MIRA INFORM REPORT
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Report Date : |
16.05.2014 |
IDENTIFICATION DETAILS
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Name : |
Danyang Hualaishi Medical Glass Products Co., Ltd. |
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Registered Office : |
Qianai, Development Zone Of
Danyang City, Jiangsu Province 212326 PR |
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Country : |
China |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
22.09.2003 |
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Com. Reg. No.: |
321181000047648 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacturing and selling pharmaceutical glass products |
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No. of Employees |
98 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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 |
|
Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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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
Danyang Hualaishi Medical Glass
Products Co., Ltd.
Qianai,
development zone of danyang city
JIANGSU
PROVINCE 212326 PR CHINA
TEL: 86
(0) 511-86265085/86265033/86265083/86265032
FAX: 86
(0) 511-86261618
EXECUTIVE
SUMMARY
Date of Registration : September 22, 2003
REGISTRATION NO. : 321181000047648
LEGAL FORM : Limited Liability Company
REGISTERED CAPITAL :
CNY 1,000,000
staff : 98
BUSINESS CATEGORY :
MANUFACTURING & TRADING
Revenue :
CNY 16,410,000 (AS OF DEC. 31,
2013)
EQUITIES :
CNY 3,590,000 (AS OF DEC. 31, 2013)
WEBSITE : www.hualaishivial.com
E-MAIL :
hualaishiglass@126.com
PAYMENT : AVERAGE
MARKET CONDITION : average
FINANCIAL CONDITION : fairly stable
OPERATIONAL TREND :
fairly STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.23 = 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 a limited liabilities company of PRC with State Administration
of Industry & Commerce (SAIC) under registration No.: 321181000047648 on September 22, 2003.
SC’s Organization Code Certificate
No.: 75460901-5
SC’s Tax No.: 321181754609015
SC’s registered capital: CNY 1,000,000
SC’s paid-in capital: CNY 1,000,000
Registration Change Record:-
No significant changes of SC have
been noted in SAIC since its incorporation.
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Yu Yafeng |
90 |
|
Li Cuiyu |
10 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative,
Chairman, and General Manager |
Yu
Yafeng |
|
Supervisor |
Li
Cuiyu |
RECENT
DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER
CHART & BACKGROUND
Name %
of Shareholding
Yu Yafeng 90
Li Cuiyu 10
MANAGEMENT
Yu
Yafeng, Legal
Representative, Chairman and General Manager
--------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 36
Ø
ID# 321181197812028211
Ø Qualification:
University
Ø Working experience
(s):
From 2003 to present, working in SC as
legal representative, chairman and general manager
Also working in Jiangsu Hualaishi
Western-style Clothes Co., Ltd., Danyang Hualaishi Glass Fiber Co., Ltd., and
Danyang Hualaishi Fiberglass Products Co., Ltd. as legal representative
Li Cuiyu, Supervisor
--------------------------------------
Ø
Gender: F
Ø
Age: 34
Ø
ID# 321181198008058625
BUSINESS
OPERATION
SC’s registered business scope includes general cargo;
manufacturing and selling pharmaceutical glass products, aluminum-plastic products,
plastic products; operating and acting as an agent of importing and exporting
various kinds of commodities and technology, excluding the goods forbidden by
the government.
SC is
mainly engaged in manufacturing and selling pharmaceutical glass products.
Brand: HUALAISHI
SC’s
products mainly include: pharmaceutical glassware, etc.
SC sources its materials 100% from domestic market, mainly Jiangsu. SC sells 40% of its products in domestic market, and 60% to overseas market.
The
buying terms of SC include Check, T/T and Credit of 30-60 days. The payment
terms of SC include T/T, L/C and Credit of 30-60 days.
*Major Customer:
=============
Bio
Nuclear Diagnostics Inc.
Staff & Office:
--------------------------
SC is
known to have approx. 98 staff
at present.
SC rents an area
as its operating office & factory of approx. 40,000 sq. meters at the
heading address.
RELATED
COMPANY
n
Jiangsu Hualaishi Western-style Clothes Co., Ltd.
--------------------------------
Date of Registration: November 6, 1995
Registration No.: 321181000065423
Registered Capital: CNY 20,280,000
n
Danyang Hualaishi Glass Fiber Co., Ltd.
---------------------------------------
Date of Registration: March 26, 2004
Registration No.: 321181000049264
Registered Capital: CNY 1,000,000
n
Danyang Hualaishi Fiberglass Products Co., Ltd.
---------------------------------------
Date of Registration: March 19, 2007
Registration No.: 321181400005071
Registered Capital: HKD 2,245,356
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
The bank
information of SC is not filed in SAIC.
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2013 |
|
Cash |
2,170 |
|
Notes receivable |
0 |
|
Accounts
receivable |
3,350 |
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Advances to
suppliers |
0 |
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Other receivable |
930 |
|
Inventory |
830 |
|
Non-current
assets within one year |
0 |
|
Other current
assets |
1,200 |
|
|
------------------ |
|
Current assets |
8,480 |
|
Fixed assets |
3,660 |
|
Long-term
prepaid expenses |
0 |
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Deferred income
tax assets |
0 |
|
Other
non-current assets |
0 |
|
|
------------------ |
|
Total assets |
12,140 |
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|
============= |
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Short-term loans |
0 |
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Notes payable |
0 |
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Accounts payable |
2,920 |
|
Advances from
clients |
40 |
|
Other payable |
5,480 |
|
Other current
liabilities |
110 |
|
|
------------------ |
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Current
liabilities |
8,550 |
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Non-current
liabilities |
0 |
|
|
------------------ |
|
Total
liabilities |
8,550 |
|
Equities |
3,590 |
|
|
------------------ |
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Total
liabilities & equities |
12,140 |
|
|
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2013 |
|
Revenue |
16,410 |
|
Cost of sales |
13,760 |
|
Sales expense |
1,240 |
|
Management expense |
650 |
|
Finance expense |
0 |
|
Profit before
tax |
480 |
|
Less: profit tax |
0 |
|
Profits |
480 |
Important Ratios
=============
|
|
As
of Dec. 31, 2013 |
|
*Current ratio |
0.99 |
|
*Quick ratio |
0.89 |
|
*Liabilities
to assets |
0.70 |
|
*Net profit
margin (%) |
2.93 |
|
*Return on
total assets (%) |
3.95 |
|
*Inventory /
Revenue ×365 |
19 days |
|
*Accounts
receivable/ Revenue ×365 |
75 days |
|
*Revenue/Total
assets |
1.35 |
|
*Cost of sales
/ Revenue |
0.84 |
FINANCIAL
COMMENTS
PROFITABILITY:
AVERAGE
l The revenue of SC appears average in its line.
l SC’s net profit
margin is average.
l SC’s return on
total assets is average.
l
SC’s cost of sales is average, comparing with its revenue.
LIQUIDITY:
AVERAGE
l
The current ratio of SC is maintained in a fair
level.
l
SC’s quick ratio is maintained in a normal level.
l
The inventory of SC is maintained in an average
level.
l
The accounts receivable of SC is maintained in an
average level.
l
SC has no short-term loans.
l
SC’s revenue 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 above average.
Overall financial
condition of the SC: Fairly Stable.
CONCLUSIONS
SC is considered small-sized in its line with
fairly stable financial conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.47 |
|
|
1 |
Rs.99.70 |
|
Euro |
1 |
Rs.81.55 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
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|
Report Prepared
by : |
PDT |
RATING EXPLANATIONS
|
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 |
-- |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.