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MIRA INFORM REPORT
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Report No. : |
486965 |
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Report Date : |
19.01.2018 |
IDENTIFICATION DETAILS
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Name : |
MAXIM LABEL AND PACKAGING SHANGHAI CO LTD |
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Registered Office : |
No.49 Lane 3142 Hechuan Road Minhang Dist. Shanghai
Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2016 |
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Date of Incorporation : |
08.06.1994 |
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Legal Form : |
Wholly Foreign-Owned Enterprise |
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Line of Business : |
The subject’s registered business scope includes manufacturing
clothing supplementary material; designing, developing, manufacturing
packaging bags, printed label, woven label, tags, stickers, bar code label,
bar code hardware and software; selling self-made products; developing system
software related to garments accessories; providing related technical
consulting and technical service; wholesaling printing equipment; import and
export business; commission agent; providing related supporting service. (with
permit if needed) |
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No. of Employees : |
670 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Good |
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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
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Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
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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 Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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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. China has
implemented reforms in a gradualist fashion, resulting in efficiency gains that
have contributed to a more than tenfold increase in GDP since 1978. Reforms
began with the phaseout 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 continues to pursue an industrial policy, state-support of
key sectors, and a restrictive investment regime. Measured on a purchasing power
parity (PPP) basis that adjusts for price differences, China in 2016 stood as
the largest economy in the world, surpassing the US in 2014 for the first time
in modern history. China became the world's largest exporter in 2010, and the
largest trading nation in 2013. Still, China's per capita income is below the
world average.
After keeping its currency tightly linked to the US dollar for years,
China in July 2005 moved to an exchange rate system that references a basket of
currencies. From mid-2005 to late 2008, the renminbi appreciated more than 20%
against the US dollar, 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 liberalization. In 2015, the People’s
Bank of China announced it would continue to carefully push for full
convertibility of the renminbi (RMB) after the currency was accepted as part of
the IMF’s special drawing rights basket. After engaging in one-way, large-scale
intervention to resist appreciation of the RMB for a decade, China’s 2016
intervention in foreign exchange markets has sought to prevent a rapid RMB
depreciation that would have negative consequences for the United States, China,
and the global economy.
China’s economic growth has slowed since 2011. The Chinese Government
faces numerous economic challenges including: (a) reducing its high domestic
savings rate and correspondingly low domestic household consumption; (b)
servicing its high corporate debt burdens to maintain financial stability; (c)
facilitating higher-wage job opportunities for the aspiring middle class,
including rural migrants and college graduates, while maintaining
competitiveness; (d) dampening speculative investment in the real estate
sector; (e) reducing industrial overcapacity; and (f) raising productivity
growth rates through the more efficient allocation of capital. Economic
development has progressed further in coastal provinces than in the interior,
and by 2016 more than 169.3 million migrant workers and their dependents had
relocated to urban areas to find work. One consequence of China’s population
control policy known as the “one-child policy” - which was relaxed in 2016 to
permit all families to have two children - 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 urbanization. The Chinese government is
seeking to add energy production capacity from sources other than coal and oil,
focusing on natural gas, nuclear, and clean energy development. In 2016, China
ratified the Paris Agreement, a multilateral agreement to combat climate
change, and committed to peak its carbon dioxide emissions between 2025 and
2030.
The government's 13th Five-Year Plan, unveiled in March 2016, emphasizes
the need to increase innovation and boost domestic consumption to make the
economy less dependent on government investment, exports, and heavy industry.
However, China has made only marginal progress toward these rebalancing goals.
Under President XI Jinping, Beijing has signaled its understanding that China's
long-term economic health depends on giving the market a more decisive role in
allocating resources, but has moved slowly on market-oriented reforms because
of potential negative consequences for stability and short-term economic
growth. He has also increased state-control over key sectors and Party control
over state-owned enterprises. Chinese leaders in 2010 pledged to double China’s
GDP by 2020, and the 13th Five Year Plan includes annual economic growth
targets of at least 6.5% through 2020 to achieve that goal. 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. Chinese leaders also have undermined some
market-oriented reforms by reaffirming the “dominant” role of the state in the
economy, a stance that threatens to discourage private initiative and make the
economy less efficient over time.
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Source
: CIA |
Company
name & Address
Company Name : MAXIM
LABEL AND PACKAGING SHANGHAI CO LTD
Address : NO.49 LANE 3142 HECHUAN ROAD MINHANG DIST. SHANGHAI PR
CHINA
Telephone : 0086-21-64064227
Facsimile : 0086-21-64064243
Website : http://www.maxim-group.com.cn/
Email : fangzr@maxim-group.com
Note: The correct name
should be the heading one.
REGISTRATION INFORMATION
Established Date : 1994-06-08
Credibility Code : 91310000607263640T
Legal Form : Wholly
Foreign-Owned Enterprise
Issuing Authority : Administration for Industry
& Commerce (AIC) - Shanghai
Status : Active
Registered Capital : USD
8,664,000
Turnover : RMB 421,600,000 (as of Dec. 31, 2016)
Equities : RMB 283,460,000 (as of Dec.
31, 2016)
Chief Executive : Zhai Suoqiang
Business Line : Manufacturer
Manpower : 670
Tax Registration
Certificate No. : 91310000607263640T
Credit rating : A(Y2015)
Organization Code : 60726364-0
HS code : 3111940010
Import &
Export code: --
Financial Condition : Fairly
good
Business Size : Medium Enterprise
Payment : No Complaints
Registered Address
NO.49 LANE 3142 HECHUAN ROAD MINHANG DIST.
SHANGHAI PR china
Company Status: Wholly
foreign-owned enterprise
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.
Premise
The subject operates from premises located at
the heading address, and this address houses its operating office and factory
in Shanghai. Our checks reveal that the subject owns the total premise, but the
square meters are unknown.
MANAGEMENT
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Position |
Name |
Nationality |
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Legal representative, Chairman |
Zhai Suoqiang |
-- |
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Directors |
Wu Chenglan Li Chongzhang Zhai Suoling Zhai Suorong |
-- |
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Supervisors |
Hu Huijun |
-- |
MAJOR SHAREHOLDERS
Name
% Shareholding
Zhai Suoqiang 32.38%
Wu Chenglan 17.39%
Zhai Suorong 17.39%
Zhai Suoling 17.39%
WISECENTURY CO.,LTD 13.93%
Li Chongzhang 1.51%
Note: The above individual shareholders are
foreign nationality.
KEY EVENTS
Changes
of its registered information are as follows:
|
Date of change |
Item |
Before the change |
After the change |
|
Unknown |
Company English name |
Shanghai Maxim Garment Accessories Co.Ltd |
Maxim Label and Packaging Shanghai Co Ltd |
BUSINESS
OPERATIONS
The subject’s registered business scope includes manufacturing clothing supplementary
material; designing, developing, manufacturing packaging bags, printed label,
woven label, tags, stickers, bar code label, bar code hardware and software;
selling self-made products; developing system software related to garments
accessories; providing related technical consulting and technical service;
wholesaling printing equipment; import and export business; commission agent;
providing related supporting service. (with permit if needed)
The subject is mainly engaged in
manufacturing and selling garments accessories.
Products:
Packaging bags
Tags
Sticker
Printing label
Hooks
Hangers
Etc.
The
subject sources its materials 80% from domestic market, and 20% from overseas market,
mainly Shanghai. the subject sells 30% of its products in domestic market, and
70% to overseas market, mainly Vietnam, Bangladesh, Cambodia, India, etc.
The
buying terms of the subject include Check, T/T, L/C and Credit of 30-60 days. The
payment terms of the subject include Check, T/T, L/C and Credit of 30-60 days.
SUPPLIER
& CUSTOMER
No record.
RELATED COMPANIES
Subsidiaries
Zhejiang Maxim Garment Accessories Co.Ltd
============================================
Credibility Code: 913300007996188476
Legal representative: Zhai Suoqiang
Registered Capital: USD 17,000,000
Established Date: 2007-04-05
Shenzhen Maxim Printing And Packaging Co., Ltd
========================
Credibility Code: 914403005930262720
Legal representative: Li Chongzhang
Registered Capital: RMB 1,500,000
Established Date: 2012-03-22
Etc.
Branch
Shanghai Maxim Garment Accessories Co.Ltd Beijing Branch
========================
Reg. No. : 110000450062007
Legal representative: Li Chongzhang
Established Date: 2008-08-01
NEGATIVE INFORMATION
Lawsuit Record:
|
Date |
Case No. |
Petitioner |
Defendant |
Executive court |
Status |
|
2016-06-21 |
2015- 26101 |
Tao Rongdong |
The subject company. |
Minhang District
Shanghai people's court |
Concluded |
Trade payment experience: The subject 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 the subject was placed to us for collection
within the last 6 years.
Customs administrative penalty: No record.
Equity freeze information: No record.
Administrative Penalty: No record.
MORTGAGE
There is no record of mortgage information at
present.
TRADEMARK
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Registration No. |
10734823 |
9432027 |
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Registration Date |
2012-04-06 |
2011-05-06 |
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Trademark Design |
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PATENT
Patent name：Automatic
labeling equipment for cardboard
Published Application Number：CN205525365U
Application number：CN201620115765.4
Date of publication： 2016-08-31
Patent name：Labeling device
Published Application Number：CN205396758U
Application number：CN201620115515.0
Date of publication：2016-07-27
Etc.
BANKING
Agricultural Bank of China Changning Dist. Chengqiao Subbranch
Account No.: 033128
ABBREVIATED FINANCIAL STATEMENT
Balance Sheet
Unit: RMB’000
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As of Dec. 31, 2016 |
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Cash & bank |
110,310 |
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Inventory |
19,500 |
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Accounts
receivable |
89,580 |
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Other current
assets |
108,240 |
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------------------ |
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Current assets |
327,630 |
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Other assets |
88,080 |
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------------------ |
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Total assets |
415,710 |
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============= |
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Short loans |
0 |
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Accounts payable |
78,230 |
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Other current
liabilities |
54,020 |
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------------------ |
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132,250 |
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Long term
liabilities |
0 |
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------------------ |
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Total
liabilities |
132,250 |
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Equities |
283,460 |
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------------------ |
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415,710 |
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============= |
Income Statement
Unit: RMB’000
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As of Dec. 31, 2016 |
|
421,600 |
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Cost of goods
sold |
276,630 |
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Profit before
tax |
56,100 |
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Less: profit tax |
7,480 |
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Profits |
48,620 |
Important Ratios
=============
|
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As
of Dec. 31, 2016 |
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*Current ratio |
2.48 |
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*Quick ratio |
2.33 |
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*Liabilities to assets |
0.32 |
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*Net profit margin (%) |
11.53 |
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*Return on total assets (%) |
11.70 |
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*Inventory /Turnover ×365 |
17 days |
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*Accounts receivable/Turnover ×365 |
78 days |
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*Turnover/Total assets |
1.01 |
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* Cost of goods sold/Turnover |
0.66 |
PROFITABILITY:
FAIRLY GOOD
l The turnover of
the subject appears fairly good in its line.
l The subject’s net
profit margin is fairly good.
l The subject’s
return on total assets is fairly good.
l The subject’s cost
of goods sold is average, comparing with its turnover.
LIQUIDITY: FAIRLY
GOOD
l The current ratio
of the subject is maintained in a fairly good level.
l The subject’s
quick ratio is maintained in a fairly good level.
l The inventory of
the subject is average.
l The accounts
receivable of the subject is average.
l The subject’s
turnover is in an average level, comparing with the size of its total assets.
LEVERAGE: FAIRLY
GOOD
l The debt ratio of
the subject is low.
l The risk for the
subject to go bankrupt is average.
TREND ANALYSIS
===========
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|
2014 |
2015 |
2016 |
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Sales Trend |
-- |
-- |
-- |
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Profit margin |
-- |
-- |
-- |
|
Debt to assets ratio |
-- |
-- |
-- |
|
Overall Financial Condition |
□Good ■Fairly Good □Stable □Fairly Stable □Fair □Poor |
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COMMENT
The subject was registered as a Wholly foreign-owned enterprise at local
Administration for Industry & Commerce (AIC - The official body of issuing
and renewing business license). The subject is
considered medium-sized in its line with fairly good financial conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 63.84 |
|
|
1 |
INR 88.28 |
|
Euro |
1 |
INR 77.88 |
|
CNY |
1 |
INR 9.95 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
: |
VIV |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.