MIRA INFORM REPORT
|
Report Date : |
17.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
BEIJING DOUBLE-CRANE PHARMACEUTICAL CO., LTD.
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Registered Office : |
No. 1, Lize East 2nd Road,
Wangjing, Chaoyang District, Beijing 100102 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
16.05.1997 |
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Com. Reg. No.: |
110000005103198 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Subject
is engaged in manufacturing and selling bulk drugs, injections, tablets, capsules,
granules, soft capsules, pharmaceutical machinery and equipment. |
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|
No. of Employees
: |
11,103 |
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 |
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|
|
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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 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name & address
Beijing Double-Crane Pharmaceutical Co., Ltd.
no. 1, lize east 2nd
road, wangjing
chaoyang district,
beijing 100102 PR CHINA
TEL: 86 (0)
10-64742227
FAX: 86 (0)
10-64398166
EXECUTIVE SUMMARY
Date of Registration : MAY 16, 1997
REGISTRATION NO. : 110000005103198
LEGAL FORM : SHARES
LIMITED COmpany
REGISTERED CAPITAL :
CNY 571,695,948
staff : 11,103
BUSINESS CATEGORY :
manufacturing
Revenue :
CNY
6,383,375,000 (Consolidated, AS
OF DEC. 31, 2011)
EQUITIES :
cny 4,343,302,000 (Consolidated, AS OF DEC. 31, 2011)
WEBSITE : www.dcpc.com
E-MAIL :
mss@dcpc.com
PAYMENT : AVERAGE
Recommended Credit Limit: UP TO USD 20,000,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly good
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION : FAIRLY GOOD
EXCHANGE RATE : CNY 6.32 = 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.: 110000005103198 on May
16, 1997.
SC’s Organization Code Certificate No.:
63379647-5
SC’s registered capital: CNY
571,695,948
SC’s paid-in capital: CNY
571,695,948
Registration Change Record:
|
Date |
Change
of Contents |
Before
the change |
After the change |
|
2001 |
Registered
Capital |
CNY
147,000,000 |
CNY 441,075,700 |
|
-- |
Registration No. |
1100001510319 |
110000005103198 |
|
Registered Capital |
CNY 441,075,700 |
CNY 571,695,948 |
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) (As of December 31, 2011) |
% of Shareholding |
|
Beijing Pharmaceutical Group
Co., Ltd. |
49.12 |
|
Industrial and Commercial Bank
of China-UBS Investment steady growth nimble disposition mixed type
securities investment fund |
3.04 |
|
Industrial and Commercial Bank
of China-GF Jufeng Securities Investment Fund |
2.64 |
|
China Securities Investor
Protection Fund Corporation Limited |
2.45 |
|
Agricultural Bank of China- Great Wall Anxin Return of hybrid Securities Investment
Fund |
2.36 |
|
Industrial and Commercial Bank
of China-Harvest Theme Dynamic Equity Securities Investment Fund |
1.31 |
|
Industrial and Commercial Bank
of China-UBS SDIC Redford grading Securities Investment Fund |
1.27 |
|
China Construction Bank-Bank
of Communications Schroder blue-chips Securities Investment Fund |
1.22 |
|
China Construction Bank- Great Wall Consumer Value-Added Equity Securities Investment
Fund |
1.09 |
|
Agricultural Bank of China- Bank of Communications Schroder Selected Stock Fund |
1.09 |
|
Other shareholders |
34.41 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative and
Chairman |
Wei
Huacheng |
|
Vice Chairman |
He
Xuan |
|
CEO |
Li
Xin |
RECENT DEVELOPMENT
SC is a listed company in Shenzhen Stock Exchange Market
with the code of 600062.
SHAREHOLDER CHART &
BACKGROUND
Name (As of December 31, 2011) %
of Shareholding
Beijing Pharmaceutical Group Co., Ltd. 49.12
Industrial and Commercial Bank of China-UBS
Investment Steady Growth Nimble Disposition Mixed Type Securities Investment
Fund
Industrial and Commercial Bank of China-GF Jufeng
Securities Investment Fund 2.64
China Securities Investor Protection Fund
Corporation Limited 2.45
Agricultural Bank of China- Great Wall Anxin
Return of hybrid
Securities Investment Fund 2.36
Industrial and Commercial Bank of China-Harvest
Theme Dynamic Equity Securities Investment
Fund 1.31
Industrial and Commercial Bank of China-UBS
SDIC
Redford grading Securities Investment Fund 1.27
China Construction Bank-Bank of
Communications
Schroder blue-chips Securities Investment
Fund 1.22
China Construction Bank- Great Wall Consumer
Value-Added Equity Securities Investment
Fund 1.09
Agricultural Bank of China- Bank of
Communications Schroder Selected Stock Fund 1.09
Other shareholders 34.41
Beijing Pharmaceutical Group Co., Ltd.
================================
Date of Registration: March 28, 1987
Registration No.: 110000005004896
Legal Form: Shares Limited Company
Registered Capital: CNY 2,320,000,000
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
MANAGEMENT
Wei
Huacheng, Legal
Representative and Chairman
-------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 53
Ø
Qualification:
Doctor’s Degree
Ø
Working
experience (s):
From 1997 to present, working in SC as legal representative and
chairman, also working in China Resources Pharmaceutical Group Limited as vice
CEO, working in Beijing Molecule Science and Technology Co., Ltd. as chairman
He
Xuan, Vice Chairman
-----------------------------------------
Ø
Gender: M
Ø
Age: 51
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as vice chairman, also working in China Resources Wandong Medical Equipment Co., Ltd. as chairman
Li Xin,
CEO
-------------------------
Ø
Gender: M
Ø
Age: 55
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as CEO, also as director of Beijing Pharmaceutical Group Co.,
Ltd.
BUSINESS OPERATION
SC’s registered business scope includes processing and manufacturing
bulk drugs, injections, tablets, capsules, granules, soft capsules,
pharmaceutical machinery and equipment; selling its owned products, machinery
and electrical equipment, health food; technology development, technology
transfer, technology services; exporting its products and technology; importing
materials, instrument, machinery and equipment, parts and technology needed for
its production; processing with imported materials, processing with imported
samples, assembling with imported parts, and compensation trade in
agreement.
SC is
mainly engaged in manufacturing and selling bulk drugs, injections, tablets, capsules,
granules, soft capsules, pharmaceutical machinery and equipment.
Brand:
Double-Crane
SC’s products mainly include: infusion
solutions, cardiovascular drugs and endocrine secretion drugs, including
vitamin E and C granules, ofloxacin (antimicrobial drug), levofloxacin mesylate
(antimicrobial drugs) and metformin hydrochloride tablets, etc.
SC sources its materials 100% from domestic market, mainly
Beijing. SC sells 25% of its products to overseas market, mainly in the America, Europe
and Africa, and 75% in domestic market.
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 Customers:
==============
Hubei Hengkang Double-Crane Pharmaceutical Co., Ltd.
Guangdong Mingqiang Pharmaceutical Co., Ltd.
Wuhan Shenkang Medicine Co., Ltd.
Ningxia Xincheng Medicinal Materials Co.
*Major Suppliers:
==============
Beijing Beimao
Natural Medicines Sales Co., Ltd.
Shandong Dong-E
E-Jiao Co., Ltd.
Anhui Huayuan
Pharmaceutical Co., Ltd.
China Resources
Kunshan Pharmaceutical Co., Ltd.
Beijing Shuangji
Pharmaceutical Co., Ltd.
Staff & Office:
--------------------------
SC is
known to have approx. 11,103 staff at present.
SC owns an area as its
operating office and factory, but the detailed information is unknown.
RELATED COMPANY
Subsidiaries:
==========
Beijing Double-Crane Pharmaceutical Business Co., Ltd.
Beijing Double-Crane Modern Pharmaceutical Technology Co.,
Ltd.
Wanhui Beijing Double-Crane Pharmaceutical Co., Ltd.
Beijing Beijing Double-Crane Pharmaceutical Equipment Co.,
Ltd.
Anhui Double-Crane Pharmaceutical Co., Ltd.
Wuhan Binhu Double-Crane Pharmaceutical Co., Ltd.
Xi’an Jingxi Double-Crane Pharmaceutical Co., Ltd.
Changsha Double-Crane Pharmaceutical Co., Ltd.
Shanxi Jinxin Double-Crane Pharmaceutical Co., Ltd.
Beijing Double-Crane Pharmaceutical Sales Co., Ltd.
Zhengzhou Double-Crane Pharmaceutical Co., Ltd.
Heilongjiang Double-Crane Pharmaceutical Co., Ltd.
Double-Crane Pharmaceutical (Shenyang) 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
The bank
information of SC is not filed in SAIC.
FINANCIALS
Consolidated Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
|
1,056,647 |
1,104,508 |
|
|
Held for trading
financial assets |
0 |
0 |
|
Accounts
receivable |
662,950 |
961,823 |
|
Notes receivable |
474,127 |
522,779 |
|
Advances to
suppliers |
212,089 |
216,048 |
|
Interest
receivable |
6,238 |
5,011 |
|
Other receivable |
93,915 |
143,640 |
|
Inventory |
727,107 |
701,037 |
|
Dividend
receivable |
0 |
0 |
|
Other current
assets |
22,221 |
42,171 |
|
|
------------------ |
------------------ |
|
Current assets |
3,255,294 |
3,697,017 |
|
Fixed assets |
1,353,098 |
1,426,254 |
|
Construction in
progress |
250,136 |
401,154 |
|
Project
materials |
0 |
0 |
|
Intangible
assets |
178,264 |
223,372 |
|
Long-term
investment |
85,344 |
64,146 |
|
Development
expenditure |
54,988 |
84,514 |
|
Goodwill |
9,074 |
66,608 |
|
Long-term deferred
expense |
4,356 |
4,185 |
|
Deferred income
tax assets |
27,226 |
23,618 |
|
Other
non-current assets |
90,254 |
86,100 |
|
|
------------------ |
------------------ |
|
Total assets |
5,308,034 |
6,076,968 |
|
|
============= |
============= |
|
Short-term loans |
279,406 |
387,353 |
|
Notes payable |
206,855 |
202,562 |
|
Accounts payable |
368,596 |
515,735 |
|
Wages payable |
43,858 |
43,533 |
|
Taxes payable |
75,324 |
150,728 |
|
Interest payable |
4,744 |
0 |
|
Advances from
clients |
52,486 |
58,467 |
|
Other payable |
228,205 |
278,902 |
|
Other current
liabilities |
1,031 |
14,564 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
1,260,505 |
1,651,844 |
|
Non-current
liabilities |
88,315 |
81,822 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
1,348,820 |
1,733,666 |
|
Equities |
3,959,214 |
4,343,302 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
5,308,034 |
6,076,968 |
|
|
============= |
============= |
Consolidated Income Statement
|
Unit: CNY’000 |
As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
|
Revenue |
5,366,796 |
6,383,375 |
|
Cost of sales |
3,424,936 |
4,321,468 |
|
Taxes and surcharges |
39,402 |
46,052 |
|
Sales expense |
974,004 |
1,004,523 |
|
Management expense |
321,895 |
364,654 |
|
Finance expense |
-1,994 |
1,638 |
|
Assets impairment loss |
24,045 |
2,330 |
|
Investment
income |
8,180 |
12,513 |
|
Non-operating
income |
40,844 |
70,648 |
|
Non-operating expense |
16,630 |
22,880 |
|
Profit before
tax |
616,902 |
702,992 |
|
Less: profit tax |
83,907 |
150,475 |
|
532,995 |
552,517 |
Important Ratios
=============
|
|
As of Dec. 31, 2010 |
As of Dec. 31, 2011 |
|
*Current ratio |
2.58 |
2.24 |
|
*Quick ratio |
2.01 |
1.81 |
|
*Liabilities
to assets |
0.25 |
0.29 |
|
*Net profit
margin (%) |
9.93 |
8.66 |
|
*Return on
total assets (%) |
10.04 |
9.09 |
|
*Inventory /
Revenue ×365 |
50 days |
41 days |
|
*Accounts receivable/
Revenue ×365 |
46 days |
55 days |
|
*
Revenue/Total assets |
1.01 |
1.05 |
|
* Cost of
sales / Revenue |
0.64 |
0.68 |
FINANCIAL COMMENTS
PROFITABILITY:
FAIRLY GOOD
l
The revenue of SC appears fairly good, and it was
rising in 2010.
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 sales is average, comparing with its revenue.
LIQUIDITY:
FAIRLY GOOD
l
The current ratio of SC is maintained in a fairly
good level.
l
SC’s quick ratio is maintained in a fairly good
level.
l
The inventory of SC is maintained in an average
level.
l
The accounts receivable of SC is maintained in an
average level.
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 20,000,000 would appear to be within SC’s
capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.50.31 |
|
UK Pound |
1 |
Rs.79.04 |
|
Euro |
1 |
Rs.65.82 |
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.