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MIRA
INFORM REPORT
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Report No. : |
483287 |
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Report Date : |
01.01.2018 |
IDENTIFICATION DETAILS
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Name : |
ZHUHAI UNITED LABORATORIES CO., LTD. |
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Registered Office : |
Third Floor, Main Office, The
United Laboratories, 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) : |
31.12.2016 |
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Date of Incorporation : |
03.07.1993 |
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Unified Social Credit Code : |
91440400618249510X |
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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 (operating within the range
authorized by License Guangdong Hab20060192); operating 3rd
category injection puncture devices, medical polymer materials &
products; producing & selling health food. |
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No. of Employees : |
5,895 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with moderate
risk of default |
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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
|
Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
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China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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. China has implemented reforms in a gradualist fashion, resulting in efficiency gains that have contributed to a more than tenfold increase in GDP since 1978. Reforms began with the phaseout 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 continues to pursue an industrial policy, state-support of key sectors, and a restrictive investment regime. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, China in 2016 stood as the largest economy in the world, surpassing the US in 2014 for the first time in modern history. China became the world's largest exporter in 2010, and the largest trading nation in 2013. Still, China's per capita income is below the world average.
After keeping its currency tightly linked to the US dollar for years, China in July 2005 moved to an exchange rate system that references a basket of currencies. From mid-2005 to late 2008, the renminbi appreciated more than 20% against the US dollar, 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 liberalization. In 2015, the People’s Bank of China announced it would continue to carefully push for full convertibility of the renminbi (RMB) after the currency was accepted as part of the IMF’s special drawing rights basket. After engaging in one-way, large-scale intervention to resist appreciation of the RMB for a decade, China’s 2016 intervention in foreign exchange markets has sought to prevent a rapid RMB depreciation that would have negative consequences for the United States, China, and the global economy.
China’s economic growth has slowed since 2011. The Chinese Government faces numerous economic challenges including: (a) reducing its high domestic savings rate and correspondingly low domestic household consumption; (b) servicing its high corporate debt burdens to maintain financial stability; (c) facilitating higher-wage job opportunities for the aspiring middle class, including rural migrants and college graduates, while maintaining competitiveness; (d) dampening speculative investment in the real estate sector; (e) reducing industrial overcapacity; and (f) raising productivity growth rates through the more efficient allocation of capital. Economic development has progressed further in coastal provinces than in the interior, and by 2016 more than 169.3 million migrant workers and their dependents had relocated to urban areas to find work. One consequence of China’s population control policy known as the “one-child policy” - which was relaxed in 2016 to permit all families to have two children - 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 urbanization. The Chinese government is seeking to add energy production capacity from sources other than coal and oil, focusing on natural gas, nuclear, and clean energy development. In 2016, China ratified the Paris Agreement, a multilateral agreement to combat climate change, and committed to peak its carbon dioxide emissions between 2025 and 2030.
The government's 13th Five-Year Plan, unveiled in March 2016, emphasizes the need to increase innovation and boost domestic consumption to make the economy less dependent on government investment, exports, and heavy industry. However, China has made only marginal progress toward these rebalancing goals. Under President XI Jinping, Beijing has signaled its understanding that China's long-term economic health depends on giving the market a more decisive role in allocating resources, but has moved slowly on market-oriented reforms because of potential negative consequences for stability and short-term economic growth. He has also increased state-control over key sectors and Party control over state-owned enterprises. Chinese leaders in 2010 pledged to double China’s GDP by 2020, and the 13th Five Year Plan includes annual economic growth targets of at least 6.5% through 2020 to achieve that goal. 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. Chinese leaders also have undermined some market-oriented reforms by reaffirming the “dominant” role of the state in the economy, a stance that threatens to discourage private initiative and make the economy less efficient over time.
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Source
: CIA |
COMPANY NAME and address
|
COMPANY NAME |
Zhuhai United Laboratories Co., Ltd. |
|
CURRENT ADDRESS/ REGISTERED ADDRESS |
Third Floor, Main Office, The United
Laboratories, Sanzao Science & Technology Park, National Hi-Tech Zone,
Zhuhai, Guangdong Province 519040 PR China |
|
TEL. NO. |
86 (0) 756-7787682/7766777/7787626 |
|
FAX NO. |
86 (0) 756-7787958/7767377 |
EXECUTIVE SUMMARY
Date of Registration :
JULY 3, 1993
Unified social credit code : 91440400618249510X
LEGAL FORM : Shares limited company
CHIEF EXECUTIVE :
CAI haishan (LEGAL REPRESENTATIVE)
REGISTERED CAPITAL :
CNY 1,678,396,000
staff :
5,895
BUSINESS CATEGORY :
manufacturing & TRADING
REVENUE :
CNY 1,287,719,000 (CONSOLIDATED,
JAN. 1, 2016 TO MAR. 31,
2016)
EQUITIES :
CNY 3,300,477,000 (CONSOLIDATED, AS OF MAR. 31, 2016)
WEBSITE : www.tul.com.cn
E-MAIL :
exp@tul.com.cn
PAYMENT :
REGULAR
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
FAIRLY GOOD
OPERATIONAL TREND :
FAIRLY STEADY
GENERAL REPUTATION :
AVERAGE
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 shares limited company of PRC with State Administration of
Industry & Commerce (SAIC) under unified social credit code: 91440400618249510X.
SC’s registered capital: CNY
1,678,396,000
SC’s paid-in capital: CNY 1,678,396,000
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
2008-12-15 |
Registered Capital |
CNY 254,600,000 |
CNY 313,600,000 |
|
2009 |
Registered Capital |
CNY 313,600,000 |
CNY 413,600,000 |
|
-- |
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 |
|
2013 |
Legal Representative |
Cai Jinle |
Cai Haishan |
|
2016-3-18 |
Registered Capital |
CNY 1,142,496,000 |
CNY 1,328,396,000 |
|
2016-11-30 |
Registered Capital |
CNY 1,328,396,000 |
CNY 1,678,396,000 |
|
Registration No./Unified Social Credit Code |
440400400021954 |
91440400618249510X |
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Zhongshan Jinyi Food Co., Ltd. |
0.31 |
|
Zhuhai United Kangzhile Industry Co., Ltd. |
9.49 |
|
Bear World Limited (Hong Kong) |
89.58 |
|
Zhuhai Jindefu Enterprise Plan Co., Ltd. |
0.62 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative and Chairman |
Cai Haishan |
|
Director |
Liang Yongkang |
|
Shen Huan |
|
|
Cai Shaozhe |
|
|
Ning Guizhen |
|
|
Supervisor |
Zheng Jinxiong |
|
Li Hua |
|
|
Ma Ping |
RECENT DEVELOPMENT
SC
has got the certificates of GMP, GMP Hong Kong, and GMP SFDA.
SHAREHOLDER CHART & BACKGROUND
Name %
of Shareholding
Bear
World Limited (Hong Kong) 89.58
Zhuhai
United Kangzhile Industry Co., Ltd. 9.49
Zhuhai
Jindefu Enterprise Plan Co., Ltd. 0.62
Zhongshan
Jinyi Food Co., Ltd. 0.31
Bear
World Limited (Hong Kong)
----------------------------------------------
CR
No.: 0537887
Company
Type: Private Company Limited by Shares
Date
of Incorporation: 1February 1996
Active
Status: Live
Zhuhai
United Kangzhile Industry Co., Ltd.
----------------------------------------------------------
Date
of Registration: June 10, 1999
Unified
Social Credit Code: 914404007123258588
Chief
Executive : Shen Huan
Registered
Capital: CNY 250,000,000
Zhuhai
Jindefu Enterprise Plan Co., Ltd.
------------------------------------------------------
Date
of Registration: May 16, 2001
Unified
Social Credit Code: 91440400729197995M
Chief
Executive : Ning Yalu
Registered
Capital: CNY 15,000,000
Zhongshan
Jinyi Food Co., Ltd.
--------------------------------------------
Date
of Registration: July 24, 1998
Unified
Social Credit Code: 91442000708055947G
Chief
Executive : Cai Haishan
Registered
Capital: HKD 7,500,000
MANAGEMENT
Cai Haishan, Legal Representative and Chairman
----------------------------------------------------------------------------
Gender: M
ID#
K665977(2)
Qualification:
University
Working
experience (s):
Before, as director of SC
From 2013 to present, working in SC as legal
representative and chairman
Also working in Zhongshan Jinyi Food Co., Ltd. as legal
representative
Director
-----------
Liang
Yongkang
Shen
Huan
Cai
Shaozhe
Ning
Guizhen
Supervisor
--------------
Zheng
Jinxiong
Li
Hua
Ma
Ping
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
Customers*
==============
Ibs
Pharma Llc
Laboratorios
Pisa Sa Cv
Sicor
De Mexico SA De Cv
Sales
Y Materias Primas S De Rl De Cv
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
SC is known to have the
following subsidiaries, branches and offices at present.
Zhuahi
United Jinlong Marketing Planning Co., Ltd.
------------------------------------------
Date
of Registration: November 25, 2016
Unified
Social Credit Code: 91440400MA4W0N6T1N
Chief
Executive : Huang Jinchang
Registered
Capital: CNY 1,000,000
Zhuhai
Nanyida Biomedical Public Service Platform Co., Ltd.
---------------------------------------------------------
Date
of Registration: May 7, 2012
Unified
Social Credit Code: 914404005958321718
Chief
Executive : Li Ming
Registered
Capital: CNY 10,000,000
Zhuhai
United Laboratories Trading Co., Ltd.
------------------------------------
Date
of Registration: September 7, 2006
Unified
Social Credit Code: 91440400792944447M
Chief
Executive : Ning Huaqiang
Registered
Capital: CNY 10,000,000
Zhuhai
Wanbang Laboratories Ltd.
---------------------------------
Date
of Registration: December 23, 2003
Unified
Social Credit Code: 914404007578724928
Chief
Executive : Ning Yalu
Registered
Capital: CNY 50,000,000
Zhuhai
United Laboratories Co., Ltd. Zhongshan Branch
Zhuhai
United Laboratories Co., Ltd. Dalian Office
Zhuhai
United Laboratories Co., Ltd. Foshan Office
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, 2015 |
As of Mar. 31, 2016 |
|
942,472 |
550,556 |
|
|
Notes receivable |
348,290 |
464,554 |
|
Accounts receivable |
978,916 |
974,396 |
|
Advances to suppliers |
343,364 |
555,781 |
|
Other receivable |
291,106 |
274,598 |
|
Inventory |
796,896 |
702,660 |
|
Interest receivable |
4,768 |
5,009 |
|
Non-current assets within one year |
0 |
0 |
|
Other current assets |
1,629,814 |
1,899,057 |
|
|
------------------ |
------------------ |
|
Current assets |
5,335,626 |
5,426,611 |
|
Fixed assets |
817,732 |
804,888 |
|
Construction in progress |
111,340 |
86,904 |
|
Project materials |
69 |
71 |
|
Intangible assets |
53,195 |
52,841 |
|
Goodwill |
89 |
89 |
|
Long-term deferred expense |
6,862 |
5,546 |
|
Deferred income tax assets |
9,876 |
9,753 |
|
Other non-current assets |
87,256 |
83,044 |
|
|
------------------ |
------------------ |
|
Total assets |
6,422,045 |
6,469,747 |
|
|
============= |
============= |
|
Short-term loans |
489,000 |
629,000 |
|
Notes payable |
304,554 |
261,995 |
|
Accounts payable |
474,311 |
298,683 |
|
Payroll payable |
55,769 |
40,515 |
|
Taxes payable |
147,352 |
127,402 |
|
Advances from clients |
28,245 |
62,872 |
|
Interest payable |
1,784 |
1,767 |
|
Other payable |
344,938 |
333,047 |
|
Non current liabilities due within one year |
536,338 |
513,380 |
|
Dividend payable |
6,440 |
6,440 |
|
Other current liabilities |
824,743 |
840,303 |
|
|
------------------ |
------------------ |
|
Current liabilities |
3,213,474 |
3,115,404 |
|
Non-current liabilities |
57,390 |
53,866 |
|
|
------------------ |
------------------ |
|
Total liabilities |
3,270,864 |
3,169,270 |
|
Equities |
3,151,181 |
3,300,477 |
|
|
------------------ |
------------------ |
|
Total liabilities & equities |
6,422,045 |
6,469,747 |
|
|
============= |
============= |
Consolidated Income
Statement
|
Unit: CNY’000 |
As of Dec. 31, 2015 |
From Jan. 1, 2016 to Mar. 31, 2016 |
|
Revenue |
4,948,033 |
1,287,719 |
|
Cost of sales |
3,038,695 |
775,250 |
|
Taxes and surcharges |
32,962 |
11,310 |
|
Sales expense |
923,743 |
243,011 |
|
Management expense |
289,783 |
72,163 |
|
Finance expense |
121,174 |
30,102 |
|
Investment income |
97,445 |
18,488 |
|
Non-operating income |
35,707 |
1,781 |
|
Non-operating expense |
2,557 |
1,139 |
|
Profit before tax |
659,423 |
175,012 |
|
Less: profit tax |
103,258 |
25,716 |
|
556,165 |
149,296 |
Important Ratios
=============
|
|
As of Dec. 31, 2015 |
As of Dec. 31, 2016 |
|
*Current ratio |
1.66 |
1.74 |
|
*Quick ratio |
1.41 |
1.52 |
|
*Liabilities to assets |
0.51 |
0.49 |
|
*Net profit margin (%) |
11.24 |
11.59 |
|
*Return on total assets (%) |
8.66 |
2.31 |
|
*Inventory / Revenue ×365/90 |
59 days |
50 days |
|
*Accounts receivable / Revenue ×365/90 |
73 days |
69 days |
|
*Revenue / Total assets |
0.77 |
0.20 |
|
*Cost of sales / Revenue |
0.61 |
0.60 |
FINANCIAL COMMENTS
PROFITABILITY: FAIRLY GOOD
The
revenue of SC appears fairly good in its line.
SC’s
net profit margin is fairly good.
SC’s
return on total assets is fairly good.
SC’s
cost of sales is low, comparing with its revenue.
LIQUIDITY: AVERAGE
The
current ratio of SC is maintained in a normal level.
SC’s
quick ratio is maintained in a fairly good level.
The
inventory of SC is maintained in an average level.
The
accounts receivable of SC is maintained in an average level.
The
short-term loans of SC appear large.
SC’s
revenue is in a fair level, comparing with the size of its total assets.
LEVERAGE: FAIRLY GOOD
The
debt ratio of SC is average.
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 |
INR 64.93 |
|
|
1 |
INR 86.06 |
|
Euro |
1 |
INR 76.39 |
|
CNY |
1 |
INR 9.79 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
PRA |
|
|
|
|
Report Prepared
by : |
KET |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low risk
of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably on
secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the business
is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.