MIRA
INFORM REPORT
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Report Date : |
27.04.2012 |
IDENTIFICATION DETAILS
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Name : |
NORTH CHINA PHARMACEUTICAL CO., LTD. |
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Registered Office : |
No. 388, |
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Country : |
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Financials (as on) : |
30.09.2011 |
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Date of Incorporation : |
25.08.1992 |
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Com. Reg. No.: |
130000000008365 |
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Legal Form : |
Shares limited company |
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Line of Business : |
Manufacturing and Selling All Kinds of Pharmaceutical Products |
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No. of Employees : |
15616 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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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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Status : |
Satisfactory |
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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, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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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 AND ADDRESS
NORTH CHINA
PHARMACEUTICAL CO., LTD.
NO. 388, HEPING EAST ROAD, SHIJIAZHUANG, HEBEI PROVINCE, 050015 PR CHINA
TEL: 86 (0) 311-85993999/85992039 FAX:
86 (0) 311-86060942
EXECUTIVE SUMMARY
INCORPORATION DATE : AUG. 25, 1992
REGISTRATION NO. : 130000000008365
REGISTERED LEGAL FORM : Shares limited company
CHIEF EXECUTIVE :
MR. wang sheping (CHAIRMAN)
STAFF STRENGTH :
15,616
REGISTERED CAPITAL : CNY 1,028,577,558
BUSINESS LINE :
manufacturing
TURNOVER :
CNY 10,233,422,000 (Consolidated, JAN. 1 TO SEP. 30, 2011)
EQUITIES :
CNY 1,205,764,000 (Consolidated, AS OF SEP. 30, 2011)
PAYMENT :
AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly STABLE
OPERATIONAL TREND : steady
GENERAL REPUTATION : WELL-KNOWN
EXCHANGE RATE :
CNY 6.3131 = 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 Renminbi
Note: SC’s headquarters address is the heading one, while its sales
office is located in the given address (No. 392 Heping East Road, Shijiazhuang,
Hebei).
SC was registered as a shares limited company at Hebei Provincial
Administration for Industry & Commerce (AIC - The official body of issuing
and renewing business license).
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 Injection, tablets,
granules, bulk drugs, sterile bulk drugs, hard capsules, soft capsules,
suppositories, tinctures, powders, solutions, eye drops, mixture, pills, oral
liquid, oral liquid solvent, small volume injection, psychotropic substances,
hollow capsules, gels, lyophilized powder for injection and large volume
injection; manufacturing & selling pharmaceutical intermediates, plant
extracts; goods warehousing, transportation; importing and exporting
commodities and technology, excluding the items prohibited or limited by the
country; pharmaceutical and chemical technology transfer, technology
development, technical consulting services; equipment cleaning, machinery and
instruments installation, test & maintenance; wholesaling & retailing
food, packaging material, cosmetics, office supplies, labor supplies, daily
necessities, garments, building materials, communication equipment, electronic
products, plastic products, auto parts, office furniture, lubricant, hardware,
instruments, pharmaceutical glass products, chemical reagent,
mechanical equipment, electrical machinery and spare parts; the operation of
following items are limited to branches: 6% kasugamycin WP, 47% kasugamycin
copper Wang WP, 2% kasugamycin agent, 40% carbendazim WP pyrimethanil, 72%
agricultural streptomycin sulfate soluble powder processing; production of
pharmaceutical materials; veterinary drugs sales; wholesaling Chinese patent medicine, chemical crude
drug and their preparations, antibiotics bulk drugs & preparations,
biological and chemical drugs and biological products; retailing planning
supplies, health products, pharmaceutical intermediates, plant extracts;
manufacturing pharmaceutical glass, household glass products, industrial
oxygen; wholesaling & retailing pre-packaged food, chemical products, steel
and its products, aluminum and its products, paper, non-ferrous metals, coke;
domestic labor dispatch; R&D of Chinese medicine, Chinese and Western
medicine, biotechnology products, agricultural technology, veterinary medicine
and integrated technology.
SC is mainly engaged in manufacturing and selling all kinds of
pharmaceutical products.
Mr. Wang Sheping has been legal
representative and chairman of SC since 2009.
SC is known to have approx. 15,616 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 Shijiazhuang.
Detailed premise information is not available at present.
http://www.ncpc.com.cn It
belongs to North China Pharmaceutical Group Corp., including the information
about SC. The design is professional and the content is well organized. At
present it is in both Chinese and English versions.
E-mail: yanghaijing@ncpc.com
SC was listed in Shanghai Stock Exchange Market in 1994 with the stock
code 600812.
Changes of its registered information are as follows:
|
Date of change |
Item |
Before the change |
After the change |
|
2004 |
Registered capital |
CNY 1,169,394,189 |
CNY 761,909,302 |
|
2006 |
Registered capital |
CNY 761,909,302 |
CNY 1,028,577,558 |
|
Unknown |
Registration No. |
1300001000509 |
Present one |
Tax Registration Certificate No.: 130102104397700
Organization Code: 10439770-0
MAIN SHAREHOLDERS: (As of June 30, 2011)
Name %
of Shareholding
North China Pharmaceutical Group Corporation 27.88
Industrial and Commercial Bank of China-Nuoan Stock Securities
Investment Fund 4.17
China Life Insurance Company Ltd. - Dividend-Individual
Dividend-005LFH002 Hu 1.54
Tongde Securities Investment Fund 1.08
China Life Insurance (Group) Company- Traditional –General Insurance
Products 1.01
Shanghai International Trust Co., Ltd. 0.92
Shenyin & Wanguo- Huifeng - Merrill Lynch International
Merrill Lynch International 0.79
Donghai Securities- China Construction Bank-Dongfeng No. 3 Collective
Asset Management Plan 0.75
Industrial Bank Co., Ltd.-Whole Trend Investment Mixed Securities
Investment Fund 0.75
Shanghai International Trust Co., Ltd.-(Rongchang) Single Trust GE-1301
GE-1301 0.54
Other shareholders 60.57
North China
Pharmaceutical Group Corporation
North China Pharmaceutical Group Corp. (NCPC) is a leading
pharmaceutical manufacturer in China. NCPC’s main business covers: over 590
varieties, ranging from antibiotic bulks and formulations, vitamins and
nutrition products, biotech products, immunosuppressant, and pesticide to
veterinary drugs.
Registration no.: 130000000008902
Registered capital: CNY 1,345,646,500
Legal representative: Wang Sheping
Address: No. 388, Heping East Road, Shijiazhuang, Hebei Province
Tel: +86- 311-85993999
Fax: +86- 311-86672430
Website: http://www.ncpc.com.cn
·
Legal representative and chairman:
Mr. Wang Sheping, senior engineer, born in 1956 with Master’s Degree. He
is currently responsible for the overall management of SC.
Working Experience(s):
From 2009 to present Working
in SC as chairman and legal representative;
Also working in Jizhong Energy Group Co., Ltd., North China
Pharmaceutical Group Corporation, Jizhong Energy Resources Co., Ltd.), Hebei
Aviation Investment Group Co., Ltd., etc. as legal representative and chairman.
·
Vice Chairman and
General Manager:
Mr. Liu Wenfu, senior engineer, born in 1962 with Master’s Degree. He is
currently responsible for the daily management of SC.
Working Experience(s):
Before 2009
Worked in North China Pharmaceutical Company Beta Pharmaceutical Co., Ltd.,
North China Pharmaceutical Group Semisyntech Co., Ltd., North China
Pharmaceutical Group Corporation; From 2009 to present
Working in SC as vice chairman and general manager.
Directors:
Guo Shichang
Yu Mingde
Shi Shaoxia
Chen Jincheng
Etc.
Supervisors:
Yu Chunhua
Yao Yunpeng
Wang Weizu
Etc.
SC is mainly engaged in manufacturing and selling all kinds of
pharmaceutical products.
SC’s products mainly include: antibiotic bulks and formulations,
vitamins and nutrition products, biotech products, immunosuppressant, and
pesticide to veterinary drugs, etc.
SC sources its materials 70% from domestic market, mainly Hebei, and 30%
from overseas market. SC sells 80% of its products in domestic market, and 20%
to overseas market.
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 Suppliers:
==============
North China Pharmaceutical Sinowin Co., Ltd.
Yichang Three Gorges Quantong Coated and Galvanized Plate Co., Ltd.
Hebei Huaxu Pharmaceutical Co., Ltd.
*Major Customers:
==============
NCPC Sale Co., Ltd. (literal translation)
North China Pharmaceutical Kangxin Co., Ltd.
North China Pharmaceutical Group Semisyntech Co., Ltd.
Mayget Supply Co., Ltd.
Jizhong Energy Group Co., Ltd.
Jizhong Energy Resources Co., Ltd.
Etc.
SC is known to
invest in the following companies:
North China Pharmaceutical Kangxin Co., Ltd.
Hebei Welcome Pharmaceutical Co., Ltd.
NCPC Victor Co., Ltd.
North China Pharmaceutical Huasheng Co., Ltd.
North China Pharmaceutical Group Semisyntech Co., Ltd.
North China Pharmaceutical Qinhuangdao Co., Ltd.
NCPC International Corp.
NCPC Sale Co., Ltd. (Literal Translation)
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’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.
SC declined to release its bank details.
Consolidated
Balance Sheet
Unit: CNY’000
|
|
As
of Sep. 30, 2011 |
As
of Dec. 31, 2010 |
|
Cash & bank |
1,204,010 |
977,962 |
|
Inventory |
1,436,386 |
1,198,169 |
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Accounts receivable |
1,009,542 |
881,442 |
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Notes receivable |
417,978 |
593,147 |
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Other Accounts receivable |
277,659 |
173,289 |
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Advances to supplies |
197,265 |
92,916 |
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Interest receivable |
1,134 |
0 |
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Dividend receivable |
18,322 |
18,322 |
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Other current assets |
31,046 |
47,403 |
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Current assets |
4,593,342 |
3,982,650 |
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Fixed assets |
2,538,168 |
2,585,266 |
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Projects under construction |
3,444,662 |
1,896,379 |
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Project materials |
86 |
86 |
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Long term investment |
288,939 |
272,453 |
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Intangible assets |
238,743 |
251,669 |
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Development expenditure |
137,474 |
87,739 |
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Long-term deferred expense |
8,851 |
10,431 |
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Deferred tax assets |
33,688 |
33,688 |
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Other assets |
0 |
0 |
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------------------ |
------------------ |
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Total assets |
11,283,953 |
9,120,361 |
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============= |
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Short loans |
3,055,857 |
2,612,387 |
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Accounts payable |
1,244,028 |
924,149 |
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Notes payable |
743,555 |
206,150 |
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Accrued Payroll |
52,298 |
60,162 |
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Taxes payable |
-122,662 |
-72,527 |
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Interest payable |
504 |
170 |
|
Dividend payable |
8,923 |
5,481 |
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Advances from customers |
101,331 |
150,369 |
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Other Accounts payable |
370,907 |
388,675 |
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Non-current liabilities due within one year |
446,000 |
511,000 |
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Other current liabilities |
121,764 |
46,718 |
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------------------ |
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Current liabilities |
6,022,505 |
4,832,734 |
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Specified payables |
825,090 |
821,591 |
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Deferred tax liabilities |
207 |
207 |
|
Long term liabilities |
2,946,177 |
2,162,560 |
|
Long-term payables |
261,667 |
99,029 |
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Other liabilities |
22,543 |
22,543 |
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------------------ |
------------------ |
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Total liabilities |
10,078,189 |
7,938,664 |
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Equities |
1,205,764 |
1,181,697 |
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------------------ |
------------------ |
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Total liabilities & equities |
11,283,953 |
9,120,361 |
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Consolidated
Income Statement
Unit: CNY’000
|
|
Jan.
1 to Sep. 30, 2011 |
As
of Dec. 31, 2010 |
|
Turnover |
10,233,422 |
10,286,643 |
|
Cost of goods sold |
9,362,513 |
8,764,078 |
|
Taxes and additional of main operation |
21,982 |
33,679 |
|
Sales expense |
317,967 |
372,585 |
|
Management expense |
380,795 |
647,300 |
|
Finance expense |
126,424 |
215,987 |
|
Assets impairment loss |
3,152 |
-13,239 |
|
Investment income |
16,486 |
10,795 |
|
Non-operating income |
8,744 |
92,748 |
|
Non-operating expense |
2,937 |
7,655 |
|
Profit before tax |
42,882 |
362,141 |
|
Less: profit tax |
8,980 |
100,336 |
|
Profits |
33,902 |
261,805 |
Important Ratios
=============
|
|
As of Sep.
30, 2011 |
As of Dec. 31,
2010 |
|
*Current ratio |
0.76 |
0.82 |
|
*Quick ratio |
0.52 |
0.58 |
|
*Liabilities to assets |
0.89 |
0.87 |
|
*Net profit margin (%) |
0.33 |
2.55 |
|
*Return on total assets (%) |
0.30 |
2.87 |
|
*Inventory /Turnover ×365 |
/ |
43 days |
|
*Accounts receivable/Turnover ×365 |
/ |
31 days |
|
*Turnover/Total assets |
0.91 |
1.13 |
|
* Cost of goods sold/Turnover |
0.91 |
0.85 |
PROFITABILITY:
FAIRLY GOOD
·
The turnover of SC appears good in its line.
·
SC’s net profit margin is average.
·
SC’s return on total assets is average.
·
SC’s cost of goods sold is average, comparing with
its turnover.
LIQUIDITY: FAIR
·
The current ratio of SC is maintained in a fair
level.
·
SC’s quick ratio is maintained in a fair level.
·
The inventory of SC appears fairly large.
·
The accounts receivable of SC is fairly large.
·
SC’s short-term loan appears large.
·
SC’s turnover is in an average level, comparing
with the size of its total assets.
LEVERAGE:
AVERAGE
·
The debt ratio of SC is high.
·
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. The large amount of short-term loan could be a threat to SC’s
financial condition.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.57 |
|
UK Pound |
1 |
Rs.85.03 |
|
Euro |
1 |
Rs.69.56 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
|
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NB |
New Business |
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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.