MIRA
INFORM REPORT
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Report Date : |
28.11.2012 |
IDENTIFICATION DETAILS
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Name : |
ZHUHAI UNITED LABORATORIES CO., LTD. |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
03.07.1993 |
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Com. Reg. No.: |
440400400021954 |
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Legal Form : |
Shares Limited
Company |
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Line of Business : |
Subject is engaged in R & D, manufacturing and selling chemical medicine materials and preparations, antibiotic medicine materials and preparations and Chinese medicine |
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No. of Employees : |
1900 employees |
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 : |
Good |
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Payment Behaviour : |
Regular |
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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
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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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 |
china - ECONOMIC OVERVIEW
Since the late 1970s China has moved from a closed, centrally planned
system to a more market-oriented one that plays a major global role - in 2010 China
became the world's largest exporter. Reforms began with the phasing out of
collectivized agriculture, and expanded to include the gradual liberalization
of prices, fiscal decentralization, increased autonomy for state enterprises,
creation of a diversified banking system, development of stock markets, rapid
growth of the private sector, and opening to foreign trade and investment.
China has implemented reforms in a gradualist fashion. In recent years, China
has renewed its support for state-owned enterprises in sectors it considers
important to "economic security," explicitly looking to foster
globally competitive national champions. After keeping its currency tightly
linked to the US dollar for years, in July 2005 China revalued its currency by
2.1% against the US dollar and moved to an exchange rate system that references
a basket of currencies. From mid 2005 to late 2008 cumulative appreciation of
the renminbi against the US dollar was more than 20%, but the exchange rate
remained virtually pegged to the dollar from the onset of the global financial
crisis until June 2010, when Beijing allowed resumption of a gradual
appreciation. The restructuring of the economy and resulting efficiency gains
have contributed to a more than tenfold increase in GDP since 1978. Measured on
a purchasing power parity (PPP) basis that adjusts for price differences, China
in 2010 stood as the second-largest economy in the world after the US, having
surpassed Japan in 2001. The dollar values of China's agricultural and industrial
output each exceed those of the US; China is second to the US in the value of
services it produces. Still, per capita income is below the world average. The
Chinese government faces numerous economic challenges, including: (a) reducing
its high domestic savings rate and correspondingly low domestic demand; (b)
sustaining adequate job growth for tens of millions of migrants and new
entrants to the work force; (c) reducing corruption and other economic crimes;
and (d) containing environmental damage and social strife related to the
economy's rapid transformation. Economic development has progressed further in
coastal provinces than in the interior, and by 2011 more than 250 million
migrant workers and their dependents had relocated to urban areas to find work.
One consequence of population control policy is that China is now one of the
most rapidly aging countries in the world. Deterioration in the environment -
notably air pollution, soil erosion, and the steady fall of the water table,
especially in the North - is another long-term problem. China continues to lose
arable land because of erosion and economic development. The Chinese government
is seeking to add energy production capacity from sources other than coal and
oil, focusing on nuclear and alternative energy development. In 2010-11, China
faced high inflation resulting largely from its credit-fueled stimulus program.
Some tightening measures appear to have controlled inflation, but GDP growth
consequently slowed to near 9% for 2011. An economic slowdown in Europe is
expected to further drag Chinese growth in 2012. Debt overhang from the
stimulus program, particularly among local governments, and a property price
bubble challenge policy makers currently. The government's 12th Five-Year Plan,
adopted in March 2011, emphasizes continued economic reforms and the need to
increase domestic consumption in order to make the economy less dependent on
exports in the future. However, China has made only marginal progress toward
these rebalancing goals.
|
Source : CIA |
Company name & address
ZHUHAI UNITED
LABORATORIES CO., LTD.
SANZAO SCIENCE & TECHNOLOGY PARK,
NATIONAL HI-TECH ZONE,
ZHUHAI, GUANGDONG PROVINCE, 519041 PR CHINA
TEL: 86 (0) 756-7787552 FAX: 86 (0) 756-7787988
EXECUTIVE SUMMARY
INCORPORATION DATE : JUL. 3, 1993
REGISTRATION NO. : 440400400021954
REGISTERED LEGAL FORM : SHARES LIMiTED COMPANY
STAFF STRENGTH : 1,900
REGISTERED CAPITAL :
CNY 1,142,496,000
BUSINESS LINE : R & D, MANUFACTURING
and trading
TURNOVER :
cny 3,573,590,000 (AS OF DEC.
31, 2011)
EQUITIES :
CNY 1,893,980,000 (AS OF DEC. 31, 2011)
PAYMENT :
AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly good
OPERATIONAL TREND : steady
GENERAL REPUTATION : WELL-KNOWN
EXCHANGE RATE :
CNY 6.2269 = 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 shares limited company at local Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license) on Jul. 3, 1993.
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 researching, developing and manufacturing chemistry bulk drugs and preparations, antibiotic bulk drugs and preparations, Chinese medicine preparations, biological bulk drugs and preparations, biochemistry bulk drugs and preparations, medical and chemical materials, medicinal packaging materials (operating within the range authorized by License: Guangdong20110262, valid until Dec. 31, 2015); operating 3rd category injection puncture devices, medical polymer materials & products (disposable transfusion appliances) (only operated by Zhongshan Branch); producing health food (troche) (only operated by Zhongshan Branch).
SC is mainly engaged in R & D, manufacturing and selling chemical medicine materials and preparations, antibiotic medicine materials and preparations and Chinese medicine.
Mr. Cai Jinle has been legal representative and chairman of SC since 1993.
SC is known to have approx. 1,900 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 Zhuhai. Our checks
reveal that SC owns the total premise about 130,000 square meters.
http://www.tul.com.cn/ The web
belongs to SC’s ultimate parent company, The United Laboratories International
Holdings Limited (TUL). The design is professional and the content is well organized.
At present, it is both in Chinese and English versions.
E-mail: exp@tul.com.cn
Changes of SC’s
registered information:
|
Date |
Item |
Before
changed |
After
changed |
|
|
Shareholders |
Zhongshan Jinyi Food Co., Ltd. (in Chinese
Pinyin) 1.5%, Zhuhai Jindefu Co., Ltd.
(in Chinese Pinyin) 3%, Zhongshan Kangzhile Pharmaceutical Co.,
Ltd. (in Chinese Pinyin) 46%, Cai Haishan 1.5%, Bear World Limited (Hong Kong) 48% |
Zhongshan Jinyi Food Co., Ltd. (in Chinese
Pinyin) 1.5%, Zhuhai Jindefu Enterprise Plan Co., Ltd. (in Chinese Pinyin)
3%, Zhuhai Kangzhile Pharmaceutical Co., Ltd. (in Chinese Pinyin) 46%, Bear
World Limited (Hong Kong) 49.5% |
|
|
Registered capital |
CNY 254,600,000 |
CNY 313,600,000 |
|
% of Shareholding |
Zhongshan Jinyi Food Co., Ltd. (in Chinese
Pinyin) 1.5%, Zhuhai Jindefu Enterprise Plan Co., Ltd. (in Chinese Pinyin) 3%,
Zhuhai Kangzhile Pharmaceutical Co., Ltd. (in Chinese Pinyin) 46%, Bear World
Limited (Hong Kong) 49.5% |
Zhongshan Jinyi Food Co., Ltd. (in Chinese
Pinyin) 1.22%, Zhuhai Jindefu Enterprise Plan Co., Ltd. (in Chinese Pinyin)
2.43%, Zhuhai Kangzhile Pharmaceutical Co., Ltd. (in Chinese Pinyin) 37.35%,
Bear World Limited (Hong Kong) 59% |
|
|
2009 |
Registered capital |
CNY 313,600,000 |
CNY 413,600,000 |
|
% of Shareholding |
Zhongshan Jinyi Food Co., Ltd. (in Chinese
Pinyin) 1.22%, Zhuhai Jindefu Enterprise Plan Co., Ltd. (in Chinese Pinyin)
2.43%, Zhuhai Kangzhile Pharmaceutical Co., Ltd. (in Chinese Pinyin) 37.35%,
Bear World Limited (Hong Kong) 59% |
Zhongshan Jinyi Food Co., Ltd. (in Chinese
Pinyin) 0.92% Zhuhai Jindefu Enterprise Plan Co., Ltd.
(In Chinese Pinyin) 1.85% Zhuhai Kangzhile Pharmaceutical Co., Ltd.
(In Chinese Pinyin) 28.32% Bear World Limited (Hong Kong) 68.91% |
|
|
Unknown |
Registration no. |
000361 |
Present one |
|
2010-12 |
Registered capital |
CNY 413,600,000 |
CNY 562,496,000 |
|
Unknown |
Registered capital |
CNY 562,496,000 |
Present amount |
|
% of Shareholding |
Zhongshan Jinyi Food Co., Ltd. (in Chinese
Pinyin) 0.92% Zhuhai Jindefu Enterprise Plan Co., Ltd.
(In Chinese Pinyin) 1.85% Zhuhai Kangzhile Pharmaceutical Co., Ltd.
(In Chinese Pinyin) 28.32% Bear World Limited (Hong Kong) 68.91% |
Present ones |
SC has got the certificates of GMP, GMP Hong Kong, and GMP SFDA.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Bear World Limited (Hong Kong) 84.69
Zhuhai Kangzhile Pharmaceutical Co., Ltd. (literal
translation) 13.94
Zhuhai Jindefu Enterprise Plan Co., Ltd.
(literal translation) 0.91
Zhongshan Jinyi Food Co., Ltd. (literal
translation) 0.46
Bear
World Limited (Hong Kong)
------------------------------------------
Registered number: 0537887
Incorporated date: Feb. 1, 1996
Legal form: Private
Zhuhai Kangzhile
Pharmaceutical Co., Ltd. (literal translation)
----------------------------------------------------------------------------
Registration no.: 440400000171471
Legal representative: Ms. Shen Huan
Date of incorporation: June 10, 1999
Registered capital: CNY 250,000,000
Zhuhai
Jindefu Enterprise Plan Co., Ltd. (literal translation)
-----------------------------------------------------------------------
Registration no.: 440400000334963
Legal representative: Su Quanxing
Date of incorporation: May 16, 2001
Registered capital: CNY 15,000,000
Zhongshan
Jinyi Food Co., Ltd. (literal translation)
--------------------------------------------------------------
Legal representative: Mr. Cai Jinle
Registration no.: 442000400026161
Date of incorporation: July 24, 1998
Legal
Representative & Chairman:
Mr. Cai Jinle, Hong Kong resident, ID# G119081(3), in his
Working
Experience(s):
*1990 Founded Hong Kong United Laboratories Co., Ltd. and took up the post of Board Chairman & General Manager
*1991 The products of Hong Kong United Laboratories Co., Ltd entered the mainland market of China; successfully introduced the advanced management experience, and promoted development of the domestic pharmaceutical industry
*1993 To establish SC.
*1994 Established the United Laboratories (China) sales department.
*1995 Assumed the office of Shenyang Pharmaceutical University deputy board chairman and Prof. Hon. Of its Business Administration Academe.
*1996 Assumed the office of China Pharmaceutical University deputy board chairman
*1996 Assumed the office of Wuhan Tongji Pharmaceutical University Prof. Hon.
*1997 Awarded as "Honorary citizen of Zhuhai City" by Zhuhai Municipal People's government
*1998 Engaged by 36 medicine academies as their Prof. Hon.
*1998 Assumed the office of Guangdong Overseas Friendship Association Vice Chairman
*1999 Assumed the office of Council Member of the Guangdong Political Consultative Conference
*2002 Have made outstanding achievements in Patriotism theory and practice, be awarded as “Patriotic Star” by Chinese Patriotic Association Works.
From 1993 to present Working in SC as legal representative and chairman
Also working in The United
Laboratories International Holdings Limited as Chairman, Zhongshan Jinyi Food
Co., Ltd., United Laboratories (Chengdu) Co., Ltd. as legal representative, and
Zhongshan Branch, Jida Office as principal
Directors:
Mr. Liang Yongkang
ID# G277530(A). He joined
the Group in 1997 and is responsible for overseeing the financial matters of
the Group.
Cai Haishan ID# K665977(2)
Ms. Shen Huan ID# 420104770302162
SC
is mainly engaged in R & D, manufacturing and selling chemical medicine
materials and preparations, antibiotic medicine materials and preparations and
Chinese medicine.
SC’s products mainly include:
l
A01--Amoxicillin
Capsules
l
A02--Ampicillin
Capsules
l
A03--Amoxicillin
Granules
l
A04--Amoxicillin
Sodium for Injection
l
A05--Cefazolin
Sodium for Injection
l
A06--Cefradine
for Injection
l
A07--Cefotaxime
Sodium for Injection
l
A08--Cefoperazone
Sodium for Injection
l
A09--Ceftriaxone
Sodium for Injection
l
A10--Cefuroxime
Axetil tablets
l
A10--Cefuroxime
Axetil tablets
l
A11--Ceftazidime
for Injection
l
A12--Cefpirome
Sulfate for Injection
l
A13--Cefetamet
Pivoxil Hydrochloride Tablets
l
A14--Amoxicillin
Sodium and Clavulanate Potassium for Injection
l
A15--Amoxicillin
and Clavulanate Potassium Tablets
l A16--Ampicillin Sodium and Sulbactam Sodium for Injection
SC sources its
materials 99% from domestic market, and 1% from the overseas market, mainly
European countries. SC sells 60% of its products in domestic market, and 40% to
the overseas market, mainly Southeast Asia, American and European countries.
The buying terms of SC include Check, T/T, L/C and Credit of 30-60 days.
The payment terms of SC include Check, T/T, L/C and Credit of 30-60 days.
Note: SC’s management declined to release
its customer and supplier details.
The United Laboratories
International Holdings Limited (Cayman Islands)
======================================================
Date
of incorporated: March 1, 2007
Legal form: Shares limited co.
Chairman: Mr. Cai Jinle
Stock
code: 03933
Listed
in Hong Kong Stock Exchange Market
United Laboratories
(Chengdu) Co., Ltd.
============================================
Registration no.: 510100400021487
Legal representative: Mr. Cai Jinle
Legal
Form: Wholly foreign-owned enterprise
Registered
capital: CNY 400,000,000
Date
of incorporated:
Zhuhai Wanbang Laboratories
Ltd.
================================
Registration no.: 440400000165552
Legal representative: Huang Jinchang
Registered capital: CNY 1,000,000
Date of incorporation: Dec. 23, 2003
SC is known to have 1
branch and 3 offices as below:
=========================================
l Zhongshan Branch
l Dalian Office
l Jida Office
l Kunming Office
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 Xiangzhou Sub-branch
AC#: 2002020429100169455
Relationship:
Normal.
Bank of China
Zhuhai Branch
AC#: 730257752225
Address: No.
1148 Yuehai East Road, Gongbei, Xiangzhou District, Zhuhai City, Guangdong
Province, PR China
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
|
|
as of Dec. 31, 2011 |
|
Cash & bank |
831,320 |
|
Inventory |
608,210 |
|
Accounts
receivable |
551,960 |
|
Short-term
investment |
0 |
|
Dividends
receivable |
0 |
|
Interest
receivable |
960 |
|
Subsidies
receivable |
0 |
|
Advances to
suppliers |
553,450 |
|
Notes receivable |
145,720 |
|
Other
receivables |
77,260 |
|
Prepaid expenses |
0 |
|
Other current
assets |
500,000 |
|
|
------------------ |
|
Current assets |
3,268,880 |
|
Fixed assets net
value |
886,020 |
|
Long term
investment |
10,620 |
|
Project
materials |
40 |
|
Projects under construction |
197,450 |
|
Intangible
assets |
33,680 |
|
Long-term
deferred expenses |
3,430 |
|
Deferred tax |
10,310 |
|
|
------------------ |
|
Total assets |
4,410,430 |
|
|
============= |
|
Short loans |
308,000 |
|
Notes
payable |
1,083,550 |
|
Accounts payable |
285,150 |
|
Advances from
clients |
56,640 |
|
Accrued payroll |
39,880 |
|
Interest payable |
1,490 |
|
Dividends
payable |
157,630 |
|
Taxes payable |
31,950 |
|
Accrued expenses |
0 |
|
Other accounts
payable |
89,970 |
|
47,120 |
|
|
|
------------------ |
|
Current
liabilities |
2,101,380 |
|
Long term
liabilities |
414,930 |
|
Deferred tax |
140 |
|
|
------------------ |
|
Total
liabilities |
2,516,450 |
|
Equities |
1,893,980 |
|
|
------------------ |
|
Total
liabilities & equities |
4,410,430 |
|
|
============= |
Income Statement
Unit: CNY’000
|
|
as of Dec. 31,
2011 |
|
Turnover |
3,573,590 |
|
Cost of goods
sold |
2,718,150 |
|
Taxes
and additional of main operation |
19,370 |
|
Sales expense |
455,470 |
|
Management expense |
226,820 |
|
Finance expense |
53,310 |
|
Investment
income |
70,910 |
|
Non-operating income |
20,600 |
|
Non-operating expense |
2,650 |
|
Asset impairment
loss |
-34,610 |
|
Profit before
tax |
223,940 |
|
Less: profit tax |
26,970 |
|
Profits |
196,970 |
Important Ratios
=============
|
|
As
of Dec. 31, 2011 |
|
*Current ratio |
1.56 |
|
*Quick ratio |
1.27 |
|
*Liabilities
to assets |
0.57 |
|
*Net profit
margin (%) |
5.51 |
|
*Return on
total assets (%) |
4.47 |
|
*Inventory
/Turnover ×365 |
62 days |
|
*Accounts
receivable/Turnover ×365 |
56 days |
|
*Turnover/Total
assets |
0.81 |
|
* Cost of
goods sold/Turnover |
0.76 |
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 accounts receivable of SC is average.
l
The inventory of SC is average.
l
The short loans of SC are 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: FAIRLY GOOD
SC is well-known in its industry with fairly good financial conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.70 |
|
UK Pound |
1 |
Rs.89.34 |
|
Euro |
1 |
Rs.72.35 |
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 |
|
---- |
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.