MIRA
INFORM REPORT
|
Report Date : |
30.01.2012 |
IDENTIFICATION DETAILS
|
Correct Name : |
PKU International Healthcare Group Southwest
Pharmaceutical Co., Ltd |
|
|
|
|
Registered Office : |
Floor 19, Block B, Fortune
Plaza, No. 9 East Honghu Road Yubei District, Chongqing 401121
PR |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
30.09.2011 |
|
|
|
|
Date of Incorporation : |
18.05.1993 |
|
|
|
|
Com. Reg. No.: |
500000000004751 |
|
|
|
|
Legal Form : |
Shares Limited Company |
|
|
|
|
Line of Business : |
Manufacturing and Selling Active Pharmaceutical Ingredients &
Preparation |
|
|
|
|
No. of Employees : |
3,035 |
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 6,000,000 |
|
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 30, 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
PKU International Healthcare Group Southwest
Pharmaceutical Co., Ltd.
Floor 19,
Block B, Fortune Plaza, No. 9 East Honghu Road
Yubei
District, Chongqing 401121 PR CHINA
TEL: 86
(0) 23-67502832/67526705
FAX: 86
(0) 23-67507123/67705780
EXECUTIVE SUMMARY
Date of Registration : may 18, 1993
REGISTRATION NO. : 500000000004751
LEGAL FORM : SHARES LIMITED
COMPANY
REGISTERED CAPITAL :
CNY 595,987,425
staff : 3,035
BUSINESS CATEGORY :
manufacturing
REVENUE :
CNY 1,446,914,000 (FROM JAN. 1
TO SEP. 30, 2011)
EQUITIES :
CNY 1,019,204,000 (AS OF SEP. 30, 2011)
WEBSITE : www.fsspc.com
E-MAIL : sspc@fsspc.com
PAYMENT : AVERAGE
Recommended Credit Limit: UP TO USD
6,000,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRly good
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION : fairly 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
***Note: SC’s operating address should be the
heading one, while the (Cuntan, Jiangbei District, Chongqing P.R. China 400025)
is SC’s registered one.
SC’s name should be the heading one, while the
given name (Southwest Synthetic Pharmaceutical Corp., Ltd.) was the former one.
SC was
established as a shares limited company
of PRC with State Administrative Bureau of Industry & Commerce under
registration No.: 500000000004751 on May 18, 1993.
SC’s Organization Code Certificate
No.: 45053377-9
SC’s registered capital: CNY 595,987,425
SC’s paid-in capital: CNY 595,987,425
Registration Change Record:
|
Date |
Change of Contents |
Before the change |
After the change |
|
2009 |
Company Name |
Southwest Synthetic
Pharmaceutical Corp., Ltd. |
PKU International Healthcare
Group Southwest Pharmaceutical Co., Ltd. |
|
2010 |
Registered Capital |
CNY 260,171,811 |
CNY 416,274,897 |
|
2011 |
Registered Capital |
CNY 416,274,897 |
CNY 595,987,425 |
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) (as
of September 26, 2011) |
% of Shareholding |
|
Southwest Synthetic
Pharmaceutical (Group) Company |
33.62 |
|
PKU International Healthcare
Group Co., Ltd. |
18.33 |
|
China Life Insurance (Group)
Corp.-Traditional-General Insurance Products |
3.64 |
|
Agricultural Bank of
China-Huaxia steady growth mixed securities investment fund |
1.45 |
|
Chongqing Changjiang
Pharmaceutical Factory |
1.22 |
|
Jiantou Zhongxin Asset Management
Co., Ltd. |
1.10 |
|
China Life Insurance Co.,
Ltd.- Traditional-General Insurance Products |
0.65 |
|
Wuhan Guoxing Technology
Development Co., Ltd. |
0.33 |
|
CNGC North Industries Group
Finance Company Ltd. |
0.27 |
|
China Life Insurance Co.,
Ltd.- Traditional-General Insurance Products |
0.21 |
|
Other Shareholders |
39.18 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative and
Chairman |
Li Guojun |
|
General Manager |
Mao Run |
|
Deputy General Manager |
Gao Jianjun |
|
Huang Lin |
RECENT DEVELOPMENT
SC (Stock code on Shenzhen Stock Exchange: 000788) is located in
Chongqing, China. It is the largest manufacturing, R&D and export enterprise
of biopharmaceutical and synthetic pharmaceutical active pharmaceutical
ingredients (APIs) and pharmaceutical preparations in western China. SC is also
the key enterprise of Chinese pharmaceutical industry, national innovative
pilot enterprise, key high and new tech enterprise of national Torch Program,
the brand leader enterprise supported by Chongqing government. It is the
biggest Lovastatin and Sulfonamides manufacturing enterprise in the world.
SC is one of the top pharmaceutical enterprises owning the most
certifications in China. All products of SC have been cGMP certified. Twenty
products have US DMFs and twelve products have been the subject of successful
US FDA site inspections. Seven products have been granted CEP.
SHAREHOLDER CHART & BACKGROUND
Name
(as of September 26, 2011) % of
Shareholding
Southwest Synthetic Pharmaceutical (Group) Company
33.62
PKU International Healthcare Group Co., Ltd.
18.33
China Life Insurance (Group) Corp.
-Traditional-General Insurance Products
3.64
Agricultural Bank of China
-Huaxia steady growth mixed securities investment fund
1.45
Chongqing Changjiang Pharmaceutical Factory
1.22
Jiantou Zhongxin Asset Management Co., Ltd.
1.10
China Life Insurance Co., Ltd.
- Traditional-General Insurance Products
0.65
Wuhan Guoxing Technology Development Co., Ltd.
0.33
CNGC North Industries Group Finance Company Ltd.
0.27
China Life Insurance Co., Ltd.
- Traditional-General Insurance Products
0.21
Other Shareholders
39.18
l
Southwest Synthetic Pharmaceutical
(Group) Company
===========================================
Registration No.: 500000000003943
Date of Registration: May 26, 1986
Legal Form: One-person Limited Liabilities Company
Registered Capital: CNY 428,570,000
Legal Representative: Li Guojun
l
PKU International Healthcare Group Co.,
Ltd.
====================================
Registration No.: 110000005285860
Date of Registration: January 27, 2003
Legal Form: Limited Liabilities Company
Registered Capital: CNY 1,200,000,000
Legal Representative: Wang Shan
l
Chongqing Changjiang Pharmaceutical
Factory
=====================================
Registration No.: 500112100008493
Date of Registration: January 5, 1979
Legal Form: Collective-owned enterprise
Registered Capital: CNY 3,064,800
Legal Representative: Wang Yueming
l
Jiantou Zhongxin Asset Management Co.,
Ltd.
=====================================
Registration No.: 110000008950015
Date of Registration: September 30, 2005
Legal Form: Limited Liabilities Company
Registered Capital: CNY 1,900,000,000
Legal Representative: Feng Jing
l
Wuhan Guoxing Technology Development
Co., Ltd.
========================================
Registration No.: 420100000147081
Date of Registration: July 12, 2000
Legal Form: Limited Liabilities Company
Registered Capital: CNY 30,000,000
Legal Representative: Chen Biwen
l
CNGC North Industries Group Finance
Company Ltd.
==========================================
CNGC North Industries Group Finance Company Ltd.
(hereinafter referred to as “NORFICO”) was founded in May 18th 1997. As a new
financial organization, it takes the duty of providing fund management and
financial service for the group and its subsidiaries.
Address: No.19 Qing Nian Lake South street, Dong Cheng
district, Beijing
Postcode: 100011
Telephone: 010-84127722/84119185
Fax: 010-84135058
Web: www.norfico.com.cn
E-mail: admin@norfico.com.cn
MANAGEMENT
Li Guojun, Legal Representative and Chairman
-------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 37
Ø
Qualification:
Master Degree
Ø
Working
experience (s):
At present, working in SC as legal
representative and chairman
Also working in Southwest Synthetic
Pharmaceutical (Group) Company as legal representative
Mao Run,
General Manager
----------------------------------------------
Ø
Gender: M
Ø
Age: 46
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as general manager
Gao Jianjun, Deputy General Manager
---------------------------------------------------------------
Ø
Gender: M
Ø
Age: 41
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as deputy general manager
Huang Lin, Deputy General Manager
---------------------------------------------------------
Ø
Gender: M
Ø
Age: 33
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as deputy general manager
Also working in PKU International Healthcare Group Chongqing
Daxin Pharmaceutical Co., Ltd. and Shanghai Fangzheng
Tuokang Trading Co., Ltd. as legal representative
BUSINESS OPERATION
SC’s registered
business scope includes manufacturing and selling active pharmaceutical
ingredients & preparation; selling hardware, chemical products &
materials, grocery, building materials, decorating materials, steel materials,
wood, electric appliance, machine, and general equipment; pharmaceutical
technology consultation and transfer; not to engage in any items prohibited by
laws, administrative regulation and State Council; able to engage in items that
needs permit according to the regulation of the State Council, after obtaining
the permit from relative authorities and the registration in the AIC; and
select to deal with any items that do not need any permit; manufacturing and
selling food additives and feed additives.
SC is mainly
engaged in manufacturing and selling active pharmaceutical ingredients &
preparation.
SC’s
products mainly include:
APIs
Anti-microbials
Vitamins
Cardiovascular
Anti-anxiety
Antipsychotic
Antiepileptic
Oncology
Anti-allergy
Nonsteroidal
Anti-inflammatory
Anti-gout
Antidiabetic
Gastroenteric
Preparations
SC sources its materials 100%
from domestic market, mainly Chongqing. SC sells 60% of its products in
domestic market, and 40% to overseas market, mainly Southeast Asia.
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
Suppliers:
--------------------
Southwest
Synthetic Pharmaceutical (Group) Company
Chongqing
Fangheng Chemical Factory
Major
Client:
-----------------
Beijing
Beiyi Pharmaceutical Co., Ltd.
Staff & Office:
--------------------------
SC is
known to have approx. 3,035
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 have the following subsidiaries:
n
Chongqing Fangxin Fine Chemical Co., Ltd.
Registration No.: 500105000023369
Date of Registration: February 9, 2007
Legal Form: Limited Liabilities Company
Registered Capital: CNY 56,980,000
Legal Representative: Su Shengqiang
n
Chongqing Beigang Pharmaceutical Co., Ltd.
Registration No.: 500105000079211
Date of Registration: May 15, 2007
Legal Form: Limited Liabilities Company
Registered Capital: CNY 10,000,000
Legal Representative: Zhou Zhiyun
n
PKU International Healthcare Group Chongqing Daxin Pharmaceutical Co.,
Ltd.
Registration No.: 500000000002119
Date of Registration: February 11, 1998
Legal Form: Limited Liabilities Company
Registered Capital: CNY 163,325,819.56
Legal Representative: Huang Lin
n
Shanghai Fangzheng Tuokang Trading Co., Ltd.
Registration No.: 310115001098823
Date of Registration: November 19, 2008
Legal Form: One-person Limited Liabilities Company
Registered Capital: CNY 30,000,000
Legal Representative: Huang Lin
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
The bank
information of SC is not filed in local SAIC.
FINANCIALS
Consolidated Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2010 |
As
of Sep. 30, 2011 |
|
760,640 |
605,559 |
|
|
Held for trading financial assets |
38 |
0 |
|
Notes receivable |
40,473 |
66,262 |
|
Accounts
receivable |
424,833 |
511,386 |
|
Advances to
suppliers |
101,716 |
60,225 |
|
Interest receivable |
0 |
0 |
|
Other receivable |
22,633 |
14,335 |
|
Inventory |
336,158 |
320,390 |
|
Other current
assets |
548 |
0 |
|
|
------------------ |
------------------ |
|
Current assets |
1,687,039 |
1,578,157 |
|
Financial assets
available for sale |
2,505 |
2,048 |
|
Long-term equity
investment |
0 |
0 |
|
Fixed assets |
394,646 |
369,134 |
|
Construction in
progress |
254,055 |
618,790 |
|
Project material |
3,018 |
4,351 |
|
Intangible
assets |
142,029 |
138,635 |
|
Development
expense |
1,818 |
9,343 |
|
Long-term
prepaid expenses |
209 |
151 |
|
Deferred income
tax assets |
4,875 |
5,408 |
|
Other
non-current assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total assets |
2,490,194 |
2,726,017 |
|
|
============= |
============= |
|
Short-term loans |
328,000 |
283,000 |
|
Held for trading
financial liabilities |
0 |
0 |
|
Notes payable |
252,076 |
223,586 |
|
Accounts payable |
336,696 |
332,828 |
|
Advances from
clients |
7,211 |
4,299 |
|
Payroll payable |
42,751 |
42,329 |
|
Tax payable |
20,235 |
7,673 |
|
Interest payable |
50 |
0 |
|
Dividend payable |
4,132 |
4,132 |
|
Other payable |
196,367 |
186,155 |
|
Non-current
liabilities due within one year |
57,500 |
71,500 |
|
Other current
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
1,245,018 |
1,155,502 |
|
Non-current
liabilities |
273,526 |
551,311 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
1,518,544 |
1,706,813 |
|
Equities |
971,650 |
1,019,204 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
2,490,194 |
2,726,017 |
|
|
============= |
============= |
Consolidated Income Statement
|
Unit: CNY’000 |
From
Jan. 1 to Sep. 30, 2011 |
|
Revenue |
1,446,914 |
|
Cost of sales |
1,148,252 |
|
Sales expense |
69,279 |
|
Management expense |
98,971 |
|
Finance expense |
23,555 |
|
Non-operating
income |
7,246 |
|
Non-operating expense |
172 |
|
Profit before
tax |
106,242 |
|
Less: profit tax |
16,392 |
|
Profits |
89,850 |
Important Ratios
=============
|
|
As of Dec. 31, 2010 |
As of Sep. 30, 2011 |
|
*Current ratio |
1.36 |
1.37 |
|
*Quick ratio |
1.09 |
1.09 |
|
*Liabilities
to assets |
0.61 |
0.63 |
|
*Net profit margin
(%) |
-- |
6.21 |
|
*Return on
total assets (%) |
-- |
3.30 |
|
*Inventory /
Revenue ×365/270 |
-- |
5 days |
|
*Accounts
receivable/ Revenue ×365/270 |
-- |
96 days |
|
*
Revenue/Total assets |
-- |
0.53 |
|
* Cost of
sales / Revenue |
-- |
0.79 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
l
The revenue of SC appears
fairly good.
l
SC’s net profit margin is fairly good.
l
SC’s return on total assets is average.
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 fairly large.
l
The short-term loans of SC appear average.
l
SC’s revenue is in a
fair level, comparing with the size of its total assets.
LEVERAGE:
AVERAGE
l
The debt ratio of SC is average.
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. Taking into consideration of SC’s general performance,
reputation as well as market conditions, a credit line up to USD 6,000,000 appears to
be within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.64 |
|
|
1 |
Rs.77.79 |
|
Euro |
1 |
Rs.65.04 |
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.