MIRA INFORM REPORT
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Report Date : |
23.10.2013 |
IDENTIFICATION DETAILS
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Name : |
Shanghai Bofeng Electronics Co., Ltd |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
15.02.2001 |
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Com. Reg. No.: |
310117002245421 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacturing
and Selling of Electronic Products. |
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No. of Employees : |
37 |
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 – March 31st, 2013
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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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 |
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.
Source
: CIA
company Name and Address
Shanghai Bofeng Electronics Co., Ltd.
(trade name: REHOO INDUSTRIAL LIMITED)
no. 88 hengjiang
road, jiuting town, songjiang district
shanghai 201615 PR
CHINA
TEL: 86 (0)
21-67690707
FAX: 86 (0)
21-67691357
***Note: SC’s name
should be the above stated one, Rehoo Industrial Limited (the given name) is
SC’s related company registered in Hong Kong, and however, SC always uses this
name as its trade name.
EXECUTIVE SUMMARY
Date of Registration : february 15, 2001
REGISTRATION NO. : 310117002245421
LEGAL FORM : Limited Liability Company
CHIEF EXECUTIVE : YAO YINFANG (LEGAL REPRESENTATIVE)
REGISTERED CAPITAL : CNY 5,000,000
staff :
37
BUSINESS CATEGORY : TRADING
Revenue :
CNY 12,220,000 (AS OF DEC. 31, 2012)
EQUITIES :
CNY 7,472,000 (AS OF DEC. 31, 2012)
WEBSITE : www.sbecer.com
E-MAIL :
jackstar@rehoochina.com
PAYMENT :
AVERAGE
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : FAIR
OPERATIONAL TREND :
ordinary
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.12 = 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.:
310117002245421 on February 15,
2001.
SC’s Organization Code Certificate No.:
70309002-2
SC’s Tax No.: 310227703090022
SC’s registered capital: CNY 5,000,000
SC’s paid-in capital: CNY 5,000,000
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:-
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Name of Shareholder (s) |
% of Shareholding |
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Yao Yinfang and Other Individual |
100 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman, and
General Manager |
Yao Yinfang |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name % of
Shareholding
Yao Yinfang and Other Individual 100
MANAGEMENT
Yao Yinfang, Legal Representative, Chairman and General
Manager
-----------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø Qualification:
University
Ø Mobile: 86 (0)
13817576367
Ø Working experience
(s):
At present, working in SC as legal
representative, chairman and general manager
BUSINESS OPERATION
SC’s registered business scope includes manufacturing and
selling electronic products, garment machinery, food packaging machinery, metal
detector machines, weight sorting machine, X-ray machines; importing and exporting
goods and technology.
SC is mainly
engaged in manufacturing and selling electronic products.
Branch: SBEC
SC’s products
mainly include: automatic conveyor type metal detector.
SC sources its materials 100% from domestic market, mainly Shanghai. SC sells 70% of its products in domestic market, and 30% 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 Customer:
=============
Aliyas Foods Ltd.
Staff & Office:
--------------------------
SC is known
to have approx. 37 staff at
present.
SC rents an area
as its operating office and factory, but the detailed information is unknown.
RELATED COMPANY
Rehoo Industrial Limited
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Date of Registration: September 25, 2007
Registration No.: 1170264
Legal Form: Private
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:
China
Construction Bank
AC#:
31001983011056000335
FINANCIALS
Financial Summary
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Unit: CNY’000 |
As
of Dec. 31, 2012 |
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Long term investment |
0 |
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Total assets |
13,266 |
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------------- |
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Total
liabilities |
5,794 |
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Equities |
7,472 |
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------------- |
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Revenue |
12,220 |
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Profit before
tax |
-558 |
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Less: profit tax |
153 |
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Profits |
-711 |
Important Ratios
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As
of Dec. 31, 2012 |
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*Liabilities
to assets |
0.44 |
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*Net profit
margin (%) |
-5.82 |
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*Return on total
assets (%) |
-5.36 |
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*
Revenue/Total assets |
0.92 |
FINANCIAL COMMENTS
PROFITABILITY:
FAIR
l The revenue of SC
appears average in its line.
l SC’s net profit
margin is fair.
l SC’s return on
total assets is fair.
LIQUIDITY: FAIR
l
SC’s revenue is in a fair 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: Fair.
CONCLUSIONS
SC is considered small-sized in its line with fair financial conditions.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.78 |
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1 |
Rs.99.66 |
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Euro |
1 |
Rs.84.49 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIT |
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 |
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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.