MIRA
INFORM REPORT
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Report Date : |
17.04.2013 |
IDENTIFICATION DETAILS
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Name : |
SHANGHAI PONY TECHNOLOGY CO., LTD. |
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Registered Office : |
No. 8, Lane 281, Hong'an Road, Zhujing Town, Jinshan
District, Shanghai, 201503 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
04.09.2001 |
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Com. Reg. No.: |
310000400275209 |
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Legal Form : |
Chinese-Foreign Equity Joint Venture
Enterprise |
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Line of Business : |
selling construction materials and
providing a wide range of services to the glass industry |
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No. of Employees : |
46 |
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 |
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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.
|
Source : CIA |
Company name & address
Shanghai Pony Technology Co., Ltd.
No. 8, Lane 281, Hong'an Road, Zhujing Town,
Jinshan district, Shanghai, 201503 PR CHINA
TEL: 86 (0) 21-54902081-126/37284381
FAX: 86 (0) 21-64455967
EXECUTIVE SUMMARY
INCORPORATION DATE : sep. 4, 2001
REGISTRATION NO. : 310000400275209
REGISTERED LEGAL FORM : CHINESE-FOREIGN EQUITY JOINT VENTURE
ENTERPRISE
CHIEF EXECUTIVE :
MR. zeng xianjian (CHAIRMAN)
STAFF STRENGTH :
46
REGISTERED CAPITAL : usd 1,200,000
BUSINESS LINE :
TRADE & service
TURNOVER :
CNY 11,870,000 (AS OF DEC. 31, 2012)
EQUITIES :
CNY 24,480,000 (AS OF DEC. 31, 2012)
PAYMENT : AVERAGE
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : STABLE
OPERATIONAL TREND :
fairly STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY
6.1918 =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 Renminbi
SC was registered as a Chinese-foreign equity joint venture enterprise at local Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license) on Sep. 4, 2001.
Company Status: Chinese-foreign equity joint venture
enterprise This form of business in PR
China is defined as a legal person. It is a limited co. jointly invested by
one or more foreign companies and one or more PR China controlled companies
within the territories of PR China according to a certain proportion of
capital investment. The investing parties exercise business management,
share profits and bear all risks and liabilities of the co. together. The
equity joint venture law requires that foreign party contribute not less
than 25% of the registered capital, with no maximum. The investing parties
are free to agree on method of profit distribution and liabilities bearing
according to the proportion of capital investment. Each investing parties
contributes funds, tangible assets, technology & etc. The board of
directors excises the high authority. The joint venture usually has a
limited duration of 10 to 50 years. Enterprise with large investment, long
construction periods, low investment returns, introducing of advanced
technology & advanced technology products that have good competition
position in international market may extend beyond the 50 years limit.
SC’s registered business scope includes engaged
in building materials technology consulting, designing and mediation services; wholesaling
and acting as a commission agency of building materials and related equipment
(excluding auction), and operating import & export business (relating to
quota and license management, the management of goods of special provisions
should in accordance with relevant state regulations) (with permit if needed)
SC is mainly
engaged in selling construction materials and
providing a wide range of services to the glass industry.
Mr.
Zeng Xianjian is legal representative and chairman of SC at present.
SC is
known to have approx. 46 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office in the industrial zone of Shanghai.
Our checks reveal that SC owns the total premise about 5,000 square meters
(including the operating office of SC’s subsidiary).
http://www.pony-tech.com.cn/
The design is professional and the content is well organized. At present it is
in Chinese, English and Russian versions.
E-mail: spt@pony-tech.com.cn
No significant events or changes were found during our checks with the
local Administration for Industry and Commerce.
Certificates:
See below for SC as executive party (defendant).
|
Executed
Party |
Shanghai Pony Technology Co., Ltd. |
|
Court |
Shanghai City Jinshan District People's Court |
|
Date of Case |
Nov. 12, 2012 |
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Case
Number |
(2012) 03653 |
|
Claim Amount |
RMB 18,391 |
|
Case Status |
Completed |
MAIN SHAREHOLDERS:
Name
% of Shareholding
Boni Technology Co., Ltd.
(B.V.I.) (in Chinese Pinyin) 97.5
Shanghai Dunru Building
Materials Co., Ltd. 2.5
Shanghai Dunru Building
Materials Co., Ltd.
================================
Incorporation Date: Jul. 20, 2001
Legal Rep.: Shu Qinglin
Registered Capital: CNY 1,000,000
Tel.: 021-64832720
Legal
Representative and Chairman:
Mr. Zeng Xianjian, Singaporean, born in 1973, with
bachelor’s degree. He is currently responsible for the overall management of
SC.
Working
Experience(s):
At present Working in SC as legal representative and chairman.
Also working in Shanghai
Pony Engineering Co., Ltd. as legal representative.
General Manager:
Mr. Li Shaofeng, with university education, senior engineer,
China credit management guru. He is currently responsible for the daily
management of SC.
Working
Experience(s):
From 2001 to present Working in SC as general manager.
SC is mainly
engaged in selling construction materials and
providing a wide range of services to the glass industry.
SC’s products mainly include: various kinds of
construction materials and designing production lines, etc.
SC sources its materials 100% from domestic
market. SC sells 10% its products in domestic market, and 90% of its products
to overseas market, mainly to Indonesia and Saudi Arabia.
The buying terms of SC include Check, 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.
Major Customer:
=============
Zhejiang Daming Glass Co., Ltd.
Note: SC declined
to release its major suppliers
According to SC’s
website:
Lianhua Road Office
Add: Room 902, No. 2 Building, Lane 7866, Humin Road (Lotus International
Plaza), Minhang District, Shanghai, China.
Tel: +86-21-34713880/34713623
Fax: +86-21-34713623-8016
E-mail: spt@pony-tech.com.cn
SC is known to invest in the following company:
Shanghai
Pony Engineering Co., Ltd.
==========================
Incorporation Date: Oct. 27, 2010
Registration No.: 310116002284572
Legal Rep.: Zeng Xianjian
Registered Capital: CNY 5,000,000
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 Zhujing Sub-branch
AC#: 1001743509300126535
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
|
|
as
of Dec. 31, 2011 |
as
of Dec. 31, 2012 |
|
Cash & bank |
8,460 |
8,510 |
|
Note receivable |
350 |
0 |
|
Inventory |
20 |
20 |
|
Accounts
receivable |
2,320 |
2,160 |
|
Advances to
suppliers |
530 |
2,070 |
|
Other
receivables |
3,170 |
1,730 |
|
Other current
assets |
400 |
430 |
|
|
------------------ |
------------------ |
|
Current assets |
15,250 |
14,920 |
|
Fixed assets net
value |
14,900 |
14,380 |
|
Projects under
construction |
0 |
0 |
|
Long term
investment |
3,500 |
3,500 |
|
Long-term
deferred expenses |
1,110 |
780 |
|
Intangible
assets |
0 |
0 |
|
Other assets |
0 |
0 |
|
|
------------------ |
------------------ |
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Total assets |
34,760 |
33,580 |
|
|
============= |
============= |
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Short loans |
0 |
0 |
|
Accounts payable |
4,690 |
4,160 |
|
Other accounts
payable |
330 |
310 |
|
Notes payable |
0 |
0 |
|
Taxes payable |
100 |
90 |
|
Advances from
clients |
5,200 |
4,540 |
|
Accrued payroll |
0 |
0 |
|
Dividends
payable |
0 |
0 |
|
Other payable |
0 |
0 |
|
Other current
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
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Current
liabilities |
10,320 |
9,100 |
|
Long term
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
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Total
liabilities |
10,320 |
9,100 |
|
Equities |
24,440 |
24,480 |
|
|
------------------ |
------------------ |
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Total
liabilities & equities |
34,760 |
33,580 |
|
|
============= |
============= |
Income Statement
Unit: CNY’000
|
|
as of Dec. 31,
2011 |
as of Dec. 31,
2012 |
|
Turnover |
11,980 |
11,870 |
|
Cost of goods
sold |
7,750 |
9,200 |
|
Taxes
and additional of main operation |
150 |
0 |
|
Sales expense |
160 |
240 |
|
Management expense |
3,710 |
3,130 |
|
Finance expense |
-320 |
-210 |
|
Non-operating income |
40 |
560 |
|
Non-operating expense |
0 |
0 |
|
Profit before
tax |
570 |
70 |
|
Less: profit tax |
140 |
20 |
|
Profits |
430 |
50 |
Important Ratios
=============
|
|
as
of Dec. 31, 2011 |
as
of Dec. 31, 2012 |
|
*Current ratio |
1.48 |
1.64 |
|
*Quick ratio |
1.48 |
1.64 |
|
*Liabilities
to assets |
0.30 |
0.27 |
|
*Net profit
margin (%) |
3.59 |
0.42 |
|
*Return on
total assets (%) |
1.24 |
0.15 |
|
*Inventory
/Turnover ×365 |
1 day |
1 day |
|
*Accounts
receivable/Turnover ×365 |
71 days |
67 days |
|
*Turnover/Total
assets |
0.34 |
0.35 |
|
* Cost of
goods sold/Turnover |
0.65 |
0.78 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears average in its line in
both years.
l
SC’s net profit margin is average in both years.
l
SC’s return on total assets is average in both
years.
l
SC’s cost of goods sold is average both years,
comparing with its turnover.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a normal
level in both years.
l
The quick ratio of SC is maintained in a normal level in both years.
l
The inventory of SC appears small in both years.
l
The accounts receivable of SC appears
average
in both years.
l
SC has no short-term loan in both years.
l
SC’s turnover is poor in both years, comparing with
the size of its total assets.
LEVERAGE: FAIRLY
GOOD
l
The debt ratio of SC is low.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Stable.
SC is considered medium-sized in its line with stable
financial conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.33 |
|
UK Pound |
1 |
Rs.83.17 |
|
Euro |
1 |
Rs.71.05 |
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 |
|
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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.