MIRA INFORM REPORT
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Report Date : |
06.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
SHANGHAI MEG IMPORT AND EXPORT CORPORATION |
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Registered Office : |
No.4-101, Lane 299 Bisheng Road, Zhangjiang Hi-Tech Park, Shanghai, 201204 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
September 18, 2001 |
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Com. Reg. No.: |
3101152022429 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
International
Trade. |
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 150000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
Name & address
shanghai meg import
and export corporation
no.4-101, lane 299 bisheng road, zhangjiang
hi-tech park,
shanghai, 201204 PR CHINA
299 4-101
TEL: 86 (0) 21-51082199
FAX: 86 (0) 21-50276058
EXECUTIVE SUMMARY
INCORPORATION DATE : september 18, 2001
REGISTRATION NO. : 3101152022429
REGISTERED LEGAL FORM : Limited
liabilities company
STAFF STRENGTH :
15
REGISTERED CAPITAL : CNY 10,000,000
BUSINESS LINE :
trading
TURNOVER :
CNY 232,709,000 (AS OF DEC. 31, 2006)
EQUITIES :
CNY 13,245,000 (AS OF DEC. 31, 2006)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO usd 150,000
MARKET CONDITION : average
FINANCIAL CONDITION : fairly STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 7.11 = 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 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 September 18, 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 importing and exporting various kinds of commodities
and technology, excluding the goods forbidden by the government, processing
with imported materials, processing with imported samples, assembling with
imported parts, and compensation trade in agreement; counter trade & transit trade.
SC is mainly
engaged in international trade.
Mr. Zhao Fujun has
been chairman of SC since 2001.
SC is known to
have approx. 15 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
owns the total premise about 556 square meters.
http://www.megchina.com The
design is professional and the content is well organized. At present the web
site is both in Chinese and English versions.
E-mail: manager@megchina.com
Changes of its registered information are as follows:
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Date of change |
Item |
Before the
change |
After the change |
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2005-4-30 |
Registered capital |
CNY 3,000,000 |
CNY 6,000,000 |
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Shareholders |
Shijiazhuang Hongrun
Network Co., Ltd. 51% Zhao Fujun 49% |
Shijiazhuang
Hongrun Network Co., Ltd. 25.5% Zhao Fujun 41.67% Zhang Zhaolin 32.83% |
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2006-8-18 |
Registered capital |
CNY 6,000,000 |
CNY 10,000,000 |
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Shareholders |
Shijiazhuang Hongrun
Network Co., Ltd. 25.5% Zhao Fujun 41.67% Zhang Zhaolin 32.83% |
Zhao Fujun 35% Zhang Zhaolin 35% Wei Chunling 30% |
MAIN
SHAREHOLDERS:
Name %
of Shareholding
Zhao Fujun 35
Zhang Zhaolin 35
Wei Chunling 30
l
Chairman and
General Manager:
Mr. Zhao Fujun, 41 years old 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.
SC is mainly
engaged in international trade.
SC’s products
mainly include:
Basic Chemical Products:
barium series, strontium series, potassium series, phosphate series,
anthraquinone and chlorosulfonic acid, etc.
Agricultural
Chemicals: herbicide, insecticide, fungicide, etc.
Medical
Intermediate: nucleosides and nucleotides series, amino acids series, etc.
Cast Iron
Products: Manhole Cover, Grating, Machinery Parts, Hand Pump, Ornamental, etc
Nonferrous Casting
Products: Casting Copper, Casting Aluminum, Casting Zinc, etc.
Other Metal
Products: Stamping, Welding, Forging Products, etc.
SC sources its materials 100% from domestic
market, mainly Shanghai and Jiangsu. SC sells 100% of its products to overseas
market, mainly USA, Europe and 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.
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 Shanghai Pudong Branch
AC#044188-805008940208091001
Relationship:
Normal.
Balance Sheet (as
of Dec. 31, 2006)
Unit: CNY’000
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as
of Dec. 31, 2005 |
as
of Dec. 31, 2006 |
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Cash & bank |
3,451 |
5,781 |
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Inventory |
5,657 |
16 |
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Accounts
receivable |
12,572 |
15,491 |
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Other Accounts
receivable |
573 |
704 |
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Advances to
suppliers |
1,695 |
3,267 |
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To be
apportioned expense |
2 |
0 |
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Other current
assets |
4,699 |
8,098 |
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------------------ |
------------------ |
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Current assets |
28,649 |
33,357 |
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Fixed assets net
value |
7,488 |
7,853 |
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Projects under
construction |
0 |
0 |
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Other assets |
5 |
0 |
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Total assets |
36,142 |
41,210 |
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============= |
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Short loans |
0 |
3,400 |
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Accounts payable |
20,293 |
18,530 |
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Other Accounts
payable |
7,980 |
5,655 |
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Advances from
clients |
118 |
273 |
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Withdraw the
expenses in advance |
0 |
0 |
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Other current
liabilities |
175 |
107 |
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Current liabilities |
28,566 |
27,965 |
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Long term
liabilities |
0 |
0 |
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Other
liabilities |
1 |
0 |
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Total
liabilities |
28,567 |
27,965 |
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Equities |
7,575 |
13,245 |
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Total
liabilities & equities |
36,142 |
41,210 |
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Income Statement (as
of Dec. 31, 2006)
Unit: CNY’000
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as
of Dec. 31, 2005 |
as
of Dec. 31, 2006 |
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Turnover |
164,102 |
232,709 |
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Cost of goods
sold |
151,918 |
216,585 |
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Sales expense |
7,916 |
9,634 |
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Management expense |
2,348 |
2,758 |
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Finance expense |
569 |
1,632 |
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Profit before
tax |
1,478 |
2,022 |
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Less: profit tax |
268 |
353 |
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Profits |
1,210 |
1,669 |
Important Ratios
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As
of Dec. 31, 2005 |
As
of Dec. 31, 2006 |
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*Current ratio |
1.00 |
1.19 |
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*Quick ratio |
0.80 |
1.19 |
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*Liabilities
to assets |
0.79 |
0.68 |
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*Net profit
margin (%) |
0.74 |
0.72 |
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*Return on total
assets (%) |
3.35 |
4.05 |
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*Inventory
/Turnover ×365 |
13 days |
1 day |
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*Accounts
receivable/Turnover ×365 |
28 days |
24 days |
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*Turnover/Total
assets |
4.54 |
5.65 |
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* Cost of
goods sold/Turnover |
0.93 |
0.93 |
PROFITABILITY:
FAIRLY GOOD
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The turnover of SC appears fairly good in its line, and it was rising in
2006.
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SC’s net profit margin is average.
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SC’s return on total assets is fairly good, and it was rising in 2006.
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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 normal level.
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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 in 2006.
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SC’s short-term loan is in an average level.
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SC’s turnover is in a fairly good level, comparing with the size of its
total assets.
LEVERAGE: FAIR
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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.
Over the past 7 years, SC has made a stable growth with fairly stable
financial conditions. A credit line up to USD 150,000
would appear 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. |
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%)