MIRA
INFORM REPORT
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Report Date : |
24.07.2007 |
IDENTIFICATION DETAILS
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Name : |
SHANGHAI HONGLI PHARMACEUTICAL PACKAGING MATERIAL CO., LTD. |
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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. 27, 2004 |
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Com. Reg. No.: |
3102252002238 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Engaged in
manufacturing and selling package materials. |
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 100,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name & address
SHANGHAI HONGLI PHARMACEUTICAL PACKAGING MATERIAL CO., LTD.
NO.
TEL : 86 (0)
21-58108567
FAX : 86 (0) 21-58109106
EXECUTIVE SUMMARY
INCORPORATION DATE : APR. 27, 2004
REGISTRATION NO. : 3102252002238
REGISTERED LEGAL FORM : LIMITED LIABILITIES
COMPANY
STAFF STRENGTH :
100
REGISTERED CAPITAL : cny 30,000,000
BUSINESS LINE :
MANUFACTURING
TURNOVER :
cny 29,758,000 (AS OF DEC. 31, 2005)
EQUITIES :
cny 33,396,000 (AS OF DEC. 31, 2005)
PAYMENT :
AVERAGE
RECOMM.
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : stable
OPERATIONAL TREND : steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 7.56= US$1 AS OF
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 Apr. 27, 2004.
Company Status: Limited liabilities co. This form of business in PR China
is defined as a legal person. At least two shareholders and no more than
fifty 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 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 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
package materials.
SC is mainly
engaged in manufacturing and selling package materials.
Mr. Chi Songlin
has been chairman of SC since 2004.
SC owns about 100
staff.
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 20,000 square meters.
http://www.chi-hongli.com . The
design is professional and the content is well organized. At present it is in
both Chinese and English versions.
SC is a member of The National Drugs Packaging Association. SC has
obtained the British Moody Corporation's ISO9001:2000 quality system
authentication.
SC’s former registered capital was CNY 10,000,000 and in Jul. 2005 it
was increased to CNY 30,000,000.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Chi Songlin 85
Chi Xuewen 10
Chi Xuehuai 5
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Chairman and
General Manager:
Mr. Chi Songlin, in his
Working Experience(s):
From 2004 to present Working
in SC as chairman and general manager.
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Vice General Manager:
Mr. Chi Xuewen, in his
Working Experience(s):
From 2004 to present Working in SC as vice general
manager.
SC is mainly engaged
in manufacturing and selling package materials.
SC’s products
mainly include: PTP aluminum foil for packaging, SP flexible packaging material
and bags, foam aluminum packaging and cold pressure modeled aluminum.
SC’s products have
achieved and even surpassed national expected standards of YBB00152002 and
YBB00132002 respectively.
SC sources its
materials 80% from domestic market, and 20% from the overseas market, mainly
European countries. SC sells 80% of its products in domestic market, and 20% to
the overseas market, mainly American and European countries.
The buying terms of SC include Check, T/T, L/C and Credit of 30-60 days.
The payment terms of SC include T/T, L/C and Credit of 30-60 days.
*Major Clients:
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Shijiazhuang Pharmaceutical Group Co., Ltd.
Hebei Honric Pharmaceutical Co., Ltd.
SC is
not known to have any subsidiary at present.
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.
Construction Bank of
AC#：05935110261080680
Relationship:
Financial Summary
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Unit: CNY’000
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As of Dec. 31, 2004 |
As of Dec. 31, 2005 |
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Current assets |
18,702 |
32,463 |
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Fixed assets |
5,501 |
24,667 |
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Total assets |
35,063 |
57,847 |
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Current liabilities |
21,403 |
24,451 |
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Total
liabilities |
21,403 |
24,451 |
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Equities |
13,660 |
33,396 |
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Total
liabilities & equities |
35,063 |
57,847 |
Income Statement
Unit: CNY’000
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As of Dec. 31,
2004 |
As of Dec. 31,
2005 |
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Turnover |
22,827 |
29,758 |
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Cost of goods
sold |
17,498 |
23,062 |
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Sales expense |
372 |
491 |
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Management expense |
1,539 |
2,494 |
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Finance expense |
0 |
1,290 |
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Profit before
tax |
2,703 |
2,341 |
Important Ratios
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As
of Dec. 31, 2004 |
As
of Dec. 31, 2005 |
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*Current ratio |
0.87 |
1.33 |
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*Quick ratio |
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*Liabilities
to assets |
0.61 |
0.42 |
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*Net profit
margin (%) |
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*Return on
total assets (%) |
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*Fixed
assets/Total assets |
0.16 |
0.43 |
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*Inventory
/Turnover ×365 |
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*Accounts
receivable/Turnover ×365 |
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*Turnover/Total
assets |
0.65 |
0.51 |
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* Cost of
goods sold/Turnover |
0.77 |
0.77 |
PROFITABILITY:
AVERAGE
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The turnover of SC appears acceptable in its line
in 2004 and 2005.
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SC’s cost of goods sold is average, comparing with
its turnover.
LIQUIDITY: AVERAGE
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The current ratio of SC is maintained in a fair
level in 2004, but appears normal in 2005.
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SC’s turnover is in an acceptable level, comparing
with the size of its total assets.
LEVERAGE: AVERAGE
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The debt ratio of SC is an average level in 2004
and fairly low level in 2005.
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The risk for SC to go bankrupt is low.
Overall financial
condition of the SC: Stable.
SC is considered medium-sized in its line with stable financial
conditions. A credit line up to USD100,000 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/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%)