MIRA
INFORM REPORT
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Report Date : |
12.12.2013 |
IDENTIFICATION DETAILS
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Name : |
Shanghai
Stow Storage Equipment Co., Ltd. |
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Registered Office : |
No. 1680 Shengli Road, Qingpu
Industrial Zone, Shanghai
201700 PR |
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Country : |
China |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
21.11.1995 |
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Com. Reg. No.: |
310000400127747 |
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Legal Form : |
Wholly Foreign-Owned Enterprise |
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Line of Business : |
Subject includes designing,
manufacturing and assembling various warehouse equipment, office furniture
and complete logistics equipment, selling its owned products, providing
related after-sale service. |
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No. of Employees : |
173 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 2012 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 under 8% for 2012. An economic slowdown in Europe contributed to China's, and is expected to further drag Chinese growth in 2013. 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
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Source : CIA |
Company name and address
Shanghai Stow Storage Equipment
Co., Ltd.
no. 1680
shengli road, qingpu industrial zone
shanghai
201700 PR CHINA
TEL: 86
(0) 21-69225600
FAX: 86 (0)
21-64341269
EXECUTIVE SUMMARY
Date of Registration : november 21, 1995
REGISTRATION NO. : 310000400127747
LEGAL FORM :
Wholly foreign-owned enterprise
REGISTERED CAPITAL :
usd 10,000,000
staff : 173
BUSINESS CATEGORY :
MANUFACTURING & TRADING
Revenue : CNY 128,175,000 (AS OF DEC. 31, 2012)
EQUITIES : CNY 81,354,000 (AS OF DEC. 31, 2012)
WEBSITE : www.stow.com.cn
E-MAIL : info.stow.cn@stow-group.com
PAYMENT : AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly stable
OPERATIONAL TREND :
fairly STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.09 = USD
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
SC was
established as a wholly foreign-owned enterprise of PRC with State
Administration of Industry & Commerce (SAIC) under registration No.: 310000400127747 on November 21, 1995.
SC’s Organization Code Certificate
No.: 60732917-9
SC’s registered capital: usd 10,000,000
SC’s paid-in capital: usd 10,000,000
Registration Change Record:-
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 |
|
Belgium Stow International NV |
100 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative and
Chairman |
Jos
Auguste Paula De Vuyst |
|
General Manager |
Lu
Jianping |
RECENT DEVELOPMENT
No recent development was found during our checks at
present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Belgium Stow International NV 100
===========================
Boulevard Industriel 55
Futur X, Bât. H
7700 Mouscron, België
Tel +32 56 48 11 20
Fax +32 56 48 11 33
E-mail: info.stow.be@stow-group.com
MANAGEMENT
Jos Auguste
Paula De Vuyst, Legal Representative
and Chairman
------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 50
Ø
Nationality: Belgium
Ø
Qualification: University
Ø
Working experience (s):
At present, working in SC as legal
representative and chairman
Lu
Jianping, General Manager
----------------------------------------------------
Ø
Gender: F
Ø
Qualification: MBA
Ø
Working experience (s):
At present, working in SC as general manager
BUSINESS OPERATION
SC’s registered business scope
includes designing, manufacturing and assembling various warehouse
equipment, office furniture and complete logistics equipment, selling its owned
products, providing related after-sale service.
SC is
mainly engaged in manufacturing and selling warehouse equipment.
Brand:
STOW
SC’s
products mainly include: pallet racking, shelving, multi-tier racking, mobile
pallet racking, drive-in racking, etc.
SC sources its materials 100% from domestic market, mainly Shanghai. SC sells 75% of its products in domestic market, and 25% to overseas market.
The
buying terms of SC include Check, 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. 173
staff at present.
SC
owns an area as its operating office & factory of approx. 20,000 sq. meters
at the heading address.
RELATED COMPANY
SC is not known to have any subsidiary at present.
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:
SPD Bank Qingpu Sub-branch
AC#: N/a
FINANCIALS
Financial
Summary
|
Unit:
CNY’000 |
As of Dec. 31, 2010 |
As of Dec. 31, 2011 |
As of Dec. 31, 2012 |
|
Current
assets |
50,094 |
94,903 |
84,894 |
|
Long term investment |
942 |
906 |
862 |
|
Fixed
assets |
56,257 |
52,753 |
50,743 |
|
Intangible
assets |
0 |
595 |
461 |
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|
------------- |
------------- |
------------- |
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Total
assets |
107,293 |
149,157 |
136,960 |
|
|
------------- |
------------- |
------------- |
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Current
liabilities |
28,679 |
68,364 |
55,606 |
|
Long term liabilities |
0 |
0 |
0 |
|
|
------------- |
------------- |
------------- |
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Total
liabilities |
28,679 |
68,364 |
55,606 |
|
Equities |
78,614 |
80,793 |
81,354 |
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|
------------- |
------------- |
------------- |
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Revenue |
89,634 |
149,842 |
128,175 |
|
Cost of sales |
83,193 |
132,634 |
112,393 |
|
Profit
before tax |
-572 |
2,180 |
1,011 |
|
Less:
profit tax |
0 |
0 |
0 |
|
Profits |
-572 |
2,180 |
1,011 |
Important
Ratios
=============
|
|
As of Dec. 31, 2010 |
As of Dec. 31, 2011 |
As of Dec. 31, 2012 |
|
*Current ratio |
1.75 |
1.39 |
1.53 |
|
*Liabilities
to assets |
0.27 |
0.46 |
0.41 |
|
*Net
profit margin (%) |
-0.64 |
1.45 |
0.79 |
|
*Return
on total assets (%) |
-0.53 |
1.46 |
0.74 |
|
*
Revenue/Total assets |
0.84 |
1.00 |
0.94 |
|
* Cost
of sales / Revenue |
0.93 |
0.89 |
0.88 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
l
The revenue of SC appears fairly good
in its line in three years.
l
SC’s net profit margin is fair in 2010
and average in 2011 and 2012.
l
SC’s return on total assets is fair in
2010 and average in 2011 and 2012.
l
SC’s cost of sales is average,
comparing with its revenue.
LIQUIDITY:
AVERAGE
l
The current ratio of SC is maintained
in a normal 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 average.
l
The risk for SC to go bankrupt is
average.
Overall
financial condition of the SC: Fairly Stable.
CONCLUSIONS
SC is considered medium-sized in its line with fairly stable
financial conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.33 |
|
|
1 |
Rs.100.79 |
|
Euro |
1 |
Rs.84.37 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
RATING EXPLANATIONS
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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 |
|
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.