MIRA
INFORM REPORT
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Report Date : |
03.09.2011 |
IDENTIFICATION DETAILS
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Name : |
SHANGHAI HUIDU INTERNATIONAL TRADE CO., LTD. |
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Registered Office : |
No. 311, Lane 399, |
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Country : |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
20.09.2007 |
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Com. Reg. No.: |
310112000783175 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Importing and Exporting Commodities and Technology; Selling Chemical
Raw Materials and Products (Exceluding Dangerous Goods), Building Materials,
Decoration Materials, Textiles, Apparel, Leather Products, Furniture, Lamps,
Kitchen Supplies, and Daily Necessities; Indoor and Outdoor Decoration;
Business Consulting |
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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Status : |
Small company |
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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 – March 31st, 2010
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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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 and address
SHANGHAI HUIDU
INTERNATIONAL TRADE CO., LTD.
NO. 311, LANE 399,
SHANGHAI 201109 PR
TEL: 86 (0) 21-61361488/61361487
FAX: 86 (0) 21-61361485
EXECUTIVE SUMMARY
Date of Registration : SEPtember 20, 2007
REGISTRATION NO. : 310112000783175
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL :
CNY 1,000,000
staff : 10
BUSINESS CATEGORY :
trading
Revenue : CNY 8,760,000 (AS OF DEC. 31, 2010)
EQUITIES : CNY 320,000 (AS OF DEC. 31, 2010)
WEBSITE : www.shanghaihuidu.com
E-MAIL : jojo-anand@hotmail.com; postmaster@shanghaihuidu.com
PAYMENT : AVERAGE
Recommended Credit Limit: UP TO USD
1,000 (PERIODICAL REVIEW)
MARKET CONDITION : fair
FINANCIAL CONDITION :
fair
OPERATIONAL TREND :
ordinary
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.38 = USD 1
Adopted abbreviations (as
follows)
SC - Subject Company
(the company inquired by you)
N/A – Not available
CNY –
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 correct name should be the heading
one, instead of the given name (Sanghai Hindu International Trade Co Ltd.)
SC was
established as a limited liabilities company of PRC with State Administration
of Industry & Commerce (SAIC) under registration No.: 310112000783175 on September 20, 2007.
SC’s Organization Code Certificate No.: 66608608-2
SC’s registered capital: CNY 1,000,000
SC’s paid-in capital: CNY 1,000,000
Registration Change Record:
|
Date |
Change of Contents |
Before the change |
After the change |
|
2009 |
Registered Capital |
CNY 500,000 |
CNY 1,000,000 |
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Zhao Haiyan |
70 |
|
Song Jinrong |
30 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman
and General Manager |
Zhao Haiyan |
|
Supervisor |
Song Jinrong |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Zhao Haiyan
70
Song Jinrong
30
MANAGEMENT
Zhao Haiyan, Legal Representative, Chairman and General Manager
-----------------------------------------------------------------------------------------------------
Ø
Gender: F
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as legal representative, chairman
and general manager
Song Jinrong, Supervisor
--------------------------------------------
Ø
Gender: M
Ø
Qualification:
University
BUSINESS OPERATION
SC’s registered business scope includes importing and exporting
commodities and technology; selling chemical raw materials and products
(exceluding dangerous goods), building materials, decoration materials,
textiles, apparel, leather products, furniture, lamps, kitchen supplies, and
daily necessities; indoor and outdoor decoration; business consulting (except
brokerage) (with permit if needed).
SC is
mainly engaged in international trade.
SC’s
products mainly include:
Leather
Leather
machinery
Such as: 1] SS Octagonal Milling
Drum
2] Interlayer Heating Dyeing
Drum
3] Through Feed Hydraulic
Sammmying Machine
4] Vibration Staking Machine
Glasses
machinery
Machinery
parts
Etc.
SC sources its materials 40% from domestic
market, mainly
The
buying terms of SC include T/T, L/C and Credit of 30-60 days. The payment terms
of SC include T/T, L/C and Credit of 30-60 days.
*Major Suppliers:
============
Rugao
Dongxing Machinery Co., Ltd.
NAMO
& H.K CO., LTD.
D.T.
Leather Industry Co., Ltd.
Staff & Office:
--------------------------
SC is
known to have approx. 10 staff at present.
SC
rents an area as its operating office of approx. 300 sq. meters at the heading
address.
RELATED COMPANY
u
Namo & (H.K) Co., Limited
Add:
Unit-E, 15/F,
Tel: +852-31757377
Fax: +852-31757536
u
JSR Exim Enterprises (P).,
Ltd.
Add:
Door No.1/19,Plot No.187,
Mob:+91-9943534184
E-mail: Lankesh1969@shanghaihuidu.com
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’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.
BANKING
Basic Bank:
China Construction Bank
AC#：31001506700050009347
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
1 |
460 |
|
|
Notes receivable |
0 |
0 |
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Accounts
receivable |
-38 |
2,070 |
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Advances to
suppliers |
0 |
0 |
|
Other receivable |
239 |
0 |
|
Inventory |
358 |
410 |
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Non-current
assets within one year |
0 |
0 |
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Deferred
expense |
0 |
0 |
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Other current assets |
69 |
30 |
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|
------------------ |
------------------ |
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Current assets |
629 |
2,970 |
|
Fixed assets |
8 |
10 |
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Construction in
progress |
0 |
0 |
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Intangible
assets |
0 |
0 |
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Long-term
investment |
0 |
0 |
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Deferred income
tax assets |
0 |
0 |
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Other
non-current assets |
100 |
0 |
|
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------------------ |
------------------ |
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Total assets |
737 |
2,980 |
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|
============= |
============= |
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Short-term loans |
0 |
0 |
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Notes payable |
0 |
0 |
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Accounts payable |
298 |
1,990 |
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Salaries payable |
0 |
0 |
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Welfare payable |
0 |
0 |
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Taxes payable |
-38 |
0 |
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Advances from
clients |
0 |
0 |
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Other payable |
174 |
670 |
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Other unpaid
expenses |
0 |
0 |
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Accrued expenses |
0 |
0 |
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Other current
liabilities |
0 |
0 |
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|
------------------ |
------------------ |
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Current
liabilities |
434 |
2,660 |
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Non-current
liabilities |
-12 |
0 |
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------------------ |
------------------ |
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Total
liabilities |
422 |
2,660 |
|
Equities |
315 |
320 |
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------------------ |
------------------ |
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Total liabilities
& equities |
737 |
2,980 |
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============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2009 |
As of Dec. 31,
2010 |
|
Revenue |
526 |
8,760 |
|
Cost of sales |
333 |
7,720 |
|
Sales expense |
29 |
10 |
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Management expense |
648 |
1,000 |
|
Finance expense |
2 |
-30 |
|
Profit before
tax |
-489 |
50 |
|
Less: profit tax |
6 |
10 |
|
-495 |
40 |
Important Ratios
=============
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
*Current ratio |
1.45 |
1.12 |
|
*Quick ratio |
0.62 |
0.96 |
|
*Liabilities
to assets |
0.57 |
0.89 |
|
*Net profit
margin (%) |
-94.11 |
0.46 |
|
*Return on
total assets (%) |
-67.16 |
1.34 |
|
*Inventory /
Revenue ×365 |
249 days |
18 days |
|
*Accounts
receivable/ Revenue ×365 |
-- |
87 days |
|
*
Revenue/Total assets |
0.71 |
2.94 |
|
* Cost of
sales / Revenue |
0.63 |
0.88 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
l
The revenue of SC appears average, and it increased
significantly in 2010.
l
SC’s net profit margin is poor in 2009, average in
2010.
l
SC’s return on total assets is poor in 2009,
average in 2010.
l
SC’s cost of goods sold is average, comparing with
its revenue.
LIQUIDITY:
AVERAGE
l
The current ratio of SC is maintained in a normal
level in both years.
l
SC’s quick ratio is maintained in a fair level in
2009, normal in 2010.
l
The inventory of SC appears average in 2010.
l
The accounts receivable of SC appears large in
2010.
l
SC has no short-term loans in both years.
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 in 2010.
l
The risk for SC to go bankrupt is average.
Overall financial condition
of the SC: Fair.
CONCLUSIONS
SC is considered small-sized in its line with
fair financial conditions. The large amount of accounts receivable may
be a threat to SC’s financial condition. A credit line up to USD 1,000 is
recommended upon a periodical review basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.89 |
|
|
1 |
Rs.74.31 |
|
Euro |
1 |
Rs.65.40 |
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 |
|
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.