MIRA
INFORM REPORT
|
Report Date : |
16.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
CHINA NATIONAL SERVICE CORPORATION FOR
CHINESE PERSONNEL WORKING ABROAD SHANGHAI SERVING CENTER |
|
|
|
|
Registered Office : |
No. 261-293, Jiangning Road, Jing’an District,
Shanghai, 200041 Pr |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
19.07.1995 |
|
|
|
|
Com. Reg. No.: |
310106000051152 |
|
|
|
|
Legal Form : |
State-Owned Enterprise |
|
|
|
|
Line of Business : |
importing and exporting business, storage service and property rental |
|
|
|
|
No. of Employees : |
70 employees |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No Complaints |
|
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 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
china - ECONOMIC OVERVIEW
Since the late 1970s China has moved from a closed, centrally planned system to a more market-oriented one that plays a major global role - in 2010 China became the world's largest exporter. Reforms began with the phasing out of collectivized agriculture, and expanded to include the gradual liberalization of prices, fiscal decentralization, increased autonomy for state enterprises, creation of a diversified banking system, development of stock markets, rapid growth of the private sector, and opening to foreign trade and investment. China has implemented reforms in a gradualist fashion. In recent years, China has renewed its support for state-owned enterprises in sectors it considers important to "economic security," explicitly looking to foster globally competitive national champions. After keeping its currency tightly linked to the US dollar for years, in July 2005 China revalued its currency by 2.1% against the US dollar and moved to an exchange rate system that references a basket of currencies. From mid 2005 to late 2008 cumulative appreciation of the renminbi against the US dollar was more than 20%, but the exchange rate remained virtually pegged to the dollar from the onset of the global financial crisis until June 2010, when Beijing allowed resumption of a gradual appreciation. The restructuring of the economy and resulting efficiency gains have contributed to a more than tenfold increase in GDP since 1978. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, China in 2010 stood as the second-largest economy in the world after the US, having surpassed Japan in 2001. The dollar values of China's agricultural and industrial output each exceed those of the US; China is second to the US in the value of services it produces. Still, per capita income is below the world average. The Chinese government faces numerous economic challenges, including: (a) reducing its high domestic savings rate and correspondingly low domestic demand; (b) sustaining adequate job growth for tens of millions of migrants and new entrants to the work force; (c) reducing corruption and other economic crimes; and (d) containing environmental damage and social strife related to the economy's rapid transformation. Economic development has progressed further in coastal provinces than in the interior, and by 2011 more than 250 million migrant workers and their dependents had relocated to urban areas to find work. One consequence of population control policy is that China is now one of the most rapidly aging countries in the world. Deterioration in the environment - notably air pollution, soil erosion, and the steady fall of the water table, especially in the North - is another long-term problem. China continues to lose arable land because of erosion and economic development. The Chinese government is seeking to add energy production capacity from sources other than coal and oil, focusing on nuclear and alternative energy development. In 2010-11, China faced high inflation resulting largely from its credit-fueled stimulus program. Some tightening measures appear to have controlled inflation, but GDP growth consequently slowed to near 9% for 2011. An economic slowdown in Europe is expected to further drag Chinese growth in 2012. Debt overhang from the stimulus program, particularly among local governments, and a property price bubble challenge policy makers currently. The government's 12th Five-Year Plan, adopted in March 2011, emphasizes continued economic reforms and the need to increase domestic consumption in order to make the economy less dependent on exports in the future. However, China has made only marginal progress toward these rebalancing goals.
|
Source : CIA |
Company name & address
CHINA NATIONAL
SERVICE CORPORATION FOR CHINESE PERSONNEL
WORKING ABROAD
SHANGHAI SERVING CENTER
NO. 261-293, JIANGNING ROAD, JING’AN
DISTRICT, SHANGHAI, 200041 PR CHINA
TEL: 86 (0) 21-62711301 FAX: 86 (0) 21-62710716
EXECUTIVE
SUMMARY
INCORPORATION DATE :
JUL. 19, 1995
REGISTRATION NO. :
310106000051152
REGISTERED LEGAL FORM : STATE-OWNED ENTERPRISE
STAFF STRENGTH :
70
REGISTERED CAPITAL : CNY 39,000,000
BUSINESS LINE :
TRADE, STORAGE, PROPERTY RENTAL
TURNOVER :
CNY 580,790,000 (AS OF DEC. 31,
2011)
EQUITIES :
CNY 62,650,000 (AS OF DEC. 31, 2011)
PAYMENT :
AVERAGE
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
FAIRLY STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 6.2754 = 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
SC was registered as a State-owned enterprise at local Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license) on Jul. 19, 1995.
Company Status: State-Owned This form of business in PR China is defined as a
commodity production or operational units of a socialist character which in
accordance with the law, has autonomy in management, takes full
responsibility for its profits and losses and practices independent
business accounting. It is a legal person established directly by central /
local government or enterprise owned by central or local government. In
theory, the liabilities of this form of enterprise are ultimately borne by
the government, since the adoption of company law in mid-1994, the Chinese
government has planned to separate the ownership from management and liabilities
bearing.
SC’s registered business scope includes providing all kinds of duty-free
foreign exchange goods for overseas travelers; providing living materials, free
exchange goods and RMB goods for institution functioning abroad; storage (limited
in branch); people going abroad information consulting; importing and exporting
commodities and technologies; retail of prepackaged food (excluding cooked lo,
refrigerated) and dairy products (including infant formula milk powder); wines
(excluding bulk wine); property management; wood materials and products; metal
materials and products; mechanical equipment & parts; textile materials
& garments; building materials, decoration materials; mechanical equipment
leasing; (with permit if needed).
SC is mainly
engaged in importing and exporting business, storage service and property
rental.
Ms. Wang Qi is
legal representative, chairman and general manager of SC at present.
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 in the commercial zone of Shanghai. Our checks reveal that SC
owns the total premise but the gross area of the premise is unspecific.
SC also has the other two premises for property rental, which are located in No. 12, Lane 25, Shaanxi South Road, Shanghai-上海市陕西南路25弄12号 and 1117-1127 Shops, Shangcheng Road, Shanghai 上海市商城路1117---1127号铺面房, the total gross area is 1,400 square maters.
http://www.cnscsh.com/ The website can not be
landed at present.
http://www.cnsc.com.cn The website
belongs to SC’s parent company. The design is professional and the content is
well organized. At present it is in Chinese and English versions.
No significant events or changes were found during our checks with local
AIC.
MAIN SHAREHOLDERS:
Name %
of Shareholding
China National Service Corporation for
Chinese Personnel Working Abroad 100
China National Service Corporation for
Chinese Personnel Working Abroad is a state owned large-scale comprehensive
enterprise of international trade and economic cooperation. CNSC was
established in 1983 with the approval of the State Council. Once subordinate to
the Ministry of Foreign Trade and Economic Cooperation (re-named as the
Ministry of Commerce), CNSC is now under the direct leadership of the China
National Pharmaceutical Group Corporation. Over the years, it has been ranked
for many times as one of the Top 500 of Chinese international trading
enterprises.
CNSC’s major business scope covers: sales in
foreign exchange of Duty-free imported goods for Chinese personnel working
abroad; supply of life necessities for Chinese institutions in overseas;
operation and agency of import and export; material supply of Chinese
government aids for foreign countries and labor service cooperation;
international logistics and industrial investment, etc.
Incorporation Date : Sep. 28, 1983
Registration No. : 100000000001308
Legal Form :
State-Owned Enterprise
Legal Rep. :
Mr. Zhou Yuxiang
Registered Capital : CNY 500,000,000
Website: http://www.cnsc.com.cn
E-mail: gly@cnsc.com.cn
Add: Fortune Tower, No. 4 Huixindongjie,
Chaoyang District, Beijing
Tel: 86 (0) 10-84618811
Fax: 86 (0) 10-84648145
Legal Representative,
Chairman and General Manager:
Ms. Wang Qi, in her
Working
Experience(s):
At present Working
in SC as legal representative, chairman and general manager.
SC is mainly
engaged in importing and exporting business, storage service and rental
property.
SC’s products
mainly include: duty free goods such as watch, cosmetic, jewelry, leather
product, cutter, lighter, food, camera, etc; bags and suitcases, industrial
chemicals, textiles, auto parts, etc.
SC sources its
materials 20% from domestic market and 80% from the overseas market. SC sells 70%
of its products in domestic market, and 30% 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 refused to
release its major suppliers and customers.
SC is known to have the following branch:
China National Service Corporation for Chinese Personnel
Working Abroad Shanghai Serving Center Yangpu Branch
==========================================
Incorporation
date: Mar. 14, 2006
Principal:
Chen Ping
Legal
form: Branch Company
Add.
(SC’s warehouse): No. 1300, Jungong Road, Shanghai
SC is also known to invest in the following company:
Wuxi Universal
Steel Rope Co., Ltd.
According to the website http://www.cnsc.com.cn
:
China National Service
Corporation for Chinese Personnel
Working Abroad Hainan
Serving Center
==========================================
Incorporation
date: Dec. 18, 1992
Registration
no.: 460000000169529
Registered
capital: CNY 5,000,000
Legal
rep.: Guo Zhenyong
Zhong Mega Logistics Co.,
Ltd.
========================
Incorporation
date: Mar. 16, 1993
Registration
no.: 110000410202283
Registered
capital: CNY 20,000,000
Legal
rep.: Zhao Xinzhong
Legal
form: One-person Limited Liability Company
Beijing Fortune Property
Management Co., Ltd.
======================================
Incorporation
date: Mar. 3, 2005
Registration
no.: 110105008003648
Registered
capital: CNY 5,000,000
Legal
rep.: Liu Nanqi
Legal
form: Limited Liabilities Company
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.
Industrial and
Commercial Bank of China Shanghai Jiangning Road 2nd Sub-branch
AC#:
1001273109006515985
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
|
|
As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
|
Cash & bank |
35,860 |
19,450 |
|
Inventory |
18,970 |
15,600 |
|
Accounts
receivable |
0 |
30,540 |
|
Advances to
suppliers |
23,960 |
141,020 |
|
Dividends
receivable |
/ |
1,740 |
|
Other
receivables |
4,280 |
5,090 |
|
Other current
assets |
20 |
0 |
|
|
------------------ |
------------------ |
|
Current assets |
83,090 |
213,440 |
|
Fixed assets net
value |
10,070 |
9,500 |
|
Projects under
construction |
0 |
0 |
|
Long term
investment |
37,940 |
46,440 |
|
Investment real
estate |
18,090 |
17,500 |
|
Financial assets
available for sale |
10,230 |
6,350 |
|
Deferred income
tax assets |
/ |
40 |
|
Other assets |
1,490 |
1,450 |
|
|
------------------ |
------------------ |
|
Total assets |
160,910 |
294,720 |
|
|
============= |
============= |
|
Short loans |
0 |
0 |
|
Accounts payable |
11,640 |
38,830 |
|
Advances from
clients |
41,470 |
128,130 |
|
Notes payable |
37,840 |
54,450 |
|
Taxes payable |
330 |
-530 |
|
Accrued payroll |
120 |
230 |
|
Other accounts
payable |
10,330 |
9,540 |
|
Other current
liabilities |
30 |
0 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
101,760 |
230,650 |
|
Deferred tax
liabilities |
2,390 |
1,420 |
|
Other non
current liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
104,150 |
232,070 |
|
Equities |
56,760 |
62,650 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
160,910 |
294,720 |
|
|
============= |
============= |
Income Statement
Unit: CNY’000
|
|
As of Dec. 31,
2010 |
As of Dec. 31,
2011 |
|
Turnover |
275,640 |
580,790 |
|
Cost of goods sold |
261,110 |
560,740 |
|
Taxes and additional of main operations |
/ |
480 |
|
Sales expense |
10,110 |
13,480 |
|
Management expense |
3,910 |
5,460 |
|
Finance expense |
90 |
680 |
|
Asset impairment loss |
/ |
50 |
|
Investment
income |
10,470 |
8,590 |
|
Non-operating
income |
/ |
390 |
|
Non-operating
expense |
/ |
0 |
|
Profit before
tax |
10,470 |
8,880 |
|
Less: profit tax |
100 |
-890 |
|
Profits |
10,370 |
9,770
|
Important Ratios
=============
|
|
As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
|
*Current ratio |
0.82 |
0.93 |
|
*Quick ratio |
0.63 |
0.86 |
|
*Liabilities
to assets |
0.65 |
0.79 |
|
*Net profit
margin (%) |
3.76 |
1.68 |
|
*Return on
total assets (%) |
6.44 |
3.32 |
|
*Inventory
/Turnover ×365 |
26
days |
10 days |
|
*Accounts
receivable/Turnover ×365 |
0 |
20 days |
|
*Turnover/Total
assets |
1.71 |
1.97 |
|
* Cost of
goods sold/Turnover |
0.95 |
0.97 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears fairly good in its line
and it increased in 2011.
l
SC’s net profit margin is average in both years.
l
SC’s return on total assets is fairly good in 2010
but average in 2011.
l
SC’s cost of goods sold is high in both years,
comparing with its turnover.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a fair
level in both years.
l
SC’s quick ratio is maintained in a fair level in
2010 and normal in 2011.
l
The inventory of SC is average in both years.
l
The accounts receivable of SC is average in 2011.
l
SC has no short-term loan in both years.
l
SC’s turnover is in an average level in both years,
comparing with the size of its total assets.
LEVERAGE: FAIR
l
The debt ratio of SC is average in 2010 but fairly
high in 2011.
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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.12 |
|
UK Pound |
1 |
Rs.85.15 |
|
Euro |
1 |
Rs.68.60 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.