MIRA
INFORM REPORT
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Report Date : |
05.04.2012 |
IDENTIFICATION DETAILS
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Name : |
ZHEJIANG
MEDICINES & HEALTH PRODUCTS IMPORT & EXPORT CO., LTD. |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
29.06.1999 |
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Com. Reg. No.: |
330000000009213 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Importing and exporting medical instruments |
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No. of Employees : |
320 |
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 1,500,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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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 – September 30th, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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China |
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 and address
ZHEJIANG MEDICINES
& HEALTH PRODUCTS IMPORT & EXPORT CO., LTD.
ZMC BUILDING, NO. 101-2, ZHONGSHAN NORTH
ROAD, HANGZHOU,
ZHEJIANG PROVINCE, 310003 PR CHINA
TEL: 86 (0) 571-87017661/87017663 FAX: 86 (0) 571-87016777
EXECUTIVE SUMMARY
INCORPORATION DATE :
JUNE 29, 1999
REGISTRATION NO. :
330000000009213
REGISTERED LEGAL FORM : LIMITED LIABILITIES COMPANY
STAFF STRENGTH :
320
REGISTERED CAPITAL : CNY 70,000,000
BUSINESS LINE :
TRADING
TURNOVER :
CNY 3,441,598,000 (AS OF DEC.
31, 2010)
EQUITIES :
CNY 232,884,000 (AS OF DEC. 31, 2010)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO
USD 1,500,000
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
WELL-KNOWN
EXCHANGE RATE :
CNY 6.39 =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 Renminbi
SC was registered as a limited liabilities company at
Zhejiang Provincial Administration for Industry & Commerce (The official body
of issuing and renewing business license) on June 29, 1999.
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 scopes include operating medical machinery (validity period as of Jun.
14, 2014; selling Chinese traditional medicinal crops, Chinese patent
medicines, traditional Chinese medicines prepared in ready-to-use forms,
chemical raw materials, chemical agent, antibiotic, biochemical, acetic
anhydride, and phenyl acetic acid; selling dangerous chemical products
(validity period as of Aug. 30, 2011); operating non-medicine poisonous
chemicals (validity period as of Oct. 11, 2012), and potassium permanganate
(validity period as of Feb. 28, 2011); importing and exporting business.
SC is mainly
engaged in importing and exporting medical instruments.
Mr. Chen
Zhangsheng has been legal
representative, chairman and general manager of SC since April of 2010.
SC is known to
have approx. 320 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office in the commercial zone of Hangzhou. Our checks reveal that SC
owns the total premise about 2,000 square meters.
http://www.zmchealthcare.com
The design is professional and the content is well organized. At present the
web site is only in English version.
Email: wanglingli@zmcchina.com
& yuhead@zmcchina.com
SC obtained GSP Certificate, ISO Certificate and JAS Certificate.
Changes
of its registered information are as follows:
|
Date of change |
Item |
Before the
change |
After the change |
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|
Registered capital |
CNY 43,000,000 |
CNY 47,437,000 |
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|
Registered capital |
CNY 47,437,000 |
CNY 55,455,500 |
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|
Registered capital |
CNY 55,455,500 |
CNY 61,069,375 |
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|
Registered capital |
CNY 61,069,375 |
CNY 65,000,000 |
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|
Registered capital |
CNY 65,000,000 |
CNY 69,000,000 |
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Registered capital |
CNY 69,000,000 |
CNY 40,000,000 |
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|
Registered capital |
CNY 40,000,000 |
CNY 56,000,000 |
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Registered capital |
CNY 56,000,000 |
CNY 63,000,000 |
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Registration no. |
3300001005837 |
The present one |
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Registered capital |
CNY 63,000,000 |
The present amount |
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Legal representative |
Li Fusheng |
The present one |
MAIN SHAREHOLDERS:
Name %
of Shareholding
Employee Shareholders Association 45.27
Zhejiang International Business Group Co.,
Ltd. 30.00
Chen Zhangsheng 1.30
Li Fusheng 1.25
Li Lin 1.23
Wang Ping 1.23
Liu Junguang 0.99
Other 36 individuals 18.73
Zhejiang International Business Group Co.,
Ltd.
===================================
Zhejiang International Business Group Co.,
Ltd. was establishes in 2008. It is a sole
state-owned enterprise invested by the provincial government. The registered
capital of the group is 980 million Yuan, which comes from the capital of
original Rongda Group, Zhongda Group, and Dongfang Group. The legal residence
of the group is 199 Qingchun Road, Hangzhou City, Zhejiang. Conduct scope
covers all the ranging in the authorization scope. It involve foreign trading,
economy cooperation, real estate, industry investment, trade service, financial
stock, and the import and export trade is the main business. The group built up
extensive and stable trade cooperative relationship with the well-know
companies from 213 nations and region. The group exports more than 210 series
of products, mainly including textile products, clothing, primary product,
medical and chemical products, light industry article, machinery and
electricity product, and set equipments, etc.
Legal representative: Wang Tingge
Registration No.: 330000000018008
Tel: 86 0571-87385921
Fax: 86 0571-87385988
E-mail: info@zibchina.com
Website: http://www.zibchina.com
l
Legal representative, chairman and general
manager:
Mr. Chen Zhangsheng , ID#
330105195610290313, born in 1956, with university education. He is currently responsible for the overall
management of SC.
Working Experience(s):
From 1999 to April of 2010
Worked in SC as vice chairman and general manager;
From April of 2010 to present Working in SC as legal
representative, chairman and general manager.
l
Directors:
Mr. Li Lin , ID# 330102195210010336
Mr. Wang Baoping , ID# 610104196309090115
Mr. Liu Junguang , ID# 33010219540320003X
Mr. Huang Hai , ID# 330103196312161339
l
Supervisors:
Ms. Wang Ping , ID# 330103195606170025
Ms. Gong Yougen , ID# 330106196211301565
Mr. Xie Weiran , ID# 330106196504100134
SC is mainly engaged
in importing and exporting medical instruments.
SC’s products
mainly include: medical instruments, pharmaceuticals & intermediates,
natural plant extracts & food additives, medicines & preparations, etc.
SC sources its
materials 70% from domestic market, and 30% from U.S.A. and Europe. SC sells
30% of its products in domestic market, and 70% to Asian, Europe, America, etc.
The buying terms of SC include Check, T/T, L/C and Credit of 30-60 days.
The payment terms of SC include Check, T/T, L/C and Credit of 30-60 days.
Note: SC refused to release its main customers and
suppliers.
SC
is known to invest in the following companies:
Zhejiang
Yibao Health Products Co., Ltd.
Zhejiang
International Business Group Logistics Co., Ltd.
Zhejiang
Shangshang Medicine and Health Products Co., Ltd.
Ningbo
Huana Chemical Co., Ltd.
Jiangsu Meinuo Medical Instrument Co., Ltd. (in Chinese
Pinyin)
Quzhou
Chemsyn Pharm. Co., Ltd.
Shandong
Liyuan Pharmaceutical Co., Ltd.
Zhejiang Hisun Chemical Co., Ltd.
Pinghu
Xinjiyuan Raiment Co., Ltd.
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 China Zhejiang Branch
AC#: 800100024308091001
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
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As
of Dec. 31, 2010 |
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Cash & bank |
57,070 |
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Short term
investments |
0 |
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Transaction
monetary assets |
4,947 |
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Inventory |
171,857 |
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Accounts
receivable |
321,441 |
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Other Accounts
receivable |
121,055 |
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Advances to
suppliers |
89,207 |
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Other current
assets |
0 |
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------------------ |
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Current assets |
765,577 |
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Fixed assets net
value |
19,591 |
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Projects under
construction |
9,256 |
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Long term
investments |
69,428 |
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Financial assets
available for sale |
7,549 |
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Long-term
deferred expenses |
338 |
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Intangible
assets |
0 |
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Deferred assets
debits |
5,537 |
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Other assets |
0 |
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------------------ |
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Total assets |
877,276 |
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============= |
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Short loans |
27,159 |
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Bills payable |
380,075 |
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Accounts payable |
62,794 |
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Other Accounts
payable |
20,560 |
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Advances from
clients |
155,551 |
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Salary payable |
14,401 |
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Welfare payable |
0 |
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Tax payable |
-16,241 |
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Other current
liabilities |
0 |
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------------------ |
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Current
liabilities |
644,299 |
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Long term
liabilities |
0 |
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Other
liabilities |
93 |
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------------------ |
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Total
liabilities |
644,392 |
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Equities |
232,884 |
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------------------ |
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Total
liabilities & equities |
877,276 |
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============= |
Income Statement
Unit: CNY’000
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As of Dec. 31,
2010 |
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Turnover |
3,441,598 |
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Cost of goods sold |
3,261,392 |
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Taxes and additional of main operation |
1,167 |
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Sales expense |
67,335 |
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Management expense |
44,677 |
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Finance expense |
-22,491 |
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Loss from asset devaluation |
4,349 |
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Income from
changes in fair value |
344 |
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Investment
income |
5,353 |
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Non-operation
income |
3,877 |
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Non-operation expense |
4,095 |
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Profit before
tax |
90,648 |
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Less: profit tax |
22,861 |
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Profits |
67,787 |
Important Ratios
=============
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as
of Dec. 31, 2010 |
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*Current ratio |
1.19 |
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*Quick ratio |
0.92 |
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*Liabilities
to assets |
0.73 |
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*Net profit
margin (%) |
1.97 |
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*Return on
total assets (%) |
7.73 |
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*Inventory /Turnover
×365 |
19
days |
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*Accounts
receivable/Turnover ×365 |
35
days |
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*Turnover/Total
assets |
3.92 |
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* Cost of
goods sold/Turnover |
0.95 |
PROFITABILITY:
FAIRLY GOOD
l
The turnover of SC appears good in its line.
l
SC’s net profit margin is average.
l
SC’s return on total assets is fairly good.
l
SC’s cost of goods sold is fairly high, 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 inventory of SC appears average.
l
The accounts receivable of SC appears fairly large.
l
SC’s short loan appears average.
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 1,500,000 would appear to be within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.04 |
|
|
1 |
Rs.81.08 |
|
Euro |
1 |
Rs.67.39 |
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 |
|
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.