MIRA
INFORM REPORT
|
Report Date : |
24.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
ZHEJIANG MEDICINES
& HEALTH PRODUCTS IMPORT & EXPORT CO., LTD. |
|
|
|
|
Registered Office : |
ZMC Building, No. 101-2, Zhongshan North Road, Hangzhou,
Zhejiang Province, 310003 PR |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
29.06.1999 |
|
|
|
|
Com. Reg. No.: |
330000000009213 |
|
|
|
|
Legal Form : |
Limited
Liabilities Company |
|
|
|
|
Line of Business : |
Importing and exporting medical supplies and instruments |
|
|
|
|
No. of Employees : |
320 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
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, 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 2012 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 under 8% for 2012. An economic slowdown in Europe contributed to
China's, and is expected to further drag Chinese growth in 2013. 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
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) 571-28935716/28935717
FAX: 86 (0) 571-87016777
EXECUTIVE SUMMARY
INCORPORATION DATE :
JUNE 29, 1999
REGISTRATION NO. :
330000000009213
REGISTERED LEGAL FORM : LIMITED LIABILITIES COMPANY
CHIEF EXECUTIVE :
MR. CHEN ZHANGSHENG (CHAIRMAN)
STAFF STRENGTH :
320
REGISTERED CAPITAL : CNY 80,000,000
BUSINESS LINE :
TRADING
TURNOVER :
CNY 3,805,480,000 (AS OF DEC.
31, 2012)
EQUITIES :
CNY 313,060,000 (AS OF DEC. 31, 2012)
PAYMENT :
AVERAGE
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
FAIRLY STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
WELL-KNOWN
EXCHANGE RATE : CNY 6. 0936 =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 scope includes permit business items: operating medical machinery (range See "Medical Device Distribution Enterprise License", valid until June 14, 2014); wholesaling drugs (range see "Drug License", valid until November 22, 2014) and hazardous chemicals (see "People's Republic of dangerous chemicals business license", valid until August 30, 2015); operating non-drug precursor chemicals (see the range of "non-pharmaceutical precursor chemicals proven operating record", valid until September 8, 2013 and "non-pharmaceutical precursor chemicals business license", valid until October 11, 2015); selling prepackaged food and dairy products (including infant formula milk powder) (with "food distribution license" business, valid until November 13, 2015); general business items: import and export business. (excluding the items prohibited, limited and permitted by national laws and regulations)
SC is mainly engaged in importing and exporting medical supplies and instruments.
Mr. Chen Zhangsheng has been legal representative and chairman 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: liyangming@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 |
|
2000-06-19 |
Registered capital |
CNY 43,000,000 |
CNY 47,437,000 |
|
2002-01-21 |
Registered capital |
CNY 47,437,000 |
CNY 55,455,500 |
|
2002-07-10 |
Registered capital |
CNY 55,455,500 |
CNY 61,069,375 |
|
2003-07-18 |
Registered capital |
CNY 61,069,375 |
CNY 65,000,000 |
|
2004-08-04 |
Registered capital |
CNY 65,000,000 |
CNY 69,000,000 |
|
2005-09-05 |
Registered capital |
CNY 69,000,000 |
CNY 40,000,000 |
|
2006-08-10 |
Registered capital |
CNY 40,000,000 |
CNY 56,000,000 |
|
Registered capital |
CNY 56,000,000 |
CNY 63,000,000 |
|
|
2007-10-11 |
Registration no. |
3300001005837 |
The present one |
|
2009-08-26 |
Registered capital |
CNY 63,000,000 |
CNY 70,000,000 |
|
2010-04-06 |
Legal representative |
Li Fusheng |
The present one |
|
Unknown |
Registered capital |
CNY 70,000,000 |
Present amount |
|
Shareholders |
Employee Shareholders Association45.27%; Zhejiang International Business Group Co., Ltd. 30.00%; Chen Zhangsheng 1.30%; Li Fushen 1.25%; Li Lin 1.23%; Wang Ping 1.23% Liu Junguang 0.99%; Other 36 individuals 18.73% |
Employee Shareholders Association 47.72% Zhejiang International Business Group Co., Ltd.33.50% Chen Zhangsheng1.14% Li Lin 1.08% Wang Ping 1.08% Liu Junguang 0.86% Other 33 individuals 14.62% |
|
|
Shareholders |
Employee Shareholders Association 47.72% Zhejiang International Business Group Co., Ltd. 33.50% Chen Zhangshen 1.14% Li Lin 1.08% Wang Ping 1.08% Liu Junguang 0.86% Other 33 individuals 14.62% |
Present ones |
Organization Code: 142912646
For the past two years there is no record of litigation.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Employee Shareholders Association
49.23
Zhejiang International Business Group Co., Ltd. 33.50
Chen Zhangsheng 1.14
Li Lin 1.08
Liu Junguang 0.86
Bai Minzi 1.17
Other 31 individual 13.02
Zhejiang International Business Group Co., Ltd.
===================================
Zhejiang International Business Group Co., Ltd. was established in 2008, a solely state-owned company invested by Zhejiang People’s Government. Under the supervision and administration of Zhejiang State-owned Asset Supervision and Administration Commission ZIB acts of the capacity of state-owned fund provider responsible for value maintenance and increase of the state-owned asset.
Registered no.: 330000000018008
Registered capital: CNY 980,000,000
Legal representative: Wang Tingge
Legal form: Sole state-owned enterprise
Tel: 86-571- 87385955
Fax: 86-571-87385988
E-mail: service@zibchina.com
Website: http://www.zibchina.com
Legal representative and Chairman:
Mr. Chen Zhangsheng, 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 and chairman.
Also working in Zhejiang Yibao Health Products Co., Ltd., Zhejiang Shangshang Medicine and Health Products Co., Ltd. as legal representative.
General manager:
Mr. Zhao Xiaogang is currently responsible for the daily management of SC.
Working Experience(s):
At present Worked in SC as general manager
Directors:
Chen Lu
Tang Xiaolan
Liu Junguang
Huang Hai
Supervisors:
Zhu Sheng
Chen Leqian
Gong Yougen
SC is mainly engaged in importing and exporting medical supplies and instruments.
SC’s products mainly include:
Urological
Surgical Suction Management
Kit Treatment
Diagnostic Products
Basic Dressing
Ostomy Care
Wound Care
Enteral Feeding
Endoscope Products & Medical Stents
Electric Supplies
Electrosurgery
First Aid Kits
Gynecological
Homecare
IV Solution
Lab Specimen Collection
Medical Plastic Products
Medical Equipment
Personal Protection
Sports support
SC sources its materials 90% from domestic market, and 10% from U.S.A. and Europe. SC sells 20% of its products in domestic market, and 80% 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.
=============================
Incorporation date:
Registered no.: 330000000004540
Legal representative: Chen Zhangsheng
Legal form: One-person Limited Liability Company
Zhejiang International Business Group Logistics Co., Ltd.
========================================
Incorporation date:
Registered no.: 330000000035693
Legal representative: Wu Xingguo
Legal form: Limited liabilities co.
E-mail: gmwl2009@gmail.com
Tel:
86-571-87957349
Fax:
86-571-85779652
Zhejiang Shangshang Medicine and Health Products Co., Ltd.
=============================================
Incorporation date:
Registered no.: 330000000058051
Legal representative: Chen Zhangsheng
Legal form: One-person Limited Liability Company
Web: http://www.zjss.com
Ningbo Huana Chemical Co., Ltd.
========================
Incorporation date:
Registered no.: 330211000014597
Registered capital: CNY 1,500,000
Legal representative: Xu Chao
Legal form: Limited liabilities co.
E-mail: huanachem@163.com
Tel:
86-574-86509690/86509691
Fax:
86-574-86502089
Quzhou Chemsyn Pharm. Co., Ltd.
========================
Incorporation date:
Registered no.: 330800000050680
Legal representative: Ye Shanhai
Legal form: Limited liabilities co.
Web: http://www.chemsynpharm.com
E-mail: sales@chemsynpharm.com
Tel:
86-570-3091616
Fax:
86-570-3090585
Zhejiang Hisun Chemical Co., Ltd.
=========================
Incorporation date:
Registered capital:
CNY 85,000,000
Legal representative: Bai Hua
Legal form: Shares limited co.
E-mail: sales.intl@hisunchem.com
Tel:
86-576-88827793
Fax:
86-576-88827789
Pinghu Xinjiyuan Raiment Co., Ltd.
=========================
Incorporation date:
Registered no.: 330482000052672
Legal representative: Hou Honghao
Legal form: Limited liabilities co.
Etc.
Zhejiang Medicines & Health Products Import & Export Co., Ltd. Xiaoshan Branch
==========================================================
Incorporation date:
Registered no.: 330181000232932
Principal: Yao Zhaili
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 Province Branch
AC#: 361058326683
Relationship: Normal.
Balance Sheet
Unit: CNY’000
|
|
As of Dec. 31, 2012 |
|
Cash & bank |
39,910 |
|
Trading financial assets |
5,330 |
|
Inventory |
202,490 |
|
Accounts receivable |
501,110 |
|
Export tax rebates receivable |
26,190 |
|
Other Accounts receivable |
69,790 |
|
Advances to suppliers |
58,030 |
|
Other current assets |
0 |
|
|
------------------ |
|
Current assets |
902,850 |
|
Fixed assets net value |
14,980 |
|
Projects under construction |
9,260 |
|
Long term investments |
83,840 |
|
Financial assets available for sale |
7,080 |
|
Long-term deferred expenses |
2,740 |
|
Intangible assets |
0 |
|
Deferred assets debits |
5,530 |
|
Other assets |
0 |
|
|
------------------ |
|
Total assets |
1,026,280 |
|
|
============= |
|
Short loans |
141,340 |
|
Notes payable |
345,740 |
|
Accounts payable |
139,290 |
|
Other Accounts payable |
5,790 |
|
Advances from clients |
105,210 |
|
Employee pay payable |
5,630 |
|
Tax payable |
-29,780 |
|
Other current liabilities |
0 |
|
|
------------------ |
|
Current liabilities |
713,220 |
|
Other liabilities |
0 |
|
|
------------------ |
|
Total liabilities |
713,220 |
|
Equities |
313,060 |
|
|
------------------ |
|
Total liabilities & equities |
1,026,280 |
|
|
============= |
Income Statement
Unit: CNY’000
|
|
As of Dec. 31, 2012 |
|
Turnover |
3,805,480 |
|
Cost of goods sold |
3,623,250 |
|
Taxes and additional of main operation |
750 |
|
Sales expense |
57,820 |
|
Management expense |
58,000 |
|
Finance expense |
-23,820 |
|
Impairment of assets |
1,340 |
|
Sound value flexible profit |
80 |
|
Investment income |
6,180 |
|
Non-operation income |
8,720 |
|
Non-operation expense |
3,880 |
|
Profit before tax |
99,240 |
|
Less: profit tax |
25,250 |
|
Profits |
73,990 |
Important Ratios
=============
|
|
as of Dec. 31, 2012 |
|
*Current ratio |
1.27 |
|
*Quick ratio |
0.98 |
|
*Liabilities to assets |
0.69 |
|
*Net profit margin (%) |
1.94 |
|
*Return on total assets (%) |
7.21 |
|
*Inventory /Turnover ×365 |
20 days |
|
*Accounts receivable/Turnover ×365 |
49 days |
|
*Turnover/Total assets |
3.71 |
|
* Cost of goods sold/Turnover |
0.95 |
PROFITABILITY: FAIRLY
GOOD
The turnover of SC appears good in its line.
SC’s net profit margin is average.
SC’s return on total assets is fairly good.
SC’s cost of goods sold is fairly high, comparing with its turnover.
LIQUIDITY: AVERAGE
The current ratio of SC is maintained in a normal level.
SC’s quick ratio is maintained in a normal level.
The inventory of SC appears average.
The accounts receivable of SC appears fairly large.
SC’s short loan appears average in 2012.
SC’s turnover is in a fairly good level, comparing with the size of its total assets.
LEVERAGE: AVERAGE
The debt ratio of SC is average.
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. The large amount of accounts receivable could be a threat
to SC’s financial condition.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.48 |
|
|
1 |
Rs.98.67 |
|
Euro |
1 |
Rs.79.80 |
INFORMATION DETAILS
|
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.