MIRA
INFORM REPORT
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Report Date : |
02.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
SHANGHAI PUDONG IMPORT&EXPORT CO., LTD. |
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Registered Office : |
2/F, No.2 Building Renheng Square, No.92 Maoxing Road,
Shanghai, 200127 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
Nov. 11, 1993 |
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Com. Reg. No.: |
3101151007753 |
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Legal Form : |
Sole State-Owned Enterprise |
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Line of Business : |
Engaged
in international trade, processing with imported materials, processing
with imported samples, assembling with imported parts. |
RATING &
COMMENTS
|
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 140,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name & address
SHANGHAI PUDONG IMPORT&EXPORT CO., LTD.
2/F, NO.2 BUILDING RENHENG SQUARE, NO.92 MAOXING ROAD, SHANGHAI,
200127 PR CHINA
TEL : 0086-21-68738918
FAX : 0086-21-68645855
EXECUTIVE SUMMARY
INCORPORATION DATE :
NOV. 11, 1993
REGISTRATION NO. :
3101151007753
REGISTERED LEGAL FORM :
SOLE STATE-OWNED ENTERPRISE
CHIEF EXECUTIVE :
MR. SHAO JIANNAN (CHAIRMAN)
STAFF STRENGTH :
130
REGISTERED CAPITAL :
CNY 20,000,000
BUSINESS LINE :
TRADING
TURNOVER :
CNY 1,016,785,000 (AS OF DEC.
31, 2005)
EQUITIES :
CNY 11,119,000 (AS OF DEC. 31, 2005)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE :
UP TO USD 140,000
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
FAIRLY STABLE
OPERATIONAL TREND :
FAIRLY STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 7.45521=US1$
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
sole state-owned enterprise at
local Administration for Industry & Commerce (AIC - The official body of
issuing and renewing business license) on Nov. 11, 1993.
Company Status: Sole state-owned enterprise This
form of business in PR China is defined as a commodity production or
operational units of a socialist character which in accordance with the
law, has autonomy in management, takes full responsibility for its profits
and losses and practices independent business accounting. It is a legal
person established directly by central / local government or enterprise
owned by central or local government. In theory, the liabilities of this
form of enterprise are ultimately borne by the government, since the
adoption of company law in mid-1994, the Chinese government has planned to
separate the ownership from management and liabilities bearing. The
shareholders of this form of limited liabilities company are State-owned
Assets Supervision and Administration Commission authorized by the State
Council or local Municipal Government. The
regulation is set up by State-owned Assets Supervision and Administration
Commission, or by the board of directors after approval of State-owned
Assets Supervision and Administration Commission. Sole
state-owned enterprise does not set up board of shareholders, which is
replaced by State-owned Assets Supervision and Administration
Commission. State-owned
Assets Supervision and Administration Commission assign the board of
directors.
SC’s registered business scope includes international trade
approved by Ministry of Foreign Trade and Economic Cooperation; undertaking Chinese foreign equity joint venture
enterprises and Chinese foreign cooperative manufacture, processing with
imported materials, processing with imported samples, assemblying with imported
parts, and compensation trade in agreement; foreign
trade consulting services, prepackaging food (excluding cooked food, sauced
meat and frozen food, as of Dec. 8, 2009), alcoholic drinks (excluding bulk
alcoholic drinks, as of Dec. 31st, 2008 ), (with permit if needed).
SC is
mainly engaged in international trade, processing with imported materials,
processing with imported samples, assembling with imported parts.
Mr.
Shao Jiannan has been legal representative and chairman of SC since 2006.
SC is known to have approx. 130 staff members 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.
http://www.pudongie.com.cn
The
design is professional and the content is well organized. At present it is both
in Chinese and English versions.
E-Mail: pudongie@pudongie.com.cn
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Date of change |
Item |
Before the change |
After the change |
|
2003-12-25 |
Legal representative |
Mr. Li Nanyong |
Mr. Gu Jian |
|
2004-02-18 |
Registered capital |
CNY 50,000,000 |
CNY 20,000,000 |
|
2006-05-28 |
Legal representative |
Mr. Gu Jian |
Mr. Shao Jiannan |
MAIN SHAREHOLDERS:
Name % of Shareholding
Shanghai Pudong State-owned
Assets Investment Management Co. Ltd 100
========================
Shanghai Pudong State-owned Assets Investment Management Co.
Ltd was established in 1993 with registered capital CNY 1,074,000,000. Its
business scope includes logistics, commercial
business, property, urban construction, etc.
l
Legal representative and chairman:
Mr. Shao Jiannan, in his 40’s with university education. He
is currently responsible for the overall management of SC.
Working Experience(s):
From 2006 to present Working in SC as chairman and legal representative.
SC is mainly
engaged in international trade, processing with imported materials, processing with
imported samples, assembling with imported parts.
SC’s products mainly include: electronic wall lamps, halogen desk lamps, saving lamp, silky like, standard
fasteners, special bolt.
SC sources its merchandises 30% from the overseas market and
70% from domestic market. SC sells 40% of its merchandises in domestic market,
and 60% to overseas market, mainly in North and South America, Western Europe
and Southeast Asia.
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
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 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 Pudong Sub-branch
AC#：044188-8050-03031108091001
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
|
|
as
of Dec. 31, 2004 |
as
of Dec. 31, 2005 |
|
Cash
& bank |
44,209 |
26,503 |
|
Bills
receivable |
21,039 |
30,633 |
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Accounts
receivable |
34,874 |
46,946 |
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Other
receivables |
13,354 |
9,821 |
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Advances to
suppliers |
107,446 |
193,803 |
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Subsidies
receivable |
12,380 |
15,611 |
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Inventory |
47,309 |
33,582 |
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Other
current assets |
0 |
0 |
|
|
------------------ |
------------------ |
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Current
assets |
280,611 |
356,899 |
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Fixed assets |
6,657 |
6,525 |
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Fixed
assets net value |
6,657 |
6,525 |
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Projects
under construction |
0 |
0 |
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Long
term investment |
3,366 |
2,670 |
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Other
assets |
0 |
0 |
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------------------ |
------------------ |
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Total
assets |
290,634 |
366,094 |
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============= |
============= |
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Short
loans |
10,000 |
7,000 |
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Bills
payable |
110 |
0 |
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Accounts
payable |
218,009 |
182,910 |
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Welfare
payable |
1,573 |
1,351 |
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Advances from
clients |
12,103 |
135,244 |
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Accrued
payroll |
0 |
0 |
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Tax
payable |
-2,412 |
1,352 |
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Other
payable |
28,557 |
27,116 |
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Surcharge
payable |
2 |
2 |
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Other
current liabilities |
0 |
0 |
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------------------ |
------------------ |
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Current
liabilities |
267,942 |
354,975 |
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Long
term liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total
liabilities |
267,942 |
354,975 |
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Equities |
22,692 |
11,119 |
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------------------ |
------------------ |
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Total
liabilities & equities |
290,634 |
366,094 |
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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 |
1,017,027 |
1,016,785 |
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Cost of goods
sold |
992,879 |
989,321 |
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Income
from other operations |
5,496 |
5,666 |
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Sales expense |
21,002 |
24,663 |
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Management expense |
7,463 |
5,505 |
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Finance expense |
1,553 |
960 |
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Investment
income |
234 |
-196 |
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Subsidy income |
1,502 |
559 |
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Non-operating
income |
250 |
1 |
|
Non-operating
expense |
167 |
19 |
|
Profit before
tax |
1,445 |
2,172 |
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Less: profit tax |
191 |
245 |
|
Profits |
1,254 |
1,927 |
Important Ratios
=============
|
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as
of Dec. 31, 2004 |
as
of Dec. 31, 2005 |
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*Current ratio |
1.05 |
1.01 |
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*Quick ratio |
0.87 |
0.91 |
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*Liabilities
to assets |
0.92 |
0.97 |
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*Net profit
margin (%) |
0.12 |
0.19 |
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*Return on
total assets (%) |
0.43 |
0.53 |
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*Fixed
assets/Total assets |
0.02 |
0.02 |
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*Inventory
/Turnover ×365 |
17 days |
13 days |
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*Accounts
receivable/Turnover ×365 |
13 days |
17 days |
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*Turnover/Total
assets |
3.50 |
2.78 |
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* Cost of
goods sold/Turnover |
0.98 |
0.97 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears fairly good in its line.
l
SC’s net profit margin is average, and it increased in 2005.
l
SC’s return on total assets is average, and it increased in
2005.
l
SC’s cost of goods sold is high, comparing with its
turnover.
LIQUIDITY:
AVERAGE
l
The current ratio of SC is maintained in a normal level.
l
SC’s quick ratio is maintained in a normal level.
l
The inventory of SC is in an average level.
l
The accounts payable of SC appears TOO LARGE.
l
SC’s short-term loan is in an average level.
l
SC’s turnover is in an average level, comparing with the
size of its total assets.
LEVERAGE:
FAIR
l
The debt ratio of SC is high.
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 accounts payable could be a threat to SC’s
financial condition. Taking into consideration of SC’s general performance,
fairly good background as well as market conditions we would rate SC as an
average credit risk company.
RATING
EXPLANATIONS
|
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%)