MIRA INFORM
REPORT
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Report Date : |
18.01.2011 |
IDENTIFICATION DETAILS
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Name : |
CHINA MEHECO CORPORATION |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
18.07.1983 |
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Com. Reg. No.: |
110000008319434 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Selling Medical Appliances |
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
3,000,000 |
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Status : |
Satisfactory |
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Payment
Behaviour : |
No Complaints |
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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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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a2 |
a2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name & address
CHINA MEHECO CORPORATION
NO.
18
TEL: 86 (0)10-67116688-2325 FAX:
86 (0)10-67121579
EXECUTIVE SUMMARY
INCORPORATION DATE : JUL. 18, 1983
REGISTRATION NO. :
110000008319434
REGISTERED
LEGAL FORM : LIMITED LIABILITIES CO.
CHIEF
EXECUTIVE : MR. ZHANG
BENZHI (CHAIRMAN)
STAFF
STRENGTH : 400
REGISTERED
CAPITAL :
CNY 300,000,000
BUSINESS
LINE : TRADING
TURNOVER : CNY 1,785,920,000 (AS OF DEC. 31, 2009)
EQUITIES : CNY
405,440,000 (AS OF DEC. 31, 2009)
PAYMENT : AVERAGE
RECOMM.
MARKET
CONDITION : COMPETITIVE
FINANCIAL
CONDITION : FAIRLY STABLE
OPERATIONAL
TREND :
FAIRLY STEADY
GENERAL
REPUTATION : WELL-KNOWN
EXCHANGE
RATE : CNY 6.60 =
USD 1
Adopted abbreviations
ANS - amount not
stated
NS - not stated
SC - subject company
(the company inquired by you)
NA - not available
CNY -
SC was initially
registered as a State-owned
enterprise at local Administration
for Industry & Commerce (AIC - The official body of issuing and renewing
business license) on Jul. 18, 1983 and was change into present legal form in
June of 2004.
Company Status:
Limited liabilities co. This
form of business in PR China is defined as a legal person. No more than
fifty shareholders contribute its registered capital jointly. Shareholders
bear limited liability to the extent of shareholding, and the co. is liable
for its debts only to extent of its total assets. The characteristics of
this form of co. are as follows: Upon
the establishment of the co., an investment certificate is issued to the
each of shareholders. The
board of directors is comprised of three to thirteen members. The
minimum registered capital for a co. is CNY 30,000. Shareholders
may take their capital contributions in cash or by means of tangible assets
or intangible assets such as industrial property and non-patented
technology. Cash
contributed by all shareholders must account for at least 30% of the
registered capital. Existing
shareholders have pre-exemption right to purchase shares of the co. offered
for sale by the other shareholders and to subscribe for the newly increased
registered capital of the co.
SC’s
registered business scope includes selling Type Ⅲmedical appliances, including ophthalmic instruments, orthopedic
surgical (orthopedics) instruments, family planning instruments, injection and
puncture instruments, medical electronic instruments, medical optical
instruments and camera for endoscopy, medical ultrasonic instruments and
related instruments, medical Opto-laser equipment and instruments, medical high
performance medical devices and instruments, physiatry and convalescence
devices, equipment used in traditional Chinese medicine, magnetic resonance
devices, medical X-ray equipment and auxiliary equipment and parts, high-energy
radiation devices, medical nuclide devices, clinical check analysis
instruments, clinical diagnostic reagents, extracorporeal circulation and blood
treatment devices, implanting materials and artificial internal organ,
operating room, emergency room, doctor's office devices, hospital nursing
equipment and appliances, medical cooling treatment, low temperature, refrigeration
plant and devices, dental materials, general healthcare materials and bandages,
suture materials and adhesive, medical polymeric materials and products,
medical X-ray equipment special detecting instrument; Ⅱ: microsurgical operating
instrument, earnose-throat instruments, dental instruments, urination intestine
surgical operating instrument, obstetrics and gynecology department instrument,
general diagnostic instrument, dental equipment, sterilization and disinfection
devices; wholesaling Chinese patent drug, traditional Chinese medicinal
materials, traditional Chinese medicinal decoction pieces, chemical medicine
preparations, chemical raw material drugs, antibiotics, biochemical drugs,
biological products (diagnostic medicine), health food, packaging food
(including quick-frozen aquatic products), automobiles (excluding small cars
which less than 9 sets), importing and exporting commodities and
technologies, storage services.
SC is mainly engaged in selling
medical appliances.
Mr. Zhang Benzhi has been legal
representative and chairman of SC since Dec., 2009.
SC is
known to have approx. 400 employees at present.
SC is
currently operating at the above stated address, and this address houses its
operating office in the commercial zone of Beijing. Our checks reveal that SC
rents the total premise, but SC’s accountant refused to release the gross area
of the premise.
SC is
not known to host website of its own at present.
Changes of its registered information:
|
Date of change |
Item |
Before the
change |
After the
change |
|
|
Name |
|
China Meheco Corporation |
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Registered capital |
CNY 90,000,000 |
CNY 300,000,000 |
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Legal Form |
State-owned enterprise |
Present one |
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Legal
representative |
Zhang Benfu |
Han Benyi |
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Shareholdings |
|
Present ones |
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Chinese
name |
中国医药保健品有限公司 |
通用美康医药有限公司 |
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Shareholder’s
name |
CNTIC Trading Co., Ltd. |
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Legal representative |
Han Benyi |
Zhang Benzhi |
MAIN SHAREHOLDERS:
Name % of Shareholding
===================================
Address: F23-28,
Tel: 86-10-63348889
86-10-63348888
Fax: 86-10-63348118
E-mail: genertec@genertec.com.cn
Website: http://www.genertec.com.cn/
==================================
China Medicine and Health Products Co., Ltd. is a listed
company in Shanghai Stock Exchange Market with the code of 600056.
Registration No.:
1000001002653
Registered capital:
CNY 310,958,000
legal
representative: Zhang Benzhi
Tel: (010) 67164267
Fax: (010) 67152359
E-mail: meheco@genertec.com.cn
l
Legal representative and chairman:
Mr. Zhang Benzhi, born in 1960. He is
currently responsible for the overall management of SC.
Working Experience(s):
From Dec., 2009 to present Working in SC as chairman and legal representative
Also working in China Medicine and Health Products Co., Ltd. as legal representative.
l
General manager:
Mr. Li Gang, born in 1970, with
MBA Degree. He is currently responsible for the daily management of SC.
Working Experience(s):
From Dec., 2009 to present Working in SC as general manager
*Officials:
=========
Name Title
Li Hujun Director
Qi Jianxi Supervisor
Zhu Min Supervisor
SC is mainly engaged in selling
medical appliances.
SC’s products
mainly include: Botanical Medicines, Health Products, Pharmaceuticals &
Chemical medicines, Medical Instruments and Medical Sundries.
.JPG){kind=small}
SC is
known to have following brands & trademarks:
SC
sources its merchandises 50% from the overseas market and 50% from domestic
market. SC sells 50% of its merchandises in domestic market, and 50% to overseas
market.
The
buying terms of SC include Check, L/C, T/T and Credit of 30-60 days. The
payment terms of SC include Check, T/T, L/C, and Credit of 30-60 days.
SC is
known to invest in the following companies:
·
China Meheco Herbs Import & Export
Corporation
·
Meheco Medicines & Chemicals I/E Co., Ltd.
·
·
· China Meheco Int'l Trade Development Company
Etc.
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.
Bank of
AC# 00028708094001
Relationship:
Balance Sheet
Unit: CNY’000
|
|
as of Dec. 31, 2008 |
as of Dec. 31, 2009 |
|
Cash & bank |
166,320 |
211,500 |
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Inventory |
481,580 |
477,960 |
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Accounts receivable |
395,260 |
354,880 |
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Bills receivable |
890 |
0 |
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Advances to suppliers |
77,110 |
95,760 |
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Other receivables |
29,850 |
66,540 |
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Other current assets |
1,040 |
47,830 |
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|
------------------ |
------------------ |
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Current assets |
1,152,050 |
1,254,470 |
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Fixed assets net value |
41,040 |
45,770 |
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Projects under construction |
0 |
0 |
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Long term investment |
83,650 |
96,660 |
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Other assets |
57,130 |
19,950 |
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------------------ |
------------------ |
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Total assets |
1,333,870 |
1,416,850 |
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|
============= |
============= |
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Short loans |
0 |
0 |
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Accounts payable |
195,220 |
241,980 |
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Advances from clients |
429,070 |
354,880 |
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Accrued payroll |
0 |
0 |
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Tax payable |
-32,480 |
-22,410 |
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Other payable |
226,060 |
299,850 |
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Dividends payable |
54,020 |
5,540 |
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Other current liabilities |
0 |
37,450 |
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|
------------------ |
------------------ |
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Current liabilities |
871,890 |
917,290 |
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Long term liabilities |
94,120 |
94,120 |
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|
------------------ |
------------------ |
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Total liabilities |
966,010 |
1,011,410 |
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Equities |
367,860 |
405,440 |
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|
------------------ |
------------------ |
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Total liabilities &
equities |
1,333,870 |
1,416,850 |
|
|
============= |
============= |
Income Statement
Unit: CNY’000
|
|
as of Dec. 31, 2008 |
as of Dec. 31, 2009 |
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Turnover |
1,883,020 |
1,785,920 |
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Cost of goods sold |
1,625,270 |
1,547,640 |
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Sales expense |
123,540 |
165,410 |
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Management expense |
60,450 |
72,430 |
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Finance expense |
22,280 |
23,650 |
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Investment income |
1,320 |
20,210 |
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Profit before tax |
50,820 |
47,000 |
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Less: profit tax |
8,180 |
11,450 |
|
Profits |
42,640 |
35,550 |
Important Ratios
=============
|
|
as of Dec. 31, 2008 |
as of Dec. 31, 2009 |
|
*Current ratio |
1.32 |
1.37 |
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*Quick ratio |
0.77 |
0.85 |
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*Liabilities to assets |
0.72 |
0.71 |
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*Net profit margin (%) |
2.26 |
1.99 |
|
*Return on total assets (%) |
3.20 |
2.51 |
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*Inventory /Turnover ×365 |
94 days |
98days |
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*Accounts receivable/Turnover ×365 |
77 days |
73days |
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*Turnover/Total assets |
1.41 |
1.26 |
|
* Cost of goods sold/Turnover |
0.86 |
0.87 |
PROFITABILITY: FAIRLY GOOD
l
The turnover of SC appears good in its line, but it decreased in
2009.
l
SC’s net profit margin is average in both years.
l
SC’s return on total assets is average in both years.
l
SC’s cost of goods sold is average in both years, comparing with
its turnover.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a normal level in both
years.
l
SC’s quick ratio is maintained in a normal level in 2009.
l
The inventory conversion period
of SC appears long in both years.
l
The accounts receivable of SC appears average in both years.
l
SC has no short-term loan in both years.
l
SC’s turnover is in an average level in both years, comparing with
the size of its total assets.
LEVERAGE: AVERAGE
l
The debt ratio of SC is fairly high in both years.
l
The risk for SC to go bankrupt is average.
Overall financial condition of
the SC: Fairly Stable.
SC is
considered medium-sized in its line with fairly stable financial conditions. A
credit line up to USD 3,000,000 appears to be within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.59 |
|
|
1 |
Rs.72.31 |
|
Euro |
1 |
Rs.60.73 |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
---- |
NB |
New Business |
---- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.