MIRA
INFORM REPORT
|
Report Date : |
07.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
SOUTH CHINA TRADING CO., LTD. |
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Registered Office : |
No. 5-8, Junfayuan, Center Garden East, Huangqishan Road
Dongshan District, Jieyang, Guangdong Province 522031 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
29.04.2004 |
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Com. Reg. No.: |
445200000010448 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Domestic trade; importing and exporting goods and technology, excluding the goods forbidden by the government; importing scrap copper, scrap steel, scrap aluminum, waste paper, waste plastics. |
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No. of Employees : |
5 |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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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 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
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
SOUTH CHINA TRADING CO., LTD.
NO. 5-8, JUNFAYUAN, CENTER GARDEN EAST, HUANGQISHAN ROAD
DONGSHAN DISTRICT, JIEYANG, GUANGDONG PROVINCE 522031 PR CHINA
TEL: 86 (0) 663-8292839
FAX: 86 (0) 663-8292388
EXECUTIVE SUMMARY
Date of Registration : april 29, 2004
REGISTRATION NO. : 445200000010448
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL : cny 13,080,000
staff :
5
BUSINESS CATEGORY : trading
Revenue :
CNY 0 (AS
OF DEC. 31, 2011)
EQUITIES :
CNY 3,885,000 (AS OF DEC. 31, 2011)
WEBSITE : N/A
E-MAIL :
N/A
PAYMENT :
Not yet be determined
Recommended Credit Limit: c.o.d.
MARKET CONDITION : poor
FINANCIAL CONDITION : poor
OPERATIONAL TREND : DOWNWARD
GENERAL REPUTATION : fair
EXCHANGE RATE :
CNY 6.31 = 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 limited liabilities company of PRC with State Administration of Industry
& Commerce (SAIC) under registration No.: 445200000010448 on April 29, 2004.
SC’s Organization Code Certificate No.:
76157864-0
SC’s registered capital: cny 13,080,000
SC’s paid-in capital: cny 13,080,000
Registration Change Record:
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 |
|
Wu Yidan |
45.87 |
|
Zhang Zhongsheng |
54.13 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman, and General
Manager |
Wu Yidan |
|
Supervisor |
Zhang Zhongsheng
|
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Wu Yidan 45.87
Zhang Zhongsheng 54.13
MANAGEMENT
Wu Yidan , Legal
Representative, Chairman and General Manager
--------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 37
Ø
ID# 44052519750714685X
Ø
Qualification:
University
Ø
Working
experience (s):
From 2004 to present, working in SC as legal representative,
chairman and general manager
Zhang
Zhongsheng Supervisor
----------------------------------------------------
Ø
Gender: M
Ø
Age: 32
Ø
ID# 445281198001201018
BUSINESS OPERATION
SC’s registered business scope includes domestic trade;
importing and exporting goods and technology, excluding the goods forbidden by
the government; importing scrap copper, scrap steel, scrap aluminum, waste
paper, waste plastics.
According to SC’s
accountant, SC has no business at present.
Staff & Office:
--------------------------
SC is known
to have approx. 5 staff at
present.
SC rents an area
as its operating office of approx. 80 sq. meters at the heading address.
RELATED COMPANY
SC
is not known to have any subsidiary at present.
PAYMENT
Overall payment appraisal:
( ) Excellent ( ) Good (
) Average ( ) Fair ( ) Poor (X) 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: N/A
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:
Bank
of China Jieyang Branch
N/A
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
|
8,200 |
123 |
|
|
Accounts
receivable |
14,080 |
9,723 |
|
Other receivable |
1 |
40,600 |
|
Inventory |
708 |
708 |
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Non-current
assets within one year |
0 |
0 |
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Other current
assets |
26,599 |
2 |
|
|
------------------ |
------------------ |
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Current assets |
49,588 |
51,156 |
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Fixed assets |
11 |
3 |
|
Construction in
progress |
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 |
49,599 |
51,159 |
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|
============= |
============= |
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Short-term loans |
22,726 |
29,000 |
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Accounts payable |
760 |
-4,518 |
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Advances from
clients |
0 |
0 |
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Other payable |
13,852 |
17,552 |
|
Other current
liabilities |
5,490 |
5,240 |
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|
------------------ |
------------------ |
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Current
liabilities |
42,828 |
47,274 |
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Non-current
liabilities |
0 |
0 |
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|
------------------ |
------------------ |
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Total
liabilities |
42,828 |
47,274 |
|
Equities |
6,771 |
3,885 |
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|
------------------ |
------------------ |
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Total
liabilities & equities |
49,599 |
51,159 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2011 |
|
Revenue |
0 |
|
Cost of sales |
0 |
|
Sales expense |
0 |
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Management expense |
465 |
|
Finance expense |
2,469 |
|
Profit before
tax |
-2,875 |
|
Less: profit tax |
0 |
|
-2,875 |
Important Ratios
=============
|
|
As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
|
*Current ratio |
1.16 |
1.08 |
|
*Quick ratio |
1.14 |
1.07 |
|
*Liabilities
to assets |
0.86 |
0.92 |
|
*Net profit
margin (%) |
-- |
-- |
|
*Return on
total assets (%) |
-- |
-5.62 |
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*Inventory /
Revenue ×365 |
-- |
-- |
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*Accounts
receivable/ Revenue ×365 |
-- |
-- |
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*
Revenue/Total assets |
-- |
0 |
|
* Cost of
sales / Revenue |
-- |
-- |
FINANCIAL COMMENTS
PROFITABILITY:
FAIR
l
SC has no revenue in 2011.
l
SC’s return on total assets is fair in 2011.
LIQUIDITY: FAIR
l
The current ratio of SC is maintained in a normal
level.
l
SC’s quick ratio is maintained in a normal level.
l
The inventory of SC is maintained in an average
level.
l
The accounts receivable of SC appears fairly large.
l
The short-term loans of SC appear large.
LEVERAGE: POOR
l
The debt ratio of SC is high.
l
The risk for SC to go bankrupt is above average.
Overall financial
condition of the SC: Poor.
CONCLUSIONS
SC is considered small-sized in its line with poor financial conditions.
The large amount of short-term loans may be a threat to SC’s financial
condition. According to SC’s accountant, SC has no business at present. A
credit line at the above amount appears beyond SC’s capacities, credit should
be extended under guarantee, and C.O.D. is recommended.
.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.68 |
|
|
1 |
Rs.76.75 |
|
Euro |
1 |
Rs.63.57 |
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 |
|
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.