MIRA
INFORM REPORT
|
Report Date : |
04.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
SHANGHAI SINCERITY IMP. &
EXP. CO., LTD. |
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Registered Office : |
8a, |
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Country : |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
31.10.1996 |
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Com. Reg. No.: |
310115000367204 |
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Legal Form : |
Limited Liabilities Co |
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Line of Business : |
Engaged
in international trade. |
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No. of Employees : |
40 |
RATING & COMMENTS
|
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 – September 30, 2011
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 SINCERITY IMP. & EXP. CO., LTD.
8A, ZHONGXI MANSION, NO. 121-123 JIANGSU ROAD, SHANGHAI, 200050
PR CHINA
TEL: 86 (0) 21-62103075
FAX: 86 (0) 21-62103074
EXECUTIVE SUMMARY
INCORPORATION DATE :
OCT. 31, 1996
REGISTRATION NO. :
310115000367204
REGISTERED LEGAL FORM :
LIMITED LIABILITIES CO.
CHIEF EXECUTIVE :
MR. WU XIAODONG (CHAIRMAN)
STAFF STRENGTH :
40
REGISTERED CAPITAL : CNY 60,000,000
BUSINESS LINE :
TRADING
TURNOVER :
CNY 474,930,000 (AS OF DEC. 31,
2009)
EQUITIES :
CNY 67,000,000 (AS OF DEC. 31, 2009)
PAYMENT :
AVERAGE
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
FAIRLY STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 6.30 = 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 Renminbi
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 Oct. 31, 1996.
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 according to the catalogue
of Shanghai Committee of Economic Trade for Foreign Countries; undertaking Chinese-foreign
equity joint venture and Chinese-foreign contractual joint venture business;
processing with imported samples, assembling with imported parts, and
compensation trade in agreement; transit
trade, selling the products of the catalogue of the government (not
including specially operated, controlled and monopolized commodities), food
sales management (restriction to the branches) (with the permit if needed).
SC is
mainly engaged in international
trade.
Mr. Wu
Xiaodong has been the legal representative and chairman of SC since 2003.
SC is known to have approx. 40 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 of the premise.
http://www.sincerity.com.cn/
The design is professional and the content
is well organized. At present it is both in Chinese
and English versions.
Email: sin@sincerity.com.cn
Certificate:
========
Changes
of its registered information:
|
Date of change |
Item |
Before the change |
After the change |
|
|
Registered capital |
CNY 10,000,000 |
CNY 30,000,000 |
|
Shareholders and % of Shareholdings |
China New Epoch Co., Ltd. (70%), Hainan Jintu Imp. &
Exp. Co., Ltd. (30%) |
China New Epoch Co., Ltd. (90%), Hainan Jintu Imp. &
Exp. Co., Ltd. (10%) |
|
|
Legal representative |
Zhou Qi |
Wu Xiaodong |
|
|
|
Shareholders and % of Shareholdings |
China New Epoch Co., Ltd. (90%), Hainan Jintu Imp. &
Exp. Co., Ltd. (10%) |
China New Epoch Co., Ltd. (90%), Shanghai Tailu Products
Co., Ltd. (10%) |
|
|
Registered capital |
CNY 30,000,000 |
CNY 60,000,000 |
|
Shareholders and % of Shareholdings |
Shanghai Tailu Products Co., Ltd. (10%), China New Epoch Co.,
Ltd. (90%) |
Shanghai Tailu Products Co., Ltd. (55%), China New Epoch
Co., Ltd. (45%) |
|
|
|
Shareholders and % of Shareholdings |
Shanghai Tailu Products Co., Ltd. (55%), China New Epoch
Co., Ltd. (45%) |
Shanghai Tailu Products Co., Ltd. (10%), China New Epoch
Co., Ltd. (90%) |
|
Unknown |
Registration No. |
3101151013354 |
310115000367204 |
*To what extent is
your company affected by the current Credit Crisis?
SC’s management refused to answer this question.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Shanghai Tailu Products Co., Ltd.
10
China New Epoch Co., Ltd.
90
Shanghai Tailu Products Co.,
Ltd.
=========================
Establishment Date: March 30,
1995
Chief Executive: Situ Fengdan
Registered Capital: CNY
20,000,000
Add:
Tel: 021-62111358
China New Epoch Co., Ltd.
====================
Registration No. :
100000000011973
Chief Executive: Shi Pingsheng
Add: 6/F, Daheng Technology Bldg,
No. 3 Suzhou Street, Haidian District, Beijing.
Tel: 010-82828822
l
Legal representative and
chairman:
Mr. Wu Xiaodong, ID# 110108196206061116, born in 1962 with university
education. He is currently responsible for the overall management of SC.
Working Experience(s):
From 2003 to present Working in SC as legal representative and chairman.
Directors
=======
Wang Zhe ID# 120102630404141
Xiao Tiehong ID# 110102620224041
Zhao Shanfei ID# 310108561210481
Zhou Qi ID# 110108630204003
Supervisors
========
Wu Yan ID# 310108600224243
Wu Zheng ID# 310107680817129
SC is
mainly engaged in international
trade.
SC’s products mainly include: textiles, mechanical
equipment, chemical materials, etc.
SC sources its
materials 70% from domestic market, and 30% from overseas markets, mainly
Southeast Asia, Korea and Japan. SC sells 30% of its products in domestic
market, and 70% to overseas market, mainly Europe and America.
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.
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.
Bank of Shanghai
AC#：316007-0300022287
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
|
|
As of Dec. 31, 2009 |
|
Cash & bank |
44,200 |
|
Notes receivable |
2,650 |
|
Inventory |
154,310 |
|
Accounts
receivable |
44,920 |
|
Advances to
suppliers |
28,270 |
|
Prepaid expenses |
0 |
|
Other accounts
receivable |
27,860 |
|
Other current
assets |
0 |
|
|
------------------ |
|
Current assets |
302,210 |
|
Fixed assets net
value |
1,560 |
|
Project under
construction |
0 |
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Long term
investment |
0 |
|
Intangible and
other assets |
20 |
|
|
------------------ |
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Total assets |
303,790 |
|
|
============= |
|
Short loans |
36,000 |
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Notes payable |
2,060 |
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Accounts payable |
32,860 |
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Advances from
clients |
163,960 |
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Accrued payroll |
0 |
|
Taxes payable |
280 |
|
Other accounts
payable |
1,630 |
|
Other current liabilities |
0 |
|
|
------------------ |
|
Current
liabilities |
236,790 |
|
Long-term
liabilities |
0 |
|
|
------------------ |
|
Total
liabilities |
236,790 |
|
Equities |
67,000 |
|
|
------------------ |
|
Total
liabilities & equities |
303,790 |
|
|
============= |
Income Statement
Unit: CNY’000
|
|
As of Dec. 31,
2009 |
|
Turnover |
474,930 |
|
Cost of goods sold |
429,060 |
|
Taxes and additional of main
operation |
10 |
|
Sales expense |
35,030 |
|
Management expense |
7,170 |
|
Finance expense |
2,190 |
|
Non-operating
income |
0 |
|
Non-operating expense |
10 |
|
Profit before
tax |
1,460 |
|
580 |
|
|
Profits |
880 |
Note: SC has not lodged the latest annual returns in local registry,
hence no up-to date detailed financial information available.
Important Ratios
=============
|
|
as
of Dec. 31, 2009 |
|
*Current ratio |
1.28 |
|
*Quick ratio |
0.62 |
|
*Liabilities
to assets |
0.78 |
|
*Net profit
margin (%) |
0.19 |
|
*Return on
total assets (%) |
0.29 |
|
*Inventory
/Turnover ×365 |
119 days |
|
*Accounts
receivable/Turnover ×365 |
35 days |
|
*Turnover/Total
assets |
1.56 |
|
* Cost of
goods sold/Turnover |
0.90 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears fairly good
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 fairly 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 large in 2009.
l
The accounts receivable of SC appears average in 2009.
l
The short-term loan of SC appears average in 2009.
l
SC’s turnover is in an average level,
comparing with the size of its total assets.
LEVERAGE:
FAIR
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 medium-sized in its line with fairly stable
financial conditions. The large amount of inventory could be a threat to SC’s financial
condition. A credit line up to USD 500,000 would appear to be within SC’s
capacities upon a periodical review basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.23 |
|
|
1 |
Rs.86.14 |
|
Euro |
1 |
Rs.69.98 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
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.