MIRA
INFORM REPORT
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Report Date : |
26.11.2012 |
IDENTIFICATION DETAILS
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Name : |
SUZHOU CAPSUGEL CO., LTD. |
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Registered Office : |
No. 369, Suhong Middle Road, Suzhou Industrial Zone, Jiangsu Province, 215021 Pr |
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Country : |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
22.04.1986 |
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Com. Reg. No.: |
320594400008814 |
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Legal Form : |
Chinese-Foreign Equity Joint Venture Enterprise |
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Line of Business : |
Manufacturing and selling capsules |
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No. of Employees : |
270 |
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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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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
SUZHOU CAPSUGEL
CO., LTD.
NO. 369, SUHONG MIDDLE ROAD, SUZHOU
INDUSTRIAL ZONE,
JIANGSU PROVINCE, 215021 PR CHINA
TEL: 86 (0) 512-62585188 FAX:
86 (0) 512-62589188
EXECUTIVE SUMMARY
INCORPORATION DATE :
APRIL 22, 1986
REGISTRATION NO. :
320594400008814
REGISTERED LEGAL FORM : CHINESE-FOREIGN EQUITY JOINT VENTURE
ENTERPRISE
STAFF STRENGTH :
270
REGISTERED CAPITAL : USD 29,700,000
BUSINESS LINE :
MANUFACTURING
TURNOVER :
CNY 263,337,000 (AS OF DEC. 31, 2010)
EQUITIES : CNY 245,154,000 (AS OF DEC. 31, 2010)
PAYMENT :
AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly 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 Renminbi
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 April 22, 1986.
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 empty capsule, according to “drug
production license”, selling self-made products; wholesaling, import &
export of related equipment and components with manufactured capsule and filled
capsule, commission agency (excluding auction) and related supporting business.
SC is mainly
engaged in manufacturing and selling capsules.
Mr. Charles Robert
Danjaut has been legal representative and chairman of SC since 2005.
SC is known
to have approx. 270 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 Suzhou. Our checks reveal
that SC owns the total premise about 30,000 square meters.
http://www.capsugel.com.cn/
The design is professional and the content is well organized. At present, the
web is in Chinese and Japanese versions.
Email: sclsales@pfizer.com
SC’s total investment amount is USD 39,200,000.
SC has got the certificate of ISO9001 and ISO14001.
Changes of its
registered information:
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Date of change |
Item |
Before the change |
After the change |
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|
Legal representative |
Mr. Lindong |
Mr. Charles Robert Danjaut |
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Unspecified |
Registration No. |
007554 |
021506 |
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Registration No. |
021506 |
320594400008814 |
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|
2009-9 |
Registered capital |
USD 28,200,000 |
present amount |
|
2011 |
Shareholders |
China National Pharmaceutical Foreign Trade Corporation25% Warner-Lambert Inc. (U.S.A.)75% |
Present ones |
MAIN SHAREHOLDERS:
Name % of Shareholding
China National Pharmaceutical Group Assets Management Center (literal
translation) 25
Capsugel Holdings (Hong Kong) Limited 75
China National Pharmaceutical Group Assets Management Center (literal
translation)
------------------------------------------------
Registration no.: 100000000042887
Legal representative: Deng Jindong
Registered capital: CNY 10,000,000
Capsugel Holdings (Hong Kong) Limited
--------------------------------------------------------
Registration no.: 1600991
Legal form: private
l
Legal representative and chairman:
Mr. Charles Robert Danjaut, American, born in 1943, with university education.
He is currently responsible for the overall management of SC.
Working Experience(s):
From 2005 to present Working in SC as chairman and legal
representative
l
General manager:
Mr. Domenico Angelini, Italian, ID# 153697, born in 1953 with university
education. He is currently responsible for the daily management of SC.
Working Experience(s):
At present Working
in SC as general manager
l
Vice-general manager:
Mr. Li Zhengda , ID# 320504440820303, born in 1944 with high school
education. He is currently responsible for the daily management of SC.
Working Experience(s):
From 1995 to present Working
in SC as vice-general manager
*Officials:
=========
Name Title
Guido Driesen Director
Siriporn Sridech Director
Li Zhixin Vice-president
Cheng Zhong Director
Shen You Director
Etc.
SC is mainly engaged in manufacturing and selling capsules.
SC’s products mainly
include coni-snap, supro, licaps, pearlcaps, NPcaps, etc.
SC sources its materials 95% from domestic
market, and 5% from overseas market, mainly France. SC sells 98% of its
products in domestic market, and 2% to overseas market, mainly Thailand.
The buying terms of SC include Check, T/T, L/C and Credit of 30-60 days.
The payment terms of SC include T/T, L/C, Check and Credit of 30-60 days.
Major Client:
===========
China National Pharmaceutical Foreign Trade Corporation
Note:
SC refused to release its major suppliers.
According to SC’s
website:
=========================
Hong Kong Office
Tel: (852)28119711/25625567
Fax: (852)22141737
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.
China Construction Bank Suzhou Chengzhong Sub-branch
AC#：32201989036050085817
Relationship:
Normal.
Important Note:
Subject
management declined to disclose its latest financials, so we’re unable to
provide financials as of 31.12.2011.
Balance Sheet
Unit: CNY’000
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As
of Dec. 31, 2010 |
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Cash & bank |
12,501 |
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Inventory |
32,902 |
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Bills receivable |
35,259 |
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Accounts
receivable |
76,134 |
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Other Accounts
receivable |
704 |
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Advances to
suppliers |
2,344 |
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To be
apportioned expense |
0 |
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Other current
assets |
0 |
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------------------ |
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Current assets |
159,844 |
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Fixed assets net
value |
242,260 |
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Projects under
construction |
3,401 |
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Long-term
investment |
0 |
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Intangible and
other assets |
23,692 |
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------------------ |
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Total assets |
429,197 |
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============= |
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Short loans |
130,000 |
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Accounts payable |
27,183 |
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Advance from
customers |
836 |
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Salaries payable |
6,668 |
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Welfare payable |
2,105 |
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Other Accounts
payable |
349 |
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Notes payable |
0 |
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Taxes payable |
5,734 |
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Surcharge
payable |
90 |
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Withdraw the
expenses in advance |
11,078 |
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Other current
liabilities |
0 |
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------------------ |
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184,043 |
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Long term
liabilities |
0 |
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Other
liabilities |
0 |
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------------------ |
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Total
liabilities |
184,043 |
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Equities |
245,154 |
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------------------ |
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429,197 |
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============= |
Income Statement
Unit: CNY’000
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As of Dec. 31, 2010 |
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Turnover |
263,337 |
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Cost of goods sold |
163,662 |
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Taxes and additional of main operation |
419 |
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Profit from
other business |
241 |
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Sales expense |
27,676 |
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Management expense |
30,775 |
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Finance expense |
7,583 |
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Non-operating
income |
554 |
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Non-operating expense |
48 |
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Profit before
tax |
33,969 |
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Less: profit tax |
7,526 |
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Profits |
26,443 |
Important Ratios
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As
of Dec. 31, 2010 |
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*Current ratio |
0.87 |
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*Quick ratio |
0.69 |
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*Liabilities
to assets |
0.43 |
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*Net profit
margin (%) |
10.04 |
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*Return on
total assets (%) |
6.16 |
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*Inventory
/Turnover ×365 |
46 days |
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*Accounts
receivable/Turnover ×365 |
106 days |
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*Turnover/Total
assets |
0.61 |
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* Cost of
goods sold/Turnover |
0.62 |
PROFITABILITY:
FAIRLY GOOD
l
The turnover of SC appears fairly good in its line.
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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 low, comparing with its
turnover.
LIQUIDITY: FAIR
l
The current ratio of SC is maintained in a fair
level.
l
SC’s quick ratio is maintained in a fair level.
l
The inventory of SC is maintained in an average
level.
l
The accounts receivable of SC appears fairly large.
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SC’s short-term loan appears LARGE in 2010.
l
SC’s turnover is in a fair 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 average.
Overall financial
condition of the SC: Fairly stable.
SC is considered an old-established business in medium size with fairly
stable financial conditions. The large amount of accounts receivable and short
loans could be a threat to SC’s financial condition
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.55.34 |
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UK Pound |
1 |
Rs.88.30 |
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Euro |
1 |
Rs.71.37 |
INFORMATION DETAILS
|
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.