MIRA INFORM REPORT
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Report Date : |
01.08.2011 |
IDENTIFICATION DETAILS
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Name : |
SHANGHAI SUNCOM LOGISTICS LTD. |
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Registered Office : |
Block 16-4b/C, No. 69 Xiya
Road, Waigaoqiao Free Trade Zone, Shanghai 200131
Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
23.09.2003 |
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Com. Reg. No.: |
317677 |
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Legal Form : |
Wholly Foreign-Owned Enterprise |
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Line of Business : |
Logistic Business
of electronic components and parts |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 300,000 |
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Status : |
Satisfactory |
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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 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
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 SUNCOM LOGISTICS LTD.
BLOCK 16-4B/C, NO. 69
XIYA ROAD, WAIGAOQIAO FREE TRADE ZONE, SHANGHAI 200131 PR CHINA
TEL: 86 (0)
21-50461403/50464062
FAX: 86 (0)
21-50462497
EXECUTIVE SUMMARY
Date of Registration : SEPTEMBER 23, 2003
REGISTRATION NO. : 317677
LEGAL FORM : Wholly foreign-owned enterprise
staff : 230
BUSINESS CATEGORY :
logistics
Revenue : CNY 1,772,010,000 (AS OF DEC. 31, 2010)
EQUITIES : CNY 54,930,000 (AS OF DEC. 31, 2010)
WEBSITE : N/A
E-MAIL : N/A
PAYMENT : AVERAGE
Recommended Credit Limit: UP TO USD
300,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRly stable
OPERATIONAL TREND :
fairly STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.45 = 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
Note: The given
address (No. 69 Xi Ya Road Blk
16
SC was
established as a Chinese-foreign equity
joint venture enterprise of PRC on September 23, 2003. However, SC
changed to present legal form, and was registered as a wholly foreign-owned
enterprise of PRC with State Administration for Industry & Commerce (SAIC)
under registration No.: 317677 on
November 1, 2004.
SC’s Organization Code Certificate No.:
754337101
SC’s registered capital: usd 400,000
SC’s paid-in capital: usd 400,000 (cny 3,310,000)
Registration Change Record:
|
Date |
Change
of Contents |
Before
the change |
After
the change |
|
|
Shareholders (% of Shareholding) |
Shanghai Sunrise Technology
Co., Ltd. 75% Simcom
Limited (B.V.I.) 25% |
Suncom
International Holdings Limited (B.V.I.) 25% Sim
Technology Group (B.V.I.) Limited 75% |
|
Legal Form |
Chinese-foreign equity joint
venture enterprise |
Wholly foreign-owned enterprise |
Current Co search indicates SC’s shareholders & chief executives
are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Suncom
International Holdings Limited (B.V.I.) |
25 |
|
Sim
Technology Group (B.V.I.) Limited |
75 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman,
and General Manager |
Ma Zhenzhong 马振中 |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Suncom
International Holdings Limited (B.V.I.) 25
Sim
Technology Group (B.V.I.) Limited 75
MANAGEMENT
Ma Zhenzhong, Legal
Representative, Chairman, General Manager
---------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
ID#310229196008282414
Ø
Age: 51
Ø
Working
experience (s):
At
present, working in SC as legal representative, chairman, and general manager
BUSINESS OPERATION
SC’s registered business scope includes manufacturing,
processing and installing GSM／GRPS and other wireless communication
modules, wireless network cards, modems, wireless phones and motherboards;
selling its products and providing technical consultation and after-sale
services; international trade, transit trade, trade between the enterprises in
the free trade zone, trade with the enterprises not in the free trade zone
through the enterprises with importing and exporting right; warehousing and logistics business; simply processing and
commodity displaying in free trade zone.
SC is mainly engaged
in logistic business of electronic components and parts.
The
products mainly include: GSM, GRPS wireless communication modules, etc.
The electronic components and parts could be used for
various mobile communication products.
The buying terms
of SC include Check, T/T, L/C and Credit of 30-60 days. The payment terms of SC
include T/T, L/C and Credit of 30-60 days.
Major
Clients:
==========
Simcom (Shanghai) Co., Ltd.
Shanghai
Speedcomm Technology Limited
Staff & Office:
--------------------------
SC is
known to have approx. 230 staff
at present.
SC
rents an area as its operating office and warehouse, but the detailed
information is unknown.
RELATED COMPANY
Related Companies:
(According to the website www.sim.com)
==============================
u
Shanghai
SIMCom Ltd.
Add:
Building A, SIM Technology Building, No.633, Jinzhong
Road
Changning District, Shanghai P.R. China 200335
Tel: +86
21 3252 3300
Fax: +86
21 3252 330
u
SIM
Technology HK Ltd.
Add: Unit
2908 on 29th Floor, 248 Queen‘s Road East, Wanchai,
Hong Kong
Tel:
+852 2368 6824
Fax:
+852 2367 6724
u
Shanghai
SIMCom Ltd. Shenzhen Office
Add:
Shenzhen,
P.R. China 518057
Tel: +86
755 3333 7601 +86 755 3338 8900
Fax: +86
755 3333 7699
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
Shanghai
Pudong Development Bank Waigaoqiao
Sub-branch
AC# 076318-04292146151
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2010 |
|
138,920 |
|
|
Notes receivable |
0 |
|
Accounts
receivable |
631,200 |
|
Advances to
suppliers |
0 |
|
Other receivable |
1,680 |
|
Inventory |
20 |
|
Non-current
assets within one year |
0 |
|
Other current
assets |
36,800 |
|
|
------------------ |
|
Current assets |
808,620 |
|
Fixed assets |
360 |
|
Construction in
progress |
0 |
|
Intangible
assets |
0 |
|
Long-term
prepaid expenses |
0 |
|
Deferred income
tax assets |
0 |
|
Other
non-current assets |
0 |
|
|
------------------ |
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Total assets |
808,980 |
|
|
============= |
|
Short-term loans |
55,630 |
|
Notes payable |
0 |
|
Accounts payable |
307,370 |
|
Payroll payable |
0 |
|
Tax payable |
0 |
|
Advances from
clients |
0 |
|
Other payable |
2,500 |
|
Other current
liabilities |
388,550 |
|
|
------------------ |
|
Current
liabilities |
754,050 |
|
Non-current
liabilities |
0 |
|
|
------------------ |
|
Total
liabilities |
754,050 |
|
Equities |
54,930 |
|
|
------------------ |
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Total
liabilities & equities |
808,980 |
|
|
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2010 |
|
Revenue |
1,772,010 |
|
Cost of sales |
1,709,040 |
|
Profit before
tax |
20,200 |
|
Less: profit tax |
4,450 |
|
15,750 |
Important Ratios
=============
|
|
As
of Dec. 31, 2010 |
|
*Current ratio |
1.07 |
|
*Quick ratio |
1.07 |
|
*Liabilities
to assets |
0.93 |
|
*Net profit
margin (%) |
0.89 |
|
*Return on
total assets (%) |
1.95 |
|
*Inventory /
Revenue ×365 |
1 day |
|
*Accounts
receivable/ Revenue ×365 |
131 days |
|
*
Revenue/Total assets |
2.19 |
|
* Cost of
sales / Revenue |
0.96 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
l
The revenue of SC appears
fairly good in its line.
l
SC’s net profit margin is average.
l
SC’s return on total assets is average.
l
SC’s cost of goods sold is fairly high, comparing
with its revenue.
LIQUIDITY:
AVERAGE
l
The current ratio of SC is maintained in a normal
level.
l
SC’s quick ratio is maintained in a fairly good
level.
l
The inventory of SC appears average.
l
The accounts receivable of SC appears large.
l
The short-term loans of SC appear average.
l
SC’s revenue 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.
l
The risk for SC to go bankrupt is low.
Overall financial
condition of the SC: Fairly Stable.
CONCLUSIONS
SC is considered medium-sized in its line with
fairly stable financial conditions. The large amount of accounts
receivable may be a threat to SC’s financial condition. But taking into
consideration of SC’s general performance, reputation as well as market
conditions, a credit line up to USD 300,000 is recommended.
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 |
---- |
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.