MIRA
INFORM REPORT
|
Report Date : |
19.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
SHANDONG LIANFA MEDICAL
PLASTIC PRODUCTS Co., Ltd. |
|
|
|
|
Registered Office : |
No. 1, Sanjian Road, Shuangshan, Zhangqiu, Ji’nan, Shandong Province,
250200 Pr |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
23.11.1992 |
|
|
|
|
Com. Reg. No.: |
370100400006328 |
|
|
|
|
Legal Form : |
Chinese-Foreign Equity Joint Venture
Enterprise |
|
|
|
|
Line of Business : |
Subject engaged in manufacturing and selling medical plastic products. |
|
|
|
|
No. of Employees : |
200 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
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 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
China |
A2 |
A |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
china - ECONOMIC OVERVIEW
Since the late 1970s China has moved from a closed, centrally planned system to a more market-oriented one that plays a major global role - in 2010 China became the world's largest exporter. Reforms began with the phasing out of collectivized agriculture, and expanded to include the gradual liberalization of prices, fiscal decentralization, increased autonomy for state enterprises, creation of a diversified banking system, development of stock markets, rapid growth of the private sector, and opening to foreign trade and investment. China has implemented reforms in a gradualist fashion. In recent years, China has renewed its support for state-owned enterprises in sectors it considers important to "economic security," explicitly looking to foster globally competitive national champions. After keeping its currency tightly linked to the US dollar for years, in July 2005 China revalued its currency by 2.1% against the US dollar and moved to an exchange rate system that references a basket of currencies. From mid 2005 to late 2008 cumulative appreciation of the renminbi against the US dollar was more than 20%, but the exchange rate remained virtually pegged to the dollar from the onset of the global financial crisis until June 2010, when Beijing allowed resumption of a gradual appreciation. The restructuring of the economy and resulting efficiency gains have contributed to a more than tenfold increase in GDP since 1978. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, China in 2010 stood as the second-largest economy in the world after the US, having surpassed Japan in 2001. The dollar values of China's agricultural and industrial output each exceed those of the US; China is second to the US in the value of services it produces. Still, per capita income is below the world average. The Chinese government faces numerous economic challenges, including: (a) reducing its high domestic savings rate and correspondingly low domestic demand; (b) sustaining adequate job growth for tens of millions of migrants and new entrants to the work force; (c) reducing corruption and other economic crimes; and (d) containing environmental damage and social strife related to the economy's rapid transformation. Economic development has progressed further in coastal provinces than in the interior, and by 2011 more than 250 million migrant workers and their dependents had relocated to urban areas to find work. One consequence of population control policy is that China is now one of the most rapidly aging countries in the world. Deterioration in the environment - notably air pollution, soil erosion, and the steady fall of the water table, especially in the North - is another long-term problem. China continues to lose arable land because of erosion and economic development. The Chinese government is seeking to add energy production capacity from sources other than coal and oil, focusing on nuclear and alternative energy development. In 2010-11, China faced high inflation resulting largely from its credit-fueled stimulus program. Some tightening measures appear to have controlled inflation, but GDP growth consequently slowed to near 9% for 2011. An economic slowdown in Europe is expected to further drag Chinese growth in 2012. Debt overhang from the stimulus program, particularly among local governments, and a property price bubble challenge policy makers currently. The government's 12th Five-Year Plan, adopted in March 2011, emphasizes continued economic reforms and the need to increase domestic consumption in order to make the economy less dependent on exports in the future. However, China has made only marginal progress toward these rebalancing goals.
|
Source : CIA |
Company name and address
SHANDONG LIANFA MEDICAL PLASTIC PRODUCTS Co., Ltd.
No. 1, Sanjian road, Shuangshan, Zhangqiu,
Ji’nan,
shandong PROVINCE, 250200 PR CHINA
TEL: 86 (0) 531-61329777/61328777 FAX: 86 (0) 531-61329777
EXECUTIVE SUMMARY
INCORPORATION DATE : nov. 23, 1992
REGISTRATION NO. : 370100400006328
REGISTERED LEGAL FORM : Chinese-foreign equity
joint venture enterprise
CHIEF EXECUTIVE :
Ms. yang LIANYING (CHAIRMAN)
STAFF STRENGTH :
200
REGISTERED CAPITAL : CNY 2,295,200
BUSINESS LINE :
MANUFACTURING AND trading
TURNOVER :
CNY 22,050,000 (AS OF DEC. 31, 2011)
EQUITIES :
CNY 3,510,000 (AS OF DEC. 31, 2011)
PAYMENT :
AVERAGE
MARKET CONDITION : average
FINANCIAL CONDITION : fairly stable
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY
6.2205 = 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 Chinese-foreign equity joint venture enterprise
at local Administration for industry & commerce (AIC - the official body of
issuing and renewing business license) on Nov. 23, 1992.
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 investing parties
are free to agree on method of profit distribution and liabilities bearing
according to the proportion of capital investment. Each investing parties
contributes funds, tangible assets, technology & etc. The board of
directors excises the high authority. The joint venture usually has 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 that have good competition
position in international market may extend beyond the 50 years limit.
SC’s registered business scope includes manufacturing classⅡ medical
laboratory and basic equipment and apparatus (6841) (medical device
manufacturing enterprise license validity period as of January 27, 2016), injection products,
plastic mold, electronic watches and clocks; sales of the company's products.
(with permit if needed)
SC is mainly engaged in manufacturing and selling medical plastic
products.
Ms. Yang Lianying has been legal
representative and chairman of SC since 2012.
SC is known to have approx. 200 employees at present.
SC is currently operating at the above stated address, and this address houses
its operating office and factory in Zhangqiu. Our checks reveal that SC rents
the total premise about 14,000 square meters.
http://www.sdlianfa.com
The design is professional and the content is well organized. At present it is
in Chinese and English versions.
E-mail: henry@lianyingchina.com
Changes of its
registered information are as follows:
|
Date of change |
Item |
Before the change |
After the change |
|
2012-7 |
Company name |
Ji’nan Lianfa Medical Plastic Products Co.,
Ltd. |
Present one |
|
Legal rep. |
Ma Zhaohui 麻兆暉 |
Present one |
SC has got the certificates of
MAIN SHAREHOLDERS:
Name %
of Shareholding
Ji’nan Lixia Medical Materials Factory (In Chinese Pinyin) 64.48
America Changshen Development Corp. (In Chinese Pinyin) 35.52
Legal Representative and Chairman:
Ms. Yang Lianying, born in 1942, with junior college education. She is
currently responsible for the overall management of SC.
Working Experience(s):
From 2012 to present Working
in SC as chairman and legal representative.
Vice
Chairman:
Mr. Zhang Zhike is currently responsible for the daily management of SC.
Working Experience(s):
At present Working
in SC as vice chairman
General Manager:
Mr. Zhang Diansheng is currently responsible for the daily management of
SC.
Working Experience(s):
At present Working
in SC as general manager
Directors:
Zhang Xuegao
Lv Hua
Zhuang Haining
SC is mainly engaged in manufacturing and selling medical plastic
products.
SC’s products mainly include
lancing device (LF-L-L)
lancing device (Mini)
lancing device with ejector (LF-L-E)
blood lancet
twist lancet
flat lancet
safety lancet
safety lancet (PA)
safety lancet (BA)
SC sources its materials 100% from domestic market. SC sells 50% of its
products in domestic market, and 50% to overseas market, mainly America,
Brazil, etc.
The buying terms of SC include Check, 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.
Note: SC’s management refused to release its main clients and suppliers.
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.
Bank of China Ji’nan Branch
AC#：244210911497
Relationship: Normal
Balance Sheet
Unit: CNY’000
|
|
as of Dec. 31, 2011 |
|
Cash & bank |
1,700 |
|
Inventory |
300 |
|
Accounts receivable |
1,990 |
|
Advances to suppliers |
150 |
|
Other receivables |
8,910 |
|
Other current assets |
0 |
|
|
------------------ |
|
Current assets |
13,050 |
|
Long-term investments |
0 |
|
Fixed assets net value |
4,000 |
|
Projects under construction |
130 |
|
Long-term deferred expense |
480 |
|
Intangible assets |
0 |
|
Other assets |
0 |
|
|
------------------ |
|
Total assets |
17,660 |
|
|
============= |
|
Short loans |
0 |
|
Accounts payable |
5,680 |
|
Advances from customers |
1,270 |
|
Accrued Payroll |
0 |
|
Taxes payable |
10 |
|
Other accounts payable |
7,190 |
|
Other current liabilities |
0 |
|
|
----------------- |
|
Current liabilities |
14,150 |
|
Long term liabilities |
0 |
|
|
------------------ |
|
Total liabilities |
14,150 |
|
Shareholders equities |
3,510 |
|
|
------------------ |
|
Total liabilities & equities |
17,660 |
|
|
============= |
Income Statement
Unit: CNY’000
|
|
as of Dec. 31, 2011 |
|
Turnover |
22,050 |
|
Cost of goods sold |
17,430 |
|
Taxes and additional of main operation |
10 |
|
Sales expense |
570 |
|
Management expense |
3,480 |
|
Finance expense |
20 |
|
Non-operating income |
0 |
|
Non-operating expense |
20 |
|
Profit before tax |
520 |
|
Less: profit tax |
90 |
|
Net profit |
430 |
Important Ratios
=============
|
|
as of Dec. 31, 2011 |
|
*Current ratio |
0.92 |
|
*Quick ratio |
0.90 |
|
*Liabilities to assets |
0.80 |
|
*Net profit margin (%) |
1.95 |
|
*Return on total assets (%) |
2.43 |
|
*Inventory /Turnover ×365 |
5 days |
|
*Accounts receivable/Turnover ×365 |
33 days |
|
*Turnover/Total assets |
1.25 |
|
* Cost of goods sold/Turnover |
0.79 |
PROFITABILITY:
AVERAGE
The turnover of SC appears average in its line.
SC’s net profit margin is average.
SC’s return on total assets is average.
SC’s cost of goods sold is average, comparing with its turnover.
LIQUIDITY: AVERAGE
The current ratio of SC is maintained in a fair level.
The quick ratio of SC is maintained in a normal level.
The inventory of SC appears average.
The accounts receivable of SC appears average.
SC has no short-term loan in 2011.
SC’s turnover is in an average level, comparing with the size of its
total assets.
LEVERAGE: FAIR
The debt ratio of SC is fairly high.
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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.94 |
|
|
1 |
Rs.86.24 |
|
Euro |
1 |
Rs.72.20 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.