MIRA INFORM REPORT
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Report No. : |
346892 |
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Report Date : |
27.10.2015 |
IDENTIFICATION DETAILS
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Name : |
JIANGSU YUYUE MEDICAL EQUIPMENT & SUPPLY CO., LTD. |
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Registered Office : |
Yunyang Industry Park, Danyang, Jiangsu Province 212300 Pr |
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Country : |
China |
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Financials (as on) : |
30.06.2015 |
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Date of Incorporation : |
22.10.1998 |
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Com. Reg. No.: |
321100000069242 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Subject is engaged in manufacturing and selling medical equipment. |
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No. of Employees : |
2,330 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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Payment Behaviour : |
Regular |
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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.
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Source
: CIA |
Company
name & address
JIANGSU YUYUE MEDICAL
EQUIPMENT & SUPPLY CO., LTD.
YUNYANG INDUSTRY
PARK, DANYANG, JIANGSU PROVINCE 212300 PR CHINA
TEL: 86 (0)
511-86900802
FAX: 86 (0)
511-86900876
EXECUTIVE
SUMMARY
Date of Registration : october 22, 1998
REGISTRATION NO. : 321100000069242
LEGAL FORM : SHARES LIMITED COMPANY
REGISTERED CAPITAL : CNY 584,767,040
staff :
2,330
BUSINESS CATEGORY : manufacturing & trading
REVENUE :
CNY 1,091,739,000 (FROM JAN. 1,
2015 TO JUN. 30, 2015)
EQUITIES :
CNY 2,016,882,000 (AS OF JUN. 30, 2015)
WEBSITE : www.yuyue.com.cn
E-MAIL : webmaster@yuyue.com.cn
PAYMENT :
AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly good
OPERATIONAL TREND : fairly Steady
GENERAL REPUTATION : average
EXCHANGE RATE :
CNY 6.35 = 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 shares limited company of
PRC with State Administration of Industry & Commerce (SAIC) under
registration No.: 321100000069242
on October 22, 1998.
SC’s Organization Code Certificate No.:
70395265-7
SC’s registered capital: CNY 584,767,040
SC’s paid-in capital: CNY 584,767,040
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
2015-6-18 |
Registered Capital |
CNY 531,606,400 |
CNY 584,767,040 |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) (As of Jun. 30, 2015) |
% of Shareholding |
|
Jiangsu Yuyue Technology Development Co., Ltd. |
29.85 |
|
Wu Guangming |
11.79 |
|
Wu Qun |
8.82 |
|
Shenzhen Qianhai Hongshan Guangming Investment Management Center
(Limited Partnership) |
7 |
|
Bank of China Co., Ltd.-Gongyin Ruixin Medical Health Industry Stock
Securities Investment Fund |
2.01 |
|
New China Life Insurance Company Ltd.-Bonus-Personal Bonus-018L-FH002
Shen |
0.66 |
|
National Social Security Fund No. 114 |
0.64 |
|
Norway Central Bank-Own Assets |
0.58 |
|
New China Life Insurance Company Ltd.-Bonus-Group Bonus-018L-FH001
Shen |
0.56 |
|
Industrial Bank of China Co., Ltd.- Sino-Euro New Trend Equity
Securities Investment Fund |
0.55 |
|
Other Shareholders |
37.54 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman and General
Manager |
Wu Guangming |
|
Vice Chairman |
Wu Qun |
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Director |
Jing Guomin |
|
Chen Ping |
|
|
Zheng Hongzhe |
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|
Chen Jian |
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|
PENGHUI CHEN |
|
|
Zhong Mingxia |
|
|
Chen Yi |
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Supervisor |
Yin Guozhen |
|
Xu Kunfeng |
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Chen Jianjun |
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|
Cao Yang |
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|
Feng Yonghong |
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|
Cai Linquan |
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|
Yu Xiongfeng |
RECENT
DEVELOPMENT
SC is a listed company in Shenzhen Stock Exchange Market with the code
of 002223.
SHAREHOLDER
CHART & BACKGROUND
Name % of Shareholding
(As of Jun. 30, 2015)
----------------------------------
Jiangsu Yuyue Technology Development Co.,
Ltd. 29.85
Wu Guangming 11.79
Wu Qun 8.82
Shenzhen Qianhai Hongshan Guangming
Investment Management Center (Limited Partnership) 7
Bank of China Co., Ltd.-Gongyin Ruixin
Medical Health Industry Stock Securities Investment Fund 2.01
New China Life Insurance Company
Ltd.-Bonus-Personal Bonus-018L-FH002 Shen 0.66
National Social Security Fund No. 114 0.64
Norway Central Bank-Own Assets 0.58
New China Life Insurance Company
Ltd.-Bonus-Group Bonus-018L-FH001 Shen 0.56
Industrial Bank of China Co., Ltd.-
Sino-Euro New Trend Equity Securities Investment Fund 0.55
Other Shareholders 37.54
Jiangsu Yuyue Technology Development Co.,
Ltd.
-------------------------------------------------------------
Registration No.: 321181000062146
Legal Form: Limited Liabilities Company
Registered Capital: CNY 125,000,000
Legal Representative: Wu Guangming
MANAGEMENT
Wu Guangming, Legal
Representative, Chairman and General Manager
---------------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 53
Ø Qualification: EMBA
Ø Working experience
(s):
At present, working in SC as legal
representative, chairman and general manager
Also working in Jiangsu Yuyue Technology
Development Co., Ltd. as legal representative
Wu Qun, Vice
Chairman
-----------------------------------------
Ø
Gender: M
Ø
Age: 27
Ø Qualification: Master
Degree
Ø Working experience
(s):
At present, working in SC as vice chairman
Director
-----------
Jing Guomin
Chen Ping
Zheng Hongzhe
Chen Jian
PENGHUI CHEN
Zhong Mingxia
Chen Yi
Supervisor
--------------
Yin Guozhen
Xu Kunfeng
Chen Jianjun
Cao Yang
Feng Yonghong
Cai Linquan
Yu Xiongfeng
BUSINESS
OPERATION
SC’s registered business scope includes manufacturing and
selling medical equipment and health care products; selling metal materials;
exporting its products; and importing machinery, components, raw materials and
accessories.
SC
is mainly engaged in manufacturing and selling medical equipment.
SC’s products
mainly include:
Respiratory
Circulatory System
Endocrine System
Homecare
Hospital Equipment
SC sources its
materials 80% from domestic market, and 20% from overseas market. SC sells 40%
of its products in domestic market, and 60% to overseas market.
The buying terms of SC include Check, T/T, L/C and Credit of 30-60 days.
The payment terms of SC include T/T, L/C and Credit of 30-60 days.
*Major Customers*
-----------------------
Invacare
Corporation
Cramer Decker
Industries
Spiracle
Technology
Staff & Office:
--------------------------
SC is known
to have approx. 2,330 staff
at present.
SC owns an area as
its operating office and factory, but the detailed information is unknown.
RELATED
COMPANY
SC is known to
invest in the following companies:
Jiangsu Yuyue Medical Instruments Co., Ltd.
Jiangsu Yuyue Information System Co., Ltd.
Nanjing Yuyue Software Technology Co., Ltd.
Suzhou Medical Appliance Factory
Shanghai Yuyue Medical Equipment Co., Ltd.
Suzhou Yuyue Medical Technology Co., Ltd.
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
Consolidated Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2014 |
As
of Jun. 30, 2015 |
|
363,521 |
872,556 |
|
|
Accounts
receivable |
431,859 |
792,520 |
|
Notes receivable |
306,608 |
212,018 |
|
Advances to
suppliers |
117,045 |
56,049 |
|
Interest
receivable |
0 |
0 |
|
Other receivable |
65,054 |
64,808 |
|
Inventory |
302,096 |
208,130 |
|
Non-current
assets within one year |
0 |
0 |
|
Other current
assets |
4,238 |
830 |
|
|
------------------ |
------------------ |
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Current assets |
1,590,421 |
2,206,911 |
|
Financial assets
available for sale |
281 |
52,281 |
|
Long-term
investments |
6,690 |
6,092 |
|
Real estate
investment |
0 |
0 |
|
Fixed assets |
404,565 |
391,565 |
|
Construction in
progress |
24,420 |
25,835 |
|
Project
materials |
0 |
0 |
|
Intangible
assets |
68,963 |
277,052 |
|
Goodwill |
19,385 |
21,625 |
|
Long-term deferred
expense |
12,351 |
12,491 |
|
Deferred income
tax assets |
11,228 |
13,814 |
|
Other
non-current assets |
0 |
0 |
|
|
------------------ |
------------------ |
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Total assets |
2,138,304 |
3,007,666 |
|
|
============= |
============= |
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Short-term loans |
50,000 |
150,000 |
|
Notes payable |
0 |
0 |
|
Accounts payable |
244,890 |
292,164 |
|
Payroll payable |
4,554 |
8,118 |
|
Taxes payable |
2,979 |
59,162 |
|
Advances from
clients |
23,851 |
16,056 |
|
Dividends
payable |
17,604 |
12,957 |
|
Other payable |
0 |
0 |
|
Other current
liabilities |
913 |
457 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
344,791 |
538,914 |
|
Non-current
liabilities |
31,878 |
451,870 |
|
|
------------------ |
------------------ |
|
Total liabilities |
376,669 |
990,784 |
|
Equities |
1,761,635 |
2,016,882 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
2,138,304 |
3,007,666 |
|
|
============= |
============= |
Consolidated Income Statement
|
Unit: CNY’000 |
As
of Dec. 31, 2014 |
From Jan. 1, 2015 to Jun. 30, 2015 |
|
Revenue |
1,681,802 |
1,091,739 |
|
Cost of sales |
1,009,411 |
640,168 |
|
Taxes and surcharges |
13,041 |
12,344 |
|
Sales expense |
148,438 |
58,831 |
|
Management expense |
215,942 |
102,130 |
|
Finance expense |
-2,858 |
-2,234 |
|
Asset impairment loss |
13,448 |
21,424 |
|
Investment
income |
485 |
-598 |
|
Non-operating
income |
50,110 |
35,548 |
|
Non-operating expense |
1,282 |
674 |
|
Profit before
tax |
333,693 |
293,351 |
|
Less: profit tax |
35,803 |
40,852 |
|
Profits |
297,890 |
252,499 |
Important Ratios
=============
|
|
As of Dec. 31, 2014 |
As of Jun. 30, 2015 |
|
*Current ratio |
4.61 |
4.10 |
|
*Quick ratio |
3.74 |
3.71 |
|
*Liabilities
to assets |
0.18 |
0.33 |
|
*Net profit
margin (%) |
17.71 |
23.13 |
|
*Return on
total assets (%) |
13.93 |
8.40 |
|
*Inventory /
Revenue ×365/180 |
66 days |
35 days |
|
*Accounts
receivable / Revenue ×365/180 |
94 days |
131 days |
|
*Revenue /
Total assets |
0.79 |
0.36 |
|
*Cost of sales
/ Revenue |
0.60 |
0.59 |
FINANCIAL
COMMENTS
PROFITABILITY:
FAIRLY GOOD
l The revenue of SC
appears fairly good in its line.
l SC’s net profit
margin is fairly good.
l SC’s return on
total assets is fairly good.
l
SC’s cost of goods sold is average, comparing with
its revenue.
LIQUIDITY: FAIRLY
GOOD
l
The current ratio of SC is maintained in a fairly
good level.
l
SC’s quick ratio is maintained in a fairly good
level.
l
The inventory of SC appears average.
l
The accounts receivable of SC appears average.
l
SC’s short-term loans are in an average level
l
SC’s revenue is in a fair level, comparing with the
size of its total assets.
LEVERAGE: FAIRLY
GOOD
l
The debt ratio of SC is average.
l
The risk for SC to go bankrupt is low.
Overall financial
condition of the SC: Fairly Good.
CONCLUSIONS
SC is considered large-sized in its line with fairly good financial
conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.96 |
|
|
1 |
Rs.99.54 |
|
Euro |
1 |
Rs.71.64 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
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Report Prepared
by : |
DPT |
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.