MIRA
INFORM REPORT
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Report Date : |
01.09.2014 |
IDENTIFICATION DETAILS
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Name : |
SHIRAT ENTERPRISES ( |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
20.04.2011 |
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Com. Reg. No.: |
120000400123057 |
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Legal Form : |
Wholly foreign-owned enterprise |
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Line of Business : |
Subject includes development, transfer, consulting and services of energy saving technology, computer technology; business management services; investment advisory; wholesale, import and export of machinery and equipment, electronic equipment. It is also engaged in selling incubator. |
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No. of Employees |
11 |
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 – June 1, 2014
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Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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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, 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.
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Source
: CIA |
Company name and address
SHIRAT ENTERPRISES
(TIANJIN) LTD.
SUITE 426, HUAYING MANSION, ZHONG XIN DA DAO
AIRPORT ECONOMIC AREA, TIANJIN 300308 PR CHINA
TEL: 86 (0) 22-24866281
FAX: 86 (0) 22-24866282
***Note:
According to the, we locate SC. SC’s name should be the heading one, while
Shirat Enterprises Ltd. (the given name) is SC’s parent company.
EXECUTIVE SUMMARY
DATE OF REGISTRATION : APRIL 20, 2011
REGISTRATION NO. : 120000400123057
LEGAL FORM : WHOLLY FOREIGN-OWNED ENTERPRISE
CHIEF EXECUTIVE : CHANG BO (LEGAL REPRESENTATIVE)
REGISTERED CAPITAL : CNY 650,000
STAFF : 11
BUSINESS CATEGORY : TRADING
REVENUE : CNY 6,430,000 (AS OF DEC. 31, 2013)
EQUITIES : CNY 237,000 (AS OF DEC. 31, 2013)
WEBSITE : N/A
E-MAIL : N/A
PAYMENT : AVERAGE
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : FAIRLY STABLE
OPERATIONAL TREND : ORDINARY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.15 = 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.: 120000400123057 on April 20, 2011.
SC’s Organization Code Certificate No.: 57231731-0
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SC’s Tax No.: 120116572317310
SC’s registered capital: CNY 650,000
SC’s paid-in capital: CNY 650,000
Registration Change Record:-
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Date |
Change of Contents |
Before the change |
After the change |
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Registered Capital |
CNY 100,000 |
CNY 650,000 |
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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Shirat Enterprises Ltd. (Israel) |
100 |
SC’s Chief Executives:-
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Position |
Name |
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Legal Representative and Chairman |
Chang Bo |
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Director |
Eliezer Manor |
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Supervisor |
Dov Mishor |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name % of Shareholding
Shirat Enterprises Ltd. (Israel) 100
======================
Einstein St. #13
Weizmann Science Park
Nes Ziona
Tel: +972 8 930 0665
Fax: +972 8 930 0667
Web: www.shirat-enterprises.com
MANAGEMENT
Chang Bo Legal Representative and Chairman
----------------------------------------------------------------------
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Gender: M
Qualification: MBA
Working experience (s):
From 2011 to present, working in SC as legal representative and chairman
Director
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Eliezer Manor
Supervisor
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Dov Mishor
BUSINESS OPERATION
SC’s registered business scope includes development, transfer, consulting and services of energy saving technology, computer technology; business management services; investment advisory; wholesale, import and export of machinery and equipment, electronic equipment.
SC is mainly engaged in selling incubator.
SC’s products mainly include: incubator, etc.
SC sources its products 20% from domestic market, and 80% from overseas market. SC sells 80% of its products in domestic market, and 20% 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 T/T, L/C and Credit of 30-60 days.
Staff & Office:
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SC is known to have approx. 11 staff at present.
SC rents an area as its operating office, but the detailed information is unknown.
RELATED COMPANY
SC is not known to have any subsidiary at present.
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
Balance Sheet
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Unit: CNY’000 |
As of Dec. 31, 2013 |
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69 |
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Notes receivable |
0 |
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Accounts receivable |
0 |
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Advances to suppliers |
0 |
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Other receivable |
59 |
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Inventory |
0 |
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Non-current assets within one year |
0 |
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Other current assets |
6 |
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------------------ |
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Current assets |
134 |
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Long-term investment |
1,560 |
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Fixed assets |
35 |
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Long-term prepaid expenses |
0 |
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Deferred income tax assets |
0 |
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Other non-current assets |
38 |
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Total assets |
1,767 |
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Short-term loans |
0 |
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Notes payable |
0 |
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Accounts payable |
78 |
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Wages payable |
-112 |
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Taxes payable |
27 |
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Advances from clients |
0 |
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Other payable |
1,537 |
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Other current liabilities |
0 |
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Current liabilities |
1,530 |
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Non-current liabilities |
0 |
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Total liabilities |
1,530 |
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Equities |
237 |
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Total liabilities & equities |
1,767 |
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Income Statement
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Unit: CNY’000 |
As of Dec. 31, 2013 |
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Revenue |
6,430 |
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Cost of sales |
0 |
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Sales expense |
2,470 |
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Management expense |
3,840 |
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Finance expense |
6 |
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Profit before tax |
79 |
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Less: profit tax |
27 |
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52 |
Important Ratios
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As of Dec. 31, 2013 |
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*Current ratio |
0.09 |
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*Quick ratio |
0.09 |
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*Liabilities to assets |
0.87 |
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*Net profit margin (%) |
0.81 |
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*Return on total assets (%) |
2.94 |
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*Inventory / Revenue ×365 |
-- |
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*Accounts receivable/ Revenue ×365 |
-- |
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*Revenue/Total assets |
3.64 |
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*Cost of sales / Revenue |
-- |
FINANCIAL COMMENTS
PROFITABILITY: AVERAGE
The revenue of SC appears average in its line.
SC’s net profit margin is average.
SC’s return on total assets is average.
SC has no cost of sales.
LIQUIDITY: FAIR
The current ratio of SC is maintained in a poor level.
SC’s quick ratio is maintained in a poor level.
SC has no inventory.
SC has no accounts receivable.
SC has no short-term loans.
SC’s revenue is in an average level, comparing with the size of its total assets.
LEVERAGE: FAIR
The debt ratio of SC is fairly high.
The risk for SC to go bankrupt is above average.
Overall financial condition of the SC: Fairly Stable.
CONCLUSIONS
SC is considered small-sized in its line with fairly stable 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.60.48 |
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1 |
Rs.100.35 |
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Euro |
1 |
Rs.79.86 |
INFORMATION DETAILS
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Analysis Done by
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DIV |
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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 |
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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.