MIRA INFORM REPORT
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Report Date : |
24.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
SHANGHAI APEX INTERNATIONAL TRADING CO LTD |
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Registered Office : |
Room 1005, Far East International Plaza, No.317 Xianxia Road, Shanghai, 200051 PR |
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Country : |
China |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
22.06.2004 |
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Com. Reg. No.: |
3102252025343 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
International Trade.
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RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
usd 20,000 |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name & address
shanghai apex international trading co., ltd.
room 1005, far east international plaza, no.317
xianxia road,
shanghai, 200051 PR CHINA
317 1005
TEL: 86 (0) 21-62783716/50931878 FAX: 86 (0) 21-58517849
EXECUTIVE SUMMARY
INCORPORATION DATE : june 22, 2004
REGISTRATION NO. : 3102252025343
REGISTERED LEGAL FORM : Limited liabilities
company
STAFF STRENGTH :
8
REGISTERED CAPITAL : CNY 2,800,000
BUSINESS LINE :
trading
TURNOVER :
CNY 7,420,000 (AS OF DEC. 31, 2007)
EQUITIES :
CNY 2,640,000 (AS OF DEC. 31, 2007)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO usd 20,000
MARKET CONDITION : average
FINANCIAL CONDITION : fairly STABLE
OPERATIONAL TREND : fairly steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY6.83 = US$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 June 22, 2004.
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 operating and acting as an agent of importing and exporting
various kinds of commodities and technology, excluding the goods forbidden by
the government, selling metals & minerals, chemical products, building
materials, machinery equipment, metal materials, textiles, electromechanical
products and papers.
SC is mainly
engaged in international trade.
Mr. Long Ji has
been chairman of SC since 2004.
SC is known to
have approx. 8 staff members 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
rents the total premise about 100 square meters.
http://www.shanghai-apex.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: sales@shanghai-apex.com
No significant events or changes were found during our checks with the
local Administration for Industry & Commerce.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Long Ji 18
Wang Jishan 70
Gu Jianchun 12
l
Chairman and General Manager:
Mr. Long Ji, about 45 years old with university education. He is
currently responsible for the overall management of SC.
Working Experience(s):
From 2004 to present Working
in SC as chairman and general manager.
SC is mainly
engaged in international trade.
SC’s products
mainly include: pharmaceuticals, chemical intermediates and food additive.
SC sources its materials 100% from domestic
market. SC sells 100% of its products to overseas market, mainly 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.
China Merchants
Bank Shanghai Branch
AC# 70807262001
Relationship:
Normal.
Balance Sheet
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Unit: CNY’000 |
as
of Dec. 31, 2006 |
as
of Dec. 31, 2007 |
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Cash & bank |
1,100 |
765 |
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Inventory |
0 |
0 |
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Accounts
receivable |
350 |
114 |
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Other Accounts
receivable |
30 |
2 |
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Advances to
suppliers |
1,900 |
1,797 |
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To be apportioned
expense |
0 |
0 |
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Other current
assets |
30 |
-48 |
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------------------ |
------------------ |
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Current assets |
3,410 |
2,630 |
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Fixed assets net
value |
160 |
106 |
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Projects under
construction |
0 |
0 |
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Long term
investment |
0 |
0 |
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Other assets |
20 |
14 |
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------------------ |
------------------ |
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Total assets |
3,590 |
2,750 |
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============= |
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Short loans |
0 |
0 |
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Accounts payable |
750 |
110 |
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Other Accounts
payable |
110 |
0 |
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Withdraw the expenses
in advance |
0 |
0 |
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Other current
liabilities |
-70 |
-5 |
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------------------ |
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Current
liabilities |
790 |
105 |
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Long term
liabilities |
0 |
0 |
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Other
liabilities |
0 |
5 |
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Total
liabilities |
790 |
110 |
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Equities |
2,800 |
2,640 |
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Total
liabilities & equities |
3,590 |
2,750 |
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Income Statement
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Unit: CNY’000 |
as of Dec. 31, 2006 |
as of Dec. 31, 2007 |
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Turnover |
6,350 |
7,420 |
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Cost of goods
sold |
5,330 |
6,390 |
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Sales expense |
0 |
450 |
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Management expense |
480 |
580 |
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Finance expense |
80 |
145 |
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Profit before
tax |
20 |
-160 |
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Less: profit tax |
0 |
0 |
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Profits |
20 |
-160 |
Important
Ratios
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As
of Dec. 31, 2006 |
As
of Dec. 31, 2007 |
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*Current ratio |
4.32 |
25.05 |
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*Quick ratio |
4.32 |
25.05 |
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*Liabilities
to assets |
0.22 |
0.04 |
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*Net profit
margin (%) |
0.31 |
-2.16 |
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*Return on
total assets (%) |
0.56 |
-5.82 |
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*Inventory
/Turnover ×365 |
/ |
/ |
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*Accounts
receivable/Turnover ×365 |
20 days |
6 days |
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*Turnover/Total
assets |
1.77 |
2.70 |
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* Cost of
goods sold/Turnover |
0.84 |
0.86 |
PROFITABILITY:
FAIR
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The turnover of SC appears average, and it was rising in 2007.
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SC’s net profit margin is average in 2006 and fair in 2007.
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SC’s return on total assets is average in 2006 and fair in 2007.
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SC’s cost of goods sold is average, 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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SC has no inventory in both 2 years.
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The accounts receivable of SC is maintained in an average level.
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SC has no short-term loan in both 2 years.
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SC’s turnover is in an acceptable level, comparing with the size of its
total assets.
LEVERAGE: AVERAGE
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The debt ratio of SC is low.
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The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly stable.
Opinion amount: USD 500,000
Over the past 4 years, SC has made a stable growth with stable financial
conditions. A credit line at the above amount appears beyond SC’s capacities,
while a credit line up to USD 20,000 is recommended.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs. 41.96 |
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UK Pound |
1 |
Rs.83.78 |
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Euro |
1 |
Rs.65.82 |
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%)