MIRA INFORM REPORT
|
Report Date : |
08.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
HARBIN PHARMACEUTICAL GROUP CO., LTD. |
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Registered Office : |
No. 109 Xuefu Road, Nangang District,
Harbin, Heilongjiang Province 150086 Pr |
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Country : |
China |
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Financials (as on) : |
30.09.2011 |
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Date of Incorporation : |
28.12.1991 |
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Com. Reg. No.: |
230199100000366 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Subject is
engaged in manufacturing western medicine, traditional Chinese medicine
preparation, western medicine raw materials, biological engineering medicine,
health care products, etc. |
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|
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No. of Employees
: |
20000 |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
Usd 50,000,000 |
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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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
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 & address
HARBIN PHARMACEUTICAL GROUP CO., LTD.
no. 109 xuefu road,
nangang DISTRICT, HARBIN
HEILONGJIANG PROVINCE
150086 PR CHINA
TEL: 86 (0)
451-84604688
FAX: 86 (0)
451-84604688
EXECUTIVE SUMMARY
Date of Registration : DECEMBER 28, 1991
REGISTRATION NO. : 230199100000366
LEGAL FORM : SHARES LIMITED COMPANY
REGISTERED CAPITAL :
cny 1,917,480,000
staff : 20,000
BUSINESS CATEGORY :
manufacturing
REVENUE : CNY 10,835,421,000 (FROM JAN. 1 TO
SEP. 30, 2011)
EQUITIES :
CNY 6,691,950,000 (AS OF SEP. 30, 2011)
WEBSITE : www.hayao.com
E-MAIL :
master@hayao.com
PAYMENT : AVERAGE
Recommended Credit Limit: UP TO USD
50,000,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRly good
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION : good
EXCHANGE RATE : CNY 6.31 = 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 shares limited company
of PRC with State Administration of Industry & Commerce (SAIC) under
registration No.: 230199100000366 on December 28, 1991.
SC’s registered capital: cny 1,917,480,000
SC’s paid-in capital: cny 1,917,480,000
Registration Change Record:
|
Date |
Change of Contents |
Before the change |
After the change |
|
-- |
Registration No. |
2301091345031 |
230199100000366 |
|
2010-11 |
Legal Representative |
Hao Weizhe |
Zhang Lijun |
|
2011 |
Registered
Capital |
CNY
1,242,005,473 |
CNY 1,614,607,115 |
|
-- |
Registered
Capital |
CNY 1,614,607,115 |
cny 1,917,480,000 |
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) (as
of January 9, 2012) |
% of Shareholding |
|
Harbin Pharmaceutical Group
Holding Co., Ltd. |
45.06 |
|
China Jianyin Investment Co., Ltd. |
11.17 |
|
China Securities Investor
Protection Fund Corporation Limited |
2.24 |
|
Agricultural Bank of China
Co., Ltd. Shanghai Branch |
1.01 |
|
Zhejiang Province Financial
Development Corporation |
0.96 |
|
Shanghai Construction Property
Development Co., Ltd. |
0.64 |
|
China Construction Bank-Great Wall
Consumer Value Stock Type Investment Securities Fund |
0.52 |
|
Industrial Bank Co.,
Ltd.-Aegon-Industrial Trend Investment Mixed Type Fund |
0.52 |
|
Taikang Life Insurance Co.,
Ltd.-Dividends-personal dividend |
0.50 |
|
China Life Insurance Co.,
Ltd.-Dividends - personal dividend |
0.43 |
|
Other Shareholders |
36.95 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative,
Chairman, and General Manager |
Zhang
Lijun |
|
Deputy General Manager |
Meng
Xiaodong |
|
Wu
Zhijun |
|
|
Director |
Wang Zhenchuan |
|
Wang Fusheng |
|
|
Chen Shulan |
|
|
Supervisor |
Li Daping |
|
Xu Aimin |
RECENT DEVELOPMENT
SC is a listed company in Shanghai Stock Exchange Market with the code
of 600664.
SHAREHOLDER CHART &
BACKGROUND
Name (as of January
9, 2012) %
of Shareholding
Harbin Pharmaceutical Group
Holding Co., Ltd. 45.06
China Jianyin Investment Co., Ltd. 11.17
China Securities Investor
Protection Fund Corporation Limited 2.24
Agricultural Bank of China Co.,
Ltd. Shanghai Branch 1.01
Zhejiang Province Financial
Development Corporation 0.96
Shanghai Construction Property
Development Co., Ltd. 0.64
China Construction Bank- Great
Wall Consumer
Value Stock Type Investment
Securities Fund 0.52
Industrial Bank Co., Ltd.-
Aegon-Industrial
Trend Investment Mixed Type Fund 0.52
Taikang Life Insurance Co.,
Ltd.-
Dividends - personal dividend
China Life Insurance Co., Ltd.-
Dividends - personal dividend
Other Shareholders 36.95
Harbin Pharmaceutical Group Holding
Co., Ltd.:
=======================================
Harbin Pharmaceutical Group
Holding Co., Ltd. is a state-holding Sino-foreign joint venture. The group
holds 2 public companies that are listed on the Shanghai Stock Exchange; Harbin
Pharmaceutical Group Co., Ltd. and Sanjing Pharmaceutical Co., Ltd. and 27
wholly owned holding and joint stock companies. Harbin Pharmaceutical Group
employs a staff of more than 20,000 people.
The Harbin Pharmaceutical Group
is one of the top 500 state-run large-scale enterprise groups and one of he 120
large-scale pilot enterprise groups in China.
Website: www.hayao.com
Tel: +86-0451-84608188
Culture Office:
+86-0451-84608188
Public Department:
+86-0451-84856675
China Jianyin Investment Co., Ltd.
=============================
Date of Registration: June 21, 1986
Registration No.: 100000000004443
Legal Form: Sole State-Owned
Enterprise
Registered Capital: CNY 20,692,250,000
China Securities Investor Protection
Fund Corporation Limited
=================================================
Date of Registration: August 30, 2005
Registration No.: 100000000039745
Legal Form: Sole State-Owned
Enterprise
Registered Capital: CNY 6,300,000,000
Agricultural Bank of China Co., Ltd.
Shanghai Branch
===========================================
Date of Registration: June 11, 1998
Registration No.: 310000000062305
Zhejiang Province Financial Development
Corporation
===========================================
Date of Registration: June 30, 1992
Registration No.: 330000000030146
Legal Form: State-Owned
Enterprise
Registered Capital: CNY 2,000,000,000
Shanghai Construction Property Development
Co., Ltd.
===========================================
Date of Registration: December 31, 2001
Registration No.: 310105000193838
Legal Form: One-person Limited
Liability Company
Registered Capital: CNY 1,000,000,000
MANAGEMENT
Zhang
Lijun, Legal
Representative, Chairman and General Manager
-----------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 55
Ø
Qualification:
Postgraduate
Ø
Working
experience (s):
From 2010 to present, working in SC as legal representative, chairman and general manager
Meng
Xiaodong, Deputy General Manager
-------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 40
Ø
Qualification:
Master
Ø
Working
experience (s):
At present, working in SC as deputy general manager
Wu
Zhijun, Deputy General Manager
-------------------------------------------------------------
Ø
Gender: M
Ø
Age: 55
Ø
Qualification:
Doctor
Ø
Working
experience (s):
Before, worked in Harbin Pharmaceutical Group Chinese medicine Co., Ltd. as chairman
At present, working in SC as deputy general manager
BUSINESS
OPERATION
SC’s registered
business scope includes purchasing and selling chemical raw materials and
products (excluding
hazardous and poisonous chemicals),
importing and exporting with permits; the following items are limited to
branches: manufacturing medicine devices and pharmaceutical machinery
(excluding items specially regulated by state), medicine and pharmaceutical commerce,
practice production; manufacturing purified water, drinking, starch, feed
additive, foods, cosmetics and related packaging and printing; manufacturing
avermectins; manufacturing and selling health products (lotion); manufacturing
and selling health care food and daily chemicals.
SC is mainly
engaged in manufacturing western medicine, traditional Chinese medicine
preparation, western medicine raw materials, biological engineering medicine,
health care products, etc.
Brand: 
SC’s products mainly include:
Antibiotics, Chemical medicine preparation, Traditional Chinese medicines, OTC
medicines and health care products, Medicine logistics, Bioengineering, ETC.
SC sources its materials 80%
from domestic market, and 20% from overseas market. SC sells 90% of its
products in domestic market, and 10% 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 Check, T/T, L/C and Credit of 30-60
days.
*Major Suppliers:
=============
Harbin Pharm Group
Sanjing Pharmaceutical Co., Ltd.
Harbin Hengtong
Development Industry Corporation
Harbin Kangling Technology Development Co., Ltd
Harbin Pharm Group Bioengineering Co., Ltd.
Harbin Pharm Purchasing & Sales Co., Ltd.
Heilongjiang Harbin Pharm Liu Wuda Lianchi Spring Water Co., Ltd.
*Major Customers:
==============
Harbin Pharm Group
Sanjing Pharmaceutical Co., Ltd.
Harbin Pharm Group
Harbin Linglan Medicine Sales Co., Ltd.
Harbin Hengtong
Development Industry Corporation
Staff & Office:
--------------------------
SC is
known to have approx. 20,000
staff at present.
SC owns an area as
its operating office and factory, but the detailed information is unknown.
RELATED COMPANY
SC is
known to invest in the following companies:
n
Harbin
Pharm Group Medicine Co., Ltd.
n
Harbin
Pharm Group Shiyitang Chinese Medicine Crude Drugs Co., Ltd.
n
Harbin
Shiyitang Huana Medicine Co., Ltd.
n
Harbin Pharm Group Sanjing Pharmaceutical Co., Ltd.
n
Harbin
Pharm Group Sanjing Jiabin Medicine Co., Ltd.
n
Hayao
Cihang Pharmaceutical Co., Ltd.
n
Sichuan
Shenghe Sanjing Pharmaceutical Co., Ltd.
n
Hunan
Sanjing Medicine Commercial Co., Ltd.
n
Nanjing
Sanjing Medicine Co., Ltd.
n
Harbin
Sanjing New Medicine Co., Ltd.
n
Harbin
Sanjing Packaging Materials Co., Ltd.
n
Harbin
Pharm Group Property Management Co., Ltd.
n
Heilongjiang Harbin Pharm Liu Wuda Lianchi Spring
Water Co., Ltd.
n
Harbin Pharm Group Harbin Linglan Medicine Sales
Co., Ltd.
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’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:
Industrial
Bank Co., Ltd. Harbin Hayao Road Sub-branch
AC#:
562010100100119039
Bank of China
AC#: N/A
FINANCIALS
Consolidated Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2010 |
As
of Sep. 30, 2011 |
|
2,491,579 |
1,559,145 |
|
|
Held for trading financial assets |
0 |
0 |
|
Notes receivable |
934,416 |
1,314,296 |
|
Accounts
receivable |
1,726,638 |
2,401,940 |
|
Advances to
suppliers |
309,802 |
329,518 |
|
Interest
receivable |
3,760 |
1,411 |
|
Other receivable |
128,811 |
157,274 |
|
Inventory |
2,387,752 |
2,076,708 |
|
Other current
assets |
57,777 |
107,025 |
|
|
------------------ |
------------------ |
|
Current assets |
8,040,535 |
7,947,317 |
|
Long-term
receivables |
0 |
0 |
|
Investment real
estate |
10,929 |
9,929 |
|
Long-term equity
investment |
639,863 |
667,574 |
|
Fixed assets |
2,414,341 |
2,327,920 |
|
Construction in
progress |
353,347 |
425,335 |
|
Engineering
materials |
2,862 |
0 |
|
Intangible
assets |
178,176 |
185,804 |
|
Long-term
prepaid expenses |
4,069 |
3,309 |
|
Deferred income
tax assets |
118,504 |
125,839 |
|
Other
non-current assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total assets |
11,762,626 |
11,693,027 |
|
|
============= |
============= |
|
Short-term loans |
14,000 |
14,000 |
|
Held for trading
financial liabilities |
0 |
0 |
|
Notes payable |
1,255,324 |
867,405 |
|
Accounts payable |
2,134,018 |
2,165,504 |
|
Advances from
clients |
312,674 |
301,185 |
|
Payroll payable |
355,919 |
342,840 |
|
Tax payable |
219,625 |
350,614 |
|
Interest payable |
0 |
0 |
|
Other payable |
516,184 |
447,138 |
|
Current
liabilities due within one year |
75,088 |
75,625 |
|
Other current
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
4,882,832 |
4,564,311 |
|
Non-current
liabilities |
334,321 |
436,766 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
5,217,153 |
5,001,077 |
|
Equities |
6,545,473 |
6,691,950 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
11,762,626 |
11,693,027 |
|
|
============= |
============= |
Consolidated Income Statement
|
Unit: CNY’000 |
As
of Dec. 31, 2010 |
From
Jan. 1 to Sep. 30, 2011 |
|
Revenue |
12,535,440 |
10,835,421 |
|
Cost of sales |
8,796,280 |
8,091,767 |
|
Taxes and surcharges |
74,084 |
61,867 |
|
Sales expense |
1,243,975 |
827,377 |
|
Management expense |
1,241,637 |
909,788 |
|
Finance expense |
-22,932 |
-21,666 |
|
Investment
income |
92,297 |
87,417 |
|
Subsidy income |
0 |
0 |
|
Non-operating
income |
61,606 |
53,670 |
|
Non-operating expense |
38,297 |
57,047 |
|
Profit before
tax |
1,314,185 |
1,021,811 |
|
Less: profit tax |
181,479 |
156,970 |
|
Profits |
1,132,706 |
864,841 |
Important Ratios
=============
|
|
As of Dec. 31, 2010 |
As of Sep. 30, 2011 |
|
*Current ratio |
1.65 |
1.74 |
|
*Quick ratio |
1.16 |
1.29 |
|
*Liabilities
to assets |
0.44 |
0.43 |
|
*Net profit
margin (%) |
9.04 |
7.98 |
|
*Return on
total assets (%) |
9.63 |
7.40 |
|
*Inventory /
Revenue ×365/270 |
70
days |
52 days |
|
*Accounts
receivable/ Revenue ×365/270 |
51
days |
81 days |
|
*
Revenue/Total assets |
1.07 |
0.93 |
|
* Cost of
sales / Revenue |
0.70 |
0.75 |
FINANCIAL COMMENTS
PROFITABILITY:
FAIRLY GOOD
l
The revenue of SC appears
good.
l
SC’s net profit margin is fairly good.
l
SC’s return on total assets is fairly good.
l
SC’s cost of sales 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 appears average.
l
The accounts receivable of SC appears average.
l
SC’s short-term loans are in an average level.
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 low.
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. A credit line up to USD 50,000,000
would appear to be within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.92 |
|
UK Pound |
1 |
Rs.77.31 |
|
Euro |
1 |
Rs.64.12 |
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.