MIRA INFORM REPORT
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Report Date : |
11.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
SHANGHAI FOREVER IMPORT & EXPORT CO.,
LTD. |
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Registered Office : |
No. 818 Nanliu Highway, Shanghai 201300 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
08.08.1998 |
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Com. Reg. No.: |
310109000215235 |
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Legal Form : |
One-Person Limited Liability Company |
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Line of Business : |
International
Trade |
RATING & COMMENTS
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MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 50,000 |
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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) |
|
China |
a2 |
a2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
Company name & address
shanghai forever import & export co., ltd.
no. 818 nanliu
highway, shanghai 201300 PR CHINA
TEL: 86 (0)
21-61181898
FAX: 86 (0)
21-58039699
EXECUTIVE SUMMARY
Date of Registration : august 8, 1998
REGISTRATION NO. : 310109000215235
LEGAL FORM : One-person Limited Liability Company
REGISTERED CAPITAL :
cny 5,090,000
staff : 21
BUSINESS CATEGORY :
trading
Revenue : CNY 49,553,000 (AS OF DEC. 31, 2010)
EQUITIES : CNY 2,766,000 (AS OF DEC. 31, 2010)
WEBSITE : www.forever-bicycle.com
E-MAIL :
info@forever-bicycle.com
PAYMENT : AVERAGE
Recommended Credit Limit: UP TO USD
50,000
MARKET CONDITION : average
FINANCIAL CONDITION : FAIRly stable
OPERATIONAL TREND :
fairly STEADY
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
SC was established
as a limited liabilities company of PRC on August 8, 1998. However, SC changed to present legal form, and was
registered as one-person limited liabilities company of PRC with State
Administration of Industry & Commerce (SAIC) under registration No.:
310109000215235 on May 8, 2008.
SC’s Organization Code Certificate
No.: 63117456-8
SC’s registered capital: cny 5,090,000
SC’s paid-in capital: cny 5,090,000
Registration Change Record:
|
Date |
Change
of Contents |
Before the change |
After the change |
|
-- |
Legal Representative |
Zheng Shengdao |
Lu Baimin |
|
|
Legal Representative |
Lu Baimin |
Gu
Juexin |
|
|
Legal Representative |
Gu Juexin |
Chen
Haiming |
|
|
Legal Form |
Limited Liability Company |
One-Person
Limited Liability Company |
|
|
Legal Representative |
Chen Haiming |
Chen Shan |
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Zhonglu Co., Ltd. |
100 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative and Chairman |
Chen Shan |
|
General Manager |
Wang Zhiming |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Zhonglu Co., Ltd. 100
===============
Zhonglu Co., Ltd is principally engaged in the manufacture and
distribution of bicycles and electric bicycles. The Company provides bicycles,
electric bicycles, gas powered bicycles and fitness equipment, among others.
Its bicycle products include traditional bicycles, city bicycles, mountain
bicycles and children’s bicycles. The Company also provides construction
services. It distributes its products in domestic and overseas markets. As of
December 31, 2010, the Company had four subsidiaries/affiliates, which involved
in the manufacture and distribution of fitness equipment, bicycles and electric
bicycles.
Date of Registration: January 12, 1995
Registration No.: 310000400105758
Legal Form: Shares Limited
Company
Registered Capital: CNY 292,225,373
MANAGEMENT
Chen Shan, Legal Representative and Chairman
-----------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 24
Ø
Qualification:
University
Ø
Working
experience (s):
From 2011 to present, working in SC as legal representative
and chairman
Wang Zhiming, General Manager
--------------------------------------------------------
Ø
Gender: M
Ø
Qualification:
University
Ø
Working
experience (s):
From 2011 to present, working in SC as general manager
BUSINESS OPERATION
SC’s registered business scope
includes operating and acting as an agent of importing and exporting
various kinds of commodities and technology, excluding the goods forbidden by the
government, processing with imported materials, processing with imported
samples, assembling with imported parts, and compensation trade in agreement; counter trade & transit trade.
SC is
mainly engaged in international trade.
Brand:
FOREVER
SC’s
products mainly include:
Traditional Bicycle
City Bike
Mountain Bike
Folding Bicycle
Children Bike
Sport Bicycle
Electric Bicycle
SC sources its materials 100% from domestic
market, mainly Shanghai. SC sells 40% of its products in domestic market, and
60% to overseas market, mainly Europe, USA and Southeast Asia.
The
buying terms of SC include T/T and Credit of 30-60 days. The payment terms of
SC include T/T, L/C and Credit of 30-60 days.
*Major Customer:
=============
Shanghai Yongjiu Bicycle Marketing Co., Ltd.
*Major Supplier:
=============
Zhonglu Co., Ltd.
Shanghai
Yongjiu Bicycle Co., Ltd.
Staff & Office:
--------------------------
SC is
known to have approx. 21
staff at present.
SC rents
an area as its operating office, but the detailed information is unknown.
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: 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.
BANKING
The
bank information of SC is not filed in SAIC.
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
3,788 |
2,761 |
|
|
Accounts
receivable |
1,867 |
818 |
|
Advances to
suppliers |
2,162 |
3,713 |
|
Other receivable |
995 |
1,529 |
|
Inventory |
3,019 |
499 |
|
Non-current
assets within one year |
0 |
0 |
|
Other current
assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current assets |
11,831 |
9,320 |
|
Fixed assets |
239 |
16 |
|
Construction in
progress |
0 |
0 |
|
Intangible
assets |
0 |
0 |
|
Deferred income
tax assets |
0 |
0 |
|
Other
non-current assets |
0 |
153 |
|
|
------------------ |
------------------ |
|
Total assets |
12,070 |
9,489 |
|
|
============= |
============= |
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Short-term loans |
0 |
0 |
|
Notes payable |
0 |
0 |
|
Accounts payable |
3,213 |
1,139 |
|
Tax payable |
1 |
-19 |
|
Advances from
clients |
5,376 |
4,984 |
|
Other payable |
957 |
619 |
|
Other current
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
9,547 |
6,723 |
|
Non-current
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total liabilities |
9,547 |
6,723 |
|
Equities |
2,523 |
2,766 |
|
|
------------------ |
------------------ |
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Total
liabilities & equities |
12,070 |
9,489 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2009 |
As of Dec. 31,
2010 |
|
Revenue |
50,704 |
49,553 |
|
Cost of sales |
47,807 |
46,775 |
|
Sales expense |
2,892 |
2,951 |
|
Management expense |
0 |
0 |
|
Finance expense |
59 |
43 |
|
Profit before
tax |
146 |
243 |
|
Less: profit tax |
0 |
0 |
|
146 |
243 |
Important Ratios
=============
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
*Current ratio |
1.24 |
1.39 |
|
*Quick ratio |
0.92 |
1.31 |
|
*Liabilities
to assets |
0.79 |
0.71 |
|
*Net profit margin
(%) |
0.29 |
0.49 |
|
*Return on
total assets (%) |
1.21 |
2.56 |
|
*Inventory /
Revenue ×365 |
22 days |
4 days |
|
*Accounts
receivable/ Revenue ×365 |
14 days |
7 days |
|
*
Revenue/Total assets |
4.20 |
5.22 |
|
* Cost of
sales / Revenue |
0.94 |
0.94 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
l
The revenue of SC appears
average in its line.
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 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 in 2010.
l
The inventory of SC is maintained in an average
level.
l
The accounts receivable of SC is maintained in an
average level.
l
SC has no short-term loan in both years.
l
SC’s revenue is in an
average level, comparing with the size of its total assets.
LEVERAGE:
FAIRLY GOOD
l
The debt ratio of SC is average.
l
The risk for SC to go bankrupt is low.
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 50,000
would appear to be within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.18 |
|
UK Pound |
1 |
Rs.77.49 |
|
Euro |
1 |
Rs.67.96 |
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 |
|
---- |
NB |
New Business |
---- |
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.