MIRA
INFORM REPORT
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Report Date : |
13.01.2007 |
IDENTIFICATION
DETAILS
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Name : |
JINGZHOU HAIXIN GREEN CROSS MEDICAL
PRODUCTS CO., LTD. |
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Registered Office : |
No. 168 Gule Street, Wanshi Town, Songzi,
Hubei Province, 434000 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
13.05.2003 |
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Com. Reg. No.: |
000305 |
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Legal Form : |
Chinese Foreign Equity Joint Venture Enterprise |
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Line of Business : |
Manufacturing
and selling non-woven medical products. |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
Up To USD 5,000 |
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Status : |
Small
Company |
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Payment Behaviour : |
Usually
correct |
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Litigation : |
Clear |
name
JINGZHOU HAIXIN GREEN CROSS MEDICAL PRODUCTS CO., LTD.
address
NO. 168 GULE STREET, WANSHI TOWN, SONGZI,
HUBEI PROVINCE, 434000 PR CHINA
TEL: 86 (0) 716-6812588
FAX: 86 (0) 716-6812555
EXECUTIVE SUMMARY
INCORPORATION DATE :
MAY 13, 2003
REGISTRATION NO. :
000305
REGISTERED LEGAL FORM : CHINESE FOREIGN EQUITY
JOINT VENTURE ENTERPRISE
STAFF STRENGTH :
100
REGISTERED CAPITAL :
CNY 1,000,000
BUSINESS LINE :
MANUFACTURING
TURNOVER :
cny 2,930,000 (AS OF DEC. 31, 2005)
EQUITIES :
cny 940,000 (AS OF DEC. 31, 2005)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE :
UP TO USD 5,000
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
FAIRLY STABLE
OPERATIONAL TREND :
FAIRLY STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 7.83 = US$1 AS OF 2007-1-10
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY - China Yuan Ren Min Bi
The address client provided in the order of Unit A, 19th E Century Building, No. 206 Jianghan Road, Wuhan is SC’S sales office in Wuhan.
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 May 13, 2003.
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 joint venture usually have 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 which have good competition position in international market may
extend beyond the 50 years limit.
SC’s
registered business scope includes manufacturing disposable non-woven medical
products and medical equipment.
SC is mainly engaged in
manufacturing and selling non-woven medical products.
Mr. Yang Wenchun has been
chairman of SC since 2003. SC owns about 100 staff.
SC is
currently operating at the above stated address, and this address houses its
operating office and factory in the industrial zone of Jingzhou. Our checks
reveal that SC rents the total premise about 500 square meters. SC is known to
have a sales office in Unit A, 19th
E Century Building, No. 206 Jianghan Road, Wuhan with the total premise about
100 square meters.
http://www.hh-haixin.com . The design is
professional and the content is well organized. At present it is in both
Chinese and English versions.
No
significant events or changes were found during our checks with local AIC.
MAIN SHAREHOLDERS:
Name %
of Shareholding
YIH JIANG ENTERPRISE CO., LTD. Taiwan 48
Hubei Haixin Protective Products Co., Ltd. 52
YIH JIANG ENTERPRISE CO., LTD. Taiwan
Website 1 http://yihjiang.trade-taiwan.org http://www.green-cross.com.tw
E-mail（1） yihjiang@ms34.hinet.net vihjiang@green-cross.com.cn
Tel: 886-7-7224431 Fax: 886-7-7254145
Address 1F, No. 192, Ho-Ping 2nd Rd.,
Kaohsiung City, Taiwan
Hubei Haixin Protective Products Co., Ltd
Established in 1994, Hubei Haixin Protective
Products Co., Ltd. is a specialized manufacturer of disposable products. The
company has an 8,108-square-meter working area and 800 staff,.
Specifically, its main products include:
1) Non-woven products: coveralls, isolation
gowns, surgeon gowns, bouffant caps, shoe covers and surgical face masks
2) PE products: PE sleeve covers, PE shoe
covers, PE gloves, PE aprons and CPE shoe covers
3) Paper products: paper face masks and
paper caps
Century Building 19F A, Jianghan RD 206,
Wuhan city, Hubei province, China
TEL:+86 27 82836711 / 82836720 / 82836722
FAX:+86 27 82770267
Email: Eric5910@public.wh.hb.cn
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Chairman and General Manager:
Mr. Yang
Wenchun, in his 50’s with university education. He is currently responsible for
the overall management of SC.
Working Experience(s):
From 2003 to present Working in SC as chairman and general manager.
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Vice General Manager:
Mr. Lei
Deqing, in his 40’s with university education. He is currently responsible for
the daily management of SC.
Working Experience(s):
From 2003 to present
Working in SC as vice general
manager.
SC is mainly engaged in manufacturing
and selling non-woven medical products.
SC’s products mainly include:
disposable non-woven medical products (hats, gloves, shoes and respirator,
etc).
SC sources its materials 100%
from domestic market. SC sells 10% of its products in domestic market and 90%
to the overseas markets, mainly to Southeast Asia and Europe.
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 Clients:
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England PAL International Trade Co., Ltd.
*Major Suppliers:
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Shandong Kangjie Nonwovens Co., Ltd.
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 refused to release any
information of its suppliers and the trade reference was not available.
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.
Songzi
Village Credit Cooperative
AC#：20065795410000
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
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As of Dec. 31,
2005 |
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Cash & bank |
140 |
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Accounts receivable |
880 |
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Accounts payable advance |
0 |
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Other receivables |
0 |
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Inventory |
330 |
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Prepaid expenses |
0 |
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Other current assets |
0 |
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Current assets |
1,350 |
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Fixed assets net value |
1,040 |
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Projects under construction |
0 |
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Long term investment |
0 |
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Other assets |
0 |
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Total assets |
2,390 |
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Short loans |
0 |
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Accounts payable |
1,380 |
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Accounts receivable advance |
0 |
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Taxes payable |
0 |
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Salaries payable |
0 |
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Other payable |
0 |
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Other current liabilities |
70 |
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Current liabilities |
1,450 |
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Long term liabilities |
0 |
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Total liabilities |
1,450 |
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Equities |
940 |
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Total liabilities &
equities |
2,390 |
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Income Statement
Unit: CNY’000
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As of Dec. 31, 2005 |
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Turnover |
2,930 |
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Cost of goods sold |
2,520 |
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Sales expense |
210 |
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Management expense |
130 |
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Finance expense |
0 |
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Profit before tax |
660 |
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Less: profit tax |
130 |
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Profits |
530 |
Important Ratios
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as
of Dec. 31, 2005 |
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*Current ratio |
0.93 |
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*Quick ratio |
0.70 |
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*Liabilities
to assets |
0.61 |
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*Net profit
margin (%) |
18.09 |
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*Return on
total assets (%) |
22.18 |
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*Fixed
assets/Total assets |
0.44 |
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*Inventory
/Turnover ×365 |
41days |
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*Accounts
receivable/Turnover ×365 |
0 |
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*Turnover/Total
assets |
1.23 |
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* Cost of
goods sold/Turnover |
0.86 |
PROFITABILITY: AVERAGE
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The
turnover of SC appears fair in 2005.
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SC’s
net profit margin is fairly good in 2005.
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SC’s
return on total assets is fairly good in 2005.
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SC’s
cost of goods sold is average, comparing with its turnover.
LIQUIDITY: AVERAGE
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The
current ratio of SC is maintained in a fair level.
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SC’s
quick ratio is maintained in a fair level.
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The
inventory receivable of SC is average.
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SC’s
turnover is in an acceptable level, comparing with the size of its total
assets.
LEVERAGE: AVERAGE
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The
debt ratio of SC is average.
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The
risk for SC to go bankrupt is low.
Overall financial condition of the SC:
Stable.
SC is
considered small-sized in its line with fairly stable financial conditions. A
credit line up to USD5,000 appears to be within SC’s capacities at present.
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |
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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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