MIRA INFORM REPORT
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Report Date : |
22.02.2012 |
IDENTIFICATION DETAILS
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Correct Name : |
SHANGHAI SITO-MOTOR CO., LTD. |
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Registered Office : |
Room 809, No. 1399 Jinqiao Road, Pudong New
Area, Shanghai 210206 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
19.08.2010 |
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Com. Reg. No.: |
310115001270190 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
selling motor and parts |
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No. of Employees
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03 |
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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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 Sito-motor Co., Ltd.
room 809, no. 1399
jinqiao road, pudong new area
shanghai 210206 PR
CHINA
TEL: 86 (0)
21-58992839/58999803
FAX: 86 (0)
21-58992839
EXECUTIVE SUMMARY
Date of Registration : august 19, 2010
REGISTRATION NO. : 310115001270190
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL :
cny 1,000,000
staff : 3
BUSINESS CATEGORY :
trading
Revenue :
CNY 569,000 (AS OF DEC. 31,
2011)
EQUITIES :
CNY 542,000 (AS OF DEC. 31, 2011)
WEBSITE : www.sito-motor.com
E-MAIL :
info@sito-motor.com
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 6.30 = 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.: 310115001270190 on August 19,
2010.
SC’s Organization Code Certificate
No.: 56016376-4
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 |
|
2011 |
Registered capital |
CNY 100,000 |
CNY 1,000,000 |
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Shen Tao |
90 |
|
Liu Jingzhe |
10 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative,
Chairman, and General Manager |
Shen Tao |
|
Supervisor |
Liu
Jingzhe |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Shen Tao 90
Liu Jingzhe 10
MANAGEMENT
Shen Tao, Legal Representative, Chairman and General Manager
----------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Qualification:
University
Ø
Mobile:
86 (0) 13916038091
Ø
Working
experience (s):
From 2010 to present, working in SC as legal representative, chairman and general manager
Liu
Jingzhe, Supervisor
-------------------------------------------
Ø
Gender: M
Ø
Qualification:
University
BUSINESS OPERATION
***Note: SC started
its normal operation in June of 2011.
SC’s registered business scope includes developing,
manufacturing and selling mechanical and electrical products, electrical and
mechanical equipment and spare parts, importing and exporting goods and
technology, selling electronic products, household appliances, lighting
appliances, electronic components, wire and cable, fasteners, standard parts,
communications equipment, instrumentation, medical equipment, bearings, auto
parts, machinery and accessories, telecommunications equipment, lamps, electric
tools, construction machinery equipment and accessories, lamps, furniture and
accessories, metal products, air conditioning, refrigeration equipment;
installation of electrical appliances; technical consulting, technology
services, technology development, technology transfer of information technology,
electronic technology, intelligent technology.
SC is
mainly engaged in selling motor and parts.
SC’s
products mainly include:
Linear Actuators
Ventilator
Axial fans
Mini Axial Fan
Centrifugal fan
Brushless Motor
Pump
Linear stepper Motor
Geared Motor
AC Motor
DC Motor
HB Stepping Motor
PM Stepping Motor
SC sources its materials 100% from domestic
market, mainly Shanghai. SC sells 10% of its products in domestic market, and
90% to overseas market, mainly Southeast Asia and Mid East.
The
buying terms of SC include Check, 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
SC is
not known to have any subsidiary at present.
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
The bank
information of SC is not filed in SAIC.
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
|
71 |
140 |
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Accounts
receivable |
0 |
0 |
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Advances to
suppliers |
0 |
0 |
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Other receivable |
0 |
810 |
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Inventory |
0 |
0 |
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Non-current
assets within one year |
0 |
0 |
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Other current
assets |
0 |
50 |
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------------------ |
------------------ |
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Current assets |
71 |
1,000 |
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Fixed assets |
0 |
0 |
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Construction in
progress |
0 |
0 |
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Long-term
prepaid expenses |
0 |
0 |
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Deferred income
tax assets |
0 |
0 |
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Other
non-current assets |
29 |
0 |
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------------------ |
------------------ |
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Total assets |
100 |
1,000 |
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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 |
0 |
285 |
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Other payable |
2 |
148 |
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Other current
liabilities |
0 |
25 |
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------------------ |
------------------ |
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Current
liabilities |
2 |
458 |
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Non-current
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total
liabilities |
2 |
458 |
|
Equities |
98 |
542 |
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------------------ |
------------------ |
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Total
liabilities & equities |
100 |
1,000 |
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============= |
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Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2011 |
|
Revenue |
569 |
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Cost of sales |
427 |
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Sales expense |
353 |
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Management expense |
249 |
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Finance expense |
1 |
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Profit before
tax |
-457 |
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Less: profit tax |
0 |
|
-457 |
Important Ratios
=============
|
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As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
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*Current ratio |
35.50 |
2.18 |
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*Quick ratio |
35.50 |
2.18 |
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*Liabilities
to assets |
0.02 |
0.46 |
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*Net profit
margin (%) |
-- |
-80.32 |
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*Return on
total assets (%) |
-- |
-45.70 |
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*Inventory /
Revenue ×365 |
-- |
-- |
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*Accounts
receivable/ Revenue ×365 |
-- |
-- |
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* Revenue/Total
assets |
-- |
0.57 |
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* Cost of
sales / Revenue |
-- |
0.75 |
FINANCIAL COMMENTS
PROFITABILITY:
FAIR
l
The revenue of SC appears
fair in its line in 2011.
l
SC’s net profit margin is poor in 2011.
l
SC’s return on total assets is poor in 2011.
l
SC’s cost of sales is average, comparing with its revenue.
LIQUIDITY:
AVERAGE
l
The current ratio of SC is maintained in a normal
level.
l
SC’s quick ratio is maintained in a normal level.
l
SC has no inventory in both years.
l
SC has no accounts receivable in both years.
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:
FAIR
l
The debt ratio of SC is average.
l
The risk for SC to go bankrupt is fairly high.
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.49.08 |
|
UK Pound |
1 |
Rs.77.80 |
|
Euro |
1 |
Rs.65.17 |
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.