MIRA INFORM REPORT
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Report No. : |
322925 |
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Report Date : |
19.05.2015 |
IDENTIFICATION DETAILS
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Name : |
ZHUHAI UNITED LABORATORIES CO., LTD. |
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Registered Office : |
Sanzao Science & Technology Park, National Hi-Tech
Zone, Zhuhai, Guangdong Province 519040 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
03.07.1993 |
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Com. Reg. No.: |
440400400021954 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Subject is engaged in researching, developing, manufacturing and selling chemistry bulk drugs and preparations, antibiotic bulk drugs and preparations, Chinese medicine preparations, biological bulk drugs and preparations, biochemistry bulk drugs and preparations, medical and chemical materials, medicinal packaging materials, injection puncture devices, medical polymer materials & products; producing & selling health food. |
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No. of Employee : |
5,895 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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With Financials |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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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, 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. In 2014 the People’s Bank of China (PBOC) doubled 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 2014 stood as the largest economy in the world, surpassing the US that year... 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. In 2014 China agreed to begin limiting carbon dioxide emissions by 2030. China implemented several economic reforms in 2014, including legislation allowing local governments to issue bonds, further opening several state-owned enterprises to private investment, loosening the one-child policy, passing harsher pollution fines, and cutting administrative red tape.
|
Source
: CIA |
Company
name AND ADDRESS
ZHUHAI UNITED
LABORATORIES CO., LTD.
SANZAO SCIENCE & TECHNOLOGY PARK, NATIONAL HI-TECH ZONE
ZHUHAI, GUANGDONG PROVINCE 519040 PR CHINA
TEL: 86 (0) 756-7787682/7766777/7787626
FAX: 86 (0) 756-7787958/7767377
EXECUTIVE SUMMARY
Date of Registration : JULY 3, 1993
REGISTRATION NO. : 440400400021954
LEGAL FORM : Shares limited company
REGISTERED CAPITAL :
CNY 1,142,496,000
staff : 5,895
BUSINESS CATEGORY :
manufacturing & TRADING
REVENUE :
CNY 3,423,560,000 (JAN. 1, 2014 TO OCT. 31, 2014)
EQUITIES :
CNY 2,546,620,000 (AS OF OCT. 31, 2014)
WEBSITE : www.tul.com.cn
E-MAIL : exp@tul.com.cn
PAYMENT : AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRLY GOOD
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.20 = 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 shares limited company of PRC with State
Administration of Industry & Commerce (SAIC) under registration No.: 440400400021954.
SC’s Organization Code Certificate
No.: 61824951-0
SC’s Tax No.: 440404618249510
SC’s Customs Registration No.:
4404121034
SC’s registered capital: CNY 1,142,496,000
SC’s paid-in capital: CNY 1,142,496,000
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
|
Shareholder (s) |
Zhongshan Jinyi Food Co., Ltd. 1.5% Zhuhai Jindefu Co., Ltd. 3% Zhongshan Kangzhile Pharmaceutical Co., Ltd. 46% Cai Haishan 1.5% Bear World Limited (Hong Kong)
48% |
Zhongshan Jinyi Food Co., Ltd. 1.5% Zhuhai Jindefu Enterprise Plan Co., Ltd. 3% Zhuhai Kangzhile Pharmaceutical Co., Ltd. 46% Bear World Limited (Hong Kong) 49.5% |
|
|
Registered
Capital |
CNY 254,600,000 |
CNY 313,600,000 |
|
% of Shareholding |
Zhongshan Jinyi Food Co., Ltd. 1.5% Zhuhai Jindefu Enterprise Plan Co., Ltd. 3% Zhuhai Kangzhile Pharmaceutical Co., Ltd. 46% Bear World Limited (Hong Kong) 49.5% |
Zhongshan Jinyi Food Co., Ltd. 1.22% Zhuhai Jindefu Enterprise Plan Co., Ltd.
2.43% Zhuhai Kangzhile Pharmaceutical Co., Ltd. 37.35% Bear World Limited (Hong Kong) 59% |
|
|
2009 |
Registered
Capital |
CNY 313,600,000 |
CNY 413,600,000 |
|
% of Shareholding |
Zhongshan Jinyi Food Co., Ltd. 1.22% Zhuhai Jindefu Enterprise Plan Co., Ltd.
2.43% Zhuhai Kangzhile Pharmaceutical Co., Ltd.
37.35% Bear World Limited (Hong Kong) 59% |
Zhongshan Jinyi Food Co., Ltd. 0.92% Zhuhai Jindefu Enterprise Plan Co., Ltd. 1.85% Zhuhai Kangzhile Pharmaceutical Co., Ltd. 28.32% Bear World Limited (Hong Kong) 68.91% |
|
|
-- |
Registration
No. |
000361 |
440400400021954 |
|
2010-12 |
Registered
Capital |
CNY 413,600,000 |
CNY 562,496,000 |
|
-- |
Registered
Capital |
CNY 562,496,000 |
CNY 1,142,496,000 |
|
% of Shareholding |
Zhongshan Jinyi Food Co., Ltd. 0.92% Zhuhai Jindefu Enterprise Plan Co., Ltd. 1.85% Zhuhai Kangzhile Pharmaceutical Co., Ltd. 28.32% Bear World Limited (Hong Kong) 68.91% |
Zhongshan Jinyi Food Co., Ltd. 0.46% Zhuhai Jindefu Enterprise Plan Co., Ltd. 0.91% Zhuhai Kangzhile Pharmaceutical Co., Ltd. 13.94% Bear World Limited (Hong Kong) 84.69% |
|
|
2013 |
Legal Representative |
Cai Jinle |
Cai Haishan |
Current Co search indicates SC’s shareholders & chief executives
are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Zhongshan Jinyi Food Co., Ltd. |
0.46 |
|
Zhuhai Jindefu Enterprise Plan Co., Ltd. |
0.91 |
|
Zhuhai Kangzhile Pharmaceutical Co., Ltd. |
13.94 |
|
Bear World Limited (Hong Kong) |
84.69 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative and
Chairman |
Cai Haishan |
|
General Manager |
Peng Wei |
|
Director |
Liang Yongkang |
|
Shen Huan |
RECENT
DEVELOPMENT
SC has got the certificates of GMP, GMP Hong Kong, and GMP SFDA.
SHAREHOLDER
CHART & BACKGROUND
Name %
of Shareholding
Zhongshan Jinyi Food Co., Ltd. 0.46
Zhuhai Jindefu Enterprise Plan
Co., Ltd. 0.91
Zhuhai Kangzhile Pharmaceutical
Co., Ltd. 13.94
Bear World Limited (Hong Kong) 84.69
Zhongshan
Jinyi Food Co., Ltd.
==========================
Registration No.: 442000400026161
Legal Representative: Cai Haishan
Add: The No. 1 Industrial Zone, Tanzhou
Town, Zhongshan, Guangdong
Tel: 86 (0) 760-6655310/6655816-3543
Fax: 86 (0) 760-6655310
Zhuhai
Jindefu Enterprise Plan Co., Ltd.
================================
Registration No.: 440400000334963
Registered Capital: CNY 15,000,000
Legal Representative: Shen Huan
Zhuhai
Kangzhile Pharmaceutical Co., Ltd.
===================================
Registration No.: 440400000171471
Registered Capital: CNY 250,000,000
Legal Representative: Shen Huan
Bear
World Limited (Hong Kong)
============================
Registration No.: 0537887
Legal form: Private
MANAGEMENT
Cai Haishan , Legal
Representative and Chairman
----------------------------------------------------------------------------
Ø
Gender: M
Ø
ID# K665977(2)
Ø Qualification:
University
Ø Working experience
(s):
Before, as director of SC
From 2013 to present, working in SC as legal
representative and chairman
Peng Wei, General
Manager
----------------------------------------------
Ø
Gender: F
Ø Qualification:
University
Ø Working experience
(s):
*1983 Graduated from the Xi'an Medical
College
*1983 to 1993 Worked in the Hanjiang
River Pharmaceutical Factory, and became a workshop directors
*1983 to 1993 Production Manager of Zhuhai Xinzhu
Pharmaceutical Company
*1995
Joined in The United Laboratories Co., Ltd.
*1995 Factory director of Zhuhai
United Laboratories (Zhongshan) Co., Ltd.
*1999
Vice-president of Zhuhai United Laboratories Co., Ltd. Factory Director
of Zhuhai United Laboratories Co., Ltd. Zhuhai United Laboratories (Zhongshan)
Co., Ltd.
*1997 to 1999 Labor Models of Zhongshan City
*2000
Labor Models of Guangdong Province
*2001
Outstanding Managers (Factory Director)
*Since 2002 General Manager of SC
*2004
Medical and Pharmaceutical Field Advanced Individuals of Guangdong
Province
*Since 2002 Chinese People's Political
Consultative Conference Standing Committee of Zhuhai City
*2006
Gained the EMBA Degree of Zhongshan University (Lingnan College)
Director
-----------
Liang Yongkang ID# G277530 (A)
Shen Huan ID# 420104770302162
BUSINESS
OPERATION
SC’s registered business scope includes researching,
developing, manufacturing and selling chemistry bulk drugs and preparations,
antibiotic bulk drugs and preparations, Chinese medicine preparations,
biological bulk drugs and preparations, biochemistry
bulk drugs and preparations, medical and chemical materials, medicinal
packaging materials (operating within the range authorized by License Guangdong
Hab20060192); operating 3rd category injection puncture devices,
medical polymer materials & products; producing & selling health food.
SC
is mainly engaged in manufacturing and selling chemical medicine materials and
preparations, antibiotic medicine materials and preparations and Chinese
medicine.
SC’s products
mainly include:
A01--Amoxicillin
Capsules
A02--Ampicillin
Capsules
A03--Amoxicillin
Granules
A04--Amoxicillin
Sodium for Injection
A05--Cefazolin
Sodium for Injection
A06--Cefradine for
Injection
A07--Cefotaxime
Sodium for Injection
A08--Cefoperazone
Sodium for Injection
A09--Ceftriaxone
Sodium for Injection
A10--Cefuroxime
Axetil tablets
A10--Cefuroxime
Axetil tablets
A11--Ceftazidime
for Injection
A12--Cefpirome
Sulfate for Injection
A13--Cefetamet
Pivoxil Hydrochloride Tablets
A14--Amoxicillin
Sodium and Clavulanate Potassium for Injection
A15--Amoxicillin
and Clavulanate Potassium Tablets
A16--Ampicillin
Sodium and Sulbactam Sodium for Injection
SC sources its
materials 100% from domestic market. SC sells 65% of its products in domestic
market, and 35% to the overseas market, mainly Southeast Asia, American and
European countries.
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*
---------------------
Lgm
Pharmaceuticals Inc.
Staff & Office:
--------------------------
SC is
known to have approx. 5,895
staff at present.
SC rents an area
as its operating office and factory, but the detailed information is unknown.
RELATED
COMPANY
The
United Laboratories International Holdings Limited (Cayman Islands)
United
Laboratories (Chengdu) Co., Ltd.
United Laboratories (Inner Mongolia) Co., Ltd.
SC is known to have the
following subsidiaries & branch at present,
Zhuhai
Wanbang Laboratories Ltd.
Zhuhai
Lekang Pharmaceutical Co., Ltd.
Guangxi
Kangle Laboratories Co., Ltd.
Zhuhai
United Laboratories Co., Ltd. Zhongshan 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:
Industrial and Commercial Bank of China Xiangzhou Sub-branch
AC#: 2002020429100169455
Bank of China
Zhuhai Branch
AC#: 730257752225
FINANCIALS
Consolidated Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2013 |
|
1,029,598 |
|
|
Trading
financial assets |
6,605 |
|
Notes receivable |
189,690 |
|
Accounts
receivable |
737,699 |
|
Advances to
suppliers |
2,278,942 |
|
Other receivable |
104,686 |
|
Inventory |
628,969 |
|
Interest
receivable |
12,094 |
|
Non-current
assets within one year |
0 |
|
Other current
assets |
500,000 |
|
|
------------------ |
|
Current assets |
5,488,283 |
|
Fixed assets |
978,496 |
|
Construction in
progress |
69,462 |
|
Project
materials |
87 |
|
Intangible
assets |
56,755 |
|
Goodwill |
89 |
|
Long-term
deferred expense |
14,332 |
|
Deferred income
tax assets |
18,387 |
|
Other
non-current assets |
52,956 |
|
|
------------------ |
|
Total assets |
6,678,847 |
|
|
============= |
|
Short-term loans |
1,079,800 |
|
Trading financial
liabilities |
0 |
|
Notes payable |
1,007,245 |
|
Accounts payable |
514,775 |
|
Payroll payable |
46,929 |
|
Taxes payable |
35,233 |
|
Advances from
clients |
22,712 |
|
Interest payable |
3,383 |
|
Other payable |
202,479 |
|
Non current liabilities
due within one year |
231,614 |
|
Dividend payable |
52,340 |
|
Other current
liabilities |
603,167 |
|
|
------------------ |
|
Current
liabilities |
3,799,677 |
|
Non-current
liabilities |
617,943 |
|
|
------------------ |
|
Total
liabilities |
4,417,620 |
|
Equities |
2,261,227 |
|
|
------------------ |
|
Total
liabilities & equities |
6,678,847 |
|
|
============= |
Consolidated Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2013 |
|
Revenue |
4,412,548 |
|
Cost of sales |
2,627,344 |
|
Taxes and surcharges |
28,795 |
|
Sales expense |
914,757 |
|
Management expense |
304,105 |
|
Finance expense |
130,729 |
|
Investment
income |
29,508 |
|
Non-operating
income |
20,271 |
|
Non-operating expense |
11,364 |
|
Profit before tax |
443,216 |
|
Less: profit tax |
67,842 |
|
375,374 |
Financial Summary
|
Unit: CNY’000 |
As
of Oct. 31, 2014 |
|
Total assets |
7,825,710 |
|
|
------------- |
|
Total
liabilities |
5,279,090 |
|
Equities |
2,546,620 |
|
|
------------- |
|
|
From
Jan. 1, 2014 to Oct. 31, 2014 |
|
Revenue |
3,423,560 |
|
Profits |
310,380 |
Important Ratios
=============
|
|
As
of Dec. 31, 2013 |
As
of Oct. 31, 2014 |
|
*Current ratio |
1.44 |
-- |
|
*Quick ratio |
1.28 |
-- |
|
*Liabilities
to assets |
0.66 |
0.67 |
|
*Net profit
margin (%) |
8.51 |
9.07 |
|
*Return on
total assets (%) |
5.62 |
3.97 |
|
*Inventory /
Revenue ×365/300 |
53 days |
-- |
|
*Accounts
receivable / Revenue ×365/300 |
62 days |
-- |
|
*Revenue /
Total assets |
0.66 |
0.44 |
|
*Cost of sales
/ Revenue |
0.60 |
-- |
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 fairly good.
l
SC’s cost of sales is low, 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 fairly good
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 large.
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. 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.63.55 |
|
|
1 |
Rs.99.86 |
|
Euro |
1 |
Rs.72.67 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
ASH |
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.