MIRA
INFORM REPORT
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Report Date : |
30.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
SHANGHAI
SCIENTIFIC INSTRUMENTS AND MATERIALS CO., LTD. |
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Registered Office : |
No. 1 Taojiang Road, Shanghai, 200031 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
10.10.1990 |
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Com. Reg. No.: |
3101041011403 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Trading various types
of scientific instruments, chemical reagents, laboratory equipment, chemical
products, electromechanical products, metal materials, modern office
supplies, time recording equipment, related parts, special materials and
isotope used for scientific research, medical treatment, education and
manufacture. |
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 400,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name & address
SHANGHAI
SCIENTIFIC INSTRUMENTS AND MATERIALS CO., LTD.
NO. 1 TAOJIANG ROAD,
SHANGHAI, 200031 PR CHINA.
TEL: 86 (0) 21- 64334329 FAX:
86 (0) 21-64669008
EXECUTIVE SUMMARY
INCORPORATION DATE : OCT. 10, 1990
REGISTRATION NO. : 3101041011403
REGISTERED LEGAL FORM : LIMITED LIABILITIES
COMPANY
STAFF STRENGTH :
93
REGISTERED CAPITAL : CNY 19,160,000
BUSINESS LINE : TRADING
TURNOVER : CNY 323,780,000 (AS OF DEC. 31, 2007)
EQUITIES : CNY 34,680,000 (AS OF DEC. 31,
2007)
PAYMENT : AVERAGE
RECOMM. CREDIT RANGE : UP TO USD 400,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY
6.85779 = 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 Oct. 10, 1990.
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 selling various types of scientific
instruments, chemical reagents, laboratory equipment, chemical products,
electromechanical products, metal materials, modern office supplies, time
recording equipment, related parts, special materials and isotope used for
scientific research, medical treatment, education and manufacture; importing
and exporting various goods and technology and acting as an agent for it.
SC is mainly
engaged in trading various types of scientific instruments, chemical reagents,
laboratory equipment, chemical products, electromechanical products, metal
materials, modern office supplies, time recording equipment, related parts,
special materials and isotope used for scientific research, medical treatment,
education and manufacture.
Mr. Gu
Hao has been legal representative and chairman of SC since 2001.
SC is known to have approx. 93 employees 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
owns the total premise about 1,000 square meters.
http://www.ssimc.com . The design is
professional and the content is well organized. At present it is in Chinese
version.
Email: zhangch@ssimc.com
No significant events or changes were found during our
checks with the local Administration for Industry and Commerce.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Shanghai Science & Technology Investment
Co., Ltd. 27.34
Shanghai Science & Technology Investment
Corporation 23.66
Shanghai Zenitek Group Co., Ltd. 49.00
Shanghai Science & Technology Investment
Co., Ltd.
Tel: 86-21-64338288
Fax: 86-21-64330776
Add: No. 285 West Jianguo Road, Shanghai
Shanghai Science & Technology Investment
Corporation
Add: No. 1634 Mid Huaihai Road, Shanghai
Tel: 86 21 64311988(总机)
Fax: 86 21-64312336
Web: www.shsti.com.cn
Shanghai Zenitek Group Co., Ltd.
TEL: 86-21-62462233
FAX: 86-21-62462283
E-mail: group@zenitek.com
l
Chairman and General Manager:
Mr. Gu Hao, in his 50’s with university education. He is currently
responsible for the overall management of SC.
Working Experience(s):
From 2001 to present Working
in SC as chairman and general manager.
l
Manager:
Mr. Fu Qin, in his 40’s with university education. He is currently
responsible for the daily management of SC.
Working Experience(s):
From 2004 to present Working
in SC as manager.
SC is mainly
engaged in trading various types of scientific instruments, chemical reagents,
laboratory equipment, chemical products, electromechanical products, metal
materials, modern office supplies, time recording equipment, related parts,
special materials and isotope used for scientific research, medical treatment,
education and manufacture.
SC’s products
mainly include: balancers, spectrographs, chromatographic apparatus, drying
equipment, incubators, reactors, optical instruments, microscopes, geological
instruments.
SC sources its
materials 40% from domestic market, and 60% from the overseas market, mainly
from Europe. SC sells 60% of its products in domestic market, and 40% to the
overseas market, mainly to 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 Check, T/T, L/C and Credit of 30-60
days.
*Major Customers:
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Shanghai Hengping Scientific Instrument Co.,
Ltd.
Sen Electric Co., Ltd.
Beijing Jinnai Sci-Tech Development Ltd.
SC is known to invest in the following companies:
Shanghai Scientific Instruments and
Materials Market
Etc.
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.
Shanghai Bank
AC#：316829-00005008319
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 |
66,850 |
89,120 |
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Short-term
investments |
0 |
3,580 |
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Inventory |
51,030 |
61,080 |
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Accounts
receivable |
10,210 |
11,610 |
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Advances to
supplies |
3,320 |
12,490 |
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Dividends
receivable |
0 |
380 |
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Other
receivables |
2,210 |
2,020 |
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Other current
assets |
0 |
0 |
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------------------ |
------------------ |
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Current assets |
133,620 |
180,280 |
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Fixed assets net
value |
12,150 |
11,290 |
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Projects under
construction |
0 |
0 |
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Long-term
investments |
4,830 |
3,820 |
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Intangible and
other assets |
1,640 |
1,460 |
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Total assets |
152,240 |
196,850 |
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============= |
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Short loans |
0 |
0 |
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Accounts payable |
23,940 |
22,730 |
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Advances from
customers |
95,560 |
133,630 |
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Accrued payroll |
0 |
0 |
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Welfares payable |
0 |
380 |
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Taxes payable |
-7,410 |
-6,810 |
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Other Accounts
payable |
6,930 |
12,240 |
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Other
current liabilities |
380 |
0 |
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----------------- |
----------------- |
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Current
liabilities |
119,400 |
162,170 |
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Long term
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total
liabilities |
119,400 |
162,170 |
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Shareholders
equities |
32,840 |
34,680 |
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Total
liabilities & equities |
152,240 |
196,850 |
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Income Statement
Unit: CNY’000
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as of Dec. 31, 2006 |
as of Dec. 31, 2007 |
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Turnover |
233,410 |
323,780 |
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Cost of goods
sold |
226,440 |
305,040 |
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Sales expense |
6,670 |
10,320 |
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Management expense |
9,460 |
10,010 |
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Finance expense |
-1,200 |
-1,810 |
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Operation Profit |
350 |
3,030 |
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Less: profit tax |
70 |
1,030 |
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Net profit |
280 |
2,000 |
Important Ratios
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as of Dec. 31, 2006 |
as of Dec. 31, 2007 |
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*Current ratio |
1.12 |
1.11 |
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*Quick ratio |
0.69 |
0.74 |
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*Liabilities
to assets |
0.78 |
0.82 |
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*Net profit
margin (%) |
0.12 |
0.62 |
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*Return on
total assets (%) |
0.18 |
1.02 |
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*Inventory
/Turnover ×365 |
80 days |
69 days |
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*Accounts
receivable/Turnover ×365 |
16 days |
14 days |
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*Turnover/Total
assets |
1.53 |
1.64 |
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* Cost of
goods sold/Turnover |
0.97 |
0.94 |
PROFITABILITY:
AVERAGE
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The turnover of SC appears fairly good in its line, and it was rising in
2007.
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SC’s net profit margin is average.
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SC’s return on total assets is average, and it was rising in 2007.
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SC’s cost of goods sold is fairly high, comparing with its turnover.
LIQUIDITY: AVERAGE
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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 fairly large.
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The accounts receivable of SC is maintained in an average level.
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SC has no short-term loan in both 2006 and 2007.
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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 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. The given credit amount would appear to be beyond SC’s capacities, while a credit line up to USD 400,000 is recommended.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.42.95 |
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UK Pound |
1 |
Rs.85.62 |
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Euro |
1 |
Rs.67.81 |
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%)