MIRA INFORM REPORT
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Report Date : |
31.10.2011 |
IDENTIFICATION DETAILS
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Name : |
SHANGHAI YIHAI COMMERCIAL TRADING CO., LTD. |
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Registered Office : |
26/F, Huaneng United Building, No. 958 Lujiazui Ring Road, Pudong New
Zone, Shanghai, 200120 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
16.05.2006 |
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Com. Reg. No.: |
310000400524734 |
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Legal Form : |
Wholly Foreign-Owned Enterprise |
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Line of Business : |
International
Trading of agricultural products |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 1,500,000 |
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Status : |
Satisfactory |
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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 |
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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 yihai commercial trading co., ltd.
26/f, huaneng united building, no. 958 lujiazui
RING road,
pudong new zone, shanghai, 200120 PR CHINA
TEL: 86 (0) 21-61006006/61622950 FAX: 86 (0) 21-68865105/68864200
EXECUTIVE SUMMARY
INCORPORATION DATE : MAY
16, 2006
REGISTRATION NO. :
310000400524734
REGISTERED LEGAL FORM : WHOLLY
FOREIGN-OWNED ENTERPRISE
CHIEF EXECUTIVE :
MR. KUOK KHOON HONG (CHAIRMAN)
STAFF STRENGTH :
85
REGISTERED CAPITAL : USD 8,000,000
BUSINESS LINE :
TRADING
TURNOVER :
CNY 7,542,594,000 (AS OF DEC. 31, 2010)
EQUITIES :
CNY 534,559,000 (AS OF DEC. 31, 2010)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO
USD 1,500,000
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
FAIRLY STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 6.36 = USD1
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 given telephone no. “86 (0) 21
SC was registered as a wholly foreign-owned enterprise at local Administration for Industry & Commerce (AIC-The official body of issuing and renewing business license) on May 16, 2006.
Company Status: Wholly foreign-owned enterprise. This form of business in PR
China is defined as a legal person. It is a limited co. established within
the territories of PR China with capital provided totally by the foreign
investors. More than one foreign investor may jointly invest in a wholly
foreign-owned enterprise. The investing party/parties solely exercise
management, reap profit and bear risks and liabilities by themselves. This
form of companies usually have a limited duration is extendible upon
approval of Examination and Approval Authorities.
SC’s registered
business scope includes wholesaling cereals (including rice, paddy rice, wheat,
corn and bean, etc.), industrial and daily-used animal & plant grease and
oil, sugar, byproducts, feed grease, cotton, feedstuff, additives, packaging
materials, and daily used chemical synthetic detergent, operating agency
commission (excluding auction), purchasing agricultural products, importing and
exporting above commodities and relative technology; and commodity information
consulting services. (with permit if needed.)
SC is mainly
engaged in international trading of agricultural products.
Mr. Kuok Khoon Hong has been legal representative, chairman and general
manager of SC since 2006.
SC is known to have approx. 85 employees at present.
SC is currently
operating at the above stated address, and this address houses its operating
office in Shanghai. Our checks reveal that SC owns the total premise about
2,000 square meters.
www.wilmar-international.com
The website belongs to SC’s ultimate parent Wilmar International Limited. The
design is professional and the content is well organized. At present it is only
in English version.
Changes
of its registered information are as follows:
|
Date of change |
Item |
Before the change |
After the change |
|
|
Shareholder’s name |
Yihai Investment Co., Ltd. |
Present one |
|
Unspecified |
Registration No. |
041164 |
Present one |
MAIN SHAREHOLDERS:
Name % of Shareholding
Yihai Kerry Investments Co., Ltd.
(Singapore) 100
l
Legal Representative, Chairman and General Manager:
Mr. Kuok Khoon Hong, Singaporean, in his
Working Experience(s):
From 2006 to present Working in SC as legal representative, chairman and general manager.
Mr. Kuok is the Co-founder, Chairman and Chief Executive Officer of the Group. He is in charge of overall management of the Group with a particular focus on new business development. He has extensive experience in the industry and has been involved in the grains, edible oils and oilseeds businesses since 1973. Mr. Kuok has completed many projects involving the establishment of oil palm plantations in Asia and the processing of grains, edible oils and oilseeds. He has held several key executive positions in various companies, including General Manager of Federal Flour Mills Bhd from 1986 to 1991, and Managing Director of Kuok Oils & Grains Pte Ltd from 1989 to 1991.
SC is mainly
engaged in international trading of agricultural products.
SC’s products mainly include: rice, wheat,
beans and animal & plant grease, etc.
SC sources its materials 60% from domestic market,
mainly Shandong, Liaoning; and 40% from overseas market; SC sells its products
10% to overseas market, mainly to India, Indonesia and Malaysia; and 90% to
domestic market, mainly to Hebei, Shandong and Shanghai.
The buying terms
of SC include T/T, L/C, check and Credit of 30-60 days. The payment terms of SC
include T/T, L/C, check and Credit of 30-60 days.
*Major Supplier:
==============
Yihai (Yancheng) Grains & Oils Industry Co., Ltd.
*Major Customer:
==============
Qinhuangdao Jinhai Grains & Oils Industry Co., Ltd. 
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’s suppliers
declined to make any comments.
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 Shanghai Jinqiao
Sub-branch
AC#: 31001576613050006689
Relationship: Normal.
Balance Sheet
Unit: CNY’000
|
|
as
of Dec. 31, 2010 |
as
of Dec. 31, 2009 |
|
2,733,280 |
2,088,426 |
|
|
Bills receivable |
22,449 |
476,283 |
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Accounts receivable |
163,650 |
137,788 |
|
Trading financial assets |
20,656 |
3,918 |
|
Entrusted Loans |
0 |
438,518 |
|
Other receivables |
877,291 |
254,249 |
|
Advances to suppliers |
1,138,819 |
146,180 |
|
Inventory |
1,520,177 |
944,845 |
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Prepaid expenses |
0 |
0 |
|
Other current assets |
0 |
0 |
|
|
------------------ |
------------------ |
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Current assets |
6,476,322 |
4,490,207 |
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Fixed assets net value |
49,871 |
52,086 |
|
Long term prepaid expenses |
134 |
168 |
|
Deferred assets debits |
4,457 |
3,857 |
|
Long term investment |
0 |
0 |
|
Other assets |
500 |
500 |
|
|
------------------ |
------------------ |
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Total assets |
6,531,284 |
4,546,818 |
|
|
============= |
============= |
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Short loans |
3,322,183 |
3,228,877 |
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Bills payable |
1,223,155 |
226,022 |
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Transaction financial liabilities |
12,241 |
27,342 |
|
Accounts payable |
454,675 |
193,819 |
|
Entrusted Loans |
177,417 |
0 |
|
Advances from clients |
322,791 |
360,208 |
|
Accrued payroll |
6,685 |
7,895 |
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Dividends payable |
97,530 |
208,819 |
|
Tax payable |
19,612 |
-1,489 |
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Other payable |
54,268 |
24,352 |
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Other current liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
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Current liabilities |
5,690,557 |
4,275,845 |
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Long term liabilities |
306,168 |
0 |
|
|
------------------ |
------------------ |
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Total liabilities |
5,996,725 |
4,275,845 |
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Equities |
534,559 |
270,973 |
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|
------------------ |
------------------ |
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Total liabilities & equities |
6,531,284 |
4,546,818 |
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|
============= |
============= |
Income Statement
Unit: CNY’000
|
|
as of Dec. 31,
2010 |
as of Dec. 31,
2009 |
|
Turnover |
7,542,594 |
6,592,371 |
|
Cost of goods
sold |
7,150,813 |
6,137,364 |
|
Taxes and
additional of main operation |
8 |
76 |
|
Sales expense |
170,846 |
96,752 |
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Management expense |
41,446 |
39,681 |
|
Finance expense |
-100,222 |
-1,952 |
|
Asset impairment
loss |
26,441 |
998 |
|
Changes in fair
value |
-31,838 |
18,676 |
|
Investment
income |
50,665 |
-119,814 |
|
Non-operating
income |
8,348 |
8,221 |
|
Non-operating expense |
3,074 |
3,584 |
|
Profit before
tax |
341,039 |
185,599 |
|
Less: profit tax |
77,453 |
38,918 |
|
Profits |
263,586 |
146,681 |
Important Ratios
=============
|
|
as
of Dec. 31, 2010 |
as
of Dec. 31, 2009 |
|
*Current ratio |
1.14 |
1.05 |
|
*Quick ratio |
0.87 |
0.83 |
|
*Liabilities
to assets |
0.92 |
0.94 |
|
*Net profit
margin (%) |
3.49 |
2.23 |
|
*Return on
total assets (%) |
4.04 |
3.23 |
|
*Inventory
/Turnover ×365 |
74days |
53days |
|
*Accounts
receivable/Turnover ×365 |
8days |
8days |
|
*Turnover/Total
assets |
1.15 |
1.45 |
|
* Cost of
goods sold/Turnover |
0.95 |
0.93 |
PROFITABILITY: FAIRLY GOOD
l
The turnover of SC appears good in its line in both
years.
l
SC’s net profit margin is average in both years,
and appears a rising trend.
l
SC’s return on total assets is average in both
years, and appears a rising trend.
l
SC’s cost of goods sold is average in 2009 but
fairly high in 2010, comparing with its turnover.
LIQUIDITY: AVERAGE
l
The current ratio of SC is fair in 2009 but normal
in 2010.
l
SC’s quick ratio is maintained in a normal level in
both years.
l
The inventory of SC appears average in both years.
l
The accounts receivable of SC appears average in
both years.
l
The short-term loan of SC appears large in both
years.
l
SC’s turnover is average in both years, 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. The large
amount of short loans could be a threat to SC’s financial condition. The given
credit line would appear to be within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.82 |
|
UK Pound |
1 |
Rs.78.57 |
|
Euro |
1 |
Rs.69.29 |
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.