MIRA
INFORM REPORT
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Report Date : |
21.06.2007 |
IDENTIFICATION DETAILS
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Name : |
Yunphos
international trading co., ltd. |
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Registered Office : |
20/F, |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
Jan. 4, 2002 |
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Com. Reg. No.: |
5300001013170 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Exporting chemical materials. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
Up To usd 500,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name & address
Yunphos
international trading co., ltd.
20/F,
TEL :
86 (0) 871-3138337
FAX :
86 (0) 871-3179663
EXECUTIVE SUMMARY
INCORPORATION DATE : jan. 4, 2002
REGISTRATION NO. : 5300001013170
REGISTERED LEGAL FORM : limited liabilities
company
STAFF STRENGTH :
51
REGISTERED CAPITAL : CNY10,000,000
BUSINESS LINE :
trading
TURNOVER :
CNY 701,100,000 (AS OF DEC. 31, 2006)
EQUITIES :
CNY 225,970,000 (AS OF DEC. 31, 2006)
PAYMENT :
AVERAGE
RECOMM.
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly stable
OPERATIONAL TREND : steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 7.62 = US$1 AS OF
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY -
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 Jan. 4, 2002.
Company Status: Limited liabilities co. This form of business in PR
China is defined as a legal person. At least two shareholders and no more
than fifty 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 listed as follows: -manufacturing co. :
CNY 500,000.00 -trading &wholesaling
co. :
CNY 500,000.00 -retailing co. : CNY 300,000.00 -consultancy & service
co. : CNY 100,000.00 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 50% of the registered capital while
contribution by intangible assets must not exceed 20% 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 scopes include importing and exporting all kinds of commodities and technologies.
SC is mainly
engaged in exporting chemical materials.
Mr. Wang Ankang
has been chairman of SC since 2002.
SC owns about 51
staff at present.
SC is
currently operating at the above stated address, and this address houses its
operating office in the commercial zone of Kunming. Our checks reveal that SC
owns the total premise about 500 square meters.
SC is not known to host website of its own at present.
No significant events or changes were found during our checks with the
local Administration for Industry & Commerce.
MAIN SHAREHOLDERS:
Name % of
Shareholding
Yunnan Phosphorus Group Co.,
Ltd.
90
Zhao Jun
5
Zheng Gefeng
5
The general conditions of SC’s
main shareholder:
Yunnan Phosphorus Group Co.,
Ltd.
specialized in producing and exporting phosphorus since its establishment in
1989. and its legal representative was Wang Ankang.
Address: 20/F,
Tel: 0871-3138337
Fax: 0871-3179663
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Chairman:
Mr. Wang Ankang, 43 years old with university education. He is currently
responsible for the overall management of SC.
Working Experience(s):
From 2002 to present Working in SC as chairman.
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General
Manager:
Mr. Yang Jianzhong, in his
Working Experience(s):
From 2002 to present Working in SC as general manager.
SC is mainly
engaged in exporting chemical materials.
SC’s products
mainly include: Phosphoric Acid, and Food Grade, etc.
SC sources its materials 100% from domestic market, mainly
The buying terms
of SC include T/T and Credit of 30-60 days. The payment terms of SC include
T/T, L/C and Credit of 15-30 days.
*Major Supplier:
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Xundian Phosphorus
& Electricity Co., Ltd.
Address: Jin Suo Xiang Industrial Zone
Tel: 0871-2731782
*Major Customer:
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Japan NCI Inc.
SC is
not known to have 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.
AC#：98082300000611
Relationship:
Balance Sheet
Unit: CNY’000
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As
of Dec. 31, 2005 |
As
of Dec. 31, 2006 |
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Cash & bank |
44,130 |
34,190 |
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Inventory |
11,040 |
6,980 |
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Accounts
receivable |
74,140 |
158,210 |
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Other Accounts
receivable |
421,730 |
588,080 |
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Accounts payable
in advance |
0 |
250,400 |
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To be
apportioned expense |
1,860 |
0 |
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Other current
assets |
5,790 |
3,060 |
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------------------ |
------------------ |
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Current assets |
558,690 |
1,040,920 |
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Fixed assets |
16,120 |
16,020 |
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Long term
investment |
0 |
0 |
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Other assets |
0 |
0 |
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Total assets |
574,810 |
1,056,940 |
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Short loans |
121,070 |
260,000 |
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Accounts payable |
215,760 |
364,250 |
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Accounts
receivable in advance |
0 |
106,390 |
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Other Accounts
payable |
10,720 |
6,020 |
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Salaries payable |
0 |
0 |
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Welfares payable |
-40 |
0 |
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Taxes payable |
390 |
0 |
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Withdraw the
expenses in advance |
0 |
0 |
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Other current
liabilities |
100 |
94,310 |
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Current
liabilities |
348,000 |
830,970 |
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Long term
liabilities |
0 |
0 |
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Other
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total
liabilities |
348,000 |
830,970 |
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Equities |
226,810 |
225,970 |
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Total
liabilities & equities |
574,810 |
1,056,940 |
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Income Statement
Unit: CNY’000
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As of Dec. 31,
2005 |
As of Dec. 31,
2006 |
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Turnover |
706,150 |
701,100 |
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Cost of goods
sold |
606,660 |
604,730 |
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Sales expense |
11,640 |
10,500 |
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Management expense |
8,400 |
7,360 |
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Finance expense |
5,160 |
16,150 |
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Profit before
tax |
3,290 |
-850 |
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Less: profit tax |
1,090 |
0 |
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Profits |
2,200 |
-850 |
Important Ratios
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As
of Dec. 31, 2005 |
As
of Dec. 31, 2006 |
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*Current ratio |
1.61 |
1.25 |
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*Quick ratio |
1.57 |
1.24 |
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*Liabilities
to assets |
0.61 |
0.79 |
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*Net profit
margin (%) |
0.31 |
-0.12 |
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*Return on
total assets (%) |
0.38 |
-0.08 |
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*Inventory
/Turnover ×365 |
6 days |
4 days |
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*Accounts
receivable/Turnover ×365 |
38 days |
82 days |
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*Turnover/Total
assets |
1.23 |
0.66 |
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* Cost of
goods sold/Turnover |
0.86 |
0.86 |
PROFITABILITY:
FAIR
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The turnover of SC appears fairly good in its line
in both years.
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SC’s net profit margin is fair.
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SC’s return on total assets is fair.
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SC’s cost of goods sold is average, comparing with its
turnover.
LIQUIDITY: AVERAGE
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The current ratio of SC is maintained in a normal
level.
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SC’s quick ratio is maintained in a fairly good
level.
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The inventory of SC is maintained in a normal
level.
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The accounts receivable of SC is maintained in a normal
level.
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The short-term loan of SC is maintained in a normal
level.
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SC’s turnover is in a fairly good level, comparing
with the size of its total assets.
LEVERAGE: AVERAGE
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The debt ratio of SC is average
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The risk for SC to go bankrupt is low.
Overall financial
condition of the SC: Fairly stable.
SC is
considered medium-sized in its line with fairly stable financial conditions. A
credit line up to USD500,000 would appear to be within SC’s capacities.
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/normal. |
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%)