MIRA
INFORM REPORT
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Report Date : |
31.10.2011 |
IDENTIFICATION DETAILS
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Name : |
shanghai apex international trading co., ltd. |
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Registered Office : |
Block D, 16/F, Sunshine World Mansion, No. 2000 Pudong Avenue, 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 : |
22.06.2004 |
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Com. Reg. No.: |
310225000407931 |
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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 30,000 |
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Status : |
Small Company |
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Payment Behaviour : |
Usually Correct |
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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 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 and address
shanghai apex international trading co., ltd.
BLOCK D, 16/F,
Sunshine World Mansion, NO. 2000 PUDONG AVENUE,
PUDONG NEW
DISTRICT, shanghai, 200135 PR CHINA
TEL: 86 (0)
21-50931878 FAX: 86 (0)
21-58517849
EXECUTIVE SUMMARY
INCORPORATION DATE : june 22, 2004
REGISTRATION NO. : 310225000407931
REGISTERED LEGAL FORM : Limited liabilities
company
STAFF STRENGTH :
9
REGISTERED CAPITAL : CNY 2,800,000
BUSINESS LINE :
trading
TURNOVER : CNY 13,080,000 (AS OF
DEC. 31, 2010)
EQUITIES :
CNY 2,910,000 (AS OF DEC. 31, 2010)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO usd 30,000
MARKET CONDITION : average
FINANCIAL CONDITION : STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.3682 = US$1
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY - China Yuan Renminbi
Note: The “Room 1005 Far East International Plaza, No. 317
Xianxia Road Shanghai” was SC’s former address; and the given tel. no.
021-62783716 does not belong to 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 June 22, 2004.
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 importing and exporting various kinds of commodities and
technology (not attached Import and Export Directory), excluding the goods and
technology forbidden by the state, selling hardware, minerals, chemical
products (excluding dangerous products), building materials, machinery, metal
materials, textiles, electromechanical products, rubber and plastics and paper
products; consulting services about above business (with permit if needed).
SC is mainly
engaged in international trade.
Mr. Long Ji has been legal representative, chairman and
general manager of SC since 2004.
SC is known to
have approx. 9 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 137 square meters.
http://www.shanghai-apex.com
The design is professional and the content is well organized. At present the
web site is both in Chinese and English versions.
E-mail: sales@shanghai-apex.com
Changes
of its registered information are as follows:
|
Date of change |
Item |
Before the change |
After the change |
|
Unknown |
Registration no. |
3102252025343 |
Present one |
MAIN SHAREHOLDERS:
Name %
of Shareholding
Long Ji 18
Wang Jishan 70
Gu Jianchun 12
l
Legal representative, chairman and general manager:
Mr. Long Ji , about 49 years old, with
university education. He is currently responsible for the overall management of
SC.
Working Experience(s):
From 2004 to present Working
in SC as legal representative, chairman and general manager.
SC is mainly
engaged in international trade.
SC’s products
mainly include: pharmaceuticals, chemical intermediates, food additive, etc.
SC sources its materials 100% from domestic market.
SC sells 90% of its products to overseas market, mainly Japan and Europe, and
10% in domestic market.
The buying terms of SC include Check, T/T and Credit of 30-60 days. The
payment terms of SC include T/T, L/C and Credit of 30-60 days.
Note: SC’s
management declined to release its major clients and suppliers.
SC
is not known to have any subsidiary at present.
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.
SC’s management declined to release whether it has account in China
Merchants Bank.
Balance Sheet
Unit: CNY’000
|
|
as
of Dec. 31, 2009 |
as
of Dec. 31, 2010 |
|
Cash & bank |
510 |
220 |
|
Notes receivable
|
0 |
130 |
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Inventory |
1,270 |
70 |
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Accounts
receivable |
470 |
1,060 |
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Advances to
suppliers |
520 |
1,770 |
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Other
receivables |
30 |
10 |
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Prepaid expense |
0 |
0 |
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Other current
assets |
0 |
0 |
|
|
------------------ |
------------------ |
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Current assets |
2,800 |
3,260 |
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Fixed assets net
value |
20 |
20 |
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Project under
construction |
0 |
0 |
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Long term
investment |
0 |
0 |
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Intangible
assets |
0 |
0 |
|
Other current
assets |
10 |
20 |
|
|
------------------ |
------------------ |
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Total assets |
2,830 |
3,300 |
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|
============= |
============= |
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Short loans |
0 |
0 |
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Accounts payable |
170 |
270 |
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Notes payable |
0 |
0 |
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Advances from
customers |
0 |
130 |
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Accrued payroll |
0 |
0 |
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Welfare payable |
0 |
0 |
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Taxes payable |
-210 |
-10 |
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Other account
payable |
10 |
0 |
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Withholding
expenses |
0 |
0 |
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Other current
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
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Current
liabilities |
-30 |
390 |
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Long term
liabilities |
0 |
0 |
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|
------------------ |
------------------ |
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Total
liabilities |
-30 |
390 |
|
Equities |
2,860 |
2,910 |
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|
------------------ |
------------------ |
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Total
liabilities & equities |
2,830 |
3,300 |
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============= |
============= |
Income Statement
Unit: CNY’000
|
|
as of Dec. 31,
2009 |
as of Dec. 31,
2010 |
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Turnover |
12,640 |
13,080 |
|
Cost of goods
sold |
11,310 |
11,840 |
|
Sales expense |
610 |
500 |
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Management expense |
650 |
600 |
|
Finance expense |
30 |
100 |
|
Profit before
tax |
40 |
40 |
|
Less: profit tax |
20 |
10 |
|
Profits |
20 |
30 |
Important Ratios
=============
|
|
as of Dec. 31, 2009 |
as of Dec. 31, 2010 |
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*Current ratio |
/ |
8.36 |
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*Quick ratio |
/ |
8.18 |
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*Liabilities
to assets |
/ |
0.12 |
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*Net profit
margin (%) |
0.16 |
0.23 |
|
*Return on
total assets (%) |
0.71 |
0.91 |
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*Inventory
/Turnover ×365 |
37 days |
2 days |
|
*Accounts
receivable/Turnover ×365 |
14 days |
30 days |
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*Turnover/Total
assets |
4.47 |
3.96 |
|
* Cost of
goods sold/Turnover |
0.89 |
0.91 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears average in its line in
both years.
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 in 2010,
comparing with its turnover.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a normal
level in 2010.
l
SC’s quick ratio is maintained in a normal level in
2010.
l
The inventory of SC appears fairly large in 2009
and small in 2010.
l
The accounts receivable of SC appears average in
both years.
l
SC has no short-term loan in both years.
l
SC’s turnover is in a fairly good level in both
years, comparing with the size of its total assets.
LEVERAGE: AVERAGE
l
The debt ratio of SC is low in 2010.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Stable.
SC is considered small-sized in its line with stable financial
conditions. The given credit amount would appear to be beyond SC’s capacities,
while a credit line up to USD 30,000 is recommended.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.82 |
|
|
1 |
Rs.78.57 |
|
Euro |
1 |
Rs.69.28 |
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.