MIRA
INFORM REPORT
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Report Date : |
06.06.2007 |
IDENTIFICATION DETAILS
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Name : |
zibo ima xinhua
PHARMACEUTICAL equipment co., ltd. |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
July 17, 2003 |
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Com. Reg. No.: |
001869 |
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Legal Form : |
Chinese-Foreign Equity Joint Venture |
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Line of Business : |
Manufacturing and selling pharmaceutical equipment. |
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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Maximum Credit Limit : |
Up To usd 150,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name & address
zibo ima xinhua
PHARMACEUTICAL equipment co., ltd.
no.87
TEL :
86 (0) 533-3813925
FAX :
86 (0) 533-3813927
EXECUTIVE SUMMARY
INCORPORATION DATE : july 17, 2003
REGISTRATION NO. : 001869
REGISTERED LEGAL FORM : Chinese-foreign equity
joint venture
STAFF STRENGTH :
110
REGISTERED CAPITAL : USD 4,143,248
BUSINESS LINE :
manufacturing
TURNOVER :
CNY 24,240,000 (AS OF DEC. 31, 2006)
EQUITIES :
CNY 28,960,000 (AS OF DEC. 31, 2006)
PAYMENT :
AVERAGE
RECOMM.
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRLY STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY7.65 = US$1 AS OF 2007-6-6
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY -
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 July 17, 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 developing and manufacturing pharmaceutical equipment,
selling self-made products, in accordance with the license.
SC is mainly
engaged in manufacturing and selling pharmaceutical equipment.
Mr. MAXIMILIANO
GARCIA has been chairman of SC since 2003.
SC owns about 110
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 Zibo. Our checks reveal that SC
owns the total premise about 70,000 square meters.
SC is not known to host web site of its own at present.
The provided company name is Zibo Ima Xinhua Machinery Manufacturing
Co., Ltd., but it was canceled at local AIC in January 2007. According to
management of SC, the business of Zibo Ima Xinhua Machinery Manufacturing Co.,
Ltd. has been transferred to SC.
SC former registered capital was USD
3,343,240, and it was changed into USD 4,143,248 in January 2007.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Shinva Medical Instrument Co., Ltd. 18
Shinva Medical Instrument Co., Ltd.:
==========================
With a history of over 60 years of
manufacturing medical equipment and pharmaceutical machinery, Shinva medical is
now the vice chairman unit of China Medical Instrument Association, the director-general
and secretary-general unit of the Sterilizing Supply Room Special Interest
Committee. With a nation named sterilizer develop center, Shinva medical is the
largest research and production base of sterilizers, and also the manufacturer
of radiotherapy equipment with the most varieties of this category in
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Chairman:
Mr. MAXIMILIANO GARCIA (Swedish), about 45 years old 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 also working Ima Packaging & Processing
Equipment
(
l
General Manager:
Mr. Ma Jianwei, about 40 years old with university education. He is currently
responsible for the daily management of SC.
Working Experience(s):
From 2003 to present Working in SC as general manager.
SC is mainly engaged in manufacturing and selling pharmaceutical equipment.
SC’s products
mainly include: pharmaceutical machinery casting.
SC sources its materials 100% from domestic
market. SC sells 70% of its products in domestic market, and 30% to overseas
market, mainly Southeast Asian market.
The buying terms of SC include Check, T/T and Credit of 30 days. The
payment terms of SC include T/T, L/C and Credit of 30 days.
*Major Customer:
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Shinva Medical Instrument 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 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 declined to
release its bank details.
Balance Sheet (as
of Dec. 31, 2006)
Unit: CNY’000
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Cash & bank |
4,630 |
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Inventory |
24,830 |
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Accounts
receivable |
5,540 |
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Other Accounts
receivable |
190 |
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To be
apportioned expense |
0 |
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Other current
assets |
1,010 |
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Current assets |
36,200 |
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Fixed assets net
value |
10,800 |
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Projects under construction |
0 |
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Long term
investment |
0 |
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Other assets |
1,120 |
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Total assets |
48,120 |
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Short loans |
0 |
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Accounts payable |
14,640 |
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Other Accounts
payable |
160 |
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Withdraw the
expenses in advance |
210 |
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Other current
liabilities |
4,150 |
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Current
liabilities |
19,160 |
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Long term
liabilities |
0 |
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Other
liabilities |
0 |
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Total
liabilities |
19,160 |
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Equities |
28,960 |
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Total
liabilities & equities |
48,120 |
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Income Statement (as
of Dec. 31, 2006)
Unit: CNY’000
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Turnover |
24,240 |
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Cost of goods
sold |
18,180 |
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Sales expense |
2,440 |
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Management expense |
1,820 |
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Finance expense |
160 |
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Profit before
tax |
1,620 |
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Less: profit tax |
190 |
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Profits |
1,430 |
Important Ratios (as of Dec. 31, 2006)
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*Current ratio 1.89
*Quick ratio 0.59
*Liabilities to
assets 0.40
*Net profit
margin (%) 5.90
*Return on total
assets (%) 2.97
*Inventory
/Turnover ×365 374 days
*Accounts
receivable/Turnover ×365 83 days
*Turnover/Total
assets 0.50
* Cost of goods
sold/Turnover 0.75
PROFITABILITY:
AVERAGE
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The turnover of SC appears fair in its line.
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SC’s net profit margin is fairly good.
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SC’s return on total assets is average.
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SC’s cost of goods sold is average, comparing with its
turnover.
LIQUIDITY: FAIR
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The current ratio of SC is maintained in a normal
level.
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SC’s quick ratio is maintained in a fair level.
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The inventory of SC appears fairly large.
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The accounts receivable of SC is maintained in an
acceptable level.
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SC has no short-term loan in 2006.
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SC’s turnover is in a fair 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 average.
Overall financial
condition of the SC: Fairly stable.
SC is considered small-sized in its line with fairly stable financial
conditions. A credit line up to USD 150,000
would appear to be within SC’s capacities upon a periodical review basis.
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%)