MIRA
INFORM REPORT
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Report Date : |
05.04.2012 |
IDENTIFICATION DETAILS
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Name : |
SHAOXING MIRACLE INTERNATIONAL CO., LTD. |
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Registered Office : |
Room #006, 3rd Floor, Building B, |
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Country : |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
16.07.2008 |
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Com. Reg. No.: |
330600400011001 |
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Legal Form : |
Wholly Foreign-Owned |
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Line of Business : |
Wholesale, Import and Export of Textile Products
and Raw Materials, Apparel, Electronics, Building Materials, Furniture, Hardware,
Machinery, Plastic Chemicals, Handicrafts, Toys, Footwear. |
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No. of Employees : |
3 |
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 1,000 |
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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
SHAOXING MIRACLE
INTERNATIONAL CO., LTD.
ROOM #006, 3RD FLOOR, BUILDING B,
JINKEQIAO AVENUE, KEQIAO, SHAOXING COUNTY
TEL: 86 (0) 575-85589871/72/73
FAX: 86 (0) 575-85589870
EXECUTIVE SUMMARY
Date of Registration : july 16, 2008
REGISTRATION NO. : 330600400011001
LEGAL FORM : Wholly foreign-owned
REGISTERED CAPITAL :
usd 80,000
staff : 3
BUSINESS CATEGORY :
trading
Revenue :
CNY 30,000 (AS OF DEC. 31,
2010)
EQUITIES :
CNY 455,000 (AS OF DEC. 31, 2010)
WEBSITE : http://miracle.tradeindia.com
E-MAIL : N/A
PAYMENT : AVERAGE
Recommended Credit Limit: UP TO USD
1,000
MARKET CONDITION : fair
FINANCIAL CONDITION : fair
OPERATIONAL TREND :
FAIR
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 is also known as Shaoxing Miracle
Trading Co., Ltd.
SC was
established as a wholly foreign-owned enterprise of PRC with State
Administration of Industry & Commerce (SAIC) under registration No.: 330600400011001 on July 16,
2008.
SC’s Organization Code Certificate
No.: 67723413-2
SC’s Tax No.: 330621677234132
SC’s Customs Registration No.: 3306940885
SC’s registered capital: usd 80,000
SC’s paid-in capital: usd 80,000 (CNY 543,491.45)
No significant changes of SC have
been noted in SAIC since its incorporation.
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Miracle International Ltd. ( |
100 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative and
Chairman |
Sanjay Sukhnani |
|
General Manager |
Wang Jin王瑾 |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Miracle International Co., Ltd.
(
100
MANAGEMENT
Sanjay Sukhnani, Legal Representative and Chairman
-----------------------------------------------------------------------
Ø
Gender: M
Ø
Nationality:
Ø
Age: 38
Ø
Qualification:
University
Ø
Working
experience (s):
From 2008 to present, working in SC as legal representative
and chairman
Also working in Miracle International Trade Inc. Shaoxing
Representative as principal
Wang Jin, General Manager
----------------------------------------------
Ø
Gender: F
Ø
Age: 28
Ø
ID# 33068219830523102X
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as general manager
BUSINESS OPERATION
SC’s registered business scope includes wholesale,
import and export of textile products and raw
materials, apparel, electronics, building materials, furniture, hardware,
machinery, plastic chemicals, handicrafts, toys, footwear.
SC is
mainly engaged in international trade.
SC’s
products mainly include:
Velvet Fabrics
Embroidered Products
Jacketing Clothes (Fabrics)
Knitted Fabrics
Suiting Fabrics
SC sources its materials 100% from domestic
market, mainly
The
buying terms of SC include T/T and Credit of 30-60 days. The payment terms of
SC include T/T, L/C and Credit of 30-60 days.
Staff & Office:
--------------------------
SC is
known to have approx. 3
staff at present.
SC rents an area
as its operating office, but the detailed information is unknown.
RELATED COMPANY
u
Miracle International Trade Inc. Shaoxing Representative
Registration
No.: 00993
Date
of Registration: September 20, 2002
Principal:
Sanjay Sukhnani
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
Zheshang Bank Shaoxing Sub-branch
AC#：337102001012010005544
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
109 |
233 |
|
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Accounts
receivable |
0 |
4 |
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Advances to
suppliers |
0 |
0 |
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Other receivable |
0 |
2 |
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Inventory |
41 |
41 |
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Deferred
expenses |
8 |
13 |
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Other current
assets |
1 |
0 |
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------------------ |
------------------ |
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Current assets |
159 |
293 |
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Fixed assets |
228 |
168 |
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Construction in
progress |
0 |
0 |
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Intangible
assets |
0 |
0 |
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Deferred income tax
assets |
0 |
0 |
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Other
non-current assets |
0 |
0 |
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------------------ |
------------------ |
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Total assets |
387 |
461 |
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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 |
0 |
0 |
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Wages payable |
0 |
0 |
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Advances from
clients |
39 |
7 |
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Other payable |
247 |
0 |
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Other current
liabilities |
-1 |
-1 |
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------------------ |
------------------ |
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Current
liabilities |
285 |
6 |
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Non-current
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total
liabilities |
285 |
6 |
|
Equities |
102 |
455 |
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------------------ |
------------------ |
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Total
liabilities & equities |
387 |
461 |
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============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2009 |
As of Dec. 31,
2010 |
|
Revenue |
408 |
30 |
|
Cost of sales |
342 |
23 |
|
Sales expense |
3 |
1 |
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Management expense |
87 |
65 |
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Finance expense |
1 |
1 |
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Profit before
tax |
-26 |
-59 |
|
Less: profit tax |
0 |
0 |
|
-26 |
-59 |
Important Ratios
=============
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
*Current ratio |
0.56 |
48.83 |
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*Quick ratio |
0.41 |
42.00 |
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*Liabilities
to assets |
0.74 |
0.01 |
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*Net profit
margin (%) |
-6.37 |
-196.67 |
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*Return on
total assets (%) |
-6.72 |
-12.80 |
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*Inventory /
Revenue ×365 |
37 days |
499 days |
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*Accounts
receivable/ Revenue ×365 |
-- |
49 days |
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*
Revenue/Total assets |
1.05 |
0.07 |
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* Cost of sales
/ Revenue |
0.84 |
0.77 |
FINANCIAL COMMENTS
PROFITABILITY:
POOR
l
The revenue of SC appears fair, and it was
decreasing significantly in 2010.
l
SC’s net profit margin is fair in 2009 and poor in
2010.
l
SC’s return on total assets is fair 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 normal
level in 2010.
l
SC’s quick ratio is maintained in a normal level in
2010.
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 in 2010.
LEVERAGE:
AVERAGE
l
The debt ratio of SC is low.
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. A credit line
up to USD 1,000 would appear to
be within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.04 |
|
|
1 |
Rs.81.08 |
|
Euro |
1 |
Rs.67.39 |
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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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.