MIRA INFORM REPORT
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Report No. : |
347264 |
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Report Date : |
31.10.2015 |
IDENTIFICATION DETAILS
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Name : |
SUZHOU CAPSUGEL CO., LTD. |
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Registered Office : |
No. 369, Suhong Middle Road, Suzhou Industrial Park, Jiangsu Province,
215027 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
22.04.1986 |
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Com. Reg. No.: |
320594400008814 |
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Legal Form : |
Chinese-Foreign Equity Joint Venture Enterprise |
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Line of Business : |
Manufacturing empty capsule, (according to “drug production license”).
General business items: wholesaling, import & export of related
equipment, components and gelatin materials with manufactured capsule and
filled capsule, commission agency (excluding auction) and related supporting
business. |
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|
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No. of Employees : |
270 |
RATING & COMMENTS
|
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 |
|
Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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) |
|
China |
A2 |
A2 |
|
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. 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 for the first time in modern history. Still, China's per capita income is below the world average.
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 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 also 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.
|
Source
: CIA |
Company
Name & address
SUZHOU CAPSUGEL CO., LTD.
NO. 369, SUHONG MIDDLE ROAD, SUZHOU INDUSTRIAL PARK,
JIANGSU PROVINCE, 215027 PR CHINA
TEL: 86 (0) 512-62585188 FAX: 86 (0) 512-62589188
EXECUTIVE
SUMMARY
INCORPORATION DATE :
APRIL 22, 1986
REGISTRATION NO. :
320594400008814
REGISTERED LEGAL FORM : CHINESE-FOREIGN EQUITY JOINT VENTURE
ENTERPRISE
CHIEF EXECUTIVE :
MR. CHARLES ROBERT DANJAUT (CHAIRMAN)
STAFF STRENGTH :
270
REGISTERED CAPITAL :
USD 29,700,000
BUSINESS LINE :
MANUFACTURING AND TRADING
TURNOVER :
CNY 509,280,000 (AS OF DEC. 31,
2014)
EQUITIES :
CNY 511,475,000 (AS OF DEC. 31, 2014)
PAYMENT :
AVERAGE
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
FAIRLY GOOD
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION :
WELL-KNOWN
EXCHANGE RATE :
CNY 6.3485 = USD 1
Adopted
abbreviations:
ANS - amount not stated NS
- not stated SC - subject company (the
company inquired by you)
NA - not available CNY
- China Yuan Renminbi
SC was registered as a Chinese-foreign equity joint venture enterprise
at local Administration for Industry & Commerce (AIC - The official body of
issuing and renewing business license) on April 22, 1986.
Company Status: Chinese-foreign equity joint venture
enterprise This form of business in PR
China is defined as a legal person. It is a limited co. jointly invested by
one or more foreign companies and one or more PR China controlled companies
within the territories of PR China according to a certain proportion of
capital investment. The investing parties exercise business management,
share profits and bear all risks and liabilities of the co. together. The
equity joint venture law requires that foreign party contribute not less
than 25% of the registered capital, with no maximum. The investing parties
are free to agree on method of profit distribution and liabilities bearing
according to the proportion of capital investment. Each investing parties
contributes funds, tangible assets, technology & etc. The board of
directors excises the high authority. The joint venture usually has a
limited duration of 10 to 50 years. Enterprise with large investment, long
construction periods, low investment returns, introducing of advanced
technology & advanced technology products that have good competition
position in international market may extend beyond the 50 years limit.
SC’s registered business scope includes permit business items:
manufacturing empty capsule, (according to “drug production license”). General
business items: wholesaling, import & export of related equipment,
components and gelatin materials with manufactured capsule and filled capsule,
commission agency (excluding auction) and related supporting business.
SC is mainly engaged in manufacturing and selling capsules.
Mr. Charles Robert Danjaut has been legal representative and chairman of
SC since 2005.
SC is known to have approx. 270 employees at present.
SC is currently operating at the above stated address, and this address
houses its operating office and factory in the industrial zone of Suzhou. Our
checks reveal that SC owns the total premise about 30,000 square meters.
http://www.capsugel.com.cn
The design is professional and the content is well organized. At present, the
web is in Chinese, English, German and other versions.
SC has got the certificate of ISO9001 and ISO14001.
Changes of its
registered information:
|
Date of change |
Item |
Before the change |
After the change |
|
2005-8-16 |
Legal representative |
Mr. Lindong |
Mr. Charles Robert Danjaut |
|
Unspecified |
Registration No. |
007554 |
021506 |
|
Registration No. |
021506 |
320594400008814 |
|
|
2009-9 |
Registered capital |
USD 28,200,000 |
present amount |
|
2011 |
Shareholders |
China National Pharmaceutical Foreign Trade Corporation 25% Warner-Lambert Inc. (U.S.A.) 75% |
Present ones |
Tax No.: 321700608197112
Organization code: 608197112
See below for SC as executive party (defendant).
|
Executed Party |
SC |
|
Court |
Suzhou Industrial Park People's Court |
|
Date of Case |
2014-12-29 |
|
Case Number |
(2015) 00058 |
|
Claim Amount |
RMB 65,105.4 |
MAIN SHAREHOLDERS:
Name % of Shareholding
China National Pharmaceutical Group Assets Management Center (literal
translation) 25
Capsugel Holdings (Hong Kong) Limited 75
China National Pharmaceutical Group Assets Management Center (literal
translation)
------------------------------------------------
Registration no.: 100000000042887
Legal representative: Rong Yan
Registered capital: CNY
10,000,000
Legal form: State-owned enterprise
Capsugel Holdings (Hong Kong) Limited
--------------------------------------------------------
Registration no.: 1600991
Legal form: Private company limited by shares
Date of Incorporation: 16 May 2011
Status: Live
Legal
representative and chairman:
Mr. Charles Robert Danjaut, American, born in 1943, with university
education. He is currently responsible for the overall management of SC.
Working Experience(s):
From 2005 to present Working in SC as chairman and legal
representative
Vice
Chairman:
Zeng Bing is currently responsible for the daily management of SC.
Working Experience(s):
At present Working
in SC as vice chairman
General
manager:
Mr. Domenico Angelini, Italian, ID# 153697, born in 1953 with university
education. He is currently responsible for the daily management of SC.
Working Experience(s):
At present Working
in SC as general manager
Directors:
Guido Driesen
Siriporn Sridech
Robert Madsen Whitelaw
Cheng Zhong
Shen You
John Loras Shroyer
John Byrne De Grandpre
Lee Chang
Yang Jun
Supervisor:
Jin Chunqing
SC is mainly engaged in manufacturing and selling capsules.
SC’s products mainly include coni-snap, supro, licaps, pearlcaps,
NPcaps.
SC sources its materials 95% from domestic market, and 5% from overseas
market, mainly France. SC sells 98% of its products in domestic market, and 2%
to overseas market, mainly Thailand.
The buying terms of SC include Check, T/T, L/C and Credit of 30-60 days.
The payment terms of SC include T/T, L/C, Check and Credit of 30-60 days.
Note: SC refused
to release its major customers and suppliers.
|
TRADEMARKS & PATENTS |
|
Registration No. |
1032648 |
1174324 |
964155 |
|
Registration Date |
1997-6-21 |
1998-5-14 |
1997-3-21 |
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Trademark Design |
|
|
|
SC is not known to have any subsidiary at present.
Overall payment appraisal: ( )
Excellent ( ) Good
(X) Average ( ) Fair
( ) Poor (
) Not yet 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.
China Construction Bank Suzhou Chengzhong Sub-branch
AC#：32201989036050085817
Relationship: Normal.
Balance
Sheet
|
Unit: CNY’000 |
as of Dec. 31,
2013 |
as of Dec. 31,
2014 |
|
Cash & bank |
51,883 |
59,836 |
|
Short-term investments |
0 |
0 |
|
Inventory |
90,078 |
100,358 |
|
Notes receivable |
43,012 |
54,950 |
|
Dividends receivable |
0 |
0 |
|
Accounts receivable |
75,576 |
112,130 |
|
Other receivable |
1,573 |
515 |
|
Advanced to suppliers |
1,034 |
815 |
|
Subsidy receivable |
0 |
0 |
|
A receivable tax rebate of export |
0 |
0 |
|
Prepaid expenses |
140 |
205 |
|
Long-term debt investment within one year |
0 |
0 |
|
Other current assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current assets |
263,296 |
328,809 |
|
Fixed assets net value |
357,588 |
330,629 |
|
Projects under construction |
11,277 |
8,196 |
|
Long term investment |
0 |
0 |
|
Total intangible and other assets |
16,486 |
15,975 |
|
Deferred income tax assets |
4,919 |
5,006 |
|
|
------------------ |
------------------ |
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Total assets |
653,566 |
688,615 |
|
|
============= |
============= |
|
Short loans |
45,000 |
30,000 |
|
Notes payable |
0 |
0 |
|
Accounts payable |
35,708 |
24,818 |
|
Accounts advanced from customers |
5,349 |
2,955 |
|
Accrued payroll |
7,323 |
8,236 |
|
Welfare benefits payable |
4,967 |
5,809 |
|
Dividends payable |
0 |
7,700 |
|
Taxes payable |
7267 |
13,745 |
|
Other levies payable |
106 |
405 |
|
Other accounts payable |
48,697 |
12,939 |
|
Accrued expenses |
11,336 |
10,533 |
|
Non-current liabilities due within one year |
9,000 |
20,000 |
|
Other current liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current liabilities |
174,753 |
137,140 |
|
Long term liabilities |
46,000 |
40,000 |
|
Other liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total liabilities |
220,753 |
177,140 |
|
Equities |
432,813 |
511,475 |
|
|
------------------ |
------------------ |
|
Total liabilities & equities |
653,566 |
688,615 |
|
|
============= |
============= |
Income
Statement
|
Unit: CNY’000 |
as of Dec. 31,
2013 |
as of Dec. 31,
2014 |
|
Turnover |
464,080 |
509,280 |
|
Cost of goods sold |
277,281 |
310,478 |
|
Taxes and additional of
main operation |
1,931 |
3,608 |
|
Income from other operations |
167 |
506 |
|
Sales expense |
34,894 |
34,386 |
|
Management expense |
32,424 |
36,886 |
|
Finance expense |
6,212 |
5,966 |
|
Investment income |
0 |
0 |
|
Subsidiary revenue |
0 |
0 |
|
Non-operating income |
481 |
207 |
|
Non-operating expenses |
666 |
168 |
|
Profit before tax |
111,320 |
118,501 |
|
Less: profit tax |
28,423 |
30,071 |
|
Profits |
82,897 |
88,430 |
Important
Ratios
=============
|
|
As of Dec. 31,
2013 |
As of Dec. 31,
2014 |
|
*Current ratio |
1.51 |
2.40 |
|
*Quick ratio |
0.99 |
1.67 |
|
*Liabilities to assets |
0.34 |
0.26 |
|
*Net profit margin (%) |
17.86% |
17.36% |
|
*Return on total assets (%) |
12.68% |
12.84% |
|
*Inventory /Turnover ×365 |
71 days |
72 days |
|
*Accounts receivable/Turnover ×365 |
60 days |
81 days |
|
*Turnover/Total assets |
0.71 |
0.74 |
|
* Cost of goods sold/Turnover |
0.59 |
0.60 |
PROFITABILITY: FAIRLY
GOOD
The turnover of SC appears fairly good in its line in both years, and it
was increasing in 2014.
SC’s net profit margin is good in both years.
SC’s return on total assets is good in both years.
SC’s cost of goods sold is low in 2013 and 2014, comparing with its
turnover.
LIQUIDITY: AVERAGE
The current ratio of SC is maintained in a normal level in 2013 and in a
fairly good level in 2014.
SC’s quick ratio is maintained in a normal level in both years, and it
was rising in 2014.
The inventory of SC is maintained in an average level in both years.
The accounts receivable of SC appears average in both years.
SC’s short-term loan appears small in both years.
SC’s turnover is in a fair level in both years, comparing with the size
of its total assets.
LEVERAGE: FAIRLY
GOOD
The debt ratio of SC is low in both years.
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly good.
SC is considered an old-established business in medium size with fairly
good financial conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.22 |
|
|
1 |
Rs.99.93 |
|
Euro |
1 |
Rs.71.67 |
INFORMATION DETAILS
|
Analysis Done by
: |
KIN |
|
|
|
|
Report Prepared
by : |
TPT |
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.