MIRA
INFORM REPORT
|
Report Date : |
07.12.2011 |
IDENTIFICATION DETAILS
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Name : |
SHANGHAI ESWELL ENTERPRISE CO., LTD. |
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Registered Office : |
14/f, no. 2000 zhongshan north 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 : |
18.06.1999 |
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Com. Reg. No.: |
310000000070351 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Selling local products, electronics, department stores, textile, cereals and oil, foodstuff, hardware, chemical products, etc. |
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No. of Employees : |
100 |
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 |
|
Maximum Credit Limit : |
USD 1,500,000 |
|
Status : |
Good |
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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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
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 and address
SHANGHAI ESWELL ENTERPRISE CO., LTD.
14/f, no. 2000 zhongshan north road, shanghai 200063 PR
CHINA
TEL: 86 (0) 21-32064500/62549446
FAX: 86 (0) 21-32064501
EXECUTIVE SUMMARY
Date of Registration : june 18, 1999
REGISTRATION NO. : 310000000070351
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL : cny 75,670,000
staff : 100
BUSINESS CATEGORY : trading
Revenue :
CNY 1,126,980,000 (AS OF DEC. 31, 2010)
EQUITIES :
CNY 117,200,000 (AS OF DEC. 31, 2010)
WEBSITE : www.eswell.com.cn
E-MAIL :
root@eswell.com.cn
PAYMENT :
AVERAGE
Recommended Credit Limit : UP TO USD 1,500,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : stable
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : fairly
good
EXCHANGE RATE :
CNY 6.36 = 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 a limited liabilities company of PRC with State Administration of Industry
& Commerce (SAIC) under registration No.: 310000000070351 on June 18, 1999.
SC’s Organization Code Certificate No.:
63150233-0
SC’s Tax No.: 310107631502330
SC’s registered capital: cny 75,670,000
SC’s paid-in capital: cny 75,670,000
Registration Change Record:
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 |
|
China Orient Asset Management Corporation |
34.72 |
|
Shanghai Qiyou Industry Co., Ltd. |
26.43 |
|
Shanghai Taopu Industry Co., Ltd. |
18.51 |
|
Shanghai Foreign Economic & Trade
Investment (Group) Co., Ltd. |
17.18 |
|
Gu Chong |
0.79 |
|
Xie Jianzhang |
0.79 |
|
Shi Dexun |
0.79 |
|
Wang Qin |
0.79 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative and Chairman |
Ji Hongmei |
|
General Manager |
Gu Chong |
RECENT DEVELOPMENT
Honors
======
u
Awarded one of 100 best export enterprises in
Shanghai
u
Awarded one of 10 the most reliable timber I/E
enterprises with honesty in Shanghai
u
Awarded millions tax-paid enterprise
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
China Orient Asset Management Corporation 34.72
Shanghai Qiyou Industry Co., Ltd. 26.43
Shanghai Taopu Industry Co., Ltd. 18.51
Shanghai Foreign Economic & Trade Investment
(Group) Co., Ltd. 17.18
Gu Chong 0.79
Xie Jianzhang 0.79
Shi Dexun 0.79
Wang Qin 0.79
China Orient Asset Management Corporation:
=====================================
Approved by the State Council and the
People’s Bank of China, and registered with the State Administration for
Industry and Commerce as a wholly state-owned financial institution, COAMC was
founded on October 15, 1999. COAMC has 25 branches and the registered capital
is 10 billion CNY. Business is to purchase, manage and dispose of the
non-performing loans (NPLs) from the financial institutions and it also engages
in investment banking business.
Date of Registration: October 27, 1999
Registration No.: 100000000032467
Legal Form: Sole State-Owned
Enterprise
Registered Capital: CNY 10,000,000,000
Tel: 86-10-66506688
Fax: 86-10-66507777
Address: No 410 Fuchengmen Neidajie,
Xicheng, Beijing, China
Website: www.coamc.com
Email: webmaster@coamc.com.cn
Shanghai Qiyou Industry Co., Ltd.:
============================
Date of Registration: December 7, 2006
Registration No.: 310115000984696
Legal Form: Limited
Liabilities Company
Registered Capital: CNY 30,000,000
Shanghai Taopu Industry Co., Ltd.:
=============================
Date of Registration: December 14, 1992
Registration No.: 310107000055861
Legal Form: Limited
Liabilities Company
Registered Capital: CNY 20,000,000
Shanghai Foreign Economic & Trade Investment
(Group) Co., Ltd.:
====================================================
Date of Registration: July 27, 1999
Registration No.: 310000000070940
Legal Form: Sole State-Owned
Enterprise
Registered Capital: CNY 418,910,000
MANAGEMENT
Ji Hongmei Legal Representative and Chairman
-----------------------------------------------------------------------
Ø
Gender: F
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as legal representative and
chairman
Also working in Shanghai Far East Credit Rating Co., Ltd. as
vice CEO
Gu Chong , General
Manager
-----------------------------------------------
Ø
Gender: M
Ø
Age:
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as general manager
BUSINESS OPERATION
SC’s registered business scope includes
selling local products, electronics, department stores, textile, cereals and
oil, foodstuff, hardware, chemical products; importing and exporting commodities and technologies, excluding export commodities under state-unified operation and import commodities operated by the state-designated companies; processing with
imported materials, processing with imported samples, assembling with imported
parts, and compensation trade in agreement; counter trade & transit trade.
SC is mainly
engaged in international trade.
Brand: SK, Polar
Bear, Bees Queen, White Rabbit, etc.
SC’s products mainly
include: textile materials, garments, native foods, essence & aromatics,
chemicals, gifts, timber & furniture, provisions, etc.
SC sources its materials 90% from domestic
market, and 10% from overseas market. SC sells 5% of its products in domestic
market, and 95% to overseas market, mainly Japan, USA, Europe and Southeast
Asia.
The buying terms
of SC include 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 Suppliers:
==============
Shanghai Welton
Furniture Co., Ltd.
Shanghai Eswell
Timber Co., Ltd.
Staff & Office:
--------------------------
SC is known
to have approx. 100 staff at present.
SC rents an area
as its operating office of approx. 1,500 sq. meters at the heading address.
RELATED COMPANY
SC is known to have 5
subsidiaries at present, the following are the major ones.
n
Shanghai Timber Import & Export Corp., Ltd.
n
Shanghai Essertial Oils & Aromatics Imp. & Exp. Corp.
n
Shanghai Welton Furniture Co., Ltd.
n
Shanghai Eswell Timber Co., Ltd.
n
Shanghai Pacific International Container Co., Ltd.
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’s suppliers
declined to make any comments.
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:
Industrial
and Commercial Bank of China Shanghai Branch Putuo Sub-branch
AC#: 1001240109022508432
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
32,100 |
51,920 |
|
|
Accounts
receivable |
17,940 |
22,260 |
|
Advances to
suppliers |
0 |
0 |
|
Other receivable |
8,000 |
16,800 |
|
Inventory |
29,050 |
25,670 |
|
Non-current
assets within one year |
0 |
0 |
|
Other current
assets |
16,690 |
65,980 |
|
|
------------------ |
------------------ |
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Current assets |
103,780 |
182,630 |
|
Fixed assets |
13,100 |
12,200 |
|
Construction in
progress |
0 |
0 |
|
Intangible
assets |
0 |
0 |
|
Long-term
investment |
53,420 |
48,660 |
|
Deferred income
tax assets |
0 |
0 |
|
Other
non-current assets |
32,390 |
30,850 |
|
|
------------------ |
------------------ |
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Total assets |
202,690 |
274,340 |
|
|
============= |
============= |
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Short-term loans |
11,760 |
61,810 |
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Notes payable |
0 |
0 |
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Accounts payable |
25,020 |
35,190 |
|
Wages payable |
0 |
0 |
|
Advances from clients |
30,110 |
49,190 |
|
Other payable |
4,680 |
710 |
|
Other current
liabilities |
26,410 |
10,240 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
97,980 |
157,140 |
|
Non-current
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
97,980 |
157,140 |
|
Equities |
104,710 |
117,200 |
|
|
------------------ |
------------------ |
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Total
liabilities & equities |
202,690 |
274,340 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2010 |
|
Revenue |
1,126,980 |
|
Cost of sales |
1,097,200 |
|
Sales expense |
14,010 |
|
Management expense |
9,550 |
|
Finance expense |
-930 |
|
Investment
income |
6,930 |
|
Profit before tax |
14,080 |
|
Less: profit tax |
1,590 |
|
12,490 |
Important Ratios
=============
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
*Current ratio |
1.06 |
1.16 |
|
*Quick ratio |
0.76 |
1.00 |
|
*Liabilities
to assets |
0.48 |
0.57 |
|
*Net profit
margin (%) |
-- |
1.11 |
|
*Return on
total assets (%) |
-- |
4.55 |
|
*Inventory /
Revenue ×365 |
-- |
9 days |
|
*Accounts
receivable/ Revenue ×365 |
-- |
8 days |
|
*
Revenue/Total assets |
-- |
4.11 |
|
* Cost of
sales / Revenue |
-- |
0.97 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
l
The revenue of SC appears good 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’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 in both years.
l
SC’s quick ratio is maintained in a normal level in
2010.
l
The inventory of SC is maintained in an average
level.
l
The accounts receivable of SC is maintained in an
average level.
l
SC’s short-term loans are in an average level.
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 average in both years.
l
The risk for SC to go bankrupt is low.
Overall financial
condition of the SC: Stable.
CONCLUSIONS
SC is considered large-sized in its line with stable financial
conditions. A credit line up to USD 1,500,000
would appear to be within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.39 |
|
|
1 |
Rs.80.20 |
|
Euro |
1 |
Rs.68.92 |
RATING EXPLANATIONS
|
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.