MIRA
INFORM REPORT
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Report No. : |
334460 |
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Report Date : |
03.08.2015 |
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 : |
China |
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Financials (as on) : |
31.12.2013 |
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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 : |
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), operation way: wholesale non-physical
way: operation items: 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 Employee : |
51 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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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. In 2014 the People’s Bank of China (PBOC) doubled 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 2014 stood as the largest economy in the world, surpassing the US that year... 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 2014 more than 274 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. In 2014 China agreed to begin limiting carbon dioxide emissions by 2030. China implemented several economic reforms in 2014, including passing legislation to allow local governments to issue bonds, opening several state-owned enterprises to further private investment, loosening the one-child policy, passing harsher pollution fines, and cutting administrative red tape.
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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
***Note: SC’s
complete address should be the heading one.
EXECUTIVE SUMMARY
Date of Registration : DECEMBER 20, 2004
REGISTRATION NO. : 310109000393862
LEGAL FORM : Limited liabilities company
CHIEF EXECUTIVE :
WANG HONG (LEGAL REPRESENTATIVE)
REGISTERED CAPITAL : CNY 10,000,000
staff :
51
BUSINESS CATEGORY : trading
Revenue :
CNY 724,420,000 (AS OF DEC. 31, 2014)
EQUITIES :
CNY 21,190,000 (AS OF DEC. 31, 2014)
WEBSITE : N/A
E-MAIL :
N/A
PAYMENT :
AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly STABLE
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.21 = USD 1
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 limited liabilities company of PRC with State
Administration of Industry & Commerce (SAIC) under registration No.: 310109000393862 on December 20, 2004.
SC’s Organization Code Certificate No.:
77021316-8
SC’s registered capital: cny 10,000,000
SC’s paid-in capital: cny 10,000,000
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
2006-01 |
Registered Capital |
CNY 5,000,000 |
CNY 10,000,000 |
|
Shareholder (s) (% of Shareholding) |
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% |
|
|
2006-10 |
Registered Capital |
CNY 10,000,000 |
CNY 7,000,000 |
|
Shareholder (s) (% of Shareholding) |
Shanghai Asian Development International Transportation
Pudong Co., Ltd. 30% Wang Hong 20% Lao Yusheng 30% Fang Weiming 20% |
Wang Hong 28.6% Lao Yusheng 42.8% Fang Weiming 28.6% |
|
|
2007-01 |
Registered Capital |
CNY 7,000,000 |
CNY 10,000,000 |
|
% of Shareholding |
Wang Hong 28.6% Lao Yusheng 42.8% Fang Weiming 28.6% |
Wang Hong 20% Lao Yusheng 60% Fang Weiming 20% |
|
|
2008-03 |
Shareholder (s) (% of Shareholding) |
Wang Hong 20% Lao Yusheng 60% Fang Weiming 20% |
Lao Yusheng 40% Wang Hong 15% Fang Weiming 15% Yao Jun 10% Zheng Xingping 4% Du Jimei 4% Zhou Yu 1% Ge Lan 1% Xiang Junhong 1% Dong Yanzheng 1% Shi Jizheng 1% Other 11 individuals 7% |
|
-- |
Shareholder (s) (% of Shareholding) |
Lao Yusheng 40% Wang Hong 15% Fang Weiming 15% Yao Jun 10% Zheng Xingping 4% Du Jimei 4% Zhou Yu 1% Ge Lan 1% Xiang Junhong 1% Dong Yanzheng 1% Shi Jizheng 1% Other 11 individuals 7% |
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% |
|
2014-5-23 |
Shareholder (s) (% of Shareholding) |
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% |
Lao Yusheng 40% Zheng Xingping 24% Wang Hong 17% Ye Yang 4% Shi Jizheng 4% Zhou Yu 3% Zhu Nan 2% Wan Pengcheng 2% Du Zhen’er 2% Fang Xiaoyan 1% Yang Zhizhuang 1% |
|
2014-8-14 |
Shareholder (s) (% of Shareholding) |
Lao Yusheng 40% Zheng Xingping 24% Wang Hong 王红 17% Ye Yang 4% Shi Jizheng 4% Zhou Yu
3% Zhu Nan 2% Wan Pengcheng 2% Du Zhen’er 2% Fang Xiaoyan 1% Yang Zhizhuang 1% |
Lao Yusheng 40% Zheng Xingping 24% Wang Hong 20% Ye Yang 4% Shi Jizheng 4% Zhu Nan 2% Wan Pengcheng 2% Du Zhen’er 2% Fang Xiaoyan 1% Yang Zhizhuang 1% |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Lao Yusheng |
40 |
|
Zheng Xingping |
24 |
|
Wang Hong |
20 |
|
Ye Yang |
4 |
|
Shi Jizheng |
4 |
|
Zhu Nan |
2 |
|
Wan Pengcheng |
2 |
|
Du Zhen’er |
2 |
|
Fang Xiaoyan |
1 |
|
Yang Zhizhuang |
1 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman and General Manager |
Wang Hong |
|
Deputy General Manager and Director |
Zheng Xingping |
|
Director |
Lao Yusheng |
|
Supervisor |
Chen Zhongwei |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART & BACKGROUND
Name %
of Shareholding
Lao Yusheng 40
Zheng Xingping 24
Wang Hong 20
Ye Yang 4
Shi Jizheng 4
Zhu Nan 2
Wan Pengcheng 2
Du Zhen’er 2
Fang Xiaoyan 1
Yang Zhizhuang 1
MANAGEMENT
Wang Hong, Legal
Representative, Chairman and General
Manager
-------------------------------------------------------------------------------------------------
Gender: F
Age: 57
Qualification: University
Working experience (s):
At present, working in SC as legal representative, chairman and general
manager
Also working in Shanghai ADP International Trade Co., Ltd., Shanghai
Yadong International Logistic Co., Ltd., Shanghai Asian Development Container
Transport Pu Dong Co., Ltd., and Shanghai ADP International Logistic Co., Ltd.
as legal representative
Zheng Xingping, Deputy General
Manager and Director
------------------------------------------------------------------------------------
Gender: M
Qualification: University
Working experience
(s):
At present, working in SC as deputy general manager and director
Director
------------
Lao Yusheng
Supervisor
--------------
Chen Zhongwei
BUSINESS OPERATION
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), operation
way: wholesale non-physical way: operation items: 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 selling various kinds of
products.
SC’s products mainly include: mechanical equipment, industrial products,
wood, electrical product, daily necessities, food & wine products, energy
saving and environment protection product, family craftworks, resource
products, etc.
SC sources its products 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 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:
--------------------------
SC is known to have approx. 51
staff at present.
SC rents an area as its operating office, but the detailed information
is unknown.
RELATED COMPANY
Shanghai ADP International Trade Co., Ltd.
------------------------------------
Registration No.: 310115001170224
Date of Registration:
Legal Representative: Wang Hong
Registered Capital: CNY 10,000,000
Shanghai Asian Development International Transportation Pudong Co., Ltd.
------------------------------------
Registration No.: 310109000119890
Date of Registration:
Legal Representative: Lao Yusheng
Registered Capital: CNY 22,000,000
Tel.: 86 (0) 21-63374866
Web: www.adp.com.cn
E-mail: hxdjm@adp.com.cn
Shanghai Yadong International Logistic Co., Ltd.
------------------------------------
Registration No.: 310113000618647
Date of Registration:
Legal Representative: Wang Hong
Registered Capital: CNY 6,000,000
Shanghai ADP Customs Broker Co., Ltd.
-------------------------------
Registration No.: 310109000444341
Date of Registration:
Legal Representative: Zhao Min
Registered Capital: CNY 2,000,000
Web: www.adpcustoms.com
Tel.: 86 (0) 21-65378833
Fax: 86 (0) 21-65862522
Shanghai Asian Development Container Transport Pu Dong Co., Ltd.
--------------------------------------------
Registration No.: 310113000388841
Date of Registration:
Legal Representative: Wang Hong
Registered Capital: CNY 1,000,000
Shanghai ADP International Logistic Co., Ltd.
---------------------------------------
Registration No.: 310115000985574
Date of Registration:
Legal Representative: Wang Hong
Registered Capital: CNY 10,000,000
Etc.
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’s suppliers declined to make any
comments.
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
Basic Bank:
China Merchants Bank Shanghai Branch Dongdaming Sub-branch
AC#: 212581712210001
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As of Dec. 31,
2012 |
As of Dec. 31,
2013 |
|
48,880 |
25,350 |
|
|
Notes receivable |
0 |
0 |
|
Accounts receivable |
8,100 |
20,500 |
|
Advances to suppliers |
79,360 |
51,510 |
|
Other receivable |
15,490 |
22,840 |
|
Dividends receivable |
0 |
2,100 |
|
Inventory |
75,260 |
28,710 |
|
Non-current assets within one year |
0 |
0 |
|
Other current assets |
3,020 |
0 |
|
|
------------------ |
------------------ |
|
Current assets |
230,110 |
151,010 |
|
Fixed assets |
110 |
230 |
|
Construction in progress |
0 |
0 |
|
Intangible assets |
0 |
0 |
|
Long-term investment |
5,400 |
420 |
|
Deferred income tax assets |
0 |
0 |
|
Other non-current assets |
30 |
0 |
|
|
------------------ |
------------------ |
|
Total assets |
235,650 |
151,660 |
|
|
============= |
============= |
|
Short-term loans |
0 |
14,680 |
|
Notes payable |
0 |
0 |
|
Accounts payable |
65,490 |
23,420 |
|
Accrued payroll |
0 |
70 |
|
Taxes payable |
700 |
50 |
|
Advances from clients |
152,320 |
88,160 |
|
Other payable |
3,770 |
6,110 |
|
Other current liabilities |
0 |
2,110 |
|
|
------------------ |
------------------ |
|
Current liabilities |
222,280 |
134,600 |
|
Non-current liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total liabilities |
222,280 |
134,600 |
|
Equities |
13,370 |
17,060 |
|
|
------------------ |
------------------ |
|
Total liabilities & equities |
235,650 |
151,660 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2012 |
As of Dec. 31,
2013 |
|
Revenue |
819,900 |
825,340 |
|
Cost of sales |
798,000 |
802,210 |
|
Sales expense |
13,440 |
11,410 |
|
Management expense |
6,420 |
7,760 |
|
Finance expense |
-840 |
-950 |
|
Non-operating income |
50 |
0 |
|
Non-operating expense |
0 |
130 |
|
Profit before tax |
2,680 |
8,190 |
|
Less: profit tax |
1,230 |
1,520 |
|
1,450 |
6,670 |
Financial Summary
|
Unit: CNY’000 |
As of Dec. 31,
2014 |
|
Total assets |
176,160 |
|
|
------------- |
|
Total liabilities |
154,970 |
|
Equities |
21,190 |
|
|
------------- |
|
Revenue |
724,420 |
|
Profit before tax |
4,820 |
|
Less: profit tax |
1,200 |
|
Profits |
3,620 |
Important Ratios
=============
|
|
As of Dec. 31,
2012 |
As of Dec. 31,
2013 |
As of Dec. 31,
2014 |
|
*Current ratio |
1.04 |
1.12 |
-- |
|
*Quick ratio |
0.70 |
0.91 |
-- |
|
*Liabilities to assets |
0.94 |
0.89 |
0.88 |
|
*Net profit margin (%) |
0.18 |
0.81 |
0.50 |
|
*Return on total assets (%) |
0.62 |
4.40 |
2.05 |
|
*Inventory / Revenue ×365 |
34 days |
13 days |
-- |
|
*Accounts receivable / Revenue ×365 |
4 days |
10 days |
-- |
|
*Revenue / Total assets |
3.48 |
5.44 |
4.11 |
|
*Cost of sales / Revenue |
0.97 |
0.97 |
-- |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
The revenue 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 sales is high, comparing with its revenue.
LIQUIDITY: AVERAGE
The current ratio of SC is maintained in a normal level.
SC’s quick ratio is maintained in a normal level.
The inventory of SC is maintained in an average level in 2013.
The accounts receivable of SC appears average in 2013.
The short-term loans of SC appear average in 2013.
SC’s revenue is in an average 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.
CONCLUSIONS
SC is considered medium-sized in its line with fairly stable financial
conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.01 |
|
|
1 |
Rs.99.84 |
|
Euro |
1 |
Rs.70.16 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SDA |
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.