MIRA
INFORM REPORT
|
Report Date : |
08.12.2011 |
IDENTIFICATION DETAILS
|
Name : |
et |
|
|
|
|
Registered Office : |
23/F, Wangjiao Plaza, No. 175, Yan’an East Road, Huangpu District,
Shanghai, 200002 Pr |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
21.12.2005 |
|
|
|
|
Com. Reg. No.: |
310000400450983 |
|
|
|
|
Legal Form : |
Wholly Foreign-Owned Enterprise |
|
|
|
|
Line of Business : |
Trading garments, jewelry, aircraft products, etc. |
|
|
|
|
No. of Employees : |
172 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Poor |
|
Payment Behaviour : |
Unknown |
|
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 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name and address
et
23/F, WANGJIAO
PLAZA, NO. 175, YAN’AN EAST ROAD,
HUANGPU DISTRICT,
SHANGHAI, 200002 PR CHINA
TEL: 86 (0)
21-53589600 FAX: 86 (0) 21-63550023
EXECUTIVE SUMMARY
INCORPORATION DATE : DECEMBER 21, 2005
REGISTRATION NO. : 310000400450983
REGISTERED LEGAL FORM : WHOLLY FOREIGN-OWNED
enterprise
STAFF STRENGTH :
172
REGISTERED CAPITAL : USD 750,000
BUSINESS LINE :
TRADING
TURNOVER :
CNY 50,234,000 (AS OF DEC. 31, 2010)
EQUITIES :
CNY -18,539,000 (AS OF DEC. 31, 2010)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : C.O.D.
MARKET CONDITION : FAIR
FINANCIAL CONDITION : POOR
OPERATIONAL TREND : FAIR
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY
6.34 = USD 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 wholly foreign-owned enterprise at local Administration for
Industry & Commerce (AIC - The official body of issuing and renewing
business license) on December 21, 2005.
Company Status: Wholly foreign-owned enterprise (外商独资企业) This form of business in PR
China is defined as a legal person. It is a limited co. established within
the territories of PR China with capital provided totally by the foreign
investors. More than one foreign investor may jointly invest in a wholly
foreign-owned enterprise. The investing party/parties solely exercise
management, reap profit and bear risks and liabilities by themselves. This
form of companies usually have a limited duration is extendible upon
approval of Examination and Approval Authorities.
SC’s registered
business scope includes wholesaling and retailing garments, textile, gifts,
jewelry, baldric, every kinds of decorations, plastic mould, machinery parts; importing and exporting and other
related supporting businesses (in accordance with the related
regulations and license).
SC is mainly
engaged in trading garments, jewelry, aircraft products, etc.
Mr. Richard
Archer-Perkins has been legal
representative and chairman of SC since 2005.
SC is known to have approx. 172 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office and head office in the commercial zone of Shanghai. Our checks
reveal that SC rents the total premise about 1,000 square meters.
http://www.et2cint.com/
It includes the information on SC and SC’s related companies. The design is
professional and the content is well organized. At present it is in English
version.
Email: vivian@et2cint.com
No significant events or changes were found during our checks with the
local Administration for Industry and Commerce.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Richard Archer-Perkins (British) 100
l
Legal representative and Chairman:
Mr. Richard Archer-Perkins , British. He is currently responsible for
the overall management of SC.
Working Experience(s):
From 2005 to present Working
in SC as chairman and legal representative.
SC is mainly
engaged in trading garments, jewelry, aircraft products, etc.
SC’s products mainly
include: garments, jewelry, aircraft products, gifts, toys, etc.
SC sources its materials 90% from domestic
market, and 10% from overseas market. SC sells 30% of its products in domestic
market, and 70% to overseas market.
The buying terms of SC include Check, T/T, L/C and Credit of 30-60 days.
The payment terms of SC include Check, T/T, L/C and Credit of 30-60 days.
Note:
SC declined to release its major suppliers and clients.
According
to http://www.et2cint.com/
ET
Add:
Unit 4, 26 Floor West Tower, Shun Tak Centre Central, Hong Kong
Tel:
(852) 3101 0700
Fax:
(852) 3101 0789
Email:
pl@e-trade2china.com.hk
ET
Add:
29B Lvgem Square, 6009 Shennan Avenue, Futian District, Shenzhen, China
Tel:
+ 0086 0755 8325 6393
Fax:
+ 0086 0755 8254 6566
Email:
pl@e-trade2china.com.hk
ET
Add:
164 West 25th Street
Tel:
+1 (917) 464 3558
Email:
jamieap@et2cint.com
Etc.
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.
SC’s management
declined to release its bank details.
Balance Sheet
Unit: CNY’000
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
Cash & bank |
255 |
222 |
|
Inventory |
2,004 |
3,246 |
|
Bills receivable |
0 |
0 |
|
Accounts
receivable |
4,294 |
1,849 |
|
Advances to
suppliers |
2,370 |
435 |
|
Other receivables |
2,822 |
2,446 |
|
Other current
assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current assets |
11,745 |
8,198 |
|
Fixed assets net
value |
906 |
679 |
|
Long term
investment |
0 |
0 |
|
Projects under
construction |
0 |
0 |
|
Intangible and
other assets |
421 |
380 |
|
|
------------------ |
------------------ |
|
Total assets |
13,072 |
9,257 |
|
|
=========== |
=========== |
|
Short loan |
0 |
0 |
|
Accounts payable |
2,213 |
6,515 |
|
Bills payable |
0 |
0 |
|
Advances from clients |
474 |
0 |
|
Salaries payable |
648 |
1,124 |
|
Taxes payable |
474 |
169 |
|
Other Accounts
payable |
20,565 |
19,988 |
|
Other current
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
24,374 |
27,796 |
|
Long term
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
24,374 |
27,796 |
|
Equities |
-11,302 |
-18,539 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
13,072 |
9,257 |
|
|
=========== |
=========== |
Income Statement
Unit: CNY’000
|
|
As
of Dec. 31, 2010 |
|
Turnover |
50,234 |
|
Cost of goods sold |
44,478 |
|
Sales expense |
4,056 |
|
Management expense |
8,035 |
|
Finance expense |
-67 |
|
Profit before tax |
-7,237 |
|
Less: profit tax |
0 |
|
Profits |
-7,237 |
Important
Ratios
=============
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
*Current ratio |
0.48 |
0.29 |
|
*Quick ratio |
0.40 |
0.18 |
|
*Liabilities
to assets |
1.86 |
3.00 |
|
*Net profit
margin (%) |
/ |
-14.41 |
|
*Return on
total assets (%) |
/ |
-78.18 |
|
*Inventory
/Turnover ×365 |
/ |
24 days |
|
*Accounts
receivable/Turnover ×365 |
/ |
14 days |
|
*Turnover/Total
assets |
/ |
5.43 |
|
* Cost of
goods sold/Turnover |
/ |
0.89 |
PROFITABILITY:
FAIR
l
The turnover of SC appears average in 2010.
l
SC’s net profit margin is fair in 2010.
l
SC’s return on total assets is poor in 2010.
l
SC’s cost of goods sold is average, comparing with
its turnover in 2010.
LIQUIDITY: POOR
l
The current ratio of SC is maintained in a poor
level.
l
SC’s quick ratio is maintained in a poor level.
l
The inventory of SC appears average.
l
The accounts receivable of SC appears average.
l
SC has no short-term loan in both years.
l
SC’s turnover is in a fairly good level, comparing
with the size of its total assets in 2010.
LEVERAGE: POOR
l
The debt ratio of SC is too high.
l
The risk for SC to go bankrupt is high.
Overall financial
condition of the SC: Poor.
SC is considered medium-sized in its line with poor financial
conditions. The given credit amount would appear to be beyond SC’s capacities, great
caution is required in providing credit to SC and C.O.D. is recommended.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.45 |
|
|
1 |
Rs.80.38 |
|
Euro |
1 |
Rs.69.12 |
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.