MIRA
INFORM REPORT
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Report Date : |
27.04.2012 |
IDENTIFICATION DETAILS
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Name : |
SHANGHAI PONY TECHNOLOGY CO., LTD. |
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Registered Office : |
No. 8, Lane 281, Hong'an Road, Zhujing Town, Jinshan District, Shanghai, 200233 PR |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
04.09.2001 |
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Com. Reg. No.: |
310000400275209 |
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Legal Form : |
Chinese-Foreign Equity
Joint Venture Enterprise |
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Line of Business : |
selling construction materials and
providing a wide range of services to the glass industry |
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No. of Employees : |
58 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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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, 2012
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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China |
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 & address
Shanghai Pony Technology Co., Ltd.
No. 8, Lane 281,
Hong'an Road, Zhujing Town,
Jinshan district,
Shanghai, 200233 PR CHINA
TEL: 86 (0) 21-54902081/37284381 FAX: 86 (0) 21-64455967
EXECUTIVE SUMMARY
INCORPORATION DATE : sep. 4, 2001
REGISTRATION NO. : 310000400275209
REGISTERED LEGAL FORM :
CHINESE-FOREIGN EQUITY JOINT VENTURE ENTERPRISE
STAFF STRENGTH : 58
REGISTERED CAPITAL : usd 1,200,000
BUSINESS LINE : TRADE & service
TURNOVER : CNY 11,980,000 (AS OF DEC. 31, 2011)
EQUITIES : CNY 24,440,000 (AS OF DEC. 31,
2011)
PAYMENT : AVERAGE
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY
6.3049 =USD 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
SC was registered as a Chinese-foreign equity joint venture enterprise at local Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license) on Sep. 4, 2001.
Company Status: Chinese-foreign equity joint venture
enterprise This form of business in PR
China is defined as a legal person. It is a limited co. jointly invested by
one or more foreign companies and one or more PR China controlled companies
within the territories of PR China according to a certain proportion of
capital investment. The investing parties exercise business management,
share profits and bear all risks and liabilities of the co. together. The
equity joint venture law requires that foreign party contribute not less
than 25% of the registered capital, with no maximum. The investing parties
are free to agree on method of profit distribution and liabilities bearing
according to the proportion of capital investment. Each investing parties
contributes funds, tangible assets, technology & etc. The board of
directors excises the high authority. The joint venture usually has a
limited duration of 10 to 50 years. Enterprise with large investment, long
construction periods, low investment returns, introducing of advanced
technology & advanced technology products that have good competition
position in international market may extend beyond the 50 years limit.
SC’s registered business scope includes engaged
in building materials technology consulting, designing and mediation services;
wholesaling and acting as a commission agency of building materials and related
equipment (excluding auction), and operating import & export business
(relating to quota and license management, the management of goods of special
provisions should in accordance with relevant state regulations) (with permit
if needed)
SC is mainly
engaged in selling construction materials and
providing a wide range of services to the glass industry.
Mr.
Zeng Xianjian is legal representative and chairman of SC at present.
SC is
known to have approx. 58 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office in the industrial zone of Shanghai.
Our checks reveal that SC owns the total premise about 5,000 square meters
(including the operating office of SC’s subsidiary).
http://www.pony-tech.com.cn/
The design is professional and the content is well organized. At present it is
in both Chinese and English versions.
E-mail: Leeshaofeng@pony-tech.com.cn
No significant events or changes were found during our checks with the
local Administration for Industry and Commerce.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Boni Technology Co., Ltd.
(B.V.I.) (in Chinese Pinyin) 97.5
Shanghai Dunru Building
Materials Co., Ltd. 2.5
Shanghai Dunru Building
Materials Co., Ltd.
================================
Incorporation Date: Jul. 20, 2001
Chairman: Shu Qinglin
Registered Capital: CNY 1,000,000
Tel.: 021-64832720
Legal
Representative and Chairman:
Mr. Zeng Xianjian, Singaporean, in his
Working Experience(s):
At present Working in SC as legal representative and chairman.
Also working in Shanghai Pony Engineering Co., Ltd. as legal
representative.
SC is mainly
engaged in selling construction materials and
providing a wide range of services to the glass industry.
SC’s products mainly include: various kinds of
construction materials and designing production lines, etc.
SC sources its materials 100% from domestic
market. SC sells 10% its products in domestic market, and 90% of its products
to overseas market, mainly to Indonesia and Saudi Arabia.
The buying terms of SC include Check, T/T and Credit of
30-60 days. The payment terms of SC include Check, T/T, L/C and Credit of 30-60
days.
Major Customer:
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Zhejiang Daming Glass Co., Ltd.
According to website:
Office in Jakarta, Indonesia
Address: Jl.Raya Tebal Bede Leman Abana-Cikarang, 17550 Indonesia
Tel.: 006221-8935722
Email: larrayB@pony-tech.com.cn
SC
is known to invest in the following
company:
Shanghai Pony
Engineering Co., Ltd.
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.
Industrial
and Commercial Bank of China Zhujing Sub-branch
AC#:
1001743509300126535
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
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as of Dec. 31, 2011 |
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Cash & bank |
8,460 |
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Note receivable |
350 |
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Inventory |
20 |
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Accounts
receivable |
2,320 |
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Advances to
suppliers |
530 |
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Other
receivables |
3,170 |
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Dividends
receivable |
0 |
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Other current
assets |
400 |
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Current assets |
15,250 |
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Fixed assets net
value |
14,900 |
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Projects under
construction |
0 |
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Long term
investment |
3,500 |
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Long-term
prepaid expenses |
1,110 |
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Intangible
assets |
0 |
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Other assets |
0 |
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Total assets |
34,760 |
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Short loans |
0 |
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Accounts payable |
4,690 |
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Other accounts
payable |
330 |
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Notes payable |
0 |
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Taxes payable |
100 |
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Advances from
clients |
5,200 |
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Accrued payroll |
0 |
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Dividends
payable |
0 |
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Other payable |
0 |
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Other current
liabilities |
0 |
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Current
liabilities |
10,320 |
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Long term
liabilities |
0 |
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Total
liabilities |
10,320 |
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Equities |
24,440 |
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Total
liabilities & equities |
34,760 |
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Income Statement
Unit: CNY’000
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as of Dec. 31,
2011 |
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Turnover |
11,980 |
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Cost of goods
sold |
7,750 |
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Taxes
and additional of main operation |
150 |
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Sales expense |
160 |
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Management expense |
3,710 |
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Finance expense |
-320 |
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Non-operating
income |
40 |
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Non-operating expense |
0 |
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Profit before
tax |
570 |
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Less: profit tax |
140 |
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Profits |
430 |
Important Ratios
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as
of Dec. 31, 2011 |
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*Current ratio |
1.48 |
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*Quick ratio |
1.48 |
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*Liabilities
to assets |
0.30 |
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*Net profit
margin (%) |
3.59 |
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*Return on
total assets (%) |
1.24 |
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*Inventory
/Turnover ×365 |
1 day |
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*Accounts
receivable/Turnover ×365 |
71 days |
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*Turnover/Total
assets |
0.34 |
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* Cost of
goods sold/Turnover |
0.65 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears average in its line in
2011.
l
SC’s net profit margin is average in 2011.
l
SC’s return on total assets is average in 2011.
l
SC’s cost of goods sold is average, comparing with
its turnover.
LIQUIDITY: AVERAGE
l
The current ratio of SC is normal in 2011.
l
SC’s quick ratio is maintained in a normal level in 2011.
l
SC’s inventory is small in 2011.
l
SC’s accounts receivable appears
average
in 2011.
l
SC has no short-term loan in 2011.
l
SC’s turnover is poor in 2011, 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 average.
Overall financial
condition of the SC: Stable.
SC is considered medium-sized in its line with stable
financial conditions. A credit line up to USD 90,000 would appear to be within SC’s
capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.52.57 |
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UK Pound |
1 |
Rs.85.03 |
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Euro |
1 |
Rs.69.56 |
INFORMATION DETAILS
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Report Prepared
by : |
MNL |
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 |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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.