MIRA INFORM REPORT
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Report No. : |
336301 |
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Report Date : |
12.08.2015 |
IDENTIFICATION DETAILS
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Name : |
SHANGHAI N.J. INTERNATIONAL TRADE CO., LTD. |
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Registered Office : |
Room 1104, No. 2281, Zhongshan West Road, Xuhui District, Shanghai, 200235 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
22.06.2006 |
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Com. Reg. No.: |
310104000346529 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Importing and exporting various goods and technology, selling textile raw
materials and products, mechanical and electrical equipment and accessories,
furniture, chemical raw materials and products (excluding dangerous
chemicals, controlled chemicals, fireworks, civil explosives, precursor
chemicals), metal materials and products, construction and decoration
materials, hardware, auto parts, electronic products, daily necessities,
business advisory (excluding brokers), exhibition business services. [with
permit if needed]. |
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No. of Employees : |
10 |
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 : |
Small Company |
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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, 2015
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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 & address
SHANGHAI N.J. INTERNATIONAL TRADE CO., LTD.
ROOM 1104, NO. 2281, ZHONGSHAN WEST ROAD, XUHUI DISTRICT, SHANGHAI, 200235 PR CHINA
TEL: 86 (0) 21-34141191/54892532 FAX:
86 (0) 21-54480820
EXECUTIVE
SUMMARY
INCORPORATION DATE : JUNE 22, 2006
REGISTRATION NO. : 310104000346529
REGISTERED LEGAL FORM : LIMITED
LIABILITIES COMPANY
CHIEF EXECUTIVE :
MR. YI LIMING (CHAIRMAN)
STAFF STRENGTH :
10
REGISTERED CAPITAL : CNY 1,000,000
BUSINESS LINE :
TRADING
TURNOVER :
cny 19,570,000 (AS OF DEC. 31,
2014)
EQUITIES :
cny 4,630,000 (AS OF DEC. 31, 2014)
PAYMENT :
AVERAGE
MARKET CONDITION : average
FINANCIAL CONDITION : fairly STABLE
OPERATIONAL TREND : fairly steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.2109 = 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 Ren Min Bi
Note: the given address “Flat H, 17E No. 515 (2), Yishan Road, Shanghai”
was SC’s former address, while SC is operating in the heading one.
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 June 22, 2006.
Company Status: Limited liabilities co. This form of business in PR
China is defined as a legal person. No more than fifty shareholders
contribute its registered capital jointly. Shareholders bear limited
liability to the extent of shareholding, and the co. is liable for its
debts only to extent of its total assets. The characteristics of this form
of co. are as follows: Upon
the establishment of the co., an investment certificate is issued to the
each of shareholders. The board of directors is
comprised of three to thirteen members. The minimum registered capital
for a co. is CNY 30,000. Shareholders may take their
capital contributions in cash or by means of tangible assets or intangible
assets such as industrial property and non-patented technology. Cash contributed by all
shareholders must account for at least 30% of the registered capital. Existing shareholders have
pre-exemption right to purchase shares of the co. offered for sale by the
other shareholders and to subscribe for the newly increased registered
capital of the co
SC’s registered business scope includes importing and exporting various
goods and technology, selling textile raw materials and products, mechanical
and electrical equipment and accessories, furniture, chemical raw materials and
products (excluding dangerous chemicals, controlled chemicals, fireworks, civil
explosives, precursor chemicals), metal materials and products, construction
and decoration materials, hardware, auto parts, electronic products, daily
necessities, business advisory (excluding brokers), exhibition business
services. [with permit if needed].
SC is mainly engaged in exporting electric power construction tools.
Mr. Yi Liming has been legal representative, chairman and general
manager of SC since 2006.
SC is known to have approx. 10 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. Our checks
reveal that SC rents the total premise, but the gross area of the premise is
unspecific.
http://www.snjit.com
The design is professional and the content is well organized. At present it is
in English version.
E-Mail: sales@snjit.com ; info@snjit.com
Changes of SC’s
registered information are as follows:
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Date |
Item |
Before changed |
After changed |
|
Unknown |
Registration no. |
3101042013507 |
Present one |
Tax registration no.: 310104789576145
Organization code: 789576145
For the past two years there is no record of litigation.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Huang Tieniu 70
Yi Liming 10
Mo Guangqi 10
Cai Mingfan 5
Chen Liqun 5
Legal
Representative, Chairman and General Manager:
Mr. Yi Liming, with university education. He is currently responsible
for the overall management of SC.
Working Experience(s):
From 2006 to present Working
in SC as legal representative, chairman and general manager.
Supervisor:
Mo Guangqi
SC is mainly engaged in exporting electric power construction tools.
SC’s products mainly include:
*Electrical Ceramics
95% Alumina Ceramic
Ceramic Insulator
Steatite Ceramic
*Engine Winch
Double Capstan Engine Winch
Engine Winch 3 Ton Cap.
*Puller & Tensioner
Hydraulic Puller 8T
Hydraulic Puller 15T
*Tools and Accessories for Stringing
Aerial Trolley
Anti-twisting Galvanized Steel Wire Rope
Automatic Clamp
Bolted Come along Clamp
Chain Lever Hoist
Digital Dynamometer
Fixed Joint
Head Board
Hydraulic Cutter
Mesh Socks
Motorized Compressor
Pilot Wire Connector
SC sources its materials 100% from domestic market. SC sells 100% of its
products to the overseas market, mainly Singapore.
The buying terms of SC include Check, T/T and Credit of 30-60 days. The
payment terms of SC include L/C and Credit of 30-60 days.
Trademark & Patents
No record
Note: SC’s
management refused to release its main suppliers and clients.
SC is not known to have any subsidiary at present.
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 Branch
AC#：N/A
Relationship: Normal.
Balance
Sheet
Unit: CNY’000
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as of Dec. 31, 2013 |
as of Dec. 31, 2014 |
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Cash & bank |
1,640 |
630 |
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Inventory |
2,930 |
4,500 |
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Accounts receivable |
2,960 |
1,040 |
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Advances to suppliers |
380 |
1,720 |
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Other receivables |
730 |
840 |
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Other current assets |
0 |
0 |
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------------------ |
------------------ |
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Current assets |
8,640 |
8,730 |
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Long-term investments |
0 |
0 |
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Fixed assets net value |
30 |
210 |
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Projects under construction |
0 |
0 |
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Intangible assets |
0 |
0 |
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Other assets |
0 |
0 |
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------------------ |
------------------ |
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Total assets |
8,670 |
8,940 |
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============= |
============= |
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Short loans |
0 |
0 |
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Accounts payable |
2,420 |
2,790 |
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Advances from customers |
2,110 |
2,190 |
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Accrued payroll |
0 |
0 |
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Taxes payable |
-100 |
-670 |
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Other accounts payable |
0 |
0 |
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Other current liabilities |
0 |
0 |
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----------------- |
----------------- |
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Current liabilities |
4,430 |
4,310 |
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Long term liabilities |
0 |
0 |
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------------------ |
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Total liabilities |
4,430 |
4,310 |
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Shareholders equities |
4,240 |
4,630 |
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------------------ |
------------------ |
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Total liabilities & equities |
8,670 |
8,940 |
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============= |
Income
Statement
Unit: CNY’000
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as of Dec. 31, 2013 |
as of Dec. 31, 2014 |
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Turnover |
32,500 |
19,570 |
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Cost of goods sold |
28,540 |
17,040 |
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Taxes and additional of main operation |
0 |
0 |
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Sales expense |
670 |
540 |
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Management expense |
1,430 |
1,370 |
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Finance expense |
320 |
100 |
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Non-operating income |
0 |
0 |
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Non-operating expense |
0 |
0 |
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Profit before tax |
1,540 |
520 |
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Less: profit tax |
380 |
130 |
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Net profit |
1,160 |
390 |
Important
Ratios
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as of Dec. 31,
2013 |
as of Dec. 31,
2014 |
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*Current ratio |
1.95 |
2.03 |
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*Quick ratio |
1.29 |
0.98 |
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*Liabilities to assets |
0.51 |
0.48 |
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*Net profit margin (%) |
3.57 |
1.99 |
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*Return on total assets (%) |
13.38 |
4.36 |
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*Inventory /Turnover ×365 |
33 days |
84 days |
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*Accounts receivable/Turnover ×365 |
34 days |
20 days |
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*Turnover/Total assets |
3.75 |
2.19 |
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* Cost of goods sold/Turnover |
0.88 |
0.87 |
PROFITABILITY:
AVERAGE
The turnover of SC appears average in its line in both years, but it decreased
in 2014.
SC’s net profit margin is average in both years.
SC’s return on total assets is good in 2013 but average in 2014.
SC’s cost of goods sold is average in both years, comparing with its
turnover.
LIQUIDITY: AVERAGE
The current ratio of SC is in a normal level in both years.
SC’s quick ratio is in a normal level in both years.
The accounts receivable of SC is average in both years.
The inventory of SC is average in 2013 but fairly large in 2014.
SC has no short-term loan in both years.
SC’s turnover is in a fairly good level in 2013 but average in 2014,
comparing with the size of its total assets.
LEVERAGE: AVERAGE
The debt ratio of SC is average in 2013 and low in 2014.
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. The large amount of inventory could be a threat to SC’s financial
condition.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.17 |
|
|
1 |
Rs.99.85 |
|
Euro |
1 |
Rs.70.35 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
TPT |
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.