MIRA INFORM REPORT
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Report No. : |
304653 |
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Report Date : |
28.01.2015 |
IDENTIFICATION DETAILS
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Name : |
Shanghai Hautine Import and Export Co., Ltd. |
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Registered Office : |
Room 803-805, Huaxuan
Building, No. 1558 Caoan Road,
Jiading District, Shanghai, 201824 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
27.05.2003 |
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Com. Reg. No.: |
310115000763465 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Import and Export of goods and technology, sales of hardware tools,
mechanical equipment, instrumentation, office supplies, digital products,
daily general merchandise, electronic commerce (excluding value added
telecommunications and financial services), technology development and
technology transfer in the field of computer |
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No. of Employees : |
8 |
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 – September 30, 2014
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Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
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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.
|
Source
: CIA |
Company
Name and address
Shanghai Hautine Import and Export Co., Ltd.
ROOM 803-805,
huaxuan building, no. 1558 caoan Road,
jiading district,
shanghai, 201824 PR CHINA
TEL: 86 (0)
21-69186199 FAX: 86 (0) 21-69185619
EXECUTIVE
SUMMARY
INCORPORATION DATE : may 27, 2003
REGISTRATION NO. : 310115000763465
REGISTERED LEGAL
FORM : Limited
liabilities co.
STAFF STRENGTH : 8
REGISTERED CAPITAL : CNY 1,000,000
BUSINESS LINE : TRADING
TURNOVER : CNY 4,720,000 (AS
OF DEC. 31, 2013)
EQUITIES : CNY 630,000 (AS OF DEC. 31, 2013)
PAYMENT : AVERAGE
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION
: fairly STABLE
OPERATIONAL TREND : FAIRLY steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.2573 = 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: SC is also known as Hautine
International Co., Ltd.
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 May 27, 2003.
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 import and export of goods and
technology, sales of hardware tools, mechanical equipment, instrumentation,
office supplies, digital products, daily general merchandise, electronic
commerce (excluding value added telecommunications and financial services),
technology development and technology transfer in the field of computer (if
needed with permit).
SC is mainly engaged in trading of goods.
Mr. Lei Wen is legal representative and executive
director of SC at present.
SC is known to
have approx. 8 employees at
present.
SC
is currently operating at the above stated address, and this address houses its
operating office in Shanghai. Detailed premise information is not available at
present.
http://www.hautine.com/ The design is
professional and the content is well organized. At present it is in English
version.
Email: hautine@hautine.com
For the past two years there is no record of
litigation.
No significant
changes were found during our checks with the local Administration for Industry
and Commerce.
Subject passed the
annual inspection of 2012 with Administration for Industry & Commerce.
Organization Code:
75056573x
MAIN SHAREHOLDERS:
Name %
of Shareholding
Lei Jian 10
Lei Wen 90
l Legal
Representative and Executive Director:
Mr. Lei Wen is currently responsible for the overall management of SC.
Working Experience(s):
At present Working in SC as legal
representative and executive director.
Also working in Shanghai Hautine
Import and Export Co., Ltd. Jiading Branch as principal.
l
Supervisor:
Lei Jian
SC is mainly engaged in trading of goods.
SC’s products mainly include: Utility Knife, Hand Tools and Hardware.
SC sources its
materials 90% from domestic market, and 10% from overseas market. SC sells 90%
of its products in domestic market, and 10% 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 declined
to release its major suppliers and clients.
Branch:
Shanghai Hautine Import and
Export Co., Ltd. Jiading Branch
============================================
Incorporation Date:
2013-5-6
Registration No.:
310114002534361
Principal: Lei Wen
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.
SC’s accountant refused to release the bank details.
Balance Sheet
Unit: CNY’000
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As
of Dec. 31, 2013 |
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Cash & bank |
100 |
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Inventory |
510 |
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Accounts receivable |
390 |
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Advances to suppliers |
640 |
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Other receivables |
50 |
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------------------ |
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Current assets |
1,690 |
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Fixed assets net value |
30 |
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------------------ |
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Total assets |
1,720 |
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=========== |
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Short loan |
0 |
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Accounts payable |
1,110 |
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Taxes payable |
-60 |
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Payroll payable |
40 |
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------------------ |
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Current liabilities |
1,090 |
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Long term liabilities |
0 |
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------------------ |
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Total liabilities |
1,090 |
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Equities |
630 |
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------------------ |
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Total liabilities & equities |
1,720 |
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=========== |
Income Statement
Unit: CNY’000
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As of Dec. 31,
2013 |
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Turnover |
4,720 |
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Cost of goods sold |
3,730 |
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Sales expense |
480 |
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Management expense |
740 |
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Finance expense |
50 |
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Non-operating income |
40 |
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Non-operating
expense |
10 |
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Profit before tax |
-250 |
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Less: profit tax |
0 |
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Profits |
-250 |
Important Ratios
=============
|
|
As of Dec. 31, 2013 |
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*Current ratio |
1.55 |
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*Quick ratio |
1.08 |
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*Liabilities to assets |
0.63 |
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*Net profit margin (%) |
-5.30 |
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*Return on total assets (%) |
-14.53 |
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*Inventory /Turnover ×365 |
40 days |
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*Accounts receivable/Turnover ×365 |
31 days |
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*Turnover/Total assets |
2.74 |
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* Cost of goods sold/Turnover |
0.79 |
PROFITABILITY:
FAIR
l The turnover of SC appears average in its line.
l SC’s net profit
margin is fair.
l SC’s return on
total assets is poor.
l SC’s cost of goods
sold is average.
LIQUIDITY:
AVERAGE
l The current ratio
of SC is maintained in a normal level.
l SC’s quick ratio is
maintained in a normal level.
l The inventory of
SC appears average.
l The accounts
receivable of SC is maintained in an average level.
l SC has no short
loans in 2013.
l SC’s turnover is
in an average level, comparing with the size of its total assets.
LEVERAGE:
AVERAGE
l The debt ratio of
SC is average.
l 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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.46 |
|
|
1 |
Rs.92.77 |
|
Euro |
1 |
Rs.69.03 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
NIT |
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.