MIRA
INFORM REPORT
|
Report Date : |
06.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
ZHEJIANG HISUN PHARMACEUTICAL CO., LTD. |
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Registered Office : |
No. 46, Waisha Road, Jiaojiang District, Taizhou, Zhejiang Province, 318000 Pr |
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Country : |
China |
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Financials (as on) : |
30.09.2011 |
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Date of Incorporation : |
11.02.1998 |
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Com. Reg. No.: |
330000000037277 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Producing and selling chemical and medical raw materials. |
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|
|
No. of Employees : |
3,705 |
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 20,000,000 |
|
Status : |
Good |
|
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 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 |
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Restricted |
C2 |
|
Off-credit |
D |
Company name and address
ZHEJIANG
HISUN PHARMACEUTICAL CO., LTD.
NO. 46, WAISHA ROAD, JIAOJIANG DISTRICT,
TAIZHOU,
ZHEJIANG PROVINCE, 318000 PR CHINA
TEL: 86 (0) 576-88827881 / 85278141 FAX:
86 (0) 576-88827971
EXECUTIVE SUMMARY
INCORPORATION DATE : FEB. 11, 1998
REGISTRATION NO. :
330000000037277
REGISTERED LEGAL FORM : SHARES
LIMITED CO.
CHIEF EXECUTIVE :
MR. BAI HUA (CHAIRMAN)
STAFF STRENGTH : 3,705
REGISTERED CAPITAL : CNY 524,818,161
BUSINESS LINE : MANUFACTURING
TURNOVER :
CNY 3,629,283,000 (CONSOLIDATED, JAN. 1 TO SEP. 30,
2011)
EQUITIES :
CNY 4,356,336,000 (CONSOLIDATED, AS OF SEP. 30, 2011)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO
USD 20,000,000
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION : 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 shares
limited co. at Zhejiang Provincial
Administration for Industry & Commerce (AIC - The official body of issuing and
renewing business license) on Feb. 11, 1998.
Company Status:
Shares limited co. This form of business in PR
China is defined as a legal person. Its registered capital is divided into shares
of equal par value and the co. raises capital by issuing share certificates
by promotion or by public offer. Shareholders bear limited liability to the
extent of shareholding, and the co. is liable for its debts only to the
extent of its total assets. The co has independent property of legal person
and enjoys property rights of legal person. The characteristics of
the shares limited co. are as follows: The establishment of the co.
requires at least two promoters and no more than 200, half of whom shall be
domiciled in The minimum registered capital
of a co. is CNY The board of directors must
consist of five to nineteen directors. If the co.
raises capital by public offer, the promoters must not subscribe less than
35% of the total shares. the promoters’ shares are restricted to transfer-
within one year of the offer. A state-owned enterprise that
is restructured into a shares limited co. must comply with the conditions
& requirements specified under the law & administrative rule.
SC’s registered business scope includes manufacturing pharmaceutical;
manufacturing and selling veterinary drugs; import and export business.
SC is mainly
engaged in producing and selling chemical and medical raw materials.
Mr. Bai Hua has been chairman and general manager of SC
since 2007.
SC is known to have approx. 3,705 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 Taizhou. Our checks reveal
that SC owns the total premise about 200,000 square meters.
http://www.hisunpharm.com/
The design is professional and the content is well organized. At present it is
in both Chinese and English versions.
E-Mail: sale@hisunpharm.com
SC is a listed company in Shanghai Stock Exchange Market with the code
of 600267.
Changes
of its registered information are as follows:
|
Date of change |
Item |
Before the change |
After the change |
|
Unspecified |
Registration No. |
3300001001409 |
0002497 |
|
Registration No. |
0002497 |
Present one |
|
|
Registered capital |
CNY 483,780,000 |
Present one |
Honours: (according to SC’s
website)
In 2010
January Listed in the 4th Batch of National
Pilot Enterprises and Institutions in Intellectual Property
April Granted the Oxen Award of Corporate
Social Responsibility in Pharmaceutical Industry
May Outstanding Contributor Award in Charity from
Taizhou municipality
In 2009
February Awarded the title of "the Top 10
Companies in investor relations management in Zhejiang Province 2008" by the
Listed Companies Association of Zhejiang
April Awarded the title of
"Leading Industrial Enterprise in Zhejiang Province" by the People's
Government of Zhejiang Province
April Granted with the National May
1 Labour Medal by All China Federation of Trade Unions
April Conferred the title of
"Top 10 Pharmaceutical Enterprise of Zhejiang Province 2008" by
Zhejiang Pharmaceutical Profession Association
May Recognized as a "National
Famous Brand" by the State Administration for Industry & Commerce of
the P.R.C.
July Conferred the China Charity
Outstanding Contributor (Corporate) Award by China Charity Federation
October Listed as a "Leading
Enterprise in the Pharmaceutical Industry of Zhejiang Province" by the
People's Government of Zhejiang Province
November Chairman of the Board Bai Hua was
included in the Chinese Journal of Drug Executives' List of 60 Key
People in the 60-year History of Chinese
In 2008
In November, Hisun was
awarded "Recognition Award on Enterprise Social Responsibilities" in
Chinese Medicine Enterprises 2008 by China Medicine Enterprise Management
Association and People's Daily.
In November, Hisun was
awarded "Contribution Award on Public Culture" by CPC Taizhou
Municipal Committee and Taizhou Municipal Government.
In July, Hisun was awarded
as "Innovation Enterprise" by Science and Technology Ministry,
State-owned Assets Supervision & Administration Commission and All China
Federation of Trade Union together.
In April, Hisun was awarded
as Advanced Collective of State-owned Enterprise Creating "Four Good"
Leading Group by CPC Provincial Party Committee of Zhejiang Province and
State-owned Assets Supervision & Administration Commission of Zhejiang
Province.
In February, Hisun was
awarded "Excellent Energy Saving Model Project of Zhejiang Province in
2007" by Energy Saving and Exhaust Reduction Work Leading Group of Energy
Saving Office.
SC has obtained the
certificate of ISO9001.
Tax Registration Certificate No.: 331002704676287
Organization Code: 70467628-7
MAIN SHAREHOLDERS: (As of June 30, 2011)
Name %
of Shareholding
Zhejiang Hisun Group Co., Ltd. 38.2
Zhejiang International Business Group Co.,
Ltd. 10.73
Bank of China-Dacheng Wealth Management 2020
Lifecycle Securities Investment Fund 4.59
China Life Insurance (Group) Company –
Common Insurance Products 2.89
Shanghai Haoyi Industrial Co., Ltd. 2.29
China Construction Bank-Yinhua Core Value
Selected Type Securities Investment Fund 2
Rongtong New Blue Chip Security Investment
Fund 1.98
Bank of China- Yinhua Preference Growth
Stock Security Investment Fund 1.8
China Life Insurance Company Ltd. – Bonus –
Individual bonus –
China Minsheng Banking Corp., Ltd.-Huashang Leading
Enterprise Stock Securities Investment Fund1.09
Other shareholders 32.96
Zhejiang Hisun Group Co., Ltd.
======================
Incorporation Date: Jul. 16, 1997
Chief Executive: Wu Meirong
Registered Capital: CNY 250,000,000
Registration no.: 331002000004531
Add.: No. 46 Waisha Road, Jiaojiang
District, Taizhou, Zhejiang Province, 318000 PR China
Tel: +86 576-88827875
Zhejiang International Business Group Co.,
Ltd.
===================================
Incorporation Date: Feb. 14, 2008
Chief Executive: Wang Tingge
Registered Capital: CNY 980,000,000
Registration no.: 330000000018008
Website: http://www.zibchina.com/
Email: info@zibchina.com
Add.: International Trade Mansion, No. 199,
Qingchun Road, Hangzhou, Zhejiang Province, 310006 PR China
Tel: +86 571-87385921
Fax: +86 571-87385988
l
Chairman and general manager:
Mr. Bai Hua , born in 1947 with university
education, senior engineer, he is currently responsible for the overall
management of SC.
Working Experience(s):
From 2007 to present Working
in SC as chairman and general manager
At present
Working
in Zhejiang Hisun Group Co., Ltd.as secretary of the Party committee and
Director, in Hisun Medicinal (Hangzhou) Co., Ltd. as legal representative and
general manager, in Zhejiang Hisun
Chemical Co., Ltd.as chairman, Taizhou Jiaojiang Thermal Power Co., Ltd.
(in Chinese pinyin)（as Director, in
Zhejiang Pharmaceutical Industry Co., Ltd. as Director,
Zhejiang Hisun Biomaterials Co., Ltd.as chairman and Shanghai Angrui
Pharmaceutical Technology Co., Ltd. (in Chinese pinyin) as executive director
of board, Hisun Medicinal (America) Co., Ltd. as Chairman.
*Officials:
=======
Name Title
Cai Shihong Director
and Vice CEO
Bao Rusheng Director
and Vice CEO
Lin Jianqiu Director
Wang Ruosong Supervisor
Miu Weimin Supervisor
Chen Xinzhong Supervisor
Lin Xuliang Supervisor
Wang Lingping Supervisor
Jin Xiaofa Supervisor
Zhang Wei Board
Secretary
Tao Zhengli Vice
CEO
Jiang Ling Vice
CEO
Yu Shunbing Vice
CEO
Luo Jiali Vice
CEO
Di Rui Vice
CEO
Wang Weibing Vice
CEO
Lin Di Vice
CEO
SC is mainly
engaged in producing and selling chemical and medical raw materials.
SC’s products mainly include: Amifostine,
Anastrozole, Ansamitocin P-3, Bicalutamide, Cladribine, Dactinomycin, etc.
SC’s brand is
Hisun. 
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, mainly Hong Kong,
American and European countries.
The buying terms of SC include Check, L/C, 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:
==============
Jiangsu Haizheng Medicine Chemical Industry Co., Ltd.
Taizhou Jiaojiang Thermal Power Co., Ltd. (in Chinese pinyin)
*Major Customers*
==============
Taizhou Xianju Pharmaceutical Co., Ltd.
Elegant Master Holdings
Shanghai Kangjian Import & Export Co., Ltd.
Zhejiang Tiantai Pharmaceutical Co., Ltd.
SC is known to invest in the following companies:
Zhejiang Pharmaceutical Industry Co., Ltd.
Hisun Medicinal (Hangzhou) Co., Ltd.
Zhejiang Hisun Machine Manufacturing
& Installing Co., Ltd.
Shanghai Angrui Pharmaceutical Technology Co., Ltd. (in Chinese pinyin)
Hisun Medicinal (America) Co., Ltd.
Zhejiang Hisun Animal Healthcare Co., Ltd.
Zhejiang Hongsheng 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’s supplier
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.
Industrial &
Commercial Bank of China Taizhou Jiaojiang District Sub-branch
AC#：1207011109021000728
Relationship:
Normal
Consolidated
Balance Sheet
Unit: CNY’000
|
|
as
of Dec. 31, 2010 |
as of Sep. 30, 2011 |
|
Cash & bank |
494,193 |
1,499,358 |
|
Bills receivable |
122,587 |
207,327 |
|
Accounts
receivable |
627,168 |
710,824 |
|
Other
receivables |
5,505 |
9,102 |
|
Advances to
suppliers |
94,625 |
110,996 |
|
Inventory |
655,009 |
784,698 |
|
Other current
assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current assets |
1,999,087 |
3,322,305 |
|
Fixed assets net
value |
2,068,806 |
2,151,966 |
|
Projects under
construction |
1,276,112 |
1,940,766 |
|
Project
materials |
0 |
290 |
|
Long term
investment |
156,507 |
152,939 |
|
Investment Real
Estate |
11,638 |
11,322 |
|
Intangible
assets |
382,881 |
389,464 |
|
Deferred tax
asset |
25,897 |
30,821 |
|
Other assets |
745 |
637 |
|
|
------------------ |
------------------ |
|
Total assets |
5,921,673 |
8,000,510 |
|
|
============= |
============= |
|
Short loans |
451,219 |
496,384 |
|
Bills payable |
103,556 |
56,885 |
|
Accounts payable |
426,085 |
529,913 |
|
Advances from
clients |
8,347 |
22,678 |
|
Accrued payroll |
69,793 |
52,581 |
|
Tax payable |
7,665 |
-50,160 |
|
Interest payable |
4,372 |
11,878 |
|
Other payable |
233,799 |
288,439 |
|
Non-Current
liabilities due with in one year |
274,441 |
150,000 |
|
Other current
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
1,579,277 |
1,558,598 |
|
Long term
liabilities |
1,598,161 |
2,085,576 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
3,177,438 |
3,644,174 |
|
Equities |
2,744,235 |
4,356,336 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
5,921,673 |
8,000,510 |
|
|
============= |
============= |
Consolidated
Income Statement
Unit: CNY’000
|
|
as
of Dec. 31, 2010 |
Jan. 1 to Sep. 30, 2011 |
|
Turnover |
4,544,509 |
3,629,283 |
|
Cost of goods
sold |
3,215,192 |
2,588,323 |
|
Tax and additional duty of main operation |
25,580 |
18,781 |
|
Sales expense |
281,943 |
205,560 |
|
Management expense |
536,089 |
347,457 |
|
Finance expense |
54,710 |
45,004 |
|
Assets Impairment loss |
39,855 |
18,704 |
|
Investment
income |
41,945 |
11,899 |
|
Non-operating
income |
27,111 |
11,208 |
|
Non-operating expense |
10,163 |
4,653 |
|
Profit before
tax |
449,960 |
423,908 |
|
Less: profit tax |
75,606 |
68,024 |
|
Profits |
374,354 |
355,884 |
Important
Ratios
=============
|
|
as
of Dec. 31, 2010 |
as of Sep. 30, 2011 |
|
*Current ratio |
1.27 |
2.13 |
|
*Quick ratio |
0.85 |
1.63 |
|
*Liabilities to
assets |
0.54 |
0.46 |
|
*Net profit
margin (%) |
8.24 |
9.81 |
|
*Return on
total assets (%) |
6.32 |
4.45 |
|
*Inventory
/Turnover ×365 |
53 days |
/ |
|
*Accounts
receivable/Turnover ×365 |
51 days |
/ |
|
*Turnover/Total
assets |
0.77 |
0.45 |
|
* Cost of
goods sold/Turnover |
0.71 |
0.71 |
PROFITABILITY:
FAIRLY GOOD
l
The turnover of SC appears good in its line.
l
SC’s net profit margin is fairly good.
l
SC’s return on total assets is fairly good.
l
SC’s cost of goods sold is average, 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 is maintained in an
average level.
l
SC’s short-term loan appears average.
l
SC’s turnover 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: Stable
SC is considered large-sized in its line with stable financial
conditions. A credit line up to USD 20,000,000 appears to be within SC’s
capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.79 |
|
|
1 |
Rs.78.79 |
|
Euro |
1 |
Rs.65.74 |
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.