MIRA INFORM REPORT
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Report No. : |
349574 |
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Report Date : |
17.11.2015 |
IDENTIFICATION DETAILS
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Name : |
Guangdong Baihe
Medical Technology Co., Ltd. |
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Registered Office : |
Southern Medical Equipment Industrial Park, No. 89, East Taoyuan Road,
Nanhai District, Foshan City, Guangdong Province, 528225 Pr |
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Country : |
China |
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Financials (as on) : |
30.06.2014 |
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Date of Incorporation : |
01.11.1999 |
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Com. Reg. No.: |
440682000003971 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Manufacturing Class Ⅲ 6815 puncture
injection equipment, ClassⅢ 6821 medical
electronic equipment, Class Ⅲ 6845 cardiopulmonary
bypass equipment and blood treatment apparatus, Class Ⅲ 6854 operating theaters, emergency rooms,
clinics room equipment and utensil; Class Ⅲ 6866 medical polymer materials and products, Class Ⅲ6877 intervention equipment and Class Ⅲ 6840 clinical analytical instruments;
Class Ⅱ 6856 ward care
equipment and utensil, Class Ⅱ 6864 medical
materials and dressings (with permit if needed); selling its products; import
and export of goods and technologies (items which are prohibited by law and
restricted under government regulation are exceptional. Special permit is
required prior to execution for restricted item). (Any project that needs to
be approved by law can only be carried out after getting approval by relevant
authorities.) |
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No. of Employees : |
1,600 |
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 : |
Good |
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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, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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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. 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 2014 stood as the largest economy in the world, surpassing the US for the first time in modern history. Still, China's per capita income is below the world average.
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. In 2014 the People’s Bank of China (PBOC) doubled the daily trading band within which the RMB is permitted to fluctuate.
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 2014 more than 274 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. In 2014 China agreed to begin limiting carbon dioxide emissions by 2030. China also implemented several economic reforms in 2014, including passing legislation to allow local governments to issue bonds, opening several state-owned enterprises to further private investment, loosening the one-child policy, passing harsher pollution fines, and cutting administrative red tape.
|
Source
: CIA |
Company
name & address
Guangdong Baihe Medical Technology Co., Ltd.
Southern Medical Equipment Industrial Park,
No. 89, East Taoyuan Road, Nanhai District,
Foshan City, Guangdong Province, 528225 PR
China
TEL: 86 (0) 757-81207300 FAX: 86 (0) 757-81207311
EXECUTIVE
SUMMARY
INCORPORATION DATE :
NOV. 1, 1999
REGISTRATION NO. :
440682000003971
REGISTERED LEGAL FORM : SHARES LIMITED COMPANY
CHIEF EXECUTIVE :
MR. HUANG KAI (LEGAL
REPRESENTATIVE)
STAFF STRENGTH :
1,600
REGISTERED CAPITAL : CNY 90,000,000
BUSINESS LINE :
MANUFACTURING AND TRADING
TURNOVER :
CNY 141,418,000 (CONSOLIDATED,
JAN. 1 – JUNE 30, 2014)
EQUITIES :
CNY 212,956,000 (CONSOLIDATED, AS OF JUNE 30, 2014)
PAYMENT :
AVERAGE
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
FAIRLY GOOD
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
WELL-KNOWN
EXCHANGE RATE :
CNY 6.36 = 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
Note: SC’s correct address should be the heading one.
SC was registered as a Shares limited co. at local Administration for
industry & commerce (AIC - the official body of issuing and renewing
business license) on Nov. 1, 1999.
Company Status: Shares limited co. This form of business in PR
China is defined as a legal person. Its registered capital is divided into shares
of equal par value and the co. raises capital by issuing share certificates
by promotion or by public offer. Shareholders bear limited liability to the
extent of shareholding, and the co. is liable for its debts only to the
extent of its total assets. The co has independent property of legal person
and enjoys property rights of legal person. The characteristics of
the shares limited co. are as follows: The establishment of the co.
requires at least two promoters and no more than 200, half of whom shall be domiciled
in The minimum registered capital
of a co. is CNY The board of directors must
consist of five to nineteen directors. If the co.
raises capital by public offer, the promoters must not subscribe less than
35% of the total shares. the promoters’ shares are restricted to transfer-
within one year of the offer. A state-owned enterprise that
is restructured into a shares limited co. must comply with the conditions
& requirements specified under the law & administrative rule.
SC’s registered business scope includes Manufacturing Class Ⅲ 6815 puncture injection equipment, ClassⅢ 6821 medical electronic equipment, Class Ⅲ 6845 cardiopulmonary bypass equipment and
blood treatment apparatus, Class Ⅲ 6854 operating
theaters, emergency rooms, clinics room equipment and utensil; Class Ⅲ 6866 medical polymer materials and
products, Class Ⅲ6877 intervention
equipment and Class Ⅲ 6840 clinical
analytical instruments; Class Ⅱ 6856 ward care
equipment and utensil, Class Ⅱ 6864 medical
materials and dressings (with permit if needed); selling its products; import
and export of goods and technologies (items which are prohibited by law and
restricted under government regulation are exceptional. Special permit is
required prior to execution for restricted item). (Any project that needs to be
approved by law can only be carried out after getting approval by relevant
authorities.)
SC is mainly engaged in manufacturing and selling medical machinery.
Mr. Huang Kai is legal representative and chairman of SC at present.
SC is known to have approx. 1,600 employees at present.
SC is currently operating at the above stated address, and this address
houses its operating office and factory in the industrial zone of Foshan. The
detailed information of the premise is unspecified.
http://www.baihemedical.com
The design is professional and the content is well organized. At present it is
in both Chinese and English versions.
Email: able@baihemedical.com yls@baihemedical.com
No significant changes were found during our checks with the local Administration
for Industry and Commerce.
Tax Registration Certificate No.: 440682721123254
Organization Code: 721123254
For the past two years there is no record of litigation.
MAIN SHAREHOLDERS:
Name Investment
amount (CNY’0000) % of
Shareholding
Huang Kai 4,959.5182 55.106
Li Ming 1,487.8557 16.532
Beijing Hexie Growth Investment Center (Limited partnership) 1,170.7469 13.008
Wu Xiujuan 372.2598 4.138
Nanhai Growth Selected (Tianjin) Equity Investment Fund Partnership
(Limited partnership)
360.3734 4.004
Liu Ping 162.3115 1.803
Ma Lixun 162.3115 1.803
Dong Haiyang 162.3115 1.803
Ge Baoyou 162.3115 1.803
Beijing Hexie Growth Investment Center (Limited partnership)
====================
Reg. no.: 110108013163115
Nanhai Growth Selected (Tianjin) Equity Investment Fund Partnership
(Limited partnership)
==============================================
Reg. no.: 120192000077395
Legal
representative and Chairman:
Mr. Huang Kai (黄凯), ID#
44060219800509****, born in 1980 with university education. He is currently
responsible for the overall management of SC.
Working Experience(s):
At present Working in SC as legal representative and
chairman
Also working in Qingdao Aibeier Medical Technology Co., Ltd. and Foshan
United Medical Technologies Ltd. as legal representative
General
Manager:
Mr. Li Ming , ID# 41282919630404****, born in 1963, with university
education. He is currently responsible for the daily management of SC.
Working Experience(s):
At present Working
in SC as general manager
Also working in Jiakang Medical Devices (Qingdao) Co., Ltd. as legal
representative
Directors:
Wu Xiujuan
Jiang Feng
Ren Li
Supervisors:
Liu Xiaofang
Wang Rui
Dong Ming
SC is mainly engaged in manufacturing and selling medical machinery.
SC’s products mainly include anaesthesia products, blood purification
products, infusion products, urology products, general care products, etc.
Trademarks &
patents:
Registration no.: 14223560
Registration date: 2015-05-07
Trademark design:
Registration no.: 15236234
Registration date: 2015-10-14
Trademark design:
Registration no.: 10897225
Registration date:
Trademark design: 
Etc.
SC sources its materials 100% from domestic market. SC sells 70% of its
products in domestic market, and 30% 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’s management declined to release its main clients and
suppliers.
SC is known to have the following subsidiaries:
Foshan Nanhai Dihua Precision Molds Co., Ltd.
----------------------------------------------
Reg. no.: 440682000418257
Legal representative: Chen Jianhua
Incorporation date: 2013-11-11
Qingdao Aibeier Medical Technology Co., Ltd.
-------------------------------------------
Reg. no.: 370222230005396
Legal representative: Huang Kai
Incorporation date: 2014-04-04
Jiakang Medical Devices (Qingdao) Co., Ltd.
--------------------------------------------
Reg. no.: 370200400150993
Legal representative: Li Ming
Incorporation date: 2006-04-21
Foshan United Medical Technologies Ltd.
----------------------------------------
Reg. no.: 440682400011876
Legal representative: Huang Kai
Incorporation date: 2010-12-17
Biosun Medical Technology Co., Ltd.
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 management declined to release its bank details.
Consolidated
Balance Sheet
Unit: CNY’000
|
|
as of Dec. 31,
2013 |
as of June 30,
2014 |
|
Cash & bank |
39,313 |
46,426 |
|
Inventory |
38,255 |
49,346 |
|
Accounts receivable |
32,498 |
29,029 |
|
Advances to suppliers |
1,956 |
3,656 |
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Other receivables |
5,673 |
4,232 |
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Other current assets |
774 |
999 |
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------------------ |
------------------ |
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Current assets |
118,469 |
133,688 |
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Fixed assets net value |
106,222 |
112,493 |
|
Projects under construction |
2,910 |
4,088 |
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Long term investment |
0 |
0 |
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Deferred tax asset |
5,293 |
5,086 |
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Long-term deferred expenses |
16,492 |
26,142 |
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Intangible assets |
7,558 |
7,458 |
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Other assets |
1,320 |
3,396 |
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------------------ |
------------------ |
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Total assets |
258,264 |
292,351 |
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============= |
============= |
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Short loans |
0 |
90 |
|
Notes payable |
756 |
0 |
|
Accounts payable |
18,874 |
19,767 |
|
Other payable |
5,586 |
6,361 |
|
Taxes payable |
22,766 |
17,486 |
|
Accrued payroll |
15,360 |
18,157 |
|
Advances from clients |
10,192 |
10,874 |
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Other current liabilities |
485 |
1,188 |
|
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------------------ |
------------------ |
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Current liabilities |
74,019 |
73,923 |
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Long term liabilities |
0 |
5,472 |
|
|
------------------ |
------------------ |
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Total liabilities |
74,019 |
79,395 |
|
Equities |
184,245 |
212,956 |
|
|
------------------ |
------------------ |
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Total liabilities & equities |
258,264 |
292,351 |
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============= |
============= |
Consolidated
Income Statement
Unit: CNY’000
|
|
as of Dec. 31,
2013 |
Jan. 1 - June
30, 2014 |
|
Turnover |
241,127 |
141,418 |
|
Cost of goods sold |
107,609 |
64,214 |
|
Taxes and additional of main operation |
3,334 |
2,032 |
|
Sales expense |
49,140 |
31,924 |
|
Management expense |
25,636 |
16,422 |
|
Finance expense |
2,193 |
-220 |
|
Asset impairment loss |
419 |
33 |
|
Investment income |
1,243 |
30 |
|
Non-operating income |
3,583 |
5,941 |
|
Non-operating expense |
274 |
12 |
|
Profit before tax |
57,348 |
32,972 |
|
Less: profit tax |
8,335 |
5,323 |
|
Profits |
49,013 |
27,649 |
Note: SC’s management declined to release its latest financial
information.
Important
Ratios
=============
|
|
as of Dec. 31,
2013 |
as of June 30,
2014 |
|
*Current ratio |
1.60 |
1.81 |
|
*Quick ratio |
1.08 |
1.14 |
|
*Liabilities to assets |
0.29 |
0.27 |
|
*Net profit margin (%) |
20.33 |
19.55 |
|
*Return on total assets (%) |
18.98 |
9.46 |
|
*Inventory /Turnover ×365 |
58 days |
/ |
|
*Accounts receivable/Turnover ×365 |
50 days |
/ |
|
*Turnover/Total assets |
0.93 |
0.48 |
|
* Cost of goods sold/Turnover |
0.45 |
0.45 |
PROFITABILITY: FAIRLY
GOOD
The turnover of SC appears fairly good in its line.
SC’s net profit margin is good.
SC’s return on total assets is good.
SC’s cost of goods sold is low, 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 is maintained in an average level.
The accounts receivable of SC is maintained in an average level.
SC’s short-term loan is in a small level in the 1st half of
2014.
SC’s turnover is in a fair 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 low.
Overall financial condition of the SC: Fairly good.
SC is considered large-sized in its line with fairly good financial
conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.17 |
|
|
1 |
Rs.100.65 |
|
Euro |
1 |
Rs.70.97 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
TPT |
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 |
|
|
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.