MIRA INFORM REPORT
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Report Date : |
14.05.2014 |
IDENTIFICATION DETAILS
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Name : |
CHINA
MEHECO CORPORATION |
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Registered Office : |
No. 18 Guangming Middle Street,
Dongcheng District, Beijing 100061 PR |
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Country : |
China |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
18.07.1983 |
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Com. Reg. No.: |
110000008319434 |
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Legal Form : |
One-Person Limited Liability Company |
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Line of Business : |
Subject includes selling Type medical 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; Wholesale (non-physical way) of pre-packaged foods;
processing Chinese Herbal Medicine (only branch operations). Sales of
automobile (excluding nine below passenger car); import and export of goods
and technology, import and export agent; warehousing services; sells grains,
beans, potatoes, fodder; rental equipment and mechanical equipment; leasing
of medical devices and equipment ; cultivation of Chinese herbal medicines;
acquisition of agricultural and livestock products ( excluding those without
obtaining a special permit). |
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No. of Employees |
450 |
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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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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
China |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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, growth of the
private sector, development of stock markets and a modern banking system, 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 considered important to "economic
security," explicitly looking to foster globally competitive industries.
After keeping its currency tightly linked to the US dollar for years, in July
2005 China 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 and
expanded the daily trading band within which the RMB is permitted to fluctuate.
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 2013 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
consumption; (b) facilitating higher-wage job opportunities for the aspiring
middle class, including rural migrants and increasing numbers of college
graduates; (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. Several factors are
converging to slow China's growth, including debt overhang from its
credit-fueled stimulus program, industrial overcapacity, inefficient allocation
of capital by state-owned banks, and the slow recovery of China's trading
partners. The government's 12th Five-Year Plan, adopted in March 2011 and
reiterated at the Communist Party's "Third Plenum" meeting in
November 2013, emphasizes continued economic reforms and the need to increase
domestic consumption in order to make the economy less dependent in the future
on fixed investments, exports, and heavy industry. However, China has made only
marginal progress toward these rebalancing goals. The new government of
President XI Jinping has signaled a greater willingness to undertake reforms
that focus on China's long-term economic health, including giving the market a
more decisive role in allocating resources
|
Source
: CIA |
Company
name and address
CHINA MEHECO CORPORATION
NO. 18
GUANGMING MIDDLE STREET, DONGCHENG DISTRICT
BEIJING
100061 PR CHINA
TEL: 86
(0) 10-67107630/67116688
FAX: 86
(0) 10-67114290
EXECUTIVE
SUMMARY
Date of Registration : JULY 18, 1983
REGISTRATION NO. : 110000008319434
LEGAL FORM : One-person Limited Liability Company
REGISTERED CAPITAL :
CNY 300,000,000
staff : 450
BUSINESS CATEGORY :
TRADING
Revenue :
CNY 1,578,415,000 (AS OF DEC. 31, 2013)
EQUITIES :
CNY 426,943,000 (AS OF DEC. 31, 2013)
WEBSITE : N/A
E-MAIL :
trade@meheco.com.cn
PAYMENT : AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly stable
OPERATIONAL TREND :
fairly STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.24 = USD 1
Adopted abbreviations (as follows)
SC - Subject Company
(the company inquired by you)
N/A – Not available
CNY – China Yuan Ren
Min Bi
OPERATIONAL
TREND & GENERAL REPUTATION
This section aims at indicating the relative positions of SC in respect
of its operational trend & general reputation
Operational Trend:- General
Reputation:-
Upward Excellent
Steady Good
Fairly Steady Fairly
Good
Ordinary Average
Fair Fair
Stagnant Detrimental
Downward Not
known
Not known Not
yet be determined
Not yet be determined
LEGAL
STATUS & HISTORY
SC was
established as one-person limited liabilities company of PRC with State
Administration of Industry & Commerce (SAIC) under registration No.:
110000008319434.
SC’s Organization Code Certificate No.:
10168985-5
SC’s Tax No.: 110103101689855
SC’s registered capital: CNY
300,000,000
SC’s paid-in capital: CNY
300,000,000
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
|
Company Name |
China Traditional Medicines & Health Products Imp. & Exp.
Corp. |
China Meheco Corporation |
|
Registered Capital |
CNY 90,000,000 |
CNY 300,000,000 |
|
|
Legal Form |
State-owned enterprise |
Limited liabilities company |
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|
Legal Representative |
Zhang Benfu |
Han Benyi |
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Shareholder
(s) (% of Shareholding) |
China General Technology (Group) Holding, Ltd. 76.96% CNTIC Trading Co., Ltd. 23.04% |
China General Technology (Group) Holding, Ltd. 0% China Medicine and Health Products Co., Ltd. 90% |
|
2007-12-28 |
Shareholder
(s) |
CNTIC Trading Co., Ltd. |
China Medicine and Health Products Co., Ltd. |
|
|
Legal Representative |
Han Benyi |
Zhang Benzhi |
|
-- |
Legal representative |
Zhang Benzhi |
Wang Hongxin |
|
Shareholder
(s) (% of Shareholding) |
China General Technology (Group) Holding, Ltd. 10% China Medicine and Health Products Co., Ltd. 90% |
China Meheco Co., Ltd. 100% |
|
|
Legal Form |
Limited Liabilities Company |
One-Person Limited Liabilities Company |
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
China Meheco Co., Ltd. |
100 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative and
Chairman |
Wang
Hongxin |
|
General Manager |
Guo
Hong |
|
Supervisor |
Ma
Xiaodong |
RECENT
DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER
CHART & BACKGROUND
Name %
of Shareholding
China Meheco Co., Ltd.
100
-----------------------------
China Meheco Co., Ltd. is a listed company in Shanghai Stock Exchange
Market with the code of 600056.
Date of Registration: May 8, 1997
Registration No.: 110000011645011
Web: www.meheco.cn
MANAGEMENT
Wang
Hongxin, Legal
Representative and Chairman
-------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 48
Ø Qualification:
University
Ø Working experience
(s):
At present, working in SC as legal
representative and chairman, also working in China Meheco Co., Ltd. as deputy
general manager
Guo Hong, General Manager
----------------------------------------------
Ø Gender: F
Ø Qualification:
University
Ø Working experience
(s):
At present, working in SC as general
manager
Supervisor
--------------
Ma Xiaodong
BUSINESS
OPERATION
SC’s registered business scope includes selling Type medical
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; Wholesale (non-physical way) of pre-packaged foods; processing Chinese
Herbal Medicine (only branch operations). Sales of automobile (excluding nine
below passenger car); import and export of goods and technology, import and
export agent; warehousing services; sells grains, beans, potatoes, fodder;
rental equipment and mechanical equipment; leasing of medical devices and
equipment ; cultivation of Chinese herbal medicines; acquisition of
agricultural and livestock products ( excluding those without obtaining a
special permit).
SC is
mainly engaged in trading of medical appliances.
Brand: 
SC’s
products mainly include: Botanical Medicines, Health Products, Pharmaceuticals
& Chemical medicines, Medical Instruments and Medical Sundries.
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, 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.
*Major Customers:
==============
Nl Stores Inc.
Singhal Agro
Products
Agricola Y
Cultivos Altamira SAS
Staff & Office:
--------------------------
SC is
known to have approx. 450 staff at present.
SC rents an area
as its operating office, but the detailed information is unknown.
RELATED
COMPANY
SC is
known to invest in the following companies:
n
China Meheco Herbs Import & Export
Corporation
n
Meheco Medicines & Chemicals I/E
Corporation
n
China Meheco MISD I/E. Corporation
n
China Medical Equipment and Technical
Service Company Ltd.
n
China Meheco Int'l Trade Development
Company Ltd.
PAYMENT
Overall payment appraisal:
( ) Excellent ( ) Good (X) Average ( ) Fair ( ) Poor ( ) Not yet be 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.
BANKING
Basic Bank:
Bank of China General Office
AC#: 00028708094001
FINANCIALS
Financial Summary
|
Unit: CNY’000 |
As
of Dec. 31, 2012 |
As
of Dec. 31, 2013 |
|
Long term investment |
12,560 |
12,560 |
|
Total assets |
2,515,763 |
2,500,389 |
|
|
------------- |
------------- |
|
Total
liabilities |
2,102,368 |
2,073,446 |
|
Equities |
413,395 |
426,943 |
|
|
------------- |
------------- |
|
Revenue |
1,215,791 |
1,578,415 |
|
Profit before
tax |
48,476 |
15,938 |
|
Less: profit tax |
9,132 |
2,390 |
|
Profits |
39,344 |
13,548 |
Important Ratios
=============
|
|
As
of Dec. 31, 2012 |
As
of Dec. 31, 2013 |
|
*Liabilities to
assets |
0.84 |
0.83 |
|
*Net profit
margin (%) |
3.24 |
0.86 |
|
*Return on
total assets (%) |
1.56 |
0.54 |
|
*Revenue /
Total assets |
0.48 |
0.63 |
FINANCIAL
COMMENTS
PROFITABILITY:
AVERAGE
l The revenue of SC appears fairly good in its line.
l SC’s net profit
margin is average.
l SC’s return on
total assets is average.
LIQUIDITY:
FAIR
l
SC’s revenue is in a
fair 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 low.
Overall financial
condition of the SC: Fairly Stable.
CONCLUSIONS
SC is considered large-sized in its line with
fairly stable financial conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.87 |
|
|
1 |
Rs.100.98 |
|
Euro |
1 |
Rs.82.40 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
PDT |
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.