%20MACHINERY%20EQUIPMENT%20CO%20%20LTD%20%20-%20156588%2017-Oct-2011_files/image002.jpg){kind=small}
MIRA INFORM REPORT
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Report Date : |
17.10.2011 |
IDENTIFICATION DETAILS
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Name : |
SACMI (SHANGHAI) MACHINERY EQUIPMENT CO. LTD.
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Registered Office : |
No. 379 North Fute Road, Waigaoqiao Free Trade
Zone, Shanghai 200131 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
02.04.2002 |
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Com. Reg. No.: |
310115400092612 |
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Legal Form : |
Wholly Foreign-Owned Enterprise |
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Line of Business : |
Selling
Food
Packaging Machinery |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 200,000 |
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Status : |
Satisfactory |
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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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
China |
a2 |
a2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name & address
SACMI (Shanghai) Machinery Equipment Co. Ltd.
No. 379 North Fute
Road, WaiGaoQiao Free Trade Zone
shanghai 200131 PR
CHINA
TEL: 86 (0)
21-53062455/53063247
FAX: 86 (0)
21-53061464
EXECUTIVE SUMMARY
Date of Registration : april 2, 2002
REGISTRATION NO. : 310115400092612
LEGAL FORM : Wholly
foreign-owned enterprise
CHIEF EXECUTIVE :
CLAUDIO FACCHINI (LEGAL REPRESENTATIVE)
REGISTERED CAPITAL : usd 663,000
staff : 53
BUSINESS CATEGORY : trading
Revenue : CNY 73,100,000 (AS OF
DEC. 31, 2010)
EQUITIES : CNY 18,010,000 (AS OF
DEC. 31, 2010)
WEBSITE : www.sacmishanghai.com
E-MAIL :
enquiries@sacmishanghai.com.cn
PAYMENT : AVERAGE
Recommended Credit Limit: UP TO USD
200,000 (PERIODICAL REVIEW)
MARKET CONDITION : average
FINANCIAL CONDITION : stable
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.37 = USD 1
Adopted abbreviations
(As Follows)
SC - Subject Company
(the company inquired by you)
N/A – Not available
CNY – China Yuan Ren
Min Bi
OPERATIONAL TREND & GENERAL
REPUTATION
This section aims at indicating the relative positions of SC in respect
of its operational trend & general reputation
Operational Trend:- General
Reputation:-
Upward Excellent
Steady Good
Fairly Steady Fairly
Good
Ordinary Average
Fair Fair
Stagnant Detrimental
Downward Not
known
Not known Not
yet be determined
Not yet be determined
LEGAL STATUS & HISTORY
***Note: SC’s address should be the heading one,
while SC’s Marketing & Sales Departments locates the given address (93
Huaihaizhong Rd 2506-2507 Shanghai Times Square)
SC was
established as a wholly foreign-owned enterprise of PRC with State
Administration of Industry & Commerce (SAIC) under registration No.: 310115400092612 on April 2,
2002.
SC’s Organization Code Certificate No.: 73669727-7
%20MACHINERY%20EQUIPMENT%20CO%20%20LTD%20%20-%20156588%2017-Oct-2011_files/image004.jpg)
SC’s registered capital: usd 663,000
SC’s paid-in capital: usd 663,000
No significant changes of SC have
been noted in SAIC since its incorporation.
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
H.P.S. S.p.A. (Italy) |
100 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative,
Chairman, and General Manager |
Claudio Facchini |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
H.P.S. S.p.A. (Italy) 100
MANAGEMENT
Claudio Facchini, Legal Representative, Chairman and General Manager
-----------------------------------------------------------------------------------------------
Ø
%20MACHINERY%20EQUIPMENT%20CO%20%20LTD%20%20-%20156588%2017-Oct-2011_files/image006.jpg)
Gender: M
Ø
Nationality: Italy
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as legal representative, chairman
and general manager
Also
working in SACMI (Changshu) Machinery Equipment Co. Ltd. as general manager
BUSINESS OPERATION
SC’s registered business scope includes
wholesale, commission agency, import and export of industrial furnace, food packaging machinery
and spare parts, providing supporting business; warehousing, distribution and
exhibition business and related technical training in the free trade zone, and
related technical training, technical support, maintenance and after-sales
service; international trade, transiting trade, trade and trade agent between
the enterprises in the free trade zone; commercial simple processing and
business advisory services in the free trade zone.
SC is
mainly engaged in selling food packaging machinery.
SC’s
products mainly include: closures machinery, filling machinery, labeling
machinery.
SC sources its materials 100% from domestic
market, mainly Jiangsu. SC sells 15% of its products in domestic market, and
85% to overseas market.
The
buying terms of SC include T/T and Credit of 30-60 days. The payment terms of
SC include T/T, L/C and Credit of 30-60 days.
Staff & Office:
--------------------------
SC is
known to have approx. 53
staff at present.
SC rents an area
as its operating office & warehouse of approx. 1,000 sq. meters at the
heading address.
RELATED COMPANY
n
SACMI
(Changshu) Machinery Equipment Co. Ltd.
-------------------------------------------------------------------
Address:
Maqiao Industrial Zone, Yanjiang Development Zone, Changshu, Jiangsu Province
Tel: 86
0512-52267602
Fax: 86
0512-52267618
n
Sacmi
Machinery (Foshannanhai) Co., Ltd.
----------------------------------------------------------
Date of Registration: January 5, 2006
Registration No.: 440682400003680
Legal Form: Wholly Foreign-Owned
Enterprise
Chief Executive: Mauro Masini (Legal Representative)
n
Sacmi
Hong Kong Limited
---------------------------------------
Date of Registration: July 2, 1991
Registration No.: 0316057
Legal Form: Private
PAYMENT
Overall payment appraisal:
( ) Excellent ( ) Good (X) Average ( ) Fair ( ) Poor ( ) Not yet be 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.
BANKING
The bank
information of SC is not filed in SAIC.
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
22,840 |
14,020 |
|
|
Accounts
receivable |
20,670 |
29,430 |
|
Advances to
suppliers |
0 |
0 |
|
Other receivable |
11,140 |
11,600 |
|
Inventory |
11,610 |
14,800 |
|
Non-current
assets within one year |
0 |
0 |
|
Other current
assets |
1,000 |
7,010 |
|
|
------------------ |
------------------ |
|
Current assets |
67,260 |
76,860 |
|
Fixed assets |
460 |
430 |
|
Construction in
progress |
0 |
0 |
|
Long-term
prepaid expenses |
0 |
0 |
|
Deferred income
tax assets |
0 |
0 |
|
Other
non-current assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total assets |
67,720 |
77,290 |
|
|
============= |
============= |
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Short-term loans |
0 |
0 |
|
Notes payable |
0 |
0 |
|
Accounts payable |
35,600 |
46,540 |
|
Wages payable |
0 |
0 |
|
Advances from
clients |
0 |
0 |
|
Other payable |
9,580 |
4,050 |
|
Other current
liabilities |
8,690 |
8,690 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
53,870 |
59,280 |
|
Non-current
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total liabilities |
53,870 |
59,280 |
|
Equities |
13,850 |
18,010 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
67,720 |
77,290 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2010 |
|
Revenue |
73,100 |
|
Cost of sales |
45,850 |
|
Sales expense |
16,490 |
|
Management expense |
6,330 |
|
Finance expense |
-1,000 |
|
Profit before
tax |
5,420 |
|
Less: profit tax |
1,270 |
|
4,150 |
Important Ratios
=============
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
*Current ratio |
1.25 |
1.30 |
|
*Quick ratio |
1.03 |
1.05 |
|
*Liabilities
to assets |
0.80 |
0.77 |
|
*Net profit
margin (%) |
-- |
5.68 |
|
*Return on total
assets (%) |
-- |
5.37 |
|
*Inventory /
Revenue ×365 |
-- |
74 days |
|
*Accounts
receivable/ Revenue ×365 |
-- |
147 days |
|
*
Revenue/Total assets |
-- |
0.95 |
|
* Cost of
sales / Revenue |
-- |
0.63 |
FINANCIAL COMMENTS
PROFITABILITY:
FAIRLY GOOD
l
The revenue of SC appears
average in its line.
l
SC’s net profit margin is fairly good.
l
SC’s return on total assets is fairly good.
l
SC’s cost of goods sold is low, comparing with its revenue.
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.
l
The inventory of SC is maintained in an average
level.
l
The accounts receivable of SC appears large.
l
SC has no short-term loan in both years.
l
SC’s revenue is in an
average level, comparing with the size of its total assets.
LEVERAGE:
AVERAGE
l
The debt ratio of SC is average.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Stable.
CONCLUSIONS
SC is considered small-sized in its line with
stable financial conditions. The large amount of accounts receivable may
be a threat to SC’s financial condition. A credit line up to USD 200,000 is
recommended upon a periodical review basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.07 |
|
UK Pound |
1 |
Rs.77.42 |
|
Euro |
1 |
Rs.67.72 |
RATING EXPLANATIONS
|
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 |
|
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 |
|
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 |
|
---- |
NB |
New Business |
---- |
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.