MIRA
INFORM REPORT
|
Report Date : |
13.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
SHANGHAI JU LONG PERFUMERY CO., LTD. |
|
|
|
|
Registered Office : |
Room 2203 Bafang Building, No. 1591 Zhangyang Road, Pudong New Area, Shanghai Province 200135
Pr |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
20.11.1998 |
|
|
|
|
Com. Reg. No.: |
310115000490922 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
selling mint oil, peppermint oil, menthol, chemical
raw materials, flavors, and spices |
|
|
|
|
No. of Employees : |
12 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Small Company |
|
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
SHANGHAI
JU LONG PERFUMERY Co., Ltd.
room 2203 bafang building, no. 1591
zhangyang road
pudong new area, shanghai PROVINCE 200135 PR
CHINA
TEL: 86 (0) 21-68532788
FAX: 86 (0) 21-68533702
EXECUTIVE SUMMARY
Date
of Registration : november 20,
1998
REGISTRATION
NO. : 310115000490922
LEGAL
FORM : Limited Liability Company
CHIEF EXECUTIVE : liu yuying (LEGAL REPRESENTATIVE)
REGISTERED CAPITAL : CNY 1,000,000
staff :
12
BUSINESS CATEGORY : TRADING
Sale : CNY 10,060,000 (AS OF DEC. 31, 2012)
EQUITIES : CNY 1,580,000
(AS OF DEC. 31, 2012)
WEBSITE : N/A
E-MAIL : N/A
PAYMENT :
AVERAGE
MARKET CONDITION :
average
FINANCIAL CONDITION :
fairly stable
OPERATIONAL TREND : ordinary
GENERAL
REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.21 = USD 1
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
LEGAL
STATUS & HISTORY
SC was established as a limited
liabilities company of PRC with State Administration of Industry & Commerce
(SAIC) under registration No.: 310115000490922 on November 20, 1998.
SC’s Organization Code Certificate No.: 63114903-9
SC’s registered capital: CNY 1,000,000
SC’s paid-in capital: CNY 1,000,000
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 |
|
Liu Yuying and
other individual |
100 |
SC’s
Chief Executives:-
|
Position |
Name |
|
Legal
Representative, Chairman, and General Manager |
Liu Yuying |
RECENT
DEVELOPMENT
No recent
development was found during our checks at present.
SHAREHOLDER
CHART & BACKGROUND
Name
%
of Shareholding
Liu Yuying and other individual 100
MANAGEMENT
Liu
Yuying , Legal Representative,
Chairman and General Manager
--------------------------------------------------------------------------------------------------
Ø
Gender: F
Ø
Qualification:
University
Ø
Working
experience (s):
From 1998 to present, working in SC as legal representative,
chairman and general manager
BUSINESS
OPERATION
SC’s registered business scope includes selling mint oil, peppermint oil, menthol, chemical raw materials,
flavors, spices, operating and acting as an agent of importing and exporting
various kinds of commodities and technology, excluding the goods forbidden by
the government.
SC is mainly engaged in selling mint oil, peppermint oil, menthol, chemical
raw materials, flavors, and spices.
SC’s products mainly include: menthyl lactate, natural
ferulic acid, climbazole, bacdanol, menthol, peppermint oil, etc.
SC sources its materials 100% from domestic market, mainly Anhui. SC sells 100% of its products to overseas market.
The buying terms of SC include
Check, T/T and Credit of 30-60 days. The payment terms of SC include L/C and
Credit of 30-60 days.
*Major Customer:
=============
A.C.S. International Inc.
Staff & Office:
--------------------------
SC is known to
have approx. 12 staff
at present.
SC rents an area as its operating office of
approx. 100 sq. meters at the heading address.
RELATED
COMPANY
SC is not known to have
any subsidiary at present.
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, 2012 |
|
520 |
|
|
Accounts receivable |
870 |
|
Other receivable |
460 |
|
Inventory |
710 |
|
Non-current assets within one
year |
0 |
|
Other current assets |
160 |
|
|
------------------ |
|
Current assets |
2,720 |
|
Fixed assets |
10 |
|
Long-term prepaid expenses |
0 |
|
Deferred income tax assets |
0 |
|
Other non-current assets |
10 |
|
|
------------------ |
|
Total assets |
2,740 |
|
|
============= |
|
Short-term loans |
0 |
|
Notes payable |
0 |
|
Accounts payable |
580 |
|
Taxes payable |
40 |
|
Advances from clients |
340 |
|
Other payable |
200 |
|
Other current liabilities |
0 |
|
|
------------------ |
|
Current liabilities |
1,160 |
|
Non-current liabilities |
0 |
|
|
------------------ |
|
Total liabilities |
1,160 |
|
Equities |
1,580 |
|
|
------------------ |
|
Total liabilities & equities |
2,740 |
|
|
============= |
Income
Statement
|
Unit: CNY’000 |
As of Dec. 31, 2012 |
|
Sale |
10,060 |
|
Cost of sales |
8,410 |
|
Sales expense |
240 |
|
Management expense |
1,230 |
|
Finance expense |
0 |
|
Profit before tax |
67 |
|
Less: profit tax |
7 |
|
60 |
Important Ratios
=============
|
|
As of Dec. 31, 2012 |
|
*Current ratio |
2.34 |
|
*Quick ratio |
1.73 |
|
*Liabilities to assets |
0.42 |
|
*Net profit margin (%) |
0.60 |
|
*Return on total assets (%) |
2.19 |
|
*Inventory / Sale ×365 |
26 days |
|
*Accounts receivable/ Sale ×365 |
32 days |
|
* Sale/Total assets |
3.67 |
|
* Cost of Sale / Revenue |
0.84 |
FINANCIAL
COMMENTS
PROFITABILITY: AVERAGE
l
The sale of SC appears average 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 sales is average, comparing with its sale.
LIQUIDITY: FAIRLY GOOD
l
The
current ratio of SC is maintained in a fairly good level.
l
SC’s
quick ratio is maintained in a fairly good level.
l
The
inventory of SC is maintained in an average level.
l
The
accounts receivable of SC is maintained in an average level.
l
SC has
no short-term loans.
l
SC’s sale is in an average level, comparing with the size of its
total assets.
LEVERAGE: AVERAGE
l
The debt
ratio of SC is low.
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.54.44 |
|
UK Pound |
1 |
Rs.83.78 |
|
Euro |
1 |
Rs.71.33 |
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.