MIRA
INFORM REPORT
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Report Date : |
01.10.2007 |
IDENTIFICATION DETAILS
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Name : |
anqing yanghang
industry and trading co., ltd. |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
August 24, 1993 |
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Com. Reg. No.: |
3408001000172 |
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Legal Form : |
One-Person Limited Liability Company |
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Line of Business : |
Engaged in processing
and selling agricultural products and by products. |
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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Maximum Credit Limit : |
Up To usd 40,000 |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name & address
anqing yanghang
industry and trading co., ltd.
no.14
TEL :
86 (0) 556-5203528
FAX :
86 (0) 556-5203526
EXECUTIVE SUMMARY
INCORPORATION DATE : august 24, 1993
REGISTRATION NO. : 3408001000172
REGISTERED LEGAL FORM : One-person Limited
Liability Company
STAFF STRENGTH :
30
REGISTERED CAPITAL : CNY 4,000,000
BUSINESS LINE :
processing
TURNOVER :
CNY 30,940,000 (AS OF DEC. 31, 2006)
EQUITIES :
CNY 6,390,000 (AS OF DEC. 31, 2006)
PAYMENT :
AVERAGE
RECOMM.
MARKET CONDITION : average
FINANCIAL CONDITION : fairly STABLE
OPERATIONAL TREND : fairly steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY7.51 = US$1
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 one-person limited liability company at local Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license) on August 24, 1993.
Company Status: One-person Limited Liability Company Single person LLC refers to a
limited liability company set up by only one natural person or legal person
as the single shareholder of it. The minimum registered capital
of Single person LLC is CNY100,000. The shareholder’s capital contributes,
as set out by the articles of associations should be a lump-sum payment in
full. One natural person can only
invest in and set up one limited liability company, which is not permitted
to invest in and set up a new Single person LLC. As to any one-person limited
liability company, the sole-investor nature of the natural person or legal
person shall be indicated in the registration documents of the company and
shall be indicated in the business license thereof as well. The regulation of Single person
LLC should be set up by the shareholder The regulation of Single person
LLC has no shareholder meeting.
SC’s registered
business scope includes purchasing and processing agricultural products and by products,
selling sesame, cargo storage, and international trade.
SC is mainly
engaged in processing and selling agricultural products and by products.
Mr. Mao Lingyun
has been chairman of SC since 1993.
SC is known to
have approx. 30 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 Anqing. Our checks
reveal that SC owns the total premise about 2,000 square meters.
SC is not known to host web site of its own at present.
Changes of its registered information are as follows:
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Date
of change |
Item |
Before the
change |
After the change |
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2007 |
Registered legal form |
Limited liabilities company |
One-person limited liability company |
MAIN SHAREHOLDERS:
Name %
of Shareholding
Mao Lingyun 100
l
Chairman:
Mr. Mao Lingyun, 45 years old with university education. He is currently
responsible for the overall management of SC.
Working Experience(s):
From 1993 to present Working
in SC as chairman.
l
General Manager:
Mr. Yang Qixiang, 55 years old with university education. He is
currently responsible for the daily management of SC.
Working Experience(s):
From 1993 to present Working in SC as general manager.
SC is mainly engaged
in processing and selling agricultural products and by products.
SC’s products
mainly include: sesame, jumble beads.
SC sources its materials 100% from domestic
market, mainly
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.
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 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.
Bank of Communications Anqing Branch.
AC#：348716000018000184608
Relationship:
Balance Sheet (as of Dec. 31, 2006)
Unit: CNY’000
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Cash & bank |
2,030 |
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Inventory |
1,820 |
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Accounts receivable |
10 |
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Other Accounts
receivable |
600 |
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Advances to
suppliers |
20 |
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To be
apportioned expense |
0 |
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Other current
assets |
3,110 |
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Current assets |
7,590 |
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Fixed assets net
value |
4,300 |
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Projects under construction |
0 |
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Long term
investment |
0 |
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Other assets |
2,120 |
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Total assets |
14,010 |
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Short loans |
2,460 |
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Accounts payable |
130 |
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Other Accounts
payable |
1,140 |
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Withdraw the expenses
in advance |
110 |
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Other current
liabilities |
3,760 |
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Current
liabilities |
7,600 |
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Long term
liabilities |
0 |
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Other
liabilities |
20 |
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Total
liabilities |
7,620 |
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Equities |
6,390 |
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Total
liabilities & equities |
14,010 |
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Income Statement (as of Dec. 31, 2006)
Unit: CNY’000
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Turnover |
30,940 |
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Cost of goods
sold |
29,110 |
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Sales expense |
620 |
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Management expense |
490 |
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Finance expense |
440 |
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Profit before
tax |
-10 |
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Less: profit tax |
0 |
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Profits |
-10 |
Important Ratios (as of Dec. 31, 2006)
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*Current ratio 1.00
*Quick ratio 0.76
*Liabilities to
assets 0.54
*Net profit
margin (%) -0.03
*Return on total
assets (%) -0.07
*Inventory
/Turnover ×365 21 days
*Accounts
receivable/Turnover ×365 1 day
*Turnover/Total
assets 2.21
* Cost of goods
sold/Turnover 0.94
PROFITABILITY:
FAIR
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The turnover of SC appears average in its line.
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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 fairly high comparing
with its turnover.
LIQUIDITY: AVERAGE
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The current ratio of SC is maintained in an average
level.
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SC’s quick ratio is maintained in an average level.
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The inventory of SC is maintained in an average
level.
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The accounts receivable of SC is maintained in an
acceptable level.
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SC’s short-term loan is in an average level.
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SC’s turnover is in an average 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 average.
Overall financial
condition of the SC: Fairly stable.
SC is considered small-sized in its line with a development history of
14 years. A credit line up to USD 40,000
would appear to be within SC’s capacities upon a periodical review basis.
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%)