MIRA
INFORM REPORT
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Report Date : |
12.08.2011 |
IDENTIFICATION DETAILS
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Name : |
SHANGHAI SUMEC INTERNATIONAL TRADE CO., LTD. |
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Registered Office : |
Room 1401, 3# Building, Lane 1588 Youyi Road, Baoshan
District, Shanghai 201900 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
02.04.2003 |
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Com. Reg. No.: |
3101151018297 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Importing and exporting goods and technology, transiting trade, trade and trade agent between the enterprises in the free trade zone, simple commercial processing and business consulting services in the free trade zone, in accordance with the license. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
|
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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Maximum Credit Limit : |
USD 30,000 |
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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 |
|
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 and address
SHANGHAI SUMEC INTERNATIONAL TRADE CO., LTD.
(TRADE NAME: WIN FAITH TRADING LIMITED)
ROOM 1401, 3# BUILDING, LANE 1588 YOUYI ROAD,
BAOSHAN DISTRICT, SHANGHAI 201900 PR CHINA
TEL: 86 (0) 21-51838362
FAX: 86 (0) 21-51839100
EXECUTIVE SUMMARY
Date of Registration : april 2, 2003
REGISTRATION NO. : 3101151018297
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL : cny 1,000,000
staff :
40
BUSINESS CATEGORY : import
& export agency
Revenue :
CNY 2,069,000 (AS OF DEC. 31,
2010)
EQUITIES :
CNY 1,730,000 (AS OF DEC. 31, 2010)
WEBSITE : N/A
E-MAIL :
N/A
PAYMENT :
AVERAGE
Recommended Credit Limit: UP TO USD 30,000
MARKET CONDITION : average
FINANCIAL CONDITION : stable
OPERATIONAL TREND : fairly STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.40 = 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: SC’s name should be the above stated one,
Win Faith Trading Limited (the given name) is SC’s related company registered
in 1701, Henan Bldg., Number 90, Jaffe Rd., Wanchai, Hong Kong (the), and
however, SC always uses this name as its trade name.
SC was established
as a limited liabilities company of PRC with State Administration of Industry
& Commerce (SAIC) under registration No.: 3101151018297 on April 2, 2003.
SC’s Organization Code Certificate No.:
748781273
SC’s registered capital: 1,000,000
SC’s paid-in capital: 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 |
|
SUMEC International Technology Co., Ltd. |
50 |
|
SUMEC Automobile Trading Co., Ltd. |
50 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman, and
General Manager |
Zhang Zhiyu |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
SUMEC International Technology Co., Ltd. 50
SUMEC Automobile Trading Co., Ltd. 50
SUMEC International Technology Co., Ltd.:
================================
Date of Registration : March
12, 1999
Registration No. :
320000000012887
Legal Form : Limited Liabilities Company
Registered Capital :
CNY 70,000,000
Add: 9
Tel: 86 25 84531171
Fax: 86 25 86641172
Website: http://technology.sumec.com
Email: sumec-itc@sumec.com.cn
MANAGEMENT
Zhang Zhiyu ,
Legal Representative, Chairman and General Manager
-----------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 55
Ø
ID# 320303195604181619
Ø
Qualification:
University
Ø
Working
experience (s):
At
present, working in SC as legal representative, chairman and general manager
Also working in SUMEC International Technology Co., Ltd.,
and SUMEC Automobile Trading Co., Ltd. as legal representative
BUSINESS OPERATION
SC’s registered business scope includes importing and exporting
goods and technology, transiting trade, trade and trade agent between the
enterprises in the free trade zone, simple commercial processing and business
consulting services in the free trade zone, in accordance with the license.
SC is mainly engaged
in import and export agency.
SC acting products
mainly include: steels, minerals, etc.
SC sources its materials 100% from domestic
market, mainly Jiangsu and Shanghai. SC sells 90% of its products in domestic
market, and 10% to overseas market, mainly Southeast Asian market.
The buying terms
of SC include T/T and Credit of 30-60 days. The payment terms of SC include
T/T, L/C and Credit of 30-60 days.
*Major Customer:
==============
SUMEC
Marine Co., Ltd.
Staff & Office:
--------------------------
SC is known
to have approx. 40 staff at
present.
SC rents an area
as its operating office of approx. 500 sq. meters at the heading address.
RELATED COMPANY
u
SUMEC Marine Co., Ltd.
u
SUMEC Complete Equipment & Engineering Co., Ltd.
u
SUMEC Textile & Light Industry Co., Ltd.
u
SUMEC Hardware & Tools Co., Ltd.
u
SUMEC Machinery & Electric Co., Ltd.
u
SUMEC Home Textile Co., Ltd.
u
SUMEC Garment Co., Ltd.
u
Win Faith Trading Limited (Hong Kong)
Registered
Address: 1701, Henan Bldg., Number 90, Jaffe Rd., Wanchai, Hong Kong
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:
China
Merchants Bank Shanghai Free Trade Zone Sub-branch
AC# 218581355110001
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
1,320 |
1,510 |
|
|
Accounts
receivable |
0 |
0 |
|
Advances to
suppliers |
0 |
0 |
|
Other receivable |
0 |
0 |
|
Inventory |
0 |
0 |
|
Non-current
assets within one year |
0 |
0 |
|
Other current
assets |
0 |
0 |
|
|
------------------ |
------------------ |
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Current assets |
1,320 |
1,510 |
|
Fixed assets |
390 |
300 |
|
Construction in progress |
0 |
0 |
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Long-term
prepaid expenses |
0 |
0 |
|
Deferred income
tax assets |
0 |
0 |
|
Other
non-current assets |
0 |
0 |
|
|
------------------ |
------------------ |
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Total assets |
1,710 |
1,810 |
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|
============= |
============= |
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Short-term loans |
0 |
0 |
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Notes payable |
0 |
0 |
|
Accounts payable |
0 |
0 |
|
Wages payable |
10 |
30 |
|
Taxes payable |
20 |
40 |
|
Other payable |
0 |
10 |
|
Other current
liabilities |
10 |
0 |
|
|
------------------ |
------------------ |
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Current liabilities |
40 |
80 |
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Non-current
liabilities |
0 |
0 |
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|
------------------ |
------------------ |
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Total
liabilities |
40 |
80 |
|
Equities |
1,670 |
1,730 |
|
|
------------------ |
------------------ |
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Total
liabilities & equities |
1,710 |
1,810 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2010 |
|
Revenue |
2,069 |
|
Cost of sales |
0 |
|
Taxes and surcharges |
108 |
|
Sales expense |
0 |
|
Management expense |
1,900 |
|
Finance expense |
4 |
|
Profit before
tax |
54 |
|
Less: profit tax |
41 |
|
13 |
Important Ratios
=============
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
*Current ratio |
33.00 |
18.88 |
|
*Quick ratio |
33.00 |
18.88 |
|
*Liabilities
to assets |
0.02 |
0.04 |
|
*Net profit
margin (%) |
-- |
0.63 |
|
*Return on
total assets (%) |
-- |
0.72 |
|
*Inventory /
Revenue ×365 |
-- |
-- |
|
*Accounts
receivable/ Revenue ×365 |
-- |
-- |
|
*
Revenue/Total assets |
-- |
1.14 |
|
* Cost of sales
/ Revenue |
-- |
0 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
l
The revenue of SC appears average in its line in
2010.
l
SC’s net profit margin is average in 2010.
l
SC’s return on total assets is average in 2010.
l
SC has no cost of goods sold in 2010.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a fairly
good level in both years.
l
SC’s quick ratio is maintained in a fairly good
level in both years.
l
SC has no inventory in both years.
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: FAIRLY
GOOD
l
The debt ratio of SC is low.
l
The risk for SC to go bankrupt is low.
Overall financial
condition of the SC: Stable.
CONCLUSIONS
SC is considered small-sized in its line with stable financial
conditions. Taking into consideration of SC’s good background, a credit line up
to USD 30,000 would appear to be
within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.27 |
|
|
1 |
Rs.73.34 |
|
Euro |
1 |
Rs.64.58 |
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 |
|
-- |
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.