MIRA INFORM REPORT
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Report Date : |
17.10.2011 |
IDENTIFICATION DETAILS
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Name : |
SHANGHAI POWER SOURCE INTERNATIONAL CO., LTD.
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Registered Office : |
Room 702, No. 18, Lane 600 Yushan Road,
Pudong New District, Shanghai 200135 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
14.04.2003 |
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Com. Reg. No.: |
310115000752519 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Importing and
Exporting Shoes, etc. |
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 10,000 |
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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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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China |
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 POWER SOURCE INTERNATIONAL CO., LTD.
ROOM 702, NO. 18,
LANE 600 YUSHAN ROAD,
PUDONG new DISTRICT,
SHANGHAI 200135 PR CHINA
TEL: 86 (0)
21-68551916
FAX: 86 (0)
21-68551926
EXECUTIVE SUMMARY
Date of Registration : APRIL 14, 2003
REGISTRATION NO. : 310115000752519
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL : CNY 1,000,000
staff : 12
BUSINESS CATEGORY : TRADING
Revenue : CNY 47,560,000 (AS OF DEC.
31, 2010)
EQUITIES : CNY 1,400,000 (AS OF DEC. 31, 2010)
WEBSITE : N/A
E-MAIL :
N/A
PAYMENT : AVERAGE
Recommended Credit Limit: UP TO USD
10,000
MARKET CONDITION : average
FINANCIAL CONDITION : FAIRly stable
OPERATIONAL TREND : ordinary
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.37 = USD 1
Adopted abbreviations
(As Follows)
SC - Subject Company
(the company inquired by you)
N/A – Not available
CNY – China Yuan Ren
Min Bi
OPERATIONAL TREND & GENERAL
REPUTATION
This section aims at indicating the relative positions of SC in respect
of its operational trend & general reputation
Operational Trend:- General
Reputation:-
Upward Excellent
Steady Good
Fairly Steady Fairly
Good
Ordinary Average
Fair Fair
Stagnant Detrimental
Downward Not
known
Not known Not
yet be determined
Not yet be determined
LEGAL STATUS & HISTORY
***Note: SC’s contact ways should be the above
stated ones, while the given telephone/fax numbers (86 551 5609511/5609211)
belongs to SC’s Hefei Office.
SC was
established as a limited liabilities company of PRC with State Administration
of Industry & Commerce (SAIC) under registration No.: 310115000752519 on April
14, 2003.
SC’s Organization Code Certificate
No.: 74927860-2
SC’s registered capital: CNY 1,000,000
SC’s paid-in capital: CNY 1,000,000
No significant changes of SC have
been noted in SAIC since its incorporation.
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Gong Hong |
80 |
|
Cui Ying |
20 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative,
Chairman, and General Manager |
Gong
Hong |
|
Supervisor |
Cui
Ying |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Gong Hong 80
Cui Ying 20
MANAGEMENT
Gong
Hong , Legal
Representative, Chairman and General Manager
-------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 44
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as legal representative, chairman
and general manager
Cui
Ying, Supervisor
------------------------------------
Ø
Gender: F
Ø
Qualification:
University
BUSINESS OPERATION
SC’s
registered business scope includes importing and exporting commodities and technologies, excluding
the items prohibited by the state.
SC is mainly
engaged in importing and exporting shoes, etc.
SC’s products mainly include: shoes, etc.
SC sources its materials 100%
from domestic market. SC sells 100% to overseas market, mainly African and
European market.
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 Suppliers:
=============
Fuzhou Minyi Shoes Co., Ltd.
ZhenJiang Daqiao Shoes Co., Ltd.
Wenzhou Haifa Shoes & Garments Co., Ltd.
Staff & Office:
--------------------------
SC is
known to have approx. 12
staff at present.
SC rents an area
as its operating office of approx. 110 sq. meters at the heading address.
RELATED COMPANY
SC is
not known to have any subsidiary at present.
PAYMENT
Overall payment appraisal:
( ) Excellent ( ) Good (X) Average ( ) Fair ( ) Poor ( ) Not yet be 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: Shoes
Date account opened: Since 2008 to present
Line of credit: N/A
Terms: 30-60
days
Average monthly sales: N/A
Current balance: N/A
Rating Key : 3
Any Special Comments: N/a
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.
BANKING
Basic Bank:
Bank of Shanghai Pudong Branch
AC#31619100001044776
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As of Dec. 31, 2010 |
|
4,190 |
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Accounts
receivable |
8,060 |
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Advances to
suppliers |
0 |
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Other receivable |
2,520 |
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Inventory |
0 |
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Non-current
assets within one year |
0 |
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Other current
assets |
10 |
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------------------ |
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Current assets |
14,780 |
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Fixed assets |
0 |
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Construction in
progress |
0 |
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Long-term
prepaid expenses |
0 |
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Deferred income
tax assets |
0 |
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Other
non-current assets |
0 |
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------------------ |
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Total assets |
14,780 |
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============= |
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Short-term loans |
0 |
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Notes payable |
0 |
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Accounts payable |
13,360 |
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Wages payable |
0 |
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Advances from
clients |
0 |
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Other payable |
0 |
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Other current
liabilities |
20 |
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------------------ |
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Current
liabilities |
13,380 |
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Non-current
liabilities |
0 |
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------------------ |
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Total
liabilities |
13,380 |
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Equities |
1,400 |
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------------------ |
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Total
liabilities & equities |
14,780 |
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============= |
Income Statement
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Unit: CNY’000 |
As of Dec. 31,
2010 |
|
Revenue |
47,560 |
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Cost of sales |
46,440 |
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Sales expense |
450 |
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Management expense |
460 |
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Finance expense |
120 |
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Profit before
tax |
70 |
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Less: profit tax |
20 |
|
50 |
Important Ratios
=============
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As
of Dec. 31, 2010 |
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*Current ratio |
1.10 |
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*Quick ratio |
1.10 |
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*Liabilities
to assets |
0.91 |
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*Net profit
margin (%) |
0.11 |
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*Return on
total assets (%) |
0.34 |
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*Inventory /
Revenue ×365 |
-- |
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*Accounts
receivable/ Revenue ×365 |
62 days |
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*
Revenue/Total assets |
3.22 |
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* Cost of
sales / Revenue |
0.98 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
l
The revenue of SC appears
average in its line.
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 revenue.
LIQUIDITY:
AVERAGE
l
The current ratio of SC is maintained in a normal
level.
l
SC’s quick ratio is maintained in a fairly good
level.
l
SC has no inventory in 2010.
l
The accounts receivable of SC appears large.
l
SC has no short-term loans in 2010.
l
SC’s revenue is in an
average level, comparing with the size of its total assets.
LEVERAGE:
FAIR
l
The debt ratio of SC is fairly high.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly Stable.
CONCLUSIONS
SC is considered small-sized in its
line with fairly stable financial conditions.
A credit line up to USD 10,000
would appear to be within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.07 |
|
UK Pound |
1 |
Rs.77.42 |
|
Euro |
1 |
Rs.67.72 |
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 |
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NB |
New Business |
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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.