MIRA
INFORM REPORT
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Report Date : |
04.06.2007 |
IDENTIFICATION DETAILS
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Name : |
UNIMAX MEDICAL PRODUCTS
CO., LTD. |
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Registered Office : |
No. 1, |
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Country : |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
Dec. 12, 2002 |
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Com. Reg. No.: |
002977 |
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Legal Form : |
Wholly Foreign-Owned |
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Line of Business : |
Manufacturing and selling 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 USD3,000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
name & address
unimax medical
products co., ltd.
NO. 1,
TEL :
86 (0) 728-2512281
FAX :
86 (0) 728-2510640
EXECUTIVE SUMMARY
INCORPORATION DATE : dec. 12, 2002
REGISTRATION NO. : 002977
REGISTERED LEGAL FORM : wholly foreign-owned
STAFF STRENGTH :
180
REGISTERED CAPITAL : cny 1,860,000
BUSINESS LINE :
manufacturing
TURNOVER :
cny 15,730,035.67 (AS OF DEC. 31, 2005)
EQUITIES :
CNY 479,404.72 (AS OF DEC. 31, 2005)
PAYMENT :
AVERAGE
RECOMM.
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : POOR
OPERATIONAL TREND : FAIR
GENERAL REPUTATION : average
EXCHANGE RATE :
CNY 7.65 = US$1 AS OF 2007-06-01
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY -
Note: SC’s address should be the above stated one, and SC’s sales department moved to Flat 1705, 17/F, Baofeng Times, No. 1045, Jiefang Avenue, Wuhan City, Hubei Province from the given one Flat No A-12, Ftianheng Wisdom Tower SP No. 1 .
SC was registered as a wholly foreign-owned enterprise at local Administration for Industry & Commerce (AIC-The official body of issuing and renewing business license) on Dec. 12, 2002.
Company Status: Wholly foreign-owned enterprise. This
form of business in PR China is defined as a legal person. It is a limited
co. established within the territories of PR China with capital provided
totally by the foreign investors. More than one foreign investors may
jointly invest in a wholly foreign-owned enterprise. The investing
party/parties solely exercise management, reap profit and bear risks and
liabilities by themselves. This form of companies usually have a limited
duration is extendible upon approval of Examination and Approval
Authorities.
SC’s registered
business scope includes manufacturing and selling textile, medical dressing
products, and series of plastics.
SC is mainly
engaged in manufacturing and selling medical products.
Mr. Xia Xinming
has been chairman of SC since 2002.
SC owns about 180
staff 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 Xiantao. Our checks reveal that SC
rents the total premise about 26,640 square meters.
http://www.unimaxmedical.com The
design is professional and the content is well organized. At present it is only
in English version.
E-mail: sales@unimaxmedical.com
No significant events or changes were found during our checks with the
local Administration for Industry & Commerce.
MAIN SHAREHOLDERS:
Name % of Shareholding
Unimax Trading Co., Ltd. (
l
Chairman and
General Manager:
Mr. Xia Xinming, born in 1968, 39 years old with university
education. He is currently responsible for the overall management of SC.
Working Experience(s):
From 2002 to present Working in SC as chairman and general manager.
Marketing Manager:
Mr. D.H.Forest
Tel.: + 86 27 82441059 83619959
Fax: + 86 27 82441369
SC is mainly
engaged in manufacturing and selling medical products.
SC’s products mainly include: surgical dressings, medical instruments,
Non-woven products series, and Dental products, etc.
SC sources its materials 95% from domestic market, mainly
The buying terms of SC include T/T, L/C and Credit of 30-60 days. The
payment terms of SC include T/T, L/C and Credit of 15-30 days.
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.
SC’s principal declined to
release any bank information.
Balance Sheet (as of Dec. 31, 2005)
Unit: CNY’000
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Cash & bank |
22 |
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Inventory |
2,564 |
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Accounts
receivable |
1,694 |
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Other Accounts
receivable |
273 |
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To be
apportioned expense |
27 |
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Other current
assets |
11 |
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Current assets |
4,591 |
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Fixed assets |
1,774 |
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Fixed assets net
value |
1,726 |
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Projects under
construction |
48 |
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Long term
investment |
0 |
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Other assets |
0 |
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Total assets |
6,365 |
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Short loans |
0 |
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Accounts payable |
1,798 |
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Other Accounts
payable |
2,433 |
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Withdraw the
expenses in advance |
0 |
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Other current
liabilities |
-584 |
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Current
liabilities |
3,647 |
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Long term
liabilities |
2,239 |
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Other
liabilities |
0 |
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Total
liabilities |
5,886 |
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Equities |
479 |
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Total
liabilities & equities |
6,365 |
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Income Statement (as of Dec. 31, 2005)
Unit: CNY’000
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Turnover |
15,730 |
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Cost of goods
sold |
14,722 |
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Sales expense |
1,708 |
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Management expense |
100 |
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Finance expense |
77 |
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Profit before
tax |
-877 |
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Less: profit tax |
0 |
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Profits |
-877 |
Important Ratios
(as of Dec. 31, 2005)
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*Current ratio 1.26
*Quick ratio 0.56
*Liabilities to assets 0.92
*Net profit margin (%) -5.58
*Return on total assets (%) -13.78
*Inventory /Turnover ×365 59
days
*Accounts receivable/Turnover ×365 39
days
*Turnover/Total assets 2.47
* Cost of goods sold/Turnover 0.94
PROFITABILITY: FAIR
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The turnover of SC appears average in its line.
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SC’s net profit margin is fair.
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SC’s return on total assets is fairly poor.
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SC’s cost of goods sold is high, comparing with its
turnover.
LIQUIDITY: FAIR
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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 of SC is maintained in a fairly large
level.
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The accounts receivable of SC is maintained in a
fair level.
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SC has no short-term loan in 2005.
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SC’s turnover is in a fair level, comparing with
the size of its total assets.
LEVERAGE:
FAIR
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The debt ratio of SC is very high.
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The risk for SC to go bankrupt is above average.
Overall financial condition of the SC: Poor.
SC is considered
medium-sized in its line with poor financial conditions. Great caution is
required in providing credit to SC & COD is recommended.
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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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%)