MIRA
INFORM REPORT
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Report Date : |
20.09.2014 |
IDENTIFICATION DETAILS
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Name : |
JIANGSU SAIKANG MEDICAL EQUIPMENT COMPANY LIMITED |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
24.04.2002 |
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Com. Reg. No.: |
320582000048148 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject includes
manufacturing and selling 6854 operating rooms, emergency rooms, clinics room
equipment and apparatus, 6856 ward care equipment and appliances, washing
disinfection equipment, centrifuges, dryer; operating and acting as an agent
of importing and exporting various kinds of commodities and technology,
excluding the goods forbidden by the government |
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No. of Employees : |
165 |
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 – June 1, 2014
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Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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China |
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 |
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.
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Source
: CIA |
Company name and address
JIANGSU SAIKANG
MEDICAL EQUIPMENT COMPANY LIMITED
NO. 35 LEHONG ROAD, MODERN AGRICULTURE DEMONSTRATION PARK
ZHANGJIAGANG, JIANGSU PROVINCE 215600 PR CHINA
TEL: 86 (0) 512-58656968/56385683/58652968
FAX: 86 (0) 512-58520713/56385681
EXECUTIVE SUMMARY
DATE OF REGISTRATION : APRIL 24, 2002
REGISTRATION NO. : 320582000048148
LEGAL FORM : LIMITED LIABILITY COMPANY
CHIEF EXECUTIVE : CAI ZHIXIANG (LEGAL REPRESENTATIVE)
REGISTERED CAPITAL : CNY 23,300,000
STAFF : 165
BUSINESS CATEGORY : MANUFACTURING & TRADING
Revenue : CNY 55,894,000 (AS OF DEC. 31, 2013)
EQUITIES : CNY 25,808,000 (AS OF DEC. 31, 2013)
WEBSITE : www.zjgsaikang.com
E-MAIL : czx@zjgsaikang.com
PAYMENT : AVERAGE
MARKET CONDITION : average
FINANCIAL CONDITION : FAIRLY stable
OPERATIONAL TREND : fairly STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.14 = 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.: 320582000048148 on April 24, 2002.
SC’s Organization Code Certificate No.: 73784664-1
SC’s Tax No.: 320582737846641
SC’s registered capital: CNY 23,300,000
SC’s paid-in capital: CNY 23,300,000
Registration Change Record:-
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Date |
Change of Contents |
Before the change |
After the change |
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2004-5-14 |
Registration No. |
3205822104394 |
320582000048148 |
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Company Name |
Zhangjiagang Saikang Medical Equipment Company Limited |
Jiangsu Saikang Medical Equipment Company Limited |
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-- |
Registered Capital |
CNY 500,000 |
CNY 3,000,000 |
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2007-9-14 |
Registered Capital |
CNY 3,000,000 |
CNY 5,000,000 |
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2009-10-22 |
Registered Capital |
CNY 5,000,000 |
CNY 10,500,000 |
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2010-12-6 |
Registered Capital |
CNY 10,500,000 |
CNY 18,000,000 |
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2011-8-9 |
Registered Capital |
CNY 18,000,000 |
CNY 23,300,000 |
Current Co search indicates SC’s shareholders & chief executives are as follows:-
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Name of Shareholder (s) |
% of Shareholding |
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Cai Zhixiang |
60 |
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Liu Yan |
40 |
SC’s Chief Executives:-
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Position |
Name |
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Legal Representative, Chairman, and General Manager |
Cai Zhixiang |
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Supervisor |
Liu Yan |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name % of Shareholding
Cai Zhixiang 60
Liu Yan 40
MANAGEMENT
Cai Zhixiang, Legal Representative, Chairman and General Manager
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Gender: M
Age: 52
ID# 320521196207026410
Qualification: University
Working experience (s):
From 2002 to present, working in SC as legal representative, chairman and general manager
Liu Yan Supervisor
-----------------------------------
Gender: F
Age: 52
ID# 320521196212236447
BUSINESS OPERATION
SC’s registered business scope includes manufacturing and selling 6854 operating rooms, emergency rooms, clinics room equipment and apparatus, 6856 ward care equipment and appliances, washing disinfection equipment, centrifuges, dryer; 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 medical equipment.
Brand: SAIKANG
SC’s products mainly include:
Electric Bed
Manual Bed
Orthopaedic Bed
Children Bed & Baby Crib
Examination Bed
Gynaecological Exam Table
Mattress& Bedside Cabinet
Accompany Chair&Transfusion Chair
Medical Chair&Table
Stretcher& Stretcher Trolley
Patient Trolley
Operation Connecting Stretcher
Stainless Steel Jar
ABS Medical Trolley
Stainless Steel Medical Trolley
Curtain &Screen &Accessories
Medical Cabinet &Medicine Shelf
Etc.
SC sources its materials 100% from domestic market, mainly Jiangsu. SC sells 75% of its products in domestic market, and 25% to overseas market, mainly USA, Southeast Asia, etc.
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 Customers:
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Veruscare Inc.
Wayne Lee Promotion Inc.
Wellnessmed Supply Inc.
Marketing International Services S.A.S.
Staff & Office:
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SC is known to have approx. 165 staff at present.
SC rents an area as its operating office & factory of approx. 12,000 sq. meters at the heading address.
RELATED COMPANY
SC is not known to have any subsidiary at present.
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
Financial Summary
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Unit: CNY’000 |
As of Dec. 31, 2013 |
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Total assets |
39,942 |
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Total liabilities |
14,134 |
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Equities |
25,808 |
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Revenue |
55,894 |
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Profit before tax |
1,822 |
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Less: profit tax |
318 |
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Profits |
1,504 |
Important Ratios
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As of Dec. 31, 2013 |
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*Liabilities to assets |
0.35 |
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*Net profit margin (%) |
2.69 |
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*Return on total assets (%) |
3.77 |
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* Revenue/Total assets |
1.40 |
FINANCIAL COMMENTS
PROFITABILITY: AVERAGE
The revenue of SC appears average in its line.
SC’s net profit margin is average.
SC’s return on total assets is average.
LIQUIDITY: AVERAGE
SC’s revenue is in an average level, comparing with the size of its total assets.
LEVERAGE: FAIRLY GOOD
The debt ratio of SC is low.
The risk for SC to go bankrupt is average.
Overall financial condition of the SC: Fairly Stable.
CONCLUSIONS
SC is considered medium-sized in its line with fairly stable financial conditions.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.60.80 |
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1 |
Rs.100.06 |
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Euro |
1 |
Rs.78.46 |
INFORMATION DETAILS
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Analysis Done by
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RAS |
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Report Prepared
by : |
NIS |
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.