MIRA INFORM REPORT
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Report Date : |
11.10.2011 |
IDENTIFICATION DETAILS
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Name : |
SHANGHAI MEIDONG BIOMATERIALS CO., LTD. |
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Registered Office : |
Room 302, No. 328, Aidisheng Road, Pudong New Area,
Shanghai 201203 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
28.03.2006 |
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Com. Reg. No.: |
310115000942708 |
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Legal Form : |
Limited Liabilities Co |
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Line of Business : |
Researching, Developing and Selling cashew nut shell oil |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 200,000 |
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Status : |
Moderate |
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Payment
Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
China |
a2 |
a2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name & address
SHANGHAI MEIDONG BIOMATERIALS CO., LTD.
ROOM 302, NO. 328,
AIDISHENG ROAD,
PUDONG NEW AREA,
SHANGHAI 201203 PR CHINA
TEL: 86 (0) 21-51698666/13816263978 FAX: 86 (0) 21-50796200
EXECUTIVE SUMMARY
INCORPORATION DATE : MAR. 28, 2006
REGISTRATION NO. : 310115000942708
REGISTERED LEGAL FORM : LIMITED LIABILITIES CO.
STAFF STRENGTH :
30
REGISTERED CAPITAL : CNY 29,300,000
BUSINESS LINE :
R&D, TRADE
TURNOVER :
CNY 42,320,000 (AS OF DEC. 31,
2010)
EQUITIES :
CNY 32,200,000 (AS OF DEC. 31, 2010)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO
USD 200,000
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION :
FAIRLY STABLE
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.35= 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 co. at local
Administration for Industry & Commerce (AIC - The official body of issuing
and renewing business license) on Mar. 28, 2006.
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 researching, developing, manufacturing and
selling biological and chemical new materials; importing and exporting
commodities and technologies. (with permit if needed).
SC is mainly
engaged in researching, developing and selling cashew nut shell oil.
Mr. Li Ming is
legal representative and chairman of SC at present.
SC is known to
have approx. 30 employees at present.
SC is currently operating at the above stated address, and this address
houses its operating office in Shanghai. The detailed
premise information is unknown.
http://www.meidong.com.cn/ The design is professional and the content is
well organized. At present the web site is only in Chinese version.
E-mail: china_meidong@yahoo.com.cn
Changes
of its registered information are as follows:
|
Date
of change |
Item |
Before the
change |
After the change |
|
2011 |
Registered capital |
CNY 23,000,000 |
Present amount |
MAIN
SHAREHOLDERS:
Name
% of Shareholding
Li Ming 34.68
Hong Xi 3.14
Li Liang 1.57
Li Xin 1.57
Shanghai Bangming Investment Center (Limited
Partnership) (in Chinese Pinyin) 13.65
Shanghai Tonghua Investment (Group) Co.,
Ltd. (in Chinese Pinyin) 37.54
Shanghai Huidong Investment Co., Ltd. (in
Chinese Pinyin) 7.85
Shanghai Tonghua Investment (Group) Co.,
Ltd.
====================================
Registered no.: 310115000570213
Registered capital: CNY 110,000,000
Legal representative: Zhai Li
Registered address: No. 351, Guoshoujing
Road, Zhangjiang High-tech Zone, Shanghai
l
Legal representative and Chairman:
Mr. Li Ming, with university education. He is currently responsible for
the overall management of SC.
Working Experience(s):
At present Working in SC as legal representative and chairman.
SC is mainly
engaged in researching, developing and selling cashew nut shell oil.
SC’s products mainly include epoxy curing agent of cashew nut shell oil,
cardano, etc.
SC sources its
materials 90% from domestic market and 10% from overseas market. SC sells 90%
in domestic market and 10% to overseas market.
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.
Note:
SC declined to release its major suppliers and clients.
The information on SC’s subsidiaries is unknown.
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’s accountant refused
to release the bank details, so we can’t confirm the given banking information
(China Merchants Bank).
Balance Sheet
Unit: CNY’000
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
Cash & bank |
10,150 |
5,390 |
|
Inventory |
680 |
3,260 |
|
Bills receivable |
0 |
0 |
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Accounts
receivable |
5,900 |
4,820 |
|
Advances to
suppliers |
0 |
860 |
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Other
receivables |
15,150 |
16,810 |
|
Other current
assets |
10 |
250 |
|
|
------------------ |
------------------ |
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Current assets |
31,890 |
31,390 |
|
Fixed assets net
value |
270 |
210 |
|
Long term
investment |
5,710 |
15,710 |
|
Projects under
construction |
0 |
0 |
|
Intangible and
other assets |
8,410 |
7,890 |
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------------------ |
------------------ |
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Total assets |
46,280 |
55,200 |
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=========== |
=========== |
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Short loan |
10,000 |
17,000 |
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Accounts payable |
2,710 |
3,180 |
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Advances from
clients |
120 |
50 |
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Taxes payable |
780 |
-20 |
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Other Accounts
payable |
290 |
2,660 |
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Other current liabilities |
3,240 |
130 |
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------------------ |
------------------ |
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Current
liabilities |
17,140 |
23,000 |
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Long term
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total
liabilities |
17,140 |
23,000 |
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Equities |
29,140 |
32,200 |
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|
------------------ |
------------------ |
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Total
liabilities & equities |
46,280 |
55,200 |
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|
=========== |
=========== |
Income Statement
Unit: CNY’000
|
|
As
of Dec. 31, 2010 |
|
Turnover |
42,320 |
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Cost of goods sold |
31,650 |
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Sales expense |
3,090 |
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Management expense |
3,660 |
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Finance expense |
910 |
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Profit before tax |
3,960 |
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Less: profit tax |
580 |
|
Profits |
3,380 |
Important
Ratios
=============
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
*Current ratio |
1.86 |
1.36 |
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*Quick ratio |
1.82 |
1.22 |
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*Liabilities
to assets |
0.37 |
0.42 |
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*Net profit
margin (%) |
/ |
7.99 |
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*Return on
total assets (%) |
/ |
6.12 |
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*Inventory
/Turnover ×365 |
/ |
29 days |
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*Accounts
receivable/Turnover ×365 |
/ |
42 days |
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*Turnover/Total
assets |
/ |
0.77 |
|
* Cost of
goods sold/Turnover |
/ |
0.75 |
PROFITABILITY:
FAIRLY GOOD
l
The turnover of SC appears average in 2010.
l
SC’s net profit margin is fairly good in 2010.
l
SC’s return on total assets is fairly good in 2010.
l
SC’s cost of goods sold is average, comparing with
its turnover in 2010.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a normal
level.
l
SC’s quick ratio is maintained in a fairly good
level in 2009 and in a normal level in 2010.
l
The inventory of SC appears average.
l
The accounts receivable of SC appears average.
l
The short-term loan of SC appears fairly large.
l
SC’s turnover is in a fair level, comparing with
the size of its total assets in 2010.
LEVERAGE: AVERAGE
l
The debt ratio of SC is low.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly stable.
SC is considered small-sized in its line with fairly stable financial
conditions. The large amount of short-term loan could be a threat to SC’s
financial condition. The given credit amount
would appear to be within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.07 |
|
UK Pound |
1 |
Rs.76.65 |
|
Euro |
1 |
Rs.66.17 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.