MIRA INFORM REPORT
|
Report Date : |
22.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
SHANGHAI SAN KAI IMPORT & EXPORT CO.,
LTD. |
|
|
|
|
Registered Office : |
No. 168, Taibei West Road, Waigaoqiao Free
Trade Zone, Shanghai 200131 Pr |
|
|
|
|
Country : |
China |
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|
|
|
Financials (as on) : |
31.12.2009 |
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|
|
|
Date of Incorporation : |
05.01.1996 |
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|
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Com. Reg. No.: |
310115000317713 |
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|
|
|
Legal Form : |
One-Person Limited Liabilities Company |
|
|
|
|
Line of Business : |
International Trade and Providing Storage Services |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 600,000 |
|
Status : |
Satisfactory |
|
Payment
Behaviour : |
No Complaints |
|
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 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name & address
SHANGHAI SAN KAI IMPORT & EXPORT CO., LTD.
NO. 168, TAIBEI WEST
ROAD, WAIGAOQIAO FREE TRADE ZONE
SHANGHAI 200131 PR
CHINA
TEL: 86 (0)
21-50461577/50460794
FAX: 86 (0)
21-50462736/51119721
EXECUTIVE SUMMARY
Date of Registration : JANUARY 5, 1996
REGISTRATION NO. : 310115000317713
LEGAL FORM : ONE-PERSON LIMITED LIABILITIES COMPANY
REGISTERED CAPITAL :
CNY
5,000,000
staff : 280
BUSINESS CATEGORY :
TRADING
AND SERVICES
Revenue : CNY 2,336,379,000
(AS OF DEC. 31, 2009)
EQUITIES : CNY 87,764,000 (AS OF DEC. 31, 2009)
WEBSITE : N/A
E-MAIL :
Juiceallied@Gmail.com
PAYMENT : AVERAGE
Recommended Credit Limit: UP TO USD 600,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRLY STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.46 = 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: Mary (the given contact person)
is working in SC.
SC was established
as a limited liabilities company of PRC on January 5, 1996. However, SC changed to present legal form, and was
registered as a one-person limited liability company of PRC with State Administration of Industry & Commerce (SAIC)
under registration No.: 310115000317713 on March 26, 2010.
SC’s Organization Code Certificate
No.: 630604722
SC’s registered capital: CNY 5,000,000
SC’s paid-in capital: CNY 5,000,000
Registration Change Record:
|
Date |
Change
of Contents |
Before the change |
After the change |
|
|
Legal
Representative |
Zhang Wenya |
Jiang Qimin |
|
|
Shareholder
(s) (% of Shareholding) |
Shanghai Light
Industry International (Group) Co., Ltd. 3% Shanghai Bonded Commodity
No. 3 Exchange Market 7% Shanghai
Waigaoqiao Free Trade Zone 3U-Developmet Co., Ltd. 90% |
Shanghai Bonded
Commodity No. 3 Exchange Market 10% Shanghai
Waigaoqiao Free Trade Zone 3U-Developmet Co., Ltd. 90% |
|
|
Shareholder
(s) (% of Shareholding) |
Shanghai Bonded
Commodity No. 3 Exchange Market 10% Shanghai
Waigaoqiao Free Trade Zone 3U-Developmet Co., Ltd. 90% |
Shanghai
Waigaoqiao Free Trade Zone 3U-Developmet Co., Ltd. 100% |
|
Legal Form |
Limited Liabilities Company |
One-Person Limited
Liability Company |
|
|
-- |
Registration No. |
3101151012660 |
310115000317713 |
Current
Co search indicates SC’s shareholders & chief executives are as follows:-
|
Name
of Shareholder (s) |
% of
Shareholding |
|
Shanghai Waigaoqiao Free Trade Zone 3U-Developmet Co., Ltd. |
100 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative,
Chairman, and General Manager |
Jiang Qimin |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Shanghai Waigaoqiao Free Trade Zone
3U-Developmet Co., Ltd
100
===============================================
Date of Registration :
April 1, 1996
Registration No. :
310115000327219
Legal Form : One-Person Limited Liabilities Company
Registered Capital :
CNY
324,923,040
Address: No. 2001 Yanggao North Road, Free Trade Zone, Shanghai
Tel: 86 021-50460888/50460311
Web: www.pudong-3u.com
E-mail: lium@pudong-3u.com
MANAGEMENT
Jiang Qimin, Legal Representative, Chairman and General Manager
----------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Qualification:
University
Ø
Working
experience (s):
From 1998 to present, working in SC as legal representative, chairman and general manager
Also working in Shanghai Waigaoqiao International Logistics Co., Ltd., Shanghai Tielian-Huaqing Chemical Warehousing Co., Ltd., and Shanghai Waigaoqiao Logistics Park Trade Service Co., Ltd, as legal representative
Chen
Yao, Salesman
------------------------------------
Ø
Mobile: 86 013916644254
BUSINESS OPERATION
SC’s registered business scope includes 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; selling clocks and acting to sell
automobiles.
SC is mainly engaged in international trade and providing
storage services.
SC’s products mainly include: electronic
products, metallic material, chemical products, light products, etc.
SC sources its materials 50% from domestic market and 50% from the overseas market. SC sells 45% of its products in domestic market, and 55% to overseas market, mainly USA, Europe and Southeast Asian 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.
*Major Customer:
=============
Sankai International Trading (Hong
Kong) Co., Ltd.
Staff & Office:
--------------------------
SC is
known to have approx. 280 staff at present.
SC
rents an area as its operating office, but the detailed information is unknown.
RELATED COMPANY
Sankai
International Trading (Hong Kong) Co., Ltd.
Shanghai
Sankai Business Consultation Co., Ltd.
Shanghai
Waigaoqiao DC&chemical Commodities Exchange Market and Management Co., Ltd.
Shanghai
Waigaoqiao Logistics Park Trade Service Co., Ltd,
Shanghai
Tielian-Huaqing Chemical Warehousing Co., Ltd.
Ecom
Joint Venture Holding, Ltd. (Hong Kong)
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
Basic Bank:
China Everbright
Bank Waigaoqiao Sub-branch
AC# 106000-00303011788
Note: SC’s
management declined to release whether it has account in Agricultural Bank of
China.
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2008 |
As
of Dec. 31, 2009 |
|
1,860,741 |
3,099,431 |
|
|
Accounts
receivable |
100,371 |
69,477 |
|
Advances to
suppliers |
33,167 |
2,063 |
|
Other receivable |
44,624 |
10,084 |
|
Inventory |
11,303 |
11,071 |
|
Non-current
assets within one year |
0 |
0 |
|
Other current
assets |
0 |
80 |
|
|
------------------ |
------------------ |
|
Current assets |
2,050,206 |
3,192,206 |
|
Fixed assets |
3,346 |
4,292 |
|
Construction in
progress |
0 |
0 |
|
Intangible
assets |
465 |
481 |
|
Long-term
investment |
5,757 |
6,150 |
|
Deferred income
tax assets |
0 |
0 |
|
Other non-current
assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total assets |
2,059,774 |
3,203,129 |
|
|
============= |
============= |
|
Short-term loans |
1,743,354 |
2,944,071 |
|
Notes payable |
0 |
0 |
|
Accounts payable |
2368 |
0 |
|
Taxes payable |
8,437 |
3,751 |
|
Advances from
clients |
118,875 |
140,816 |
|
Other payable |
69,028 |
26,727 |
|
Other current
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
1,942,062 |
3,115,365 |
|
Non-current liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
1,942,062 |
3,115,365 |
|
Equities |
117,712 |
87,764 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
2,059,774 |
3,203,129 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2008 |
As of Dec. 31,
2009 |
|
Revenue |
3,406,652 |
2,336,379 |
|
Cost of sales |
3,316,790 |
2,268,588 |
|
Business tax and surcharges |
3,704 |
3,282 |
|
Sales expense |
40,784 |
32,280 |
|
Management expense |
15,118 |
16,321 |
|
Finance expense |
-53,741 |
-22,991 |
|
Assets depreciation loss |
1 |
13 |
|
Investment
income |
2,038 |
1,876 |
|
Non-operating
income |
0 |
1,112 |
|
Non-operating expense |
23 |
33 |
|
Profit before
tax |
86,011 |
41,842 |
|
Less: profit tax |
15,455 |
8,288 |
|
70,556 |
33,554 |
Note: SC’s Y2010 financials are not filed in SAIC.
Important Ratios
=============
|
|
As
of Dec. 31, 2008 |
As
of Dec. 31, 2009 |
|
*Current ratio |
1.06 |
1.02 |
|
*Quick ratio |
1.05 |
1.02 |
|
*Liabilities
to assets |
0.94 |
0.97 |
|
*Net profit
margin (%) |
2.07 |
1.44 |
|
*Return on
total assets (%) |
3.43 |
1.05 |
|
*Inventory /
Revenue ×365 |
2 days |
2 days |
|
*Accounts
receivable/ Revenue ×365 |
11 days |
11 days |
|
*
Revenue/Total assets |
1.65 |
0.73 |
|
* Cost of
sales / Revenue |
0.97 |
0.97 |
FINANCIAL COMMENTS
PROFITABILITY:
FAIRLY GOOD
l
The revenue of SC
appears good, but it was decreasing 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 revenue in 2008 and 2009.
LIQUIDITY:
AVERAGE
l
The current ratio of SC is maintained in a normal level in 2008 and 2009.
l
SC’s quick ratio is maintained in a normal level in
2008 and 2009.
l
The inventory of SC appears average in 2008 and
2009.
l
SC’s accounts receivable appears average in 2008
and 2009.
l
SC’s short-term appears large in 2008 and 2009.
l
SC’s turnover is in a fair level, comparing with
the size of its total assets in 2009.
LEVERAGE:
FAIR
l
The debt ratio of SC is high in both years.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly Stable.
CONCLUSIONS
SC is considered medium-sized in its line with fairly stable financial
conditions. The large amount of short loans may be a
threat to SC’s financial condition. A credit line up to USD 600,000
would appear to be within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.50.07 |
|
UK Pound |
1 |
Rs.79.16 |
|
Euro |
1 |
Rs.69.04 |
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.