MIRA INFORM
REPORT
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Report Date : |
28.01.2011 |
IDENTIFICATION DETAILS
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Name : |
SHANGHAI ASIAN DEVELOPMENT PROSPEROUS IMPORT
AND EXPORT CO., LTD. |
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Registered Office : |
8f, Indus. & Comm. Bldg, No. 45 Yan’an East Road, Huangpu
District, Shanghai, 200002 Pr |
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Country : |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
20.12.2004 |
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Com. Reg. No.: |
310109000393862 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
importing and Exporting Trade |
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 125,000 |
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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
|
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 ASIAN DEVELOPMENT PROSPEROUS IMPORT AND EXPORT CO., LTD.
8F, INDUS. &
COMM. BLDG, NO.
HUANGPU DISTRICT,
45 8
TEL: 86 (0)
21-63373877/63373787 FAX: 86 (0)
21-63374402
EXECUTIVE SUMMARY
INCORPORATION DATE : DECEMBER 20, 2004
REGISTRATION NO. : 310109000393862
REGISTERED LEGAL FORM : LIMITED LIABILITIES COMPANY
STAFF STRENGTH : 70
REGISTERED CAPITAL :
CNY 10,000,000
BUSINESS LINE : TRADING
TURNOVER : CNY 796,470,000 (AS OF DEC. 31, 2009)
EQUITIES : CNY 12,600,000 (AS OF DEC. 31,
2009)
PAYMENT : AVERAGE
RECOMM.
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : fairly STABLE
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY
6.58 = USD 1
.
Adopted abbreviations
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY -
Note: SC is also known as Shanghai ADP Trade Co., Ltd.
SC was registered as a limited
liabilities company at local Administration for Industry & Commerce (AIC - The
official body of issuing and renewing business license) on December 20, 2004.
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 importing and exporting commodities and technology, commercial
consultant (excluding broker); ocean and railway
international freight forwarding; sales agency for civil aviation
transportation (with permits if needed).
SC is mainly
engaged in importing and exporting trade.
Ms. Wang Hong has been legal representative and chairman of SC
since 2004.
SC is known to have approx. 70 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, but SC’s
accountant refused to release the gross area.
http://www.adptrade.cn/ The design
is professional and the content is well organized. At present it is in Chinese
version.
Email: wgjason@adp.com.cn
Changes
of its registered information:
|
Date of change |
Item |
Before the change |
After the change |
|
2006-01 |
Registered capital |
CNY 5,000,000 |
CNY 10,000,000 |
|
Main Shareholders |
Shanghai Asian Development International
Transportation Pudong Co., Ltd.60% Wang Hong
40% |
Shanghai Asian Development International
Transportation Pudong Co., Ltd.30% Wang Hong 20% Lao Yusheng 30% Fang Weiming 20% |
|
|
2006-10 |
Registered capital |
CNY 10,000,000 |
CNY 7,000,000 |
|
Main Shareholders |
Shanghai Asian Development International
Transportation Pudong Co., Ltd. 30% Wang Hong
20% Lao Yusheng 30% Fang Weiming 20% |
Wang Hong
28.6% Lao Yusheng 42.8% Fang Weiming 28.6% |
|
|
2007-01 |
Registered capital |
CNY 7,000,000 |
CNY 10,000,000 |
|
2007-01 |
Main Shareholders |
Wang Hong
28.6% Lao Yusheng 42.8% Fang Weiming 28.6% |
Wang Hong
20% Lao Yusheng 60% Fang Weiming 20% |
|
2008-03 |
Main Shareholders |
Wang Hong
20% Lao Yusheng 60% Fang Weiming 20% |
Present ones |
MAIN
SHAREHOLDERS:
Name %
of Shareholding
Lao Yusheng 40
Wang Hong 15
Fang Weiming 15
Zheng Xingping 4
Du Jimei 4
Zhou Yu 1
Ge Lan 1
Xiang Junhong 1
Dong Yanzheng 1
Shi Jizheng 1
Other 11 individuals 7
l
Legal representative and chairman:
Ms.
Working Experience(s):
From 2004 to present Working in SC as chairman and legal representative.
Also working in Shanghai Yadong International Logistic Co., Ltd. as legal representative.
SC is mainly engaged in importing and exporting trade.
SC’s products mainly
include: textile, garments, hardware, high industry products, etc.
SC sources its materials 70%
from domestic market, and 30% 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.
According to the website http://www.adp.com.cn/:
· Shanghai Asian Development International Transportation Pudong Co., Ltd.
· Shanghai Yadong International Logistic Co., Ltd.
· Shanghai Yadong Customs Co., Ltd., 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.
China Merchants Bank
AC# 096864-25817122999
Relationship:
Note: SC’s
accountant refused to release the details about the given banking information
(Bank of China).
Balance Sheet
Unit: CNY’000
|
|
as of Dec. 31,
2008 |
as of Dec. 31,
2009 |
|
Cash & bank |
26,440 |
16,810 |
|
Notes receivable |
890 |
0 |
|
Inventory |
40,690 |
79,220 |
|
Accounts
receivable |
1,890 |
130 |
|
Advances to
supplies |
0 |
0 |
|
Other
receivables |
7,360 |
1,290 |
|
Other current
assets |
10 |
16,490 |
|
|
------------------ |
------------------ |
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Current assets |
77,280 |
113,940 |
|
Fixed assets net
value |
360 |
290 |
|
Projects under
construction |
0 |
0 |
|
Long-term
investments |
250 |
5,000 |
|
Other assets |
10 |
0 |
|
|
------------------ |
------------------ |
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Total assets |
77,900 |
119,230 |
|
|
============= |
============= |
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Short loans |
0 |
0 |
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Notes payable |
0 |
0 |
|
Accounts payable |
0 |
0 |
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Advances from
customers |
63,490 |
98,300 |
|
Employee
pay payable |
0 |
0 |
|
Taxes payable |
140 |
690 |
|
Other Accounts
payable |
1,120 |
7,610 |
|
Other
current liabilities |
10 |
30 |
|
|
----------------- |
----------------- |
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Current
liabilities |
64,760 |
106,630 |
|
Long term
liabilities |
0 |
0 |
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|
------------------ |
------------------ |
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Total
liabilities |
64,760 |
106,630 |
|
Shareholders
equities |
13,140 |
12,600 |
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|
------------------ |
------------------ |
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Total
liabilities & equities |
77,900 |
119,230 |
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|
============= |
============= |
Income Statement
Unit: CNY’000
|
|
as of Dec. 31,
2008 |
as of Dec. 31,
2009 |
|
Turnover |
677,880 |
796,470 |
|
Cost of goods
sold |
673,980 |
790,890 |
|
Sales expense |
0 |
0 |
|
Management expense |
4,210 |
4,440 |
|
Finance expense |
-2,350 |
-1,950 |
|
Operation Profit |
1,760 |
2,800 |
|
Less: profit tax |
440 |
760 |
|
Net profit |
1,320 |
2,040 |
Important Ratios
=============
|
|
as of Dec. 31,
2008 |
as of Dec. 31,
2009 |
|
*Current ratio |
1.19 |
1.07 |
|
*Quick ratio |
0.57 |
0.33 |
|
*Liabilities
to assets |
0.83 |
0.89 |
|
*Net profit
margin (%) |
0.19 |
0.26 |
|
*Return on
total assets (%) |
1.69 |
1.71 |
|
*Inventory
/Turnover ×365 |
22 days |
36 days |
|
*Accounts
receivable/Turnover ×365 |
1 day |
1 day |
|
*Turnover/Total
assets |
8.70 |
6.68 |
|
* Cost of
goods sold/Turnover |
0.99 |
0.99 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears fairly good in its line,
and it increased in 2009.
l
SC’s net profit margin is average in both years.
l
SC’s return on total assets is average in both
years.
l
SC’s cost of goods sold is high, comparing with its
turnover.
LIQUIDITY: FAIR
l
The current ratio of SC is maintained in a normal
level.
l
SC’s quick ratio is maintained in a fair level.
l
The inventory of SC appears fairly large.
l
The accounts receivable of SC appears average.
l
SC has no short-term loans in both years.
l
SC’s turnover is in a fairly good level, 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 medium-sized in its line with fairly stable financial conditions.
The large amount of inventory could be a threat to SC’s financial condition.
The given credit amount would appear to be within SC’s capacities upon a
periodical review basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.57 |
|
|
1 |
Rs.72.50 |
|
Euro |
1 |
Rs.62.46 |
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 |
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.