MIRA INFORM REPORT
|
Report Date : |
19.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
CSPC OUYI PHARMACEUTICAL CO., LTD. |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
29.03.2001 |
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Com. Reg. No.: |
130100000073748 |
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Legal Form : |
One-Person Limited Liabilities Company |
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Line of Business : |
Subject is engaged in manufacturing and selling chemical synthesis raw materials, pharmaceutical preparation |
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No of Employees : |
2,600 |
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) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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, 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 & ADDRESS
CSPC OUYI
PHARMACEUTICAL CO., LTD.
NO. 276 WEST
ZHONGSHAN ROAD, QIAOXI DISTRICT
SHIJIAZHUANG, HEBEI PROVINCE
050051 PR CHINA
TEL: 86 (0)
311-87036208/87896356/87896523
FAX: 86 (0)
311-87039126
EXECUTIVE SUMMARY
Date of Registration : march 29, 2001
REGISTRATION NO. : 130100000073748
LEGAL FORM : one-person Limited liabilities company
REGISTERED CAPITAL : CNY 150,000,000
staff : 2,600
BUSINESS CATEGORY : MANUFACTURING & TRADING
Revenue :
CNY 1,727,590,000 (AS OF DEC. 31,
2013)
EQUITIES :
CNY 863,450,000 (AS OF DEC. 31, 2013)
WEBSITE : www.ouyipharma.com
E-MAIL :
steven@ouyipharma.com & zhangcl@ouyipharma.com
PAYMENT : no complaints
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairLY good
OPERATIONAL TREND : FAIRLY
STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.21 = 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 on March 29, 2001. However, SC changed to
present legal form, and was registered as one-person limited liabilities
company of PRC with State Administration for Industry & Commerce (SAIC)
under registration No.: 130100000073748
on March 24, 2009.
SC’s Organization Code Certificate No.:
60128926-8
SC’s registered capital: CNY 150,000,000
SC’s paid-in capital: CNY 150,000,000
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
2001-4-25 |
Registered Capital |
CNY 500,000 |
CNY 110,000,000 |
|
2004-7-21 |
Registered Capital |
CNY 110,000,000 |
CNY 60,000,000 |
|
2006-1-19 |
Legal Representative |
Cai Dongchen |
Wang Ruiqi |
|
2006-8-7 |
Company Name |
Shijiazhuang Pharmaceutical Group
Ouyi Pharmaceutical Co., Ltd. |
Shijiazhuang Ouyi Pharmaceutical
Co., Ltd. |
|
2008-3-25 |
Registered Capital |
CNY 60,000,000 |
CNY 75,000,000 |
|
2008-4-16 |
Legal Representative |
Wang Ruiqi |
Pan Weidong |
|
Company Name |
Shijiazhuang Ouyi Pharmaceutical
Co., Ltd. |
CSPC Ouyi Pharmaceutical Co.,
Ltd. |
|
|
2008-7-17 |
Registered Capital |
CNY 75,000,000 |
CNY 76,500,000 |
|
2009-3-24 |
Legal Form |
Limited Liabilities Company |
One-Person Limited Liabilities Company |
|
2010-5-4 |
Legal Representative |
Pan Weidong |
Lu Jianmin |
|
2010-12-8 |
Registered Capital |
CNY 76,500,000 |
CNY 100,000,000 |
|
-- |
Registration No. |
1301001000819 |
130100000073748 |
|
Registered Capital |
CNY 100,000,000 |
CNY 150,000,000 |
|
|
Shareholder’s Chinese Name |
石药集团有限公司 |
石药集团有限责任公司 |
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
China Shijiazhuang
Pharmaceutical Group Co., Ltd. |
100 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative,
Chairman, and General Manager |
Lu
Jianmin |
|
Vice Chairman |
Wang
Ruiqi |
|
Director |
Niu Guizhen |
|
Min Longgang |
|
|
Pan Weidong |
|
|
Zhang Cuilong |
|
|
Li Mei |
|
|
Hu Bin |
|
|
Supervisor |
Sun
Jumin |
|
Zhang
Yu |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART & BACKGROUND
Name %
of Shareholding
China Shijiazhuang
Pharmaceutical Group Co., Ltd. 100
==================
CSPC is 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.
CSPC is a mega pharmaceutical enterprise
specialized in science, technology and trading, and mainly engaged in
pharmaceutical product development, production and sale. Its key products
include antibiotic, vitamin, cardiovascular and cerebrovascular medicine,
antipyretic and analgesic drug and respiratory drug, etc, six series in total
and nearly 1,000 varieties, and penicillin series and vitamin series are its
dominant products.
Date of Registration: March 31, 1998
Registration No.: 130100400009068
Registered Capital: CNY 521,360,000
Legal Representative: Cai Dongchen
Legal Form: Wholly foreign-owned enterprise
Add: No. 276, Western Zhongshan Road,
Shijiazhuang, Hebei Province
Tel: 86 (0) 311-87037015
Fax: 86 (0) 311-87039608
Web: www.e-cspc.com
MANAGEMENT
Lu Jianmin, Legal Representative, Chairman and General Manager
---------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Nationality: China
Ø
Age: 56
Ø Qualification:
University
Ø Working experience
(s):
At present, working in SC as legal representative, chairman and
general manager
Also
working in CSPC Ouyi International Pharmaceutical
Co., Ltd. & CSPC Ouyi Import & Export Trade Co., Ltd. as legal
representative and CSPC Ouyi Pharmaceutical Co., Ltd. Liangcun Workshop as
principal
Wang Ruiqi , Vice Chairman
------------------------------------------------
Ø
Gender: M
Ø
Nationality: China
Ø Qualification:
University
Ø Working experience
(s):
At present, working in SC as vice chairman
Director
----------
Niu Guizhen
Min Longgang
Pan Weidong
Zhang Cuilong
Li Mei
Hu Bin
Supervisor
--------------
Sun Jumin
Zhang Yu
BUSINESS OPERATION
SC’s registered
business scope includes manufacturing and selling injection (including cephalosporins),
freeze-dried powder (including hormones, including cephalosporins), small
volume injection (including hormones), soft capsules, suspension (including
cephalosporins) , hard capsules (including cephalosporins), granules (including
cephalosporins), tablets (including cephalosporins, anti-cancer agents),
sterile bulk drugs (azithromycin lactobionate), API (hydrochloric acid
tramadol, azithromycin, acemetacin, acetyl Midecamycin, clarithromycin,
roxithromycin, indomethacin, oxiracetam, vitamin BT, diltiazem hydrochloride,
enalapril maleate, card Los sodium sulfonate, nateglinide, fusidic sodium
ozagrel, febuxostat, fasudil hydrochloride, esomeprazole sodium, ivabradine
hydrochloride, pramipexole hydrochloride), mental drugs (estazolam tablets, diazepam
tablets, tramadol hydrochloride, tramadol hydrochloride injection, tramadol
hydrochloride tablets, tramadol hydrochloride tablets, tramadol hydrochloride
for injection) (validity period as of Dec. 31, 2015); selling chemical raw
materials (excluding hazardous chemicals and other front of administrative
licensing items), developing medical technology; exporting self-made products
and technology, importing & exporting raw materials, instrument and meter,
machines, components and related technology required in manufacturing, research
& development. (excluding the items limited or prohibited by the state)
(laws, regulations and the State Council decided to ban or restriction, shall
not operate in other sectors need the approval of matters pending approval
management)
SC is mainly engaged in manufacturing and selling chemical synthesis raw
materials, pharmaceutical preparation, etc.
SC’s products mainly include albendazole tablets, aluminium hydroxide
tablets, aminophylline tablets, amiodarone hydrochloride tablets, amlodipine
besylate tablets, artesunate tablets etc.
The annual capacity consists of 6 billion tablets, 1 billion hard
capsules, and 200 million soft capsules, 300 million sachets of granules for
oral solution, 500 million small volume parenteral solutions, and 300 million
vials of powder for injection.
SC sources its materials 70% from domestic market, and 30% from overseas
market. SC sells 70% of its products in domestic market, and 30% to overseas
market.
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.
*Major Customers:
==============
Virtus
Pharmaceuticals LLC.
Globalpharmaceutical
Relief LLC.
Pharmagen
Sac
Woodfield
Distribution, LLC.
Staff & Office:
--------------------------
SC is
known to have approx. 2,600 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 and branch,
CSPC Ouyi International Pharmaceutical Co., Ltd.
------------------------------------
Date
of Registration: 2010-12-21
Registration No.: 130100000342539
Registered Capital: CNY 50,000,000
Legal Representative: Lu Jianmin
Legal Form: One-person Limited Liability Company
Shijiazhuang Pharmaceutical Group Huasheng Pharmaceutical Co.,
Ltd.
--------------------------------------
Date
of Registration: 1993-12-2
Registration No.: 130100400001990
Registered Capital: CNY 4,000,000
Legal Representative: Cai Dongchen
Legal Form: Chinese-foreign equity joint venture enterprise
CSPC Ouyi Import & Export Trade Co., Ltd.
--------------------------------------
Date
of Registration: 2006-9-27
Registration No.: 130100000078129
Registered Capital: CNY 100,000
Legal Representative: Lu Jianmin
Legal Form: One-person Limited Liability Company
CSPC Ouyi Pharmaceutical Co., Ltd. Liangcun Workshop
----------------------------------
Date
of Registration: 2011-6-8
Registration No.: 130182300007730
Principal: Lu Jianmin
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:
Industrial
and Commercial Bank of China Qiaoxi Sub-branch
AC#:
0402020109221034317
Bank
of Communications
AC#:
N/a
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2011 |
As
of Dec. 31, 2012 |
As
of Dec. 31, 2013 |
|
111,144 |
63,840 |
100,810 |
|
|
Held for trading financial assets |
397 |
421 |
370 |
|
Notes receivable |
82,156 |
52,723 |
122,240 |
|
Accounts
receivable |
181,651 |
216,639 |
242,890 |
|
Advances to
suppliers |
75,371 |
56,998 |
42,110 |
|
Other receivable |
36,070 |
15,609 |
85,490 |
|
Inventory |
161,578 |
329,225 |
410,360 |
|
Deferred
expenses |
0 |
0 |
0 |
|
Other current
assets |
0 |
0 |
0 |
|
|
------------------ |
------------------ |
------------------ |
|
Current assets |
648,367 |
735,455 |
1,004,270 |
|
Long-term
investment |
133,024 |
55,745 |
55,740 |
|
Fixed assets |
148,651 |
531,144 |
562,270 |
|
Construction in
progress |
266,922 |
54,789 |
23,660 |
|
Intangible
assets |
45,787 |
90,797 |
86,220 |
|
Long-term
prepaid expenses |
0 |
0 |
0 |
|
Deferred income
tax assets |
0 |
0 |
0 |
|
Other
non-current assets |
0 |
0 |
0 |
|
|
------------------ |
------------------ |
------------------ |
|
Total assets |
1,242,751 |
1,467,930 |
1,732,160 |
|
|
============= |
============= |
============= |
|
Short-term loans |
230,000 |
140,000 |
0 |
|
Notes payable |
0 |
0 |
0 |
|
Accounts payable |
186,791 |
348,522 |
391,980 |
|
Wages payable |
17,971 |
14,608 |
18,680 |
|
Taxes payable |
7,189 |
13,559 |
20,320 |
|
Interest payable |
420 |
250 |
510 |
|
Dividend payable |
92,730 |
0 |
25,840 |
|
Advances from
clients |
28,004 |
67,983 |
91,120 |
|
Other payable |
278,646 |
285,974 |
194,170 |
|
Other current
liabilities |
0 |
0 |
0 |
|
|
------------------ |
------------------ |
------------------ |
|
Current
liabilities |
841,751 |
870,896 |
742,620 |
|
Non-current
liabilities |
24,977 |
63,012 |
126,090 |
|
|
------------------ |
------------------ |
------------------ |
|
Total
liabilities |
866,728 |
933,908 |
868,710 |
|
Equities |
376,023 |
534,022 |
863,450 |
|
|
------------------ |
------------------ |
------------------ |
|
Total
liabilities & equities |
1,242,751 |
1,467,930 |
1,732,160 |
|
|
============= |
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2011 |
As of Dec. 31,
2012 |
As of Dec. 31,
2013 |
|
Revenue |
1,136,688 |
1,427,731 |
1,727,590 |
|
Cost of sales |
652,418 |
685,698 |
907,970 |
|
Sales expense |
212,432 |
343,862 |
329,940 |
|
Management expense |
83,962 |
103,333 |
83,780 |
|
Finance expense |
15,086 |
13,211 |
8,380 |
|
Investment
income |
9 |
64,606 |
0 |
|
Profit before
tax |
166,004 |
333,482 |
388,080 |
|
Less: profit tax |
25,328 |
46,907 |
52,660 |
|
140,676 |
286,575 |
335,420 |
Important Ratios
=============
|
|
As
of Dec. 31, 2011 |
As
of Dec. 31, 2012 |
As
of Dec. 31, 2013 |
|
*Current ratio |
0.77 |
0.84 |
1.35 |
|
*Quick ratio |
0.58 |
0.47 |
0.80 |
|
*Liabilities
to assets |
0.70 |
0.64 |
0.50 |
|
*Net profit
margin (%) |
12.38 |
20.07 |
19.42 |
|
*Return on total
assets (%) |
11.32 |
19.52 |
19.36 |
|
*Inventory /
Revenue ×365 |
52 days |
85 days |
87 days |
|
*Accounts
receivable/ Revenue ×365 |
59 days |
56 days |
52 days |
|
*Revenue /
Total assets |
0.91 |
0.97 |
1.00 |
|
*Cost of sales
/ Revenue |
0.57 |
0.48 |
0.53 |
FINANCIAL COMMENTS
PROFITABILITY:
FAIRLY GOOD
l The revenue of SC
appears fairly good, and it was rising in 2013.
l SC’s net profit
margin is fairly good in three years.
l SC’s return on
total assets is fairly good in three years.
l
SC’s cost of sales is low, comparing with its revenue.
LIQUIDITY:
FAIR
l
The current ratio of SC is maintained in a normal
level in 2013.
l
SC’s quick ratio is maintained in a normal level in
2013.
l
The inventory of SC appears large.
l
The accounts receivable of SC is maintained in an
average level.
l
SC has no short-term loans in 2013.
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. The large amount of inventory may be a threat to SC’s
financial condition. Bit taking into consideration of SC’s good background,
general performance, reputation as well as market conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 63.31 |
|
|
1 |
Rs. 98.67 |
|
Euro |
1 |
Rs. 78.10 |
INFORMATION DETAILS
|
Analysis Done by
: |
RSM |
|
|
|
|
Report Prepared
by : |
DPT |
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.