MIRA
INFORM REPORT
|
Report Date : |
16.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
Zhejiang APELOA
KANGYU Pharmaceutical Co., Ltd. |
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Registered Office : |
No. 333, Jiangnan Road, Hengdian Town, Dongyang, Zhejiang Province,
322118 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
08.08.1995 |
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Com. Reg. No.: |
330783000063359 |
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Legal Form : |
Limited Liabilities Company |
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line of business
: |
Manufacturing and Selling chemical bulk pharmaceuticals and preparation. |
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No. of Employees : |
1,200 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
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, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
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
Zhejiang APELOA KANGYU Pharmaceutical Co., Ltd.
NO. 333, Jiangnan Road, Hengdian town,
Dongyang,
zhejiang PROVINCE, 322118 PR CHINA
TEL: 86 (0) 579-86551777/86555892 FAX: 86 (0) 579-86551666
EXECUTIVE SUMMARY
INCORPORATION DATE : august 8, 1995
REGISTRATION NO. : 330783000063359
REGISTERED LEGAL FORM : Limited liabilities
company
CHIEF EXECUTIVE :
MR. ge mengya (CHAIRMAN)
STAFF STRENGTH :
1,200
REGISTERED CAPITAL : CNY 64,680,000
BUSINESS LINE :
manufacturing
TURNOVER :
CNY 508,792,000 (AS OF DEC. 31,
2011)
EQUITIES :
CNY 520,328,000 (AS OF DEC. 31, 2011)
PAYMENT :
AVERAGE
MARKET CONDITION : competitive
FINANCIAL CONDITION : FAIRLY good
OPERATIONAL TREND : steady
GENERAL REPUTATION : WELL-KNOWN
EXCHANGE RATE :
CNY 6.36 = USd
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
Note: the given contact number “86-571
SC was registered as a limited liabilities company at local
Administration for Industry & Commerce (AIC - The official body of issuing
and renewing business license) on August 8, 1995.
Company Status: Limited liabilities co. This form of business in PR
China is defined as a legal person. No more than fifty shareholders
contribute its registered capital jointly. Shareholders bear limited
liability to the extent of shareholding, and the co. is liable for its
debts only to extent of its total assets. The characteristics of this form
of co. are as follows: Upon the establishment of the
co., an investment certificate is issued to the each of shareholders. The board of directors is comprised
of three to thirteen members. The minimum registered capital
for a co. is CNY 30,000. Shareholders may take their
capital contributions in cash or by means of tangible assets or intangible
assets such as industrial property and non-patented technology. Cash contributed by all
shareholders must account for at least 30% of the registered capital. Existing shareholders have
pre-exemption right to purchase shares of the co. offered for sale by the
other shareholders and to subscribe for the newly increased registered
capital of the co.
SC’s registered business scope includes manufacturing tablets (including
cephalosporin), hard capsules(including cephalosporin), granular formulation,
freeze-dried powder, agent solution (including external use), suspension
(including cephalosporin), bulk pharmaceuticals (ubenimex, ofloxacin, povidone
iodine, levofloxacin, cefetamet pivoxil hydrochloride, calcium pantothenate,
rimantadine hydrochloride, sodium dihydrogen citrate azithromycin, alfacalcidol,
indapamide , hydrochloric acid Lomerizine, mesylate levofloxacin, levofloxacin,
simvastatin) and toxic chemicals (ephedrine hydrochloride, pseudoephedrine
hydrochloride); manufacturing bulk pharmaceuticals (amantadine hydrochloride,
limited branch) (validity period as of Nov. 14, 2015) ; exporting its products
and technology; importing materials, instruments, machinery and equipment,
parts and technology needed for its production.
SC is mainly engaged in manufacturing and selling chemical bulk
pharmaceuticals and preparation.
Mr. Ge Mengya has been legal representative, chairman and general
manager of SC since 1995.
SC is known to have approx. 1,200 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 Dongyang. Our checks
reveal that SC owns the total premise about 79,000 square meters.
http://www.apeloa.com/
The website belongs to SC’s parent company Apeloa Company Limited and also includes SC’s information. The design is
professional and the content is well organized. At present it is in English and
Chinese versions.
Tax Registration No.: 330783147553849
Changes
of its registered information are as follows:
|
Date of change |
Item |
Before the change |
After the change |
|
2005-5 |
Shareholders |
Hengdian Group Co., Ltd. 5% Qingdao Dongfang Group Company Limited 95% |
Nanhua Development Group Co., Ltd. 5% Apeloa Kangyu Company Limited 95% |
|
2005-11 |
Shareholders |
Nanhua Development Group Co., Ltd. 5% Apeloa Kangyu Company Limited 95% |
Hengdian Group Holdings Co., Ltd. 5% Apeloa Kangyu Company Limited 95% |
|
2006-4 |
Company name |
Zhejiang Kangyu Pharmaceutical Co., Ltd. |
Zhejiang Apeloa Kangyu Pharmaceutical Co.,
Ltd. |
|
2007-5 |
Registered capital |
CNY 25,000,000 |
CNY 64,680,000 |
|
Shareholding |
Hengdian Group Holdings Co., Ltd. 5% Apeloa Kangyu Company Limited 95% |
Hengdian Group Holdings Co., Ltd. 1.93% Apeloa Kangyu Company Limited 98.07% |
|
|
2008-5 |
Shareholder’s name |
Apeloa Kangyu Company Limited |
Apeloa Company Limited |
|
2011-3 |
Registration no. |
3307831000042 |
Present one |
MAIN SHAREHOLDERS:
Name %
of Shareholding
Apeloa Company Limited 98.07
Hengdian Group Holdings Co., Ltd. 1.93
Apeloa Company
Limited
===================
Apeloa Kangyu is a reputed pharmaceutical company in China, engaging in
R&D, manufacturing and marketing of APIs, formulations and veterinary
drugs. It's dedicated to supplying high quality chemical synthesis products and
biological synthesis products.
Apeloa Kangyu owns two GMP certified and US FDA approved facilities, and
has passed OSHAS18001, ISO14001 and ISO9001 certifications. The products' DMF
are available, and 4 products (Ofloxacin, Colistin Sulfate, Pseudoephedrine
HCl, Simvastatin) are granted with COS and most products are successfully
registered in other countries.
Apeloa Company Limited is principally engaged in the research,
production and sale of medicine. The Company’s products include four
categories: drug substances such as amantadine hydrochloride, levofloxacin
hydrochloride, ofloxacin and others; intermediates such as adamantine,
1-adamantanecarboxylic acid, adamantanol, and others; chemical preparations
such as ubenimex capsules, indapamide tablets, azithromycin sodium dithydrogen
citrate for injection and others; Chinese traditional medicine preparations
such as lentinan tablets, cucurbitacin tablets and others.
This company is listed in Shenzhen Stock Exchange with the code of
000739.
Registered number: 370200018046069
Registered capital: CNY 256,735,700
Legal representative: Xu Wencai
Legal form: Share Limited Company
Address: No. 16 Zhanshan 1ST Road, Shinan District, Qingdao,
Shandong Province
Tel: 86-532-83870896/Fax: 86-532-83890739
E-mail: 000739@apeloa.com
Website: http://www.apeloa.com
Hengdian Group
Holdings Co., Ltd.
==========================
At present, under the guidance of "diversified development and
specialized management" Hengdian Group has become one of the most powerful
private enterprises with three major industries of electronics, pharmaceutical
and chemical industry, film and entertainment and other newly-emerged
industries developing harmoniously and regularly.
Incorporation date: Nov. 22, 1999
Registered number: 330783000049656
Registered capital: CNY 2,000,000,000
Legal representative: Xu Yong’an 徐永安
Tel: 86-579-86551232/86551511/86547313
Website: http://www.hengdian.com
Legal
Representative, Chairman and General Manager:
Mr. Ge Mengya, ID# 330724195807075416, born in 1958, with Master’s
degree, senior engineer. He is currently responsible for the overall management
of SC.
Working Experience(s):
From 1995 to present Working in SC as legal representative,
chairman and general manager;
Also working in Apeloa Company Limited as general manager and vice
chairman.
Directors:
Xu Wenrong ID#
330724350314541
Xu Wencai ID#
330104660118163
Mei Leng ID#
330724440524001
Shu Lijian ID#
330103670116161
Xu Yong’an ID#
330724196511030037
Liu Zhongxiao ID#
330724041128001
Supervisors:
Wang Wenhui ID#
362302195801075017
Zhang Shuhua ID# 330106491101005
He Meifei ID#
330724195907174323
Fang Zhongyuan ID# 330724501130543
Wei Pingping ID#
330724640205004
SC is mainly engaged in manufacturing and selling chemical bulk
pharmaceuticals and preparation.
SC’s products mainly include: anti-tumor medicine, antiviral medicine,
cardiovascular medicine and veterinary drugs.
SC sources its materials 100% from domestic market, mainly Zhejiang. SC
sells 70% of its products in domestic market, and 30% to overseas market,
mainly Southeast Asian market.
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.
*Major Customer:
==============
Apeloa Company Limited
Note: SC declined to release its major suppliers.
According to the
website http://www.apeloa.com:
Zhejiang Apeloa Kangyu Bio-pharmaceutical Co., Ltd.
=======================================
Registered number: 330783000017596
Legal representative: Lu Haiping
Tel: 86-579-86171332/86170418/86551320
Factory Add: Geshan Industrial Zone, Dongyang, Zhejiang, 322109, China
Zhejiang Apeloa Medical Technology Co., Ltd.
=================================
Incorporation date: Dec. 28, 2001
Registered number: 330783000013809
Legal representative: Xu Xinliang
Tel: 86-579-86557820/86559364/86557829
Website: http://www.apeloapharm.com
Zhejiang Apeloa Debang Chemical Co., Ltd. (in Chinese Pinyin)
===============================================
Incorporation date: May 25, 1993
Registered number: 330783000006355
Legal representative: Zhao Nengxuan
Tel: 86-579-86557871/86557480
Zhejiang Apeloa Kangyu Natural Pharmaceutical Co., Ltd. (in Chinese
Pinyin)
=======================================================
Incorporation date: Jan. 25, 1999
Registered number: 330727000003649
Legal representative: Ge Yongjin
Shanghai Apeloa Kangyu Drug Research Institute Co., Ltd. (in Chinese
Pinyin)
========================================================
Incorporation date: Nov. 27, 2001
Registered number: 310225000247798
Registered capital: CNY 30,000,000
Legal representative: Zhang Hui
Legal form: Limited Liabilities Company
Tel: 86-21-58016780/68010018/68010020
Apeloa Kangyu International Business Office
==================================
Add: Floor 11, Lantian Business Center, 18, Moganshan Road, Hangzhou,
310005, China
Tel: +86-571-56809788/56809738
Fax: +86-571-88889988/56808388
Website: www.apeloa-kangyu.com
E-mail: apeloapharma@apeloa.com
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 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.
Bank of China Zhejiang Branch
AC#：800100245808093001
Bank of China Hengdian Sub-Branch
AC#：850006527408091001
Relationship: Normal.
Balance Sheet
|
Unit: CNY’000 |
as
of Dec. 31, 2010 |
as
of Dec. 31, 2011 |
|
Cash & bank |
124,748 |
/ |
|
Inventory |
91,464 |
/ |
|
Notes receivable |
590 |
/ |
|
Accounts receivable |
39,689 |
/ |
|
Advances to suppliers |
49,631 |
/ |
|
Other Accounts receivable |
123,297 |
/ |
|
Other current assets |
0 |
/ |
|
|
------------------ |
------------------ |
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Current assets |
429,419 |
/ |
|
Fixed assets net value |
238,719 |
/ |
|
Projects under construction |
36,198 |
/ |
|
Long term investment |
0 |
/ |
|
Intangible assets |
106,088 |
/ |
|
Deferred income tax assets |
1,515 |
/ |
|
Other assets |
0 |
/ |
|
|
------------------ |
------------------ |
|
Total assets |
811,939 |
962,148 |
|
|
============= |
============= |
|
Short loans |
43,752 |
/ |
|
Notes payable |
67,500 |
/ |
|
Accounts payable |
91,685 |
/ |
|
Other Accounts payable |
46,123 |
/ |
|
Advances from clients |
11,638 |
/ |
|
Accrued payroll |
4,292 |
/ |
|
Tax unpaid |
3,912 |
/ |
|
Profit unpaid |
9,649 |
/ |
|
Other current liabilities |
1,570 |
/ |
|
|
------------------ |
------------------ |
|
Current liabilities |
280,121 |
/ |
|
Long term liabilities |
12,760 |
/ |
|
Other liabilities |
0 |
/ |
|
|
------------------ |
------------------ |
|
Total liabilities |
292,881 |
441,820 |
|
Equities |
519,058 |
520,328 |
|
|
------------------ |
------------------ |
|
Total liabilities & equities |
811,939 |
962,148 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
as
of Dec. 31, 2010 |
as
of Dec. 31, 2011 |
|
Turnover |
503,769 |
508,792 |
|
Cost of goods sold |
365,754 |
/ |
|
Tax and additional of main
operations |
3,409 |
/ |
|
Sales expense |
41,522 |
/ |
|
Management expense |
62,532 |
/ |
|
Finance expense |
-946 |
/ |
|
Investment income |
43 |
/ |
|
Non-operating income |
5,102 |
/ |
|
Non-operating expenses |
657 |
/ |
|
Profit before tax |
35,986 |
/ |
|
Less: profit tax |
4,722 |
/ |
|
Profits |
31,264 |
28,656 |
Note:
SC's accountant refused to release SC’s detailed financial reports for Yr2011.
Important Ratios
=============
|
|
As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
|
*Current ratio |
1.53 |
/ |
|
*Quick ratio |
1.21 |
/ |
|
*Liabilities to assets |
0.36 |
0.46 |
|
*Net profit margin (%) |
6.21 |
5.63 |
|
*Return on total assets (%) |
3.85 |
2.98 |
|
*Inventory /Turnover ×365 |
67 days |
/ |
|
*Accounts receivable/Turnover ×365 |
29 days |
/ |
|
*Turnover/Total assets |
0.62 |
0.53 |
|
* Cost of goods sold/Turnover |
0.73 |
/ |
PROFITABILITY:
FAIRLY GOOD
The turnover of SC appears fairly good in its line in both years.
SC’s net profit margin is fairly good in both years.
SC’s return on total assets is average in both years.
SC’s cost of goods sold is average in 2010, comparing with its turnover.
LIQUIDITY: AVERAGE
The current ratio of SC is maintained in a normal level in 2010.
SC’s quick ratio is maintained in a normal level in 2010.
The inventory of SC is average in 2010.
The accounts receivable of SC is average in 2010.
The short-term loan of SC appears average in 2010.
SC’s turnover is in a fair level in both years, comparing with the size
of its total assets.
LEVERAGE: FAIRLY
GOOD
The debt ratio of SC is low.
The risk for SC to go bankrupt is low.
Overall financial
condition of the SC: Fairly good.
SC is considered large-sized in its line with fairly good financial
conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.64 |
|
UK Pound |
1 |
Rs.87.31 |
|
Euro |
1 |
Rs.68.81 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.