MIRA INFORM REPORT
|
Report Date : |
10.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
CSPC ZHONGNUO PHARMACEUTICAL (SHIJIAZHUANG) CO., LTD. |
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Registered Office : |
No. 47, Fengshou Road, Shijiazhuang, Hebei Province 050041
Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
12.12.1997 |
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Com. Reg. No.: |
130000400000280 |
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Legal Form : |
Chinese-Foreign Equity Joint Venture
Enterprise |
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Line of Business : |
Subject engaged in manufacturing and selling active pharmaceutical ingredients and pharmaceutical intermediates. |
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No. of Employees : |
2,203 |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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
CSPC ZHONGNUO PHARMACEUTICAL (SHIJIAZHUANG) CO., LTD.
NO. 47, FENGSHOU ROAD, SHIJIAZHUANG, HEBEI PROVINCE 050041 PR CHINA
TEL: 86 (0) 311-83805386/83869312/88622602/18633085922
FAX: 86 (0) 311-83805385
***Note: According to the information from local
SAIC, CSPC Hebei Zhongrun Pharmaceutical Co., Ltd. merged into CSPC Zhongnuo
Pharmaceutical (Shijiazhuang) Co., Ltd. & CSPC Shijiazhuang Gaoke Medical
Technology Development Co., Ltd. & Hebei Hongyuan Chemical Co., Ltd. as a new
company, and the company name remains as this-CSPC Zhongnuo Pharmaceutical
(Shijiazhuang) Co., Ltd., and the registration information (excluding
registered capital) remains as this-CSPC Hebei Zhongrun Pharmaceutical Co.,
Ltd.
The business license for the former CSPC
Zhongnuo Pharmaceutical (Shijiazhuang) Co., Ltd. was cancelled on February
27, 2013.
EXECUTIVE SUMMARY
Date of Registration : december 12, 1997
REGISTRATION NO. : 130000400000280
LEGAL FORM : CHINESE-FOREIGN EQUITY JOINT
VENTURE ENTERPRISE
REGISTERED CAPITAL : CNY 906,300,300
staff :
2,203
BUSINESS CATEGORY : manufacturing
Revenue :
CNY 3,519,233,000 (AS OF DEC. 31, 2012)
EQUITIES :
CNY 2,373,982,000 (AS OF DEC. 31, 2012)
WEBSITE : www.zhongrunpc.com
E-MAIL :
znbgs@mail.ecspc.com
PAYMENT :
AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly good
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.13 = 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
Not yet be determined
LEGAL STATUS & HISTORY
SC was established
as a Chinese-Foreign Equity Joint
Venture Enterprise of PRC with State Administration of Industry &
Commerce (SAIC) under registration No.: 130000400000280.
SC’s Organization Code Certificate No.:
60190802-2
%20CO%20,%20LTD%20%20-%20239215%2010-Oct-2013_files/image008.jpg)
SC’s customs
registration No.: 1301000082
SC’s Tax No.: 1301031301000082
SC’s registered capital: CNY 906,300,300
SC’s paid-in capital: CNY 906,300,300
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 |
|
Overseas Shareholder (s) |
|
|
China Pharmaceutical Group Limited (Hong
Kong) |
99.35 |
|
Tin Lon Investment Limited (Hong Kong) |
|
|
Domestic Shareholder (s) |
|
|
CSPC Pharmaceutical Group Limited |
0.65 |
|
Shijiazhuang Development & Investment
Co., Ltd. |
|
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman, and
General Manager |
Lu Hua |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART & BACKGROUND
Name %
of Shareholding
Overseas Shareholder (s)
China
Pharmaceutical Group Limited (Hong Kong)
Tin Lon Investment
Limited (Hong Kong)
99.35
Domestic Shareholder (s)
CSPC
Pharmaceutical Group Limited
Shijiazhuang
Development & Investment Co., Ltd.
0.65
%20CO%20,%20LTD%20%20-%20239215%2010-Oct-2013_files/image007.gif){kind=small}
China Pharmaceutical Group Limited (Hong Kong)
-----------------------------------------------------------------------
China Pharmaceutical Group Limited
("China Pharm") (Ticker: 1093) is one of the largest pharmaceutical
group in China. It has been listed on the Main Board of the Hong Kong Stock
Exchange since June 1994.
CR No.: 0362244
Date of Registration: June 16, 1992
Legal Form: Private
Web: www.cpg.hk
Address: Room 3206, 32/F, Central Plaza, 18
Harbour Road, Wanchai, Hong Kong
Tel: 852-28023011
Fax: 852-28024552
E-mail: info@cpg.hk
Tin Lon Investment Limited (Hong Kong)
---------------------------------
CR No.: 0538383
Date of Registration: February 6, 1996
Legal form: Private
CSPC
Pharmaceutical Group Limited
---------------------------------------------------
Registration No.: 130100400009068
Date of Registration: March 31, 1998
Legal Form: Limited Liabilities Company
Registered Capital: CNY 221,360,000
Legal Representative: Cai Dongchen
CSPC
Pharmaceutical Group Limited (CSPC) was incorporated by Hebei Pharmaceutical
Corporation, Shijiazhuang No. 1 Pharmaceutical Group Co., Ltd. and other two
companies. It’s the first mega pharmaceutical enterprise jointly established by
big pharmaceutical enterprises in the medicine industry of China, and it’s also
one of the pillar enterprise group of Hebei Province.
Web: www.e-cspc.com
Address: No. 276 West Zhongshan Road,
Shijiazhuang Hebei Province
Tel: 86 (0) 311-87037015
Fax: 86 (0) 311-87039608
E-mail: cspc@mail.ecspc.com
Shijiazhuang Development Investment Co., Ltd.
-------------------------------------------
Registration No.: 130100000158311
Date of Registration: May 19, 2006
Legal Form: Limited Liabilities Company
Registered Capital: CNY 8,174,413,465
Legal Representative: Gao Huimin
MANAGEMENT
Lu Hua , Legal
Representative, Chairman, and General Manager
--------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 41
Ø Qualification: Master
Degree
Ø Working experience
(s):
At present, working in SC as legal
representative, chairman, and general manager
BUSINESS OPERATION
SC’s registered
business scope includes manufacturing aseptic active pharmaceutical ingredient
(penicillin, penicillin, ampicillin sodium, ticarcillin, mezlocillin sodium,
azlocillin sodium, meropenem, biapenem, potassium clavulanate, meropenem /
sodium carbonate, sodium piperacillin, tazobactam sodium, piperacillin /
tazobactam sodium, anhydrous sodium carbonate, ceftazidime cefotaxime sodium,
cefuroxime sodium, ceftazidime, cefepime, cefpirome sulfate, cefathiamidine,
ceftazidime, cefoxitin sodium and sodium carbonate, cefamandole sodium,
cefazolin sodium, cefoperazone sodium, ceftriaxone sodium, Ceftezole sodium,
cefotiam hydrochloride, cefepime hydrochloride \/L- ammonia acid, cefpirome
sulfate and sodium carbonate, cefodizime sodium, cefazolin sodium, cefmenoxime
hydrochloride, procaine penicillin), active pharmaceutical ingredient
(amoxicillin, ampicillin, ertapenem sodium, cefixime, cefaclor, Cefetamet
Pivoxil hydrochloride, cefdinir, cefditoren pivoxil, Cefradine, nifedipine, nitrendipine,
metformin hydrochloride, ranitidine, propafenone hydrochloride), pharmaceutical
intermediates (7-ACA, D-7-ACA, penicillin industrial salt, 6-APA, 7-ACT, of
cefazolin, ceftriaxone, erythromycin thiocyanate, crude
L-p-hydroxyphenylglycine Deng salt, phenylglycine Deng Yan), medicinal
materials hydroxypropyl - β - cyclodextrin, immobilization of penicillin G
acylase ester, immobilization of D- amino acid oxidase, immobilization of D- e
two acyl -7-ACA acylase, cephalosporin esterase, powder for injection
(penicillins, cephalosporins), freeze-dried powder injection, nasal drops, eye
drops (hormones), oral liquid, tablet, capsule, granule, rubber paste, health
food (vitamin C buccal tablets, buccal tablets, SPG SPG brand fruit Visconsin
brand guoweikang Liang tablets, stone fruit vicon drug licensing Zhuang
chewable tablets), coffee, dressing, nursing record material (infusion paste,
paste), researching and developing medicines and pharmaceutical technology;
manufacturing semisynthetic antibiotic preparation; and selling its products.
SC is mainly
engaged in manufacturing and selling active pharmaceutical ingredients and
pharmaceutical intermediates.
SC’s products mainly include:
API
Series
Penicilling Series
Cephalosporin Series
Carbapenem Series
Enzyme Series
Chemical Raw Materials
Medicinal Accessories
Injection
Series
Raw Material
Powder For Injection
Capsule
Tablet
Plaster
Eye Drops
Granule
Oral Solution
SC sources its materials 100% from domestic market, mainly Hebei province.
SC sells 87% of its products in domestic markets, and 13% to overseas market.
The
import & export status of SC in 2012 is as follows,
|
Country |
Amount of
Exports (USD) |
Amount of Imports (USD) |
|
Argentina |
1,281,800 |
-- |
|
Brazil |
6,298,400 |
-- |
|
Taiwan |
610,200 |
-- |
|
Germany |
1,675,000 |
-- |
|
Hong Kong |
12,392,800 |
-- |
|
India |
36,767,900 |
-- |
|
Indonesia |
6,525,200 |
-- |
|
Italy |
3,776,300 |
-- |
|
Japan |
1,451,800 |
-- |
|
Jordan |
1,672,100 |
-- |
|
Holland |
1,866,900 |
-- |
|
Egypt |
2,393,700 |
-- |
|
UK |
1,501,400 |
-- |
|
U.S.A. |
2,114,900 |
-- |
|
Other Asian Countries |
2,125,600 |
-- |
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. 2,203 staff at present.
SC owns an area as
its operating office and factory, but the detailed information is unknown.
RELATED COMPANY
SC is known to have the
following subsidiaries at present,
Hebei
Zhongrun Ecological and Environmental Protection Co., Ltd.
Jilin
Dajiashan Ecological Agriculture Co., Ltd.
CSPC
Zhongcheng Pharmaceutical Logistics Co., Ltd.
CSPC
Zhongnuo Pharmaceutical (Taizhou) Co., Ltd.
CSPC
Cenway (Tianjin) Pharmaceuticals Co., Ltd.
CSPC
Yinhu Pharmaceuticals Co., Ltd.
Siping
Fine Chemical Co., Ltd.
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 local SAIC.
FINANCIALS
Financial Summary
|
Unit: CNY’000 |
As
of Dec. 31, 2012 |
|
Long term investment |
414,395 |
|
Total assets |
4,755,354 |
|
|
------------- |
|
Long-term
liabilities |
58,113 |
|
Total
liabilities |
2,381,372 |
|
Equities |
2,373,982 |
|
|
------------- |
|
Revenue |
3,519,233 |
|
Profit before
tax |
49,542 |
|
Less: profit tax |
9,446 |
|
Profits |
40,096 |
Note: The detailed financials for Y2012 are not available in SAIC.
Important Ratios
=============
|
|
As
of Dec. 31, 2012 |
|
*Liabilities
to assets |
0.50 |
|
*Net profit
margin (%) |
1.14 |
|
*Return on total
assets (%) |
0.84 |
|
*Revenue/Total
assets |
0.74 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
l The revenue of SC
appears good in its line.
l SC’s net profit
margin is average.
l SC’s return on
total assets is average.
LIQUIDITY: AVERAGE
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 low.
Overall financial
condition of the SC: Fairly Good.
CONCLUSIONS
SC is considered large-sized in its line with fairly good financial
conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.92 |
|
|
1 |
Rs.99.45 |
|
Euro |
1 |
Rs.83.92 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
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.