MIRA
INFORM REPORT
|
Report Date : |
08.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
CSPC OUYI PHARMACEUTICAL CO., LTD. |
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Formerly Known As : |
Shijiazhuang Ouyi
Pharmaceutical Co., Ltd. |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2012 |
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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 : |
Engaged in
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) Subject products range include albendazole tablets, aluminium
hydroxide tablets, aminophylline tablets, amiodarone hydrochloride tablets,
amlodipine besylate tablets & artesunate tablets |
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|
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No. of Employees : |
2,000 |
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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|
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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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 & 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
CHIEF EXECUTIVE : Lu Jianmin (LEGAL
REPRESENTATIVE)
REGISTERED CAPITAL :
CNY 150,000,000
staff : 2,000
BUSINESS CATEGORY :
MANUFACTURING & TRADING
Revenue : CNY 1,427,731,000 (AS OF DEC. 31, 2012)
EQUITIES : CNY 534,022,000 (AS OF DEC. 31, 2012)
WEBSITE : www.ouyipharma.com
E-MAIL :
steven@ouyipharma.com & zhangcl@ouyipharma.com
PAYMENT : AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairLY good
OPERATIONAL TREND : FAIRLY
STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.05 = 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
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 |
|
Supervisor |
Sun
Jumin |
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 221,360,000
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
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
Sun
Jumin , Supervisor
-----------------------------------------
Ø
Gender: M
Ø
Qualification:
University
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
SC’s products mainly include albendazole tablets, aluminium hydroxide
tablets, aminophylline tablets, amiodarone hydrochloride tablets, amlodipine
besylate tablets & artesunate tablets
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.
Staff & Office:
--------------------------
SC is
known to have approx. 2,000 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 |
|
111,144 |
63,840 |
|
|
Held for trading financial assets |
397 |
421 |
|
Notes receivable |
82,156 |
52,723 |
|
Accounts
receivable |
181,651 |
216,639 |
|
Advances to
suppliers |
75,371 |
56,998 |
|
Other receivable |
36,070 |
15,609 |
|
Inventory |
161,578 |
329,225 |
|
Deferred
expenses |
0 |
0 |
|
Other current
assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current assets |
648,367 |
735,455 |
|
Long-term
investment |
133,024 |
55,745 |
|
Fixed assets |
148,651 |
531,144 |
|
Construction in
progress |
266,922 |
54,789 |
|
Intangible
assets |
45,787 |
90,797 |
|
Long-term
prepaid expenses |
0 |
0 |
|
Deferred income
tax assets |
0 |
0 |
|
Other
non-current assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total assets |
1,242,751 |
1,467,930 |
|
|
============= |
============= |
|
Short-term loans |
230,000 |
140,000 |
|
Notes payable |
0 |
0 |
|
Accounts payable |
186,791 |
348,522 |
|
Wages payable |
17,971 |
14,608 |
|
Taxes payable |
7,189 |
13,559 |
|
Interest payable |
420 |
250 |
|
Dividend payable |
92,730 |
0 |
|
Advances from
clients |
28,004 |
67,983 |
|
Other payable |
278,646 |
285,974 |
|
Other current
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
841,751 |
870,896 |
|
Non-current
liabilities |
24,977 |
63,012 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
866,728 |
933,908 |
|
Equities |
376,023 |
534,022 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
1,242,751 |
1,467,930 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2011 |
As of Dec. 31,
2012 |
|
Revenue |
1,136,688 |
1,427,731 |
|
Cost of sales |
652,418 |
685,698 |
|
Taxes and surcharges |
9,157 |
12,475 |
|
Sales expense |
212,432 |
343,862 |
|
Management expense |
83,962 |
103,333 |
|
Finance expense |
15,086 |
13,211 |
|
Asset impairment loss |
1,390 |
684 |
|
Investment
income |
9 |
64,606 |
|
Non-operating
income |
4,238 |
2,076 |
|
Non-operating expense |
397 |
1,691 |
|
Profit before
tax |
166,004 |
333,482 |
|
Less: profit tax |
25,328 |
46,907 |
|
140,676 |
286,575 |
Important Ratios
=============
|
|
As
of Dec. 31, 2011 |
As
of Dec. 31, 2012 |
|
*Current ratio |
0.77 |
0.84 |
|
*Quick ratio |
0.58 |
0.47 |
|
*Liabilities
to assets |
0.70 |
0.64 |
|
*Net profit
margin (%) |
12.38 |
20.07 |
|
*Return on
total assets (%) |
11.32 |
19.52 |
|
*Inventory /
Revenue ×365 |
52 days |
85 days |
|
*Accounts
receivable/ Revenue ×365 |
59 days |
56 days |
|
*Revenue /
Total assets |
0.91 |
0.97 |
|
*Cost of sales
/ Revenue |
0.57 |
0.48 |
FINANCIAL
COMMENTS
PROFITABILITY:
FAIRLY GOOD
l
The revenue of SC appears fairly good, and it was
rising in 2012.
l
SC’s net profit margin is fairly good in both
years.
l
SC’s return on total assets is fairly good in both
years.
l
SC’s cost of sales is average, comparing with its revenue.
LIQUIDITY:
FAIR
l
The current ratio of SC is maintained in a fair
level.
l
SC’s quick ratio is maintained in a fair level.
l
The inventory of SC appears large in 2012.
l
The accounts receivable of SC is maintained in an
average level.
l
SC’s short-term loans appear average in 2012.
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 in both years.
l
The risk for SC to go bankrupt is low.
Overall financial
condition of the SC: Fairly Good.
CONCLUSIONS
SC is considered medium-sized in its line with fairly good
financial conditions. The large amount of inventory may be a threat to SC’s
financial condition.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.32 |
|
UK Pound |
1 |
Rs.101.78 |
|
Euro |
1 |
Rs.84.68 |
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.