MIRA
INFORM REPORT
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Report Date : |
28.06.2012 |
IDENTIFICATION DETAILS
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Name : |
SHANGHAI PHARMACEUTICAL INDUSTRIES CO.,
LTD. |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
13.05.1991 |
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Com. Reg. No.: |
310101000043301 |
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Legal Form : |
One-Person Limited Liability Company |
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Line of Business : |
selling bulk pharmaceuticals and
pharmaceutical intermediates |
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No. of Employees : |
300 |
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 |
|
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 & address
SHANGHAI
PHARMACEUTICAL INDUSTRIES CO., LTD.
NO. 89 JIUJIANG ROAD,
SHANGHAI, 200002 PR CHINA
TEL: 86 (0)
21-63233100/63233011/63234176 FAX: 86 (0) 21-63232069
EXECUTIVE SUMMARY
INCORPORATION DATE : MAY 13, 1991
REGISTRATION NO. : 310101000043301
REGISTERED LEGAL
FORM : One-person Limited Liability Company
STAFF STRENGTH : 300
REGISTERED CAPITAL :
CNY 150,000,000
BUSINESS LINE : TRADING
TURNOVER : cny 934,320,000 (AS OF DEC. 31, 2009)
EQUITIES : cny 205,540,000 (AS OF DEC. 31,
2009)
PAYMENT : AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : STABLE
OPERATIONAL TREND :
steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.37= 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 Ren Min Bi
Note: SC is also known as Shanghai Pharmaceutical Industry Corporation Limited.
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 May 13, 1991 and has been under present ownership since 2006.
Company Status: One-person
Limited Liability Company
Single person LLC refers to a
limited liability company set up by only one natural person or legal person
as the single shareholder of it. The minimum registered capital
of Single person LLC is CNY100,000. The shareholder’s capital contributes,
as set out by the articles of associations should be a lump-sum payment in
full. One natural person can only
invest in and set up one limited liability company, which is not permitted
to invest in and set up a new Single person LLC. As to any one-person limited
liability company, the sole-investor nature of the natural person or legal
person shall be indicated in the registration documents of the company and
shall be indicated in the business license thereof as well. The regulation of Single person
LLC should be set up by the shareholder The regulation of Single person
LLC has no shareholder meeting
SC’s registered business scope includes exporting and selling subordinate
enterprises’ self-made products and related technology, importing machinery
equipments, raw materials, and related technology which use by subordinate
manufacturing enterprises; undertaking sino-foreign joint
venture and cooperative venture; the processing
with imported materials, processing with imported samples, assembling with
imported parts, and compensation trade in agreement; chemical raw
materials (precursor chemicals), Chinese patent medicines (including ginseng
antler and tremella fuciformis), chemical medicine, chemical medicine
preparation, antibiotics, biochemical drugs, biological products, feed
additives, technical services, medical equipments and cosmetics. (with permit
if needed)
SC is mainly
engaged in selling bulk pharmaceuticals and
pharmaceutical intermediates.
Fang Fang is legal
representative and chairman of SC at present.
SC is known
to have approx. 300 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office in the commercial zone of Shanghai. Our checks reveal that SC
rents the total premise about 2,000 square meters.
SC has another operating office located at 20/F,
No. 1 Ningbo Road, Shanghai.
http://www.spicl.com/ The design is
professional and the content is well organized. At present it is in both
Chinese and English versions.
Email: yanghj@spicl.com
SC has been selected as one of the top 50 pharmaceutical enterprises by
the state Pharmaceutical Administration of China, and has enjoyed high
reputation both in domestic market and abroad.
Changes of SC’s
registered information:
|
Date |
Item |
Before changed |
After changed |
|
2006-8 |
Shareholders |
Shanghai Tongren
Pharmaceutical Co., Ltd. 1.67%; Shanghai Huatai Investment Development Co.,
Ltd. (in Chinese Pinyin) 98.33% |
Shanghai Huatai Investment Development
Co., Ltd. (in Chinese Pinyin) 100% |
|
Legal form |
Limited
Liabilities Company |
Present one |
|
|
Unknown |
Registered no. |
3101011023724 |
310101000043301 |
|
Legal representative |
Xia Xiaodong |
Fang Fang |
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Registered capital |
CNY 69,814,000 |
Present amount |
MAIN SHAREHOLDERS:
Name %
of Shareholding
Shanghai Huatai Investment Development Co.,
Ltd. (in Chinese Pinyin)
100
Legal representative: Xia Xiaodong
Registration No.: 310115000809624
Registered capital: CNY 120,000,000
Legal
representative and chairman:
Fang Fang is currently responsible for the overall management of SC.
Working Experience(s):
At present Working in SC as legal representative and chairman
General Manager:
Mr. Luo Xiyi in his 50’s with
university education. He is currently responsible for the daily management of
SC.
Working Experience(s):
From 2003 to present
Working in SC as general
manager
l
Directors:
· Zhang Hongying
Wang Junhua
l
Supervisor:
· Zhang Xianzhong
SC is mainly
engaged in selling bulk pharmaceuticals and
pharmaceutical intermediates.
SC’s products
mainly include:
Bulk
Pharmaceuticals:
Acetazolamid
Amiodarone Hcl
Benzalkonium
Bromide
Bromhexine Hcl
Caffeine
Centrofenoxine Hcl
Chlorphenamine
Maleate
Clenbuterol Hcl
Clorprenaline Hcl
Pharmaceutical
Intermediates:
2-(1,4-Cyclohexadiene)
Glycine
2-Amino-4-Nitro-6-Chlorophenol
3,4,5-Trimethoxybenzaldehyde
3,4,5-Trimethoxybenzoic
Acid
Acetanilide
D-(-)-2-Phenyl
Glycine Dan's
Doxepinone
Formulation:
Amikacin Sulfate
Ciprofloxacin
Lactate
Clindamycin
Diazepam
Kanamycin
Lidocaine
Lincomycin Hcl
Vitamin C
SC sources its materials
100% from domestic market. SC sells 70% of its products in domestic market and
30% to the overseas markets, mainly America and Europe.
The buying terms of SC include Check, T/T and Credit of 30-60 days. The
payment terms of SC include T/T, L/C and Credit of 30-60 days.
Note:
SC’s management declined to release its customer and supplier details.
SC
is known to have the following subsidiaries as below:
· Shanghai Mei You Pharmaceutical Co., Ltd.
Shanghai
Shen Yu Pharmaceutical & Chemical Co., Ltd.
Shanghai
Medical & Analytical Instruments Manufacturing Co., Ltd.
Shanghai
SA Medical & Plastic Instruments Co., Ltd.
Shanghai
Xudong Haipu Pharmaceutical Co., Ltd.
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 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.
Industrial and Commercial Bank of China Shanghai Branch
AC#1001254009005201316
Relationship:
Normal.
Balance Sheet (as of Dec. 31, 2009)
Unit: CNY’000
|
Cash & bank |
77,550 |
|
Bills receivable |
0 |
|
Inventory |
78,660 |
|
Accounts
receivable |
97,930 |
|
Advances to
suppliers |
11,930 |
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Other
receivables |
29,800 |
|
Other current
assets |
140 |
|
|
------------------ |
|
Current assets |
296,010 |
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Fixed assets net
value |
3,970 |
|
Projects under construction |
0 |
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Long term
investment |
151,160 |
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Other assets |
0 |
|
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------------------ |
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Total assets |
451,140 |
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============= |
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Short loans |
71,350 |
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Bills payable |
0 |
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Accounts payable |
90,340 |
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Other payable |
39,970 |
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Taxes payable |
-390 |
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Salaries and
Welfares payable |
9,000 |
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Advances from
clients |
10,960 |
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Other current
liabilities |
10 |
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------------------ |
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Current
liabilities |
221,240 |
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Long term
liabilities |
24,360 |
|
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------------------ |
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Total liabilities |
245,600 |
|
Equities |
205,540 |
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|
------------------ |
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Total
liabilities & equities |
451,140 |
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|
============= |
Income Statement (as of Dec. 31, 2009)
Unit: CNY’000
|
Turnover |
934,320 |
|
Cost of goods
sold |
841,500 |
|
Taxes
and additional of main operation |
1,320 |
|
Sales expense |
40,900 |
|
Management expense |
27,130 |
|
Finance expense |
4,990 |
|
Investment
income |
16,540 |
|
Profit before
tax |
34,970 |
|
Less: profit tax |
4,300 |
|
Profits |
30,670 |
Note: SC’s latest
financial reports can not be found in local AIC.
Important Ratios
=============
|
|
as
of Dec. 31, 2009 |
|
*Current ratio |
1.34 |
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*Quick ratio |
0.98 |
|
*Liabilities
to assets |
0.54 |
|
*Net profit margin
(%) |
3.28 |
|
*Return on
total assets (%) |
6.80 |
|
*Inventory
/Turnover ×365 |
31 days |
|
*Accounts
receivable/Turnover ×365 |
39 days |
|
*Turnover/Total
assets |
2.07 |
|
* Cost of
goods sold/Turnover |
0.90 |
PROFITABILITY:
FAIRLY GOOD
l
The turnover of SC appears fairly good in its line.
l
SC’s net profit margin is average.
l
SC’s return on total assets is fairly good.
l
SC’s cost of goods sold is fairly high, comparing
with its turnover.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a normal
level.
l
SC’s quick ratio is maintained in a normal level.
l
The inventory of SC appears average.
l
The accounts receivable of SC appears average.
l
The short-term loan of SC appears average.
l
SC’s turnover is in an average 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: Stable
SC is considered medium-sized in its line with a development
history of 21 years. The given credit amount would appear to be beyond SC’s
capacities, while a credit line up to USD 1,000,000 is recommended.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.57.22 |
|
UK Pound |
1 |
Rs.89.42 |
|
Euro |
1 |
Rs.71.46 |
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.