410 |
|
Non-current
liabilities |
65,070 |
182,890 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
1,142,170 |
1,829,300 |
|
Equities |
1,167,650 |
1,254,780 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
2,309,820 |
3,084,080 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2010 |
From
Jan. 1, 2011 to Jun. 30, 2011 |
|
Revenue |
2,500,310 |
1,402,300 |
|
Cost of sales |
1,958,590 |
1,194,940 |
|
Sales expense |
29,400 |
12,140 |
|
Management expense |
208,180 |
68,100 |
|
Finance expense |
4,240 |
2,810 |
|
Profit before
tax |
298,850 |
124,050 |
|
Less: profit tax |
43,100 |
19,120 |
|
255,750 |
104,930 |
Important Ratios
=============
|
|
As
of Dec. 31, 2010 |
As of Jun. 30, 2011 |
|
*Current ratio |
1.38 |
1.35 |
|
*Quick ratio |
1.13 |
1.21 |
|
*Liabilities to
assets |
0.49 |
0.59 |
|
*Net profit
margin (%) |
10.23 |
7.48 |
|
*Return on
total assets (%) |
11.07 |
3.40 |
|
*Inventory /
Revenue ×365/180 |
40 days |
30 days |
|
*Accounts
receivable/ Revenue ×365/180 |
74 days |
69 days |
|
*
Revenue/Total assets |
1.08 |
0.45 |
|
* Cost of
sales / Revenue |
0.78 |
0.85 |
FINANCIAL COMMENTS
PROFITABILITY:
FAIRLY GOOD
l
The revenue of SC appears fairly good in its line.
l
SC’s net profit margin is fairly good.
l
SC’s return on total assets is average.
l
SC’s cost of goods sold is average, comparing with
its revenue.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a normal
level.
l
SC’s quick ratio is maintained in a fairly good
level.
l
The inventory of SC is maintained in an average
level.
l
The accounts receivable of SC is maintained in an
average level.
l
SC has no short-term loan.
l
SC’s revenue is in an average level, comparing with
the size of its total assets.
LEVERAGE: FAIRLY
GOOD
l
The debt ratio of SC is average.
l
The risk for SC to go bankrupt is low.
Overall financial
condition of the SC: Fairly Good.
CONCLUSIONS
SC is considered large-sized in its line with fairly good financial
conditions. Taking into consideration of SC’s good background, general
performance, reputation as well as market conditions, a credit line up to USD 6,000,000 would appear to be within
SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.47.84 |
|
|
1 |
Rs.75.40 |
|
Euro |
1 |
Rs.65.68 |
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.