MIRA INFORM REPORT
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Report Date : |
22.11.2014 |
IDENTIFICATION DETAILS
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Name : |
NINGBO GREETING MEDICAL INSTRUMENT CO., LTD. |
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Registered Office : |
18/F, Building 1, Wante Business Center, No. 487, Yangmuqi Road, Jiangdong District, Ningbo, Zhejiang Province 315042 Pr |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
05.04.2007 |
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Com. Reg. No.: |
330215000016605 |
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Legal Form : |
Limited Liabilities Co |
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Line of Business : |
Engaged in
Selling Medical Instruments Products Mainly Include Diagnostics, Physician
Scales, Laboratory Instrument, Hospital Equipment |
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No. of Employees : |
50 |
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 : |
Slow but 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 – June 1, 2014
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Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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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 |
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.
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Source
: CIA |
NAME OF THE COMAPY
NINGBO GREETMED MEDICAL
INSTRUMENTS CO., LTD.
18/F, BUILDING 1, WANTE
BUSINESS CENTER, NO. 487, YANGMUQI ROAD, JIANGDONG DISTRICT, NINGBO, ZHEJIANG
PROVINCE 315042 PR CHINA
48718
TEL: 86 (0)
574-87911792
FAX: 86 (0) 574-87722360
EXECUTIVE SUMMARY
INCORPORATION DATE : APR. 5, 2007
REGISTRATION NO. : 330215000016605
REGISTERED LEGAL FORM : LIMITED LIABILITIES CO.
STAFF STRENGTH :
50
REGISTERED CAPITAL : CNY 2,000,000
BUSINESS LINE :
TRADING
TURNOVER :
CNY 174,530,000 (AS OF DEC. 31,
2013)
EQUITIES :
CNY 1,840,000 (AS OF DEC. 31, 2013)
PAYMENT :
AVERAGE
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION :
FAIRLY STABLE
OPERATIONAL TREND :
FAIRLY
STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.1242= 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 co. at local
Administration for Industry & Commerce (AIC – The officialbody of issuing
and renewing business license) on Apr. 5, 2007.
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 importing and exporting commodities and technologies,
excluding commodities and technologies prohibited by the state; wholesaling and
retailing Class I medical devices, thermometer, blood pressure, magnetic
therapy apparatus, medical absorbent cotton, medical absorbent gauze, medical
masks, medical sterile gauze, home blood glucose meter, blood sugar test paper
strip, pregnancy diagnosis, condoms, contraceptive cap, wheelchair, crutch,
walker, textiles, textile materials, clothing, machinery equipment, hardware,
office accessories, handicrafts, daily necessities, toys, rubber and plastic
products, chemical raw materials and products, metal materials, building
materials, leather products, ceramics, lamps and lanterns, paper, electronic
components and products, primary agricultural products; commodity information
consulting services.
SC is mainly
engaged in selling medical instruments.
Ms. Li
Guirong is legal representative,
chairman and general manager of SC at present.
SC is known to
have approx. 50 employees at present.
SC is currently operating at the above stated address, and this address
houses its operating office in the commercial zone of Ningbo. Our checks reveal that SC rents the total premise about 800
square meters.
http://www.greetmed.com/ The
design is professional and the content is well organized. At present the web
site is in English, French and other versions.
http://www.greetmed-medical.com/
The design is professional and the content is well organized. At present the
web site is in Chinese version.
E-mail: info@greetmed.com
Changes
of its registered information are as follows:
|
Date of change |
Item |
Before the
change |
After the change |
|
2009-9-17 |
Registered no. |
3302002010159 |
Present one |
|
2010-1-8 |
Company name |
Ningbo Greetmed International Trade Co., Ltd. |
Present one |
|
2011-4-25 |
Shareholdings |
Li Guirong 60% He Guoqiang 40% |
Present ones |
Tax registration no.: 330204799531493
Organization code: 799531493
For the past two years there is no record of litigation.
MAIN SHAREHOLDERS:
Name % of Shareholding
Li Guirong 51
He Guoqiang
49
l Legal representative, chairman and general manager:
Ms. Li Guirong is currently responsible for the overall management of
SC.
Working Experience(s):
At present Working in SC as legal representative, chairman
and general manager.
Also working in Ningbo Greetmed Medical
Instruments Co., Ltd. Taigu City Branch as principal.
l Supervisor:
-----------------------
He Guoqiang
SC is mainly
engaged in selling medical instruments
SC’s products mainly include diagnostics, physician scales, laboratory
instrument, hospital equipment, etc.
SC sources its materials
100% from domestic market. SC sells 1% of its products in domestic market and
99% to overseas market.
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 declined to release its major suppliers and clients.
Trademark & Patents
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Registration No. |
6457689 |
7004561 |
10612489 |
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Registration Date |
2010-3-28 |
2010-6-7 |
2013-7-14 |
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Trademark Design |
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SC
is known to have the following branch:
Ningbo Greetmed Medical Instruments Co., Ltd. Taigu City
Branch
Incorporation date: 2012-02-08
Registration no.:
330204000130912
Principal: Ms. Li Guirong
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.
SC’s accountant
refused to release the bank details.
Balance Sheet
Unit: CNY’000
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As
of Dec. 31, 2013 |
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Cash & bank |
1,140 |
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Inventory |
2,200 |
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Accounts
receivable |
0 |
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Advances to
suppliers |
7,550 |
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Other
receivables |
11,390 |
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Other current
assets |
320 |
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------------------ |
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Current assets |
22,600 |
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Fixed assets net
value |
1,050 |
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Long term
investment |
0 |
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Projects under
construction |
0 |
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Intangible and
other assets |
5,530 |
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------------------ |
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Total assets |
29,180 |
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=========== |
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Short loan |
0 |
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Accounts payable |
14,880 |
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Bills payable |
0 |
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Advances from
clients |
12,980 |
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Salaries payable |
220 |
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Taxes payable |
-770 |
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Other Accounts
payable |
30 |
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Other current
liabilities |
0 |
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Current
liabilities |
27,340 |
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Long term
liabilities |
0 |
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Total
liabilities |
27,340 |
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Equities |
1,840 |
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Total
liabilities & equities |
29,180 |
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=========== |
Income Statement
Unit: CNY’000
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As of Dec. 31,
2013 |
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Turnover |
174,530 |
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Cost of goods sold |
161,280 |
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Sales expense |
10,840 |
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Management expense |
1,330 |
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Finance expense |
1,150 |
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Profit before tax |
110 |
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Less: profit tax |
109 |
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Profits |
1 |
Important
Ratios
=============
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As of Dec. 31, 2013 |
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*Current ratio |
0.83
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*Quick ratio |
0.75
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*Liabilities
to assets |
0.94
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*Net profit
margin (%) |
0.0006
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*Return on
total assets (%) |
0.003
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*Inventory
/Turnover ×365 |
5
days |
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*Accounts
receivable/Turnover ×365 |
/ |
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*Turnover/Total
assets |
5.98
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* Cost of
goods sold/Turnover |
0.92
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PROFITABILITY:
AVERAGE
l The turnover of SC
appears fairly good.
l SC’s net profit
margin is average.
l SC’s return on
total assets is average.
l
SC’s cost of goods sold is fairly high, comparing
with its turnover.
LIQUIDITY: FAIR
l
The current ratio of SC is maintained in a fair
level.
l
SC’s quick ratio is maintained in a fair level.
l
The inventory of SC appears average.
l
SC has no accounts receivable in Yr2013.
l
SC has no short-term loan in Yr2013.
l
SC’s turnover is in a fairly good level, comparing
with the size of its total assets.
LEVERAGE: FAIR
l
The debt ratio of SC is high.
l
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.61.85 |
|
UK Pound |
1 |
Rs.97.01 |
|
Euro |
1 |
Rs.77.62 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
SHG |
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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
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.