MIRA
INFORM REPORT
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Report Date : |
26.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
FUZHOU MING CHENG CORP. LTD. |
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Registered Office : |
Room 2-01, A Area Of Rongqiao Jinjiang, No. 66 Jiang West
Road, Gulou District, Fuzhou, 350001 Pr |
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Country : |
China |
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Date of Incorporation : |
Nov. 21, 2006 |
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Com. Reg. No.: |
350100100001366 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Engaged in international trade. |
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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 |
name & address
FUZHOU MING CHENG CORP. LTD.
ROOM 2-01, A AREA OF RONGQIAO JINJIANG, NO. 66 JIANG WEST ROAD,
GULOU DISTRICT, FUZHOU, 350001 PR CHINA
TEL : 86 (0)
591-83832121
FAX : 86 (0) 591-83832125
EXECUTIVE SUMMARY
INCORPORATION DATE : NOV. 21, 2006
REGISTRATION NO. : 350100100001366
REGISTERED LEGAL FORM : LIMITED LIABILITIES
COMPANY
STAFF STRENGTH :
11
REGISTERED CAPITAL : CNY 2,000,000
BUSINESS LINE :
INTERNATIONAL TRADE
TURNOVER :
N/A (AS OF DEC. 31, 2006)
EQUITIES :
N/A (AS OF DEC. 31, 2006)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : COD to small amount
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : N/A
OPERATIONAL TREND : fairly steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 7.39= US$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
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 Nov. 21, 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; wholesaling electromechanical equipment, office supplies,
arts and crafts, metal materials, garments, building and chemical materials,
hardware, textiles and automotive parts.
SC is mainly
engaged in international trade.
Mr. Lin Tianfu has
been chairman of SC since 2006.
SC is known
to have approx. 11 staff members at present.
SC is
currently operating at the above stated address, and this address houses its
operating office in the commercial zone of Fuzhou. Our checks reveal that SC
rents the total premise about 100 square meters.
SC is not known to host website of its own at present.
SC’s former registered capital was CNY 1,010,000 and in Jul. 2007 it was
increased to the present amount.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Lin Tianfu 75
Niu Xueqin 25
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Chairman and
General Manager:
Mr. Lin Tianfu, in his 40’s with university education. He is currently
responsible for the overall management of SC.
Working Experience(s):
From 2006 to present Working
in SC as chairman and general manager.
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Vice General
Manager:
Ms. Niu Xueqin, in her 30’s with university education. She is currently
responsible for the daily management of SC.
Working Experience(s):
From 2006 to present Working in SC as vice general
manager.
SC is mainly
engaged in international trade.
SC’s products
mainly include: polyester fiber yarn.
SC sources its materials
100% from domestic market. SC sells 100% of its products to the overseas
market, mainly India, American and European countries.
The buying terms of SC include Check, T/T and Credit of 30-60 days. The
payment terms of SC include T/T, L/C and Credit of 30-60 days.
*Major Client:
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Everflow Petrofils Ltd. India
*Major Supplier:
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Hebei Hengfang Textile Group Co., Ltd.
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’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.
Bank of China Fujian Branch
AC#：800109786608093001
Relationship:
Normal.
Incorporated at the end of 2006, SC’s financial reports are not
available at present.
SC is considered small-sized in its line with a short history. Credit dealings
with SC are recommended under secured terms at present.
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)