MIRA
INFORM REPORT
|
Report Date : |
28.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
SHANGHAI
UNIDEV IMPORT & EXPORT CO., LTD. |
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Registered Office : |
No. 168 Taibei West Road, Waigaoqiao
Free Trade Zone, Pudong New Area, Shanghai, 200131
PR |
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Country : |
China |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
19.04.2004 |
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Com. Reg. No.: |
310115000828976 |
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Legal Form : |
One-Person Limited Liability
Company |
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Line of Business : |
Engaged in trading and acting as an agent for international business |
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No. of Employees |
52 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No complaints |
|
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 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
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High Risk |
C2 |
|
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
SHANGHAI
UNIDEV IMPORT & EXPORT CO., LTD.
NO. 168 TAIBEI WEST ROAD,
WAIGAOQIAO FREE TRADE ZONE,
PUDONG NEW AREA, SHANGHAI, 200131 PR CHINA
TEL: 86 (0) 21-51119764/51909721/51909780 FAX: 86 (0)
21-51119721/51909767
EXECUTIVE SUMMARY
INCORPORATION DATE :
APR. 19, 2004
REGISTRATION NO. :
310115000828976
REGISTERED LEGAL FORM :
ONE-PERSON LIMITED LIABILITY COMPANY
CHIEF EXECUTIVE :
MR. JIANG QIMIN (CHAIRMAN)
STAFF STRENGTH :
52
REGISTERED CAPITAL : CNY 5,000,000
BUSINESS LINE :
AGENT & TRADE
TURNOVER :
CNY 488,760,000 (AS OF DEC. 31, 2013)
EQUITIES :
CNY 18,650,000 (AS OF DEC. 31, 2013)
PAYMENT :
AVERAGE
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
FAIRLY STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY
6.24 = 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
Note: The “
SC was registered as a limited liabilities co. at
local Administration for Industry & Commerce (AIC - The official body of
issuing and renewing business license) on Apr. 19, 2004, and later was changed
into present legal form.
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 importing and exporting commodities and
technologies, excluding export commodities limited or prohibited by the state;
selling medical equipment and edible agricultural products, wholesaling pre-packaged
food (non-physical way); consulting services.
SC is mainly
engaged in trading and acting as an agent for international business.
Mr.
Jiang Qimin is legal representative and chairman of SC at present.
SC is
known to have approx. 52 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office in the Free Trade Zone of Shanghai.
Detailed information of the premise is unspecified.
SC is not known to host website of its own at present.
Changes
of its registered information:
|
Date of change |
Item |
Before the change |
After the change |
|
Unknown |
Registration No. |
3101151019101 |
Present one |
|
Legal representative |
Liu Hong |
||
|
Registered legal form |
Limited Liabilities Co. |
||
|
Shareholders (% of shareholding) |
Shanghai Waigaoqiao Free Trade
Zone United Development Co., Ltd. 60% Shanghai Wai Gaoqiao Free Trade Zone Business Development
Co., Ltd. 20% Shanghai Waigaoqiao Premises Administration Co., Ltd. 20% |
Subject passed the annual inspection of 2012
with Administration for Industry & Commerce.
Organization Code: 761603762
For the past two years there is no record of litigation.
MAIN SHAREHOLDERS:
Name % of Shareholding
Shanghai Waigaoqiao Free Trade
Zone United Development Co., Ltd. 100
Legal representative: Yao Zhong
Registered capital: CNY
736,218,640
Registration no.: 310115400001782
Add: Waigaoqiao Mansion, No.
889, Yanggao North Road, Shanghai
Tel: 021-58699888
Email: service@shftz.com
l
Legal Representative and Chairman:
Mr. Jiang Qimin, born in 1953, he is currently responsible
for the overall management of SC.
Working Experience(s):
At present Working in SC as legal representative
and chairman.
Also
working in Shanghai Sankai Imp. & Exp. Co., Ltd. as legal representative
and in Shanghai Waigaoqiao International Trading Operation Center Co., Ltd. as
general manager, etc.
*Officials:
=======
Name Title
Wang Ruzhuo Director
Feng Ji Director
He Guoguang Director
Han Yuanzhi Director
Shan Qijin Supervisor
Wang Weizhi Supervisor
SC is mainly engaged
in trading and acting as an agent for international business.
SC’s products mainly include: various kinds of
clothing, etc.
SC sources its materials 90% from domestic
market and 10% from overseas market. SC sells 30% of its products in domestic market,
and 70% to overseas market.
The buying terms of SC include Check, T/T, L/C and Credit of
30-60 days. The payment terms of SC include Check, T/T, L/C and Credit of 30-60
days.
Note:
SC’s management declined to release its major clients and suppliers.
Shanghai Waigaoqiao International Trading Operation Center Co., Ltd.
=================================
Registration No.: 310115000742855
Incorporation Date:
Legal Representative: Li Yunzhang
Registered Capital: CNY 100,000,000
Tel.:
021-51119888
Fax:
021-51119721
Add.
: No. 2001, Yanggao North Road, Pudong New Area, Shanghai
Shanghai
Sankai Imp. & Exp. Co., Ltd.
======================
Registration No.: 310115000317713
Incorporation Date:
Legal Representative: Jiang Qimin
Registered Capital: CNY 5,000,000
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 Waigaoqiao Free Trade Zone Sub-branch
AC#：457259217546
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
|
|
as of Dec. 31, 2012 |
as of Dec. 31, 2013 |
|
Cash & bank |
580,250 |
967,200 |
|
Inventory |
2,570 |
140 |
|
Accounts
receivable |
32,980 |
19,460 |
|
Advances to
suppliers |
0 |
50 |
|
Other
receivables |
5,690 |
14,440 |
|
Dividends
receivable |
0 |
0 |
|
Other current
assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current assets |
621,490 |
1,001,290 |
|
Fixed assets net
value |
420 |
310 |
|
Projects under
construction |
0 |
0 |
|
Long term
investment |
0 |
0 |
|
Intangible
assets |
0 |
0 |
|
Other assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total assets |
621,910 |
1,001,600 |
|
|
============= |
============= |
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Short loans |
549,910 |
880,590 |
|
Accounts payable |
770 |
1,420 |
|
Other accounts
payable |
32,050 |
23,950 |
|
Notes payable |
0 |
0 |
|
Taxes payable |
1,120 |
2,260 |
|
Advances from
clients |
20,940 |
74,730 |
|
Accrued payroll |
0 |
0 |
|
Dividends
payable |
0 |
0 |
|
Other payable |
0 |
0 |
|
Other current
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
604,790 |
982,950 |
|
Long term
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
604,790 |
982,950 |
|
Equities |
17,120 |
18,650 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
621,910 |
1,001,600 |
|
|
============= |
============= |
Income Statement
Unit: CNY’000
|
|
as of Dec. 31,
2012 |
as of Dec. 31,
2013 |
|
Turnover |
494,950 |
488,760 |
|
Cost of goods
sold |
466,310 |
460,700 |
|
Taxes
and additional of main operation |
1,420 |
1,040 |
|
Sales expense |
15,240 |
14,850 |
|
Management expense |
5,320 |
4,620 |
|
Finance expense |
-6,070 |
-5,420 |
|
Other business
profit |
140 |
0 |
|
Asset impairment
loss |
0 |
-1,490 |
|
Non-operating
income |
40 |
0 |
|
Non-operating expense |
0 |
0 |
|
Profit before
tax |
12,910 |
14,460 |
|
Less: profit tax |
3,280 |
3,310 |
|
Profits |
9,630 |
11,150 |
Important Ratios
=============
|
|
as
of Dec. 31, 2012 |
as
of Dec. 31, 2013 |
|
*Current ratio |
1.03 |
1.02 |
|
*Quick ratio |
1.02 |
1.02 |
|
*Liabilities
to assets |
0.97 |
0.98 |
|
*Net profit
margin (%) |
1.95 |
2.28 |
|
*Return on total
assets (%) |
1.55 |
1.11 |
|
*Inventory
/Turnover ×365 |
2 days |
1 day |
|
*Accounts
receivable/Turnover ×365 |
25 days |
15 days |
|
*Turnover/Total
assets |
0.80 |
0.49 |
|
* Cost of
goods sold/Turnover |
0.94 |
0.94 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears fairly good
in its line.
l
SC’s net profit margin is average.
l
SC’s return on total assets is average.
l
SC’s cost of goods sold is fairly high,
comparing with its turnover.
LIQUIDITY:
AVERAGE
l
The current ratio of SC is in a normal
level.
l
SC’s quick ratio is maintained in a
normal level.
l
The inventory of SC appears small in
both years.
l
The accounts receivable of SC appears
average in both years.
l
SC’s short-term loan appears too large
in both years.
l
SC’s turnover is in a fair level,
comparing with the size of its total assets.
LEVERAGE:
FAIR
l
The debt ratio of SC is high.
l
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. The large amount of short loans could be a threat to SC’s
financial condition.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.05 |
|
|
1 |
Rs.99.61 |
|
Euro |
1 |
Rs.80.60 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
PDT |
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.