MIRA
INFORM REPORT
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Report Date : |
30.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
shanghai foreign trade enterprise pudong co., ltd. |
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Registered Office : |
14/f, No.258-268 Zhaojiabang Road, Shanghai,
200031 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
10.07.1992 |
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Com. Reg. No.: |
3101151016674 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
International Trader |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
usd 150,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name & address
shanghai foreign trade enterprise pudong co., ltd.
14/f, no.258-268
zhaojiabang road,
shanghai, 200031 PR
CHINA
TEL: 86 (0) 21-64314139 FAX: 86 (0) 21-64333000
EXECUTIVE SUMMARY
INCORPORATION DATE : july 10, 1992
REGISTRATION NO. : 3101151016674
REGISTERED LEGAL FORM : Limited liabilities
company
STAFF STRENGTH :
120
REGISTERED CAPITAL : CNY 10,000,000
BUSINESS LINE :
trading
TURNOVER :
CNY 1,852,309,000 (AS OF DEC.
31, 2006)
EQUITIES :
CNY 11,353,000 (AS OF DEC. 31, 2006)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO usd 150,000
MARKET CONDITION : competitive
FINANCIAL CONDITION : failry STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY6.85 = 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 limited liabilities company at local Administration for
Industry & Commerce (AIC - The official body of issuing and renewing
business license) on July 10, 1992.
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 importing and exporting various kinds of commodities and
technology, processing with imported materials, processing with imported
samples, assembling with imported parts, and compensation trade in agreement; counter trade & transit trade, economic and trade
consulting, domestic trade, enterprise registration agent.
SC is mainly
engaged in international trade.
Mr. Xia
Xiping has been chairman of SC since
1992.
SC is known to
have approx. 120 employees at present.
SC is
currently operating at the above stated address, and this address houses its
operating office in the commercial zone of Shanghai. Our checks reveal that SC
owns the total premise about 1,500 square meters.
http://www.shforeign.com
The design is professional and the content is well organized. At present the
web site is both in Chinese and English versions.
E-mail: manfred.mao@shasft.com
No significant events or changes were found during our checks with the
local Administration for Industry & Commerce.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Shanghai Foreign Trade Enterprise Co., Ltd. 50.00
Sun Dunming 5.01
Chen Ruilin 2.51
Pan Wei 2.51
Other 40 individuals 39.97
Shanghai Foreign Trade Enterprise Co., Ltd.:
================================
Shanghai Foreign Trade Enterprise Co., Ltd.
(SFT) was established in 2002 with the registered capital of CNY 10 million.
SFT is a multiple investment corporation engaging in providing agency service
of import and export to the whole society. The total trade volume of SFT in
2004 reaches USD 504.97 million.
l
Chairman:
Mr. Xia Xiping, about 50 years old with university education. He is
currently responsible for the overall management of SC.
Working Experience(s):
From 1992 to present Working in SC as chairman, and
also working in Shanghai Foreign Trade Enterprise Co., Ltd. as chairman.
l
General Manager:
Mr. Sun Dunming, 54 years old with university education. He is currently
responsible for the daily management of SC.
Working Experience(s):
From 1992
to present Working in SC as general manager, and also working in
Shanghai Foreign Trade Enterprise Co., Ltd. as general manager.
SC is mainly
engaged in international trade.
SC’s products mainly
include: cars, toy head pen or pencil, decoration, gift wrapping, toys.
SC sources its materials 100% from domestic
market, mainly Shanghai, Jiangsu and Zhejiang. SC sells 100% of its products to
overseas market, mainly USA, Europe and Southeast Asian market.
The buying terms of SC include Check, T/T and Credit of 30-60 days. The
payment terms of SC include L/C and Credit of 30-60 days.
SC is
not known to have any subsidiary 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.
Bank of China Shanghai Branch
AC#044036-80900062375
Relationship:
Normal.
Balance Sheet
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Unit: CNY’000 |
as
of Dec. 31, 2005 |
as
of Dec. 31, 2006 |
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Cash & bank |
35,859 |
46,024 |
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Inventory |
45,770 |
81,140 |
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Accounts
receivable |
30,193 |
51,736 |
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Other Accounts
receivable |
805 |
386 |
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Advances to
suppliers |
59,353 |
104,095 |
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To be
apportioned expense |
0 |
0 |
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Other current
assets |
15,831 |
79,810 |
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------------------ |
------------------ |
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Current assets |
187,811 |
363,191 |
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Fixed assets net
value |
584 |
1,483 |
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Projects under
construction |
0 |
0 |
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Long term
investment |
0 |
0 |
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Other assets |
0 |
0 |
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------------------ |
------------------ |
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Total assets |
188,395 |
364,674 |
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============= |
============= |
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Short loans |
3,233 |
7,716 |
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Accounts payable |
56,234 |
124,349 |
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Other Accounts
payable |
5,977 |
13,125 |
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Advances from
clients |
122,932 |
219,405 |
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Withdraw the
expenses in advance |
0 |
0 |
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Other current
liabilities |
-10,154 |
-11,274 |
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------------------ |
------------------ |
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Current
liabilities |
178,222 |
353,321 |
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Long term
liabilities |
0 |
0 |
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Other
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total
liabilities |
178,222 |
353,321 |
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Equities |
10,173 |
11,353 |
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------------------ |
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Total
liabilities & equities |
188,395 |
364,674 |
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============= |
Income Statement
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Unit: CNY’000 |
as of Dec. 31, 2005 |
as of Dec. 31, 2006 |
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Turnover |
881,823 |
1,852,309 |
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Cost of goods
sold |
856,786 |
1,787,936 |
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Sales expense |
23,571 |
55,067 |
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Management expense |
2,715 |
12,234 |
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Finance expense |
771 |
-1,193 |
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Profit before
tax |
645 |
1,388 |
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Less: profit tax |
59 |
208 |
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Profits |
586 |
1,180 |
Important
Ratios
=============
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As
of Dec. 31, 2005 |
As
of Dec. 31, 2006 |
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*Current ratio |
1.05 |
1.03 |
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*Quick ratio |
0.80 |
0.80 |
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*Liabilities
to assets |
0.95 |
0.97 |
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*Net profit
margin (%) |
0.07 |
0.06 |
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*Return on
total assets (%) |
0.31 |
0.32 |
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*Inventory
/Turnover ×365 |
19 days |
16 days |
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*Accounts
receivable/Turnover ×365 |
12 days |
10 days |
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*Turnover/Total
assets |
4.68 |
5.08 |
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* Cost of
goods sold/Turnover |
0.97 |
0.97 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears fairly good, and it was enormously rising in
2006.
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SC’s net profit margin is average in 2005 and 2006.
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SC’s return on total assets is average in 2005 and 2006.
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SC’s cost of goods sold is high, comparing with its turnover.
LIQUIDITY: AVERAGE
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The current ratio of SC is maintained in a normal level.
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SC’s quick ratio is maintained in a normal level.
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The inventory of SC is maintained in an average level.
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The accounts receivable of SC is maintained in an average level.
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SC’s short-term loan is in an average level.
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SC’s turnover is in a fairly good level, comparing with the size of its
total assets.
LEVERAGE: FAIR
l
The debt ratio of SC is fairly high.
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The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly Stable.
Over the past 16 years, SC has made a stable growth with fairly stable
financial conditions. A credit line up to USD 150,000
would appear to be within SC’s capacities.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.42.95 |
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UK Pound |
1 |
Rs.85.62 |
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Euro |
1 |
Rs.67.81 |
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)