MIRA INFORM REPORT
|
Report Date : |
07.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
ACTUANT
(SHANGHAI) CO., LTD. |
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|
|
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Registered Office : |
No. 259
Lvchun Road, Development Zone, Minhang District, Shanghai 200245 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
18.11.1992 |
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Com. Reg. No.: |
310000400027001 |
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Legal Form : |
Wholly Foreign-Owned Enterprise |
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Line of Business : |
Engaged in importing and exporting marine equipment parts, stainless
steel, aluminum and copper mechanical parts, hydraulic assembly parts,
electronic products and parts, stamping parts, adapter components, power
component products; providing related supporting business. |
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No of Employees : |
20 (approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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 2013 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 consumption; (b) facilitating higher-wage job
opportunities for the aspiring middle class, including rural migrants and
increasing numbers of college graduates; (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. Debt overhang from its credit-fueled stimulus program in 2008-10,
particularly among local governments, and soaring property prices challenge
policy makers currently. Their efforts to cool a red-hot property market in
2011 appear to have curbed inflation, but contributed to slower GDP growth in
2012 and 2013. Slow recovery in Europe and other key export markets have also
retarded growth. 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 fixed investments
and exports in the future. However, China has made only marginal progress
toward these rebalancing goals. The new government of President XI Jinping has
signaled a greater willingness to undertake reforms that focus on China's
long-term economic health, including giving the market a more decisive role in
allocating resources.
|
Source : CIA |
Company
name & address
Actuant (Shanghai) Co.,
Ltd.
no. 259 lvchun
road, development zone, minhang district
shanghai
200245 PR CHINA
TEL: 86
(0) 21-64302080
FAX: 86
(0) 21-64300001
***Note:
SC’s name should be the above stated one, Actuant
Global Sourcing Limited (the given name) is SC’s parent company registered
in Hong Kong.
EXECUTIVE
SUMMARY
Date of Registration : november 18, 1992
REGISTRATION NO. : 310000400027001
LEGAL FORM : Wholly foreign-owned enterprise
CHIEF EXECUTIVE : man xin (LEGAL
REPRESENTATIVE)
REGISTERED CAPITAL : usd 1,000,000
staff : 20
BUSINESS CATEGORY : TRADING
Revenue :
CNY 38,559,000 (AS OF DEC. 31,
2012)
EQUITIES :
CNY -420,000 (AS OF DEC. 31, 2012)
WEBSITE : N/A
E-MAIL :
N/A
PAYMENT : AVERAGE
MARKET CONDITION : fair
FINANCIAL CONDITION : poor
OPERATIONAL TREND : FAIR
GENERAL REPUTATION : fair
EXCHANGE RATE : CNY 6.25 = 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
SC was
established as a wholly foreign-owned enterprise of PRC with State
Administration of Industry & Commerce (SAIC) under registration No.: 310000400027001 on November 18, 1992.
SC’s Organization Code Certificate No.:
60729767-2
%20CO%20,%20LTD%20%20-%20265134%2007-May-2014_files/image002.jpg)
SC’s Tax No.: 310112607297672
SC’s Customs Registration No.:
3111240231
SC’s registered capital: usd 1,000,000
SC’s paid-in capital: usd 1,000,000
Registration Change Record:-
|
Date |
Change of
Contents |
Before the
change |
After the
change |
|
-- |
Legal Representative |
Xie Jianzhong |
Man Xin |
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
|
|
|
Actuant Global Sourcing Limited
(Hong Kong) |
100 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative,
Chairman, and General Manager |
Man
Xin |
|
Director |
Mcdonald
Sr David Patrick |
|
Terence
Braatz |
|
|
Supervisor |
Li
Yin |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART & BACKGROUND
Name
%
of Shareholding
Actuant Global Sourcing Limited
(Hong Kong) 100
----------------------------------------------
Date of Registration: October 22, 1992
Registration No.: 0386107
MANAGEMENT
Man
Xin, Legal
Representative, Chairman and General Manager
--------------------------------------------------------------------------------------------
Ø
Gender: M
Ø Qualification:
University
Ø Working experience
(s):
At present, working in SC as legal representative, chairman and general manager
Director
-----------
Mcdonald Sr David Patrick
Terence Braatz
Supervisor
--------------
Li Yin
BUSINESS OPERATION
SC’s registered business scope includes importing and
exporting marine equipment parts, stainless steel, aluminum and copper
mechanical parts, hydraulic assembly parts, electronic products and parts, stamping
parts, adapter components, power component products; providing related
supporting business.
SC is
mainly engaged in selling marine equipment parts.
SC’s
products mainly include: marine equipment part.
SC sources its products 100% from domestic market, mainly Shanghai. SC sells 60% of its products in domestic market, and 40% to overseas market, mainly USA, Europe, Mid East, Southeast Asia, etc.
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. 20 staff
at present.
SC rents an area
as its operating office of approx. 2,750 sq. meters at the heading address.
RELATED COMPANY
SC is known to have a
branch at present,
Actuant
(Shanghai) Co., Ltd. Ningbo Branch
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
The bank
information of SC is not filed in SAIC.
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2011 |
As
of Dec. 31, 2012 |
|
6,678 |
7,559 |
|
|
Notes receivable |
0 |
0 |
|
Accounts receivable |
3,194 |
3,418 |
|
Advances to
suppliers |
325 |
248 |
|
Other receivable |
483 |
476 |
|
Inventory |
0 |
0 |
|
Non-current
assets within one year |
0 |
0 |
|
Other current
assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current assets |
10,680 |
11,701 |
|
Fixed assets |
3,143 |
2,650 |
|
Construction in
progress |
0 |
0 |
|
Intangible
assets |
0 |
0 |
|
Long-term
prepaid expenses |
0 |
0 |
|
Deferred income
tax assets |
0 |
0 |
|
Other
non-current assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total assets |
13,823 |
14,351 |
|
|
============= |
============= |
|
Short-term loans |
5,000 |
5,000 |
|
Notes payable |
0 |
0 |
|
Accounts payable |
2,811 |
2,772 |
|
Wages payable |
3,606 |
3,450 |
|
Taxes payable |
2,267 |
962 |
|
Advances from
clients |
0 |
0 |
|
Other payable |
3,645 |
2,587 |
|
Other current
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
17,329 |
14,771 |
|
Non-current
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
17,329 |
14,771 |
|
Equities |
-3,506 |
-420 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
13,823 |
14,351 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2011 |
As of Dec. 31,
2012 |
|
Revenue |
38,853 |
38,559 |
|
Cost of sales |
0 |
0 |
|
Taxes and surcharges |
2,185 |
261 |
|
Sales expense |
0 |
0 |
|
Management expense |
30,565 |
35,277 |
|
Finance expense |
444 |
347 |
|
Non-business
income |
349 |
1,094 |
|
Non-business expenditure |
0 |
0 |
|
Profit before
tax |
6,007 |
3,767 |
|
Less: profit tax |
1,977 |
682 |
|
4,030 |
3,085 |
Important Ratios
=============
|
|
As
of Dec. 31, 2011 |
As
of Dec. 31, 2012 |
|
*Current ratio |
0.62 |
0.79 |
|
*Quick ratio |
0.62 |
0.79 |
|
*Liabilities
to assets |
1.25 |
1.03 |
|
*Net profit
margin (%) |
10.37 |
8.00 |
|
*Return on
total assets (%) |
29.15 |
21.50 |
|
*Inventory /
Revenue ×365 |
-- |
-- |
|
*Accounts
receivable/ Revenue ×365 |
31 days |
33 days |
|
*Revenue/Total
assets |
2.81 |
2.69 |
|
*Cost of sales
/ Revenue |
-- |
-- |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
l The revenue of SC appears average in its line.
l SC’s net profit margin
is fairly good.
l SC’s return on
total assets is fairly good.
l
SC has no cost of sales in both years.
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 has no inventory.
l
The accounts receivable of SC is maintained in an
average level.
l
SC’s short-term loans are in an average level.
l
SC’s revenue is in an
average level, comparing with the size of its total assets.
LEVERAGE:
POOR
l
The debt ratio of SC is high.
l
The risk for SC to go bankrupt is fairly high.
Overall financial
condition of the SC: Poor.
CONCLUSIONS
SC is considered medium-sized in its line with
poor financial conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.20 |
|
UK Pound |
1 |
Rs.101.68 |
|
Euro |
1 |
Rs.83.55 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
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.