MIRA
INFORM REPORT
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Report Date : |
3rd
November 2006 |
IDENTIFICATION
DETAILS
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Name : |
SHANGHAI MEG IMPORT & EXPORT CORP. |
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Registered Office : |
Rm4-101, No.299, Bisheng Road,
Zhangjiang Hi-Tech Park, Shanghai, 201204 Pr China. |
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Country : |
China. |
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Financials (as on) : |
31/12/2004 |
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Date of Incorporation : |
Sep.
18, 2001 |
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Com. Reg. No.: |
3101152022429 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Engaged
in international trade. |
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
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Status : |
Moderate
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
Name & address
SHANGHAI
MEG IMPORT & EXPORT CORP.
RM4-101,
NO.299, BISHENG ROAD, ZHANGJIANG HI-TECH PARK,
SHANGHAI,
201204 PR CHINA.
TEL: 86
(0) 21-51082199
FAX: 86
(0) 021-50276058
EXECUTIVE SUMMARY
INCORPORATION DATE :
SEP. 18, 2001
REGISTRATION NO. :
3101152022429
REGISTERED LEGAL FORM : LIMITED
LIABILITIES COMPANY
STAFF STRENGTH :
10
REGISTERED CAPITAL :
CNY 10,000,000
BUSINESS LINE :
INTERNATIONAL tradING
TURNOVER :
cny 144,493,000 (as of dec. 31, 2004)
EQUITIES :
cny 3,996,000 (as of dec. 31, 2004)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE :
up to usd 15,000 (PERIODICAL review)
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
FAIRLY STABLE
OPERATIONAL TREND :
FAIRLY STEADY
GENERAL REPUTATION :
average
EXCHANGE RATE :
CNY 7.90=US$1 AS OF 2006-11-3
SC was registered as a limited
liabilities company at local Administration for Industry & Commerce (AIC -
The official body of issuing and renewing business license) on Sep. 18, 2001.
Company Status: Limited liabilities co. This form of
business in PR China is defined as a legal person. Shareholders bear
limited liability to the extent of shareholding, and the co. is liable for
its debts only to extent of its total assets. The characteristics of this
form of co. are as follows: Upon the
establishment of the co., an investment certificate is issued to the each
of shareholders. The board of
directors is comprised of three to thirteen members. The minimum
registered capital for a co. is listed as follows: -Manufacturing
co. :
CNY 500,000.00 -Trading
&wholesaling co. : CNY 500,000.00 -Retailing co. : CNY 300,000.00 -Consultancy &
service co. : CNY 100,000.00 Shareholders may
take their capital contributions in cash or by means of tangible assets or
intangible assets such as industrial property and non-patented technology. Cash contributed by
all shareholders must account for at least 50% of the registered capital
while contribution by intangible assets must not exceed 20% of the
registered capital. Existing
shareholders have pre-exemption right to purchase shares of the co. offered
for sale by the other shareholders and to subscribe for the newly increased
registered capital of the co.
SC’s registered business scope
includes importing and exporting various goods and technology excluding those
prohibited and limited by the government; processing and
compensation trade; transiting trade, carrying trade, in accordance with the
license.
SC is mainly engaged in international
trade.
Mr. Zhao Fujun has been legal
representative and chairman of SC since 2001.
SC owns approximately 10 staff at
present.
SC is
currently operating at the above stated address, and this address houses its
operating office commercial zone of Shanghai. Our checks reveal that SC rents
the total premise about 100 square meters.
http://www.megchina.com The design is
professional and the content is well organized. At present it is in both
Chinese and English versions.
E-mail: manager@megchina.com
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Date of change |
Item |
Before the change |
After the change |
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2002-02-20 |
Shareholder |
Sinochem Hebei Barium salts Imp. &
Exp. Co., Ltd. (51%) Zhao Fujun (49%) |
Shijiazhuang Hongrui Network Co., Ltd. (51%) Zhao Fujun (49%) |
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2005-05-09 |
Registered capital |
CNY3,000,000 |
CNY6,000,000 |
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2005-05-26 |
Shareholder |
Shijiazhuang Hongrui Network Co., Ltd. (51%) Zhao Fujun (49%) |
Zhao Fujun (41.67%) Zhang Zhaolin (58.33) |
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2005-09 |
Registered capital |
CNY6,000,000 |
CNY 10,000,000 |
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Shareholder |
Zhao Fujun (41.67%) Zhang Zhaolin (58.33) |
Zhang Zhaolin (35%) Zhao Fujun (35%) Wei Chunling (30%) |
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2006-03-16 |
Address |
No.2018, Shixin Road, Jichang Town,
Shanghai. |
Rm4-101, No.299, Bisheng Road, Zhangjiang
Hi-Tech Park, |
MAIN SHAREHOLDERS:
Name %
of Shareholding
Zhang Zhaolin 35
Zhao Fujun 35
Wei Chunling 30
l
Chairman and general manager:
Mr. Zhao
Fujun, born in 1970, with university education. He is
currently responsible for the overall management of SC.
Working Experience(s):
From 2001 to present Working in SC as chairman and general manger.
Vice general manager:
Mr. Zhang Zhaolin, born in 1967, with university education. He is currently responsible for the daily management of SC.
Working Experience(s):
From 2005 to present Working in SC as vice general manager.
SC is mainly engaged in international
trade.
Chemical
Department:
Basic
Chemical Products: barium series, strontium series, potassium series, phosphate
series, anthraquinone and chlorosulfonic acid, etc.
Agricultural
Chemicals: herbicide, insecticide, fungicide, etc.
Medical
Intermediate: nucleosides and nucleotides series, amino acids series, etc.
Metal
Department:
Cast
Iron Products: Manhole Cover, Grating, Machinery Parts, Hand Pump, Ornamental,
etc
Nonferrous
Casting Products: Casting Copper, Casting Aluminum, Casting Zinc, etc.
Other
Metal Products: Stamping, Welding, Forging Products, etc.
Mineral
Products: Natural and Artificial Graphite, Graphite Electrode, all kinds of
Petroleum Coke, Carburant, etc.
SC sources its materials 70% from domestic
market, and 30% from the overseas market, mainly from USA and Europe. SC sells 100%
to the overseas market, mainly to Southeast Asian market.
The buying terms of SC include Check, T/T, L/C and Credit of 30-60
days. The payment terms of SC include Check, T/T, L/C and Credit of 30-60 days.
*Major
Costumer:
==============
MEG
(Hongkong) Company Ltd
Shanghai
MEG Import and Export Corporation Shijiazhuang Office
No.707,
Lianming Road, Shijianzhuang, 050071, China
Tel:
0311-7732618
Shanghai
MEG Biochemical Company Ltd.
Add:
4-101 No.299, Bisheng Road, Zhangjiang Hi-Tech Park, Shanghai, 201204, China
Tel: 86 21 51082199
Fax: 86 21 50276058
Website:
www.megchem.cn
E-Mail: sales@megchem.cn
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.
Bank of China
Shanghai Pudong Branch
AC#044188-805008940208091001
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
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As of Dec. 31,
2003 |
As of Dec. 31,
2004 |
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Cash & bank |
1,260 |
2,500 |
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Accounts receivable |
8,113 |
11,093 |
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Other receivables |
496 |
1,056 |
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Advances to suppliers |
0 |
1,948 |
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Inventory |
2,813 |
655 |
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Prepaid expenses |
0 |
0 |
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Other current assets |
9,099 |
4,577 |
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------------------ |
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Current assets |
21,781 |
21,829 |
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Fixed assets |
1,119 |
1,200 |
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Fixed assets net value |
962 |
822 |
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Projects under construction |
0 |
0 |
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Long term investment |
0 |
0 |
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Other assets |
12 |
8 |
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------------------ |
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Total assets |
22,755 |
22,659 |
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============= |
============= |
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Short loans |
4,936 |
0 |
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Accounts payable |
11,576 |
14,987 |
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Accounts receivable advance |
0 |
528 |
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Welfare expenses payable |
30 |
63 |
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Interest payable |
48 |
-452 |
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Other payable |
2,058 |
3,537 |
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Other current liabilities |
0 |
0 |
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Current liabilities |
18,648 |
18,663 |
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Long term liabilities |
0 |
0 |
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Total liabilities |
18,648 |
18,663 |
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Equities |
4,107 |
3,996 |
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Total liabilities &
equities |
22,755 |
22,659 |
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Income Statement
Unit: CNY’000
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As of Dec. 31, 2003 |
As of Dec. 31, 2004 |
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Turnover |
60,677 |
144,493 |
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Cost of goods sold |
53,924 |
134,707 |
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Sales expense |
5,074 |
6,726 |
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Management expense |
1,100 |
1,837 |
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Finance expense |
86 |
443 |
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Profit before tax |
575 |
929 |
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Less: profit tax |
122 |
187 |
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Profits |
453 |
742 |
Important Ratios
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as
of Dec. 31, 2003 |
as
of Dec. 31, 2004 |
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*Current ratio |
1.17 |
1.17 |
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*Quick ratio |
1.02 |
1.13 |
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*Liabilities
to assets |
0.82 |
0.82 |
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*Net profit
margin (%) |
0.75 |
0.51 |
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*Return on
total assets (%) |
1.99 |
3.27 |
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*Fixed
assets/Total assets |
0.05 |
0.05 |
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*Inventory
/Turnover ×365 |
17days |
2days |
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*Accounts
receivable/Turnover ×365 |
49days |
28days |
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*Turnover/Total
assets |
2.67 |
6.38 |
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* Cost of
goods sold/Turnover |
0.89 |
0.93 |
PROFITABILITY: AVERAGE
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The
turnover of SC appears good in its line.
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SC’s
net profit margin is acceptable.
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SC’s
return on total assets is acceptable.
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SC’s
cost of goods sold is fairly high, comparing with its turnover.
LIQUIDITY: AVERAGE
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The
current ratio of SC is maintained in a normal level.
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SC’s
quick ratio is maintained in a normal level.
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The
inventory of SC appears fairly large.
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The
accounts receivable of SC is acceptable.
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The
accounts payable of SC appears TOO LARGE.
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SC’s
turnover is in a fairly good level, comparing with the size of its total
assets.
LEVERAGE: FAIR
l
The
debt ratio of SC is fairly high.
l
The
risk for SC to go bankrupt average.
Overall financial condition of the SC:
Fairly stable.
SC is
considered small-sized in its line with fairly stable financial conditions. It
is considered a credit line up to USD 15,000 appears to be within SC’s
capacities upon a periodical review basis.
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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