MIRA
INFORM REPORT
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Report Date : |
02.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
SHANGHAI HAISHUN
PACKAGING MATERIAL CO., LTD. |
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Registered Office : |
No. 18, Caijiabang Road, Dongjing Development
Zone, Songjiang Dist. Shanghai 201619 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
18.01.2005 |
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Com. Reg. No.: |
3102272078185 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Manufacturing and Selling Packaging 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 : |
usd 300,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name & address
SHANGHAI HAISHUN
PACKAGING MATERIAL CO., LTD.
NO. 18, CAIJIABANG ROAD, DONGJING
DEVELOPMENT ZONE, SONGJIANG DIST.
SHANGHAI 201619 PR CHINA
TEL: 86 (0)
21-51089898/818/801 FAX: 86 (0)
21-51089898/828
EXECUTIVE SUMMARY
INCORPORATION DATE : jan. 18, 2005
REGISTRATION NO. : 3102272078185
REGISTERED LEGAL FORM : limited liabilities
company
STAFF STRENGTH :
91
REGISTERED CAPITAL : CNY 18,000,000
BUSINESS LINE :
manufacturing
TURNOVER : cny 65,400,000 (AS OF DEC. 31, 2007)
EQUITIES : CNY 21,470,000 (AS OF DEC. 31,
2007)
PAYMENT :
average
RECOMM. CREDIT RANGE : up to usd 300,000
MARKET CONDITION : average
FINANCIAL CONDITION : fairly good
OPERATIONAL TREND : steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.83 = USd 1
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY - China Yuan Ren Min Bi
SC was registered as a limited liabilities company at local
Administration for Industry & Commerce (The official body of issuing and
renewing business license) on Jan. 18, 2005
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 packaging materials; importing and
exporting commodities & technology.
SC is mainly
engaged in manufacturing and selling packaging materials.
Ms. Zhu Xiumei has
been chairman of SC since 2005.
SC is known to
have approx. 91 employees 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 rents the total premise about 6,000 square meters.
http://www.haishunpackaging.com The
design is professional and the content is well organized. At present the web is
both in Chinese and English versions.
E-mail: sales@haishunpackaging.com
No significant events or changes were found during our checks with the
local AIC.
MAIN SHAREHOLDERS:
Name Investment (CNY’000) % of Shareholding
Lin Wuhui 13,000 72.22
Zhu Xiumei 4,750 26.39
Miu Haijun 250 1.39
l
Chairman and General Manager:
Ms. Zhu Xiumei, in her 40’s with university education. She is currently
responsible for the overall management of SC.
Working Experience(s):
From 2005 to present Working in SC as chairman and
general manager.
Sales Manager:
Miu Haijun
SC is mainly
engaged in manufacturing and selling packaging materials.
SC’s products
mainly include:
Tropical blister
Fompack
Cold formed
lidding aluminum for bottle
Laminates for
suppositories
Die-cut lidding
PTP
Laminated strip
pack
SC sources its
materials 95% from domestic market, mainly Shandong, and 5% from overseas market;
SC sells its products 20% to overseas market, mainly European and American
countries, and 80% in domestic market, mainly Zhejiang and Shanghai.
The buying terms
of SC include Check, T/T, L/C and Credit of 30-60 days. The payment terms of SC
include Check, T/T, L/C and Credit of 30-60 days.
*Major Supplier:
==============
Shandong LOFTEN Aluminum Foil Industry Co.,
Ltd.
*Major Customer:
==============
Zhejiang Fogo Plank 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’s
suppliers declined to make any comments.
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
AC#N/A
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
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As
of Dec. 31, 2006 |
As
of Dec. 31, 2007 |
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Cash & bank |
210 |
1,080 |
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Inventory |
5,250 |
7,690 |
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Accounts
receivable |
7,280 |
17,230 |
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Other Accounts
receivable |
-460 |
620 |
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Advances to
suppliers |
0 |
0 |
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To be
apportioned expense |
0 |
0 |
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Other current
assets |
80 |
50 |
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------------------ |
------------------ |
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Current assets |
12,360 |
26,670 |
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Fixed assets net
value |
11,310 |
11,300 |
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Projects under
construction |
0 |
0 |
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Long term
investment |
0 |
0 |
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Other assets |
770 |
560 |
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------------------ |
------------------ |
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Total assets |
24,440 |
38,530 |
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============= |
============= |
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Short loans |
0 |
0 |
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Accounts payable |
-2,250 |
1,510 |
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Other Accounts
payable |
7,080 |
15,270 |
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Advances from
clients |
0 |
0 |
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Withdraw the
expenses in advance |
0 |
0 |
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Other current
liabilities |
780 |
280 |
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------------------ |
------------------ |
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Current
liabilities |
5,610 |
17,060 |
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Long term
liabilities |
0 |
0 |
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Other
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total
liabilities |
5,610 |
17,060 |
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Equities |
18,830 |
21,470 |
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------------------ |
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Total
liabilities & equities |
24,440 |
38,530 |
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Income Statement
Unit: CNY’000
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As of Dec. 31, 2007 |
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Turnover |
65,400 |
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Cost of goods
sold |
59,700 |
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Sales expense |
1,660 |
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Management expense |
990 |
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Finance expense |
80 |
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Profit before
tax |
3,090 |
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Less: profit tax |
460 |
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Profits |
2,630 |
Important
Ratios
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|
2006 |
2007 |
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*Current ratio |
2.20 |
1.56 |
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*Quick ratio |
1.27 |
1.11 |
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*Liabilities
to assets |
0.23 |
0.44 |
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*Net profit
margin (%) |
/ |
4.02 |
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*Return on
total assets (%) |
/ |
6.83 |
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*Inventory
/Turnover ×365 |
/ |
43days |
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*Accounts
receivable/Turnover ×365 |
/ |
96days |
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*Turnover/Total
assets |
/ |
1.70 |
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* Cost of
goods sold/Turnover |
/ |
0.91 |
PROFITABILITY:
FAIRLY GOOD
l
The turnover of SC appears fairly good in its line in 2007.
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SC’s net profit margin is fairly good in 2007.
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SC’s return on total assets is fairly good in 2007.
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SC’s cost of goods sold is average in 2007, comparing with its turnover.
LIQUIDITY: AVERAGE
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The current ratio of SC is maintained in a normal level in 2006 and
2007.
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SC’s quick ratio is maintained in a normal level in 2006 and 2007.
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The inventory of SC is maintained in an average level.
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The accounts receivable of SC appears fairly large.
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SC has no short-term loan in both 2 years.
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SC’s turnover is in an average level, comparing with the size of its
total assets.
LEVERAGE: AVERAGE
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The debt ratio of SC is low in both 2 years.
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The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly good.
SC is considered medium-sized in its line with fairly good financial
conditions. A credit line up to USD 300,000 appears to be within SC’s
capacities.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.50.52 |
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UK Pound |
1 |
Rs.75.08 |
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Euro |
1 |
Rs.63.72 |
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%)