MIRA INFORM REPORT
|
Report Date : |
21.01.2012 |
IDENTIFICATION DETAILS
|
Name : |
SINOPHARM WEIQIDA PHARMACEUTICAL CO.,LTD. |
|
|
|
|
Formerly Known As : |
Shanxi Weiqida
Pharmaceutical Co., Ltd. |
|
|
|
|
Registered Office : |
No. 15 Gongnong Road, Datong, Shanxi
Province, 037008 Pr |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
30.09.2002 |
|
|
|
|
Com. Reg. No.: |
140200400001754 |
|
|
|
|
Legal Form : |
Chinese-Foreign Equity Joint
Venture Enterprise |
|
|
|
|
Line of Business : |
manufacturing and selling Active Pharmaceutical Ingredient |
|
|
|
|
No. of Employees
: |
2800 |
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 7,000,000 |
|
|
|
|
Status : |
Good |
|
|
|
|
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 – 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 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name & address
SINOPHARM
WEIQIDA PHARMACEUTICAL CO.,LTD.
NO. 15 GONGNONG
ROAD, DATONG,
shanxi PROVINCE,
037008 PR CHINA
TEL: 86 (0)
352-5378888/5375555 FAX: 86 (0)
352-5328556-8812
EXECUTIVE SUMMARY
INCORPORATION DATE : SEP. 30, 2002
REGISTRATION NO. : 140200400001754
REGISTERED LEGAL FORM :
CHINESE-FOREIGN EQUITY JOINT VENTURE ENTERPRISE
STAFF STRENGTH : 2,800
REGISTERED CAPITAL :
CNY 593,939,394
BUSINESS LINE : MANUFACTURING
TURNOVER : CNY 1,431,820,000 (UNaudited, AS OF DEC. 31, 2011)
EQUITIES : CNY 1,132,730,000 (UNaudited, AS
OF DEC. 31, 2011)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO USD 7,000,000 (periodical review)
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly stable
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : well-known
EXCHANGE RATE :
CNY 6.31 = 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
SC was registered as a Chinese-foreign equity joint venture
enterprise at local Administration for industry & commerce (AIC - the official
body of issuing and renewing business license) on Sep. 30, 2002.
Company Status: Chinese-foreign equity joint venture
enterprise This form of business in PR
China is defined as a legal person. It is a limited co. jointly invested by
one or more foreign companies and one or more PR China controlled companies
within the territories of PR China according to a certain proportion of
capital investment. The investing parties exercise business management,
share profits and bear all risks and liabilities of the co. together. The
equity joint venture law requires that foreign party contribute not less
than 25% of the registered capital, with no maximum. The investing parties
are free to agree on method of profit distribution and liabilities bearing
according to the proportion of capital investment. Each investing parties
contributes funds, tangible assets, technology & etc. The board of
directors excises the high authority. The joint venture usually has a
limited duration of 10 to 50 years. Enterprise with large investment, long
construction periods, low investment returns, introducing of advanced
technology & advanced technology products that have good competition
position in international market may extend beyond the 50 years limit.
SC’s registered
business scope includes manufacturing and selling powder-injection within state
limits.
SC is mainly
engaged in manufacturing and selling active pharmaceutical ingredient.
Mr. Guo Yimin is chairman of SC at present.
SC is known to have approx. 2,800 employees at
present.
SC is
currently operating at the above stated address, and
this address houses its operating office and factory in the development area of
Datong. Our checks reveal that SC owns the total premise, but SC’s accountant refused
to release the gross area of the premise.
http://www.weiqida.com/ The
website is can’t be landed for technical reason.
E-mail: marketing@weiqida.com
Qualification:
Changes of its
registered information are as follows:
|
Date |
Item |
Before the
change |
After the change |
|
2011 |
Company name |
Shanxi Weiqida Pharmaceutical Co., Ltd. |
Present one |
MAIN SHAREHOLDERS:
Name %
of Shareholding
Aowei Biology Trading Corp.
(Literal Translation, Canada) 33
China National Pharmaceutical Industry
Corporation Limited 67
China National Pharmaceutical Industry
Corporation Limited
=============================================
China National Pharmaceutical
Industry Corporation Limited (abbreviated as CNPIC), a subsidiary of China National
Pharmaceutical Group Corporation (abbreviated as SINOPHARM), is an economic
entity of R & D, production, trade and investment.
Incorporated date:
Registration number:
100000000005489
Tel: 010-62800599
Fax: 010-62800833
E-mail: webmaster@cnpic.com.cn
l
Chairman:
Mr. Guo Yimin, ID # 23010219630703161X, born in 1963, with university education. He is currently
responsible for the overall management of SC.
Working Experience(s):
At present Working in SC as chairman
Also working in China National Pharmaceutical Industry Corporation Limited as legal representative
l
General manager:
Mr. Han Yanlin, ID # 140202196303293034,
born in 1963, with university education. He is
currently responsible for the daily management
of SC.
Working Experience(s):
At present Working in SC as general manager.
SC is mainly
engaged in manufacturing and selling Active Pharmaceutical Ingredient.
SC’s products
mainly include mezlocillin Sodium, Cefadroxil, Cefotaxime Sodium (sterile),
etc.
SC sources its materials 90%
from domestic market, and 10% from overseas market. SC sells 60% of its
products in domestic market, and 40% to overseas market, mainly India.
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.
Note: SC’s management declined to release its main clients
and suppliers.
SC is
known to invest in:
Sinopharm Baida Pharmaceutical Co., Ltd.
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.
Rural Credit Cooperative Union of Datong, Nanjiao District
AC# 1100850073986012
Relationship:
Normal
Unaudited Balance
Sheet
Unit: CNY’000
|
|
as
of Dec. 31, 2010 |
as
of Dec. 31, 2011 |
|
Cash & bank |
169,820 |
120,610 |
|
Inventory |
154,400 |
179,550 |
|
Accounts
receivable |
169,360 |
201,170 |
|
Notes receivable |
20,570 |
63,740 |
|
Advances to
suppliers |
520 |
21,810 |
|
Other
receivables |
42,170 |
544,000 |
|
Other current
assets |
0 |
4,080 |
|
|
------------------ |
------------------ |
|
Current assets |
556,840 |
1,134,960 |
|
Fixed assets net
value |
126,570 |
637,700 |
|
Projects under
construction |
1,116,530 |
1,067,140 |
|
Project
materials |
118,230 |
87,580 |
|
Long term
investment |
19,400 |
206,220 |
|
Intangible
assets |
105,300 |
28,190 |
|
Other assets |
193,720 |
25,060 |
|
|
------------------ |
------------------ |
|
Total assets |
2,236,590 |
3,186,850 |
|
|
============= |
============= |
|
Short loans |
280,000 |
428,000 |
|
Accounts payable |
214,180 |
252,030 |
|
Notes payable |
146,630 |
204,110 |
|
Other payable |
92,960 |
74,400 |
|
Taxes payable |
2,200 |
-7,580 |
|
Advances from
clients |
33,790 |
25,940 |
|
Accrued payroll |
5,810 |
15,420 |
|
Other current
liabilities |
0 |
669,610 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
775,570 |
1,661,930 |
|
Long term
liabilities |
462,930 |
392,190 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
1,238,500 |
2,054,120 |
|
Equities |
998,090 |
1,132,730 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
2,236,590 |
3,186,850 |
|
|
============= |
============= |
Unaudited Income
Statement
Unit: CNY’000
|
|
as of Dec. 31,
2010 |
as of Dec. 31,
2011 |
|
Turnover |
1,208,040 |
1,431,820 |
|
Cost of goods
sold |
922,520 |
1,160,720 |
|
Sales expense |
30,400 |
46,820 |
|
Management expense |
66,120 |
91,850 |
|
Finance expense |
31,300 |
55,100 |
|
Asset
impairment loss |
4,500 |
3,700 |
|
Profit before
tax |
152,740 |
159,830 |
|
Less: profit tax |
38,050 |
23,980 |
|
Profits |
114,690 |
135,850 |
Important Ratios
=============
|
|
as
of Dec. 31, 2010 |
as
of Dec. 31, 2011 |
|
*Current ratio |
0.72 |
0.68 |
|
*Quick ratio |
0.52 |
0.57 |
|
*Liabilities
to assets |
0.55 |
0.64 |
|
*Net profit
margin (%) |
9.49 |
9.49 |
|
*Return on
total assets (%) |
5.13 |
4.26 |
|
*Inventory
/Turnover ×365 |
47 days |
46 days |
|
*Accounts
receivable/Turnover ×365 |
51 days |
51 days |
|
*Turnover/Total
assets |
0.54 |
0.45 |
|
* Cost of
goods sold/Turnover |
0.76 |
0.81 |
PROFITABILITY:
FAIRLY GOOD
l
The turnover of SC appears fairly good in 2010 and
it increased in 2011.
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 in both years,
comparing with its turnover.
LIQUIDITY: FAIR
l
The current ratio of SC is maintained in a fair
level.
l
SC’s quick ratio is maintained in a fair level.
l
The inventory of SC is maintained in an average
level in both years.
l
The accounts receivable of SC is maintained in an
average level in both years.
l
SC’s short-term loan is in an average level in both
years.
l
SC’s turnover is in a fair level in both years,
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.
SC is considered large-sized in its line with fairly stable
financial conditions. A credit line up to USD 7,000,000 appears to be within
SC’s capacities upon a periodical review basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.50.33 |
|
UK Pound |
1 |
Rs.77.97 |
|
Euro |
1 |
Rs.65.07 |
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.