MIRA
INFORM REPORT
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Report Date : |
29.09.2012 |
IDENTIFICATION DETAILS
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Name : |
Shanghai
Qixin Import AND Export Co., Ltd. |
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Registered Office : |
Room 1304 Yu’an Mansion, Shanghai 200122 PR |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
20.04.1994 |
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Com. Reg. No.: |
310115000204857 |
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Legal Form : |
One-Person Limited Liability
Company |
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Line of Business : |
Engaged
in international trade include: apparel & accessories, arts & crafts,
manufacturing & processing machinery, bags, cases & boxes, textile,
etc. |
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No. of Employees : |
17 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 – 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 |
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Moderate |
B1 |
|
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
|
Source
: CIA |
Company name and address
Shanghai Qixin Import AND Export
Co., Ltd.
room 1304
yu’an mansion, no. 738 dongfang road, pudong new area
shanghai
200122 PR CHINA
TEL: 86
(0) 21-58205751/58201927
FAX: 86
(0) 21-58208705
EXECUTIVE SUMMARY
Date of Registration : april 20, 1994
REGISTRATION NO. : 310115000204857
LEGAL FORM : One-person Limited Liability Company
REGISTERED CAPITAL : cny 4,200,000
staff : 17
BUSINESS CATEGORY : trading
Revenue : CNY 22,110,000 (AS OF DEC. 31, 2011)
EQUITIES : CNY 6,920,000 (AS OF DEC. 31, 2011)
WEBSITE : N/A
E-MAIL : N/A
PAYMENT : AVERAGE
MARKET CONDITION : average
FINANCIAL CONDITION : FAIRly stable
OPERATIONAL TREND : fairly STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.30 = USD
Adopted abbreviations (as follows)
SC -
Subject Company (the company inquired by you)
N/A – Not
available
CNY –
China Yuan Ren Min Bi
OPERATIONAL TREND & GENERAL
REPUTATION
This section aims at indicating the relative positions of SC
in respect of its operational trend & general reputation
Operational Trend:- General
Reputation:-
Upward Excellent
Steady Good
Fairly Steady Fairly
Good
Ordinary Average
Fair Fair
Stagnant Detrimental
Downward Not
known
Not known Not
yet be determined
Not yet be determined
LEGAL
STATUS & HISTORY
SC was
established as one-person limited liability company of PRC with State
Administration of Industry & Commerce (SAIC) under registration No.:
310115000204857.
SC’s Organization Code Certificate
No.: 13378794-3
SC’s registered capital: cny 4,200,000
SC’s paid-in capital: cny 4,200,000
Registration Change Record:-
No significant changes of SC have
been noted in SAIC since its incorporation.
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Shanghai Yuan Investment Group
Co., Ltd. |
100 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative,
Chairman, and General Manager |
Yu
Jianmin 俞 |
RECENT DEVELOPMENT
No recent development was found during our checks at
present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Shanghai Yuan Investment Group Co.,
Ltd.
100
------------------------------------
Date of Registration: September 22, 2004
Registration No.: 310115000858342
Legal Form: One-Person
Limited Liability Company
Registered Capital: CNY 53,000,000
Address:
Tel: 021-58202300
Fax: 021-58201667
Website: www.shyuan.cn
E-mail: bangong@shanghaiyuan.com
MANAGEMENT
Yu
Jianmin, Legal
Representative, Chairman and General Manager
---------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Qualification: University
Ø
Working experience (s):
At present, working in SC as legal
representative, chairman and general manager
BUSINESS
OPERATION
SC’s registered business scope
includes operating and acting as an agent of importing and exporting
various kinds of commodities and technology, processing with imported
materials, processing with imported samples, assembling with imported parts, and
compensation trade in agreement; counter
trade & transit trade; selling silk and finished goods, textile raw
materials and products, general merchandise, hardware.
SC is
mainly engaged in international trade.
SC’s
products mainly include: apparel & accessories, arts & crafts,
manufacturing & processing machinery, bags, cases & boxes, textile,
etc.
SC sources its materials 100% from domestic market, mainly Shanghai. SC sells 100% of its products to overseas market, mainly U.S.A., Europe, Mid East, Southeast Asia, etc.
The
buying terms of SC include Check, T/T and Credit of 30-60 days. The payment
terms of SC include T/T, L/C and Credit of 30-60 days.
*Major Customers:
==============
Infectious
Awareables, Inc. (U.S.A.)
Sunny
Trading Co (U.S.A.)
Staff & Office:
--------------------------
SC is
known to have approx. 17
staff at present.
SC
rents an area as its operating office of approx. 200 sq. meters at the heading
address.
RELATED
COMPANY
n
YuAn Mansion Management Co, Ltd
n
Anhui Anshen properties Co., Ltd
n
Huoshan Anshen properties Co., Ltd
n
Shanghai Huishang Green Foods Company Co., Ltd
n
Shanghai Huishang Foreign Trade Co., Ltd
PAYMENT
Overall payment appraisal:
( ) Excellent ( )
Good (X) Average ( ) Fair ( ) Poor ( ) Not yet be 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.
BANKING
The bank information of SC is not filed in SAIC.
FINANCIALS
Balance Sheet
|
Unit:
CNY’000 |
As of Dec. 31, 2010 |
As of Dec. 31, 2011 |
|
520 |
1,620 |
|
|
Notes receivable |
0 |
0 |
|
Accounts
receivable |
0 |
0 |
|
Advances
to suppliers |
2,230 |
2,300 |
|
Other
receivable |
5,940 |
400 |
|
Inventory |
80 |
420 |
|
Deferred
expenses |
0 |
0 |
|
Other
current assets |
10 |
10 |
|
|
------------------ |
------------------ |
|
Current
assets |
8,780 |
4,750 |
|
Fixed
assets |
610 |
590 |
|
Investment
real estates |
0 |
15,780 |
|
Long-term
prepaid expenses |
0 |
0 |
|
Deferred
income tax assets |
0 |
0 |
|
Other
non-current assets |
0 |
10 |
|
|
------------------ |
------------------ |
|
Total
assets |
9,390 |
21,130 |
|
|
============= |
============= |
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Short-term
loans |
0 |
0 |
|
Notes
payable |
0 |
0 |
|
Accounts
payable |
0 |
250 |
|
Other
payable |
1,660 |
12,290 |
|
Accrued
expenses |
0 |
0 |
|
Other
current liabilities |
1,060 |
1,670 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
2,720 |
14,210 |
|
Non-current
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
2,720 |
14,210 |
|
Equities |
6,670 |
6,920 |
|
|
------------------ |
------------------ |
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Total
liabilities & equities |
9,390 |
21,130 |
|
|
============= |
============= |
Income Statement
|
Unit:
CNY’000 |
As
of Dec. 31, 2011 |
|
Revenue |
22,110 |
|
Cost of sales |
21,780 |
|
Sales expense |
1,300 |
|
Management expense |
570 |
|
Finance expense |
1 |
|
Profit
before tax |
330 |
|
Less:
profit tax |
80 |
|
250 |
Important
Ratios
=============
|
|
As of Dec. 31, 2010 |
As of Dec. 31, 2011 |
|
*Current
ratio |
3.23 |
0.33 |
|
*Quick
ratio |
3.20 |
0.30 |
|
*Liabilities
to assets |
0.29 |
0.67 |
|
*Net
profit margin (%) |
-- |
1.13 |
|
*Return
on total assets (%) |
-- |
1.18 |
|
*Inventory
/ Revenue ×365 |
-- |
7
days |
|
*Accounts
receivable/ Revenue ×365 |
-- |
-- |
|
*
Revenue/Total assets |
-- |
1.05 |
|
*
Cost of sales / Revenue |
-- |
0.99 |
FINANCIAL
COMMENTS
PROFITABILITY:
AVERAGE
l
The revenue of SC appears average in
its line 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 sales is fairly high,
comparing with its revenue.
LIQUIDITY:
FAIR
l
The current ratio of SC is maintained
in a poor level in 2011.
l
SC’s quick ratio is maintained in a
fair level in 2011.
l
The inventory of SC is maintained in an
average level.
l
SC has no accounts receivable in both
years.
l
SC has no short-term loans in both
years.
l
SC’s revenue is in an average level,
comparing with the size of its total assets.
LEVERAGE:
AVERAGE
l
The debt ratio of SC is average.
l
The risk for SC to go bankrupt is above
average.
Overall
financial condition of the SC: Fairly Stable.
CONCLUSIONS
SC is considered small-sized in its line with fairly stable
financial conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.69 |
|
|
1 |
Rs.85.71 |
|
Euro |
1 |
Rs.68.14 |
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.