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Report Date : |
13.09.2012 |
IDENTIFICATION DETAILS
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Name : |
TEVA PHARMACEUTICAL AND CHEMICAL ( |
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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 : |
23.02.2006 |
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Com. Reg. No.: |
330181400001069 |
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Legal Form : |
Wholly Foreign-Owned |
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Line of Business : |
Researching, developing, and manufacturing pharmaceutical intermediates; and selling its products. |
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No. of Employees : |
272 |
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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 – March 31st, 2012
|
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 |
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
TEVA PHARMACEUTICAL AND CHEMICAL (HANGZHOU) CO., LTD.
WEIBA ROAD, LINJIANG INDUSTRIAL ZONE, XIAOSHAN DISTRICT
HANGZHOU, ZHEJIANG PROVINCE 311227 PR CHINA
TEL: 86 (0) 571-82652594/82171197
FAX: 86 (0) 571-82623513
Date of Registration : February 23, 2006
REGISTRATION NO. : 330181400001069
LEGAL FORM : Wholly foreign-owned enterprise
REGISTERED CAPITAL : usd 37,600,000
staff :
272
BUSINESS CATEGORY : manufacturing
& trading
Revenue :
CNY 143,924,000 (AS OF DEC. 31, 2011)
EQUITIES :
CNY 251,412,000 (AS OF DEC. 31, 2011)
PAYMENT :
AVERAGE
MARKET CONDITION : competitive
FINANCIAL CONDITION : FAIRly good
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.35 = USD 1
Adopted abbreviations (as follows)
SC - Subject Company
(the company inquired by you)
N/A – Not available
CNY – China Yuan Ren Min Bi
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
SC was established
as a wholly foreign-owned enterprise of PRC with State Administration of
Industry & Commerce (SAIC) under registration No.: 330181400001069 on
February 23, 2006.
SC’s Organization Code Certificate No.:
78239521-0
SC’s Tax No.: 330181782395210
SC’s registered capital: USD 37,600,000
SC’s paid-in capital: USD 37,600,000
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 |
|
Teva Pharmaceutical
Investments Singapore Pte. Ltd. |
100 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative and Chairman |
Vijay Kumar Batra |
|
General Manager |
Ye Quanmin |
|
Director |
Davidkadmon |
|
Anthony Tann Chee Keong |
|
|
Zvi Doron |
|
|
Ye Quanmin |
No recent development was found during our checks at present.
Teva Pharmaceutical
Investments Singapore Pte. Ltd. 100
Vijay Kumar Batra, Legal Representative and Chairman
------------------------------------------------------------------------
Ø
Gender: M
Ø
Passport No.: Z1929349
Ø
Nationality: India
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as legal representative and
chairman
Ye Quanmin,
General Manager
-----------------------------------------
Ø
Gender: M
Ø
Passport No.: Z1929349
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as general manager
Director
-----------
Davidkadmon Passport No.:
10914169 Nationality: Israel
Anthony Tann Chee Keong Passport No.: E1623983D Nationality:
Singapore
Zvi Doron Passport No.: 10903604 Nationality:
Israel
Ye Quanmin
Passport No.: G09779353 Nationality:
China
SC’s registered
business scope includes researching, developing, and manufacturing
pharmaceutical intermediates; and selling its products.
SC is mainly
engaged in manufacturing and selling pharmaceutical intermediates.
SC’s
products mainly include: pharmaceutical intermediates.
SC sources its materials 97% from domestic
market, and 3% from overseas market, mainly Italy, Hong Kong, and Israel. SC
sells 1% of its products in domestic market, and 99% to overseas market, mainly
Italy, Uruguay, Brazil, India, Hong Kong, and Israel.
The
import & export status of SC in 2011 is as follows,
|
Country |
Amount of
Exports (USD) |
Amount of Imports (USD) |
|
Italy |
21,191,800 |
483,800 |
|
Uruguay |
635,900 |
0 |
|
Brazil |
203,200 |
0 |
|
India |
98,100 |
0 |
|
Chile |
67,600 |
0 |
|
Hong Kong |
58,500 |
270,800 |
|
Israel |
0 |
41,300 |
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|
----------------- |
----------------- |
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Total |
22,255,100 |
795,900 |
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.
Staff & Office:
--------------------------
SC is known
to have approx. 272 staff at
present.
SC owns an area as
its operating office and factory, but the detailed information is unknown.
SC
is not known to have any subsidiary at present.
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.
The bank
information of SC is not filed in local SAIC.
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
|
16,222 |
24,604 |
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Notes receivable |
0 |
0 |
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Accounts
receivable |
20,466 |
17,859 |
|
Advances to
suppliers |
2,876 |
3,489 |
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Other receivable |
252 |
446 |
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Inventory |
35,992 |
62,813 |
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Non-current
assets within one year |
0 |
0 |
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Other current
assets |
0 |
0 |
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|
------------------ |
------------------ |
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Current assets |
75,808 |
109,211 |
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Fixed assets |
114,034 |
148,707 |
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Construction in
progress |
22,052 |
11,188 |
|
Engineering
materials |
572 |
366 |
|
Deferred income tax
assets |
0 |
0 |
|
Intangible
assets |
7,862 |
7,513 |
|
Long-term
deferred expenses |
2,036 |
1,757 |
|
Other
non-current assets |
0 |
0 |
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|
------------------ |
------------------ |
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Total assets |
222,364 |
278,742 |
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|
============= |
============= |
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Short-term loans |
0 |
0 |
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Notes payable |
0 |
0 |
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Accounts payable |
22,104 |
24,449 |
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Wages payable |
3,484 |
4,272 |
|
Taxes payable |
-1,046 |
-1,508 |
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Advances from
clients |
0 |
79 |
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Other payable |
24 |
38 |
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Other current
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Current
liabilities |
24,566 |
27,330 |
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Non-current
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total
liabilities |
24,566 |
27,330 |
|
Equities |
197,798 |
251,412 |
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|
------------------ |
------------------ |
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Total
liabilities & equities |
222,364 |
278,742 |
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|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
|
Revenue |
138,885 |
143,924 |
|
Cost of sales |
119,417 |
116,061 |
|
Sales expense |
302 |
995 |
|
Management expense |
12,684 |
14,479 |
|
Finance expense |
1,703 |
2,070 |
|
Profit before
tax |
3,785 |
8,956 |
|
Less: profit tax |
0 |
340 |
|
3,785 |
8,616 |
Important Ratios
=============
|
|
As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
|
*Current ratio |
3.09 |
4.00 |
|
*Quick ratio |
1.62 |
1.70 |
|
*Liabilities
to assets |
0.11 |
0.10 |
|
*Net profit
margin (%) |
2.73 |
5.99 |
|
*Return on
total assets (%) |
1.70 |
3.09 |
|
*Inventory /
Revenue ×365 |
95 days |
160 days |
|
*Accounts
receivable/ Revenue ×365 |
54 days |
46 days |
|
*
Revenue/Total assets |
0.62 |
0.52 |
|
* Cost of
sales / Revenue |
0.86 |
0.81 |
PROFITABILITY:
FAIRLY GOOD
l
The revenue of SC appears fairly good in its line.
l
SC’s net profit margin is average in 2010, and
fairly good in 2011.
l
SC’s return on total assets is average in both
years.
l
SC’s cost of sales is average, comparing with its
revenue.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a fairly
good level in both years.
l
SC’s quick ratio is maintained in a fairly good
level in both years.
l
The inventory of SC appears average.
l
The accounts receivable of SC appears average.
l
SC has no short-term loans in both years.
l
SC’s revenue is in a fair level, comparing with the
size of its total assets.
LEVERAGE: AVERAGE
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 Good.
SC is considered medium-sized in its line with fairly good financial
conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.26 |
|
|
1 |
Rs.88.85 |
|
Euro |
1 |
Rs.71.13 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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 |
|
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.