MIRA INFORM REPORT
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Report No. : |
343377 |
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Report Date : |
10.10.2015 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
No. 658-E, Qiangye Road, Sheshan Town, Songjiang District, Shanghai,
201602 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
11.11.2004 |
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Com. Reg. No.: |
310114001168384 |
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Legal Form : |
Limited Liabilities Co. |
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Line of Business : |
Subject is mainly engaged in manufacturing, processing and trading of
automatic packaging equipment and packaging materials. |
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No. of Employee : |
50 |
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 : |
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 – March 31, 2015
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Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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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, 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.
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 2014 stood as the largest economy in the world, surpassing the US for the
first time in modern history. Still, China's per capita income is below the
world average.
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. In 2014 the People’s Bank
of China (PBOC) doubled the daily trading band within which the RMB is
permitted to fluctuate.
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 2014 more than 274 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. In 2014 China agreed to begin
limiting carbon dioxide emissions by 2030. China also implemented several
economic reforms in 2014, including passing legislation to allow local
governments to issue bonds, opening several state-owned enterprises to further
private investment, loosening the one-child policy, passing harsher pollution
fines, and cutting administrative red tape.
|
Source
: CIA |
Company
name and address
shanghai Kuko Packing Machinery CO., LTD.
NO. 658-E, QIANGYE ROAD, SHESHAN TOWN, SONGJIANG DISTRICT,
SHANGHAI, 201602 PR CHINA
TEL: 86 (0) 21-52265219 FAX: 86 (0) 21-62219769
EXECUTIVE
SUMMARY
INCORPORATION DATE :
NOV. 11, 2004
REGISTRATION NO. : 310114001168384
REGISTERED LEGAL FORM : LIMITED LIABILITIES CO.
CHIEF EXECUTIVE : MR. FENG HAIYUN (LEGAL REPRESENTATIVE)
STAFF STRENGTH : 50
REGISTERED CAPITAL : CNY 3,000,000
BUSINESS LINE :
MANUFACTURING, PROCESSING AND TRADING
TURNOVER : CNY 10,480,000 (AS OF DEC. 31, 2014)
EQUITIES : CNY -120,000 (AS OF DEC. 31, 2014)
PAYMENT : AVERAGE
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION :
FAIR
OPERATIONAL TREND : FAIR
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.3445= 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 One-person Limited Liability Company at local Administration
for Industry & Commerce (AIC - The official body of issuing and renewing
business license) on Nov. 11, 2004 and has been under present legal form since
2014.
Company Status: Limited
liabilities co. This form
of business in PR China is defined as a legal person. No more than fifty
shareholders contribute its registered capital jointly. Shareholders bear
limited liability to the extent of shareholding, and the co. is liable for
its debts only to extent of its total assets. The characteristics of this
form of co. are as follows: Upon
the establishment of the co., an investment certificate is issued to the
each of shareholders. The
board of directors is comprised of three to thirteen members. The
minimum registered capital for a co. is CNY 30,000. Shareholders
may take their capital contributions in cash or by means of tangible assets
or intangible assets such as industrial property and non-patented
technology. Cash
contributed by all shareholders must account for at least 30% of the
registered capital. Existing
shareholders have pre-exemption right to purchase shares of the co. offered
for sale by the other shareholders and to subscribe for the newly increased
registered capital of the co.
SC’s registered business scope includes production, processing and sales
of packaging machinery equipment and accessories, packaging materials; import
& export of goods. (With permit if needed)
Mr. Feng Haiyun is the legal representative, executive director and
manager of SC at present.
SC is known to have approx. 50 employees at present.
SC is currently operating at the above stated address, and this address
houses its operating office and factory in Shanghai. SC’s employee refused to
release the gross area of the premise.
http://global.goodpacking.com.cn/
The design is professional and the content is well organized. At present the
web site is in English and Chinese versions.
E-mail: info@goodpacking.com.cn
Changes
of its registered information are as follows:
|
Date of change |
Item |
Before the change |
After the change |
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Shareholders & Shareholdings |
Feng Haiyun 100% |
Present ones |
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Legal form |
One-person Limited Liability Company |
Present one |
Organization Code: 768786856
Honors:
MAIN SHAREHOLDERS:
Name %
of Shareholding
Feng Haiyun 60
Zhao Mindan 40
Legal
representative, Executive Director and Manager:
Mr. Feng Haiyun is currently responsible for the overall and daily
management of SC.
Working Experience(s):
At present Working
in SC as legal representative, executive director and manager.
Supervisor:
Zhao Mindan
SC is mainly engaged in manufacturing, processing and trading of
automatic packaging equipment and packaging materials.
SC’s products mainly include:
Sealer and Shrink Wrapping Machine
SC sources its materials 90% from domestic market, and 10% from overseas
market. SC sells 20% of its products in domestic market, and 80% to overseas
market, mainly to America, Britain, and Germany, etc.
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 clients and suppliers.
TRADEMARKS & PATENTS
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Registration No. |
14383451 |
7379362 |
14383476 |
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Registration Date |
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Trademark Design |
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SC’s not to known to have any subsidiary company at present.
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.
Balance
Sheet
Unit: CNY’000
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As of Dec. 31,
2014 |
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Cash & bank |
60 |
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Inventory |
2,940 |
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Accounts receivable |
1,750 |
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Other receivables |
550 |
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------------------ |
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Current assets |
5,300 |
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Fixed assets net value |
640 |
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------------------ |
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Total assets |
5,940 |
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=========== |
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Short loan |
0 |
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Accounts payable |
3,640 |
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Taxes payable |
-70 |
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Other Accounts payable |
2,490 |
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----------------- |
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Current liabilities |
6,060 |
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Long term liabilities |
0 |
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------------------ |
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Total liabilities |
6,060 |
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Equities |
-120 |
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------------------ |
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Total liabilities & equities |
5,940 |
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=========== |
Income
Statement
Unit: CNY’000
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As
of Dec. 31, 2014 |
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Turnover |
10,480 |
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Cost of goods sold |
9,050 |
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Sales expense |
310 |
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Management expense |
1,960 |
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Finance expense |
30 |
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Profit before tax |
-870 |
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Less: profit tax |
0 |
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Profits |
Important
Ratios
=============
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As of Dec. 31,
2014 |
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*Current ratio |
0.87 |
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*Quick ratio |
0.39 |
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*Liabilities to assets |
1.02 |
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*Net profit margin (%) |
-8.30 |
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*Return on total assets (%) |
-14.65 |
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*Inventory /Turnover ×365 |
103 days |
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*Accounts receivable/Turnover ×365 |
61 days |
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*Turnover/Total assets |
1.76 |
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* Cost of goods sold/Turnover |
0.86 |
PROFITABILITY:
FAIR
The turnover of SC appears average in its line
SC’s net profit margin is fair.
SC’s return on total assets is poor.
SC’s cost of goods sold is average in 2014, comparing with its turnover.
LIQUIDITY: FAIR
The current ratio of SC is maintained in a fair level in 2014.
SC’s quick ratio is maintained in a poor level in 2014.
The inventory of SC appears fairly large in 2014.
The accounts receivable of SC appears average in 2014.
SC has no short-term loan in 2014.
SC’s turnover is in an average level in 2014, comparing with the size of
its total assets.
LEVERAGE: POOR
The debt ratio of SC is too high
The risk for SC to go bankrupt is high
Overall financial
condition of the SC: Fair
SC is considered small-sized in its line with fair financial conditions.
The large amount of inventory could be a threat
to SC’s financial condition. Great caution is required in providing credit to SC
& C.O.D. is recommended.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.78 |
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|
1 |
Rs.99.54 |
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Euro |
1 |
Rs.73.08 |
INFORMATION DETAILS
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Analysis Done by
: |
HNA |
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Report Prepared
by : |
ANK |
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 |
-- |
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.