MIRA INFORM REPORT
|
Report No. : |
339296 |
|
Report Date : |
03.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
CHINA NATIONAL SCIENTIFIC INSTRUMENTS AND MATERIALS CO., LTD. |
|
|
|
|
Registered Office : |
Building 1, No. 19 Taiyanggong Middle Road Chaoyang District, Beijing 100028 PR |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
02.03.1982 |
|
|
|
|
Com. Reg. No.: |
100000000000782 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Subject engaged in selling medical
equipment. |
|
|
|
|
No. of Employees : |
300 |
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 : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
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) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 and address
CHINA NATIONAL
SCIENTIFIC INSTRUMENTS AND MATERIALS CO., LTD.
BUILDING 1, NO. 19 TAIYANGGONG MIDDLE ROAD
CHAOYANG DISTRICT, BEIJING 100028 PR CHINA
TEL: 86 (0) 10-84438907/84438973
FAX: 86 (0) 10-84438911
***Note:
SC’s current name should be the heading one, while the given name (China
National Scientific Instruments & Materials Corporation) was the former
one.
EXECUTIVE
SUMMARY
Date of Registration : march 2, 1982
REGISTRATION NO. : 100000000000782
LEGAL FORM : Limited Liability Company
CHIEF EXECUTIVE : yu qingming
(LEGAL REPRESENTATIVE)
REGISTERED CAPITAL : cny 4,000,000,000
staff :
300
BUSINESS CATEGORY : trading
Revenue :
CNY 3,035,479,000 (AS
OF DEC. 31, 2014)
EQUITIES :
CNY 1,174,476,000 (AS OF DEC. 31, 2014)
WEBSITE :
www.csimc.com.cn
E-MAIL :
yuanyong@sinopharm.com
PAYMENT : REGULAR
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : stable
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION : fairly good
EXCHANGE RATE : CNY 6.36
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 state-owned
enterprise of PRC on March 2, 1982.
However, SC changed to present legal form, and was registered as a limited liabilities
company of PRC with State Administration of Industry & Commerce (SAIC)
under registration No.: 100000000000782 on June 26, 2015.
SC’s Organization
Code Certificate No.: 10125570-7
SC’s Tax No.:
110101101255707
SC’s registered
capital: CNY 4,000,000,000
SC’s paid-in
capital: CNY 4,000,000,000
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
2011 |
Legal Representative |
Li Zhixin |
Yu Qingming |
|
2015-6-26 |
Company Name |
China National Scientific Instruments &
Materials Corporation |
China National Scientific Instruments and
Materials Co., Ltd. |
|
Legal Form |
State-Owned Enterprise |
Limited Liabilities Company |
|
|
Registered
Capital |
CNY 865,878,000 |
CNY 4,000,000,000 |
|
|
Shareholder (s)
(% of Shareholding) |
China National Pharmaceutical Group
Corporation 100% |
China National Pharmaceutical Group
Corporation 21.65% Beijing Natong Shichuang Investment Management
Co., Ltd. 78.35% |
Current Co search indicates SC’s shareholders
& chief executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
China National Pharmaceutical Group
Corporation |
21.65 |
|
Beijing Natong Shichuang Investment
Management Co., Ltd. |
78.35 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative and General Manager |
Yu Qingming |
|
Chairman |
Bian Junfeng |
|
Director |
Li Guang |
|
Li Xiangrong |
|
|
Li Yuhua |
|
|
Shao Gang |
|
|
Wang Yingzhi |
|
|
Zhao Yibin |
|
|
Supervisor |
Wang Xiangyang |
|
Cai Maisong |
|
|
Chen Anbo |
RECENT
DEVELOPMENT
No recent development was found during our
checks at present.
SHAREHOLDER
CHART & BACKGROUND
Name %
of Shareholding
China National Pharmaceutical Group
Corporation 21.65
Beijing Natong Shichuang Investment
Management Co., Ltd. 78.35
China National Pharmaceutical Group
Corporation
-------------------------------------------------------------------
It is the largest medical and healthcare
group in China which is directly managed by State-owned Assets Supervision and
Administration Commission of the State Council (SASAC), with the core
businesses of distribution, logistics, retail, scientific research and
manufacture of healthcare related products.
Registration No.: 100000000005882
Legal Representative: She Lulin
Web: www.sinopharm.com
Address: No. 20 Zhichun Road, Haidian
District, Beijing, China
Fax: 86-10-62033332
Beijing Natong Shichuang Investment
Management Co., Ltd.
-------------------------------------------------------------------------------
Date of Registration: October 9, 2014
Registration No.: 110108017983344
Chief Executive: Xu Qin
Registered Capital: CNY 200,000,000
MANAGEMENT
Yu
Qingming, Legal Representative and
General Manager
---------------------------------------------------------------------------------------
Gender: M
Nationality: China
Qualification: University
Working experience (s):
From 2011 to present, working in SC as legal
representative and general manager
Also working in China National Medical
Equipment Co., Ltd. as legal representative
Bian
Junfeng , Chairman
--------------------------------------------
Gender: M
Nationality: China
Qualification: University
Working experience (s):
At present, working in SC as chairman
Director
-----------
Li Guang
Li Xiangrong
Li Yuhua
Shao Gang
Wang Yingzhi
Zhao Yibin
Supervisor
--------------
Wang Xiangyang
Cai Maisong
Chen Anbo
BUSINESS
OPERATION
SC’s registered business scope includes
selling of medical equipment; publication of "modern instruments and
medical care". import and export business; selling non-medicine reagent; engaged in foreign consulting
services, exhibitions, technical exchanges, technical maintenance and technical
services; using its own "modern instruments and medical" magazine
advertising contractor advertising; property management; international tender
business; bidding agency business ; government procurement agency business;
machinery and equipment, metal products and electronic products; renting
machinery equipment; selling new energy electrical power generating system
& accessory equipment; selling automobile; food additives. (with permit if needed).
SC is mainly engaged in selling medical
equipment.
SC’s products mainly include:
a. Domestic commercial business (includes
Consumables procurement, GPO and government procurement, medical devices
distribution)
b. Industry and Research business (includes
R&D and manufacturing of consumables & equipments, as well as other
value-added services such as maintenance)
c. Import and Export business (includes
I&E of scientific instruments and medical devices)
d. Other business (includes bidding, government
procurement, technical services, international exhibitions, and Real-estate
management).
SC sources the products 90% from domestic market, and 10% from overseas market. SC sells 70% of its products in domestic market, and 30% 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:
==============
Sacred Mexicana Sa De Cv
Ya Gu Technology Inc.
Hd Brown Enterprises Ltd.
Sodimac Colombia S.A.
Phoenix Geophysical Limited
Staff
& Office:
--------------------------
SC is known to have approx. 300 staff at present.
SC owns an area as its operating office, but
the detailed information is unknown.
RELATED
COMPANY
China National Medical Equipment Co., Ltd.
GE Hangwei Medical Systems Co. Ltd.
SINOPHARM TBS (BEIJING) CLINICAL ENGINEERING
TECHNOLOGY CO.,LTD.
Nationnal Pharmaceutical Group Financial
Leasing Co.,LTD
Nationnal Pharmaceutical Group Scientific
Instruments & Materials (Hong Kong) 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
Basic Bank:
Industrial and Commercial Bank of
China Beijing Xinjiekou Sub-branch
AC#:
0200002919200123379
FINANCIALS
Balance
Sheet
|
Unit: CNY’000 |
As of Dec. 31, 2014 |
|
Accounts receivable |
383,837 |
|
Inventory |
118,993 |
|
Other current assets |
1,738,732 |
|
|
------------------ |
|
Current assets |
2,241,562 |
|
Fixed assets |
14,844 |
|
Construction in progress |
10,671 |
|
Other non-current assets |
1,183,973 |
|
|
------------------ |
|
Total assets |
3,451,050 |
|
|
============= |
|
Accounts payable |
467,316 |
|
Other current liabilities |
1,501,226 |
|
|
------------------ |
|
Current liabilities |
1,968,542 |
|
Non-current liabilities |
308,032 |
|
|
------------------ |
|
Total liabilities |
2,276,574 |
|
Equities |
1,174,476 |
|
|
------------------ |
|
Total liabilities & equities |
3,451,050 |
|
|
============= |
Income
Statement
|
Unit: CNY’000 |
As of Dec. 31, 2014 |
|
Revenue |
3,035,479 |
|
Cost of sales |
2,916,394 |
|
Taxes and surcharges |
3,648 |
|
Sales
expense |
30,633 |
|
Management expense |
69,431 |
|
Finance expense |
-9,967 |
|
Assets impairment loss |
3,203 |
|
Other income |
10,501 |
|
Investment income |
19,527 |
|
Non-operation income |
8,127 |
|
Profit before tax |
60,543 |
|
Less: profit tax |
10,563 |
|
49,980 |
Important
Ratios
=============
|
|
As of Dec. 31, 2014 |
|
*Current ratio |
1.14 |
|
*Quick ratio |
1.08 |
|
*Liabilities to assets |
0.66 |
|
*Net profit margin (%) |
1.65 |
|
*Return on total assets (%) |
1.45 |
|
*Inventory / Revenue ×365 |
14 days |
|
*Accounts receivable/ Revenue ×365 |
46 days |
|
*Revenue/Total assets |
0.88 |
|
*Cost of sales / Revenue |
0.96 |
FINANCIAL
COMMENTS
PROFITABILITY:
AVERAGE
·
The revenue of SC appears good in
its line.
·
SC’s net profit margin is
average.
·
SC’s return on total assets is
average.
·
SC’s cost of sales is fairy high,
comparing with its revenue.
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 revenue is in an average
level, comparing with the size of its total assets.
LEVERAGE:
FAIRLY GOOD
·
The debt ratio of SC is average.
·
The risk for SC to go bankrupt is
low.
Overall
financial condition of the SC: Stable.
CONCLUSIONS
SC is considered large-sized in its line with
stable financial conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.16 |
|
UK Pound |
1 |
Rs.101.22 |
|
Euro |
1 |
Rs.74.61 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
TRU |
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.