MIRA
INFORM REPORT
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Report Date : |
11.01.2012 |
IDENTIFICATION DETAILS
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Name : |
SHANGHAI SUNWIN
INDUSTRY CO., LTD. |
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Registered Office : |
15/F, No. 489,
Pudian Road, Pudong New Area, Shanghai 200122 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
25.11.2002 |
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Com. Reg. No.: |
310115000721771 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Mainly Engaged in Selling Home Textiles. |
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No. of Employees : |
200 |
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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Maximum Credit Limit : |
USD 500,000 |
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Status : |
Satisfactory |
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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 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
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 and address
SHANGHAI SUNWIN
INDUSTRY CO., LTD.
15/F, NO. 489, PUDIAN ROAD, PUDONG
NEW AREA, SHANGHAI 200122 PR CHINA
TEL: 86 (0) 21-58206759/58205088
FAX: 86 (0) 21-58208008
EXECUTIVE SUMMARY
INCORPORATION DATE :
NOV. 25, 2002
REGISTRATION NO. : 310115000721771
REGISTERED LEGAL FORM :
LIMITED LIABILITIES CO.
CHIEF EXECUTIVE : MR. WANG YAOMIN (CHAIRMAN)
STAFF STRENGTH : 200
REGISTERED CAPITAL :
CNY 20,000,000
BUSINESS LINE : TRADING
TURNOVER :
CNY 464,720,000 (AS OF DEC. 31,
2010)
EQUITIES :
CNY 33,830,000 (AS OF DEC. 31, 2010)
PAYMENT : AVERAGE
RECOMM. CREDIT RANGE :
UP TO USD 500,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRLY STABLE
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE : CNY 6.31= USD 1 1-10
Adopted abbreviations
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY - China Yuan Renminbi
Note: SC’s correct name should be the heading one, instead
of “Shanghai Sunwin Industrial Co., Ltd.”
SC was registered as a Limited liabilities co. at local
Administration for Industry & Commerce (AIC - The official body of issuing and
renewing business license) on Nov. 25, 2002.
Company Status: Limited liabilities co. This form of business in PR
China is defined as a legal person. No more than fifty shareholders contribute its registered
capital jointly. Shareholders bear limited liability to the extent of
shareholding, and the co. is liable for its debts only to extent of its
total assets. The characteristics of this form of co. are as follows: Upon the establishment of the
co., an investment certificate is issued to the each of shareholders. The board of directors is
comprised of three to thirteen members. The minimum registered capital
for a co. is CNY 30,000. Shareholders may take their
capital contributions in cash or by means of tangible assets or intangible
assets such as industrial property and non-patented technology. Cash contributed by all
shareholders must account for at least 30% of the registered capital. Existing shareholders have
pre-exemption right to purchase shares of the co. offered for sale by the
other shareholders and to subscribe for the newly increased registered
capital of the co.
SC’s registered business scope includes importing and
exporting commodities and technologies, excluding commodities and technologies
prohibited by the state; selling textiles, garments, textile materials
(excluding cotton), toys, textile machinery, daily necessaries, household
appliances and electronic products; related business advisory service. (with
permit if needed).
SC is mainly engaged in selling home textiles.
Mr. Wang Yaomin is legal representative and chairman of SC
at present.
SC is known to have approx. 200 employees at present.
SC is currently operating at the above stated address, and this
address houses its operating office in the commercial zone of Shanghai. Our
checks reveal that SC rents the total premise, but SC’s accountant refused to
release the gross area.
http://www.sunwin-sh.com/
The design is professional and the content is well organized. At present the
web site is in Chinese and English versions.
E-mail: sunwin@sunwin-sh.com
Sarikasingh@51ifamily.Com Karenyin@51ifamily.Com
No significant events or changes were found during our
checks with the local Administration for Industry and Commerce.
MAIN
SHAREHOLDERS:
Name
% of Shareholding
Wang Yaomin 90
Cheng Hui 10
Legal representative and Chairman:
Mr. Wang Yaomin, with university education. He is currently
responsible for the overall management of SC.
Working
Experience(s):
At present Working
in SC as legal representative and chairman.
Supervisor:
-----------------------
Cheng Hui
Note: Karen and Sarika Singh are working in SC at present.
SC is mainly engaged in selling home textiles.
SC’s products mainly include blankets, decorative cushions,
bedding sets, etc.
SC sources its materials 80% from domestic market and 20%
from overseas market. SC sells 50% in domestic market and 50% 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 Check, T/T, L/C and Credit of 30-60
days.
Note: SC declined to release its major suppliers and
clients.
Shanghai Sunwin Industry Co., Ltd. 1st Branch
The information about SC’s subsidiaries is unknown.
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.
SC’s accountant refused to release the bank details.
Balance
Sheet
Unit: CNY’000
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As of Dec. 31, 2009 |
As of Dec. 31, 2010 |
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Cash & bank |
1,620 |
8,550 |
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Inventory |
760 |
5,000 |
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Accounts receivable |
43,490 |
71,610 |
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Advances to suppliers |
70 |
1,780 |
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Other receivables |
10,850 |
30,190 |
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Export drawback receivable |
4,750 |
17,470 |
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Other current assets |
130 |
120 |
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------------------ |
------------------ |
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Current assets |
61,670 |
134,720 |
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Fixed assets net value |
1,500 |
1,730 |
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Long term investment |
7,810 |
4,200 |
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Projects under construction |
0 |
0 |
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Intangible and other assets |
440 |
2,090 |
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------------------ |
------------------ |
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Total assets |
71,420 |
142,740 |
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=========== |
=========== |
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Short loan |
0 |
10,210 |
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Accounts payable |
33,540 |
76,770 |
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Bills payable |
0 |
0 |
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Advances from clients |
730 |
2,560 |
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Other Accounts payable |
920 |
10,210 |
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Other current liabilities |
400 |
9,160 |
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------------------ |
------------------ |
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Current liabilities |
35,590 |
108,910 |
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Long term liabilities |
0 |
0 |
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------------------ |
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Total liabilities |
35,590 |
108,910 |
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Equities |
35,830 |
33,830 |
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Total liabilities & equities |
71,420 |
142,740 |
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Income
Statement
Unit: CNY’000
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As
of Dec. 31, 2010 |
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Turnover |
464,720 |
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Cost of goods sold |
381,370 |
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Sales expense |
64,100 |
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Management expense |
13,200 |
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Finance expense |
4,520 |
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Profit before tax |
1,870 |
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Less: profit tax |
410 |
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Profits |
1,460 |
Important
Ratios
=============
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As of Dec. 31, 2009 |
As of Dec. 31, 2010 |
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*Current ratio |
1.73
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1.24
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*Quick ratio |
1.71
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1.19
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*Liabilities to assets |
0.50
|
0.76
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*Net profit margin (%) |
/ |
0.31
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*Return on total assets (%) |
/ |
1.02
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*Inventory /Turnover ×365 |
/ |
4
days |
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*Accounts receivable/Turnover ×365 |
/ |
57
days |
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*Turnover/Total assets |
/ |
3.26
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* Cost of goods sold/Turnover |
/ |
0.82
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PROFITABILITY:
AVERAGE
The turnover of SC appears fairly good in 2010.
SC’s net profit margin is average in 2010.
SC’s return on total assets is average in 2010.
SC’s cost of goods sold is average, comparing with its
turnover in 2010.
LIQUIDITY:
AVERAGE
The current ratio of SC is maintained in a normal level.
SC’s quick ratio is maintained in a fairly good level in
2009 and in a normal level in 2010.
The inventory of SC appears average.
The accounts receivable of SC appears fairly large.
The short-term loan of SC appears average in 2010.
SC’s turnover is in an average level, comparing with the
size of its total assets in 2010.
LEVERAGE:
AVERAGE
The debt ratio of SC is average in 2009 but fairly high in
2010.
The risk for SC to go bankrupt is average.
Overall financial condition of the SC: Fairly stable.
Credit amount: USD 1,500,000
SC is considered medium-sized in its line with fairly stable
financial conditions. The large amount of accounts receivable could be a threat
to SC’s financial condition. The given credit amount would appear to be beyond
SC’s capacities, while a credit line up to USD 500,000 would appear to be
within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.22 |
|
|
1 |
Rs.80.84 |
|
Euro |
1 |
Rs.66.80 |
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.