MIRA
INFORM REPORT
|
Report Date : |
17.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
SHANGHAI HAISHUN NEW PHARMACEUTICAL PACKAGING
CO., LTD. |
|
|
|
|
Formerly Known As : |
Shanghai Haishun
Packaging Material Co., Ltd. |
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|
Registered Office : |
No. 18,
Caijiabang Road, Dongjing Development Zone, Songjiang District Shanghai
201619 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
18.01.2005 |
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Com. Reg. No.: |
310117002570397 |
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Legal Form : |
Shares Limited Company |
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|
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Line of Business : |
manufacturing and selling packaging
materials |
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No. of Employees : |
64 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No Complaints |
|
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, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name & address
Shanghai Haishun New
Pharmaceutical Packaging Co., Ltd.
NO. 18, CAIJIABANG ROAD, DONGJING DEVELOPMENT ZONE
SONGJIANG DISTRICT SHANGHAI 201619 PR CHINA
TEL: 86 (0) 21-51089898-818/801/808
FAX: 86 (0) 21-51089898-828
EXECUTIVE SUMMARY
Date of Registration : JANUARY 18, 2005
REGISTRATION NO. : 310117002570397
LEGAL FORM : Shares limited company
REGISTERED CAPITAL : cny 40,000,000
staff : 64
BUSINESS CATEGORY : manufacturing
Revenue :
CNY 117,700,000 (AS OF DEC. 31, 2011)
EQUITIES :
CNY 127,840,000 (AS OF DEC. 31, 2011)
WEBSITE : www.haishunpackaging.com
E-MAIL :
sales@haishunpackaging.com
PAYMENT : AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : stable
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.36 = 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
LEGAL STATUS & HISTORY
***Note: SC’s name should be the above stated one,
and Shanghai Haishun Packaging Material Co., Ltd. (the given name) was SC’s
former one.
SC was established
as a limited liabilities company of PRC on
January 18, 2005. However,
SC changed to present legal form, and was registered as shares limited company of PRC with State Administration of Industry
& Commerce (SAIC) under registration No.: 310117002570397 in December 2010.
SC’s Organization Code Certificate
No.: 77094335-5
SC’s Tax No.: 310227770943355
SC’s registered capital: cny 40,000,000
SC’s paid-in capital: cny 40,000,000
Registration Change Record:-
|
Date |
Change
of Contents |
Before
the change |
After
the change |
|
October of 2010 |
Registered Capital |
CNY
18,000,000 |
CNY
32,000,000 |
|
Shareholder
(s) (% of Shareholding) |
Lin Wuhui 72.22% Zhu Xiumei
26.39% Miu Haijun 1.39% |
Lin Wuhui 65.78% Zhu Xiumei 33.43% Miu Haijun 0.79% |
|
|
Registration No. |
3102272078185 |
310117002570397 |
|
|
Legal Representative |
Zhu Xiumei |
Lin Wuhui |
|
|
December
2010 |
Legal Form |
Limited Liabilities Company |
Shares Limited
Company |
|
Company Name |
Shanghai Haishun Packaging Material Co.,
Ltd. |
Shanghai Haishun
New Pharmaceutical Packaging Co., Ltd. |
|
|
Registered Capital |
CNY
32,000,000 |
cny 40,000,000 |
|
|
Shareholder
(s) (% of Shareholding) |
Lin Wuhui 65.78% Zhu Xiumei 33.43% Miu Haijun 0.79% |
Zhu Xiumei 28.42% Miu Haijun 0.67% Lin Wuhui 55.91% Shanghai Dajia Investment Co.,
Ltd. 5.50% Changsha Xingchuang Investment
Management Partnership Enterprise 9.50% |
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Zhu Xiumei |
28.42 |
|
Miu Haijun |
0.67 |
|
Lin Wuhui |
55.91 |
|
Shanghai Dajia Investment Co., Ltd. |
5.50 |
|
Changsha Xingchuang Investment Management Partnership
Enterprise |
9.50 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative,
Chairman, and General Manager |
Lin
Wuhui |
|
Directors |
Zhu
Xiumei |
|
Miu
Haijun |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART & BACKGROUND
Name %
of Shareholding
Zhu Xiumei 28.42
Miu Haijun 0.67
Lin Wuhui 55.91
Shanghai Dajia Investment Co.,
Ltd. 5.50
Changsha Xingchuang Investment
Management Partnership Enterprise 9.50
Shanghai
Dajia Investment Co., Ltd.
===============================
Date of Registration :
November 24, 2010
Registration No. :
310117002776816
Legal Form : Limited
Liabilities Company
Registered Capital :
CNY
6,160,000
Changsha
Xingchuang Investment Management Partnership Enterprise
==========================================================
Date of Registration :
November 13, 2007
Registration No. :
430100000013458
Legal Form : Partnership
Registered Capital :
CNY
38,000,000
MANAGEMENT
Lin Wuhui , Legal Representative, Chairman and General Manager
--------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Qualification:
University
Ø
Working
experience (s):
From 2010 to present, working in SC as legal representative,
chairman and general manager
Also working in Shanghai Dajia
Investment Co., Ltd. and Suzhou Haishun Packaging Material Co., Ltd. as legal
representative
Directors
-------------
Zhu Xiumei
Miu Haijun
BUSINESS OPERATION
SC’s registered business scope includes manufacturing and
selling novel medicinal packaging materials, child protection packaging
materials, high barrier coating material, steaming and boiling resistant
composite material, high barrier composite materials, special film material;
importing and exporting goods and technology.
SC is
mainly engaged in manufacturing and selling packaging materials.
SC’s products mainly include:
High Barrier Performance film Aclar
Cold Forming Foil
Tropical Blister Foil
Children-resistant Packaging
Al/PE Strip Foil
Laminated Foil
PTP Foil
Laminates for Suppository
SC sources its
materials 95% from domestic market, mainly Shandong, and 5% from overseas
market; SC sells its products 20% to overseas market, mainly USA, UK, Spain,
India, Egypt, Vietnam and Ireland, and 80% in domestic market, mainly Zhejiang
and Shanghai.
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.
Staff & Office:
--------------------------
SC is
known to have approx. 64
staff at present.
SC rents an area
as its operating office & factory of approx. 6,000 sq. meters at the
heading address.
RELATED COMPANY
SC is known to have 4
subsidiaries at present:
==================================
u
Suzhou Haishun Packaging Material Co., Ltd.
u
Heyuan Haishun Packaging Material Co., Ltd.
u
Shanghai Sumsion Special Metals Co., Ltd
u
Guangzhou HuaShun Flocking Co., Ltd.
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
Basic Bank:
China
Construction Bank Dongjing Sub-branch
AC#：31001983012059089898
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
|
7,760 |
2,160 |
12,420 |
|
|
Accounts
receivable |
22,440 |
30,820 |
48,640 |
|
Advances to
suppliers |
3,780 |
-170 |
4,670 |
|
Other receivable |
1,410 |
6,470 |
4,730 |
|
Inventory |
19,770 |
16,580 |
23,150 |
|
Non-current
assets within one year |
0 |
0 |
0 |
|
Other current
assets |
290 |
-1,880 |
7,660 |
|
|
------------------ |
------------------ |
------------------ |
|
Current assets |
55,450 |
53,980 |
101,270 |
|
Fixed assets |
14,200 |
14,070 |
13,760 |
|
Construction in
progress |
0 |
0 |
0 |
|
Intangible
assets |
0 |
0 |
0 |
|
Long-term
investment |
0 |
48,750 |
48,750 |
|
Deferred income
tax assets |
0 |
0 |
0 |
|
Other
non-current assets |
120 |
330 |
280 |
|
|
------------------ |
------------------ |
------------------ |
|
Total assets |
69,770 |
117,130 |
164,060 |
|
|
============= |
============= |
============= |
|
Short-term loans |
650 |
5,000 |
3,000 |
|
Notes payable |
10,420 |
0 |
0 |
|
Accounts payable |
4,970 |
5,050 |
13,790 |
|
Wages payable |
0 |
0 |
0 |
|
Advances from
clients |
0 |
0 |
0 |
|
Other payable |
22,370 |
9,380 |
18,340 |
|
Other current
liabilities |
700 |
6,260 |
1,090 |
|
|
------------------ |
------------------ |
------------------ |
|
Current
liabilities |
39,110 |
25,690 |
36,220 |
|
Non-current
liabilities |
3,290 |
1,750 |
0 |
|
|
------------------ |
------------------ |
------------------ |
|
Total
liabilities |
42,400 |
27,440 |
36,220 |
|
Equities |
27,370 |
89,690 |
127,840 |
|
|
------------------ |
------------------ |
------------------ |
|
Total
liabilities & equities |
69,770 |
117,130 |
164,060 |
|
|
============= |
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2009 |
As of Dec. 31,
2010 |
As of Dec. 31,
2011 |
|
Revenue |
81,690 |
109,170 |
117,700 |
|
Cost of sales |
71,010 |
80,120 |
84,750 |
|
Sales expense |
2,550 |
7,210 |
7,810 |
|
Management expense |
4,460 |
880 |
3,270 |
|
Finance expense |
130 |
630 |
420 |
|
Profit before
tax |
3,690 |
12,510 |
21,850 |
|
Less: profit tax |
550 |
1,880 |
3,280 |
|
3,140 |
10,630 |
18,570 |
Important Ratios
=============
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
|
*Current ratio |
1.42 |
2.10 |
2.80 |
|
*Quick ratio |
0.91 |
1.46 |
2.16 |
|
*Liabilities
to assets |
0.61 |
0.23 |
0.22 |
|
*Net profit
margin (%) |
3.84 |
9.74 |
15.78 |
|
*Return on
total assets (%) |
4.50 |
9.08 |
11.32 |
|
*Inventory /
Revenue ×365 |
88 days |
56 days |
72 days |
|
*Accounts
receivable/ Revenue ×365 |
100 days |
104 days |
151 days |
|
*
Revenue/Total assets |
1.17 |
0.93 |
0.72 |
|
* Cost of
sales / Revenue |
0.87 |
0.73 |
0.72 |
FINANCIAL COMMENTS
PROFITABILITY:
FAIRLY GOOD
l
The revenue of SC appears fairly good, and it was
rising in 2011.
l
SC’s net profit margin is average in 2009 and
fairly good in 2010 and 2011.
l
SC’s return on total assets is average in 2009 and
fairly good in 2010 and 2011.
l
SC’s cost of goods sold is average, comparing with
its revenue.
LIQUIDITY:
AVERAGE
l
The current ratio of SC is maintained in a normal
level in 2009, fairly good in 2010 and 2011.
l
SC’s quick ratio is maintained in a normal level in
2009, fairly good in 2010 and 2011.
l
The inventory of SC is maintained in an average
level.
l
The accounts receivable of SC appears fairly large.
l
SC’s short-term loan is in an average level.
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 low.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Stable.
CONCLUSIONS
SC is considered medium-sized in its line with stable financial
conditions. The fairly large amount of accounts receivable may be a threat to
SC’s financial condition.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.98 |
|
UK Pound |
1 |
Rs.87.55 |
|
Euro |
1 |
Rs.68.69 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.