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MIRA INFORM REPORT
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Report No. : |
496123 |
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Report Date : |
05.03.2018 |
IDENTIFICATION DETAILS
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Name : |
SONOSCAPE MEDICAL CORP. |
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Registered Office : |
10/F, Yizhe Building, Yuquan Road, Nanshan District,
Shenzhen City, Guangdong Province 518051 Pr |
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Country : |
China |
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Financials (as on) : |
30.09.2017 |
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Date of Incorporation : |
27.09.2002 |
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Unified Social
Credit Code : |
91440300743219767A |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Subject registered business scope includes software development of medical instrument; technology
development, technology transfer, technology services, technology advisory of
biotechnology; technical maintenance services; international trade;
manufacturing and selling medical equipment and reagents. |
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No. of Employees : |
1,465 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A+ |
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Credit Rating |
Explanation |
Rating Comments |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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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
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
China |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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. China has implemented
reforms in a gradualist fashion, resulting in efficiency gains that have
contributed to a more than tenfold increase in GDP since 1978. Reforms began
with the phaseout 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 continues to pursue an industrial policy, state support of
key sectors, and a restrictive investment regime. Measured on a purchasing
power parity (PPP) basis that adjusts for price differences, China in 2016
stood as the largest economy in the world, surpassing the US in 2014 for the first
time in modern history. China became the world's largest exporter in 2010, and
the largest trading nation in 2013. Still, China's per capita income is below
the world average.
After keeping its currency tightly linked to the US dollar for years,
China in July 2005 moved to an exchange rate system that references a basket of
currencies. From mid-2005 to late 2008, the renminbi appreciated more than 20%
against the US dollar, but the exchange rate remained virtually pegged to the
dollar from the onset of the global financial crisis until June 2010, when
Beijing announced it would allow a resumption of gradual liberalization. From
2013 until early2015, the renminbi (RMB) appreciated roughly 2% against the
dollar, but the exchange rate fell 13% from mid-2015 until end-2016 amid strong
capital outflows in part stemming from the August 2015 official devaluation; in
2017 the RMB resumed appreciating against the dollar – roughly 7% from
end-of-2016 to end-of-2017. From 2013 to 2017, China had one of the fastest growing
economies in the world, averaging slightly more than 7% real growth per year.
In 2015, the People’s Bank of China announced it would continue to carefully
push for full convertibility of the renminbi, after the currency was accepted
as part of the IMF’s special drawing rights basket. However, since late 2015
the Chinese Government has strengthened capital controls and oversight of
overseas investments to better manage the exchange rate and maintain financial
stability.
The Chinese Government faces numerous economic challenges including: (a)
reducing its high domestic savings rate and correspondingly low domestic
household consumption; (b) managing its high corporate debt burden to maintain
financial stability; (c) controlling off-balance sheet local government debt
used to finance infrastructure stimulus; (d) facilitating higher-wage job
opportunities for the aspiring middle class, including rural migrants and
college graduates, while maintaining competitiveness; (e) dampening speculative
investment in the real estate sector without sharply slowing the economy; (f)
reducing industrial overcapacity; and (g) raising productivity growth rates
through the more efficient allocation of capital and state-support for
innovation. Economic development has progressed further in coastal provinces
than in the interior, and by 2016 more than 169.3 million migrant workers and
their dependents had relocated to urban areas to find work. One consequence of
China’s population control policy known as the “one-child policy” - which was
relaxed in 2016 to permit all families to have two children - 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 urbanization. The Chinese
Government is seeking to add energy production capacity from sources other than
coal and oil, focusing on natural gas, nuclear, and clean energy development.
In 2016, China ratified the Paris Agreement, a multilateral agreement to combat
climate change, and committed to peak its carbon dioxide emissions between 2025
and 2030.
The government's 13th Five-Year Plan, unveiled in March 2016, emphasizes
the need to increase innovation and boost domestic consumption to make the
economy less dependent on government investment, exports, and heavy industry.
However, China has made more progress on subsidizing innovation than
rebalancing the economy. Beijing has committed to giving the market a more
decisive role in allocating resources, but the Chinese Government’s policies
continue to favor state-owned enterprises and emphasize stability. Chinese
leaders in 2010 pledged to double China’s GDP by 2020, and the 13th Five Year
Plan includes annual economic growth targets of at least 6.5% through 2020 to
achieve that goal. 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.
Chinese leaders also have undermined some market-oriented reforms by
reaffirming the “dominant” role of the state in the economy, a stance that
threatens to discourage private initiative and make the economy less efficient
over time. The slight acceleration in economic growth in 2017—the first such
uptick since 2010—gives Beijing more latitude to pursue its economic reforms,
focusing on financial sector deleveraging and its Supply-Side Structural Reform
agenda, first announced in late 2015.
|
Source
: CIA |
Company
name & address
|
COMPANY NAME |
SONOSCAPE MEDICAL CORP. |
|
CURRENT ADDRESS/ REGISTERED
ADDRESS |
10/F, YIZHE BUILDING, YUQUAN ROAD, NANSHAN DISTRICT,
SHENZHEN CITY, GUANGDONG PROVINCE 518051 PR CHINA |
|
TEL. NO. |
86 (0) 755-26722890*5320 |
|
FAX NO. |
86 (0) 755-26722850 |
EXECUTIVE
SUMMARY
Date of Registration : September 27, 2002
UNIFIED SOCIAL CREDIT CODE : 91440300743219767A
LEGAL FORM : SHARES LIMITED COMPANY
CHIEF EXECUTIVE :
chen zhiqiang (LEGAL REPRESENTATIVE)
REGISTERED CAPITAL : CNY 400,010,000
staff :
1,465
BUSINESS CATEGORY : manufacturing & trading
REVENUE :
CNY 638,242,000 (CONSOLIDATED, JAN. 1, 2017 TO SEP. 30, 2017)
EQUITIES :
CNY 985,491,000 (CONSOLIDATED, AS OF SEP. 30, 2017)
WEBSITE : www.sonoscape.com.cn
E-MAIL :
sonoscape@sonoscape.net
PAYMENT :
Regular
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly good
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
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 shares
limited company of PRC with State Administration of Industry &
Commerce (SAIC) under unified social credit code: 91440300743219767A.
SC’s Import and Export Enterprise Code:
4403743219767
SC’s registered capital: CNY 400,010,000
SC’s paid-in capital: CNY 400,010,000
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
2003-10-20 |
Registered Capital |
CNY 3,000,000 |
CNY 4,000,000 |
|
2004-10-13 |
Legal Representative |
Huang Zengda 黄增达 |
Yao Jinzhong 姚锦钟 |
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2005-3-10 |
Registered Capital |
CNY 4,000,000 |
CNY 6,666,700 |
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2006-9-12 |
Registered Capital |
CNY 6,666,700 |
CNY 10,000,000 |
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2008-9-11 |
Registered Capital |
CNY 10,000,000 |
CNY 20,000,000 |
|
|
Registration No. |
4403012097660 |
440301103617854 |
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2009-3-4 |
Registered Capital |
CNY 20,000,000 |
CNY 30,000,000 |
|
2009-12-18 |
Legal Representative |
Yao Jinzhong |
Chen Zhiqiang |
|
2009-12-28 |
Registered Capital |
CNY 30,000,000 |
CNY 50,000,000 |
|
2014-12-31 |
Company Name |
Sonoscape Company Limited |
Sonoscape Medical Corp. |
|
Legal Form |
Limited Liabilities Company |
Shares Limited Company |
|
|
Registered Capital |
CNY 50,000,000 |
CNY 360,000,000 |
|
|
2016-2-26 |
Registration No./ Unified Social Credit Code |
440301103617854 |
91440300743219767A |
|
2017-5-31 |
Registered Capital |
CNY 360,000,000 |
CNY 400,010,000 |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) (as
of Sep. 30, 2017) |
% of Shareholding |
|
Wu Kunxiang |
25.43 |
|
Chen Zhiqiang |
25.43 |
|
Zhongjin Jiatai (Tianjin) Equity Funds Partnership (Limited
Partnership) |
11.6 |
|
Huang Yibo |
6.26 |
|
Zhou Wenping |
5.07 |
|
Other shareholders |
26.21 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative and Chairman |
Chen Zhiqiang |
|
General Manager |
Wu Kunxiang |
|
Deputy General Manager |
Zhou Wenping |
|
Huang Yibo |
RECENT
DEVELOPMENT
SC is a listed company in Shenzhen Stock Exchange Market with the code
of 300633.
SHAREHOLDER
CHART & BACKGROUND
Name (as of Sep. 30, 2017) %
of Shareholding
Wu Kunxiang 25.43
Chen Zhiqiang 25.43
Zhongjin Jiatai (Tianjin) Equity Funds Partnership (Limited Partnership) 11.6
Huang Yibo 6.26
Zhou Wenping 5.07
Other shareholders 26.21
MANAGEMENT
Chen Zhiqiang, Legal Representative and Chairman
-------------------------------------------------------------------------------
Gender: M
Nationality: China
Age: 53
Qualification: University
Working experience (s):
From 2009 to present, working in SC as legal representative and
chairman, also working in Acoustic Life Science Co., Ltd. as legal
representative & chairman
Wu Kunxiang,
General Manager
------------------------------------------------------
Gender: M
Nationality: China
Age: 55
Qualification: University
Working experience (s):
From 2009 to present, working in SC as general manager, also working in
Acoustic Life Science Co., Ltd. as director
Deputy General
Manager
---------------------------------
Zhou Wenping
Huang Yibo
BUSINESS
OPERATION
SC’s registered business scope includes software development of medical instrument; technology
development, technology transfer, technology services, technology advisory of
biotechnology; technical maintenance services; international trade;
manufacturing and selling medical equipment and reagents.
SC is mainly engaged in manufacturing and selling medical apparatus and
instruments.
Brand: SONOSCAPE
SC’s products mainly include:
Color Doppler trolley systems
Color Doppler HCU
B/W trolley systems
B/W HCU
Veterinary
Probe
Gallery
ECG
Endoscope
Etc.
SC sources its materials 80% from domestic market and 20% from overseas market. SC sells 60% of its products to overseas market and 40% in domestic market.
The buying terms of SC include Check, T/T, L/C and Credit of 30 days.
The payment terms of SC include Check, T/T, L/C and Credit of 30 days.
*Major Customers:
==============
Edan USA
Bioclinicos De Colombia Ltda
Medimar Corp.
Staff &
Office:
--------------------------
SC is known to have approx. 1,465
staff at present.
SC rents an area as its operating office and factory, but the detailed
information is unknown.
RELATED
COMPANY
SC is known to have 6 subsidiaries at present, and the following are the
major ones.
Sonoscape Biomedical Technology (Wuhan) Co., Ltd.
ZhejiangShenbo Medical Technology Co., Ltd.
Harbin Sonoscape Technology Co., Ltd.
Acoustic Life Science Co., Ltd.
Etc.
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 records 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 Shenzhen Qilin Sub-branch
A/C #: 4000023109200030730
FINANCIALS
Consolidated
Balance Sheet
|
Unit: CNY’000 |
As of Dec. 31,
20116 |
As of Sep. 30,
2017 |
|
217,402 |
201,801 |
|
|
Accounts receivable |
265,586 |
238,347 |
|
Notes receivable |
250 |
0 |
|
Advances to suppliers |
10,930 |
30,249 |
|
Interest receivable |
3,727 |
5,122 |
|
Dividend receivable |
0 |
0 |
|
Other receivable |
15,990 |
29,235 |
|
Inventory |
170,261 |
250,115 |
|
Non-current assets within one year |
0 |
0 |
|
Other current assets |
106,950 |
355,148 |
|
|
------------------ |
------------------ |
|
Current assets |
791,096 |
1,110,017 |
|
Long-term investments |
0 |
0 |
|
Fixed assets |
41,218 |
42,076 |
|
Construction in progress |
2,627 |
4,456 |
|
Project materials |
0 |
0 |
|
Intangible assets |
71,430 |
68,303 |
|
Goodwill |
88,439 |
81,285 |
|
Long-term deferred expense |
3,687 |
2,982 |
|
Deferred income tax assets |
12,780 |
12,860 |
|
Other non-current assets |
5,281 |
6,222 |
|
|
------------------ |
------------------ |
|
Total assets |
1,016,558 |
1,328,201 |
|
|
============= |
============= |
|
Short-term loans |
3,954 |
23,166 |
|
Notes payable |
10,869 |
11,778 |
|
Accounts payable |
66,915 |
90,004 |
|
Payroll payable |
50,481 |
35,316 |
|
Taxes payable |
16,868 |
11,788 |
|
Interest payable |
65 |
101 |
|
Dividend payable |
0 |
8,900 |
|
Advances from clients |
9,775 |
30,510 |
|
Other payable |
18,291 |
27,205 |
|
Other current liabilities |
62,381 |
50,758 |
|
|
------------------ |
------------------ |
|
Current liabilities |
239,599 |
289,526 |
|
Non-current liabilities |
56,845 |
53,184 |
|
|
------------------ |
------------------ |
|
Total liabilities |
296,444 |
342,710 |
|
Equities |
720,114 |
985,491 |
|
|
------------------ |
------------------ |
|
Total liabilities & equities |
1,016,558 |
1,328,201 |
|
|
============= |
============= |
Consolidated
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2016 |
Jan. 1, 2017 to
Sep. 30, 2017 |
|
Revenue |
719,357 |
638,242 |
|
Cost of sales |
251,826 |
198,190 |
|
Business Taxes and Surcharges |
7,317 |
10,189 |
|
Sales expense |
197,053 |
172,863 |
|
Management expense |
175,028 |
167,731 |
|
Finance expense |
3,845 |
3,216 |
|
Asset impairment loss |
16,004 |
6,010 |
|
Investment income |
3,234 |
4,126 |
|
Non-operating income |
61,363 |
16,048 |
|
Non-operating expense |
35 |
3 |
|
Profit before tax |
140,536 |
129,554 |
|
Less: profit tax |
10,109 |
14,711 |
|
130,427 |
114,843 |
Important Ratios
=============
|
|
As of Dec. 31,
2016 |
As of Sep. 30,
2017 |
|
*Current ratio |
3.30 |
3.83 |
|
*Quick ratio |
2.59 |
2.97 |
|
*Liabilities to assets |
0.29 |
0.26 |
|
*Net profit margin (%) |
18.13 |
17.99 |
|
*Return on total assets (%) |
12.83 |
8.65 |
|
*Inventory / Revenue ×365/270 |
87 days |
106 days |
|
*Accounts receivable / Revenue ×365/270 |
135 days |
101 days |
|
*Revenue / Total assets |
0.71 |
0.48 |
|
*Cost of sales / Revenue |
0.35 |
0.31 |
FINANCIAL
COMMENTS
PROFITABILITY:
FAIRLY GOOD
The revenue of SC appears fairly good in its line.
SC’s net profit margin is fairly good.
SC’s return on total assets is fairly good.
SC’s cost of sales is low, comparing with its revenue.
LIQUIDITY: AVERAGE
The current ratio of SC is maintained in a fairly good level.
SC’s quick ratio is maintained in a fairly good level.
The inventory of SC appears large.
The accounts receivable of SC appears large.
The short-term loans of SC appear average.
SC’s revenue 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.
CONCLUSIONS
SC is considered large-sized in its line with fairly good financial
conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 65.22 |
|
|
1 |
INR 89.71 |
|
Euro |
1 |
INR 79.50 |
|
CNY |
1 |
INR 10.26 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
PRA |
|
|
|
|
Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.