MIRA
INFORM REPORT
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Report Date : |
10.05.2012 |
IDENTIFICATION DETAILS
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Name : |
SHANGHAI MEPHERKANG INTERNATIONAL CO., LTD. |
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Registered Office : |
Room |
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Country : |
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Financials (as on) : |
31.12.2008 |
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Date of Incorporation : |
30.06.2003 |
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Com. Reg. No.: |
3101152013370 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Subject
is engaged in importing and exporting business |
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No. of Employees : |
05 |
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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Status : |
Small Company |
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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, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
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
MEPHERKANG INTERNATIONAL CO., LTD.
ROOM 8-502-360 BAIYANG ROAD, SHANGHAI,
201204 PR CHINA
TEL: 0086-21-68456795 FAX:
0086-21-50451017
EXECUTIVE SUMMARY
INCORPORATION DATE : JUN. 30, 2003
REGISTRATION NO. : 3101152013370
REGISTERED LEGAL FORM : LIMITED
LIABILITIES CO.
CHIEF EXECUTIVE : MR. WANG BANGJI (CHAIRMAN)
STAFF STRENGTH : 5
REGISTERED CAPITAL :
CNY 1,000,000
BUSINESS LINE :
TRADING
TURNOVER :
CNY 24,819,000 (AS OF DEC. 31,
2008)
EQUITIES :
CNY 1,007,000 (AS OF DEC. 31, 2008)
PAYMENT :
AVERAGE
MARKET CONDITION :
AVERAGE
FINANCIAL CONDITION :
FAIRLY STABLE
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 6.30 = 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 Jun. 30, 2003.
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 commodities and technologies, excluding export commodities limited or prohibited by the state;
selling chemical products (excluding hazardous articles), building materials,
finishing materials, general merchandise, hardware, electronic products, communications
equipment, stationery, metal materials, mechanical and electrical products and
components, rubber and plastic products, textiles; consulting service (with
permit if needed).
SC is
mainly engaged in importing and exporting business.
Mr.
Wang Bangji has been legal representative and chairman of SC since 2003.
SC is known to have approx. 5 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 rents the total premise, but SC’s accountant refused
to release the gross area of the premise.
SC is not known to host website of its own at present.
No significant events or changes were found during our checks with the
local AIC.
MAIN SHAREHOLDERS:
Name % of Shareholding
Wang Bangji
ID#420102194110281232 65
Hong Huifen
ID#420102193812291246 35
Legal
representative and chairman:
Mr. Wang Bangji, born in 1941, with university education. He
is currently responsible for the overall management of SC.
Working Experience(s):
From 2003 to present Working in SC as chairman and legal representative.
SC is
mainly engaged in importing and exporting business.
SC’s products mainly include: chemical products, stationery and textiles.
SC sources its merchandises 30% from the overseas market and
70% from domestic market. SC sells 30% of its merchandises in domestic market,
and 70% to overseas market.
The buying terms of SC include Check, L/C, T/T and Credit of
30-60 days. The payment terms of SC include Check, 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.
China
Minsheng Banking Corp. Ltd.Shanghai Pudong Sub-branch
AC#：144923-04170008058
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
|
|
as
of Dec. 31, 2007 |
as
of Dec. 31, 2008 |
|
Cash
& bank |
959 |
110 |
|
Accounts
receivable |
6 |
124 |
|
Other
receivables |
0 |
0 |
|
Advances to
suppliers |
1,637 |
438 |
|
Inventory |
5,577 |
4,531 |
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Other
current assets |
800 |
967 |
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|
------------------ |
------------------ |
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Current
assets |
8,979 |
6,170 |
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Fixed
assets net value |
41 |
33 |
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Projects
under construction |
0 |
0 |
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Long
term investment |
0 |
0 |
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Other
assets |
0 |
0 |
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------------------ |
------------------ |
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Total
assets |
9,020 |
6,203 |
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|
============= |
============= |
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Short
loans |
0 |
0 |
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Accounts
payable |
1,634 |
3,065 |
|
Advances from
clients |
5,725 |
1,392 |
|
Tax
payable |
-104 |
-49 |
|
Other
payable |
758 |
788 |
|
Other
current liabilities |
0 |
0 |
|
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------------------ |
------------------ |
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Current
liabilities |
8,013 |
5,196 |
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Long
term liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total
liabilities |
8,013 |
5,196 |
|
Equities |
1,007 |
1,007 |
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------------------ |
------------------ |
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Total
liabilities & equities |
9,020 |
6,203 |
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============= |
============= |
Income Statement
Unit: CNY’000
|
|
as of Dec. 31,
2007 |
as of Dec. 31,
2008 |
|
Turnover |
21,099 |
24,819 |
|
Cost of goods
sold |
20,650 |
24,628 |
|
Sales expense |
400 |
167 |
|
Management expense |
31 |
23 |
|
Finance expense |
-1 |
0 |
|
Other expenses |
17 |
0.8 |
|
Profit before
tax |
2 |
0.2 |
|
Profits |
2 |
0.2 |
Note: SC has not lodged the latest annual returns in local registry,
hence no up-to date detailed financial information available.
Important Ratios
=============
|
|
as
of Dec. 31, 2007 |
as
of Dec. 31, 2008 |
|
*Current ratio |
1.12 |
1.19 |
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*Quick ratio |
0.42 |
0.32 |
|
*Liabilities
to assets |
0.89 |
0.84 |
|
*Net profit
margin (%) |
0.01 |
0.001 |
|
*Return on
total assets (%) |
0.02 |
0.03 |
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*Inventory
/Turnover ×365 |
97 days |
67 days |
|
*Accounts
receivable/Turnover ×365 |
1 day |
2 days |
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*Turnover/Total
assets |
2.34 |
4.00 |
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* Cost of
goods sold/Turnover |
0.98 |
0.99 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears average in
its line, and it increaed in 2008.
l
SC’s net profit margin is average, but
it decreased in 2008.
l
SC’s return on total assets is average
in both 2 years.
l
SC’s cost of goods sold is high in both
2 years, comparing with its turnover.
LIQUIDITY:
AVERAGE
l
The current ratio of SC is maintained
in a normal level in both 2 years.
l
SC’s quick ratio is maintained in a
poor level in both 2 years.
l
The inventory of SC appears large in both 2 years.
l
The accounts receivable of SC appears
average in both 2 years.
l
There’s no short-term loan both in in
both 2 years.
l
SC’s turnover is in an average level,
comparing with the size of its total assets.
LEVERAGE:
FAIR
l
The debt ratio of SC is fairly high.
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 inventory could be a threat to SC’s
financial condition.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.46 |
|
UK Pound |
1 |
Rs.86.27 |
|
Euro |
1 |
Rs.69.40 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
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 |
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 |
|
<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.