MIRA
INFORM REPORT
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Report Date : |
11.12.2014 |
IDENTIFICATION DETAILS
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Name : |
MEIDEN SHANGHAI CO., LTD. |
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Registered Office : |
RM. 1806, Huaxu International Plaza, No. 336, Xizang Middle Road,
Huangpu District, Shanghai, 200001 Pr |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
27.03.2006 |
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Com. Reg. No.: |
310000400460794 |
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Legal Form : |
Wholly Foreign-Owned |
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Line of Business : |
Subject is mainly engaged in selling frequency
transformer. |
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No. of Employees : |
60 |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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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 30, 2014
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Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
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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 |
Since the late 1970s
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Source
: CIA |
Company Name and address
MEIDEN SHANGHAI CO., LTD.
RM. 1806, HUAXU INTERNATIONAL PLAZA, NO. 336, XIZANG MIDDLE ROAD,
HUANGPU DISTRICT, SHANGHAI, 200001 PR CHINA
TEL: 86 (0) 21-53062200 FAX: 86 (0) 21-63860058
EXECUTIVE SUMMARY
INCORPORATION DATE : MAR. 27, 2006
REGISTRATION NO. : 310000400460794
REGISTERED LEGAL FORM : WHOLLY FOREIGN-OWNED ENTERPRISE
STAFF STRENGTH : 60
REGISTERED CAPITAL : JPY 620,000,000
BUSINESS LINE : TRADING
TURNOVER : CNY 134,800,000 (AS OF DEC. 31, 2013)
EQUITIES : CNY -14,630,000 (AS OF DEC. 31, 2013)
PAYMENT : AVERAGE
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : FAIR
OPERATIONAL TREND : FAIR
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.1905 = 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
Ren Min Bi
SC was registered as a wholly foreign-owned enterprise at
local Administration for Industry & Commerce (AIC-The official body of issuing
and renewing business license) on Mar. 27, 2006.
Company Status: Wholly Foreign-owned This
form of business in PR China is defined as a legal person. It is a limited
co. established within the territories of PR China with capital provided
totally by the foreign investors. More than one foreign investor may
jointly invest in a wholly foreign-owned enterprise. The investing
party/parties solely exercise management, reap profit and bear risks and
liabilities by themselves. This form of companies usually have a limited
duration is extendible upon approval of Examination and Approval
Authorities.
SC’s registered business scope includes Wholesaling, importing and exporting middle or small scale generating plant,
electrical supply and distribution and dedicated power conversion device,
electrical control and drive dedicated device, testing device, supporting a
dedicated device for railway and subway, pieces of metal processing, ceramics
and its raw materials, related commodities of the above products, software,
components and components, commission agent (excluding auction), and the
commodity-related design, technology, engineering services and consulting,
after-sales service and other related services. (operating according to related regulations) (with permit if needed)
SC is mainly engaged in selling frequency transformer.
Mr. Kazuhiko Furukawa is legal
representative, chairman and general manager of SC.
SC is known to have approx. 60
employees at present.
SC is currently operating
at the above stated address, and this address houses its operating office in
Shanghai. The detailed information of the area is unspecified.
http://www.meidensha.com.cn
The design is professional and the content is well organized. At present it is
in Chinese version.
Changes of its registered information are as
follows:
|
Date of change |
Item |
Before the
change |
After the change |
|
2014-06-25 |
Registered capital |
JPY 320,000,000 |
The present amount |
Organization
Code: 717865087
No negative information found
MAIN SHAREHOLDERS:
Name %
of Shareholding
Meidensha Corporation (Japan) 100
Established: December 22, 1897
President: Yuji Hamasaki
Head Office: ThinkPark Tower,
Phone: 81-3-6420-7510
Fax: 81-3-5745-3053
Web: http://www.meidensha.co.jp
l
Legal representative, Chairman and General Manager:
Mr. Kazuhiko Furukawa, Japanese, in his
Working Experience(s):
At present Working in SC as legal representative,
chairman and general manager.
l
Vice-Chairman:
Daomu Zhengxing (In Chinese Pinyin)
Anzhong Xiu’er (In Chinese Pinyin)
l
Supervisor:
Itou Takeo
SC is mainly engaged in selling frequency transformer.
SC’s products mainly include: frequency transformers.
SC sources its materials 90% from domestic market, and
10% from overseas market. SC sells 92% of its products in domestic market, and
8% to overseas market.
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 main
clients and suppliers.
Dongguan
Meiden Electrical Engineering Co., Ltd.
---------------------------------
Registered
no.: 441900400154514
Legal
representative: Anzhong Xiu’er (In Chinese Pinyin)
Incorporation
date:
Phone:
86-769-22285210 Fax: 86-769-2285250
Meiden
Hangzhou Drive Systems Co., Ltd.
Phone:
86-571-8369-6808, Fax: 86-571-8369-6818
P.T.
Meiden Engineering Indonesia
Meiden
Korea Co., Ltd.
Etc.
SC
is known to have the following subsidiary and branch:
Meiden Zhengzhou Electric
Co., Ltd.
------------------------------
Registered no.:
410199400000236
Incorporation date:
Phone: 86-371-56971963,
Fax: 86-371-56971981
Web: http://www.meiden-mze.com/
Meiden Shanghai Co., Ltd. Beijing Branch
Registered no.: 110000450071874
Principal: Wangyue Longzhi (in Chinese
Pinyin)
Date of incorporation: Nov. 17, 2008
Tel: 010-66001415
Fax: 010-66001915
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.
SC’s management declined to release its bank
details.
FINANCIAL HIGHLIGHTS
Balance Sheet
Unit: CNY’000
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|
as of June 30, 2012 |
As of Dec. 31, 2013 |
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Cash & bank |
9,450 |
4,090 |
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Notes receivable |
3,140 |
4,690 |
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Inventory |
8,200 |
6,160 |
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Accounts receivable |
34,640 |
32,240 |
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Advances to suppliers |
1,910 |
1,340 |
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Other receivables |
2,720 |
2,840 |
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Other current assets |
130 |
770 |
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------------------ |
------------------ |
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Current assets |
60,190 |
52,130 |
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Fixed assets net value |
330 |
440 |
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Projects under construction |
0 |
0 |
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Long term investment |
10,000 |
10,000 |
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Intangible assets |
160 |
390 |
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Other assets |
1,320 |
550 |
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------------------ |
------------------ |
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Total assets |
72,000 |
63,510 |
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============= |
============= |
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Short loans |
27,770 |
32,000 |
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Accounts payable |
37,140 |
38,800 |
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Other payable |
30 |
440 |
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Taxes payable |
80 |
60 |
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Accrued payroll |
/ |
2,660 |
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Advances from clients |
12,840 |
4,180 |
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Other current liabilities |
20 |
0 |
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------------------ |
------------------ |
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Current liabilities |
77,880 |
78,140 |
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Long term liabilities |
0 |
0 |
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------------------ |
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Total liabilities |
77,880 |
78,140 |
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Equities |
-5,880 |
-14,630 |
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------------------ |
------------------ |
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Total liabilities & equities |
72,000 |
63,510 |
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Income Statement
Unit: CNY’000
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Jan. 1 to June
30, 2012 |
As of Dec. 31,
2013 |
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Turnover |
54,670 |
134,800 |
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Cost of goods sold |
49,840 |
108,130 |
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Taxes and additional of main operation |
360 |
880 |
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Add: Income from other operations |
5,850 |
0 |
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Sales expense |
9,950 |
27,610 |
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Management expense |
3,950 |
9,460 |
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Finance expense |
1,130 |
1,950 |
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Profit before tax |
-4,750 |
-13,720 |
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Less: profit tax |
0 |
0 |
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Profits |
-4,750 |
-13,720 |
Important Ratios
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as
of June 30, 2012 |
As
of Dec. 31, 2013 |
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*Current ratio |
0.77 |
0.67 |
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*Quick ratio |
0.67 |
0.59 |
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*Liabilities to assets |
1.08 |
1.23 |
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*Net profit margin (%) |
-8.69 |
-10.18 |
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*Return on total assets (%) |
-6.60 |
-21.60 |
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*Inventory /Turnover ×365 |
/ |
17 days |
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*Accounts receivable/Turnover ×365 |
/ |
88 days |
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*Turnover/Total assets |
0.76 |
2.12 |
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* Cost of goods sold/Turnover |
0.91 |
0.80 |
FINANCIAL
COMMENTS
PROFITABILITY:
FAIR
l
The turnover of SC appears fairly good in its line
in 2013.
l
SC’s net profit margin is fair.
l
SC’s return on total assets is poor in 2013.
l
SC’s cost of goods sold is average, comparing with
its turnover.
LIQUIDITY:
FAIR
l
The current ratio of SC is maintained in a fair
level.
l
SC’s quick ratio is maintained in a fair level.
l
SC’s inventory appears average.
l
The accounts receivable of SC appears large.
l
SC’s short-term loan appears large.
l
SC’s turnover is in a fairly good level in 2013,
comparing with the size of its total assets.
LEVERAGE:
POOR
l
The debt ratio of SC is too high.
l
The risk for SC to go bankrupt is above average.
Overall
financial condition of the SC: Fair.
SC is considered medium-sized
in its line with fair financial conditions. The large amount of short loans and
accounts receivable could be a threat to SC’s financial condition.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.95 |
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|
1 |
Rs.97.16 |
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Euro |
1 |
Rs.76.75 |
INFORMATION DETAILS
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Analysis Done by
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DIV |
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Report Prepared
by : |
NIT |
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 |
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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 |
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<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.