MIRA INFORM
REPORT
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Report Date : |
29.01.2011 |
IDENTIFICATION DETAILS
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Name : |
SHANGHAI HUIDU INTERNATIONAL TRADE CO., LTD. |
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Registered Office : |
No. 311, Lane 399, |
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Country : |
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Financials (as on) : |
31.10.2010 |
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Date of Incorporation : |
20.09.2007 |
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Com. Reg. No.: |
310112000783175 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
International Trade |
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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Maximum Credit Limit : |
usd 2,000 |
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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
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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 HUIDU INTERNATIONAL TRADE CO., LTD.
NO. 311, LANE 399,
TEL:
86 (0) 21-61361488/61361487 FAX:
86 (0) 21-61361485
EXECUTIVE SUMMARY
INCORPORATION
DATE : SEP. 20, 2007
REGISTRATION
NO. : 310112000783175
REGISTERED
LEGAL FORM : LIMITED LIABILITIES COMPANY
STAFF
STRENGTH : 10
REGISTERED
CAPITAL :
CNY 1,000,000
BUSINESS
LINE :
INTERNATIONAL TRADE
TURNOVER : CNY 870,000 (JAN. 1 TO OCT. 31, 2010)
EQUITIES : CNY 420,000
(AS OF OCT. 31, 2010)
PAYMENT
: AVERAGE
RECOMM.
MARKET
CONDITION : FAIR
FINANCIAL
CONDITION : FAIRly stable
OPERATIONAL
TREND : fairly 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: The and telephone number were the former ones of SC.
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 Sep. 20, 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
chemical raw materials and products (except dangerous goods), building
materials, decoration materials, textiles, apparel, leather products,
furniture, lamps, kitchen supplies, and daily necessities; indoor and outdoor
decoration; business consulting (except brokerage) (with permit if needed).
SC is mainly engaged in international trade.
Ms. Zhao Haiyan has been the legal
representative, chairman and general manager of SC since 2007.
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 about 300 square meters.
http://www.shanghaihuidu.com/ The design is professional and the content is
well organized. At present it is in both Chinese and English versions.
E-mail: jojo-anand@hotmail.com
Changes of SC’s registered information:
|
Date |
Item |
Before changed |
After changed |
|
2009 |
Registered capital |
CNY 500,000 |
CNY 1,000,000 |
MAIN SHAREHOLDERS:
Name % of Shareholding
Zhao Haiyan 70
Song Jinrong 30
l
Legal
Representative, Chairman and General Manager:
Ms. Zhao Haiyan, with university education. She is currently
responsible for the overall management of SC.
Working Experience(s):
From 2007 to present Working
in SC as legal representative, chairman and general manager.
SC is mainly engaged in international trade.
SC’s products mainly include: leather.
SC sources its materials 100% from the
overseas market, mainly
The buying terms of
SC include L/C and Credit of 30-60 days. The payment terms of SC include T/T
and Credit of 30-60 days.
*Major Client:
===========
Nantong Deshi Shoes Industry Co., Ltd.
Branch:
Shanghai Huidu
International Trade Co., Ltd. Xuhui Branch
………………………………………………………………..
Principal: Zhao Lele
Registration No.:
310104000433325
Incorporation date:
April 7, 2009
Related companies from SC’s website:
Namo & (H.K) Co.,
Limited
Add: Unit-E, 15/F,
Tel: +852-31757377
Fax: +852-31757536
JSR Exim Enterprises (P)., Ltd.
Add: Door No.1/19,Plot
No.187,
Mob:+91-9943534184
E-mail: Lankesh1969@shanghaihuidu.com
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 Construction
Bank
AC#：31001506700050009347
Relationship:
Note: SC’s management declined to release whether it has account in bank of china.
Balance Sheet
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Unit: CNY’000 |
As
of Dec. 31, 2009 |
As
of Oct. 31, 2010 |
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Cash & bank |
1 |
10 |
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Inventory |
358 |
290 |
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Accounts receivable |
-38 |
140 |
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Other receivables |
239 |
250 |
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Other current assets |
69 |
20 |
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------------------ |
------------------ |
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Current assets |
629 |
710 |
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Fixed assets net value |
8 |
60 |
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Projects under construction |
0 |
0 |
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Long term investment |
0 |
0 |
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Other assets |
100 |
40 |
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------------------ |
------------------ |
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Total assets |
737 |
810 |
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============= |
============= |
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Short loans |
0 |
0 |
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Accounts payable |
298 |
180 |
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Taxes payable |
-38 |
-60 |
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Salaries payable |
0 |
0 |
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Other payable |
174 |
220 |
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Other current liabilities |
0 |
50 |
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------------------ |
------------------ |
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Current liabilities |
434 |
390 |
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Long term liabilities |
-12 |
0 |
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------------------ |
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Total liabilities |
422 |
390 |
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Equities |
315 |
420 |
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Total liabilities & equities |
737 |
810 |
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============= |
============= |
Income Statement
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Unit: CNY’000 |
As of Dec. 31, 2009 |
Jan. 1 to Oct. 31, 2010 |
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Turnover |
526 |
870 |
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Cost of goods sold |
333 |
520 |
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Sales expense |
29 |
20 |
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Management expense |
648 |
210 |
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Finance expense |
2 |
0 |
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Profit before tax |
-489 |
110 |
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Less: profit tax |
6 |
0 |
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Profits |
-495 |
110 |
Important Ratios
=============
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As
of Dec. 31, 2009 |
As
of Oct. 31, 2010 |
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*Current ratio |
1.45 |
1.82 |
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*Quick ratio |
0.62 |
1.08 |
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*Liabilities to assets |
0.57 |
0.48 |
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*Net profit margin (%) |
-94.11 |
12.64 |
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*Return on total assets (%) |
-67.16 |
13.58 |
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*Inventory /Turnover ×365 |
249 days |
100 days |
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*Accounts receivable/Turnover ×365 |
/ |
49 days |
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*Turnover/Total assets |
0.71 |
1.07 |
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* Cost of goods sold/Turnover |
0.63 |
0.60 |
PROFITABILITY: AVERAGE
l
The
turnover of SC appears fair in its line.
l
SC’s net
profit margin is fairly good in October of 2010.
l
SC’s
return on total assets is fairly good in October of 2010.
l
SC’s
cost of goods sold is average, comparing with its turnover.
LIQUIDITY: AVERAGE
l
The
current ratio of SC is maintained in a normal level.
l
SC’s
quick ratio is maintained in a normal level in October of 2010.
l
The
inventory of SC appears large.
l
The
accounts receivable of SC is maintained in an average level in October of 2010.
l
SC has
no short-term loan in 2009 and October of 2010.
l
SC’s
turnover is in an average level, comparing with the size of its total assets.
LEVERAGE: FAIR
l
The debt
ratio of SC is average.
l
The risk
for SC to go bankrupt is above average.
Overall financial condition of the SC: Fairly
Stable.
SC is considered
small-sized in its line with fairly stable financial conditions. The large
amount of inventory could be a threat to SC’s financial condition. A credit
line at the above amount appears to be beyond SC’s capacities, while a credit
line up to USD 2,000 is recommended.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.74 |
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|
1 |
Rs.72.73 |
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Euro |
1 |
Rs.62.73 |
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.