MIRA INFORM REPORT
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Report Date : |
04.03.2014 |
IDENTIFICATION DETAILS
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Name : |
SINOPHARM WEIQIDA PHARMACEUTICAL CO., LTD. |
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Formerly Known As : |
Shanxi Weiqida Pharmaceutical Co., Ltd. |
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Registered Office : |
No. 15 Gongnong
Road, Datong, Shanxi Province 037008 Pr
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Country : |
China |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
30.09.2002 |
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Com. Reg. No.: |
140200400001754 |
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Legal Form : |
Chinese-Foreign Equity Joint
Venture Enterprise |
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Line of Business : |
Engaged in
manufacturing and selling powder-injection within state limits. Subject
products ranges includes Mezlocillin Sodium, Cefadroxil & Cefotaxime
Sodium (Sterile) |
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No. of Employees |
3,045
(approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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 & address
SINOPHARM WEIQIDA PHARMACEUTICAL CO., LTD.
NO. 15 GONGNONG ROAD, DATONG,
SHANXI PROVINCE 037008 PR CHINA
TEL: 86 (0) 352-5378888/7698888
FAX: 86 (0)
352-5328556-8812/7695555
EXECUTIVE
SUMMARY
Date of Registration : SEPtember 30, 2002
REGISTRATION NO. : 140200400001754
LEGAL FORM : CHINESE-FOREIGN
EQUITY JOINT VENTURE ENTERPRISE
REGISTERED CAPITAL : CNY 593,939,394
staff : 3,045
BUSINESS CATEGORY : MANUFACTURING
Revenue :
CNY 1,490,540,000 (AS OF DEC. 31, 2012)
EQUITIES :
CNY 1,161,059,000 (AS OF DEC. 31, 2012)
WEBSITE : www.weiqida.com
E-MAIL :
marketing@weiqida.com
PAYMENT : AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly stable
OPERATIONAL TREND : fairly STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.14 = 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
***Note:
SC’s headquarters address should be the heading one, while SC’s Beijing Branch
locates in the (19th Floor, Silver Valley Mansion, No. 9th West Road, Dong Si
Huan, Haidian, Beijing China), and the telephone No.
(86-10-6280-0596/6280-0593) also belongs to it.
SC was
established as a Chinese-foreign equity joint venture enterprise of PRC with
State Administration of Industry & Commerce (SAIC) under registration No.:
140200400001754 on September 30, 2002.
SC’s Organization Code Certificate No.:
73402633-0
SC’s Tax No.: 140216734026330
SC’s Customs Registration No.: 1402940020
SC’s registered capital: CNY 593,939,394
SC’s paid-in capital: CNY 593,939,394
Registration Change Record:-
|
Date |
Change
of Contents |
Before
the change |
After
the change |
|
2011 |
Company Name |
Shanxi Weiqida Pharmaceutical
Co., Ltd. |
Sinopharm Weiqida
Pharmaceutical Co., Ltd. |
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
China National Pharmaceutical Industry Corporation
Limited |
67 |
|
Allwin Biotrade Inc. (B.V.I.) |
33 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative and
Chairman |
Guo Yimin |
|
General Manager |
Han Yanlin |
RECENt
DEVELOPMENT
No recent development was found during our checks at present.
sHAREHOLDER
CHART & BACKGROUND
Name %
of Shareholding
China National Pharmaceutical
Industry Corporation Limited 67
Allwin Biotrade Inc. (B.V.I.) 33
China National
Pharmaceutical Industry Corporation Limited
-------------------------------------------------------------------------------
China National Pharmaceutical
Industry Corporation Limited (abbreviated as CNPIC), a subsidiary of China
National Pharmaceutical Group Corporation (abbreviated as SINOPHARM), is an
economic entity of R & D, production, trade and investment.
Date of Registration: December 18, 1986
Registration No.: 100000000005489
Legal Form: Limited Liabilities Company
Registered Capital: CNY 955,610,000
mANAGEMENT
Guo Yimin, Legal
Representative and Chairman
---------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 50
Ø
ID# 23010219630703161X
Ø Qualification:
University
Ø Working experience
(s):
At present, working in SC as legal representative and chairman
Also working in China National Pharmaceutical Industry Corporation Limited as legal representative
Han
Yanlin, General Manager
---------------------------------------------------
Ø Gender: M
Ø Age: 50
Ø ID # 140202196303293034
Ø Qualification:
University
Ø Working experience
(s):
At present, working in SC as general
manager
Also working in Sinopharm Datong Weiqida Zhongkang Pharmaceutical Co., Ltd.
as legal representative, and as principal in Sinopharm Weiqida
Pharmaceutical Co., Ltd. Beijing Branch
BUSINESS
OPERATION
SC’s registered
business scope includes manufacturing and selling powder-injection within state
limits.
SC is mainly engaged
in manufacturing and selling active pharmaceutical ingredient.
SC’s
products mainly include: mezlocillin Sodium, Cefadroxil & Cefotaxime
Sodium (sterile)
SC sources its materials 90% from domestic market, and 10% from overseas market., mainly Hong Kong SC sells 75% of its products in domestic market, and 25% to overseas market, mainly India, etc.
The
import & export status of SC in 2012 is as follows,
|
Country |
Amount
of Exports (USD) |
Amount of Imports (USD) |
|
India |
34,820,000 |
-- |
|
Pakistan |
190,000 |
-- |
|
Russia |
1,360,000 |
-- |
|
Bangladesh |
45,000 |
-- |
|
Saudi Arabia |
2,120,000 |
-- |
|
Turkey |
1,000,000 |
-- |
|
Indonesia |
100,000 |
-- |
|
Jordan |
3,510,000 |
-- |
|
Hong Kong |
-- |
211,298 |
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. 3,045
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 a
subsidiary and a branch at present,
Sinopharm Datong Weiqida Zhongkang Pharmaceutical Co., Ltd.
----------------------------------------------------
Date of Registration: September 20, 2001
Registration No.: 140200400001682
Legal Form: Chinese-Foreign Equity Joint Venture Enterprise
Sinopharm
Weiqida Pharmaceutical Co., Ltd. Beijing Branch
------------------------------------------------------
Date of Registration: June 29, 2012
Registration No.: 110000450209553
Legal Form: Branch
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:
Rural Credit Cooperative Union of Datong, Nanjiao District
AC#:
1100850073986012
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
|
169,820 |
120,610 |
|
|
Notes receivable |
20,570 |
63,740 |
|
Accounts
receivable |
169,360 |
201,170 |
|
Advances to
suppliers |
520 |
21,810 |
|
Other receivable |
42,170 |
544,000 |
|
Inventory |
154,400 |
179,550 |
|
Non-current
assets within one year |
0 |
0 |
|
Other current
assets |
0 |
4,080 |
|
|
------------------ |
------------------ |
|
Current assets |
556,840 |
1,134,960 |
|
Long term
investment |
19,400 |
206,220 |
|
Fixed assets |
126,570 |
637,700 |
|
Construction in
progress |
1,116,530 |
1,067,140 |
|
Project
materials |
118,230 |
87,580 |
|
Intangible
assets |
105,300 |
28,190 |
|
Other
non-current assets |
193,720 |
25,060 |
|
|
------------------ |
------------------ |
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Total assets |
2,236,590 |
3,186,850 |
|
|
============= |
============= |
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Short-term loans |
280,000 |
428,000 |
|
Notes payable |
146,630 |
204,110 |
|
Accounts payable |
214,180 |
252,030 |
|
Wages payable |
5,810 |
15,420 |
|
Taxes payable |
2,200 |
-7,580 |
|
Advances from
clients |
33,790 |
25,940 |
|
Other payable |
92,960 |
74,400 |
|
Other current
liabilities |
0 |
669,610 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
775,570 |
1,661,930 |
|
Non-current
liabilities |
462,930 |
392,190 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
1,238,500 |
2,054,120 |
|
Equities |
998,090 |
1,132,730 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
2,236,590 |
3,186,850 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2010 |
As of Dec. 31,
2011 |
|
Revenue |
1,208,040 |
1,431,820 |
|
Cost of sales |
922,520 |
1,160,720 |
|
Sales expense |
30,400 |
46,820 |
|
Management expense |
66,120 |
91,850 |
|
Finance expense |
31,300 |
55,100 |
|
Asset
impairment loss |
4,500 |
3,700 |
|
Profit before
tax |
152,740 |
159,830 |
|
Less: profit tax |
38,050 |
23,980 |
|
114,690 |
135,850 |
Financial Summary
|
Unit: CNY’000 |
As
of Dec. 31, 2012 |
|
Long term investment |
186,936 |
|
Total assets |
4,582,024 |
|
|
------------- |
|
Long term liabilities |
810,132 |
|
Total liabilities |
3,420,965 |
|
Equities |
1,161,059 |
|
|
------------- |
|
Revenue |
1,490,540 |
|
Profit before
tax |
36,760 |
|
Less: profit tax |
8,333 |
|
Profits |
28,427 |
Note: The detailed financials for Y2012 are not available in SAIC.
Important Ratios
=============
|
|
As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
As
of Dec. 31, 2012 |
|
*Current ratio |
0.72 |
0.68 |
-- |
|
*Quick ratio |
0.52 |
0.57 |
-- |
|
*Liabilities
to assets |
0.55 |
0.64 |
0.75 |
|
*Net profit
margin (%) |
9.49 |
9.49 |
1.91 |
|
*Return on
total assets (%) |
5.13 |
4.26 |
0.62 |
|
*Inventory /
Revenue ×365 |
47 days |
46 days |
-- |
|
*Accounts
receivable/ Revenue ×365 |
51 days |
51 days |
-- |
|
*
Revenue/Total assets |
0.54 |
0.45 |
0.33 |
|
* Cost of
sales / Revenue |
0.76 |
0.81 |
-- |
FINANCIAL
COMMENTS
PROFITABILITY:
AVERAGE
l The revenue of SC appears good in its line.
l SC’s net profit
margin is average in 2012.
l SC’s return on
total assets is average in 2012.
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 in 2010 and 2011.
l
SC’s quick ratio is maintained in a fair level in
2010 and 2011.
l
The inventory of SC is maintained in an average
level in 2010 and 2011.
l
The accounts receivable of SC is maintained in an
average level in 2010 and 2011.
l
SC’s short-term loans are in an average level in
2010 and 2011.
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 Stable.
CONCLUSIONS
SC is considered large-sized in its line with
fairly stable financial conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.86 |
|
UK Pound |
1 |
Rs.103.52 |
|
Euro |
1 |
Rs.85.31 |
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.