MIRA
INFORM REPORT
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Report Date : |
17.09.2012 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
No. 108 Shahe
Road, Taihe County, Fuyang City, Anhui Province 236604 Pr |
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Country : |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
15.08.2007 |
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Com. Reg. No.: |
341222000000276 |
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Legal Form : |
Chinese-Foreign Equity Joint Venture
Enterprise |
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Line of Business : |
manufacturing and selling pharmaceutical intermediates, APIs and finished drug |
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No. of Employees : |
230 employees |
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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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
anhui biochem united pharmaceutical
co., ltd.
no. 108 shahe road, taihe county, fuyang city
anhui province 236604 PR CHINA
TEL: 86 (0) 558-8629371/2939189
FAX: 86 (0) 558-8635599
EXECUTIVE SUMMARY
Date of Registration : august 15, 2007
REGISTRATION NO. : 341222000000276
LEGAL FORM : Chinese-foreign equity joint venture
enterprise
REGISTERED CAPITAL :
USD 8,800,000
staff : 230
BUSINESS CATEGORY :
manufacturing
Revenue : CNY 63,870,000 (AS OF
DEC. 31, 2010)
EQUITIES : CNY 72,000,000 (AS OF
DEC. 31, 2010)
WEBSITE : www.bcpharm.com
E-MAIL :
zn@bcpharm.com
PAYMENT : AVERAGE
MARKET CONDITION : average
FINANCIAL CONDITION : FAIRly stable
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
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
***Note: SC’s Import & Export Department
locates in the given address (No. 30 Hongfeng Road, Hi-Tech Development Zone,
Hefei (230088), China), and the given contact ways (865515167052/5228268) also
belongs to it.
SC was
established as a Chinese-foreign equity joint venture enterprise of PRC with
State Administration of Industry & Commerce (SAIC) under registration No.: 341222000000276 on August
15, 2007.
SC’s Organization Code Certificate
No.: 66293236-8
SC’s registered capital: USD 8,800,000
SC’s paid-in capital: USD 8,800,000
Registration Change Record:-
|
Date |
Change
of Contents |
Before
the change |
After
the change |
|
-- |
Registered
Capital |
USD 7,550,000 |
USD 8,800,000 |
|
Shareholder (s)
(% of Shareholding) |
Anhui
Biochem Pharmaceutical Co., Ltd. 73.49% QVT FUND LP 26.00% Li Fulin 0.50% Li Ling 0.01% |
Anhui
Biochem Pharmaceutical Co., Ltd. 68.864% QVT FUND LP 15.204% Shanghai Jiaji
Investment Partnership Enterprise (Limited Partnership) 14.204% Ji Zongming 1.296% Zhou Zhuowei 0.432% |
Current Co search indicates SC’s shareholders & chief executives
are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Anhui Biochem Pharmaceutical
Co., Ltd. |
68.864 |
|
QVT FUND LP |
15.204 |
|
Shanghai Jiaji Investment Partnership
Enterprise (Limited Partnership) |
14.204 |
|
Ji Zongming |
1.296 |
|
Zhou Zhuowei |
0.432 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative,
Chairman, and General Manager |
Wang Zhibang |
|
Director |
Li
Fulin |
|
Supervisor |
Li
Ling |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART & BACKGROUND
Name %
of Shareholding
Anhui Biochem Pharmaceutical
Co., Ltd. 68.864
QVT FUND LP 15.204
Shanghai Jiaji Investment
Partnership Enterprise (Limited Partnership) 14.204
Ji Zongming 1.296
Zhou Zhuowei 0.432
Anhui Biochem Pharmaceutical Co., Ltd.
-------------------------------------------------------
Date of Registration: March 26, 2003
Registration No.: 341222000001734
Legal Form: Limited Liabilities Company
Registered Capital: CNY 26,000,000
MANAGEMENT
Wang Zhibang , Legal Representative, Chairman and General Manager
-------------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age:
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as legal representative, chairman and general manager
Also working in Anhui Biochem Pharmaceutical Co., Ltd. as legal representative
Director
-----------
Li Fulin
Supervisor
---------------
Li Ling
BUSINESS OPERATION
SC’s registered business scope includes
manufacturing pharmaceutical intermediates, APIs and finished drug; researching
and developing related pharmaceutical raw materials and finished products;
selling its owned products and providing related support services.
SC is
mainly engaged in manufacturing and selling pharmaceutical
intermediates, APIs and finished drug.
Brand: BC
SC’s
products mainly include:
Lamivudine (3TC)
Zidovudine (AZT)
Nevirapine (NVP)
Ritonavir (RTV)
Lopinavir (LPV)
Lafutidine
Entecavir
Tenofovir Disoproxil Fumarate
S-Adenosyl-L-Methionine Disulfate Tosylate (SAMe)
SC sources its materials 100% from domestic
market, mainly Anhui. SC sells 30% of its products in domestic market, and 70%
to overseas market, mainly USA, Europe and Southeast Asia.
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. 230
staff at present.
SC owns an area as
its operating office & factory of approx. 51,000 sq. meters at the heading
address.
RELATED COMPANY
SC is known to have 2
subsidiaries at present:
n
Anhui Biochem Bio-Pharmaceutical Co., Ltd.
------------------------------------------------------------
Date
of Registration: 340106000007770
Address:
No. 30 Hongfeng Road, Hi-Tech Development Zone, Hefei (230088), China
Tel:
+86 551 5228299
Fax:
+86 551 5228200
Email:
xsl@bcpharm.com
n
Anhui Biochem Medical Sales Co., Ltd.
------------------------------------------------------
Date
of Registration: 340106000034843
Address:
No. 30 Hongfeng Road, Hi-Tech Development Zone, Hefei (230088), China
Tel:
+86 400 6907999
Fax:
+86 551 5369760
Email:
lzz@bcpharm.com
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
The bank
information of SC is not filed in SAIC.
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
500 |
2,330 |
|
|
Accounts
receivable |
1,480 |
45,020 |
|
Advances to
suppliers |
0 |
0 |
|
Other receivable |
19,430 |
-7,700 |
|
Inventory |
34,570 |
36,550 |
|
Non-current
assets within one year |
0 |
0 |
|
Other current
assets |
-13,260 |
20,670 |
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|
------------------ |
------------------ |
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Current assets |
42,720 |
96,870 |
|
Fixed assets |
5,950 |
6,060 |
|
Construction in
progress |
11,190 |
11,660 |
|
Intangible
assets |
0 |
0 |
|
Long-term
investment |
40,000 |
62,000 |
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Deferred income
tax assets |
0 |
0 |
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Other
non-current assets |
23,140 |
21,350 |
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|
------------------ |
------------------ |
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Total assets |
123,000 |
197,940 |
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|
============= |
============= |
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Short-term loans |
34,010 |
32,000 |
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Accounts payable |
0 |
0 |
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Wages payable |
0 |
0 |
|
Advances from
clients |
0 |
0 |
|
Other payable |
6,920 |
23,520 |
|
Other current
liabilities |
2,610 |
10,410 |
|
|
------------------ |
------------------ |
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Current
liabilities |
43,540 |
65,930 |
|
Non-current
liabilities |
30,020 |
60,010 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
73,560 |
125,940 |
|
Equities |
49,440 |
72,000 |
|
|
------------------ |
------------------ |
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Total
liabilities & equities |
123,000 |
197,940 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2010 |
|
Revenue |
63,870 |
|
Cost of sales |
24,790 |
|
Sales expense |
2,190 |
|
Management expense |
9,080 |
|
Finance expense |
2,630 |
|
Profit before
tax |
25,210 |
|
Less: profit tax |
2,660 |
|
22,550 |
***Note: The financials for Y2011 of SC are not available in local SAIC.
Important Ratios
=============
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
*Current ratio |
0.98 |
1.47 |
|
*Quick ratio |
0.19 |
0.91 |
|
*Liabilities
to assets |
0.60 |
0.64 |
|
*Net profit
margin (%) |
-- |
35.31 |
|
*Return on
total assets (%) |
-- |
11.39 |
|
*Inventory /
Revenue ×365 |
-- |
209 days |
|
*Accounts
receivable/ Revenue ×365 |
-- |
258 days |
|
*
Revenue/Total assets |
-- |
0.32 |
|
* Cost of
sales / Revenue |
-- |
0.39 |
FINANCIAL COMMENTS
PROFITABILITY:
FAIRLY GOOD
l
The revenue of SC appears
average in its line.
l
SC’s net profit margin is good.
l
SC’s return on total assets is fairly good.
l
SC’s cost of goods sold is low, comparing with its revenue.
LIQUIDITY:
FAIR
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 inventory of SC appears large.
l
The accounts receivable of SC appears large.
l
The short-term loan of SC appears fairly large.
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 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 inventory and
accounts receivable may be a threat to SC’s financial condition.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.73 |
|
UK Pound |
1 |
Rs.88.61 |
|
Euro |
1 |
Rs.71.34 |
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.