MIRA INFORM
REPORT
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Report Date : |
15.05.2012 |
IDENTIFICATION DETAILS
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Name : |
CHONGQING SENCI IMPORT & EXPORT TRADE
CO., LTD. |
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Registered Office : |
No. 7, |
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Country : |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
09.02.2002 |
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Com. Reg. No.: |
500109000020051 |
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Legal Form : |
One-Person Limited Liability
Company |
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Line of Business : |
International Trade |
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No. of Employee : |
10 |
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 : |
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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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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
CHONGQING SENCI
IMPORT & EXPORT TRADE CO., LTD.
NO. 7,
7
TEL: 86 (0) 23-86084308/86023053 FAX: 86 (0) 23-86023933/86023053
EXECUTIVE SUMMARY
INCORPORATION DATE :
FEBRUARY 9, 2002
REGISTRATION NO. :
500109000020051
REGISTERED LEGAL FORM :
ONE-PERSON LIMITED LIABILITY COMPANY
CHIEF EXECUTIVE :
MR. AI CHUN (CHAIRMAN)
STAFF STRENGTH :
10
REGISTERED CAPITAL : CNY 2,000,000
BUSINESS LINE : TRADING
TURNOVER :
CNY 230,600,000 (AS OF DEC. 31, 2009)
EQUITIES :
CNY 1,015,000 (AS OF DEC. 31, 2009)
PAYMENT :
AVERAGE
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
FAIRLY STABLE
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 6.605 = USD 1
Adopted abbreviations
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY -
SC was registered as one-person limited liabilities company at local Administration
for Industry & Commerce (AIC - The official body of issuing and renewing
business license).
Company Status: One-person Limited Liability Company Single person LLC refers to a
limited liability company set up by only one natural person or legal person
as the single shareholder of it. The minimum registered capital
of Single person LLC is CNY100,000. The shareholder’s capital contributes,
as set out by the articles of associations should be a lump-sum payment in
full. One natural person can only
invest in and set up one limited liability company, which is not permitted
to invest in and set up a new Single person LLC. As to any one-person limited
liability company, the sole-investor nature of the natural person or legal
person shall be indicated in the registration documents of the company and
shall be indicated in the business license thereof as well. The regulation of Single person
LLC should be set up by the shareholder The regulation of Single person
LLC has no shareholder meeting.
SC’s registered business scope includes importing
and exporting commodities and technology, (excluding the items prohibited or limited by the
country, with permit if needed).
SC is mainly
engaged in international trade.
Mr. Ai Chun is the
legal representative and chairman of SC at present.
SC is known to have approx. 10 employees at present.
SC is currently operating at the above stated address, and this
address houses its operating office in the commercial zone of
Chongqing. Our checks reveal that SC rents the total premise, but SC’s
accountant refused to release the gross area.
Note: SC also has the other operating office located in No. 11,
http://www.senci.cn The website
belongs to Senci Group, and it includes the
introduction about SC and its related companies. The design is
professional and the content is well organized. At present it is in both
Chinese and English versions.
No significant events or changes were found during our checks with local
AIC.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Chongqing Senci Electric
Machinery Co., Ltd. 100
Registration no.: 500109000005763
Registered capital: CNY
80,000,000
Incorporation date:
Legal representative: Ai Chun
Tel: 86-23-86084319
l
Legal representative and
chairman:
Mr. Ai Chun, in his
Working Experience(s):
At present Working in SC as chairman and legal representative.
Also working in Chongqing Ampride Power & Machinery Co., Ltd., Chongqing Beiquan Flour Industry Co., Ltd. (literal translation) , etc. as legal representative.
l
General manager:
Mr. Xie Anyuan , in his
Working Experience(s):
At present Working in SC as general manager
SC is mainly
engaged in international trade.
SC’s products mainly include: generators.
SC sources its materials 85% from domestic market, and 15% from the
overseas market. SC sells 100% to overseas market, mainly American
and European countries.
The buying terms of SC include Check, L/C, T/T and Credit of 30-60 days.
The payment terms of SC include Check, T/T, L/C, and Credit of 30-60 days.
According to http://www.senci.cn
Chongqing Ampride Power & Machinery Co., Ltd.
Registration no.: 500109000009531
Registered capital: CNY
10,000,000
Incorporation date:
Legal representative: Ai Chun
Chongqing Cameo Gasoline Engine Co., Ltd.
Registration no.: 500109000004264
Registered capital: CNY
6,000,000
Incorporation date:
Legal representative: Liang
Yingjie
Chongqing Beibei Fire Feng Machinery Co., Ltd.
Registration no.: 500109000018149
Registered capital: CNY
2,200,000
Incorporation date:
Legal representative: Ai Li
Chongqing Beiquan Flour Industry Co., Ltd. (literal translation)
Registration no.: 500109000016508
Registered capital: CNY
1,000,000
Incorporation date: 2009-12-14
Legal representative: Ai Chun
Etc.
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
AC#390101040002602
Relationship:
Balance Sheet
Unit: CNY’000
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As of Dec. 31, 2009 |
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Cash
& bank |
3,526 |
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Notes receivable |
0 |
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Accounts
receivable |
41,020 |
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Advances to
suppliers |
0 |
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Other
receivables |
740 |
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Inventory |
2,762 |
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Other
current assets |
0 |
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------------------ |
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Current
assets |
48,048 |
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Fixed
assets net value |
33 |
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Projects
under construction |
0 |
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Long
term investment |
0 |
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Intangible
& other assets |
0 |
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------------------ |
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Total
assets |
48,081 |
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============= |
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Short
loans |
5,012 |
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Notes payable |
0 |
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Accounts
payable |
45,342 |
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Advances from
clients |
0 |
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Accrued payroll |
14 |
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Welfare payable |
7 |
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Taxes
payable |
-3,310 |
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Other
accounts payable |
1 |
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Other
current liabilities |
0 |
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------------------ |
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Current
liabilities |
47,066 |
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Long term loans |
0 |
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Other
liabilities |
0 |
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------------------ |
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Total
liabilities |
47,066 |
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Equities |
1,015 |
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------------------ |
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Total
liabilities & equities |
48,081 |
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============= |
Income Statement
|
Unit: CNY’000 |
as
of Dec. 31, 2009 |
|
Turnover |
230,600 |
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Cost of goods sold |
226,940 |
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Sales expense |
1,140 |
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Management expense |
2,480 |
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Finance expense |
1,370 |
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Subsidy income |
900 |
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Profit before
tax |
-430 |
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Less: profit tax |
440 |
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Profits |
-870 |
Important Ratios
=============
|
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as
of Dec. 31, 2009 |
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*Current ratio |
1.02 |
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*Quick ratio |
0.96 |
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*Liabilities
to assets |
0.98 |
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*Net profit
margin (%) |
-0.38 |
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*Return on
total assets (%) |
-1.81 |
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*Inventory
/Turnover ×365 |
4 days |
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*Accounts
receivable/Turnover ×365 |
65 days |
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*Turnover/Total
assets |
4.80 |
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* Cost of
goods sold/Turnover |
0.98 |
PROFITABILITY:
FAIR
l
The turnover of SC appears fairly good in its line.
l
SC’s net profit margin is fair.
l
SC’s return on total assets is fair.
l
SC’s cost of goods sold is high, 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 normal level.
l
The inventory
of
SC is average.
l
The accounts receivable of SC appears
large.
l
SC’s short-term loan appears
fairly large.
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 small-sized in its line with fairly stable financial conditions.
The large amount of accounts receivable and short-term loan could be a threat
to SC’s financial condition.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.71 |
|
|
1 |
Rs.86.34 |
|
Euro |
1 |
Rs.69.22 |
INFORMATION DETAILS
|
Report Prepared
by : |
PRL |
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.