MIRA
INFORM REPORT
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Report Date : |
21.09.2012 |
IDENTIFICATION DETAILS
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Name : |
ASC FINE WINES INDUSTRY ( |
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Registered Office : |
17-18, Bm Intercontinental Business Center, No. 100,
Yutong Road, Shanghai, 200070 Pr |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
27.09.2008 |
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Com. Reg. No.: |
310115400249067 |
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Legal Form : |
Wholly Foreign Owned |
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Line of Business : |
Selling Imported
Wines |
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No. of Employees : |
300 employees |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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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 |
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.
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Source : CIA |
Company name & address
ASC FINE WINES INDUSTRY
(SHANGHAI) CO., LTD.
17-18, BM
Intercontinental Business Center, NO. 100,
YUTONG ROAD,
Shanghai, 200070 PR CHINA
TEL: 86 (0)
21-60561999 FAX: 86 (0) 21-64453202
EXECUTIVE SUMMARY
INCORPORATION DATE : SEP. 27, 2008
REGISTRATION NO. : 310115400249067
REGISTERED LEGAL
FORM : WHOLLY FOREIGN OWNED ENTERPRISE
STAFF STRENGTH :
300
REGISTERED CAPITAL : USD 750,000
BUSINESS LINE :
TRADING
TURNOVER : CNY 799,180,000 (AS OF DEC. 31, 2011)
EQUITIES :
CNY 38,310,000 (AS OF DEC. 31, 2011)
PAYMENT :
average
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly stable
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.30= 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 Ren Min Bi
%20CO%20,%20LTD%20%20-%20194110%2021-Sep-2012_files/image013.gif){kind=small}
Note: The given name ASC Fine Wines Holding Limited belongs to SC’s parent company; the given contact number 021-64453214 was SC’s former one.
SC was registered as a wholly foreign owned enterprise at local Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license) on Sep. 27, 2008.
Company Status: Wholly foreign-owned enterprise
This form of business in PR
China is defined as a legal person. It is a limited co. established within
the territories of PR China with capital provided totally by the foreign
investors. More than one foreign investor may jointly invest in a wholly
foreign-owned enterprise. The investing party/parties solely exercise
management, reap profit and bear risks and liabilities by themselves. This
form of companies usually have a limited duration is extendible upon
approval of Examination and Approval Authorities.
SC’s registered
business scopes include warehousing & distribution business about wines, wine
set and olive oil; after-sale service of related products; technical supporting
and consulting service; wholesaling and retailing wines & wine set and
beverage; commission agent; import and export business; other related
supporting business; international trade, transmit trade in free trade zone;
trade and trade agent between enterprises in free trade zone; commercial simple
processing in free trade zone; commodity display in free trade zone; trade
consulting service.
SC is mainly
engaged in selling imported wines.
Mr. Matsumoto
Yoichi is legal representative and chairman of SC at present.
SC is known
to have approx. 300 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 premise
information is unknown.
%20CO%20,%20LTD%20%20-%20194110%2021-Sep-2012_files/image014.gif){kind=small}
http://www.asc-wines.com The
design is professional and the content is well organized. At present it is in
both Chinese and English versions.
E-mail: homedeliverysh@asc-wines.com
%20CO%20,%20LTD%20%20-%20194110%2021-Sep-2012_files/image015.gif){kind=small}
Changes
of its registered information are as follows:
|
Date
of change |
Item |
Before
the change |
After
the change |
|
Unknown |
Legal representative |
Yasuhiko Kamada |
Sho Semba |
|
Legal representative |
Sho Semba |
Present one |
%20CO%20,%20LTD%20%20-%20194110%2021-Sep-2012_files/image016.gif){kind=small}
MAIN SHAREHOLDERS:
Name %
of Shareholding
ASC Fine Wines Holding Limited (Hong Kong) 100
Registered number: 1238872
Incorporated date: May 19, 2008
Legal form: Private
%20CO%20,%20LTD%20%20-%20194110%2021-Sep-2012_files/image017.gif){kind=small}
Legal
representative and Chairman:
Mr. Matsumoto Yoichi is currently responsible for the overall management of SC.
Working
Experience(s):
At present Working
in SC as legal representative and chairman.
%20CO%20,%20LTD%20%20-%20194110%2021-Sep-2012_files/image018.gif){kind=small}
SC is mainly
engaged in selling imported wines.
SC’s products
mainly include: wines.
SC sources its
materials 100% from the overseas market, mainly European countries. SC sells
100% of its products in domestic market.
The buying terms of SC include Check, T/T, L/C and Credit of 30-60 days.
The payment terms of SC include T/T and Credit of 30-60 days.
Note:
SC declined to release its major suppliers and clients.
%20CO%20,%20LTD%20%20-%20194110%2021-Sep-2012_files/image019.gif){kind=small}
ASC Fine Wines Industry (Shanghai) Co., Ltd. Branch Company
Registered no.: 310115500089199
Principal: Zhang Hao
ASC Fine Wines Industry (Shanghai) Co., Ltd. Beijing Branch
Registered no.: 110000450110946
Principal: Zhang Hao
ASC Fine Wines Industry (Shanghai) Co., Ltd. Shenzhen Branch
Registered no.: 440301506659170
Principal: Zhang Hao
Etc.
According to http://www.asc-wines.com
ASC
Fine Wines – Macau Office:
Add:
Unit Y, 12/F, Block 3, Centro Industrial Kec Seng, Avenida de Venceslau de
Morais, nos. 143-173, Macau
Tel:
(853) - 2872 2968
Fax:
(853) - 2872 2970
ASC
Fine Wines – HK Office:
Add: Unit 2101-07 & 2109-2117, 21/F, Leighton Centre, No. 77
Leighton Road, Causeway Bay, Hong Kong, China
Tel:
(852) 3923 6700
Fax:
(852) 2808 0601
Etc.
%20CO%20,%20LTD%20%20-%20194110%2021-Sep-2012_files/image020.gif){kind=small}
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.
%20CO%20,%20LTD%20%20-%20194110%2021-Sep-2012_files/image021.gif){kind=small}
HSBC Bank Shanghai Branch
AC#088269915-001
Relationship:
Normal.
%20CO%20,%20LTD%20%20-%20194110%2021-Sep-2012_files/image022.gif){kind=small}
Balance Sheet
Unit: CNY’000
|
|
As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
|
Cash & bank |
8,950 |
8,370 |
|
Inventory |
159,100 |
298,920 |
|
Accounts
receivable |
92,850 |
70,490 |
|
Advances to
suppliers |
940 |
1,590 |
|
Other
receivables |
139,540 |
72,590 |
|
Other current
assets |
4,950 |
6,100 |
|
|
------------------- |
------------------- |
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Current assets |
406,330 |
458,060 |
|
Fixed assets net
value |
17,020 |
29,040 |
|
Projects under
construction |
7,490 |
70 |
|
Long term
investment |
0 |
0 |
|
Other assets |
4,190 |
5,730 |
|
|
------------------- |
------------------- |
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Total assets |
435,030 |
492,900 |
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|
============ |
=========== |
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Short loans |
127,380 |
134,830 |
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Accounts payable |
189,330 |
44,330 |
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Advances from
clients |
37,870 |
148,660 |
|
Taxes payable |
14,920 |
24,600 |
|
Other payable |
26,660 |
71,530 |
|
Other current
liabilities |
24,470 |
30,580 |
|
|
------------------- |
------------------- |
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Current
liabilities |
420,630 |
454,530 |
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Long term
liabilities |
80 |
60 |
|
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------------------- |
------------------- |
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Total
liabilities |
420,710 |
454,590 |
|
Equities |
14,320 |
38,310 |
|
|
------------------- |
------------------- |
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Total
liabilities & equities |
435,030 |
492,900 |
|
|
=========== |
=========== |
Income Statement
Unit: CNY’000
|
|
As
of Dec. 31, 2011 |
|
Turnover |
799,180 |
|
Cost of goods
sold |
413,110 |
|
Sales expense |
227,810 |
|
Management expense |
92,830 |
|
Finance expense |
20,920 |
|
Profit before
tax |
39,330 |
|
Less: profit tax |
15,350 |
|
Profits |
23,980 |
Important Ratios
=============
|
|
As of Dec. 31, 2010 |
As of Dec. 31, 2011 |
|
*Current ratio |
0.97 |
1.01 |
|
*Quick ratio |
0.59 |
0.35 |
|
*Liabilities
to assets |
0.97 |
0.92 |
|
*Net profit
margin (%) |
/ |
3.00 |
|
*Return on
total assets (%) |
/ |
4.87 |
|
*Inventory
/Turnover ×365 |
/ |
137 days |
|
*Accounts
receivable/Turnover ×365 |
/ |
33 days |
|
*Turnover/Total
assets |
/ |
1.62 |
|
* Cost of
goods sold/Turnover |
/ |
0.52 |
%20CO%20,%20LTD%20%20-%20194110%2021-Sep-2012_files/image023.gif){kind=small}
PROFITABILITY:
AVERAGE
l
The turnover of SC appears fairly good in 2011.
l
SC’s net profit margin is average in 2011.
l
SC’s return on total assets is average in 2011.
l
SC’s cost of goods sold is low in 2011, comparing
with its turnover.
LIQUIDITY: FAIR
l
The current ratio of SC is maintained in a fair
level in 2010 and in a normal level in 2011.
l
SC’s quick ratio is maintained in a fair level.
l
The inventory of SC is large.
l
The accounts receivable of SC is average.
l
The short loans of SC are large.
l
SC’s turnover is in an average level in 2011,
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.
%20CO%20,%20LTD%20%20-%20194110%2021-Sep-2012_files/image024.gif){kind=small}
SC is considered large-sized in its line with fairly stable financial conditions.
The large amount of inventory and short-term loan could be a threat to SC’s
financial condition.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.34 |
|
UK Pound |
1 |
Rs.87.91 |
|
Euro |
1 |
Rs.70.57 |
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.