MIRA INFORM REPORT
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Report Date : |
01.08.2011 |
IDENTIFICATION DETAILS
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Name : |
SHANGHAI GRAND ARTEX COMPANY LIMITED |
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Registered Office : |
Room 505-509, Wisdom Cube, No. 18, Shunyi
Road, Shanghai 200063 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
09.01.2009 |
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Com. Reg. No.: |
310114001925000 |
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Legal Form : |
One-Person Limited Liabilities Company |
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Line of Business : |
Exporting
Household Textiles |
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 |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Small Company |
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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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
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 |
Company name & address
SHANGHAI GRAND ARTEX COMPANY LIMITED
Room 505-509, Wisdom Cube,
No. 18, Shunyi Road
Shanghai 200063 PR
CHINA
TEL: 86 (0)
21-52358849/52366118
FAX: 86 (0)
21-52353342
EXECUTIVE SUMMARY
Date of Registration : january 9, 2009
REGISTRATION NO. : 310114001925000
LEGAL FORM : ONE-PERSON Limited liabilities company
REGISTERED CAPITAL :
CNY 1,000,000
staff : 17
BUSINESS CATEGORY :
TRADING
Revenue : CNY 22,779,000 (AS OF DEC. 31, 2010)
EQUITIES : CNY 918,000 (AS OF DEC. 31, 2010)
WEBSITE : www.grandartex.com
E-MAIL :
grandartex@grandartex.com; grandartex@vip.citiz.net
PAYMENT : AVERAGE
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : FAIRly stable
OPERATIONAL TREND : ORDINARY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.44 = 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 one-person limited liabilities company of PRC with State
Administration of Industry & Commerce (SAIC) under registration No.: 310114001925000 on January 9, 2009.
SC’s Organization Code Certificate No.:
684042593
SC’s registered capital: CNY 1,000,000
SC’s paid-in capital: CNY 1,000,000
No significant changes of SC have
been noted in SAIC since its incorporation.
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Xia Yue |
100 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative and
General Manager |
Xia Yue |
RECENT
DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER
CHART & BACKGROUND
Name %
of Shareholding
Xia Yue 100
MANAGEMENT
Xia
Yue, Legal Representative and General Manager
-----------------------------------------------------------------------------
Ø
Gender: M
Ø
Qualification:
University
Ø
Working
experience (s):
From 2009 to present, working in SC as legal representative
and general manager
BUSINESS
OPERATION
SC’s registered business scope includes selling knitting goods &
textiles, groceries, garment & fashion, cosmetics, packaging boxes, arts
& crafts, hardware, electronic products, machinery & components, metal
products, office supplies, building & decorating materials; importing and
exporting commodities and technology; construction & environment designing;
freight forwarding; and commercial consultation.
SC is
mainly engaged in exporting household textiles.
SC’s
products mainly include:
- Bed
linen
-
Crochet items
-
Curtain
-
Table linen
-
Quilt & Bed spread
-
Kitchen textiles
- Baby
items
SC sources its materials 100% from domestic market. SC sells 100% of its products to overseas market, mainly Europe, Australia, etc.
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.
Staff & Office:
--------------------------
SC is
known to have approx. 17
staff at present.
SC rents an area
as its operating office of approx. 200 sq. meters at the heading address.
RELATED COMPANY
SC is
not known to have any subsidiary at present.
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 China
AC#N/A
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
1,320 |
246 |
|
|
Accounts
receivable |
0 |
0 |
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Advances to
suppliers |
290 |
1,000 |
|
Other receivable |
0 |
0 |
|
Inventory |
1,236 |
2,183 |
|
Non-current
assets within one year |
0 |
0 |
|
Other current
assets |
792 |
1,180 |
|
|
------------------ |
------------------ |
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Current assets |
3,638 |
4,609 |
|
Fixed assets |
246 |
235 |
|
Construction in
progress |
0 |
0 |
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Intangible
assets |
0 |
0 |
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Long-term prepaid
expenses |
0 |
0 |
|
Deferred income
tax assets |
0 |
0 |
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Other
non-current assets |
284 |
545 |
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|
------------------ |
------------------ |
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Total assets |
4,168 |
5,389 |
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|
============= |
============= |
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Short-term loans |
0 |
0 |
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Notes payable |
0 |
0 |
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Accounts payable |
1,929 |
2,027 |
|
Foreign exchange
accounts receivable |
1,618 |
2,793 |
|
Advances from
clients |
0 |
0 |
|
Other payable |
2 |
3 |
|
Other current
liabilities |
-399 |
-352 |
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------------------ |
------------------ |
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Current
liabilities |
3,150 |
4,471 |
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Non-current
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total
liabilities |
3,150 |
4,471 |
|
Equities |
1,018 |
918 |
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------------------ |
------------------ |
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Total
liabilities & equities |
4,168 |
5,389 |
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|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2009 |
As of Dec. 31,
2010 |
|
Revenue |
25,805 |
22,779 |
|
Cost of sales |
24,402 |
22,899 |
|
Sales expense |
188 |
651 |
|
Management expense |
1,202 |
1,246 |
|
Finance expense |
2 |
-4 |
|
Profit before
tax |
18 |
-120 |
|
Less: profit tax |
0 |
-20 |
|
18 |
-100 |
Important Ratios
=============
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
*Current ratio |
1.15 |
1.03 |
|
*Quick ratio |
0.76 |
0.54 |
|
*Liabilities
to assets |
0.76 |
0.83 |
|
*Net profit
margin (%) |
0.07 |
-0.44 |
|
*Return on
total assets (%) |
0.43 |
-1.86 |
|
*Inventory /
Revenue ×365 |
18 days |
35 days |
|
*Accounts
receivable/ Revenue ×365 |
-- |
-- |
|
*
Revenue/Total assets |
6.19 |
4.23 |
|
* Cost of
sales / Revenue |
0.95 |
1.01 |
FINANCIAL
COMMENTS
PROFITABILITY:
FAIR
l
The revenue of SC appears
average in its line, and it decreased slightly in 2010.
l
SC’s net profit margin is average in 2009, fair in
2010.
l
SC’s return on total assets is average in 2009,
fair in 2010.
l
SC’s cost of goods sold is high, comparing with its revenue.
LIQUIDITY:
AVERAGE
l
The current ratio of SC is maintained in a normal
level in both years.
l
SC’s quick ratio is maintained in a fair level in
both years.
l
The inventory of SC appears average.
l
SC has no accounts receivable in both years.
l
SC has no short-term loans in both years.
l
SC’s revenue is in an
average level, comparing with the size of its total assets.
LEVERAGE:
FAIR
l
The debt ratio of SC is fairly high in both years.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly Stable.
CONCLUSIONS
SC is considered small-sized in its line with
fairly stable financial conditions. A credit line up to USD 5,000 would appear to be within SC’s
capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.16 |
|
UK Pound |
1 |
Rs.72.10 |
|
Euro |
1 |
Rs.63.10 |
RATING EXPLANATIONS
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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 |
|
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NB |
New Business |
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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%)
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.