MIRA INFORM REPORT
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Report Date : |
03.05.2011 |
IDENTIFICATION DETAILS
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Name : |
SHANGHAI 3V ELECTRONICS CO., LTD. |
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Registered Office : |
Building Ten, |
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Country : |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
13.09.2005 |
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Com. Reg. No.: |
310226000684988 |
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Legal Form : |
Limited
Liabilities Company |
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Line of Business : |
selling illuminating products and heating
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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Maximum Credit Limit : |
USD 2,000 |
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Status : |
Small Company |
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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 – December 31, 2010
|
Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
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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 3V
ELECTRONICS CO., LTD.
BUILDING TEN,
TEL: 86 (0) 21-37788408
FAX: 86 (0) 21-37788410
EXECUTIVE SUMMARY
INCORPORATION DATE : SEP. 13, 2005
REGISTRATION NO. : 310226000684988
REGISTERED LEGAL
FORM : LIMITED LIABILITIES CO.
STAFF STRENGTH : 30
REGISTERED CAPITAL :
CNY 500,000
BUSINESS LINE : TRADING
TURNOVER : CNY 56,440,000 (UNAUDITED,
AS OF DEC. 31, 2010)
EQUITIES : CNY 580,000 (UNAUDITED, AS OF DEC. 31, 2010)
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
SC was registered as
a limited liabilities co. at local Administration for Industry & Commerce
(AIC - The official body of issuing and renewing business license) on Sep. 13,
2005.
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
wholesale and retail of electronic component, Lighting Equipments and its
parts, computer software and hardware, Computer Consumables, Communication Equipment,
hardware and electric material, mechanical and electrical products, metal
material, hardware, bearing, fastener, standard component, auto parts,
motorcycle accessories, construction machinery equipment and its parts, daily
use products; manufacturing and processing lighting equipments and its parts,
lighting equipment, electronic component, hardware (only for branch operating);
importing and exporting commodities and technologies (with permit if needed).
SC is mainly engaged in selling illuminating
products and heating products.
Mr. Pan Xiaoming has been legal representative, chairman and general manager of SC since 2005.
SC is known to have approx. 30 employees at present.
SC is currently operating at the above stated address, and this address houses its operating office and warehouse in the industrial zone of Shanghai. Our checks reveal that SC rents the total premise about 300 square meters.
SC is not known to
host website of its own at present.
Changes of its registered
information are as follows:
|
Date of change |
Item |
Before the
change |
After the
change |
|
Unknown |
Registration No. |
3102262055195 |
The present one |
MAIN SHAREHOLDERS:
Name
% of Shareholding
Pan Xiaoming 70
Xu Mingxing 30
l
Legal
Representative, Chairman and General Manager:
Mr. Pan Xiaoming, born in 1977 with university education. He is currently
responsible for the overall management of SC.
Working Experience(s):
From 2005 to present Working in SC as legal representative, chairman and general manager;
Also working in
SC is mainly engaged in selling illuminating
products and heating products.
SC’s products mainly
include: fluorescent lamps and fixtures, electronic ballasts, innovative LED
lamps, electric radiator, etc.
SC sources its materials 100%
from domestic market, mainly
The
buying terms of SC include Check, T/T and Credit of 30-60 days. The payment
terms of SC include Check, T/T, L/C and Credit of 30-60 days.
*Major
Customer:
============
Shanghai Kevin
Import & Export Co., Ltd.
*Major
Suppliers:
============
Shangyu
Jie’erming Electric Appliance Co., Ltd.
Branch:
======
Shanghai
3V Electronics Co., Ltd. Songjiang Branch
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: A
trade enquiry currently conducted with SC's supplier(s) reveal the following:
Supplier
A
Products sold: fluorescent
tube
Date account opened: 2006
Line of credit: No
comment
Terms: T/T, Credit
of 30 days
Average monthly sales: No
comment
Current balance: No
comment
Rating Key: 2
Any Special Comments: ______________________________________
Payment record keys :
1 = Prompt : Payment made before the credit period expires
2 = As agreed terms : Payment made upon due date
3 = Slightly slow but acceptable : Payment made 5 to 20 days beyond
agreed terms
4 = Slow : Payment made 16 to 45 days beyond agreed terms
5 = Poor : Payment made over 45 days beyond agreed terms
6 = No comment : Account
is newly opened & record is not yet established
Note: In some instances, payment beyond terms can
be the result of disputes over merchandise, lost invoices, disputed accounts
& etc.
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#: 31001930611050016736
Relationship:
Balance Sheet
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Unit: CNY’000 |
as of Dec. 31, 2010 (unaudited) |
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Cash & bank |
15,610 |
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Inventory |
6,570 |
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Notes receivable |
0 |
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Accounts receivable |
3,810 |
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Advances to supplies |
1,070 |
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Other receivables |
3,530 |
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Subsidies receivable |
0 |
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Prepaid expenses |
160 |
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Other current assets |
0 |
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------------------ |
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Current assets |
30,750 |
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Fixed assets net value |
1,590 |
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Projects under construction |
0 |
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Long-term investments |
0 |
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Intangible assets |
0 |
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Other assets |
10 |
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------------------ |
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Total assets |
32,350 |
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============= |
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Short loans |
0 |
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Accounts payable |
16,500 |
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Advances from customers |
90 |
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Notes payable |
15,050 |
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Wages payable |
0 |
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Welfares payable |
0 |
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Taxes payable |
0 |
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Other accounts payable |
110 |
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Other current liabilities |
20 |
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----------------- |
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Current liabilities |
31,770 |
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Long term liabilities |
0 |
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Other long term liabilities |
0 |
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------------------ |
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Total liabilities |
31,770 |
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Shareholders equities |
580 |
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------------------ |
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Total liabilities & equities |
32,350 |
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============= |
Income Statement
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Unit: CNY’000 |
as of Dec. 31, 2010 (unaudited) |
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Turnover |
56,440 |
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Cost of goods sold |
52,480 |
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Taxes and additional of main operation |
0 |
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Sales expense |
2,120 |
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Management expense |
2,000 |
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Finance expense |
-220 |
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Non-operating income |
0 |
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Non-operating expense |
0 |
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Profit before tax |
60 |
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Less: profit tax |
20 |
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Profits |
40 |
Important Ratios
=============
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as of Dec. 31, 2010 |
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*Current ratio |
0.97 |
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*Quick ratio |
0.76 |
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*Liabilities to assets |
0.98 |
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*Net profit margin (%) |
0.07 |
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*Return on total assets (%) |
0.12 |
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*Inventory /Turnover ×365 |
43 days |
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*Accounts receivable/Turnover ×365 |
25 days |
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*Turnover/Total assets |
1.74 |
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* Cost of goods sold/Turnover |
0.93 |
PROFITABILITY: AVERAGE
l
The
turnover of SC appears average.
l
SC’s net
profit margin is average.
l
SC’s
return on total assets is average.
l
SC’s cost
of goods sold is fairly high, comparing with its turnover.
LIQUIDITY: FAIR
l
The
current ratio of SC is maintained in a fair level.
l
SC’s
quick ratio is maintained in a fair level.
l
The
inventory of SC is average.
l
The
accounts receivable of SC is average.
l
SC has
no short term loan in 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 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. A credit line
up to USD 2,000 would appear to
be within SC’s capacities upon a periodical review basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.33 |
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|
1 |
Rs.73.89 |
|
Euro |
1 |
Rs.65.57 |
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.