MIRA INFORM REPORT
|
Report Date : |
23.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
ZHEJIANG ANGLIKANG PHARMACEUTICAL CO., LTD. |
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Registered Office : |
No. 1000 North Shengzhou Avenue, Shengzhou
City, Zhejiang Province 312400 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
30.12.2001 |
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Com. Reg. No.: |
330683000017575 |
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Legal Form : |
Limited Liabilities Company |
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|
|
|
Line of Business : |
manufacturing Active
Pharmaceutical Ingredients and Preparation |
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 1,000,000 |
|
Status : |
Satisfactory |
|
Payment
Behaviour : |
No Complaints |
|
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
ZHEJIANG ANGLIKANG PHARMACEUTICAL CO., LTD.
NO. 1000 NORTH
SHENGZHOU AVENUE
SHENGZHOU CITY,
ZHEJIANG PROVINCE 312400 PR CHINA
TEL: 86 (0)
575-83108588/83123118
FAX: 86 (0)
575-83101736
EXECUTIVE SUMMARY
Date of Registration : DECEMBER 30, 2001
REGISTRATION NO. : 330683000017575
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL
CNY 13,500,000
staff : 485
BUSINESS CATEGORY
MANUFACTURING
Revenue : CNY 543,924,000 (AS OF DEC. 31, 2010)
EQUITIES : CNY 135,821,000 (AS OF DEC. 31, 2010)
WEBSITE : www.alkpharm.com
PAYMENT : AVERAGE
Recommended Credit Limit: UP TO USD
1,000,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION fairly stable
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
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 limited liabilities company of PRC with State Administration
of Industry & Commerce (SAIC) under registration No.: 330683000017575 on December 30, 2001.
SC’s Organization Code Certificate No.: 14634211-8
SC’s Tax No.: 330683146342118
SC’s registered capital: CNY 13,500,000
SC’s paid-in capital: CNY 13,500,000
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 |
|
Shengzhou Juntai
Investment Co., Ltd. |
50.37 |
|
Shengzhou
Jinji Pharmaceutical Investment Co., Ltd. |
14.82 |
|
Fang
Nanping |
7.85 |
|
Jin Biao |
7.41 |
|
Wu Weihua |
6.37 |
|
Lv Huihao |
5.11 |
|
Ye
Shuxiang |
3.63 |
|
Wang
Xiaoying |
0.74 |
|
Pan
Xiaoyun |
0.74 |
|
Lv Yanling |
0.74 |
|
Xu Aifang |
0.74 |
|
Yan Liyong |
0.74 |
|
Yang
Guodong |
0.74 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman
and General Manager |
Fang
Nanping |
|
Director |
Jin Biao |
|
Lv Huihao |
|
|
Ye
Shuxiang |
|
|
Wu Zhehua |
|
|
Supervisor |
Wang
Xiaoying |
|
Yang Yutang |
|
|
Lin Huiying |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART & BACKGROUND
Name %
of Shareholding
Shengzhou Juntai Investment Co.,
Ltd. 50.37
Shengzhou Jinji Pharmaceutical
Investment Co., Ltd. 14.82
Fang Nanping 7.85
Jin Biao 7.41
Wu Weihua 6.37
Lv Huihao 5.11
Ye Shuxiang 3.63
Wang Xiaoying 0.74
Pan Xiaoyun 0.74
Lv Yanling 0.74
Xu Aifang 0.74
Yan Liyong 0.74
Yang Guodong 0.74
Shengzhou
Juntai Investment Co., Ltd.
=================================
Registration No.: 330683000010456
Legal Form: Limited Liabilities Company
Registered Capital: CNY 6,800,000
Legal Representative: Fang Nanping
Shengzhou
Jinji Pharmaceutical Investment Co., Ltd.
============================================
Registration No.: 330683000050486
Legal Form: Limited Liabilities Company
Registered Capital: CNY 50,000,000
Legal Representative: Ma Lijun
MANAGEMENT
Fang Nanping, Legal Representative, Chairman and General Manager
------------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
ID# 33010319670106169X
Ø
Age: 44
Ø
Qualification: University
Ø
Working
experience (s):
At
present, working in SC as legal representative, chairman and general manager
Also working in Shengzhou Juntai Investment Co.,
Ltd. and Shengzhou Angli Dongfang Chemical Co., Ltd. as legal representative
Director
=======
Jin Biao
ID# 330624194808050018
Lv Huihao
ID# 33021119701024071X
(Working in Zhejiang Anglikang Capsule Co., Ltd. as
legal representative)
Ye Shuxiang
ID# 330624196701210017
Wu Zhehua
ID# HD939884400
Supervisor
=========
Wang Xiaoying
ID# 330624196401090025
Yang Yutang
ID# 330623194911110019
Lin Huiying
ID# 330624197109250049
BUSINESS OPERATION
SC’s registered business scope includes manufacturing and
selling tablets (including CEPs), hard capsule (including CEPs), granules
(including CEPs), freeze dried powder injection (Penicillins), active
pharmaceutical ingredients (oryzanol, rice bran sterol, doxofylline, cefradine,
Sultamicillin Tosilate Tablets, Bambuterol hydrochloride, Vitamin E Nicotinate,
Levofloxacin, Cefalexin, cefadroxil, iohexol, cefpodoxime proxetil,
telmisartan, diammonium glycyrrhizinate, tranexamic acid, Levamlodipine
Besylate Tablets, cefaclor, cefminox, Cefuroxime sodium, cefpirome sulfate,
cisapride, lansoprazole, nizatidine, arginine, cefradine/L-arginine, Ketone
leucine calcium, Racemic ketoprofen isoleucine calcium, ketophenylalanine
calcium, Racemic hydroxy methionine calcium, and Keto valine calcium); and
selling chemical materials (excluding dangerous chemicals).
SC is
mainly engaged in manufacturing active pharmaceutical ingredients and preparation.
SC’s products mainly include: oryzanol, rice bran sterol, doxofylline, cefradine,
Sultamicillin Tosilate Tablets, Bambuterol hydrochloride, Vitamin E Nicotinate,
Levofloxacin, Cefalexin, cefadroxil, iohexol, cefpodoxime proxetil,
telmisartan, diammonium glycyrrhizinate, tranexamic acid, Levamlodipine
Besylate Tablets, cefaclor, cefminox, etc.
Brands: “Shuaixian 帅先”, “Hengfu 恒孚”, “Hengxin 恒欣”, etc.
SC sources its materials 100% from domestic
market, mainly Zhejiang province. SC sells 60% of its products in domestic
market, and 40% to overseas market.
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. 485 staff at present.
SC
owns an area as its operating office of approx. 136,000 sq. meters at the
heading address.
RELATED COMPANY
SC is
known to invest in the following companies:
n
Zhejiang
Anglikang Capsule Co., Ltd.
Registration No.: 330683000031164
Date of Registration: January 2, 2003
Legal Form: Limited Liabilities Company
Registered Capital: CNY 7,000,000
Legal Representative: Lv Huihao
n
Shengzhou
Angli Dongfang Chemical Co., Ltd.
Registration No.: 002119
Date of Registration: September 3, 2002
Legal Form: Limited Liabilities Company
Registered Capital: CNY
Legal Representative: Fang Nanping
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 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:
China Construction Bank Shengzhou Sub-branch
AC# 6535012210000000067
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
107,586 |
118,811 |
|
|
Held for trading financial assets |
50 |
50 |
|
Notes receivable |
26,136 |
49,850 |
|
Accounts
receivable |
113,897 |
126,287 |
|
Advances to
suppliers |
9,196 |
16,238 |
|
Other receivable |
20,977 |
16,522 |
|
Inventory |
53,888 |
83,031 |
|
Non-current
assets within one year |
0 |
0 |
|
Other current
assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current assets |
331,730 |
410,789 |
|
Fixed assets |
80,715 |
80,170 |
|
Construction in
progress |
6,624 |
3,838 |
|
Project
materials |
0 |
0 |
|
Intangible
assets |
22,725 |
24,708 |
|
Long-term
investment |
20,090 |
20,089 |
|
Long-term
deferred expenses |
0 |
0 |
|
Deferred income
tax assets |
0 |
0 |
|
Other
non-current assets |
0 |
0 |
|
|
------------------ |
------------------ |
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Total assets |
461,884 |
539,594 |
|
|
============= |
============= |
|
Short-term loans |
150,113 |
147,260 |
|
Notes payable |
104,070 |
134,100 |
|
Accounts payable |
63,691 |
101,963 |
|
Wages payable |
431 |
247 |
|
Advances from clients |
10,310 |
4,839 |
|
Taxes payable |
4,460 |
2,373 |
|
Other payable |
12,079 |
12,991 |
|
Other current
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
345,154 |
403,773 |
|
Non-current
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
345,154 |
403,773 |
|
Equities |
116,730 |
135,821 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
461,884 |
539,594 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2009 |
As of Dec. 31,
2010 |
|
Revenue |
563,744 |
543,924 |
|
Cost of sales |
480,110 |
476,296 |
|
Sales expense |
16,145 |
16,195 |
|
Management expense |
28,065 |
26,415 |
|
Finance expense |
8,803 |
10,522 |
|
Investment
income |
122 |
1 |
|
Profit before
tax |
25,282 |
19,569 |
|
Less: profit tax |
1,165 |
478 |
|
24,117 |
19,091 |
Important Ratios
=============
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
*Current ratio |
0.96 |
1.02 |
|
*Quick ratio |
0.80 |
0.81 |
|
*Liabilities
to assets |
0.75 |
0.75 |
|
*Net profit
margin (%) |
4.28 |
3.51 |
|
*Return on
total assets (%) |
5.22 |
3.54 |
|
*Inventory /
Revenue ×365 |
35 days |
56 days |
|
*Accounts
receivable/ Revenue ×365 |
74 days |
85 days |
|
*
Revenue/Total assets |
1.22 |
1.01 |
|
* Cost of
sales / Revenue |
0.85 |
0.88 |
FINANCIAL COMMENTS
PROFITABILITY:
FAIRLY GOOD
l
The revenue of SC appears fairly good in both
years.
l
SC’s net profit margin is fairly good in both
years.
l
SC’s return on total assets is fairly good in both
years.
l
SC’s cost of goods sold is average, comparing with
its revenue in 2010.
LIQUIDITY:
FAIR
l
The current ratio of SC is maintained in a fair
level in both years.
l
SC’s quick ratio is maintained in a normal level in
both years.
l
The inventory of SC is maintained in an average
level.
l
The accounts receivable of SC appears large.
l
The short-term loans of SC appear large in both
years.
l
SC’s revenue is in an
average level, comparing with the size of its total assets.
LEVERAGE:
AVERAGE
l
The debt ratio of SC is average in both years.
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 accounts receivable and short-term loans may be a threat to SC’s financial condition. A
credit line up to USD 1,000,000 would appear to be within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.82 |
|
UK Pound |
1 |
Rs.75.48 |
|
Euro |
1 |
Rs.66.10 |
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.