MIRA
INFORM REPORT
|
Report Date : |
18.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
ZHEJIANG ANGLIKANG PHARMACEUTICAL CO., LTD. |
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Registered Office : |
No. 1000 North Shengzhou Avenue,
Shengzhou City, Zhejiang Province 312400 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
30.12.2001 |
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Com. Reg. No.: |
330683000017575 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
manufacturing active
pharmaceutical ingredients and preparation |
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No. of Employees : |
485 employees |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No Complaints |
|
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) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
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
ZHEJIANG
ANGLIKANG PHARMACEUTICAL CO., LTD.
NO. 1000 NORTH SHENGZHOU AVENUE
SHENGZHOU CITY, ZHEJIANG PROVINCE 312400 PR
CHINA
TEL: 86 (0) 575-83108588/83123118
FAX: 86 (0) 575-83101736
EXECUTIVE SUMMARY
Date of Registration : DECEMBER 30, 2001
REGISTRATION NO. : 330683000017575
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL : CNY 13,500,000
staff : 485
BUSINESS CATEGORY : MANUFACTURING
Revenue : CNY 595,983,000 (AS OF DEC. 31, 2011)
EQUITIES : CNY 146,710,000 (AS OF DEC. 31, 2011)
WEBSITE : www.alkpharm.com
E-MAIL :
N/A
PAYMENT : AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly stable
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.27= 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
LEGAL STATUS & HISTORY
SC was
established as a limited liabilities company of PRC with State Administration
of Industry & Commerce (SAIC) under registration No.: 330683000017575 on December 30, 2001.
SC’s Organization Code Certificate No.: 14634211-8
SC’s Tax No.: 330683146342118
SC’s registered capital: CNY 13,500,000
SC’s paid-in capital: CNY 13,500,000
Registration Change Record:-
No significant changes of SC have
been noted in SAIC since its incorporation.
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Shengzhou
Juntai Investment Co., Ltd. |
50.37 |
|
Shengzhou
Jinji Pharmaceutical Investment Co., Ltd. |
14.82 |
|
Fang
Nanping |
7.85 |
|
Jin Biao |
7.41 |
|
Wu Weihua |
6.37 |
|
Lv Huihao |
5.11 |
|
Ye
Shuxiang |
3.63 |
|
Wang Xiaoying |
0.74 |
|
Pan
Xiaoyun |
0.74 |
|
Lv Yanling |
0.74 |
|
Xu Aifang |
0.74 |
|
Yan Liyong |
0.74 |
|
Yang
Guodong |
0.74 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman
and General Manager |
Fang
Nanping |
|
Director |
Jin Biao |
|
Lv Huihao |
|
|
Ye
Shuxiang |
|
|
Wu Zhehua |
|
|
Supervisor |
Wang
Xiaoying |
|
Yang Yutang |
|
|
Lin Huiying |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART & BACKGROUND
Name %
of Shareholding
Shengzhou Juntai Investment Co.,
Ltd. 50.37
Shengzhou Jinji Pharmaceutical
Investment Co., Ltd. 14.82
Fang Nanping 7.85
Jin Biao 7.41
Wu Weihua 6.37
Lv Huihao 5.11
Ye Shuxiang 3.63
Wang Xiaoying 0.74
Pan Xiaoyun 0.74
Lv Yanling 0.74
Xu Aifang 0.74
Yan Liyong 0.74
Yang Guodong 0.74
Shengzhou Juntai Investment Co., Ltd.
-------------------------------------------------------
Registration No.: 330683000010456
Legal Form: Limited Liabilities Company
Registered Capital: CNY 6,800,000
Legal Representative: Fang Nanping
Shengzhou Jinji Pharmaceutical
Investment Co., Ltd.
--------------------------------------------------------------------------
Registration No.: 330683000050486
Legal Form: Limited Liabilities Company
Registered Capital: CNY 50,000,000
Legal Representative: Ma Lijun
MANAGEMENT
Fang Nanping, Legal Representative, Chairman and General Manager
------------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
ID# 33010319670106169X
Ø
Age: 45
Ø
Qualification: University
Ø Working experience
(s):
At
present, working in SC as legal representative, chairman and general manager
Also working in Shengzhou Juntai Investment
Co., Ltd. and Shengzhou Angli Dongfang Chemical Co., Ltd. as legal
representative
Director
=======
Jin Biao
ID# 330624194808050018
Lv Huihao
ID# 33021119701024071X
(Working in Zhejiang Anglikang Capsule
Co., Ltd. as legal representative)
Ye Shuxiang
ID# 330624196701210017
Wu Zhehua
ID# HD939884400
Supervisor
=========
Wang Xiaoying
ID# 330624196401090025
Yang Yutang
ID# 330623194911110019
Lin Huiying
ID# 330624197109250049
BUSINESS OPERATION
SC’s registered business scope includes manufacturing and
selling tablets (including CEPs), hard capsule (including CEPs), granules
(including CEPs), freeze dried powder injection (Penicillins), active
pharmaceutical ingredients (oryzanol, rice bran sterol, doxofylline, cefradine,
Sultamicillin Tosilate Tablets, Bambuterol hydrochloride, Vitamin E Nicotinate,
Levofloxacin, Cefalexin, cefadroxil, iohexol, cefpodoxime proxetil,
telmisartan, diammonium glycyrrhizinate, tranexamic acid, Levamlodipine
Besylate Tablets, cefaclor, cefminox, Cefuroxime sodium, cefpirome sulfate,
cisapride, lansoprazole, nizatidine, arginine, cefradine/L-arginine, Ketone
leucine calcium, Racemic ketoprofen isoleucine calcium, ketophenylalanine
calcium, Racemic hydroxy methionine calcium, and Keto valine calcium); and
selling chemical materials (excluding dangerous chemicals).
SC is
mainly engaged in manufacturing active pharmaceutical ingredients and preparation.
SC’s products mainly include: oryzanol, rice bran sterol, doxofylline, cefradine,
Sultamicillin Tosilate Tablets, Bambuterol hydrochloride, Vitamin E Nicotinate,
Levofloxacin, Cefalexin, cefadroxil, iohexol, cefpodoxime proxetil,
telmisartan, diammonium glycyrrhizinate, tranexamic acid, Levamlodipine
Besylate Tablets, cefaclor, cefminox, etc.
Brands: “Shuaixian 帅先”, “Hengfu 恒孚”, “Hengxin 恒欣”, etc.
SC sources its materials 100% from domestic
market, mainly Zhejiang province. SC sells 60% of its products in domestic
market, and 40% to overseas market.
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.
Staff & Office:
--------------------------
SC is
known to have approx. 485 staff at present.
SC
owns an area as its operating office of approx. 136,000 sq. meters at the
heading address.
RELATED COMPANY
SC is
known to invest in the following companies:
n
Zhejiang Anglikang Capsule Co., Ltd.
Registration No.:
330683000031164
Date of
Registration: January 2, 2003
Legal Form: Limited
Liabilities Company
Registered
Capital: CNY 7,000,
Legal
Representative: Lv Huihao
n
Shengzhou Angli Dongfang Chemical Co., Ltd.
Registration No.:
002119
Date of
Registration: September 3, 2002
Legal Form:
Limited Liabilities Company
Registered Capital:
CNY
Legal
Representative: Fang Nanping
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 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.
BANKING
Basic Bank:
China Construction Bank Shengzhou Sub-branch
AC#: 33001656535050000053
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
|
107,586 |
118,811 |
42,026 |
|
|
Held for trading financial assets |
50 |
50 |
0 |
|
Notes receivable |
26,136 |
49,850 |
15,956 |
|
Accounts
receivable |
113,897 |
126,287 |
122,892 |
|
Advances to
suppliers |
9,196 |
16,238 |
2,978 |
|
Other receivable |
20,977 |
16,522 |
3,849 |
|
Inventory |
53,888 |
83,031 |
92,459 |
|
Non-current
assets within one year |
0 |
0 |
0 |
|
Other current
assets |
0 |
0 |
0 |
|
|
------------------ |
------------------ |
------------------ |
|
Current assets |
331,730 |
410,789 |
280,160 |
|
Fixed assets |
80,715 |
80,170 |
92,371 |
|
Construction in
progress |
6,624 |
3,838 |
1,697 |
|
Project
materials |
0 |
0 |
0 |
|
Intangible
assets |
22,725 |
24,708 |
28,011 |
|
Long-term
investment |
20,090 |
20,089 |
18,900 |
|
Long-term
deferred expenses |
0 |
0 |
0 |
|
Deferred income
tax assets |
0 |
0 |
1,626 |
|
Other
non-current assets |
0 |
0 |
0 |
|
|
------------------ |
------------------ |
------------------ |
|
Total assets |
461,884 |
539,594 |
422,765 |
|
|
============= |
============= |
============= |
|
Short-term loans |
150,113 |
147,260 |
129,760 |
|
Notes payable |
104,070 |
134,100 |
32,000 |
|
Accounts payable |
63,691 |
101,963 |
86,606 |
|
Wages payable |
431 |
247 |
1,469 |
|
Advances from
clients |
10,310 |
4,839 |
9,661 |
|
Taxes payable |
4,460 |
2,373 |
1,098 |
|
Interest payable |
0 |
0 |
261 |
|
Dividends
payable |
0 |
0 |
3,281 |
|
Other payable |
12,079 |
12,991 |
11,919 |
|
Other current
liabilities |
0 |
0 |
0 |
|
|
------------------ |
------------------ |
------------------ |
|
Current liabilities |
345,154 |
403,773 |
276,055 |
|
Non-current
liabilities |
0 |
0 |
0 |
|
|
------------------ |
------------------ |
------------------ |
|
Total
liabilities |
345,154 |
403,773 |
276,055 |
|
Equities |
116,730 |
135,821 |
146,710 |
|
|
------------------ |
------------------ |
------------------ |
|
Total
liabilities & equities |
461,884 |
539,594 |
422,765 |
|
|
============= |
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2009 |
As of Dec. 31,
2010 |
As of Dec. 31,
2011 |
|
Revenue |
563,744 |
543,924 |
595,983 |
|
Cost of sales |
480,110 |
476,296 |
519,847 |
|
Sales expense |
16,145 |
16,195 |
21,269 |
|
Management expense |
28,065 |
26,415 |
32,864 |
|
Finance expense |
8,803 |
10,522 |
10,173 |
|
Investment
income |
122 |
1 |
-6 |
|
Profit before
tax |
25,282 |
19,569 |
13,949 |
|
Less: profit tax |
1,165 |
478 |
2,016 |
|
24,117 |
19,091 |
11,933 |
Important Ratios
=============
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
|
*Current ratio |
0.96 |
1.02 |
1.01 |
|
*Quick ratio |
0.80 |
0.81 |
0.68 |
|
*Liabilities
to assets |
0.75 |
0.75 |
0.65 |
|
*Net profit
margin (%) |
4.28 |
3.51 |
2.00 |
|
*Return on
total assets (%) |
5.22 |
3.54 |
2.82 |
|
*Inventory /
Revenue ×365 |
35 days |
56 days |
57 days |
|
*Accounts
receivable/ Revenue ×365 |
74 days |
85 days |
76 days |
|
*
Revenue/Total assets |
1.22 |
1.01 |
1.41 |
|
* Cost of
sales / Revenue |
0.85 |
0.88 |
0.87 |
FINANCIAL COMMENTS
PROFITABILITY:
FAIRLY GOOD
l The revenue of SC
appears fairly good in three years.
l SC’s net profit
margin is fairly good in three years.
l SC’s return on
total assets is fairly good in three years.
l
SC’s cost of goods sold is average, comparing with
its revenue.
LIQUIDITY:
FAIR
l
The current ratio of SC is maintained in a fair
level.
l
SC’s quick ratio is maintained in a normal level.
l
The inventory of SC is maintained in an average
level.
l
The accounts receivable of SC appears large.
l
The short-term loans of SC appear large.
l
SC’s revenue 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 average.
Overall financial
condition of the SC: Fairly Stable.
CONCLUSIONS
SC is considered medium-sized in its line with
fairly stable financial conditions. The large
amount of accounts receivable and short-term loans may be a threat to SC’s financial condition.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.75 |
|
UK Pound |
1 |
Rs.85.08 |
|
Euro |
1 |
Rs.69.04 |
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.