MIRA
INFORM REPORT
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Report Date : |
09.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
CNAMPGC SHANGHAI CORPORATION |
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Registered Office : |
Room 907, No.212 Zhaojiabang Road,
Shanghai, 200020 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
08.08.1989 |
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Com. Reg. No.: |
3101121032952 |
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Legal Form : |
State-Owned Enterprise |
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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 500,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
Name & Address
CNAMPGC Shanghai Corporation
room 907, no.212 zhaojiabang road,
shanghai, 200020 PR CHINA
212 907
TEL: 86 (0) 21-64319589
FAX: 86 (0) 21-51010188
EXECUTIVE SUMMARY
INCORPORATION DATE august 8, 1989
REGISTRATION NO. 3101121032952
REGISTERED LEGAL FORM State-owned
enterprise
STAFF STRENGTH 80
REGISTERED CAPITAL CNY 38,580,000
BUSINESS LINE trading
TURNOVER CNY
555,310,000 (AS OF DEC. 31, 2007)
EQUITIES CNY
136,790,000 (AS OF DEC. 31, 2007)
PAYMENT AVERAGE
RECOMM. CREDIT RANGE UP TO usd
500,000 (periodical review)
MARKET CONDITION COMPETITIVE
FINANCIAL CONDITION fairly STABLE
OPERATIONAL TREND STEADY
GENERAL REPUTATION AVERAGE
EXCHANGE RATE CNY
7.00 = 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 state-owned enterprise at
local Administration for Industry & Commerce (AIC - The official body of
issuing and renewing business license) on August 8, 1989.
Company Status: 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.
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. Yang Bin has
been general manager of SC since 1989.
SC is known to
have approx. 80 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.cnampsh.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: sales@cnampsh.com
No significant events or changes were found during our checks with the
local Administration for Industry & Commerce.
MAIN SHAREHOLDERS:
Name %
of Shareholding
China National Agricultural Means of
Production Group Corporation 100
China national Agricultural Means of
Production Group Corporation is a large enterprise integrated nationwide
production, circulation and service of agricultural production materials.
Address: No.25 Chegongzhuang West Road,
Haidian District
Tel: +86 10 68413322
Fax: +86 10 58725872
E-mail: info@sino-agri.com
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Legal Representative and General Manager:
Mr. Yu Weidong, 47 years old with university education. He is currently
responsible for the overall management of SC.
Working Experience(s):
From 1989 to present Working
in SC as legal representative and general manager.
SC is mainly
engaged in international trade
SC’s products mainly
include: Fungicide, Herbidice, Insecticide, Intermediates.
SC sources its materials 100% from domestic
market, mainly Jiangsu and Shanghai. SC sells 40% of its products in domestic
market, and 60% to overseas market, mainly 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.
*Major Customer:
==============
Shanxi Zhongnong Ruifeng Chemical Fertilizer Technology Co., Ltd.
Shanghai
Zhonglu Agricultural Means Co., Ltd.
CNAMPGC
Shanghai Corporation Pudong Branch
CNAMPGC
Shanghai Corporation Shenwei Company
CNAMPGC
Shanghai Corporation Xiamen Office
CNAMPGC
Shanghai Corporation Shanghai Port Office
CNAMPGC
Shanghai Corporation Fujian Office
CNAMPGC
Shanghai Corporation Nanjing Office
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.
SC declined to
release its bank details.
Balance Sheet (as of Dec. 31, 2007)
Unit: CNY’000
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Cash & bank |
25,570 |
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Inventory |
4,790 |
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Accounts
receivable |
123,870 |
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Other Accounts
receivable |
10,310 |
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To be
apportioned expense |
0 |
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Other current
assets |
1,280 |
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------------------ |
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Current assets |
165,820 |
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Fixed assets net
value |
3,350 |
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Projects under
construction |
0 |
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Long term
investment |
175,220 |
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Other assets |
40,150 |
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Total assets |
384,540 |
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Short loans |
40,000 |
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Accounts payable |
120,620 |
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Other Accounts
payable |
38,980 |
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Withdraw the
expenses in advance |
0 |
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Other current
liabilities |
48,140 |
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Current
liabilities |
247,740 |
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Long term
liabilities |
0 |
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Other
liabilities |
10 |
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Total
liabilities |
247,750 |
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Equities |
136,790 |
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Total
liabilities & equities |
384,540 |
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Income Statement (as of Dec. 31, 2007)
Unit: CNY’000
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Turnover |
555,310 |
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Cost of goods
sold |
535,710 |
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Sales expense |
3,400 |
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Management expense |
6,820 |
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Finance expense |
12,910 |
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Profit before
tax |
590 |
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Less: profit tax |
0 |
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Profits |
590 |
Important Ratios (as of Dec. 31, 2007)
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*Current ratio 0.67
*Quick ratio 0.65
*Liabilities to
assets 0.64
*Net profit margin
(%) 0.11
*Return on total
assets (%) 0.15
*Inventory
/Turnover ×365 3 days
*Accounts
receivable/Turnover ×365 81 days
*Turnover/Total
assets 1.44
* Cost of goods
sold/Turnover 0.96
PROFITABILITY:
AVERAGE
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The turnover of SC appears fairly good in its line.
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SC’s net profit margin is average.
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SC’s return on total assets is average.
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SC’s cost of goods sold is fairly high, comparing with its turnover.
LIQUIDITY: FAIR
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The current ratio of SC is maintained in a fair level.
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SC’s quick ratio is maintained in a fair 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 large.
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SC’s short-term loan is in an average level.
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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 average.
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The risk for SC to go bankrupt is low.
Overall financial
condition of the SC: Fairly Stable.
Over the past 19 years, SC has made a stable growth with fairly stable
financial conditions. The large amount of accounts receivable could be a threat
to SC’s financial condition. A credit line up to USD 500,000 would appear to be within SC’s capacities upon a
periodical review basis.
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%)