MIRA INFORM REPORT
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Report No. : |
309562 |
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Report Date : |
28.02.2015 |
IDENTIFICATION DETAILS
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Name : |
SFC SERVICES LTD. |
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Registered Office : |
C503 Huahankeji Building, Langshan Road, Nanshan District, Shenzhen,
Guangdong Province 518057 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
15.10.2014 |
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Com. Reg. No.: |
440301111456610 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Subject is engaged in domestic freight agency, international freight
agency, logistics & distribution, supply chain management & related services,
logistics solutions design, logistics distribution information system
development, logistic information consulting, and international trade. |
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No. of Employees : |
141 |
RATING & COMMENTS
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MIRA’s Rating : |
NB |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
-- |
NB |
New Business |
-- |
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Status : |
New Business |
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Payment Behaviour : |
Slow |
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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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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.
|
Source
: CIA |
Company
name & address
SFC SERVICES LTD.
C503 HUAHANKEJI BUILDING, LANGSHAN ROAD
NANSHAN DISTRICT, SHENZHEN, GUANGDONG PROVINCE 518057 PR CHINA
TEL: 86 (0) 755-26393003-815
FAX: 86 (0) 755-26393003-801
***Note: We dialed
the given telephone number (86 (0) 755-26393003-815), a lady Ms. Deng Meixiang
(Michelle) answered the phone, and she released the Chinese name of SC.
EXECUTIVE
SUMMARY
Date of Registration : OCTOBER 15, 2014
REGISTRATION NO. : 440301111456610
LEGAL FORM : LIMITED
LIABILITIES COMPANY
CHIEF EXECUTIVE : CHENG XIANGZHONG
(LEGAL REPRESENTATIVE)
REGISTERED CAPITAL : CNY 5,000,000
staff :
141
BUSINESS CATEGORY :
Freight forwardering & trading
Revenue :
CNY 20,530,000 (AS OF DEC. 31,
2014)
EQUITIES :
CNY 5,350,000 (AS OF DEC. 31, 2014)
WEBSITE : www.sfcservice.com
E-MAIL :
Marketing@sendfromchina.com
PAYMENT :
AVERAGE
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : fairLY STABLE
OPERATIONAL TREND : ORDINARY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.25 = 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 limited liabilities company of PRC with State
Administration of Industry & Commerce (SAIC) under registration No.: 440301111456610 on October 15, 2014.
SC’s Organization Code Certificate No.:
31941526-7
SC’s registered capital: CNY 5,000,000
Registration Change Record:-
No significant changes of SC have been noted
in SAIC since its incorporation.
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Shenzhen Santai Express Co., Ltd. |
100 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman and General Manager |
Cheng Xiangzhong |
|
Supervisor |
Zhu Yinzhi |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART & BACKGROUND
Name %
of Shareholding
Shenzhen Santai Express Co., Ltd. 100
---------------------------------
Registration No.: 440301104298006
Date of Registration: September 29, 2009
Legal Form: One-person Limited Liabilities Company
Registered Capital: CNY 5,000,000
Legal Representative: Cheng Xiangzhong
MANAGEMENT
Cheng Xiangzhong, Legal
Representative, Chairman and General Manager
------------------------------------------------------------------------------------------------------------
Gender: M
Nationality: China
Working experience (s):
At present, working in SC as legal representative, chairman and general
manager
Also working in Shenzhen Santai Express Co., Ltd. as legal
representative
Supervisor
------------
Zhu Yinzhi
BUSINESS OPERATION
SC’s registered business scope includes domestic freight agency,
international freight agency, logistics & distribution, supply chain
management & related services, logistics solutions design, logistics
distribution information system development, logistic information consulting,
and international trade.
SC is mainly engaged in domestic freight agency, international freight
agency, and international trade.
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, according to different customers.
SC refused to release the client details.
Staff &
Office:
--------------------------
SC is known to have approx. 141
staff at present.
SC rents an area as its operating office, but the detailed information
is unknown.
RELATED COMPANY
SC is known to have
a branch at present,
SFC Services Ltd. Shiyan 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’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
The bank information of SC is not filed in local SAIC.
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As of Dec. 31,
2014 |
|
17,190 |
|
|
Notes receivable |
0 |
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Accounts receivable |
1,050 |
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Advances to suppliers |
0 |
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Other receivable |
2,580 |
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Inventory |
0 |
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Non-current assets within one year |
0 |
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Other current assets |
10 |
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|
------------------ |
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Current assets |
20,830 |
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Fixed assets |
0 |
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Construction in progress |
0 |
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Intangible assets |
0 |
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Long-term investment |
0 |
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Deferred income tax assets |
0 |
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Other non-current assets |
0 |
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|
------------------ |
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Total assets |
20,830 |
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|
============= |
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Short-term loans |
0 |
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Notes payable |
0 |
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Accounts payable |
12,870 |
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Welfares payable |
0 |
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Taxes payable |
0 |
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Advances from clients |
0 |
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Other payable |
70 |
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Other current liabilities |
2,540 |
|
|
------------------ |
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Current liabilities |
15,480 |
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Non-current liabilities |
0 |
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|
------------------ |
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Total liabilities |
15,480 |
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Equities |
5,350 |
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|
------------------ |
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Total liabilities & equities |
20,830 |
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|
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2014 |
|
Revenue |
20,530 |
|
Cost of sales |
14,480 |
|
Sales expense |
530 |
|
Management expense |
150 |
|
Finance expense |
50 |
|
Profit before tax |
5,350 |
|
Less: profit tax |
0 |
|
5,350 |
Important Ratios
=============
|
|
As of Dec. 31, 2014 |
|
*Current ratio |
1.35 |
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*Quick ratio |
1.35 |
|
*Liabilities to assets |
0.74 |
|
*Net profit margin (%) |
26.06 |
|
*Return on total assets (%) |
25.68 |
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*Inventory / Revenue ×365 |
-- |
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*Accounts receivable / Revenue ×365 |
19 days |
|
*Revenue / Total assets |
0.99 |
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*Cost of sales / Revenue |
0.71 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
The revenue of SC appears average in its line.
SC’s net profit margin is fairly good.
SC’s return on total assets is fairly good.
SC’s cost of sales is average, 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.
SC has no inventory.
The accounts receivable of SC appears average.
SC has no short-term loans.
SC’s revenue is in an average level, comparing with the size of its
total assets.
LEVERAGE: AVERAGE
The debt ratio of SC is average.
The risk for SC to go bankrupt is above 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.61.79 |
|
|
1 |
Rs.95.42 |
|
Euro |
1 |
Rs.69.29 |
INFORMATION DETAILS
|
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 |
|
|
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 |
-- |
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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.