MIRA
INFORM REPORT
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Report Date : |
21.12.2013 |
IDENTIFICATION DETAILS
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Name : |
ZHUHAI UNITED LABORATORIES CO., LTD. |
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Registered Office : |
Sanzao Science & Technology Industry Park, National Hi-Tech Industrial Development Zone, Zhuhai, Guangdong Province, 519041 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2012 |
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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 engaged in R & D, manufacturing and selling of chemical medicine materials and preparations, antibiotic medicine materials and preparations and Chinese medicine. |
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No. of Employees : |
1,900 |
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 : |
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 – September 30th, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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 2012 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 under 8% for 2012. An economic slowdown in Europe contributed to China's, and is expected to further drag Chinese growth in 2013. 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 and address
ZHUHAI UNITED
LABORATORIES CO., LTD.
SANZAO SCIENCE & TECHNOLOGY INDUSTRY
PARK, NATIONAL HI-TECH INDUSTRIAL DEVELOPMENT 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, trading
TURNOVER :
cny 3,972,200,000 (AS OF DEC.
31, 2012)
EQUITIES :
CNY 2,013,805,000 (AS OF DEC. 31, 2012)
PAYMENT :
AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly good
OPERATIONAL TREND : steady
GENERAL REPUTATION : WELL-KNOWN
EXCHANGE RATE :
CNY 6.13 = 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 Haishan
has been legal representative and chairman of SC since Apr. of 2013.
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.
www.tul.com.cn/
The web belongs to 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 |
|
2006-12-25 |
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% |
|
2008-12-15 |
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) 8.91% |
Present ones |
|
|
2013-4 |
Legal representative |
Cai Jinle |
Present one |
SC has got the certificates of GMP, GMP Hong Kong, and GMP SFDA.
See below for SC as executive party (defendant).
|
Executed Party |
Zhuhai United Laboratories Co., Ltd. |
|
Court |
Jinwan District, Zhuhai City, Guangdong Province People's Court |
|
Date
of Case |
|
|
Case Number |
(2009) 01198 |
|
Claim
Amount |
RMB 74,712.97 |
|
Case
Status |
Completed |
Remark: Due to the lack of information, we are unable to provide the cause of
action, judgment or other information.
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
Legal form: Private
Zhuhai Kangzhile Pharmaceutical Co., Ltd. (literal
translation)
----------------------------------------------------------------------------
Registration no.: 440400000171471
Legal representative: Shen Huan
Date of incorporation: June 10, 1999
Registered capital: CNY 250,000,000
l
Legal Representative & Chairman:
Mr. Cai Haishan , ID# K665977(2), with the bachelor's degree. He is
currently responsible for the overall management of SC.
Working Experience(s):
From Apr. of 2013 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 Zhuhai
United Laboratories Co., Ltd. Zhongshan Branch as principal
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:
A01--Amoxicillin
Capsules
A02--Ampicillin
Capsules
A03--Amoxicillin
Granules
A04--Amoxicillin
Sodium for Injection
A05--Cefazolin
Sodium for Injection
A06--Cefradine for
Injection
A07--Cefotaxime
Sodium for Injection
A08--Cefoperazone
Sodium for Injection
A09--Ceftriaxone
Sodium for Injection
A10--Cefuroxime
Axetil tablets
A10--Cefuroxime
Axetil tablets
A11--Ceftazidime
for Injection
A12--Cefpirome
Sulfate for Injection
A13--Cefetamet
Pivoxil Hydrochloride Tablets
A14--Amoxicillin
Sodium and Clavulanate Potassium for Injection
A15--Amoxicillin
and Clavulanate Potassium Tablets
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.
Stock
code: 03933
Listed
in Hong Kong Stock Exchange Market
United
Laboratories (Chengdu) Co., Ltd.
============================================
Registration no.: 510100400021487
Legal representative: Cai Haishan
Legal
Form: Wholly foreign-owned enterprise
Registered
capital: CNY 400,000,000
Date
of incorporated:
Subsidiaries:
Zhuhai
United Laboratories FZE
Zhuhai
United Laboratories (India) Private Limited
Zhuhai
Wanbang Laboratories Ltd.
================================
Registration no.: 440400000165552
Legal representative: Huang Jinchang
Registered capital: CNY 1,000,000
Date of incorporation: Dec. 23, 2003
Etc.
Branch:
Zhuhai
United Laboratories Co., Ltd. Zhongshan Branch
Registered
no.: 442000400001776
Principal:
Cai Haishan
Establishment
date:
Etc.
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 Zhuhai Xiangzhou Sub-branch
AC#: 2002020429100169455
Relationship:
Normal.
Bank of China
Zhuhai Branch
AC#: 730257752225
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
|
|
as of Dec. 31,
2011 |
as of Dec. 31,
2012 |
|
Cash & bank |
831,320 |
954,231 |
|
Inventory |
608,210 |
501,630 |
|
Accounts
receivable |
551,960 |
633,624 |
|
Interest
receivable |
960 |
6,514 |
|
Advances to
suppliers |
553,450 |
1,663,940 |
|
Notes receivable |
145,720 |
169,684 |
|
Other
receivables |
77,260 |
376,560 |
|
Trading
financial assets |
0 |
648 |
|
Other current
assets |
500,000 |
500,000 |
|
|
------------------ |
------------------ |
|
Current assets |
3,268,880 |
4,806,831 |
|
Fixed assets net
value |
886,020 |
931,810 |
|
Long term
investment |
10,620 |
21,607 |
|
Project
materials |
40 |
45 |
|
Projects under
construction |
197,450 |
152,369 |
|
Intangible
assets |
33,680 |
58,810 |
|
Long-term
deferred expenses |
3,430 |
7,282 |
|
Deferred tax |
10,310 |
12,241 |
|
|
------------------ |
------------------ |
|
Total assets |
4,410,430 |
5,990,995 |
|
|
============= |
============= |
|
Short loans |
308,000 |
668,555 |
|
Notes
payable |
1,083,550 |
1,433,937 |
|
Accounts payable |
285,150 |
317,378 |
|
Advances from
clients |
56,640 |
75,731 |
|
Accrued payroll |
39,880 |
44,794 |
|
Interest payable |
1,490 |
2,142 |
|
Dividends
payable |
157,630 |
48,230 |
|
Taxes payable |
31,950 |
41,962 |
|
Trading financial
liabilities |
0 |
916 |
|
Other accounts
payable |
89,970 |
146,311 |
|
47,120 |
384,000 |
|
|
Other current
liabilities |
0 |
608,545 |
|
|
------------------ |
------------------ |
|
Current liabilities |
2,101,380 |
3,772,501 |
|
Non-current
liabilities |
415,070 |
204,689 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
2,516,450 |
3,977,190 |
|
Equities |
1,893,980 |
2,013,805 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
4,410,430 |
5,990,995 |
|
|
============= |
============= |
Income Statement
Unit: CNY’000
|
|
as of Dec. 31,
2011 |
as of Dec. 31,
2012 |
|
Turnover |
3,573,590 |
3,972,200 |
|
Cost of goods
sold |
2,718,150 |
2,794,228 |
|
Sales expense |
455,470 |
478,272 |
|
Management expense |
226,820 |
275,410 |
|
Finance expense |
53,310 |
66,941 |
|
Investment
income |
70,910 |
52,962 |
|
Profit before
tax |
223,940 |
395,466 |
|
Less: profit tax |
26,970 |
55,638 |
|
Profits |
196,970 |
339,828 |
Important Ratios
=============
|
|
As
of Dec. 31, 2011 |
As
of Dec. 31, 2012 |
|
*Current ratio |
1.56 |
1.27 |
|
*Quick ratio |
1.27 |
1.14 |
|
*Liabilities
to assets |
0.57 |
0.66 |
|
*Net profit
margin (%) |
5.51 |
8.56 |
|
*Return on
total assets (%) |
4.47 |
5.67 |
|
*Inventory
/Turnover ×365 |
63 days |
47 days |
|
*Accounts
receivable/Turnover ×365 |
57 days |
59 days |
|
*Turnover/Total
assets |
0.81 |
0.66 |
|
* Cost of
goods sold/Turnover |
0.76 |
0.70 |
PROFITABILITY:
FAIRLY GOOD
l
The turnover of SC appears good in its line and it
increased in 2012.
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 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 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.62.24 |
|
UK Pound |
1 |
Rs.101.81 |
|
Euro |
1 |
Rs.84.88 |
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.