MIRA
INFORM REPORT
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Report Date : |
11.06.2012 |
IDENTIFICATION DETAILS
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Name : |
SHANGHAI WESCCO CHEMICAL CO., LTD. |
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Registered Office : |
No. 87, Lane 1296, |
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Country : |
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Financials (as on) : |
31.12.2008 |
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Date of Incorporation : |
14.10.2004 |
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Com. Reg. No.: |
310107000425787 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
International
Trade |
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No. of Employees : |
20 |
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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Status : |
Moderate |
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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, 2012
|
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 WESCCO CHEMICAL
CO., LTD.
NO. 87, LANE 1296, JINGAO ROAD,
PUDONG NEW DISTRICT, SHANGHAI, 201206 PR
CHINA
TEL: 86 (0) 21-50933265 FAX: 86
(0) 21-50933268
EXECUTIVE SUMMARY
INCORPORATION DATE : OCT. 14, 2004
REGISTRATION NO. : 310107000425787
REGISTERED LEGAL FORM : Limited Liabilities
Company
STAFF STRENGTH :
20
REGISTERED CAPITAL : CNY 1,000,000
BUSINESS LINE :
trading
TURNOVER :
cny 16,880,000 (AS OF DEC. 31, 2008)
EQUITIES :
cny 2,190,000 (AS OF DEC. 31, 2008)
PAYMENT : AVERAGE
MARKET CONDITION : average
FINANCIAL CONDITION : fairly STABLE
OPERATIONAL TREND : steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.32 = 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 Ren Min Bi
Note: SC’s correct address should be the heading one, while the given ones was SC’s former address; the given fax no. (021-50933269) does not exist at present.
SC was registered as a limited liabilities company at local Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license).
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 various
goods and technology; selling textiles, machinery, plastic products, instrument
and automotive parts.
SC is mainly engaged
in international trade.
Mr. Yang Yueming
is general manager and chairman of SC at present.
SC is known to
have approx. 20 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. The
detailed information of the premise is unspecified.
http://www.wescco.com The design is
professional and the content is well organized. At present it is in both Chinese
and English versions.
E-Mail: sales@wescco.com
Changes of its registered information are as follows:
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Date of change |
Item |
Before
the change |
After
the change |
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2009 |
Registered Legal
Form |
Limited
Liabilities Company |
One-Person Limited Liability Company |
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Chairman |
Shu
Jinglin |
Yang
Yizhi |
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Shareholders |
Shu
Jinglin 55% Yang
Yizhi 45% |
Yang
Yizhi 100% |
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Unknown |
Registered Legal
Form |
One-Person Limited Liability Company |
Limited
Liabilities Company |
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Chairman |
Yang
Yizhi |
Present
one |
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Shareholders |
Yang Yizhi 100% |
Present ones |
MAIN SHAREHOLDERS:
Name %
of Shareholding
Yang Yizhi 10
Yang Yueming 90
Chairman and
General Manager:
Mr. Yang Yueming is currently responsible for the overall management of SC.
Working Experience(s):
At present Working
in SC as chairman and general manager
Supervisor:
========
Shi Lei
SC is mainly
engaged in international trade.
SC’s products
mainly include: Disperse Dyestuff, Vat Dyestuff.
SC sources its materials 70% from
domestic market, and 30% from overseas market, mainly Europe. SC sells 40% of
its products in domestic market, and 60% to overseas market, mainly American
and Europe.
The buying terms of SC include T/T, L/C and Credit of 30-60 days. The
payment terms of SC include T/T, L/C and Credit of 30-60 days.
Note: SC’s management declined to release
its customer and supplier details.
SC
is not known to have any subsidiary at present.
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.
China Merchants Bank Shanghai Branch Minsheng Sub-branch
AC# 096712-7081122610001
Relationship:
Normal.
Balance Sheet
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Unit: CNY’000 |
as
of Dec. 31, 2007 |
as
of Dec. 31, 2008 |
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Cash & bank |
4,900 |
1,730 |
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Inventory |
2,000 |
3,590 |
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Accounts
receivable |
0 |
0 |
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Other Accounts
receivable |
1,300 |
1,790 |
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To be
apportioned expense |
0 |
0 |
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Other current
assets |
80 |
40 |
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------------------ |
------------------ |
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Current assets |
8,280 |
7,150 |
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Fixed assets net
value |
520 |
370 |
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Projects under
construction |
0 |
0 |
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Long term
investment |
0 |
0 |
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Other assets |
10 |
20 |
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------------------ |
------------------ |
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Total assets |
8,810 |
7,540 |
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============= |
============= |
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Short loans |
0 |
0 |
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Accounts payable |
1,400 |
870 |
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Other Accounts
payable |
920 |
1,080 |
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Notes payable |
4,120 |
1,640 |
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Withdraw the
expenses in advance |
0 |
0 |
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Other current
liabilities |
150 |
1,750 |
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------------------ |
------------------ |
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Current
liabilities |
6,590 |
5,340 |
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Long term
liabilities |
0 |
0 |
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Other
liabilities |
0 |
10 |
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------------------ |
------------------ |
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Total
liabilities |
6,590 |
5,350 |
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Equities |
2,220 |
2,190 |
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------------------ |
------------------ |
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Total
liabilities & equities |
8,810 |
7,540 |
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============= |
============= |
Income Statement
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Unit: CNY’000 |
as of Dec. 31,
2008 |
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Turnover |
16,880 |
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Cost of goods
sold |
14,900 |
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Sales expense |
680 |
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Management expense |
1,200 |
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Finance expense |
70 |
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Profit before
tax |
30 |
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Less: profit tax |
0 |
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Profits |
30 |
Note: SC’s latest
financial reports can not be found in local AIC at present.
Important
Ratios
=============
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As
of Dec. 31, 2007 |
As
of Dec. 31, 2008 |
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*Current ratio |
1.26 |
1.34 |
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*Quick ratio |
0.95 |
0.67 |
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*Liabilities
to assets |
0.75 |
0.71 |
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*Net profit
margin (%) |
/ |
0.18 |
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*Return on
total assets (%) |
/ |
0.40 |
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*Inventory
/Turnover ×365 |
/ |
78 days |
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*Accounts
receivable/Turnover ×365 |
/ |
/ |
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*Turnover/Total
assets |
/ |
2.24 |
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* Cost of
goods sold/Turnover |
/ |
0.88 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears average in its line.
l
SC’s net profit margin is average.
l
SC’s return on total assets is average.
l
SC’s cost of goods sold is average, comparing with
its turnover.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a normal
level.
l
SC’s quick ratio is maintained in a fair level in
2008.
l
The inventory of SC appears fairly large.
l
SC has no accounts receivable in 2007 and 2008.
l
SC has no short-term loan in 2007 and 2008.
l
SC’s turnover is in an average level, comparing
with the size of its total assets.
LEVERAGE: AVERAGE
l
The debt ratio of SC is fairly high.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly Stable.
SC is considered small-sized in its line with a development history of 8
years.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.36 |
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UK Pound |
1 |
Rs.85.64 |
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Euro |
1 |
Rs.69.21 |
INFORMATION DETAILS
|
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.