MIRA
INFORM REPORT
|
Report Date : |
13.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
shanghai wufeng trading ltd. |
|
|
|
|
Registered Office : |
Room 1105, No. 525, Sichuan North Road, Shanghai, 200085 PR |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
22.04.1995 |
|
|
|
|
Com. Reg. No.: |
310115000270254 |
|
|
|
|
Legal Form : |
One-Person Limited
Liability Company |
|
|
|
|
Line of Business : |
Subject includes selling feed, department stores,
household appliances, building materials, chemical products and raw materials
(excluding hazardous chemicals, controlled chemicals, fireworks, civil
explosives, precursor chemicals), mineral products (excluding the control),
clothing, importing and exporting various kinds of commodities and
technology, excluding the items limited or prohibited by the state, the above
related business advisory services. Wholesaling pre-packaged food (including
refrigerated, excluding food lo), dairy products (including infant formula
milk powder) (with permit if needed) (non-physical way). |
|
|
|
|
No. of Employees : |
15 |
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 |
|
Payment Behaviour : |
Slow but correct |
|
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
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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 2013 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 consumption; (b) facilitating higher-wage job opportunities for the aspiring middle class, including rural migrants and increasing numbers of college graduates; (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. Debt overhang from its credit-fueled stimulus program in 2008-10, particularly among local governments, and soaring property prices challenge policy makers currently. Their efforts to cool a red-hot property market in 2011 appear to have curbed inflation, but contributed to slower GDP growth in 2012 and 2013. Slow recovery in Europe and other key export markets have also retarded growth. 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 fixed investments and exports in the future. However, China has made only marginal progress toward these rebalancing goals. The new government of President XI Jinping has signaled a greater willingness to undertake reforms that focus on China's long-term economic health, including giving the market a more decisive role in allocating resources
|
Source
: CIA |
Company name and address
shanghai wufeng
trading ltd.
room 1105, no. 525, SICHUAN
NORTH road, shanghai, 200085 PR CHINA
TEL: 86 (0)
21-65073463
FAX: 86 (0)
21-55152176
EXECUTIVE SUMMARY
INCORPORATION DATE : april 22, 1995
REGISTRATION NO. : 310115000270254
REGISTERED LEGAL FORM
: One-person Limited Liability Company
CHIEF EXECUTIVE : MR. FU YIFENG (CHAIRMAN)
STAFF STRENGTH : 15
REGISTERED CAPITAL :
CNY 2,000,000
BUSINESS LINE : trading
TURNOVER : CNY 157,090,000
(AS OF DEC. 31, 2013)
EQUITIES : CNY 390,000
(AS OF DEC. 31, 2013)
PAYMENT : AVERAGE
MARKET CONDITION : average
FINANCIAL CONDITION : FAIRLY STABLE
OPERATIONAL TREND :
FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.1388 = 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 limited liabilities company at local Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license) on April 22, 1995, and has been under the present legal form since 2013.
Company Status: One-person
Limited Liability Company Single person LLC refers to a
limited liability company set up by only one natural person or legal person
as the single shareholder of it. The minimum registered capital
of Single person LLC is CNY100,000. The shareholder’s capital contributes,
as set out by the articles of associations should be a lump-sum payment in
full. One natural person can only
invest in and set up one limited liability company, which is not permitted
to invest in and set up a new Single person LLC. As to any one-person limited
liability company, the sole-investor nature of the natural person or legal
person shall be indicated in the registration documents of the company and
shall be indicated in the business license thereof as well. The regulation of Single person
LLC should be set up by the shareholder The regulation of Single person
LLC has no shareholder meeting.
SC’s registered business scope includes selling feed, department stores, household appliances, building materials, chemical products and raw materials (excluding hazardous chemicals, controlled chemicals, fireworks, civil explosives, precursor chemicals), mineral products (excluding the control), clothing, importing and exporting various kinds of commodities and technology, excluding the items limited or prohibited by the state, the above related business advisory services. Wholesaling pre-packaged food (including refrigerated, excluding food lo), dairy products (including infant formula milk powder) (with permit if needed) (non-physical way). [with permit if needed]
SC is mainly engaged in export business.
Mr. Fu Yifeng has been the legal representative, chairman and general manager of SC since 2013.
SC is known to have approx. 15 employees at present.
SC is currently operating at the above stated address, and this address houses its operating office in the commercial zone of Shanghai. SC’s management declined to release detailed information of the premise.
SC also has another address located at Room 102, No. 20, Lane 200, Rushan Road, Pudong New District, Shanghai (上海市浦东新区乳山路200弄20号102室).
http://www.ymspjt.com The website belongs to SC’s parent company. The design is professional and the content is well organized. At present it is in Chinese version.
Changes of its registered information are as follows:
|
Date of change |
Item |
Before the change |
After the change |
|
2013 |
Legal rep. |
Qiu Biyin |
Present one |
|
Registration no. |
3101151011768 |
Present one |
|
|
Shareholders |
Shanghai Foodstuffs Import & Export Corporation 90% Shanghai Foodstuffs Import & Export International Freight Co., Ltd. 10% |
Present one |
|
|
Legal form |
Limited liabilities co. |
Present one |
Subject passed the annual inspection of 2012 with Administration for Industry & Commerce.
Organization code: 133854077
For the past two years there is no record of litigation.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Shanghai Yimin No.1 Foods (Group) Co., Ltd. 100
Shanghai Yimin No.1 Foods (Group) Co., Ltd. is a comprehensive large-scale food group. The company has formed three sections: food processing and manufacturing, food service and trade, non-food investment; six main industries: cold drinks cold, canned food, drinking water, beverages, candy honey, wine, meat processing.
Registration no.: 310000000066402
Registered capital: CNY 1,280,550,000
Legal rep.: Wang Zongnan
Legal form: One-person Limited Liability Company
E-mail: ym@ymspjt.com
Tel: 021-64159898
Fax: 021-64676073
Add: Light Industry Tower, No. 376, Zhaojiabang Road, Shanghai
Legal representative, Chairman and General manager:
Mr. Fu Yifeng is currently responsible for the overall management of SC.
Working Experience(s):
From 2013 to present Working
in SC as legal representative, chairman and general manager.
Directors:
Qiu Biyin
Hou Shaoxiong
Supervisor:
Xia Rong
SC is mainly engaged in export business.
SC’s products mainly include: foods, feed, department stores, etc.
SC sources its materials 80% from domestic market, and 20% from overseas market, mainly Southeast Asian market. SC sells 20% of its products in domestic market, and 80% to overseas market, mainly USA, Europe and Southeast Asian market.
The buying terms of SC include T/T, L/C and Credit of 30 days. The payment terms of SC include T/T, L/C and Credit of 30 days.
Note: SC declined to
release its major suppliers and clients.
According to the website: http://www.ymspjt.com
Shanghai Yimin No.1 Foods Co., Ltd.
===========================
Incorporation date:
Registration no.: 310226000115916
Registered capital: CNY 148,670,000
Legal rep.: Zhang Qiming
Legal form: One-person Limited Liability Company
Shanghai Maling Aquarius (Group) Co, Ltd.
=================================
Incorporation date:
Registration no.: 310000000006252
Registered capital: CNY 567,000,000
Legal rep.: Wu Xiaohong
Legal form: One-person Limited Liability Company
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.
Bank of China Shanghai Dongchang Road Sub-branch
Add: No. 590, Dongchang Road, Pudong New District, Shanghai
AC#：N/A
Relationship: Normal.
Balance Sheet
Unit: CNY’000
|
|
as of Dec. 31, 2013 |
|
Cash & bank |
5,690 |
|
Inventory |
13,450 |
|
Accounts receivable |
4,650 |
|
Advances to suppliers |
5,150 |
|
Other receivables |
0 |
|
Other current assets |
3,030 |
|
|
------------------ |
|
Current assets |
31,970 |
|
Long-term investments |
0 |
|
Fixed assets net value |
80 |
|
Projects under construction |
0 |
|
Intangible assets |
0 |
|
Other assets |
0 |
|
|
------------------ |
|
Total assets |
32,050 |
|
|
============= |
|
Short loans |
0 |
|
Accounts payable |
18,950 |
|
Advances from customers |
8,760 |
|
Accrued payroll |
0 |
|
Taxes payable |
-3,030 |
|
Other accounts payable |
6,980 |
|
Other current liabilities |
0 |
|
|
----------------- |
|
Current liabilities |
31,660 |
|
Long term liabilities |
0 |
|
|
------------------ |
|
Total liabilities |
31,660 |
|
Shareholders equities |
390 |
|
|
------------------ |
|
Total liabilities & equities |
32,050 |
|
|
============= |
Income Statement
Unit: CNY’000
|
|
as of Dec. 31, 2013 |
|
Turnover |
157,090 |
|
Cost of goods sold |
152,760 |
|
Taxes and additional of main operation |
10 |
|
Sales expense |
3,190 |
|
Management expense |
1,080 |
|
Finance expense |
30 |
|
Non-operating income |
0 |
|
Non-operating expense |
0 |
|
Profit before tax |
20 |
|
Less: profit tax |
-10 |
|
Net profit |
30 |
Important Ratios
=============
|
|
As of Dec. 31, 2013 |
|
*Current ratio |
1.01 |
|
*Quick ratio |
0.58 |
|
*Liabilities to assets |
0.99 |
|
*Net profit margin (%) |
0.02 |
|
*Return on total assets (%) |
0.09 |
|
*Inventory /Turnover ×365 |
32 days |
|
*Accounts receivable/Turnover ×365 |
11 days |
|
*Turnover/Total assets |
4.90 |
|
* Cost of goods sold/Turnover |
0.97 |
PROFITABILITY:
AVERAGE
The turnover of SC appears fairly good in its line.
SC’s net profit margin is average.
SC’s return on total assets is average.
SC’s cost of goods sold is high, comparing with its turnover.
LIQUIDITY: FAIR
The current ratio of SC is maintained in a fair level.
SC’s quick ratio is maintained in a fair level.
The inventory of SC is maintained in an average level.
The accounts receivable of SC appears average.
SC has no short-term loan in 2013.
SC’s turnover is in a fairly good level, 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 small-sized in its line with fairly stable financial conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.09 |
|
|
1 |
Rs.101.59 |
|
Euro |
1 |
Rs.84.65 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIS |
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.