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MIRA INFORM REPORT
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Report Date : |
09.09.2011 |
IDENTIFICATION DETAILS
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Name : |
ABF TWININGS BEVERAGES (SHANGHAI) LTD. |
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Registered Office : |
T3-4 West, No. 121 Longgui Road, Jinqiao Epz
(South Area), No. 5001 Huadong Road, Pudong New District, Shanghai 201318 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
28.01.2005 |
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Com. Reg. No.: |
310115400168306 |
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Legal Form : |
Wholly Foreign-Owned Enterprise |
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Line of Business : |
Processing and
Selling Tea |
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 |
|
Maximum Credit Limit : |
USD 1,500,000 |
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Status : |
Satisfactory |
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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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
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
ABF TWININGS BEVERAGES (SHANGHAI) LTD.
T3-4 WEST, NO. 121
LONGGUI ROAD, JINQIAO EPZ (SOUTH AREA), NO. 5001 HUADONG ROAD, PUDONG NEW
DISTRICT, SHANGHAI 201318 PR CHINA
TEL: 86 (0) 21-58582266/58587378
FAX: 86 (0)
21-58582255
EXECUTIVE SUMMARY
Date of Registration : JANUARY 28, 2005
REGISTRATION NO. : 310115400168306
LEGAL FORM : wholly
foreign-owned enterprise
REGISTERED CAPITAL : CNY 162,000,000
staff : 200
BUSINESS CATEGORY : processing
Revenue : CNY 147,850,000 (AS OF
DEC. 31, 2010)
EQUITIES : CNY 199,310,000 (AS OF DEC. 31, 2010)
WEBSITE : N/A
E-MAIL :
N/A
PAYMENT : AVERAGE
Recommended Credit Limit: UP TO USD
1,500,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRly good
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.39 = 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 wholly foreign-owned enterprise of PRC with
State Administration of Industry & Commerce (SAIC) under registration No.: 310115400168306 on January
28, 2005.
SC’s Organization Code Certificate
No.: 77021203-4
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SC’s registered capital: CNY 162,000,000
SC’s paid-in capital: CNY 162,000,000
Registration Change Record:
|
Date |
Change of Contents |
Before the change |
After the change |
|
2010 |
Registered Capital |
CNY 90,000,000 |
CNY 162,000,000 |
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
ABF Overseas LimitedU.K. |
100 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman,
and General Manager |
Robert Edward
Tavener |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
ABF Overseas Limited, U.K 100
MANAGEMENT
Robert Edward
Tavener, Legal
Representative, Chairman and General Manager
--------------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 47
Ø
Nationality: UK
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as legal representative, chairman
and general manager
Also
working in Shanghai AB Food & Beverages Ltd. as legal representative and
chairman
BUSINESS OPERATION
SC’s registered business
scope includes research and development of non-carbonated and alcoholic
beverages; processing and packaging canned tea and tea bags (not including
China's traditional craft of green tea and special tea); selling self-made
products; the above related products and raw materials import, export,
wholesale, commission agency (excluding auction) and provide related services.
SC is mainly
engaged in processing and selling tea.
Brand: AB Extra
Malt
SC’s
products mainly include: black tea, green tea, fruit tea, herbal tea, etc.
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%20LTD%20%20-%20153465%2009-Sep-2011_files/image012.jpg)
SC sources its materials 20% from domestic
market, and 80% from overseas market. SC sells 100% of its products to overseas
market.
The buying terms of SC include Check T/T, L/C and Credit of 30-60 days. The
payment terms of SC include L/C and Credit of 30-60 days.
Staff & Office:
--------------------------
SC is
known to have approx. 200 staff
at present.
SC rents an area
as its operating office and factory, but the detailed information is unknown.
RELATED COMPANY
n
Shanghai
AB Food & Beverages Ltd.
==============================
Date of Registration: June 8, 1993
Registration No.: 310000400048856
Legal Form: Wholly Foreign-Owned Enterprise
Registered Capital: USD 22,320,000
Address:
No. 8 Lancun Road, Economic Development Zone, Minhang, Shanghai
Tel: 86
(0) 21-64303038
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:
Industrial
& Commercial Bank of China
AC#: N/A
***Note: SC’s management declined to release
whether it has account in Standard Chartered Bank (China) Limited.
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
41,330 |
39,090 |
|
|
Accounts
receivable |
12,060 |
18,700 |
|
Advances to
suppliers |
1,340 |
8,940 |
|
Other receivable |
550 |
1,890 |
|
Inventory |
15,310 |
29,230 |
|
Non-current
assets within one year |
0 |
0 |
|
Other current
assets |
520 |
1,610 |
|
|
------------------ |
------------------ |
|
Current assets |
71,110 |
99,460 |
|
Fixed assets |
40,190 |
169,530 |
|
Construction in
progress |
40,510 |
0 |
|
Intangible
assets |
0 |
0 |
|
Other
non-current assets |
0 |
0 |
|
|
------------------ |
------------------ |
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Total assets |
151,810 |
268,990 |
|
|
============= |
============= |
|
Short-term loans |
0 |
0 |
|
Accounts payable |
35,560 |
51,190 |
|
Wages payable |
1,640 |
1,740 |
|
Welfare payable |
130 |
270 |
|
Taxes payable |
330 |
460 |
|
Accrued expenses |
940 |
0 |
|
Other payable |
10 |
80 |
|
Other current
liabilities |
0 |
1,630 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
38,610 |
55,370 |
|
Non-current
liabilities |
0 |
14,310 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
38,610 |
69,680 |
|
Equities |
113,200 |
199,310 |
|
|
------------------ |
------------------ |
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Total
liabilities & equities |
151,810 |
268,990 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2009 |
As of Dec. 31,
2010 |
|
Revenue |
108,670 |
147,850 |
|
Cost of sales |
88,210 |
118,110 |
|
Sales expense |
0 |
0 |
|
Management expense |
6,030 |
11,010 |
|
Finance expense |
-2,810 |
3,200 |
|
Profit before
tax |
17,250 |
15,860 |
|
Less: profit tax |
960 |
1,750 |
|
16,290 |
14,110 |
Important Ratios
=============
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
*Current ratio |
1.84 |
1.80 |
|
*Quick ratio |
1.45 |
1.27 |
|
*Liabilities
to assets |
0.25 |
0.26 |
|
*Net profit
margin (%) |
14.99 |
9.54 |
|
*Return on
total assets (%) |
10.73 |
5.25 |
|
*Inventory /
Revenue ×365 |
52 days |
73 days |
|
*Accounts
receivable/ Revenue ×365 |
41 days |
47 days |
|
*
Revenue/Total assets |
0.72 |
0.55 |
|
* Cost of
sales / Revenue |
0.81 |
0.80 |
FINANCIAL COMMENTS
PROFITABILITY:
FAIRLY GOOD
l
The revenue of SC appears fairly good, and it was
rising in 2010.
l
SC’s net profit margin is fairly good in both
years.
l
SC’s return on total assets is fairly good in both
years.
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 fairly
good level.
l
SC’s quick ratio is maintained in a fairly good
level.
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 loans in both years.
l
SC’s revenue is in a
fair level, comparing with the size of its total assets.
LEVERAGE:
FAIRLY GOOD
l
The debt ratio of SC is low.
l
The risk for SC to go bankrupt is low.
Overall financial
condition of the SC: Fairly Good.
CONCLUSIONS
SC is considered medium-sized in its line with
fairly good financial conditions. We consider the higher credit limit
appears to be within SC’s capacities, a credit line
up to USD 1,500,000 is recommended.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.46.18 |
|
UK Pound |
1 |
Rs.73.65 |
|
Euro |
1 |
Rs.64.95 |
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.