MIRA
INFORM REPORT
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Report Date : |
16.06.2012 |
IDENTIFICATION DETAILS
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Name : |
SHANGHAI ASIAN DEVELOPMENT PROSPEROUS IMPORT
AND EXPORT CO., LTD. |
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Registered Office : |
8/F, Indus.
& Comm. Building, No. 45 Yan’an East Road, Huangpu District, Shanghai, 200002 Pr |
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Country : |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
20.12.2004 |
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Com. Reg. No.: |
310109000393862 |
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Legal Form : |
Limited
Liabilities Company |
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Line of Business : |
importing and exporting trade |
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No. of Employees : |
70 |
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) |
|
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
ASIAN DEVELOPMENT PROSPEROUS IMPORT AND EXPORT CO., LTD.
8/F, INDUS. &
COMM. BUILDING, NO. 45 YAN’AN EAST ROAD,
HUANGPU DISTRICT,
SHANGHAI, 200002 PR CHINA
TEL: 86 (0)
21-63373787/63374629 FAX: 86 (0) 21-63374402
EXECUTIVE SUMMARY
INCORPORATION DATE : DECEMBER 20, 2004
REGISTRATION NO. : 310109000393862
REGISTERED LEGAL
FORM : LIMITED LIABILITIES COMPANY
STAFF STRENGTH : 70
REGISTERED CAPITAL : CNY 10,000,000
BUSINESS LINE : TRADING
TURNOVER : CNY 840,030,000
(AS OF DEC. 31, 2010)
EQUITIES : CNY
13,350,000 (AS OF DEC. 31, 2010)
PAYMENT : AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY
6.37 = 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 is also known as Shanghai ADP Trade Co., Ltd.
SC was registered as a limited liabilities company at local Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license) on December 20, 2004.
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 technology, commercial
consultant (excluding broker); ocean and railway
international freight forwarding; sales agency for civil aviation
transportation (with permits if needed).
SC is mainly
engaged in importing and exporting trade.
Ms. Wang Hong has been legal representative and chairman of SC
since 2004.
SC is known to have approx. 70 employees at
present.
SC is currently operating at the above stated address, and this address
houses its operating office and head office in the commercial zone of Shanghai.
Our checks
reveal that SC rents the total premise about 200 square meters.
http://www.adptrade.cn/ The design
is professional and the content is well organized. At present it is in Chinese
version.
Changes
of its registered information:
|
Date of change |
Item |
Before the
change |
After the change |
|
2006-01 |
Registered capital |
CNY 5,000,000 |
CNY 10,000,000 |
|
Shareholders and %
of Shareholdings |
Shanghai Asian Development International
Transportation Pudong Co., Ltd. 60% Wang Hong 40% |
Shanghai Asian Development International
Transportation Pudong Co., Ltd. 30% Wang Hong 20% Lao Yusheng 30% Fang Weiming 20% |
|
|
2006-10 |
Registered capital |
CNY 10,000,000 |
CNY 7,000,000 |
|
Shareholders and %
of Shareholdings |
Shanghai Asian Development International
Transportation Pudong Co., Ltd. 30% Wang Hong 20% Lao Yusheng 30% Fang 20% |
Wang Hong 28.6% Lao Yusheng 42.8% Fang Weiming 28.6% |
|
|
2007-01 |
Registered capital |
CNY 7,000,000 |
CNY 10,000,000 |
|
2007-01 |
Shareholders and %
of Shareholdings |
Wang Hong 28.6% Lao Yusheng 42.8% Fang Weiming 28.6% |
Wang Hong 20% Lao Yusheng 60% Fang Weiming 20% |
|
2008-03 |
Shareholders and %
of Shareholdings |
Wang Hong 20% Lao Yusheng 60% Fang Weiming 20% |
Lao Yusheng 40% Wang Hong 15% Fang Weiming 15% Yao Jun 10% Zheng Xingping 4% Du Jimei 4% Zhou Yu 1% Ge Lan 1% Xiang Junhong 1% Dong Yanzheng 1% Shi Jizheng 1% Other 11 individuals 11位自然人7% |
|
Unknown |
Shareholders and %
of Shareholdings |
Lao Yusheng 40% Wang Hong 15% Fang Weiming 15% Yao Jun 10% Zheng Xingping 4% Du Jimei 4% Zhou Yu 1% Ge Lan 1% Xiang Junhong 1% Dong Yanzheng 1% Shi Jizheng 1% Other 11 individuals 7% |
Present ones |
MAIN SHAREHOLDERS:
Name %
of shareholdings
Lao Yusheng 40
Wang Hong 19.5
Yao Jun 12
Zheng Xingping 12
Dong Yanzheng 2董言正
Shi Jizheng 1.5
Zhao Li’na 1.5
Zhou Yu 1.5
Deng Yiwu 1
Wan Pengcheng 1
Other 13 individuals 8
Legal
representative and chairman:
Ms. Wang Hong, ID# 310106195805232482, born in
1958, with university education. She is currently responsible for the overall
management of SC.
Working
Experience(s):
From 2004 to present Working in SC as chairman and legal representative.
Also working in Shanghai ADP International Logistic Co., Ltd., Shanghai Yadong International Logistic Co., Ltd. and Shanghai Asian Development Container Transport Pu Dong Co., Ltd. as legal representative.
General Manager:
Mr. Zheng Xingping,born in 1983, he is currently responsible for the daily management of SC.
Working
Experience(s):
At present Working in SC as general manager.
SC is mainly engaged in importing and exporting trade.
SC’s products
mainly include: steel products, food material, textile, garments, groceries,
etc.
SC sources its materials 70%
from domestic market, and 30% from overseas market, mainly Southeast Asia. SC sells
30% of its products in domestic market, and 70% to overseas market.
The buying terms of SC include Check, L/C, T/T and Credit of 30-60 days.
The payment terms of SC include Check, L/C, T/T, and Credit of 30-60 days.
Note: SC’s employee refused to release its
major customers or suppliers.
Shanghai
Asian Development International Transportation Pudong Co., Ltd.
======================================================
Add:
16/F, Industry & Commercial Building, No 45 Yan’an East Road, Shanghai
Shanghai
Yadong International Logistic Co., Ltd.
Shanghai
Yadong Customs Co., Ltd.
Shanghai
Asian Development Container Transport Pu Dong Co., Ltd.
Etc.
SC
is also known to have the following subsidiary:
Shanghai ADP International Logistic 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.
China Merchants Bank Shanghai Branch Dongdaming Sub-branch
AC#:
212581712210001
Relationship:
Normal
Balance Sheet
Unit: CNY’000
|
|
As of Dec. 31, 2010 |
|
Cash & bank |
33,630 |
|
Notes receivable |
0 |
|
Inventory |
56,890 |
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Accounts
receivable |
13,450 |
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Advances to
suppliers |
0 |
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Other accounts
receivable |
7,910 |
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Other current
assets |
0 |
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------------------ |
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Current assets |
111,880 |
|
Fixed assets net
value |
230 |
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Project under
construction |
0 |
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Long term
investment |
5,000 |
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Intangible and
other assets |
0 |
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------------------ |
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Total assets |
117,110 |
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============= |
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Short loans |
0 |
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Notes payable |
0 |
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Accounts payable |
0 |
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Advances from
clients |
103,170 |
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Accrued payroll |
0 |
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Taxes payable |
480 |
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Other accounts
payable |
110 |
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Other current
liabilities |
0 |
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------------------ |
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Current
liabilities |
103,760 |
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Long-term
liabilities |
0 |
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------------------ |
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Total
liabilities |
103,760 |
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Equities |
13,350 |
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------------------ |
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Total
liabilities & equities |
117,110 |
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|
============= |
Income Statement
Unit: CNY’000
|
|
As of Dec. 31,
2010 |
|
Turnover |
840,030 |
|
Cost of goods sold |
806,180 |
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Taxes and additional of main
operation |
390 |
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Sales expense |
27,120 |
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Management expense |
5,480 |
|
Finance expense |
-2,270 |
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Non-operating
income |
40 |
|
Non-operating expense |
0 |
|
Profit before
tax |
3,170 |
|
800 |
|
|
Profits |
2,370 |
Important
Ratios
=============
|
|
As
of Dec. 31, 2010 |
|
*Current ratio |
1.08 |
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*Quick ratio |
0.53 |
|
*Liabilities
to assets |
0.89 |
|
*Net profit
margin (%) |
0.28 |
|
*Return on
total assets (%) |
2.02 |
|
*Inventory
/Turnover ×365 |
25 days |
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*Accounts
receivable/Turnover ×365 |
6 days |
|
*Turnover/Total
assets |
7.17 |
|
* Cost of
goods sold/Turnover |
0.96 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears fairly good in its line.
l
SC’s net profit margin appears average.
l
SC’s return on total assets appears average.
l
SC’s cost of goods sold is high, comparing with its
turnover.
LIQUIDITY: FAIR
l
The current ratio of SC is maintained in a normal
level.
l
SC’s quick ratio is maintained in a fair level.
l
The inventory of SC appears fairly large in 2010.
l
The accounts receivable of SC appears average in
2010.
l
SC has no short-term loan in 2010.
l
SC’s turnover is in a fairly good level, comparing
with the size of its total assets.
LEVERAGE: FAIR
l
The debt ratio of SC is high.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly stable
SC is considered medium-sized in its line with fairly stable financial
conditions. The large amount of inventory could be a threat to SC’s financial
condition.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.76 |
|
UK Pound |
1 |
Rs.86.69 |
|
Euro |
1 |
Rs.70.44 |
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 |
|
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 |
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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.