MIRA
INFORM REPORT
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Report Date : |
03.08.2007 |
IDENTIFICATION DETAILS
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Name : |
SHANGHAI P&E IMPORT AND EXPORT CO., LTD. |
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Registered Office : |
Room 2506 |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
Nov. 18, 1998 |
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Com. Reg. No.: |
3101031008107 |
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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 : |
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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Maximum Credit Limit : |
Up To usd 200,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name & address
SHANGHAI P&E IMPORT AND EXPORT CO., LTD.
ROOM 2506
TEL : 86 (0) 21-63858655
FAX : 86 (0) 21-63852397
EXECUTIVE SUMMARY
INCORPORATION DATE : NOV. 18, 1998
REGISTRATION NO. : 3101031008107
REGISTERED LEGAL FORM : LIMITED LIABILITIES
COMPANY
STAFF STRENGTH :
16
REGISTERED CAPITAL : CNY 30,000,000
BUSINESS LINE :
INTERNATIONAL TRADE
TURNOVER :
CNY 531,210,000 (AS OF DEC. 31, 2006)
EQUITIES :
CNY 32,060,000 (AS OF DEC. 31, 2006)
PAYMENT :
AVERAGE
RECOMM.
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : STABLE
OPERATIONAL TREND : steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY7.57 = US$1 AS OF 2007-8-3
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY -
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 Nov. 18, 1998.
Company Status: Limited liabilities co. This form of business in PR
China is defined as a legal person. No more than fifty shareholders
contribute its registered capital jointly. 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 CNY 30,000. 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 30% 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 and
acting as an agent for it.
SC is mainly
engaged in international trade.
Mr. Li Peizhong
has been chairman of SC since 2000.
SC owns about 16
staff at present.
SC is
currently operating at the above stated address, and this address houses its
operating office in the commercial zone of Shanghai. Our checks reveal that SC
rents the total premise about 350 square meters.
http://www.pe.com.cn. The design is professional
and the content is well organized. At present it is in English version.
E-mail: ie@pe.com.cn
Changes of SC’s registration information are as follows,
|
Date of change |
Item |
Before the change |
After the change |
|
Dec. 2001 |
Shareholders (Shareholding) |
Pacific Mechatronic (Group) Co., Ltd. (46%) Shanghai Erfangji Co.,
Ltd. (51%) Shanghai Textile Machinery Complex Plant (3%) |
Pacific Mechatronic (Group) Co., Ltd. (7%) Shanghai Erfangji Co., Ltd.
(90%) Shanghai Textile Machinery Complex Plant (3%) |
MAIN SHAREHOLDERS:
Name %
of Shareholding
Shanghai Erfangji Co., Ltd. 90
Pacific Mechatronic (Group) Co., Ltd. 7
Shanghai Textile Machinery Complex Plant 3
==============================
Pacific Mechatronic (Group) Co., Ltd.
Address:
Tel： 021-62251010
Fax： 021-62113003
E-Mail： master@china-pmg.com
Shanghai Erfangji Co., Ltd.
It was former
Address:
Tel：021-65318888
Fax：021-65421963
Website：http://www.shefj.com
l
Chairman and
General Manager:
Mr. Li Peizhong, 51 years old with university education. He is currently
responsible for the overall management of SC.
Working Experience(s):
From 1998 to present Working
in SC as chairman and general manager.
Also working in Shanghai Erfangji Co., Ltd as general manager.
l
Vice General
Manager:
Mr. Xu Lin, 43 years old with university education. He is currently
responsible for the daily management of SC.
Working Experience(s):
From 2004 to present Working
in SC as vice General manager.
SC is mainly
engaged in international trade.
SC’s products
mainly include:
Spinning machinery
Weaving machinery
Knitting machinery
Printing and
dyeing machinery
Polyester spinning
machinery
Spindle, Roller
SC sources its
materials 80% from domestic markets and 20% from the overseas market, mainly
The buying terms of SC include T/T and Credit of 30-60 days. The payment
terms of SC include T/T, L/C and Credit of 30-60 days.
*Major Client:
===========
Pakistan PSL Corp
*Major Supply:
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Shanghai Erfangji Co., Ltd.
SC is known
to have the following after-sales service centers and sales representatives:
After-sales service Center
Premier
Arcade, C-302, Block-9,
Tel:
0092-21-5370070
Fax:
0092-21-5370070
E-mail: yanli@go4b.net.pk
4TH
Floor, Agrawal Complex,
C.G.
Road Ahmedabad – 380009
Gujarat
Tel:
0091-79-26408238-40, 55314237-38
Fax:
0091-79-26401093
Email:
zz@dharmshil.com
Sales Representatives
Akhtar
& Sons
Post
Tel:
0092-21-2412052,2410823,2417634
Fax:
0092-21-2416816,2416723
E-mail:
office@akhtarsons.com
DHARMSHIL
GROUP OF COMPANIES
4TH
Floor, Agrawal Complex,
C.G.
Road Ahmedabad – 380009
Gujarat
Tel:
0091-79-26408238-40, 55314237-38
Fax:
0091-79-26401093
Email:
ho@dharmshil.com
BRANCH OFFICE:
13/42A,
Green Fields,
Civil
Aerodrame Post, Kalapatti,
Tel:
0091-422-3958950, 2000121
Fax: 0091-422-2626723
Email:
cbe@dharmshil.com
MNS
Corporation Ltd.
369/A,
Dhaka-1205,
Tel:
00880-2-9660740
Fax:
00880-2-8613089
E-mail:
mns@dhaka.net
SEIZMOTRAC
63,
Elkods Elsharif Str., Mohandessin Cairo-Egypt
Tel:
0020-2-3025837, 3464477, 3454142
Fax:
0020-2-3473618
Email:
seizmotc@ie-eg.com
seizmotc@internetegypt.com
SPINTEX
#4, 1st
floor,
Tel:
0098-21-88870756
Fax:
0098-21-88870758
Email:
yaraghi@parsonline.net
HATCO®
Hamoule Trading
P. O.
Box 774 Aleppo-Syria
Tel:
00963-21-2288082
Fax:
00963-21-2259800
Email:
hatco@scs.net.org
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 refused to release any information of its
suppliers and the trade reference was not available.
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.
Industrial and Commercial Bank of
AC#：101119-9001006501233
Relationship:
Balance Sheet
Unit: CNY’000
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As of Dec. 31, 2004 |
As
of Dec. 31, 2005 |
As
of Dec. 31, 2006 |
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Cash & bank |
73,170 |
49,490 |
31,050 |
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Inventory |
13,160 |
22,660 |
11,680 |
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Accounts
receivable |
50,820 |
58,790 |
74,210 |
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Account paid in
advance |
2,790 |
2,560 |
0 |
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Other accounts
receivable |
1,030 |
340 |
1,260 |
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Other current
assets |
0 |
20 |
1,750 |
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-------------- |
------------- |
------------- |
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Current assets |
140,970 |
133,860 |
119,950 |
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Fixed assets net
value |
1,460 |
1,320 |
1,460 |
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Projects under
construction |
0 |
0 |
0 |
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Long term
investment |
0 |
0 |
0 |
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Other assets |
0 |
0 |
0 |
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--------------- |
--------------- |
--------------- |
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Total assets |
142,430 |
135,180 |
121,410 |
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========= |
======== |
======== |
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Short loans |
16,000 |
16,000 |
14,000 |
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Accounts payable |
69,240 |
66,110 |
52,370 |
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Other Accounts
payable |
22,860 |
13,800 |
11,030 |
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Tax payable |
-1,000 |
-8,180 |
-5,420 |
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Account received
in advance |
4,350 |
16,180 |
6,320 |
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Other current
liabilities |
0 |
0 |
11,050 |
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--------------- |
-------------- |
-------------- |
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Current
liabilities |
111,450 |
103,910 |
89,350 |
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Long term
liabilities |
0 |
0 |
0 |
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Other
liabilities |
0 |
0 |
0 |
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--------------- |
--------------- |
--------------- |
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Total
liabilities |
111,450 |
103,910 |
89,350 |
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Equities |
30,980 |
31,270 |
32,060 |
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-------------- |
-------------- |
-------------- |
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Total
liabilities & equities |
142,430 |
135,180 |
121,410 |
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======== |
======== |
Income Statement (as
of Dec. 31, 2003-2006)
Unit: CNY’000
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2004 |
2005 |
2006 |
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Turnover |
591,430 |
449,970 |
531,210 |
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Cost of goods
sold |
577,540 |
334,680 |
513,550 |
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Sales expense |
5,710 |
6,120 |
6,340 |
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Management expense |
8,950 |
8,140 |
7,940 |
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Finance expense |
800 |
580 |
740 |
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Profit before
tax |
2,340 |
1,880 |
2,430 |
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Less: profit tax |
1,710 |
1,570 |
1,630 |
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Profits |
630 |
310 |
800 |
Important Ratios
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2004 |
2005 |
2006 |
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*Current ratio |
1.26 |
1.29 |
1.34 |
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*Quick ratio |
1.15 |
1.07 |
1.21 |
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*Liabilities
to assets |
0.78 |
0.77 |
0.74 |
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*Net profit
margin (%) |
0.11 |
0.00 |
0.15 |
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*Return on total
assets (%) |
0.44 |
0.23 |
0.66 |
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*Fixed
assets/Total assets |
0.01 |
0.01 |
0.01 |
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*Inventory
/Turnover ×365 |
8days |
69days |
8days |
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*Accounts
receivable/Turnover ×365 |
31days |
48days |
51days |
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*Turnover/Total
assets |
4.15 |
3.33 |
4.39 |
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* Cost of
goods sold/Turnover |
0.98 |
0.74 |
0.97 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears fairly good in the
recent 3 years.
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SC’s net profit margin is average in the recent 3
years.
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SC’s return on total assets is average in the
recent 3 years.
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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.
l
The inventory of SC is maintained in a normal
level.
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The accounts receivable of SC appears fairly large
in the recent 3 years.
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SC’s short loans appear fairly large.
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SC’s turnover is in a fairly good level, comparing
with the size of its total assets.
LEVERAGE: AVERAGE
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The debt ratio of SC is fairly high.
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The risk for SC to go bankrupt is above average.
Overall financial
condition of the SC: Stable.
Over the past 9 years, SC has made a stable growth with acceptable profits.
A credit line up to USD200,000 would appear to be within SC’s capacities.
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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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%)