MIRA INFORM REPORT
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Report Date : |
16.02.2011 |
IDENTIFICATION DETAILS
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Name : |
SHANGHAI CORICH SPORTS & LEISURE CO., LTD
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Registered Office : |
Unit 9b, |
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Country : |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
12.06.2007 |
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Com. Reg. No.: |
310104000380065 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Selling Sports
& Leisure Products |
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 : |
Moderate |
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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 – June 30, 2010
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Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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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 CORICH SPORTS & LEISURE Co., Ltd.
UNIT 9B,
TEL: 86 (0)
21-54240959/64695771 FAX: 86 (0)
21-64695771
EXECUTIVE SUMMARY
INCORPORATION DATE : JUNE 12, 2007
REGISTRATION NO. : 310104000380065
REGISTERED LEGAL FORM : LIMITED LIABILITIES COMPANY
STAFF STRENGTH :
10
REGISTERED CAPITAL : CNY 1,000,000
BUSINESS LINE :
TRADING
TURNOVER :
CNY 4,020,000 (UNaudited, AS OF
DEC. 31, 2010)
EQUITIES :
CNY 120,000 (UNaudited, AS OF DEC. 31, 2010)
PAYMENT :
AVERAGE
RECOMM.
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : FAIRLY STABLE
OPERATIONAL TREND : FAIR
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY
6.59 = USD 1
Adopted abbreviations
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY -
SC was registered as a limited liability company at local Administration
for industry & commerce (AIC - the official body of issuing and renewing
business license) on June 12, 2007.
Company Status: Limited liabilities co. This
form of business in PR China is defined as a legal person. No more than
fifty shareholders contribute its registered capital jointly. Shareholders
bear limited liability to the extent of shareholding, and the co. is liable
for its debts only to extent of its total assets. The characteristics of
this form of co. are as follows: Upon
the establishment of the co., an investment certificate is issued to the
each of shareholders. The
board of directors is comprised of three to thirteen members. The
minimum registered capital for a co. is CNY 30,000. Shareholders
may take their capital contributions in cash or by means of tangible assets
or intangible assets such as industrial property and non-patented
technology. Cash
contributed by all shareholders must account for at least 30% of the
registered capital. Existing
shareholders have pre-exemption right to purchase shares of the co. offered
for sale by the other shareholders and to subscribe for the newly increased
registered capital of the co.
SC’s registered
business scope includes import and export of goods and technology; selling cultural
and sports goods, office supplies, daily necessities, building materials,
chemical raw materials and products (except dangerous goods), hardware,
electronics, leather and plastic products, handicrafts; business information
consultation. (with permit if needed)
SC is mainly
engaged in selling sports & leisure products.
Mr. Pang Peili is
legal representative and chairman of SC at present.
SC is known
to have approx. 10 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office in the commercial zone of Shanghai. Our checks reveal that SC
rents the total premise, but SC’s employee refused to release the gross area of
the premise.
SC is not known to host website of its own at present.
No significant events or changes were found during our checks with the
local Administration for Industry and Commerce.
MAIN
SHAREHOLDERS:
Name %
of Shareholding
Pang Peili 50
Zhang Lan 50
l
Legal representative and Chairman:
Mr. Pang Peili is currently responsible for the overall management of
SC.
Working Experience(s):
At present Working in SC as legal representative and chairman
SC is mainly
engaged in selling sports & leisure products.
SC’s products
mainly include riding helmets, riding boots, chaps, riding glove, breeches,
horse carriage & cart, saddle, grooming box, saddle pad, etc.
SC sources its materials 95% from domestic
market, and 5% from overseas market. SC sells 60% of its products in domestic
market, and 40% to overseas market, mainly Europe and
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.
SC
is not known to have any subsidiary at present.
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.
China Merchants
Bank
AC#N/A
Relationship:
Balance Sheet
Unit: CNY’000
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as
of Dec. 31, 2009 |
as
of Dec. 31, 2010 |
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Cash & bank |
780 |
590 |
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Inventory |
410 |
340 |
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Accounts
receivable |
110 |
510 |
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Advances to
suppliers |
1,200 |
1,460 |
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Other
receivables |
210 |
240 |
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Other current
assets |
20 |
170 |
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------------------ |
------------------ |
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Current assets |
2,730 |
3,310 |
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Fixed assets net
value |
40 |
30 |
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Projects under
construction |
0 |
0 |
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Long term investment |
0 |
0 |
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Other assets |
0 |
0 |
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------------------ |
------------------ |
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Total assets |
2,770 |
3,340 |
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============= |
============= |
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Short loans |
0 |
0 |
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Accounts payable |
240 |
460 |
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Advances from
clients |
1,170 |
1,840 |
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Other payable |
920 |
880 |
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Taxes payable |
-30 |
30 |
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Other current
liabilities |
0 |
10 |
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------------------ |
------------------ |
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Current
liabilities |
2,300 |
3,220 |
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Long term
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total
liabilities |
2,300 |
3,220 |
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Equities |
470 |
120 |
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------------------ |
------------------ |
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Total
liabilities & equities |
2,770 |
3,340 |
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============= |
============= |
Income Statement
Unit: CNY’000
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as of Dec. 31,
2010 |
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Turnover |
4,020 |
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Cost of goods
sold |
3,370 |
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Sales expense |
410 |
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Management expense |
560 |
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Finance expense |
30 |
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Profit before
tax |
-350 |
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Less: profit tax |
0 |
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Profits |
-350 |
Note: The above
financial records of Year2010 have not been audited.
Important Ratios
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as
of Dec. 31, 2009 |
as
of Dec. 31, 2010 |
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*Current ratio |
1.19 |
1.03 |
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*Quick ratio |
1.01 |
0.92 |
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*Liabilities
to assets |
0.83 |
0.96 |
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*Net profit
margin (%) |
/ |
-8.71 |
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*Return on
total assets (%) |
/ |
-10.48 |
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*Inventory
/Turnover ×365 |
/ |
31 days |
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*Accounts
receivable/Turnover ×365 |
/ |
46 days |
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*Turnover/Total
assets |
/ |
1.20 |
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* Cost of
goods sold/Turnover |
/ |
0.84 |
PROFITABILITY:
FAIR
l
The turnover of SC appears average in its line in
2010.
l
SC’s net profit margin is fair in 2010.
l
SC’s return on total assets is fair in 2010.
l
SC’s cost of goods sold is average in 2010,
comparing with its turnover.
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
both years.
l
The inventory of SC appears average in both years.
l
The accounts receivable of SC appears average in
both years.
l
SC has no short-term loan in both years.
l
SC’s turnover is in an average level in 2010,
comparing with the size of its total assets.
LEVERAGE: FAIR
l
The debt ratio of SC is high.
l
The risk for SC to go bankrupt is average.
Overall financial condition of the SC:
Fairly stable
SC is considered small-sized in its line with fairly stable financial conditions.
The given credit amount would appear to be beyond SC’s capacities, while credit
dealings with SC should be confined into C.O.D. at present.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.45.50 |
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|
1 |
Rs.73.07 |
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Euro |
1 |
Rs.61.63 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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.