MIRA INFORM REPORT
|
Report Date : |
05.11.2014 |
IDENTIFICATION DETAILS
|
Name : |
SIEGWERK SHANGHAI LTD. |
|
|
|
|
Registered Office : |
No. 689 Shenfu Road, Xinzhuang Industrial Zone, Minhang District
Shanghai 201108 Pr |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
14.04.2000 |
|
|
|
|
Com. Reg. No.: |
310000400235383 |
|
|
|
|
Legal Form : |
Wholly Foreign Owned Enterprise |
|
|
|
|
Line of Business : |
|
|
|
|
|
No. of Employees : |
424 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
Payment Behaviour : |
Slow but correct |
|
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 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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, growth of the private sector, development of stock
markets and a modern banking system, 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
considered important to "economic security," explicitly looking to
foster globally competitive industries. After keeping its currency tightly
linked to the US dollar for years, in July 2005 China 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 and expanded the daily trading band within
which the RMB is permitted to fluctuate. 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. Several factors are converging to slow China's growth, including
debt overhang from its credit-fueled stimulus program, industrial overcapacity,
inefficient allocation of capital by state-owned banks, and the slow recovery
of China's trading partners. The government's 12th Five-Year Plan, adopted in
March 2011 and reiterated at the Communist Party's "Third Plenum"
meeting in November 2013, emphasizes continued economic reforms and the need to
increase domestic consumption in order to make the economy less dependent in
the future on fixed investments, exports, and heavy industry. 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 and address
SIEGWERK SHANGHAI LTD.
NO. 689 SHENFU ROAD, XINZHUANG INDUSTRIAL ZONE, MINHANG DISTRICT
SHANGHAI 201108 PR CHINA
TEL: 86 (0) 21-54423689
FAX: 86 (0) 21-54424689
EXECUTIVE
SUMMARY
Date of Registration : APRIL 14, 2000
REGISTRATION NO. : 310000400235383
LEGAL FORM : WHOLLY FOREIGN OWNED ENTERPRISE
CHIEF EXECUTIVE :
TAN CHIN HUAT (LEGAL REPRESENTATIVE)
REGISTERED CAPITAL : USD 10,000,000
staff :
424
BUSINESS CATEGORY : MANUFACTURING
& trading
Revenue :
CNY 322,144,000 (AS OF DEC. 31, 2013)
EQUITIES :
CNY 53,498,000 (AS OF DEC. 31, 2013)
WEBSITE : www.siegwerk.com
E-MAIL :
rong.yu@siegwerk.com
PAYMENT :
AVERAGE
MARKET CONDITION : average
FINANCIAL CONDITION : fair
OPERATIONAL TREND : fairly steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.12 = 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
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.: 310000400235383 on April 14, 2000.
SC’s Organization Code Certificate No.:
60741574-7
SC’s Tax No.: 310112607415747
SC’s registered capital: USD 10,000,000
SC’s paid-in capital: USD 10,000,000
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
2003 |
Shareholder (s) |
SICPA Commercial Inks Holding SA 100% |
Sicpa-Aarberg Sa Prilly 100% |
|
2005 |
Company Name |
SICPA (Shanghai) Inks Co., Ltd. |
Siegwerk Shanghai Ltd. |
|
2007-12 |
Shareholder (s) |
Siegwerk Switzerland (Holding) AG 100% |
Siegwerk International (Holding) AG (Switzerland) 100% |
|
-- |
Legal Representative |
Caristian Vang |
Juan Carlos Salaberry |
|
Legal Representative |
Juan Carlos Salaberry |
Ralf Wolfgang Hildenbrand |
|
|
Legal Representative |
Ralf Wolfgang Hildenbrand |
Tan Chin Huat |
|
|
Registered Capital |
USD 5,000,000 |
USD 10,000,000 |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Siegwerk International (Holding) AG (Switzerland) |
100 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman, and General Manager |
Tan Chin Huat |
|
Director |
Ralf Wolfgang Hildenbrand |
|
Michael Reiss |
|
|
Oliver Dr Wittmann |
|
|
Supervisor |
Herbert Forker |
RECENT
DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER
CHART & BACKGROUND
Name %
of Shareholding
Siegwerk International (Holding) AG (Switzerland) 100
MANAGEMENT
Tan Chin Huat, Legal Representative, Chairman and General
Manager
--------------------------------------------------------------------------------------------
Gender: M
Qualification: University
Working experience
(s):
At present, working in SC as legal representative, chairman and general
manager
Director
-----------
Ralf Wolfgang Hildenbrand
Michael Reiss
Oliver Dr Wittmann
Supervisor
--------------
Herbert Forker
BUSINESS
OPERATION
SC’s registered business scope includes manufacturing various ink and
related products used for package; selling self-made commodities; wholesaling,
importing and exporting similar commodities; commission agent (excluding
auction); providing related supporting service and technical advisory (with
permit if needed).
SC is mainly engaged in manufacturing and selling ink.
Brand: sicura
SC’s products mainly include: ink.
SC sources its materials 80% from domestic market, and 20% from the overseas market, mainly European countries. SC sells 80% of its products in domestic market, and 20% to the overseas market, mainly American and European countries.
The buying terms of SC include Check, T/T, L/C and Credit of 30-60 days.
The payment terms of SC include T/T, L/C and Credit of 30-60 days.
*Major Customer:
=============
Siegwerk Usa
Staff &
Office:
--------------------------
SC is known to have approx. 424
staff at present.
SC owns an area as its operating office & factory of approx. 26,000
sq. meters at the heading address.
RELATED
COMPANY
According to http://www.siegwerk.com,
SC has the following offices:
Siegwerk Shanghai Ltd. Guangzhou Office
Add: Room 2902 North Tower R&F YingLi Building, No. 3 Huaqiang Road,
New Pearl River Area, Guangzhou, China 510623
Phone: +86(20) 38339470
Fax: +86(20) 38339462
Siegwerk Shanghai Ltd. Beijing Office
Add: Room
Beijing China 101102
Phone: +86 (0) 10 5235 0383
Fax: +86 (0) 10 5235 0385
Siegwerk Shanghai Ltd. Shenzhen Office
Phone: +86 (0) 755 83833232
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:
Bank of Communications Xinzhuang Sub-branch
AC#: 310066263010121000347
China Construction Bank Shanghai Branch
AC#: N/a
FINANCIALS
Financial Summary
|
Unit: CNY’000 |
As of Dec. 31,
2012 |
As of Dec. 31,
2013 |
|
Current assets |
179,528 |
223,205 |
|
Long term investment |
0 |
0 |
|
Fixed assets |
30,548 |
26,199 |
|
Intangible assets |
0 |
0 |
|
Other assets |
14,358 |
22,074 |
|
|
------------- |
------------- |
|
Total assets |
224,434 |
271,478 |
|
|
------------- |
------------- |
|
Current liabilities |
189,498 |
217,980 |
|
Long term liabilities |
0 |
0 |
|
|
------------- |
------------- |
|
Total liabilities |
189,498 |
217,980 |
|
Equities |
34,936 |
53,498 |
|
|
------------- |
------------- |
|
Revenue |
294,288 |
322,144 |
|
Cost of sales |
183,761 |
201,461 |
|
Profit before tax |
-7,178 |
-1,762 |
|
Less: profit tax |
0 |
0 |
|
Profits |
-7,178 |
-1,762 |
Important Ratios
=============
|
|
As of Dec. 31,
2012 |
As of Dec. 31,
2013 |
|
*Current ratio |
0.95 |
1.02 |
|
*Liabilities to assets |
0.84 |
0.80 |
|
*Net profit margin (%) |
-2.44 |
-0.55 |
|
*Return on total assets (%) |
-3.20 |
-0.65 |
|
*Revenue / Total assets |
1.31 |
1.19 |
|
*Cost of sales / Revenue |
0.62 |
0.63 |
FINANCIAL
COMMENTS
PROFITABILITY:
FAIR
The revenue of SC appears fairly good in its line.
SC’s net profit margin is fair.
SC’s return on total assets is fair.
SC’s cost of sales is average, comparing with its revenue.
LIQUIDITY: AVERAGE
The current ratio of SC is maintained in a fair level.
SC’s revenue is in an average level, comparing with the size of its
total assets.
LEVERAGE: AVERAGE
The debt ratio of SC is average.
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fair.
CONCLUSIONS
SC is considered medium-sized in its line with fair financial
conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.41 |
|
|
1 |
Rs.98.06 |
|
Euro |
1 |
Rs.76.67 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SDA |
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.