MIRA INFORM REPORT
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Report Date : |
03.05.2013 |
IDENTIFICATION DETAILS
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Name : |
SUZHOU
SUN FIELD CO., LTD. |
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Registered Office : |
Room 2002, Building 1, Gold River
International Tower, No. 88, Shishan Road, Hi-Tech Zone, Suzhou, Jiangsu
Province 215011 PR |
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Country : |
China |
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Financials (as on) : |
31.05.2012 |
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Date of Incorporation : |
20.01.2006 |
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Com. Reg. No.: |
320512000041236 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject mainly
engaged in international trade. |
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No. of Employees : |
10 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 : |
Slow but correct |
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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
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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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 2012 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 under 8% for 2012. An economic slowdown in Europe contributed to
China's, and is expected to further drag Chinese growth in 2013. 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
SUZHOU
SUN FIELD CO., LTD.
ROOM
2002, BUILDING 1, GOLD RIVER INTERNATIONAL TOWER
NO. 88,
SHISHAN ROAD, HI-TECH ZONE, SUZHOU
JIANGSU
PROVINCE 215011 PR CHINA
TEL: 86
(0) 512-68073588/69325211/68187338
FAX: 86
(0) 512-68076006
EXECUTIVE SUMMARY
Date of Registration : JANUARY 20, 2006
REGISTRATION NO. : 320512000041236
LEGAL FORM : Limited Liability Company
REGISTERED CAPITAL : CNY 1,000,000
staff : 10
BUSINESS CATEGORY :
TRADING
REVENUE :
CNY 35,240,000 (JAN. 1, 2012 TO MAY 31 2012)
EQUITIES :
CNY 2,382,000 (AS OF MAY 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 6.17 = 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.: 320512000041236 on January 20, 2006.
SC’s Organization Code Certificate
No.: 78437656-6
SC’s Tax No.: 32051784376566
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 |
|
Wang Yi |
90 |
|
Tian Meng |
10 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative,
Chairman, and General Manager |
Wang Yi |
|
Supervisor |
Tian Meng |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART & BACKGROUND
Name %
of Shareholding
Wang Yi 90
Tian Meng 10
MANAGEMENT
Wang Yi, Legal
Representative, Chairman and General Manager
---------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 58
Ø
ID# 320504551014055
Ø Qualification:
University
Ø Working experience
(s):
At present, working in SC as legal
representative, chairman and general manager
Tian
Meng, Supervisor
--------------------------------------
Ø
Gender: F
Ø
Age: 56
Ø
ID# 32050319570502252X
BUSINESS OPERATION
SC’s registered
business scope includes permit business scope:
wholesaling: pre-packaged food. general business
scope: selling: sporting goods, stationery, knitwear and textiles,
electronic products, communications equipment, computer hardware and software,
hardware, pay electricity, building materials, non-hazardous chemical products,
mechanical and electrical products, auto parts, machinery equipment and
accessories, arts and crafts, packaging materials, metal materials; importing and exporting commodities and
technologies (excluding commodities that refined or
prohibited by the state).
SC is mainly
engaged in international trade.
SC’s
products mainly include: machined parts, injection plastic/rubber parts,
ceramic parts, polyester tops, hardware tools, etc.
SC sources its materials 100% from domestic market. SC sells 30% of its products in domestic market, and 70% to overseas market, mainly in North America, Southeast Asia, Middle East, Oceania, etc.
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 Customers:
==============
Posh Granite &
Marble
Les Ventes
Cenprospec Inc.
Staff & Office:
--------------------------
SC is
known to have approx. 10 staff at present.
SC rents an area
as its operating office, but the detailed information is unknown.
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
Basic Bank:
Huaxia
Bank Suzhou Sub-branch
AC#:
4170400001836100001420
FINANCIALS
Financial Summary
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Unit: CNY’000 |
As
of May 31, 2012 |
|
Long term investment |
0 |
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Total assets |
16,571 |
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Total
liabilities |
14,189 |
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Equities |
2,382 |
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------------- |
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Unit: CNY’000 |
Jan.
1, 2012 to May 31 2012 |
|
Revenue |
35,240 |
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Profit before
tax |
14 |
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Less: profit tax |
2 |
|
Profits |
12 |
Note: The detailed financials for SC are not available in SAIC.
Important Ratios
=============
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As
of May 31, 2012 |
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*Liabilities
to assets |
0.86 |
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*Net profit
margin (%) |
0.03 |
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*Return on
total assets (%) |
0.07 |
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*
Revenue/Total assets |
2.13 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
l The revenue of SC appears average in its line.
l SC’s net profit
margin is average.
l SC’s return on
total assets is average.
LIQUIDITY:
AVERAGE
l
SC’s revenue is in an average
level, comparing with the size of its total assets.
LEVERAGE:
FAIR
l
The debt ratio of SC is fairly high.
l
The risk for SC to go bankrupt is 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.53.73 |
|
UK Pound |
1 |
Rs.83.54 |
|
Euro |
1 |
Rs.70.71 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet
normal commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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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 |
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<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.