MIRA
INFORM REPORT
|
Report Date : |
15.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
ZHEJIANG APELOA
KANGYU PHARMACEUTICAL CO., LTD. |
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Registered Office : |
No.
333, |
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Country : |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
08.08.1995 |
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Com. Reg. No.: |
330783000063359 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Manufacturing and Selling of Chemical APIs and Preparation. |
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No. of Employees : |
1,280 |
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 |
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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 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
|
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
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 |
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, growth of the
private sector, development of stock markets and a modern banking system, 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 considered important to "economic
security," explicitly looking to foster globally competitive industries.
After keeping its currency tightly linked to the US dollar for years, in July
2005 China 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 and
expanded the daily trading band within which the RMB is permitted to fluctuate.
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 2013 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
consumption; (b) facilitating higher-wage job opportunities for the aspiring
middle class, including rural migrants and increasing numbers of college
graduates; (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. Several factors are
converging to slow China's growth, including debt overhang from its
credit-fueled stimulus program, industrial overcapacity, inefficient allocation
of capital by state-owned banks, and the slow recovery of China's trading
partners. The government's 12th Five-Year Plan, adopted in March 2011 and reiterated
at the Communist Party's "Third Plenum" meeting in November 2013,
emphasizes continued economic reforms and the need to increase domestic
consumption in order to make the economy less dependent in the future on fixed
investments, exports, and heavy industry. However, China has made only marginal
progress toward these rebalancing goals. The new government of President XI
Jinping has signaled a greater willingness to undertake reforms that focus on
China's long-term economic health, including giving the market a more decisive
role in allocating resources.
|
Source
: CIA |
Company Name and address
ZHEJIANG APELOA KANGYU PHARMACEUTICAL CO., LTD.
NO. 333, JIANGNAN
ROAD, HENGDIAN TOWN, DONGYANG
ZHEJIANG PROVINCE
322118 PR CHINA
TEL: 86 (0) 579-86551777
FAX: 86 (0)
579-86551666
EXECUTIVE SUMMARY
Date of Registration : august 8, 1995
REGISTRATION NO. : 330783000063359
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL : CNY 64,680,000
staff : 1,280
BUSINESS CATEGORY : manufacturing & TRADING
Revenue : CNY 325,264,000 (From Jan. 1, 2014 to Jun. 30, 2014)
EQUITIES : CNY 622,155,000 (AS OF JUN. 30, 2014)
WEBSITE : N/A
E-MAIL : N/A
PAYMENT : AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly good
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : fairly good
EXCHANGE RATE : CNY 6.19 = 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 limited liabilities company of PRC with State Administration of Industry
& Commerce (SAIC) under registration No.: 330783000063359 on August 8, 1995.
SC’s Organization Code Certificate No.:
14755384-9
SC’s Tax No.: 330783147553849
SC’s registered capital: CNY 64,680,000
SC’s paid-in capital: CNY 64,680,000
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
2005-05 |
Shareholder (s)
(% of Shareholding) |
Hengdian Group Co., Ltd. 5% Qingdao Dongfang Group Company Limited 95% |
Nanhua Development Group Co., Ltd. 5% Apeloa Kangyu Company Limited 95% |
|
2005-11 |
Shareholder (s) |
Nanhua Development Group Co., Ltd. 5% Apeloa Kangyu Company Limited 95% |
Hengdian Group Holdings Co., Ltd. 5% Apeloa Kangyu Company Limited 95% |
|
2006-04 |
Company Name |
Zhejiang Kangyu Pharmaceutical Co., Ltd. |
Zhejiang Apeloa Kangyu Pharmaceutical Co., Ltd. |
|
2007-05 |
Registered
capital |
CNY 25,000,000 |
CNY 64,680,000 |
|
% of Shareholding |
Hengdian Group Holdings Co., Ltd. 5% Apeloa Kangyu Company Limited 95% |
Hengdian Group Holdings Co., Ltd. 1.93% Apeloa Kangyu Company Limited 98.07% |
|
|
2008-05 |
The name of SC’s Shareholder |
Apeloa Kangyu Company Limited |
Apeloa
Company Limited |
|
2011 |
Registration
No. |
3307831000042 |
330783000063359 |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Apeloa
Company Limited |
98.07 |
|
Hengdian
Group Holdings Co., Ltd. |
1.93 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal
Representative, Chairman, and General Manager |
Ge Mengya |
|
Director |
Li Baoping |
|
Shu Lijian |
|
|
Guo Zhenrong |
|
|
Ren Lirong |
|
|
Hu Tiangao |
|
|
Xu Wencai |
|
|
Supervisor |
Huang Guimiao |
|
Jin Longhua |
|
|
Chen Rijuan |
|
|
Chen Xiao |
|
|
Fan Kaiyin |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Apeloa Company Limited 98.07
Hengdian Group Holdings Co., Ltd. 1.93
Apeloa Company
Limited
-------------------------------------
Apeloa Company Limited is principally
engaged in the research, production and sale of medicine. The Company’s
products include four categories: drug substances such as amantadine
hydrochloride, levofloxacin hydrochloride, ofloxacin and others; intermediates
such as adamantine, 1-adamantanecarboxylic acid, adamantanol, and others;
chemical preparations such as ubenimex capsules, indapamide tablets,
azithromycin sodium dithydrogen citrate for injection and others; Chinese traditional
medicine preparations such as lentinan tablets, cucurbitacin tablets and
others.
Date of Registration: February 18, 1997
Registration No.: 370200018046069
Legal Form: Shares Limited Company
Chief Executive: Xu Wencai (Legal
Representative)
Registered Capital: CNY 1,146,869,310
E-mail: 000739@apeloa.com
Website: www.apeloa.com
Hengdian Group
Holdings Co., Ltd.
------------------------------------------------
Date of Registration: November 22, 1999
Registration No.: 330783000049656
Legal Form: Limited Liabilities Company
Chief Executive: Xu Yong’an (Legal
Representative)
Registered Capital: CNY 2,000,000,000
Website: www.hengdian.com
MANAGEMENT
Ge Mengya, Legal
Representative, Chairman and General Manager
---------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
ID# 330724195807075416
Ø
Age: 56
Ø Qualification: Master
Ø Working experience
(s):
At
present, working in SC as legal representative, chairman and general manager
Also
working in Apeloa Company Limited as general manager
Director
-----------
Li Baoping
Shu Lijian ID# 330103670116161
Guo Zhenrong
Ren Lirong
Hu Tiangao
Xu Wencai ID# 330104660118163
Supervisor
--------------
Huang Guimiao
Jin Longhua
Chen Rijuan
Chen Xiao
Fan Kaiyin
BUSINESS OPERATION
SC’s registered
business scope includes manufacturing tablets, capsules, granular formulation, agent
solution, bulk pharmaceuticals and toxic chemicals, exporting its products and
technology, importing materials, instruments, machinery and equipment, parts
and technology needed for its production.
SC is mainly
engaged in manufacturing and selling chemical APIs and preparation.
SC’s products mainly include: anti-tumor
medicine, antiviral medicine, cardiovascular medicine and veterinary drugs.
SC sources its materials 100% from domestic
market, mainly
The buying terms of SC include Check, T/T and Credit of 30-60 days. The
payment terms of SC include T/T, L/C and Credit of 30-60 days.
*Major Customer*
----------------------
Apeloa Company Limited
Staff & Office:
--------------------------
SC is known
to have approx. 1,280 staff
at present.
SC owns an area as
its operating office & factory of approx. 247,000 sq. meters at the heading
address.
RELATED COMPANY
Zhejiang
Apeloa Kangyu Bio-pharmaceuticals Co., Ltd.
Registration No.: 330783000017596
Legal Representative: Lu Haiping
Tel: 86-579-86171332/86170418/86551320
Factory
Add: Geshan Industrial Zone, Dongyang, Zhejiang, 322109, China
Zhejiang
Apeloa Jiayuan Pharmaceutical Co., Ltd.
Registered Capital: CNY 10,000,000
Legal Representative: Xu Xinliang
Zhejiang
Apeloa Kangyu Natural Medicines Co., Ltd.
Date
of Registration: January 25, 1999
Registration
No.: 330727000003649
Legal
Representative: Ge Yongjin
Zhejiang
Apeloa Medical Technology Co., Ltd.
Date of Registration: December 28, 2001
Registration No.: 330783000013809
Legal Representative: Xu Xinliang
Tel: 86-579-86557820/86559364/86557829
Website: www.apeloapharm.com
Zhejiang
Apeloa Kangyu Life Science Co., Ltd.
Registered Capital: CNY 20,000,000
Legal Representative: Yu Lan
Zhejiang
Apeloa Debang Chemical Co., Ltd.
Date
of Registration: May 25, 1993
Registration No.: 330783000006355
Legal Representative: Zhao Nengxuan
Tel: 86-579-86557871/86557480
Shanghai Apeloa Kangyu Drug Research Institute Co., Ltd.
Date of Registration: November 27, 2001
Registration No.: 310225000247798
Registered Capital: CNY 30,000,000
Legal Representative: Zhang Hui
Legal Form: Limited Liabilities Company
Tel: 86-21-58016780/68010018/68010020
Zhejiang
Puluo Debang Pharmaceutical Co., Ltd.
Registered Capital: CNY 100,000,000
Legal
Representative: Zhu Fangmeng
Zhejiang
Apeloa Kangyu Medical Herbs Co., Ltd.
Registered
Capital: CNY 20,000,000
Legal
Representative: Wu Liyue
Etc.
Office:
======
Zhejiang
Apeloa Kangyu Pharmaceutical Co., Ltd. Hangzhou Office
Address:
11/F, Lantian Mansion, No. 18 Moganshan Road, Hangzhou, Zhejiang Province
Tel:
86 0571-56809788
Fax:
86 0571-88889988
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:
Bank of China Zhejiang Branch
AC#: 800100245808093001
Bank of China
Hengdian Sub-Branch
AC#: 850006527408091001
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As of Dec. 31, 2010 |
|
124,748 |
|
|
Notes receivable |
590 |
|
Accounts receivable |
39,689 |
|
Advances to suppliers |
49,631 |
|
Other receivable |
123,297 |
|
Inventory |
91,464 |
|
Non-current assets within one year |
0 |
|
Other current assets |
0 |
|
|
------------------ |
|
Current assets |
429,419 |
|
Fixed assets |
238,719 |
|
Construction in progress |
36,198 |
|
Intangible assets |
106,088 |
|
Long-term investment |
0 |
|
Deferred income tax assets |
1,515 |
|
Other non-current assets |
0 |
|
|
------------------ |
|
Total assets |
811,939 |
|
|
============= |
|
Short-term loans |
43,752 |
|
Notes payable |
67,500 |
|
Accounts payable |
91,685 |
|
Payroll payable |
4,292 |
|
Taxes payable |
3,912 |
|
Advances from clients |
11,638 |
|
Other payable |
46,123 |
|
Profit unpaid |
9,649 |
|
Other current liabilities |
1,570 |
|
|
------------------ |
|
Current liabilities |
280,121 |
|
Non-current liabilities |
12,760 |
|
|
------------------ |
|
Total liabilities |
292,881 |
|
Equities |
519,058 |
|
|
------------------ |
|
Total liabilities & equities |
811,939 |
|
|
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31, 2010 |
|
Revenue |
503,769 |
|
Cost of sales |
365,754 |
|
Tax and additional of main
operations |
3,409 |
|
Sales expense |
41,522 |
|
Management expense |
62,532 |
|
Finance expense |
-946 |
|
Non-operating income |
5,102 |
|
Non-operating
expenses |
657 |
|
Profit before tax |
35,986 |
|
Less: profit tax |
4,722 |
|
31,264 |
Financial Summary
|
Unit: CNY’000 |
As of Dec. 31, 2011 |
As of Dec. 31, 2012 |
As of Dec. 31, 2013 |
As of Jun. 30, 2014 |
|
Current assets |
-- |
360,540 |
-- |
-- |
|
Total
assets |
962,148 |
845,800 |
926,246 |
980,118 |
|
|
------------- |
------------- |
------------- |
------------- |
|
Current liabilities |
-- |
251,050 |
-- |
-- |
|
Long term liabilities |
-- |
20,120 |
-- |
-- |
|
|
------------- |
------------- |
------------- |
------------- |
|
Total liabilities |
441,820 |
271,170 |
327,818 |
357,963 |
|
Equities |
520,328 |
574,630 |
598,428 |
622,155 |
|
|
------------- |
------------- |
------------- |
------------- |
|
|
As of Dec. 31, 2011 |
As of Dec. 31, 2012 |
As of Dec. 31, 2013 |
From Jan. 1, 2014 to Jun. 30, 2014 |
|
Revenue |
508,792 |
552,200 |
615,951 |
325,264 |
|
Cost of sales |
-- |
349,560 |
-- |
-- |
|
Profit before tax |
-- |
43,440 |
-- |
-- |
|
Less: profit tax |
-- |
6,090 |
-- |
-- |
|
Profits |
28,656 |
37,350 |
40,799 |
23,727 |
Important Ratios
=============
|
|
As of Dec. 31, 2010 |
As of Dec. 31, 2011 |
As of Dec. 31, 2012 |
As of Dec. 31, 2013 |
As of Jun. 30, 2014 |
|
*Current ratio |
1.53 |
-- |
1.44 |
-- |
-- |
|
*Quick ratio |
1.21 |
-- |
-- |
-- |
-- |
|
*Liabilities to assets |
0.36 |
0.46 |
0.32 |
0.35 |
0.37 |
|
*Net profit margin (%) |
6.21 |
5.63 |
6.76 |
6.62 |
7.29 |
|
*Return on total assets (%) |
3.85 |
2.98 |
4.42 |
4.40 |
2.42 |
|
*Inventory / Revenue ×365 |
67 days |
-- |
-- |
-- |
-- |
|
*Accounts receivable / Revenue ×365 |
29 days |
-- |
-- |
-- |
-- |
|
*Revenue / Total assets |
0.62 |
0.53 |
0.65 |
0.66 |
0.33 |
|
*Cost of sales / Revenue |
0.73 |
-- |
0.63 |
-- |
-- |
FINANCIAL COMMENTS
PROFITABILITY:
FAIRLY GOOD
l The revenue of SC
appears fairly good in its line.
l SC’s net profit
margin is fairly good.
l SC’s return on
total assets is average.
l
SC’s cost of goods sold is average, comparing with
its revenue.
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 inventory of SC is maintained in an average
level.
l
The accounts receivable of SC is maintained in an
average level.
l
The short-term loans of SC appear average.
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 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.62.44 |
|
|
1 |
Rs.98.15 |
|
Euro |
1 |
Rs.77.38 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
NIT |
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.