MIRA INFORM REPORT
|
Report Date : |
07.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
shanghai
xinyutian international trade CO., LTD. |
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Registered Office : |
Room 1910 Yintong Plaza, No. 988
Dingxi Road, Shanghai 200052 PR |
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Country : |
China |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
16.06.2004 |
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Com. Reg. No.: |
310115000839895 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Subject
engaged in international trade. |
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No. of Employees : |
5 Employees |
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 : |
Moderate |
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Payment Behaviour : |
No Complaint |
|
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
xinyutian international trade CO., LTD.
room 1910
yintong plaza, no. 988 dingxi road
shanghai 200052
PR CHINA
TEL: 86
(0) 21-61910357/61910399
FAX: 86
(0) 21-61910353
EXECUTIVE SUMMARY
Date of Registration : june 16, 2004
REGISTRATION NO. : 310115000839895
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL : cny 1,000,000
staff : 5
BUSINESS CATEGORY :
trading
Revenue : CNY 20,240,000 (AS OF
DEC. 31, 2011)
EQUITIES : CNY 1,410,000 (AS OF DEC. 31, 2011)
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 6.24 = 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
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.: 310115000839895 on
June 16, 2004.
SC’s Organization Code Certificate
No.: 76396794-9
SC’s registered capital: cny 1,000,000
SC’s paid-in capital: cny 1,000,000
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
2012 |
Registration No. |
3101152018742 |
310115000839895 |
|
Legal Representative |
Wu Ruzhou |
Wu Xiao |
|
|
Shareholder (s) |
Wu Ruzhou 60% Jiang Ping 40% |
Wu Xiao 60% Jiang Ping 40% |
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Wu Xiao |
60 |
|
Jiang Ping |
40 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative,
Chairman, and General Manager |
Wu Xiao |
|
Supervisor |
Jiang
Ping |
RECENT DEVELOPMENT
No recent development was found during our checks at
present.
SHAREHOLDER CHART &
BACKGROUND
Name % of
Shareholding
Wu Xiao 60
Jiang Ping 40
MANAGEMENT
Wu
Xiao, 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
Also working in Shanghai Xinyutian International
Trade Co., Ltd. Changning Branch as principal
Jiang
Ping, Supervisor
--------------------------------------
Ø
Gender: M
Ø
Qualification: University
BUSINESS OPERATION
SC’s registered business scope
includes operating importing and exporting various kinds of commodities
and technology, excluding the goods forbidden by the government, selling
electronics, instrumentation, mechanical and electrical products and
accessories, hardware, communications equipment, stationery, leather products,
chemical raw materials and products, building materials, decoration materials.
SC is
mainly engaged in international trade.
SC’s
products mainly include:
Chemical fiber
Hemp series fabric
Non-woven and Industrial Cloth
Synthetic Leather
Polyurethane resin
Etc.
SC sources its materials 80%
from domestic market, mainly Qingdao, 20% from overseas market. SC sells 60% of
its products in domestic market, and 40% to overseas market, mainly U.S.A.,
Europe and Southeast Asian countries.
The
buying terms of SC include T/T, L/C and Credit of 30-60 days. The payment terms
of SC include T/T, L/C and Credit of 30-60 days.
*Major Supplier:
=============
Qingdao
Xinyutian Chemical Co., Ltd.
Staff & Office:
--------------------------
SC is
known to have approx. 5 staff at present.
SC rents
an area as its operating office of approx. 110 sq. meters at the heading
address.
RELATED COMPANY
SC is known to
have a branch at present
-----------------------------------------------------
u
Shanghai Xinyutian International Trade Co., Ltd. Changning
Branch
Date of Registration :
October 19, 2005
Registration No. :
3101152018742050001
Legal Form : Branch Company
Related Company
-----------------------
u
Qingdao Xinyutian Chemical Co., Ltd.
Date of Registration :
September 2, 1998
Registration No. :
370200400057308
Legal Form : Chinese-foreign equity joint venture
enterprise
Registered Capital : USD 1,050,000
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: A
trade enquiry currently conducted with SC's supplier(s) reveal the following:
Supplier
A
Products
sold: Polyurethane products
Date account opened: Since 2005 to present
Line of credit: N/A
Terms: 30
days
Average monthly sales: N/A
Current balance: N/A
Rating Key : 3
Any Special Comments: N/a
Payment record keys :
1 = Prompt : Payment made before
the credit period expires
2 = As agreed terms : Payment
made upon due date
3 = Slightly slow but acceptable
: Payment made 5 to 20 days beyond agreed terms
4 = Slow : Payment made 16 to 45
days beyond agreed terms
5 = Poor : Payment made over 45
days beyond agreed terms
6 = No comment : Account is newly opened & record is not yet
established
Note : In some instances, payment beyond terms can
be the result of disputes over merchandise, lost invoices, disputed accounts
& etc.
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
Basic Bank:
China Construction Bank Shanghai Branch
AC#: 31001562700050011229
FINANCIALS
Balance Sheet
|
Unit:
CNY’000 |
As of Dec. 31, 2009 |
As of Dec. 31, 2010 |
As of Dec. 31, 2011 |
|
337 |
377 |
1,480 |
|
|
Accounts
receivable |
734 |
1,620 |
3,390 |
|
Advances
to suppliers |
0 |
0 |
0 |
|
Other
receivable |
-1,120 |
-1,240 |
-4,110 |
|
Inventory |
750 |
165 |
300 |
|
Non-current
assets within one year |
0 |
0 |
0 |
|
Other
current assets |
0 |
0 |
10 |
|
|
------------------ |
------------------ |
------------------ |
|
Current
assets |
701 |
922 |
1,070 |
|
Fixed
assets |
14 |
7 |
0 |
|
Construction
in progress |
0 |
0 |
0 |
|
Long-term
prepaid expenses |
0 |
0 |
0 |
|
Deferred
income tax assets |
0 |
0 |
0 |
|
Other
non-current assets |
0 |
0 |
0 |
|
|
------------------ |
------------------ |
------------------ |
|
Total
assets |
715 |
929 |
1,070 |
|
|
============= |
============= |
============= |
|
Short-term
loans |
0 |
0 |
0 |
|
Notes
payable |
0 |
0 |
0 |
|
Accounts
payable |
19 |
-318 |
-290 |
|
Taxes
payable |
-314 |
-54 |
-70 |
|
Advances
from clients |
0 |
0 |
0 |
|
Other
payable |
0 |
10 |
10 |
|
Other
current liabilities |
0 |
13 |
10 |
|
|
------------------ |
------------------ |
------------------ |
|
Current
liabilities |
-295 |
-349 |
-340 |
|
Non-current
liabilities |
0 |
8 |
0 |
|
|
------------------ |
------------------ |
------------------ |
|
Total
liabilities |
-295 |
-341 |
-340 |
|
Equities |
1,010 |
1,270 |
1,410 |
|
|
------------------ |
------------------ |
------------------ |
|
Total
liabilities & equities |
715 |
929 |
1,070 |
|
|
============= |
============= |
============= |
Income Statement
|
Unit:
CNY’000 |
As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
|
Revenue |
20,120 |
20,240 |
|
Cost of sales |
18,170 |
18,150 |
|
Sales expense |
1,120 |
1,580 |
|
Management expense |
70 |
0 |
|
Finance expense |
172 |
330 |
|
Profit
before tax |
570 |
180 |
|
Less:
profit tax |
128 |
40 |
|
442 |
140 |
Important
Ratios
=============
|
|
As of Dec. 31, 2009 |
As of Dec. 31, 2010 |
As of Dec. 31, 2011 |
|
*Current
ratio |
-2.38 |
-2.64 |
-- |
|
*Quick
ratio |
0.17 |
-2.17 |
-- |
|
*Liabilities
to assets |
-0.41 |
-0.37 |
-- |
|
*Net
profit margin (%) |
-- |
2.20 |
0.69 |
|
*Return
on total assets (%) |
-- |
47.58 |
13.08 |
|
*Inventory
/ Revenue ×365 |
-- |
3
days |
6
days |
|
*Accounts
receivable/ Revenue ×365 |
-- |
30
days |
62
days |
|
*
Revenue/Total assets |
-- |
21.66 |
18.92 |
|
*
Cost of sales / Revenue |
-- |
0.90 |
0.90 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
l
The revenue of SC appears average in its
line in 2010 and 2011.
l
SC’s net profit margin is average in
2010 and 2011.
l
SC’s return on total assets is fairly
good in 2010 and 2011.
l
SC’s cost of goods sold is average,
comparing with its revenue.
LIQUIDITY:
FAIR
l
The inventory of SC is maintained in an
average level.
l
The accounts receivable of SC appears
large in 2011.
l
SC has no short-term loans in three
years.
l
SC’s revenue is in a fairly good level,
comparing with the size of its total assets.
LEVERAGE:
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. The large amount of accounts receivable may be a threat
to SC’s financial condition.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian
Rupees |
|
US Dollar |
1 |
Rs.54.84 |
|
UK Pound |
1 |
Rs.88.16 |
|
Euro |
1 |
Rs.71.54 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
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.