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MIRA INFORM REPORT
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Report No. : |
486360 |
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Report Date : |
16.01.2018 |
IDENTIFICATION DETAILS
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Name : |
SHANGHAI YIXIN INTERNATIONAL TRADE CO.,
LTD. |
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Registered Office : |
Room A5101 No. 808 Hongqiao Road Xuhui Dist.
Shanghai Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2016 |
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Date of Incorporation : |
26.02.2001 |
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Legal Form : |
Limited Liabilities Co. |
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Line of Business : |
The subject’s registered business scope includes importing and
exporting goods and technologies; selling department stores, edible
agricultural products (excluding pig products), aquatic products, chemical
raw materials and products (except dangerous chemicals, chemicals, fireworks,
civil explosives, precursor chemicals), computer software and hardware, arts
and crafts, communication equipment, hardware, gas equipment,
instrumentation, steel, building materials, electronic products and auto
parts, textiles, refrigeration equipment; intelligent system engineering,
municipal engineering, building decoration, environmental protection
equipment and materials, business consulting; wholesaling prepackaged food
and wines. (with permit if needed) |
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No. of Employees : |
5 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
B |
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Credit Rating |
Explanation |
Rating Comments |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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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
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Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
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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 Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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. China has
implemented reforms in a gradualist fashion, resulting in efficiency gains that
have contributed to a more than tenfold increase in GDP since 1978. Reforms
began with the phaseout 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 continues to pursue an industrial policy, state-support of
key sectors, and a restrictive investment regime. Measured on a purchasing power
parity (PPP) basis that adjusts for price differences, China in 2016 stood as
the largest economy in the world, surpassing the US in 2014 for the first time
in modern history. China became the world's largest exporter in 2010, and the
largest trading nation in 2013. Still, China's per capita income is below the
world average.
After keeping its currency tightly linked to the US dollar for years,
China in July 2005 moved to an exchange rate system that references a basket of
currencies. From mid-2005 to late 2008, the renminbi appreciated more than 20%
against the US dollar, 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 liberalization. In 2015, the People’s
Bank of China announced it would continue to carefully push for full
convertibility of the renminbi (RMB) after the currency was accepted as part of
the IMF’s special drawing rights basket. After engaging in one-way, large-scale
intervention to resist appreciation of the RMB for a decade, China’s 2016
intervention in foreign exchange markets has sought to prevent a rapid RMB
depreciation that would have negative consequences for the United States,
China, and the global economy.
China’s economic growth has slowed since 2011. The Chinese Government
faces numerous economic challenges including: (a) reducing its high domestic
savings rate and correspondingly low domestic household consumption; (b)
servicing its high corporate debt burdens to maintain financial stability; (c)
facilitating higher-wage job opportunities for the aspiring middle class,
including rural migrants and college graduates, while maintaining
competitiveness; (d) dampening speculative investment in the real estate sector;
(e) reducing industrial overcapacity; and (f) raising productivity growth rates
through the more efficient allocation of capital. Economic development has
progressed further in coastal provinces than in the interior, and by 2016 more
than 169.3 million migrant workers and their dependents had relocated to urban
areas to find work. One consequence of China’s population control policy known
as the “one-child policy” - which was relaxed in 2016 to permit all families to
have two children - 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 urbanization. The Chinese government is seeking to add
energy production capacity from sources other than coal and oil, focusing on
natural gas, nuclear, and clean energy development. In 2016, China ratified the
Paris Agreement, a multilateral agreement to combat climate change, and
committed to peak its carbon dioxide emissions between 2025 and 2030.
The government's 13th Five-Year Plan, unveiled in March 2016, emphasizes
the need to increase innovation and boost domestic consumption to make the
economy less dependent on government investment, exports, and heavy industry.
However, China has made only marginal progress toward these rebalancing goals.
Under President XI Jinping, Beijing has signaled its understanding that China's
long-term economic health depends on giving the market a more decisive role in
allocating resources, but has moved slowly on market-oriented reforms because
of potential negative consequences for stability and short-term economic
growth. He has also increased state-control over key sectors and Party control
over state-owned enterprises. Chinese leaders in 2010 pledged to double China’s
GDP by 2020, and the 13th Five Year Plan includes annual economic growth
targets of at least 6.5% through 2020 to achieve that goal. 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. Chinese leaders also have undermined some market-oriented
reforms by reaffirming the “dominant” role of the state in the economy, a
stance that threatens to discourage private initiative and make the economy
less efficient over time.
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Source
: CIA |
Company
name & address
Company Name : SHANGHAI YIXIN INTERNATIONAL TRADE CO.,LTD.
Address : ROOM 3503 CITIC PLAZA
NO. 859 NORTH SICHUAN ROAD SHANGHAI PR
CHINA
Telephone : 0086-21-63931285
Facsimile : --
Website : http://www.easinggroup.com/
Email : eric@easinggroup.com
Note: the given fax number is wrong.
REGISTRATION
INFORMATION
Established Date : 2001-02-26
Credibility Code : 913101041346382882
Legal Form : Limited
Liabilities Co.
Issuing Authority : Administration for Industry
& Commerce (AIC) – Xuhui Dist.
Status : Active
Registered Capital : RMB 5,000,000
Turnover : RMB 20,891,000 (as of Dec. 31, 2016)
Equities : RMB 4,497,000 (as of Dec.
31, 2016)
Chief Executive : Chen Biao
Business Line : Trade
Manpower : 5
Tax Registration
Certificate No. : 913101041346382882
Credit rating : --
Organization Code : 13463828-8
HS code : 3104960868
Import &
Export code: 3100134638288
Financial Condition : Fairly
Stable
Business Size : Small Enterprise
Payment : Slow but correct
Registered Address
ROOM A5101 NO. 808 HONGQIAO ROAD XUHUI DIST.
SHANGHAI PR CHINA
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 RMB 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.
Premise
The subject operates from premises located at
the heading address, and this address houses its operating office in Shanghai.
Our checks reveal that the subject rents the total premise, but the square
meters are unknown.
MANAGEMENT
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Position |
Name |
Nationality |
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Legal representative, General Manager
Executive Director |
Chen Biao |
Chinese |
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Supervisors |
Qiu Jingwei |
Chinese |
MAJOR SHAREHOLDERS
Name % Shareholding
Chen Biao 90
Qiu Jingwei 10
KEY EVENTS
No Significant Changes.
BUSINESS OPERATIONS
The subject’s registered business scope includes importing and exporting
goods and technologies; selling department stores, edible agricultural products
(excluding pig products), aquatic products, chemical raw materials and products
(except dangerous chemicals, chemicals, fireworks, civil explosives, precursor
chemicals), computer software and hardware, arts and crafts, communication
equipment, hardware, gas equipment, instrumentation, steel, building materials,
electronic products and auto parts, textiles, refrigeration equipment;
intelligent system engineering, municipal engineering, building decoration,
environmental protection equipment and materials, business consulting;
wholesaling prepackaged food and wines. (with permit if needed)
The subject is mainly engaged in
international trade.
Products:
Building materials
Industrial minerals
Food
The
subject sources its materials 70% from domestic market, and 30% from overseas
market. the subject sells 30% of its products in domestic market, and 70% to
overseas market, mainly India, Mexico, etc.
The
buying terms of the subject include Check, T/T, L/C and Credit of 30-60 days.
The payment terms of the subject include Check, T/T, L/C and Credit of 30-60
days.
SUPPLIER
& CUSTOMER
*Major
customer:
Orbis Elevator Co.Ltd. (India)
Etc.
RELATED COMPANIES
Subsidiary
Jiangsu Jian Mao Biological Technology Co., Ltd.
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Credibility Code: 91320982MA1R9CJ22U
Legal representative: Wu Lei
Registered Capital: USD 10,000,000
Established Date: 2017-10-09
NEGATIVE INFORMATION
Lawsuit Record: No record.
Trade payment experience: The subject 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 the subject was placed to us for collection
within the last 6 years.
Customs administrative penalty: No record.
Equity freeze information: No record.
Administrative Penalty: No record.
MORTGAGE
There is no record of mortgage information at
present.
TRADEMARK
No record.
PATENT
No record.
BANKING
The subject declined to release its banking details.
ABBREVIATED FINANCIAL STATEMENT
Financial Summary
===============
Unit: RMB’000
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As
of Dec. 31, 2015 |
As
of Dec. 31, 2016 |
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Total assets |
19,906 |
12,138 |
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Total liabilities |
15,421 |
7,641 |
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Equities |
4,485 |
4,497 |
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-------------- |
-------------- |
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Total liabilities & equities |
19,906 |
12,138 |
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========= |
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Turnover |
17,233 |
20,891 |
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Profits before tax |
-541 |
12 |
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Less: tax |
0 |
0 |
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Profits |
-541 |
12 |
Important Ratios
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As
of Dec. 31, 2015 |
As
of Dec. 31, 2016 |
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*Liabilities to assets |
0.77 |
0.63 |
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*Net profit margin (%) |
-3.14 |
0.06 |
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*Return on total assets (%) |
-2.72 |
0.10 |
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*Turnover/Total assets |
0.87 |
1.72 |
PROFITABILITY:
AVERAGE
l The turnover of
the subject appears average in its line.
l the subject’s net
profit margin is fair in 2015 and average in 2016.
l the subject’s
return on total assets is fair in 2015 and average
in 2016.
l the subject’s
turnover is in a fair level in 2015 and average in 2016, comparing with the
size of its total assets.
LEVERAGE: AVERAGE
l The debt ratio of
the subject is average.
l The risk for the
subject to go bankrupt is average.
TREND ANALYSIS
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2014 |
2015 |
2016 |
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Sales Trend |
-- |
-- |
Ç |
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Profit margin |
-- |
-- |
Ç |
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Debt to assets ratio |
-- |
-- |
È |
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Overall Financial Condition |
□Good □Fairly Good □Stable ■Fairly Stable □Fair □Poor |
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COMMENT
The subject was registered as a Limited liabilities co. at local
Administration for Industry & Commerce (AIC - The official body of issuing
and renewing business license). The subject is
considered small-sized in its line with fairly stable financial conditions.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 63.41 |
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1 |
INR 87.17 |
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Euro |
1 |
INR 77.45 |
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CNY |
1 |
INR 9.90 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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VIV |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial condition covering various ratios
·
Company background and operations size
·
Promoters / Management background
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Payment record
·
Litigation against the subject
·
Industry scenario / competitor analysis
·
Supplier / Customer / Banker review (wherever
available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.