MIRA
INFORM REPORT
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Report Date : |
14.05.2012 |
IDENTIFICATION DETAILS
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Name : |
SHOUGUANG FUKANG PHARMACEUTICAL CO., LTD. |
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Registered Office : |
No. 5, College East Street, Economy & Technology Development Zone, Shouguang, Shandong Province, 262700 Pr |
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Country : |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
08.07.1997 |
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Com. Reg. No.: |
370783400000776 |
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Legal Form : |
Chinese-Foreign Equity Joint Venture Enterprise |
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Line of Business : |
Producing and selling API, pharmaceutical intermediates, bromine compounds, color formers for thermal paper, etc. |
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No. of Employees : |
1,000 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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China |
A2 |
A2 |
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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 and address
SHOUGUANG FUKANG
PHARMACEUTICAL CO., LTD.
NO. 5, COLLEGE EAST STREET, ECONOMY & TECHNOLOGY
DEVELOPMENT ZONE, SHOUGUANG, SHANDONG PROVINCE, 262700 PR CHINA
TEL: 86 (0) 536-5102364/5107650 FAX:
86 (0) 536-5101568/5107886
EXECUTIVE SUMMARY
INCORPORATION DATE : JUL. 8, 1997
REGISTRATION NO. : 370783400000776
REGISTERED LEGAL FORM : CHINESE-FOREIGN EQUITY
JOINT VENTURE ENTERPRISE
STAFF STRENGTH :
1,000
REGISTERED CAPITAL : USD 1,400,000
BUSINESS LINE :
manufacturing & TRADING
TURNOVER :
CNY 860,221,000 (AS OF DEC. 31, 2009)
EQUITIES :
CNY 140,862,000 (AS OF DEC. 31, 2009)
PAYMENT :
AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly stable
OPERATIONAL TREND : fairly steady
GENERAL REPUTATION : average
EXCHANGE RATE :
CNY 6.30 = 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
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 Jul. 8, 1997.
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 & selling trimethoprim,
disinfectants, phenylamino, methyl, ODB, sulfamethoxazole, omeprazole,
metformin hydrochloride, itraconazole, hydrochloric acid buflomedil, clozapine,
lansoprazole, pantoprazole sodium, health food: spirulina; selling its
self-made products.
SC is mainly
engaged in producing and selling API, pharmaceutical intermediates, bromine
compounds, color formers for thermal paper, etc.
Mr. Yang Weiguo
has been legal representative, chairman and general manager of SC since 1997.
SC is known to
have approx. 1,000 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office and factory in the development zone of Shouguang. Our checks
reveal that SC owns the total premise about 16,000 square meters.
http://www.fukangpharm.com The design is professional and the content is
well organized. At present it is in both Chinese and English versions.
E-Mail: sgfkph@public.wfptt.sd.cn info@shouguangpharm.com
Changes of its
registered information:
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Date of change |
Item |
Before the
change |
After the change |
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Shareholders |
Shandong Shouguang Pharmaceutical Factory;
Hong Kong Chaoxing Colza (Literal
Translation) |
Shouguang Huakang Pharmaceutical Co.,
Ltd., Hong Kong Yidong International Co., Ltd. (Literal Translation) |
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Shareholders |
Shouguang Huakang Pharmaceutical Co., Ltd.
, Hong Kong Yidong International Co., Ltd. (Literal Translation) |
The present ones. |
SC has been honored as the Hi-tech enterprise in Shandong province, the
world-largest manufacturer and exporter of TMP and also the famous manufacturer
of bromine compounds in the world. SC has got the ISO 9001, GMP, COS, ISO
14001, OHSAS 18001, etc. certificates.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Hong Kong Yidong International Co., Ltd.
(Literal Translation) 45
Shouguang Fukang Chemical Industry Co., Ltd.
55
Shouguang Fukang Chemical Industry Co., Ltd.
===================================
Tel: 0536-5615599
l
Legal Representative, Chairman and General Manager:
Mr. Yang Weiguo , in his
Working Experience(s):
From 1997 to present Working
in SC as legal representative, chairman and general manager
l
Vice Chairman:
Mr. Miao Yuan , in his
Working Experience(s):
At present Working
in SC as vice chairman.
SC is mainly engaged
in producing and selling API, pharmaceutical intermediates, bromine compounds,
color formers for thermal paper, etc.
SC’s products
mainly include:
*Pharmaceutical
Material
Trimethopim(TMP)
Sulfamethoxazole
Itraconazole
Omeprazole
Trimethoprim lactic
Acid
Hydroxyurea
Tramadol
Hydrochloride
*Intermediates
2,3,4,5-tetramethoxytoluene
3,4,5-Trimethoxybenzaldehyde
3,4,5-Trimethoxytoluene
1,3,5-Trimethoxybenzene
2,4-Dihydro-4-[[4-hydroxyphenyl)-1-piperazinyl]-phenyl]-2-(1-methylpropyl)-3H-
89848-21-5
3,5-Dibromo-4-Hydroxybenzaldehyde
P-Bromoanisole
Sodium methoxide
Cis-bromo-ester(Cis-BBD)
1,3,5-Tribromobenzene
2,4,5-Trimethoxybenzaldehyde
4460-86-0
2,4,5-Trimethoxybenzoic
acid
1,2,4-Trimethoxybenzene
M-Bromonitrobenzene
Guanidine nitrate
4-Bromo-3-methyl-anisole
3,4,5-Trimethoxy-2-(methoxymethyl)cinnamonitrile
*Bromine Compounds
Sodium Bromide
N-butyl bromide
Hydrobromic Acid
N-Propyl Bromide
Iso-propyl
bromide(2-bromopropane)
Bromoethane (Ethyl
bromide)
1-Bromo-3-Chloropropane
Potassium Bromid
1,2-Dibromoethane(Ethylene
bromide)
*Color formers for
thermal paper
2-phenylamino-3-methyl-6-di-n-butylaminofluoran
(odb-2; senor-2) Color formers for thermal paper 89331-94-2
4-hydroxy-4'-isopropoxydiphenylsulfone(D-8)
developer
2-(2'-4'-dimethylbenzeneamido)-3-methyl-6-(diethyl
amino) fluorine
Benzyl 2-naphthyl
ether(BON) sensitizer
Ethylene glycol
bis m-tolye ether (EGTE) sensitizer
TMP is the main
product of SC; it covers 80% of Chinese market and 55% of total output around
world. SC’s TMP can meet the standards of BP98 & EP4; the annual output is
1,600 tons. At present, SC’s TMP has been well-received by over 300 clients in
26 provinces of China, and has been exported to over 42 countries such as
Germany, USA, Japan and Britain.
SC sources its
materials 100% from domestic market. SC sells 60% of its products in domestic
market and 40% to overseas market, mainly Germany, U.S.A., Japan and U.K.
The buying terms of SC include T/T and Credit of 30-60 days. The payment
terms of SC include T/T, L/C and Credit of 30-60 days.
According to SC’s website:
Shandong
Ruikang Specialty Chemicals Co., Ltd. (literal translation)
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.
Construction Bank of China Shouguang Sub-Branch
AC#3600165225000100451
Relationship:
Normal.
Financial Summary
===============
Unit: CNY’000
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as of Dec. 31,
2008 |
as of Dec. 31,
2009 |
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Long term
liabilities |
368 |
0 |
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Total
liabilities |
538,738 |
538,732 |
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Shareholders equities |
140,856 |
140,862 |
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Total Assets |
679,594 |
679,594 |
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Turnover |
797,399 |
860,221 |
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Profit before
tax |
-37,383 |
-26,705 |
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Less: profit tax |
0 |
-3,143 |
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Net profit |
-37,383 |
-23,562 |
Note: we did not find
SC’s detailed financial reports for Yr 2008 and Yr 2009. SC has not lodged the
latest annual returns in local registry, hence no up-to date detailed financial
information available.
Important Ratios
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as of Dec. 31,
2008 |
as of Dec. 31,
2009 |
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*Liabilities
to assets |
0.79 |
0.79 |
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*Net profit
margin (%) |
-4.69 |
-2.74 |
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*Return on
total assets (%) |
-5.50 |
-3.47 |
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*Turnover/Total
assets |
1.17 |
1.27 |
PROFITABILITY: FAIR
·
The
turnover of SC appears fairly good in its line, and it increased in 2009.
SC’s net profit margin is fair in both years.
SC’s return on total assets is fair in both years.
SC’s
turnover is in an average level, comparing with the size of its total assets in
both years.
LEVERAGE: FAIR
· The debt ratio of SC is fairly high in both years.
The
risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly stable
SC is considered medium-sized in its line with fairly stable financial
conditions.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.53.64 |
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UK Pound |
1 |
Rs.86.42 |
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Euro |
1 |
Rs.69.29 |
INFORMATION DETAILS
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Report Prepared
by : |
MNL |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<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.