MIRA
INFORM REPORT
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Report Date : |
17.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
SHENZHEN GOLDWAY
INDUSTRIAL INC. |
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Registered Office : |
Goldway Building, No. 3 North Section, High-New Tech. Ind. Garden, Nanshan
District, Shenzhen, 518057 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
11.04.1995 |
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Com. Reg. No.: |
440301103318276 |
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Legal Form : |
Wholly Foreign Owned Enterprise |
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Line of Business : |
Manufacturing and Selling Medical Instruments. |
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 : |
usd 600,000 |
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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name & address
SHENZHEN GOLDWAY
INDUSTRIAL INC.
GOLDWAY BUILDING, NO. 3 NORTH SECTION,
HIGH-NEW TECH. IND. GARDEN,
NANSHAN DISTRICT, SHENZHEN, 518057 PR CHINA
TEL: 86 (0) 755-26980999 FAX: 86 (0) 755-86278193
EXECUTIVE SUMMARY
INCORPORATION DATE : APR.
11, 1995
REGISTRATION NO. : 440301103318276
REGISTERED LEGAL FORM : WHOLLY FOREIGN OWNED
ENTERPRISE
STAFF STRENGTH :
300
REGISTERED CAPITAL : CNY 30,000,000
BUSINESS LINE : MANUFACTURING
TURNOVER :
cny 122,650,000 (AS OF DEC. 31, 2007)
EQUITIES :
cny 48,480,000 (AS OF DEC. 31, 2007)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : up to usd 600,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : STABLE
OPERATIONAL TREND : steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.88= 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 Ren Min Bi
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 Apr. 11, 1995.
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 investor 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 multiparameter
patient monitor, fetus monitor, electronic colposcope; selling its products.
SC is mainly
engaged in manufacturing and selling medical instrument.
Mr. Jin Dingyi has
been chairman of SC since 1995.
SC is known
to have approx. 300 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 Shenzhen. Our checks reveal that
SC owns the total premise about 12,000 square meters.
http://www.goldwayhealthcare.com
. The design is professional and the content is well organized. At present it
is in English version.
E-Mail: market@goldwayinc.com
Milestone of SC
(Goldway)
1995 Founded in April 11, Goldway starts the journey with 200 ㎡
rental office and registered capital of CNY 5 million.
1996 First UT4000 multi-parameter patient monitor was developed.
1997 Shifted to new 1033㎡office in Zhongxing Industrial Park.
1998 Launched UT4000A, UT4000C, UT4800 Central Station. UT4000B won the
tender of the World Bank Loan Project.
1999 Awarded as the High-Technology Company by Shenzhen Government.
2000 First generation of Digital Video Colposcope SLC-2000 was
developed.
Goldway was certificated by TUV P.S of Germany for ISO9000 quality
system and the EN46001 Certification. Exported 60 units of UT4000F to Egypt
Minister of Health for the first time.
2001 Obtained import and export right from Shenzhen Government.
Digital Video Colposcope SLC-2000 was used in the Sino-American Sha’xi
cervical cancer screening project. The top grade hospitals of China started to
use Goldway patient monitors and Colposcopes to replace the imported equipment.
2002 Goldway upgraded quality system to ISO 9001: 2000.
Goldway’s Patient Monitor passed the CE certification by European Union.
August 2002, Goldway was the first Chinese enterprise certified by the Russian
Ministry of Health.
2003 Goldway patient monitors were CMD marked.
Goldway SLC-2000 digital video colposcopes and the patient monitor were
FDA cleared, and became the first Chinese enterprise to get the certification
for entering US market.
2004 Formed alliance with (TYCO) who is one of the world top 500 to work
in domestic patient monitor market.
2005 The first foundation stone for Goldway building laid in Shenzhen
High-Tech Industrial Park.
2007 The Sales revenue of Goldway was over CNY100 million and patient
monitor sold more than 10,000 units in this year.
2008 Shifted into Goldway Building.
All outstanding shares were acquired by The Royal Philips Electronics
and Goldway became part of Patient Monitoring business within Philips’ Health
Care System. Goldway enters into a new era.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Philips Patient Monitoring Systems China
Holding B.V. (Holland) 100
l
Chairman and General Manager:
Mr. Jin Dingyi, in his 50’s with university education. He is currently responsible
for the overall management of SC.
Working Experience(s):
From 1995 to present Working
in SC as chairman and general manager.
l
Sales Manager:
Mr. Ye Gehui, in his 40’s with university education. He is currently responsible
for the daily management of SC.
Working Experience(s):
From 2006 to present
Working in SC as sales manager.
SC is mainly
engaged in manufacturing and selling medical instruments.
SC’s products mainly
include:
Patient Monitor
Detection of Basic
Vital Signs
General Station
System
OB/GYN
Digital Video
Colposcope SLC-2000
Surgical Treatment
Programmers for Women
UT3000
Fetal/Maternal Monitor
The patient
monitors are designed for monitoring patients from adults to neonates in ICU,
CCU, OR as well as wards, ambulances and nursing care units.
SC’s products have
been FDA approved in the United States and carry the “CE” certification in
Europe. With the innovative technologies and high quality, the digital video
colposcopes gain the reputation from the medical industry throughout the
country.
SC sources its
materials 80% from domestic market, and 20% from the overseas market, mainly
European countries. SC sells 40% of its products in domestic market, and 60% to
the overseas market, mainly American and European countries.
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 and Credit of 30-60 days.
*Major Client:
==========
Shanghai Changzheng Hospital
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.
Bank of Communications Nantou Sub-branch
AC#N/A
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
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As
of Dec. 31, 2007 |
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Cash & bank |
39,420 |
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Inventory |
24,750 |
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Accounts
receivable |
11,050 |
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Advances to
suppliers |
580 |
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Other
receivables |
2,380 |
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Other current
assets |
0 |
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------------------ |
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Current assets |
78,180 |
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Fixed assets net
value |
2,590 |
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Projects under
construction |
32,930 |
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Long term
investment |
0 |
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Other assets |
0 |
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Total assets |
113,700 |
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============= |
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Short loans |
0 |
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Accounts payable |
21,220 |
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Advances from
clients |
0 |
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Taxes payable |
-160 |
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Salaries payable |
2,340 |
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Other payable |
38,030 |
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Other current
liabilities |
0 |
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Current
liabilities |
61,430 |
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Long term
liabilities |
3,790 |
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Total
liabilities |
65,220 |
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Equities |
48,480 |
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Total
liabilities & equities |
113,700 |
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Income Statement
Unit: CNY’000
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As of Dec. 31, 2007 |
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Turnover |
122,650 |
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Cost of goods
sold |
74,050 |
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Sales expense |
20,720 |
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Management expense |
17,540 |
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Finance expense |
1,970 |
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Profit before
tax |
9,330 |
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Less: profit tax |
1,080 |
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Profits |
8,250 |
Important Ratios
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2007 |
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*Current ratio |
1.27 |
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*Quick ratio |
0.87 |
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*Liabilities
to assets |
0.57 |
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*Net profit
margin (%) |
6.73 |
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*Return on
total assets (%) |
7.26 |
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*Inventory
/Turnover ×365 |
74days |
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*Accounts
receivable/Turnover ×365 |
33days |
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*Turnover/Total
assets |
1.08 |
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* Cost of
goods sold/Turnover |
0.60 |
PROFITABILITY:
FAIRLY GOOD
l
The turnover of SC appears fairly good.
l
SC’s net profit margin is fairly good.
l
SC’s return on total assets is fairly good.
l
SC’s cost of goods sold is average, comparing with its turnover.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a normal level.
l
SC’s quick ratio is maintained in a normal level.
l
The accounts receivable of SC is average.
l
The inventory of SC is average.
l
SC has no short loan in 2007.
l
SC’s turnover is in an average level, comparing with the size of its
total assets.
LEVERAGE: AVERAGE
l
The debt ratio of SC is average.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Stable.
SC is considered medium-sized in its line with stable financial
conditions. A credit line up to USD 600,000 appears to be within SC’s capacity.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.47.82 |
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UK Pound |
1 |
Rs.73.08 |
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Euro |
1 |
Rs.65.56 |
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. |
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%)