MIRA INFORM REPORT
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Report No. : |
338899 |
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Report Date : |
03.09.2015 |
IDENTIFICATION DETAILS
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Name : |
SWISSTEC SOURCING LIMITED |
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Registered Office : |
2/f, Building 1, No. 101, Lane 150, Pingbei
Road, Zhuanqiao Town, Minhang Distric, Hanghai City, 201109 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
04.06.2013 |
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Com. Reg. No.: |
310000400712146 |
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Legal Form : |
Wholly Foreign-Owned Enterprise |
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Line of Business : |
Subject is engaged in trading of hardware tools and electric tools. |
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No. of Employee : |
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 – 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. 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 for the first time in modern history. Still, China's per capita income is below the world average.
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 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 also 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
SWISSTEC SOURCING LIMITED
2/f, building 1, no.
101, lane 150, pingbei road, zhuanqiao town, minhang distric, hanghai city,
201109 PR CHINA
TEL: 86 (0)
21-54453156/54453135 FAX: N/A
EXECUTIVE
SUMMARY
INCORPORATION DATE : JUNE 4, 2013
REGISTRATION NO. : 310000400712146
STAFF STRENGTH :
11
REGISTERED CAPITAL : usd 1,000,000
BUSINESS LINE :
TRADING
TURNOVER :
CNY 25,500,000 (AS OF DEC. 31, 2014)
EQUITIES :
CNY 2,590,000 (AS OF DEC. 31, 2014)
PAYMENT :
SLOW BUT CORRECT
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : fairly STABLE
OPERATIONAL TREND : FAIRLY steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.3749 = USD
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: The correct name is the heading one.
And SC shares the same English name with its parent company (Hong Kong).
SC was registered as a wholly
foreign-owned enterprise at local Administration for Industry & Commerce
(AIC - The official body of issuing and renewing business license) on June 4,
2013.
Company
Status: Wholly foreign-owned enterprise
This form of
business in PR China is defined as a legal person. It is a limited co.
established within the territories of PR China with capital provided totally by
the foreign investors. More than one foreign investor may jointly invest in a
wholly foreign-owned enterprise. The investing party/parties solely exercise
management, reap profit and bear risks and liabilities by themselves. This form
of companies usually have a limited duration is extendible upon approval of
Examination and Approval Authorities.
SC’s registered business scope includes wholesale, import and export of
electronic products, building materials (excluding steel and cement), office
equipment, general merchandise, arts and crafts (excluding cultural relics),
toys, clothing, shoes and hats, office supplies, chemical raw materials and
products (excluding dangerous goods), hardware tools, electric tools,
commission agent (excluding auction); providing related service (if needed with
application); business information consulting, computer graphic design and
production (excluding advertising) (if needed with permit).
SC is mainly engaged in trading of goods.
Mr. Wang
Weiqiang has been legal representative
and executive director of SC since Jan., 2015.
SC is known to
have approx. 11 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.
www.swisstecsourcing.com
The design is professional and the content is well organized. At present it is
in English version.
Email: charles.wang@swisstecsourcing.com
For the past two years there is no record of litigation.
Changes of its
registered information are as follows:
|
Date of change |
Item |
Before the
change |
After the change |
|
2015-1-8 |
Legal representative |
Adrian Oskar Eberle |
Present one |
Organization Code:
063760058
MAIN SHAREHOLDERS:
Name %
of Shareholding
Swisstec Sourcing Limited (Hong Kong) 100
CR No.: 0058535
Company Type: Private company limited by
shares
Date of Incorporation: 21-Feb.-1978
l Legal
Representative, Executive Director:
Mr. Wang Weiqiang is currently responsible for the overall
management of SC.
Working Experience(s):
From Jan., 2015 to present Working in SC as legal representative,
executive director.
l General Manager:
Herberth Heinz is currently responsible for
the daily management of SC.
Working Experience(s):
At present Working in SC as general manager.
l
Supervisor:
Marcel Max Baumgartner
SC is mainly engaged in trading of goods.
SC’s products
mainly include: hardware tools and electric tools.
SC sources its materials 100% from domestic
market. SC sells 100% of its products in domestic market.
The buying terms of SC include Check, T/T and Credit of 30-60 days. The
payment terms of SC include Check, T/T and Credit of 30-60 days.
Note: SC declined to release its major
suppliers and clients.
SC
is not known to have the 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.
SC’s accountant
refused to release the bank details.
Balance Sheet
Unit: CNY’000
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As
of Dec. 31, 2014 |
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Cash & bank |
100 |
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Inventory |
2,180 |
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Accounts
receivable |
4,070 |
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Advances to
suppliers |
80 |
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Other
receivables |
80 |
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------------------ |
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Current assets |
6,510 |
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Fixed assets net
value |
240 |
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Intangible and
other assets |
0 |
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------------------ |
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Total assets |
6,750 |
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=========== |
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Short loan |
0 |
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Accounts payable |
3,970 |
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Advances from
customers |
0 |
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Taxes payable |
10 |
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Other accounts
payable |
180 |
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------------------ |
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Current
liabilities |
4,160 |
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Long term
liabilities |
0 |
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------------------ |
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Total
liabilities |
4,160 |
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Equities |
2,590 |
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------------------ |
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Total
liabilities & equities |
6,750 |
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=========== |
Income Statement
Unit: CNY’000
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As of Dec. 31,
2014 |
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Turnover |
25,500 |
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Cost of goods
sold |
23,870 |
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Sales expense |
320 |
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Management expense |
3,710 |
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Finance expense |
0 |
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Profit before
tax |
-2,400 |
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Less: profit tax |
0 |
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Profits |
-2,400 |
Important
Ratios
=============
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As
of Dec. 31, 2014 |
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*Current ratio
|
1.56 |
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*Quick ratio |
1.04 |
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*Liabilities
to assets |
0.62 |
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*Net profit
margin (%) |
-9.41 |
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*Return on
total assets (%) |
-35.56 |
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*Inventory
/Turnover ×365 |
32 days |
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*Accounts
receivable/Turnover ×365 |
59 days |
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*Turnover/Total
assets |
3.78 |
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* Cost of
goods sold/Turnover |
0.94 |
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 a
fairly large level.
l
SC has no short loans in 2014.
l
SC’s turnover is in a fairly good 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.66.16 |
|
|
1 |
Rs.101.21 |
|
Euro |
1 |
Rs.74.61 |
INFORMATION DETAILS
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Analysis Done by
: |
KAS |
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Report Prepared
by : |
ASH |
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 |
|
-- |
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.