MIRA
INFORM REPORT
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Report Date : |
01.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
WEIHAI NONG SUNG AGRICULTURE BY PRODUCTS CO., LTD. |
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Registered Office : |
Eastern Bijiatuan Village, High Tech. Dev. Zone, Weihai, Shandong
Province, 264209 Pr |
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Country : |
China |
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Date of Incorporation : |
Aug. 26, 2005 |
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Com. Reg. No.: |
3710202801781 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Engaged in processing
and selling sesame, chili perillaseed, and rice. |
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 : |
Unknown |
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Litigation : |
Clear |
name & address
WEIHAI NONG SUNG AGRICULTURE BY PRODUCTS CO., LTD.
EASTERN BIJIATUAN VILLAGE, HIGH TECH. DEV. ZONE, WEIHAI,
SHANDONG PROVINCE, 264209 PR CHINA
TEL : 86 (0)
631-5697778/2880145
FAX : 86 (0) 631-5697778
EXECUTIVE SUMMARY
INCORPORATION DATE : AUG. 26, 2005
REGISTRATION NO. : 3710202801781
REGISTERED LEGAL FORM : LIMITED LIABILITIES
COMPANY
STAFF STRENGTH :
8
REGISTERED CAPITAL : CNY 500,000
BUSINESS LINE :
PROCESSING
TURNOVER :
N/A (AS OF DEC. 31, 2006)
EQUITIES :
N/A (AS OF DEC. 31, 2006)
PAYMENT :
not yet determined
RECOMM. CREDIT RANGE : COD to small amount
MARKET CONDITION : FAIR
FINANCIAL CONDITION : N/A
OPERATIONAL TREND : fairly steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 7.47= 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 Aug. 26, 2005.
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 processing with the imported
sesame, chili perillaseed, and rice; importing and exporting various goods.
SC is mainly
engaged in processing and selling sesame, chili perillaseed, and rice.
Ms. Zhen Zhenzi
has been chairman of SC since 2005.
SC is known
to have approx. 8 staff members at present.
SC is
currently operating at the above stated address, and this address houses its
operating office and factory in the industrial zone of Weihai. Our checks
reveal that SC owns the total premise about 200 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 local
AIC.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Jin Zhenzi 95
Bi Xuening
5
l
Chairman and
General Manager:
Ms. Zhen Zhenzi, in her 50’s with university education. She is currently
responsible for the overall management of SC.
Working Experience(s):
From 2005 to present Working
in SC as chairman and general manager.
l
Sales Manager:
Ms. Bi Xuening, in her 20’s with university education. She is currently
responsible for the daily management of SC.
Working Experience(s):
From 2005 to present Working in SC as sales manager.
SC is mainly
engaged in processing and selling sesame, chili perillaseed, and rice.
SC’s products mainly
include: sesame, chili perillaseed, and rice.
SC was taken into
normal operation in May 2007, and is has little business at present.
SC sources its
materials 50% from domestic market, and 50% from the overseas market, mainly
Southeast Asia. SC sells 50% of its products in domestic market, and 50% to the
overseas market, mainly Southeast Asia.
The buying terms of SC include Check, T/T and Credit of 30-60 days. The
payment terms of SC include T/T and Credit of 30-60 days.
SC is
not known to have any subsidiary at present.
Overall payment appraisal:
( ) Excellent (
) Good ( ) Average ( ) Fair (
) Poor (X) 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 refused to release any information of its
suppliers and the trade reference was not available.
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.
China CITIC Bank Weihai Branch
AC#：7373910182100011113
Relationship:
Normal.
SC refused to
release the information of the given bank (Bank of Communications Weihai
Branch.).
SC was taken into normal operation in May 2007, so its financial reports
of 2006 are not available.
SC has just started its normal operation recently, and its credit has not
been established yet. 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%)