MIRA
INFORM REPORT
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Report Date : |
19.02.2014 |
IDENTIFICATION DETAILS
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Name : |
SHANGHAI ASIAN
DEVELOPMENT PROSPEROUS IMPORT AND EXPORT CO., LTD. |
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Registered Office : |
8/F & 16/F, Indus. & Comm. Building, No. 45 Yan’an East Road, Huangpu District, Shanghai, 200002 Pr |
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Country : |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
20.12.2004 |
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Com. Reg. No.: |
310109000393862 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Subject includes importing and exporting commodities and technology, commercial consultant (excluding broker); ocean and railway international freight forwarding; Civil air transport sales agency, selling of edible agricultural products and cosmetics (excluding pig products); wholesaling of chemical products (except for dangerous chemicals, monitoring chemicals, fireworks and civilian explosives, precursor chemicals), wholesale non-physical way: pre-packaged foods (including cooked lo, refrigerated); dairy products (including infant formula milk powder); wholesale of alcoholic products. (with permits if needed). |
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No. of Employees : |
63 |
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 : |
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 – September 30, 2013
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Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
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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 and address
SHANGHAI ASIAN DEVELOPMENT PROSPEROUS
IMPORT AND EXPORT
CO., LTD.
8/F & 16/f,
INDUS. & COMM. BUILDING, NO. 45 YAN’AN EAST ROAD,
HUANGPU DISTRICT,
SHANGHAI, 200002 PR CHINA
TEL: 86 (0)
21-63374534/63373787
FAX: 86 (0)
21-63374402
EXECUTIVE SUMMARY
INCORPORATION DATE : DECEMBER 20, 2004
REGISTRATION NO. : 310109000393862
REGISTERED LEGAL FORM
: LIMITED LIABILITIES COMPANY
CHIEF EXECUTIVE : MS. WANG HONG (CHAIRMAN)
STAFF STRENGTH : 63
REGISTERED CAPITAL :
CNY 10,000,000
BUSINESS LINE : TRADING
TURNOVER : CNY 819,900,000
(AS OF DEC. 31, 2012)
EQUITIES : CNY
13,370,000 (AS OF DEC. 31, 2012)
PAYMENT : AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly STABLE
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.07 = 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 Ren Min Bi
Note: SC is also known as Shanghai ADP Trade Co., Ltd.
SC was registered as a limited liabilities company at local Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license) on December 20, 2004.
Company Status: Limited liabilities co. This form of business in PR
China is defined as a legal person. No more than fifty shareholders contribute its registered
capital jointly. Shareholders bear limited liability to the extent of
shareholding, and the co. is liable for its debts only to extent of its
total assets. The characteristics of this form of co. are as follows: Upon
the establishment of the co., an investment certificate is issued to the
each of shareholders. The board of directors is
comprised of three to thirteen members. The minimum registered capital
for a co. is CNY 30,000. Shareholders may take their
capital contributions in cash or by means of tangible assets or intangible
assets such as industrial property and non-patented technology. Cash contributed by all
shareholders must account for at least 30% of the registered capital. Existing shareholders have
pre-exemption right to purchase shares of the co. offered for sale by the
other shareholders and to subscribe for the newly increased registered
capital of the co.
SC’s registered business scope includes importing and exporting commodities and technology, commercial consultant (excluding broker); ocean and railway international freight forwarding; Civil air transport sales agency, selling of edible agricultural products and cosmetics (excluding pig products); wholesaling of chemical products (except for dangerous chemicals, monitoring chemicals, fireworks and civilian explosives, precursor chemicals), wholesale non-physical way: pre-packaged foods (including cooked lo, refrigerated); dairy products (including infant formula milk powder); wholesale of alcoholic products. (with permits if needed).
SC is mainly engaged in importing and exporting trade.
Ms. Wang Hong has been legal representative and chairman of SC since 2004.
SC is known to have approx. 63 employees at present.
SC is currently operating at the above stated address, and this address houses its operating office and head office in the commercial zone of Shanghai. Our checks reveal that SC rents the total premise but the detailed information of the premise is unspecified.
http://www.adpsh.com This website belongs to SC and its related company “Shanghai ADP International Trade Co., Ltd”. The design is professional and the content is well organized. At present it is both in Chinese and English versions.
E-mail: marketing@adpsh.com
Changes of its
registered information:
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Date of change |
Item |
Before the change |
After the change |
|
2006-01 |
Registered capital |
CNY 5,000,000 |
CNY 10,000,000 |
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Shareholders and % of Shareholdings |
Shanghai Asian Development International Transportation Pudong Co., Ltd. 60% Wang Hong 40% |
Shanghai Asian Development International Transportation Pudong Co., Ltd.30% Wang Hong 20% Lao Yusheng 30% Fang Weiming 20% |
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2006-10 |
Registered capital |
CNY 10,000,000 |
CNY 7,000,000 |
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Shareholders and % of Shareholdings |
Shanghai Asian Development International Transportation Pudong Co., Ltd.30% Wang Hong 20% Lao Yusheng30% Fang Weiming 20% |
Wang Hong 28.6% Lao Yusheng42.8% Fang Weiming 28.6% |
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2007-01 |
Registered capital |
CNY 7,000,000 |
CNY 10,000,000 |
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2007-01 |
Shareholders and % of Shareholdings |
Wang Hong 28.6% Lao Yusheng42.8% Fang Weiming 28.6% |
Wang Hong 20% Lao Yusheng 60% Fang Weiming 20% |
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2008-03 |
Shareholders and % of Shareholdings |
Wang Hong 20% Lao Yusheng 60% Fang Weiming 20% |
Lao Yusheng40% Wang Hon15% Fang Weiming15% Yao Jun10% Zheng Xingping4% Du Jimei4% Zhou Yu1% Ge Lan1% Xiang Junhong1% Dong Yanzheng1% Shi Jizheng1% Other 11 individuals7% |
|
Unknown |
Shareholders and % of Shareholdings |
Lao Yusheng40% Wang Hong15% Fang Weiming15% Yao Jun10% Zheng Xingping4% Du Jimei4% Zhou Y1% Ge Lan% Xiang Junhong1% Dong Yanzheng1% Shi Jizheng1% Other 11 individuals7% |
Present ones |
Subject passed the annual inspection of 2012 with Administration for Industry & Commerce.
Organization Code: 770213168
For the past two years there is no record of litigation.
MAIN SHAREHOLDERS:
Name % of shareholdings
Lao Yusheng 40
Wang Hong 19.5
Yao Jun 12
Zheng Xingping 12
Dong Yanzheng 2
Shi Jizheng 1.5
Zhao Li’na 1.5
Zhou Yu 1.5
Deng Yiwu 1
Wan Pengcheng 1
Other 13 individuals 8
Legal representative and chairman:
Ms. Wang Hong, ID# 31010619580523****, born in 1958, with university education. She is currently responsible for the overall management of SC.
Working Experience(s):
From 2004 to present Working in SC as chairman and legal representative.
Also working in Shanghai ADP International Trade Co., Ltd., Shanghai Yadong International Logistic Co., Ltd., Shanghai Asian Development Container Transport Pu Dong Co., Ltd., Shanghai ADP International Logistic Co., Ltd. as legal representative, etc.
General Manager:
Mr. Zheng Xingping , born in 1983, he is currently responsible for the daily management of SC.
Working Experience(s):
At present Working in SC as general manager.
SC is mainly
engaged in importing and exporting trade.
SC’s products mainly include: mechanical equipment, Industrial products, Wood, Electrical product, Daily necessities, Food and Wine products, Energy saving and Environment Protection Product, Family Craftworks, Resource Products, etc.
SC sources its materials 70% from domestic market, and 30% from overseas market, mainly Southeast Asia. SC sells 30% of its products in domestic market, and 70% to overseas market.
The buying terms of SC include Check, L/C, T/T and Credit of 30-60 days. The payment terms of SC include Check, L/C, T/T, and Credit of 30-60 days.
Note: SC’s employee
refused to release its major customers or suppliers.
Shanghai ADP International Trade Co., Ltd.
==============================
Registration No.: 310115001170224
Incorporation Date:
Chairman: Wang Hong
Registered Capital: CNY 10,000,000
Web: http://www.adpsh.com
Shanghai Asian Development International Transportation Pudong Co., Ltd.
======================================================
Registration No.: 310109000119890
Incorporation Date:
Chairman: Lao Yusheng
Registered Capital: CNY 22,000,000
Tel.: 021-63373666
E-mail: jssh@adp.com.cn
Shanghai Yadong International Logistic Co., Ltd.
===================================
Registration No.: 310113000618647
Incorporation Date:
Chairman: Wang Hong
Registered Capital: CNY 6,000,000
Shanghai ADP Customs Broker Co., Ltd.
===============================
Registration No.: 310109000444341
Incorporation Date:
Chairman: Zhao Min
Registered Capital: CNY 2,000,000
Web: http://www.adpcustoms.com/
Tel.: 021-65378833
Fax: 021-65862522
Shanghai Asian Development Container Transport Pu Dong Co., Ltd.
=================================================
Registration No.: 310113000388841
Incorporation Date:
Chairman: Wang Hong
Registered Capital: CNY 1,000,000
Etc.
SC is also known to
have the following subsidiary:
Shanghai ADP International Logistic Co., Ltd.
=================================
Registration No.: 310115000985574
Incorporation Date:
Chairman: Wang Hong
Registered Capital: CNY 10,000,000
Etc.
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.
China Merchants Bank Shanghai Branch Dongdaming Sub-branch
AC#: 212581712210001
Relationship: Normal
Balance Sheet
Unit: CNY’000
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As of Dec. 31, 2011 |
As of Dec. 31, 2012 |
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Cash & bank |
41,900 |
48,880 |
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Notes receivable |
0 |
0 |
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Inventory |
40,430 |
75,260 |
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Accounts receivable |
9,700 |
8,100 |
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Advances to suppliers |
630 |
79,360 |
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Other accounts receivable |
2,880 |
15,490 |
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Other current assets |
3,580 |
3,020 |
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Current assets |
99,120 |
230,110 |
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Fixed assets net value |
170 |
110 |
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Project under construction |
0 |
0 |
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Long term investment |
5,400 |
5,400 |
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Intangible and other assets |
20 |
30 |
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Total assets |
104,710 |
235,650 |
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Short loans |
0 |
0 |
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Notes payable |
0 |
0 |
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Accounts payable |
90 |
65,490 |
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Advances from clients |
90,230 |
152,320 |
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Accrued payroll |
0 |
0 |
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Taxes payable |
250 |
700 |
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Other accounts payable |
230 |
3,770 |
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Other current liabilities |
0 |
0 |
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------------------ |
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Current liabilities |
90,800 |
222,280 |
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Long-term liabilities |
0 |
0 |
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------------------ |
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Total liabilities |
90,800 |
222,280 |
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Equities |
13,910 |
13,370 |
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------------------ |
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Total liabilities & equities |
104,710 |
235,650 |
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Income Statement
Unit: CNY’000
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As of Dec. 31, 2011 |
As of Dec. 31, 2012 |
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Turnover |
813,840 |
819,900 |
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Cost of goods sold |
793,540 |
798,000 |
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Taxes and additional of main operation |
300 |
500 |
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Sales expense |
12,010 |
13,440 |
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Management expense |
6,470 |
6,420 |
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Finance expense |
-1,680 |
-840 |
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Non-operating income |
100 |
50 |
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Non-operating expense |
20 |
0 |
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Other business profit |
0 |
250 |
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Profit before tax |
3,280 |
2,680 |
|
820 |
1,230 |
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Profits |
2,460 |
1,450 |
Important Ratios
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As of Dec. 31, 2011 |
As of Dec. 31, 2012 |
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*Current ratio |
1.09 |
1.04 |
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*Quick ratio |
0.65 |
0.70 |
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*Liabilities to assets |
0.87 |
0.94 |
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*Net profit margin (%) |
0.30 |
0.18 |
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*Return on total assets (%) |
2.35 |
0.62 |
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*Inventory /Turnover ×365 |
19 days |
34 days |
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*Accounts receivable/Turnover ×365 |
5 days |
4 days |
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*Turnover/Total assets |
7.77 |
3.48 |
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* Cost of goods sold/Turnover |
0.98 |
0.97 |
PROFITABILITY: AVERAGE
The turnover of SC appears fairly good in its line.
SC’s net profit margin appears average.
SC’s return on total assets appears average.
SC’s cost of goods sold is high, comparing with its turnover.
LIQUIDITY: FAIR
The current ratio of SC is maintained in a normal level.
SC’s quick ratio is maintained in a fair level.
The inventory of SC appears fairly large in both years.
The accounts receivable of SC appears average in both years.
SC has no short-term loan in both years.
SC’s turnover is in a good level in 2011, but fairly good in 2012, comparing with the size of its total assets.
LEVERAGE: FAIR
The debt ratio of SC is high.
The risk for SC to go bankrupt is average.
Overall financial condition of the SC: Fairly stable
SC is considered medium-sized in its line with fairly stable financial conditions.
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.12 |
|
|
1 |
Rs.103.93 |
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Euro |
1 |
Rs.85.17 |
INFORMATION DETAILS
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Report Prepared
by : |
NIS |
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 |
|
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.