MIRA
INFORM REPORT
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Report Date : |
09.10.2012 |
IDENTIFICATION DETAILS
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Name : |
SHANGHAI HAISHUN NEW PHARMACEUTICAL PACKAGING
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) : |
31.12.2009 |
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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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Line of Business : |
manufacturing and selling packaging
materials |
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No. of Employees : |
150 employees |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 350,000 |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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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 |
china - ECONOMIC OVERVIEW
Since the late 1970s
China has moved from a closed, centrally planned system to a more
market-oriented one that plays a major global role - in 2010 China became the
world's largest exporter. Reforms began with the phasing out of collectivized
agriculture, and expanded to include the gradual liberalization of prices,
fiscal decentralization, increased autonomy for state enterprises, creation of
a diversified banking system, development of stock markets, rapid growth of the
private sector, and opening to foreign trade and investment. China has
implemented reforms in a gradualist fashion. In recent years, China has renewed
its support for state-owned enterprises in sectors it considers important to
"economic security," explicitly looking to foster globally
competitive national champions. After keeping its currency tightly linked to
the US dollar for years, in July 2005 China revalued its currency by 2.1%
against the US dollar and moved to an exchange rate system that references a basket
of currencies. From mid 2005 to late 2008 cumulative appreciation of the
renminbi against the US dollar was more than 20%, but the exchange rate
remained virtually pegged to the dollar from the onset of the global financial
crisis until June 2010, when Beijing allowed resumption of a gradual
appreciation. The restructuring of the economy and resulting efficiency gains
have contributed to a more than tenfold increase in GDP since 1978. Measured on
a purchasing power parity (PPP) basis that adjusts for price differences, China
in 2010 stood as the second-largest economy in the world after the US, having
surpassed Japan in 2001. The dollar values of China's agricultural and
industrial output each exceed those of the US; China is second to the US in the
value of services it produces. Still, per capita income is below the world
average. The Chinese government faces numerous economic challenges, including:
(a) reducing its high domestic savings rate and correspondingly low domestic
demand; (b) sustaining adequate job growth for tens of millions of migrants and
new entrants to the work force; (c) reducing corruption and other economic
crimes; and (d) containing environmental damage and social strife related to
the economy's rapid transformation. Economic development has progressed further
in coastal provinces than in the interior, and by 2011 more than 250 million
migrant workers and their dependents had relocated to urban areas to find work.
One consequence of population control policy is that China is now one of the
most rapidly aging countries in the world. Deterioration in the environment -
notably air pollution, soil erosion, and the steady fall of the water table,
especially in the North - is another long-term problem. China continues to lose
arable land because of erosion and economic development. The Chinese government
is seeking to add energy production capacity from sources other than coal and
oil, focusing on nuclear and alternative energy development. In 2010-11, China
faced high inflation resulting largely from its credit-fueled stimulus program.
Some tightening measures appear to have controlled inflation, but GDP growth
consequently slowed to near 9% for 2011. An economic slowdown in Europe is
expected to further drag Chinese growth in 2012. Debt overhang from the
stimulus program, particularly among local governments, and a property price
bubble challenge policy makers currently. The government's 12th Five-Year Plan,
adopted in March 2011, emphasizes continued economic reforms and the need to
increase domestic consumption in order to make the economy less dependent on
exports in the future. However, China has made only marginal progress toward
these rebalancing goals.
|
Source : CIA |
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/ 37017627 FAX: 86 (0) 21-57674077
EXECUTIVE SUMMARY
INCORPORATION DATE : JAN. 18, 2005
REGISTRATION NO. : 310117002570397
REGISTERED LEGAL FORM : Shares limited co.
CHIEF
EXECUTIVE : MR. LIN
WUHUI (CHAIRMAN)
STAFF
STRENGTH : 150
REGISTERED
CAPITAL : CNY 40,000,000
BUSINESS
LINE :
MANUFACTURING & selling
TURNOVER :
CNY 81,690,000 (AS OF DEC. 31, 2009)
EQUITIES :
CNY 27,370,000 (AS OF DEC. 31, 2009)
PAYMENT
: AVERAGE
RECOMM. CREDIT RANGE :
UP TO USD 350,000
MARKET CONDITION :
AVERAGE
FINANCIAL CONDITION :
FAIRLY STABLE
OPERATIONAL
TREND : STEADY
GENERAL
REPUTATION : AVERAGE
EXCHANGE
RATE : CNY 6.29 = 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 company at local Administration for Industry & Commerce (The official body of issuing and renewing business license) on Jan. 18, 2005, and later was changed into present legal form.
Company Status: Shares limited co. This form of business in PR
China is defined as a legal person. Its registered capital is divided into
shares of equal par value and the co. raises capital by issuing share
certificates by promotion or by public offer. Shareholders bear limited
liability to the extent of shareholding, and the co. is liable for its
debts only to the extent of its total assets. The co has independent
property of legal person and enjoys property rights of legal person. The characteristics of the shares limited co. are as
follows: The establishment of the co.
requires at least two promoters and no more than 200, half of whom shall be domiciled
in The minimum registered capital
of a co. is CNY The board of directors must
consist of five to nineteen directors. If the co. raises capital by public
offer, the promoters must not subscribe less than 35% of the total shares.
the promoters’ shares are restricted to transfer- within one year of the
offer. A
state-owned enterprise that is restructured into a shares limited co. must comply with the conditions & requirements
specified under the law & administrative rule.
SC’s
registered business scope includes manufacturing and selling of new
pharmaceutical packaging materials, children's protective packaging materials, high-barrier
coating material, resistant to cooking composites, high-barrier composite
materials, specialty film materials, packaging and decoration printing, import
and export business of goods and technology. (with permits if needed).
SC is mainly engaged in
manufacturing and selling packaging materials.
Mr. Lin Wuhui has been legal
representative, chairman and general manager of SC since October, 2010.
SC is known to have approx. 150
employees at present.
SC is
currently operating at the above stated address, and this address houses its
operating office and factory in the development zone of Shanghai. Our checks
reveal that SC rents the total premise about 6,000 square meters.
http://www.haishunpackaging.com The
design is professional and the content is well organized. At present the web is
both in Chinese and English versions.
E-mail: sales@haishunpackaging.com
Honors
=====
Changes of its
registered information:
|
Date of change |
Item |
Before the change |
After the change |
|
October, 2010 |
Registered capital |
CNY 18,000,000 |
CNY 32,000,000 |
|
Shareholding |
Lin Wuhui72.22%, Zhu Xiumei 26.39%, Miu Haijun 1.39% |
Lin Wuhui 65.78% Zhu Xiumei 33.43% Miu Haijun 0.79% |
|
|
Registration No. |
3102272078185 |
Present one |
|
|
Legal representative |
Zhu Xiumei |
Present one |
|
|
Unspecified |
Company Name |
Shanghai Haishun Packaging Material Co., Ltd. |
Present one |
|
Legal Form |
Limited liabilities company |
Present one |
|
|
2011 |
Shareholders & Shareholdings |
Lin Wuhui 65.78% Zhu Xiumei 33.43% Miu Haijun 0.79% |
Present ones |
|
Registered
capital |
CNY 32,000,000 |
Present
amount |
MAIN SHAREHOLDERS:
Name
%
of Shareholding
Lin Wuhui 55.91
Zhu Xiumei
28.42
Changsha Xingchuang Investment
Management Partnership Enterprise (literal translation) 9.5
Shanghai Dajia Investment Co., Ltd. (literal translation) 5.5
Miu Haijun 0.67
Changsha Xingchuang Investment Management Partnership
Enterprise (literal translation)
================================================================
Registration No.:
430100000013458
Chairman: Yuan Xingliang
Registered Capital: CNY 38,000,000
Shanghai Dajia Investment Co., Ltd. (literal translation)
========================================
Registration No.: 310117002776816
Chairman: Lin Wuhui
Registered Capital: CNY 6,160,000
Legal
Representative, Chairman and General Manager:
Mr. Lin Wuhui , with
university education. He is currently responsible for the overall management of
SC.
Working Experience(s):
From October, 2010 to present Working in SC as legal representative, chairman and general manager.
Also working in Shanghai Dajia Investment Co., Ltd. (literal translation) and Suzhou Haishun Packaging Material Co., Ltd. as legal representative.
Vice General
Manager:
Wu Jiye is currently
responsible for the daily management of SC.
Working
Experience(s):
At present Working in SC as vice general
manager.
*Officials:
=======
Name Title
Jiang Chuanhai Director
Lin Xiuqing Director
Zhu Xiumei Director
Miu Haijun Director
Yuan Xingliang Director
Fu Mingzhong Director
Li Zhiqiang Supervisor
Sun Ying Supervisor
SC is mainly engaged in manufacturing and
selling packaging materials.
SC’s products mainly include: drug packaging,
food packaging and container packaging, etc.
SC sources its materials 95% from domestic
market, mainly Shandong, and 5% from overseas market; SC sells its products 20%
to overseas market, mainly European and American countries, 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.
Note: SC’s management declined to release
its major suppliers.
Major Customers
(According to SC’s website):
=================================
Suzhou Haishun
Packaging Material Co., Ltd.
=================================
Legal
Representative: Mr. Lin Wuhui
Add: No. 118
Laixiu Road, Fenhu Economic Development Zone, Suzhou
Tel:
86-512-82079188
Fax:
86-512-82079199
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 Construction Bank
AC#: 31001983012059089898
Relationship: Normal.
Balance Sheet
Unit: CNY’000
|
|
As of Dec. 31, 2009 |
|
Cash & bank |
7,760 |
|
Inventory |
19,770 |
|
Bills receivable |
70 |
|
Accounts receivable |
22,440 |
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Other Accounts receivable |
1,410 |
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Advances to suppliers |
3,780 |
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To be apportioned expense |
0 |
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Other current assets |
220 |
|
|
------------------ |
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Current assets |
55,450 |
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Fixed assets net value |
14,200 |
|
Projects under construction |
0 |
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Long term investment |
0 |
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Other assets |
120 |
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------------------ |
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Total assets |
69,770 |
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============= |
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Short loans |
650 |
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Bills payable |
10,420 |
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Accounts payable |
4,970 |
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Other Accounts payable |
22,370 |
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Advances from clients |
0 |
|
Tax payable |
560 |
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Withdraw the expenses in advance |
140 |
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Other current liabilities |
0 |
|
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------------------ |
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Current liabilities |
39,110 |
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Long term liabilities |
3,290 |
|
Other liabilities |
0 |
|
|
------------------ |
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Total liabilities |
42,400 |
|
Equities |
27,370 |
|
|
------------------ |
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Total liabilities & equities |
69,770 |
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|
============= |
Income Statement
Unit: CNY’000
|
|
As of Dec. 31, 2009 |
|
Turnover |
81,690 |
|
Cost of goods sold |
71,010 |
|
Tax and associate charge |
80 |
|
Sales expense |
2,550 |
|
Management expense |
4,460 |
|
Finance
expense |
130 |
|
Other business profit |
190 |
|
Non-operating income |
50 |
|
Non-operating expense |
10 |
|
Other income |
0 |
|
Profit before tax |
3,690 |
|
Less: profit tax |
550 |
|
Profits |
3,140 |
Note: SC’s management
refused to release the detailed financial reports for Yr2010 and Yr2011.
Important Ratios
=============
|
|
As of Dec. 31, 2009 |
|
*Current ratio |
1.42 |
|
*Quick ratio |
0.91 |
|
*Liabilities to assets |
0.61 |
|
*Net profit margin (%) |
3.84 |
|
*Return on total assets (%) |
4.50 |
|
*Inventory /Turnover ×365 |
88 days |
|
*Accounts receivable/Turnover ×365 |
100 days |
|
*Turnover/Total assets |
1.17 |
|
* Cost of goods sold/Turnover |
0.87 |
PROFITABILITY: AVERAGE
l
The
turnover of SC appears average in its line.
l
SC’s net
profit margin is average in 2009.
l
SC’s
return on total assets is average in 2009.
l
SC’s
cost of goods sold is average, comparing with its turnover.
LIQUIDITY: AVERAGE
l
The current
ratio of SC is maintained in a normal level in 2009.
l
SC’s
quick ratio is maintained in a normal level in 2009.
l
The
inventory of SC appears average in 2009.
l
The
accounts receivable of SC appears fairly large in 2009.
l
The
short-term loan of SC appears average in 2009.
l
SC’s
turnover is in an average level, comparing with the size of its total assets.
LEVERAGE: AVERAGE
l
The debt
ratio of SC is average in 2009.
l
The risk
for SC to go bankrupt is average.
Overall financial condition of the SC: Fairly
stable.
SC is considered
medium-sized in its line with a development history of 7 years.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.21 |
|
UK Pound |
1 |
Rs.84.00 |
|
Euro |
1 |
Rs.67.75 |
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.