MIRA
INFORM REPORT
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Report Date : |
29.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
Shanghai Canature
Environmental Products Co., Ltd. |
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Registered Office : |
No.518 Chuanda
Road, Pudong District, Shanghai, 201200 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
February 27, 2001 |
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Com. Reg. No.: |
310115000602511 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Engaged in manufacturing
and selling water purification equipment, fireplaces, ovens, gas appliances,
electric water heaters, solar energy equipment, air-conditioning equipment. |
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 250,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name & address
Shanghai Canature
Environmental Products Co., Ltd.
no.518 chuanda road, pudong district,
shanghai, 201200 PR CHINA
TEL :
86 (0) 21-58599973
FAX :
86 (0) 21-58599801
EXECUTIVE SUMMARY
INCORPORATION DATE : February 27, 2001
REGISTRATION NO. : 310115000602511
REGISTERED LEGAL FORM : Limited liabilities
company
STAFF STRENGTH :
280
REGISTERED CAPITAL : CNY 55,000,000
BUSINESS LINE :
manufacturing
TURNOVER :
CNY 42,511,000 (AS OF DEC. 31, 2006)
EQUITIES :
CNY 40,998,000 (AS OF DEC. 31, 2006)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO usd 250,000 (periodical review)
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : fairly STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 7.30 = US$1
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY - China Yuan Renminbi
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 February 27, 2001.
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 manufacturing and selling water purification
equipment, small water purification
equipment and related environmental protection products, fireplaces, ovens, gas
appliances, electric water heaters, solar energy equipment, air-conditioning
equipment, above products technical consultation services, exporting its
products and technology; importing materials, instruments, machinery and
equipment, parts and technology needed for its production, excluding the goods
forbidden by the government, processing with imported materials, processing
with imported samples, assembling with imported parts, and compensation trade
in agreement.
SC is mainly
engaged in manufacturing and selling water purification equipment, fireplaces,
ovens, gas appliances, electric water heaters, solar energy equipment, and
air-conditioning equipment.
Ms. Yang Huanfeng
has been chairman of SC since 2001.
SC is known to
have approx. 280 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 40,000 square meters.
http://www.canature-global.com The design is professional and the content
is well organized. At present the web site is only in English version.
E-mail: inquiry@canature-global.com
Changes of its registered information are as follows:
|
Date
of change |
Item |
Before the
change |
After the change |
|
2003-9-17 |
Shareholders |
Shanghai Jianguo Chuangye Investment Co., Ltd.
71.43% Shanghai Jianguo
Social welfare foundations 28.57% |
Qu Jianguo 87% Yang Huanfeng 13% |
|
2004-3-10 |
Registered capital |
CNY 10,000,000 |
CNY 30,000,000 |
|
Shareholders |
Qu Jianguo 87% Yang Huanfeng 13% |
Qu Jianguo 95.7% Yang Huanfeng 4.3% |
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|
2007-11-24 |
Registered capital |
CNY 30,000,000 |
CNY 45,000,000 |
|
Shareholders |
Qu Jianguo 95.7% Yang Huanfeng 4.3% |
Yang Huanfeng 6.01% Qu Jianxin 0.13% Wang Yunliang 0.17% Wang Jian 0.44% Wang Weimin 0.44% Gu Tianlu 1.33% Shen Chao 0.33% Zhou Delong 0.22% Cheng Yan 0.56% Liu Xiaotong 0.67% Qiao Huoming 0.44% Gao Guolei 1.11% Lu Yuqun 0.33% Ye Min 0.44% Qu Peijun 1.33% Jin Zhikang 0.33% Tang Peiying 0.67% Jin Feng 1.67% Wei Jia 1.78% Xi Pinbiao 0.44% Huang Zhuangzhi 0.56% Xu Meizhen 0.33% Chen Xiaogong 0.22% Fan Lei 0.28% Lin Guanxin 0.22% Wang Haiqiang 0.22% Hu Yizhong 0.13% Gong Hua 0.22% Chen Weiguo 0.13% Yuan Yijia 0.22% Chen Donghui 0.44% Xie Zhanpeng 0.44% Chen Shengwu 0.14% Tong Guangying 0.44% Song Guifang 0.44% Li Wei 0.67% Zhang Ning 1.11% Qu Jianguo 63.78% Shanghai
Sengao Investment Co., Ltd. 11.11% |
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|
2007-12 |
Registered capital |
CNY 45,000,000 |
CNY 55,000,000 |
|
Shareholders |
Yang Huanfeng 6.01% Qu Jianxin 0.13% Wang Yunliang 0.17% Wang Jian 0.44% Wang Weimin 0.44% Gu Tianlu 1.33% Shen Chao 0.33% Zhou Delong 0.22% Cheng Yan 0.56% Liu Xiaotong 0.67% Qiao Huoming 0.44% Gao Guolei 1.11% Lu Yuqun 0.33% Ye Min 0.44% Qu Peijun 1.33% Jin Zhikang 0.33% Tang Peiying 0.67% Jin Feng 1.67% Wei Jia 1.78% Xi Pinbiao 0.44% Huang Zhuangzhi 0.56% Xu Meizhen 0.33% Chen Xiaogong 0.22% Fan Lei 0.28% Lin Guanxin 0.22% Wang Haiqiang 0.22% Hu Yizhong 0.13% Gong Hua 0.22% Chen Weiguo 0.13% Yuan Yijia 0.22% Chen Donghui 0.44% Xie Zhanpeng 0.44% Chen Shengwu 0.14% Tong Guangying 0.44% Song Guifang 0.44% Li Wei 0.67% Zhang Ning 1.11% Qu Jianguo 63.78% Shanghai
Sengao Investment Co., Ltd. 11.11% |
Lute Investment
Consultation (Shanghai) Co., Ltd. 18.19% Shanghai Sengao
Investment Co., Ltd. 9.09% Yang Huanfeng 4.92% Qu Jianxin 0.11% Wang Yunliang 0.14% Wang Jian 0.36% Wang Weimin 0.36% Gu Tianlu 1.09% Shen Chao 0.27% Zhou Delong 0.18% Cheng Yan 0.45% Liu Xiaotong 0.55% Qiao Huoming 0.36% Gao Guolei 0.91% Lu Yuqun 0.27% Ye Min 0.36% Qu Peijun 1.09% Jin Zhikang 0.27% Tang Peiying 0.55% Jin Feng 1.36% Wei Jia 1.45% Xi Pinbiao 0.36% Huang Zhuangzhi 0.45% Xu Meizhen 0.27% Chen Xiaogong 0.18% Fan Lei 0.23% Lin Guanxin 0.18% Wang Haiqiang 0.18% Hu Yizhong 0.11% Gong Hua 0.18% Chen Weiguo 0.11% Yuan Yijia 0.18% Chen Donghui 0.36% Xie Zhanpeng 0.36% Chen Shengwu 0.12% Tong Guangying 0.36% Song Guifang 0.36% Li Wei 0.55% Zhang Ning 0.91% Qu Jianguo 52.22% |
MAIN SHAREHOLDERS:
Name %
of Shareholding
Lute Investment Consultation (Shanghai) Co.,
Ltd. 18.19
Shanghai Sengao Investment Co., Ltd. 9.09
Yang Huanfeng 4.92
Qu Jianxin 0.11
Wang Yunliang 0.14
Wang Jian 0.36
Wang Weimin 0.36
Gu Tianlu 1.09
Shen Chao 0.27
Zhou Delong 0.18
Cheng Yan 0.45
Liu Xiaotong 0.55
Qiao Huoming 0.36
Gao Guolei 0.91
Lu Yuqun 0.27
Ye Min 0.36
Qu Peijun 1.09
Jin Zhikang 0.27
Tang Peiying 0.55
Jin Feng 1.36
Wei Jia 1.45
Xi Pinbiao 0.36
Huang Zhuangzhi 0.45
Xu Meizhen 0.27
Chen Xiaogong 0.18
Fan Lei 0.23
Lin Guanxin 0.18
Wang Haiqiang 0.18
Hu Yizhong 0.11
Gong Hua 0.18
Chen Weiguo 0.11
Yuan Yijia 0.18
Chen Donghui 0.36
Xie Zhanpeng 0.36
Chen Shengwu 0.12
Tong Guangying 0.36
Song Guifang 0.36
Li Wei 0.55
Zhang Ning 0.91
Qu Jianguo 52.22
l
Chairman and
General Manager:
Ms. Yang Huanfeng, in her 40’s with university education. She is
currently responsible for the overall management of SC.
Working Experience(s):
From 2001 to present Working in SC as chairman and
general manager.
SC is mainly
engaged in manufacturing and selling water purification equipment, fireplaces, ovens,
gas appliances, electric water heaters, solar energy equipment,
air-conditioning equipment.
Brand: Canature.
SC’s products
mainly include: water purification equipment, fireplaces, ovens, gas
appliances, electric water heaters, solar energy equipment, air-conditioning
equipment
SC sources its materials 100% from domestic
market. SC sells 70% of its products in domestic market, and 30% to overseas
market, mainly Southeast Asian market.
The buying terms of SC include Check, 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 Customers:
==============
Shui On Group
TOMSON GOLF (SHANGHAI) CO., LTD.
SC is
known to have 6 subsidiaries at present:
Shanghai
Canature Water Purification Robot Co., Ltd.
Address:
1/F, No.518 Chuanda Road, Pudong District, Shanghai
Tel: 86
021-58599999-1007
Fax: 86
021-58599977
Shanghai
Canature Household Equipment Sale Co., Ltd.
Address:
1/F, No.518 Chuanda Road, Pudong District, Shanghai
Tel: 86
021-58599999
Fax: 86
021-58599979
Shanghai
Canature Mechanical and Electrical Equipment Co., Ltd.
Address:
No.1117, Kangding Road, Jing’an District, Shanghai
Tel: 86
021-62674886
Shanghai
Canature New Technology Engineering Co., Ltd.
Address:
No.219 Tianlin Road, Xuhui District, Shanghai
Tel: 86
021-64952977
Fax: 86
021-64953227
Shanghai
Canature Investment Consultation Co., Ltd.
Address:
Room 1701 Guolu Building, No.1277 Beijing West Road, Jing’an District, Shanghai
Tel: 86 021-62791008
Fax: 86
021-62790636
Shanghai
Canature Fireplace Products Co., Ltd.
Address:
3/F, No. 518 Chuanda Road, Pudong District, Shanghai
Tel: 86
021-58599999
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.
Agricultural Bank of China Shanghai Branch Chuansha Sub-Branch
AC#：03-893200040017441
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
|
|
as
of Dec. 31, 2005 |
as
of Dec. 31, 2006 |
|
Cash & bank |
4,792 |
6,166 |
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Inventory |
9,975 |
15,691 |
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Accounts
receivable |
1,009 |
1,151 |
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Other Accounts
receivable |
460 |
489 |
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Advances to
suppliers |
4,646 |
6,924 |
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To be
apportioned expense |
2 |
55 |
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Other current
assets |
2 |
214 |
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------------------ |
------------------ |
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Current assets |
20,886 |
30,690 |
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Fixed assets net
value |
17,406 |
33,017 |
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Projects under
construction |
8,244 |
1,819 |
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Long term
investment |
13,903 |
15,629 |
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Other assets |
14,203 |
14,016 |
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------------------ |
------------------ |
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Total assets |
74,642 |
95,171 |
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============= |
============= |
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Short loans |
18,000 |
9,800 |
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Accounts payable |
3,100 |
6,558 |
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Other Accounts
payable |
15,174 |
29,263 |
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Advances from
clients |
1,936 |
2,230 |
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Other current
liabilities |
126 |
6,322 |
|
|
------------------ |
------------------ |
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Current
liabilities |
38,336 |
54,173 |
|
Long term
liabilities |
0 |
0 |
|
Other
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
38,336 |
54,173 |
|
Equities |
36,306 |
40,998 |
|
|
------------------ |
------------------ |
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Total
liabilities & equities |
74,642 |
95,171 |
|
|
============= |
============= |
Income Statement
Unit: CNY’000
|
|
as
of Dec. 31, 2005 |
as
of Dec. 31, 2006 |
|
Turnover |
40,868 |
42,511 |
|
Cost of goods
sold |
31,369 |
30,686 |
|
Sales expense |
1,789 |
2,337 |
|
Management expense |
4,666 |
6,369 |
|
Finance expense |
558 |
924 |
|
Profit before
tax |
3,199 |
4,215 |
|
Less: profit tax |
433 |
404 |
|
Profits |
2,766 |
3,811 |
Important
Ratios
=============
|
|
As
of Dec. 31, 2005 |
As
of Dec. 31, 2006 |
|
*Current ratio |
0.54 |
0.57 |
|
*Quick ratio |
0.28 |
0.28 |
|
*Liabilities
to assets |
0.51 |
0.57 |
|
*Net profit
margin (%) |
6.77 |
8.96 |
|
*Return on
total assets (%) |
3.71 |
4.00 |
|
*Inventory
/Turnover ×365 |
89 days |
135 days |
|
*Accounts
receivable/Turnover ×365 |
9 days |
10 days |
|
*Turnover/Total
assets |
0.55 |
0.45 |
|
* Cost of
goods sold/Turnover |
0.77 |
0.72 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears average in its line.
l
SC’s net profit margin is fairly good.
l
SC’s return on total assets is average.
l
SC’s cost of goods sold is average, comparing with its turnover.
LIQUIDITY: FAIR
l
The current ratio of SC is maintained in a fair level.
l
SC’s quick ratio is maintained in a fair level.
l
The inventory of SC appears large in 2006.
l
The accounts receivable of SC is maintained in an average level.
l
SC’s short-term loan is in an average level.
l
SC’s turnover is in a fair level, comparing with the size of its total
assets.
LEVERAGE: AVERAGE
l
The debt ratio of SC is average.
l
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. The large amount of inventory could be a threat to SC’s financial
condition. A credit line up to USD 250,000
would appear to be within SC’s capacities upon a periodical review basis.
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)