MIRA
INFORM REPORT
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Report Date : |
16.08.2007 |
IDENTIFICATION DETAILS
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Name : |
Nivea ( |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
Apr. 26, 1994 |
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Com. Reg. No.: |
007313 |
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Legal Form : |
Wholly Foreign-Owned |
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Line of Business : |
Engaged in manufacturing
and selling brand cosmetics. |
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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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name & address
Nivea (
NO.
QINGPU DISTRICT,
TEL :
86 (0) 21-59769601
FAX :
86 (0) 21-69768942
EXECUTIVE SUMMARY
INCORPORATION DATE :
APR. 26, 1994
REGISTRATION NO. :
007313
REGISTERED LEGAL FORM : WHOLLY
FOREIGN-OWNED
STAFF STRENGTH :
210
REGISTERED CAPITAL : USD 14,800,000
BUSINESS LINE :
MANUFACTURING
TURNOVER :
CNY 421,436,000 (AS OF DEC. 31, 2005)
EQUITIES :
CNY 48,409,000 (AS OF DEC. 31, 2005)
PAYMENT :
AVERAGE
RECOMM.
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
FAIRLY STABLE
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 7.58 =US1$ AS OF 2007-8-15
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 wholly foreign-owned enterprise at local Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license) on Apr. 26, 1994.
Company Status: Wholly foreign-owned enterprise This form of business in PR
China is defined as a legal person. It is a limited co. established within
the territories of PR China with capital provided totally by the foreign
investors. More than one foreign investor may jointly invest in a wholly
foreign-owned enterprise. The investing party/parties solely exercise
management, reap profit and bear risks and liabilities by themselves. This
form of companies usually have a limited duration is extendible upon
approval of Examination and Approval Authorities.
SC’s registered
business scope includes manufacturing skin care products, hair care products,
cosmetics and daily cleaning products, soap, throwaway skin care hygiene
products, selling its products; wholesaling, importing and exporting the above
products, commissions agent
(excluding auction) and supplying related services (in accordance with
license).
SC is mainly
engaged in manufacturing and selling brand cosmetics.
Mr. Peter
Kleinschmidt has been chairman of SC since 2004.
SC is known
to have approximately 210 staff members at present.
SC is currently
operating at the above stated address, and this address houses its operating
office and factory in the industrial zone of Shanghai. Our checks reveal that
SC owns the total premise about 3,500 square meters.
www.nivea.com.cn
The design is professional and the content is well organized. At present it is
in Chinese version.
Changes of its registered information:
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Date of change |
Item |
Before the change |
After the change |
|
2001-5-18 |
Registered capital |
USD 11,772,000 |
USD 14,800,000 |
|
2004-3-29 |
Legal representative |
Mr. Uwe. woeslfer |
Mr. Peter Kleinschmidt |
MAIN SHAREHOLDERS:
Name %
of Shareholding
Beiersdorf AG 100
l
Chairman:
Mr. Peter Kleinschmidt, German, in his 40’s with university education.
He is currently responsible for the overall management of SC.
Working Experience(s):
From 2004 to present Working in SC as chairman.
l
General manager:
Mr. Zhang Pengfei, Taiwanese, in his 40’s with university education. He
is currently responsible for the daily management of SC.
Working Experience(s):
From 1996 to present Working in SC as general manager.
SC is mainly
engaged in manufacturing and selling brand cosmetics.
SC’s products mainly include: lip care products, gentle water cleansing cream,
firming lotion, hand care products, body care products.
Brand
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NIVEA
SC sources its materials 100% from overseas
market, mainly from
The buying terms of SC include Check, L/C, T/T and Credit of 30-60 days.
The payment terms of SC include Check, T/T, and Credit of 30-60 days.
SC is known to have 3 branches in
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.
CITIC Industrial Bank
AC#：086874-82400010170
Relationship:
Balance Sheet
Unit: CNY’000
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as
of Dec. 31, 2004 |
as
of Dec. 31, 2005 |
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Cash & bank |
16,865 |
30,293 |
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Accounts
receivable |
63,345 |
88,459 |
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Inventory |
40,177 |
58,778 |
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Other
receivables |
7,816 |
14,088 |
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Accounts payable
advance |
0 |
1,925 |
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Other current
assets |
387 |
783 |
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------------------ |
------------------ |
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Current assets |
128,590 |
194,326 |
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Fixed assets |
38,480 |
44,474 |
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Fixed assets net
value |
18,927 |
22,436 |
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Projects under
construction |
471 |
4,724 |
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Long term
investment |
0 |
0 |
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Other assets |
8,545 |
13,277 |
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Total assets |
156,533 |
234,763 |
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============= |
============= |
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Short loans |
30,000 |
45,000 |
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Accounts payable |
63,281 |
108,235 |
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Salary payable |
4,072 |
5,872 |
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Welfare payable |
864 |
860 |
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Tax payable |
17,586 |
20,195 |
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Other payable |
1,987 |
4,534 |
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Accrued expenses |
906 |
1,355 |
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Other current
liabilities |
611 |
303 |
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Current
liabilities |
119,307 |
186,354 |
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Long term
liabilities |
0 |
0 |
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------------------ |
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Total
liabilities |
119,307 |
186,354 |
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Equities |
37,226 |
48,409 |
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Total
liabilities & equities |
156,533 |
234,763 |
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Income Statement
Unit: CNY’000
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as of Dec. 31,
2004 |
as of Dec. 31,
2005 |
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Turnover |
280,178 |
421,436 |
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Cost of goods
sold |
70,627 |
109,711 |
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Sales expense |
169,843 |
251,805 |
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Management expense |
10,787 |
15,555 |
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Finance expense |
1,991 |
2,212 |
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Profit before
tax |
7,027 |
11,183 |
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Less: profit tax |
0 |
0 |
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Profits |
7,027 |
11,183 |
Important Ratios
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as
of Dec. 31, 2004 |
as
of Dec. 31, 2005 |
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*Current ratio |
1.08 |
1.04 |
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*Quick ratio |
0.74 |
0.73 |
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*Liabilities
to assets |
0.76 |
0.79 |
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*Net profit
margin (%) |
2.51 |
2.65 |
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*Return on
total assets (%) |
4.49 |
4.76 |
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*Fixed
assets/Total assets |
0.25 |
0.19 |
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*Inventory
/Turnover ×365 |
52days |
51days |
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*Accounts
receivable/Turnover ×365 |
83days |
77days |
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*Turnover/Total
assets |
1.79 |
1.80 |
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* Cost of
goods sold/Turnover |
0.25 |
0.26 |
PROFITABILITY:
FAIRLY GOOD
l
The turnover of SC appears fairly good in its line,
and it increased a lot in 2005.
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SC’s net profit margin was increased; it is remains
in an average level in both 2 years.
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SC’s return on total assets was also increased; it is
remains in average level in both 2 years.
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SC’s cost of goods sold is low, comparing with its
turnover.
LIQUIDITY: FAIR
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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 fair level.
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The inventory of SC appears acceptable in both 2
years.
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The accounts receivable of SC appears fairly large.
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SC’s short-term loan appears fairy large in both 2
years.
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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
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The debt ratio of SC is fairly high.
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The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly Stable.
SC is considered medium-sized in its line with fairly stable financial
conditions. A credit line up to USD 300,000 appears 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. |
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%)