MIRA
INFORM REPORT
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Report Date : |
16.05.2014 |
IDENTIFICATION DETAILS
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Name : |
SPORTMASTER (SHANGHAI) TRADING CO., LTD. |
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Registered Office : |
Room 247 No. 2 South Taizhong Road, Waigaoqiao Free Trade Zoneshanghai 200122 PR |
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Country : |
China |
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Financials (as on) : |
31.03.2014 |
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Date of Incorporation : |
22.11.2012 |
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Com. Reg. No.: |
310000400697930 |
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Legal Form : |
Wholly Foreign-Owned Enterprise |
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Line of Business : |
Subject is engaged in the wholesaling, importing, exporting,
commission agency (excluding auction) and online retailing sports equipment,
sporting goods, outdoor equipment, sports apparel and footwear and other
products, and providing related ancillary services; bonded area of
international trade, transit trade, bonded trade between enterprises and
trade agents, simple processing of goods within the bonded area and trade
advisory services. |
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No. of Employees : |
116 |
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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
China |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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, growth of the
private sector, development of stock markets and a modern banking system, 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 considered important to "economic
security," explicitly looking to foster globally competitive industries.
After keeping its currency tightly linked to the US dollar for years, in July
2005 China 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 and
expanded the daily trading band within which the RMB is permitted to fluctuate.
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. Several factors are
converging to slow China's growth, including debt overhang from its
credit-fueled stimulus program, industrial overcapacity, inefficient allocation
of capital by state-owned banks, and the slow recovery of China's trading
partners. The government's 12th Five-Year Plan, adopted in March 2011 and reiterated
at the Communist Party's "Third Plenum" meeting in November 2013,
emphasizes continued economic reforms and the need to increase domestic
consumption in order to make the economy less dependent in the future on fixed
investments, exports, and heavy industry. 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
SPORTMASTER (SHANGHAI) TRADING CO., LTD.
ROOM 247 NO. 2
SOUTH TAIZHONG ROAD, WAIGAOQIAO FREE TRADE ZONE
SHANGHAI 200122
PR CHINA
TEL: 86 (0)
21-58301535
FAX: N/A
EXECUTIVE SUMMARY
Date of Registration : NOVember 22, 2012
REGISTRATION NO. : 310000400697930
LEGAL FORM : WHOLLY
FOREIGN-OWNED ENTERPRISE
CHIEF EXECUTIVE :
JEROME PAUL CAMBOUNET (LEGAL REPRESENTATIVE)
REGISTERED CAPITAL : CNY 64,000,000
staff :
116
BUSINESS CATEGORY : trading
REVENUE :
CNY 162,000 (JAN. 1, 2014 TO MAR. 31, 2014)
EQUITIES :
CNY 29,787,000 (AS OF MAR. 31, 2014)
WEBSITE : www.sportmaster.cn
E-MAIL :
info@sportmaster.cn
PAYMENT :
AVERAGE
MARKET CONDITION : CURRENTLY REMAINS TO BE OBSERVED
FINANCIAL CONDITION : fair
OPERATIONAL TREND : FAIR
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.23 = 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 wholly foreign-owned enterprise of PRC with
State Administration of Industry & Commerce (SAIC) under registration No.: 310000400697930 on November 22, 2012.
SC’s Organization Code Certificate No.:
05760974-9
%20TRADING%20CO%20,%20LTD%20%20-%20266902%2016-May-2014_files/image002.jpg)
SC’s Tax No.: 310115057609749
SC’s registered capital: CNY 64,000,000
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
|
Legal Representative |
Alexander Pulichev |
Jerome Paul Cambounet |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Sportmaster Holding Pte. Ltd. (Singapore) |
100 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman, and General Manager |
Jerome Paul Cambounet |
|
Supervisor |
Dmitry Barkov |
RECENT
DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER
CHART & BACKGROUND
Name %
of Shareholding
Sportmaster Holding Pte. Ltd. (Singapore) 100
MANAGEMENT
Jerome Paul
Cambounet, Legal Representative, Chairman
and General Manager
--------------------------------------------------------------------------------------------------------
Gender: M
Qualification: University
Working experience
(s):
From February of 2014 to present, working in SC as legal representative,
chairman and general manager
Supervisor
--------------
Dmitry Barkov
BUSINESS
OPERATION
***Note: SC
started its normal operation in March 2014.
SC’s registered business scope includes wholesaling, importing, exporting,
commission agency (excluding auction) and online retailing sports equipment,
sporting goods, outdoor equipment, sports apparel and footwear and other
products, and providing related ancillary services; bonded area of
international trade, transit trade, bonded trade between enterprises and trade
agents, simple processing of goods within the bonded area and trade advisory
services. (if the trade of the goods is governed by the quota or special rule,
relevant regulations shall be followed; with permit if needed).
SC is mainly engaged in selling sporting goods, outdoor goods.
SC’s products mainly include: tent, hiking shoes, travel bag
%20TRADING%20CO%20,%20LTD%20%20-%20266902%2016-May-2014_files/image004.jpg)
SC sources its products 80% from domestic market, and 20% from overseas market. SC sells 100% of its products in domestic market.
The buying terms of SC include T/T, L/C and Credit of 30-60 days. The
payment terms of SC include Check, T/T and Credit of 30-60 days.
Staff &
Office:
--------------------------
SC is known to have approx. 116
staff at present.
SC rents an area as its operating office, but the detailed information
is unknown.
RELATED
COMPANY
Avalor Trading (Shanghai) Co., Ltd.
---------------------------------------
Date of Registration: November 15, 2010
Registration No.: 310115400264383
Legal Form: Wholly Foreign-Owned
Enterprise
Chief Executive: Irina Popelko
Registered Capital: USD 1,000,000
SC is known to
have 5 branches at present,
Sportmaster (Shanghai) Trading Co., Ltd. Qingdao Branch
Sportmaster (Shanghai) Trading Co., Ltd. Harbin Road Branch
Sportmaster (Shanghai) Trading Co., Ltd. Tianjin No. 1 Branch
Sportmaster (Shanghai) Trading Co., Ltd. Shenyang Branch
Sportmaster (Shanghai) Trading Co., Ltd. Tianjin Branch
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
The bank information of SC is not filed in SAIC.
FINANCIALS
Financial Summary
|
Unit: CNY’000 |
As
of Dec. 31, 2013 |
As
of Mar. 31, 2014 |
|
Current assets |
41,323 |
66,938 |
|
Long term investment |
0 |
0 |
|
Fixed assets |
4,352 |
8,808 |
|
Intangible assets |
1,562 |
1,625 |
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Other assets |
32 |
4,334 |
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------------- |
------------- |
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Total assets |
47,269 |
81,705 |
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------------- |
------------- |
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Current liabilities |
2,896 |
51,918 |
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Non-current liabilities |
0 |
0 |
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------------- |
------------- |
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Total liabilities |
2,896 |
51,918 |
|
Equities |
44,373 |
29,787 |
|
|
------------- |
------------- |
|
Unit: CNY’000 |
As
of Dec. 31, 2013 |
Jan.
1, 2014 to Mar. 31, 2014 |
|
Revenue |
0 |
162 |
|
Cost of sales |
0 |
54 |
|
Profit before tax |
-20 |
-13,738 |
|
Less: profit tax |
0 |
0 |
|
Profits |
-20 |
-13,738 |
Important Ratios
|
|
As
of Dec. 31, 2013 |
As
of Mar. 31, 2014 |
|
*Current ratio |
14.27 |
1.29 |
|
*Liabilities to assets |
0.06 |
0.64 |
|
*Net profit margin (%) |
-- |
-8,480.25 |
|
*Return on total assets (%) |
-0.04 |
-16.81 |
|
*Revenue / Total assets |
0 |
0.002 |
|
*Cost of sales / Revenue |
-- |
0.33 |
FINANCIAL
COMMENTS
PROFITABILITY:
FAIR
·
SC started its normal operation in March 2014, and the
revenue appears poor in its line.
·
SC’s net profit margin is poor.
·
SC’s return on total assets is fair.
·
SC’s cost of sales is low, comparing with its
revenue.
LIQUIDITY: FAIR
·
The current ratio of SC is maintained in a normal
level.
·
SC’s revenue is in a fair level, comparing with the
size of its total assets.
LEVERAGE: FAIR
·
The debt ratio of SC is average.
·
The risk for SC to go bankrupt is above average.
Overall financial
condition of the SC: FAIR.
CONCLUSIONS
SC is considered medium-sized in its line with fair financial conditions
and short business history.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.47 |
|
|
1 |
Rs.99.70 |
|
Euro |
1 |
Rs.81.55 |
INFORMATION DETAILS
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Analysis Done by
: |
SUB |
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Report Prepared
by : |
NNA |
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 |
|
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.