MIRA INFORM REPORT
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Report No. : |
346046 |
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Report Date : |
20.10.2015 |
IDENTIFICATION DETAILS
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Name : |
ANHUI BIOCHEM UNITED PHARMACEUTICAL CO., LTD. |
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Registered Office : |
Zone B, Industrial Park, Taihe County, Anhui Province
236600 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
15.08.2007 |
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Com. Reg. No.: |
341222000000276 |
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Legal Form : |
Chinese-Foreign Equity Joint Venture
Enterprise |
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Line of Business : |
Subject is manufacturing pharmaceutical
intermediates, APIs and finished drug; researching and developing related
pharmaceutical raw materials and finished products; selling its owned
products and providing related support services. |
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No. of Employee : |
500 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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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 : |
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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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 2014 more than 274 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 passing legislation to allow local governments to issue bonds, opening several state-owned enterprises to further private investment, loosening the one-child policy, passing harsher pollution fines, and cutting administrative red tape.
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Source
: CIA |
Company
name and address
ANHUI BIOCHEM UNITED
PHARMACEUTICAL CO., LTD.
ZONE B, INDUSTRIAL PARK, TAIHE COUNTY
ANHUI PROVINCE 236600 PR CHINA
TEL: 86 (0) 558-8629371/2939189/2939160
FAX: 86 (0) 558-8635599
EXECUTIVE
SUMMARY
Date of Registration : august 15, 2007
REGISTRATION NO. : 341222000000276
LEGAL FORM : Chinese-foreign equity joint venture
enterprise
REGISTERED CAPITAL : usd 10,114,950
staff :
500
BUSINESS CATEGORY : manufacturing
& trading
REVENUE :
CNY 53,590,000 (FROM JAN. 1, 2014 TO JUN. 30, 2014)
EQUITIES :
CNY 166,480,000 (AS OF JUN. 30, 2014)
WEBSITE : www.bcpharm.com
E-MAIL :
zn@bcpharm.com
& info@bepharm.com
PAYMENT :
No Complaints
MARKET CONDITION : average
FINANCIAL CONDITION : FAIRly stable
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 Chinese-foreign equity joint venture enterprise of PRC with State
Administration of Industry & Commerce (SAIC) under registration No.:
341222000000276 on August 15, 2007.
SC’s Organization Code Certificate No.:
66293236-8
SC’s registered capital: USD 10,114,950
SC’s paid-in capital: USD 10,114,950
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
-- |
Registered Capital |
USD 7,550,000 |
USD 8,800,000 |
|
2014-11-19 |
Registered Capital |
USD 8,800,000 |
USD 10,114,950 |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Shenzhen Gaotejia Dingxin Investment
Partnership (Limited Partnership) |
0.25 |
|
Shenzhen Gaotejia Ruijia Investment
Partnership (Limited Partnership) |
2.78 |
|
Ji Zongming |
1.13 |
|
Zhou Zhuowei |
0.37 |
|
Anhui Biochem Pharmaceutical Co., Ltd. |
59.91 |
|
QVT Fund LP |
13.23 |
|
Xizang Jiaji Investment
Partnership Enterprise (Limited Partnership) |
13.36 |
|
Shenzhen Gaotejia Ruifu Investment
Partnership (Limited Partnership) |
2.77 |
|
Nantong Gaotejia Huijin Investment
Partnership (Limited Partnership) |
3.20 |
|
Tianjin Tangsong Equity Investment Fund
Partnerships (Limited Partnership) |
3 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman and General
Manager |
Wang Zhibang |
|
Director |
Ma Yilu |
|
Hu Xuefeng |
|
|
Liang Yongming |
|
|
Yue Xiangjun |
|
|
Liu Qiang |
|
|
Supervisor |
Song Lihong |
RECENT
DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER
CHART & BACKGROUND
Name %
of Shareholding
Anhui Biochem Pharmaceutical Co., Ltd. 59.91
Xizang Jiaji Investment Partnership
Enterprise (Limited Partnership) 13.36
QVT Fund LP 13.23
Nantong Gaotejia Huijin Investment
Partnership (Limited Partnership) 3.20
Tianjin Tangsong Equity Investment Fund
Partnerships (Limited Partnership) 3
Shenzhen Gaotejia Ruijia Investment
Partnership (Limited Partnership) 2.78
Shenzhen Gaotejia Ruifu Investment
Partnership (Limited Partnership) 2.77
Ji Zongming 1.13
Zhou Zhuowei 0.37
Shenzhen Gaotejia Dingxin Investment
Partnership (Limited Partnership) 0.25
Anhui Biochem
Pharmaceutical Co., Ltd.
=================================
Date of Registration: March 26, 2003
Registration No.: 341222000001734
Legal Form: Limited
Liabilities Company
Registered Capital: CNY 26,000,000
MANAGEMENT
Wang Zhibang ,
Legal Representative, Chairman and General Manager
-------------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age:
Ø Qualification:
University
Ø Working experience
(s):
At
present, working in SC as legal representative, chairman and general manager
Also
working in Anhui Biochem Pharmaceutical Co., Ltd. as legal representative
Director
-----------
Ma Yilu
Hu Xuefeng
Liang Yongming
Yue Xiangjun
Liu Qiang
Supervisor
---------------
Song Lihong
BUSINESS
OPERATION
SC’s
registered business scope includes manufacturing pharmaceutical intermediates,
APIs and finished drug; researching and developing related pharmaceutical raw
materials and finished products; selling its owned products and providing
related support services.
SC is mainly engaged in manufacturing and selling pharmaceutical intermediates, APIs and finished drug.
Brand: BC
SC’s products mainly include:
Lamivudine (3TC)
Zidovudine (AZT)
Nevirapine (NVP)
Ritonavir (RTV)
Lopinavir (LPV)
Lafutidine
Entecavir
Tenofovir Disoproxil Fumarate
S-Adenosyl-L-Methionine Disulfate Tosylate (SAMe)
SC sources its
materials 100% from domestic market, mainly Anhui. SC sells 30% of its products
in domestic market, and 70% to overseas market, mainly U.S.A., Europe and
Southeast Asia.
The buying terms of SC include 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 Customers:
==============
Shine & Pretty (USA) Corp
Laboratorios Dacarrion SAC
Staff &
Office:
--------------------------
SC is known to have approx. 500
staff at present.
SC owns an area as its operating office & factory of approx. 51,000 sq.
meters at the heading address.
RELATED
COMPANY
SC is known to have 2
subsidiaries at present:
n
Anhui Biochem Bio-Pharmaceutical Co., Ltd.
Date
of Registration: 340106000007770
Address:
No. 30 Hongfeng Road, Hi-Tech Development Zone, Hefei (230088), China
Tel:
+86 551 5228299
Fax:
+86 551 5228200
Email:
xsl@bcpharm.com
n
Anhui Biochem Medical Sales Co., Ltd.
Date
of Registration: 340106000034843
Address:
No. 30 Hongfeng Road, Hi-Tech Development Zone, Hefei (230088), China
Tel:
+86 400 6907999
Fax:
+86 551 5369760
Email:
lzz@bcpharm.com
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
The bank
information of SC is not filed in SAIC.
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2013 |
|
Cash |
18,020 |
|
Notes receivable |
0 |
|
Accounts
receivable |
134,430 |
|
Advances to
suppliers |
0 |
|
Other receivable |
-53,050 |
|
Inventory |
103,500 |
|
Non-current
assets within one year |
0 |
|
Other current
assets |
15,470 |
|
|
------------------ |
|
Current assets |
218,370 |
|
Fixed assets |
184,640 |
|
Long-term
prepaid expenses |
0 |
|
Deferred income
tax assets |
0 |
|
Other
non-current assets |
128,230 |
|
|
------------------ |
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Total assets |
531,240 |
|
|
============= |
|
Short-term loans |
72,050 |
|
Notes payable |
0 |
|
Accounts payable |
0 |
|
Advances from
clients |
0 |
|
Other payable |
129,730 |
|
Other current
liabilities |
8,020 |
|
|
------------------ |
|
Current
liabilities |
209,800 |
|
Non-current
liabilities |
159,020 |
|
|
------------------ |
|
Total
liabilities |
368,820 |
|
Equities |
162,420 |
|
|
------------------ |
|
Total
liabilities & equities |
531,240 |
|
|
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2013 |
|
Revenue |
111,070 |
|
Cost of sales |
110,420 |
|
Sales expense |
4,960 |
|
Management expense |
13,090 |
|
Finance expense |
8,110 |
|
Profit before
tax |
11,100 |
|
Less: profit tax |
70 |
|
Profits |
11,030 |
Financial Summary
|
Unit: CNY’000 |
As
of Jun. 30, 2014 |
|
Total assets |
547,360 |
|
|
------------- |
|
Total
liabilities |
380,880 |
|
Equities |
166,480 |
|
|
------------- |
|
Unit: CNY’000 |
From Jan. 1, 2014 to Jun. 30, 2014 |
|
Revenue |
53,590 |
|
Profits |
4,790 |
Important Ratios
=============
|
|
As
of Dec. 31, 2013 |
As
of Jun. 30, 2014 |
|
*Current ratio |
1.04 |
-- |
|
*Quick ratio |
0.55 |
-- |
|
*Liabilities
to assets |
0.69 |
0.70 |
|
*Net profit
margin (%) |
9.93 |
8.94 |
|
*Return on
total assets (%) |
2.08 |
0.88 |
|
*Inventory /
Revenue ×365 |
341 days |
-- |
|
*Accounts
receivable/ Revenue ×365 |
442 days |
-- |
|
*Revenue/Total
assets |
0.21 |
0.10 |
|
*Cost of sales
/ Revenue |
0.99 |
-- |
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 fairly high, comparing
with its revenue.
LIQUIDITY: FAIR
l
The current ratio of SC is maintained in a normal
level.
l
SC’s quick ratio is maintained in a fair level.
l
The inventory of SC appears large.
l
The accounts receivable of SC appears large.
l
The short-term loan of SC appears 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 average.
Overall financial
condition of the SC: Fairly Stable.
CONCLUSIONS
SC is considered medium-sized in its line with fairly stable financial
conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.82 |
|
UK Pound |
1 |
Rs.100.12 |
|
Euro |
1 |
Rs.73.75 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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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.