MIRA
INFORM REPORT
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Report Date : |
13.10.2007 |
IDENTIFICATION DETAILS
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Name : |
foshan yuyang
import and export co., ltd. |
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Registered Office : |
No. 39, |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
jan. 15, 1999 |
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Com. Reg. No.: |
4406001000030 |
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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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Maximum Credit Limit : |
Up To USD 8,000 |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name & address
foshan yuyang import
and export co., ltd.
no. 39,
TEL :
86 (0) 757-82308825
FAX :
86 (0) 757-82223016
EXECUTIVE SUMMARY
INCORPORATION DATE : jan. 15, 1999
REGISTRATION NO. :
4406001000030
REGISTERED LEGAL FORM : LIMITED
LIABILITIES CO.
STAFF STRENGTH :
12
REGISTERED CAPITAL : CNY 1,000,000
BUSINESS LINE :
TRADING
TURNOVER :
CNY 152,250,000 (AS OF DEC. 31, 2006)
EQUITIES :
CNY 1,510,000 (AS OF DEC. 31, 2006)
PAYMENT :
AVERAGE
RECOMM.
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : FAIRLY STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY
7.50 =US1$
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 co. at local Administration
for Industry & Commerce (AIC - The official body of issuing and renewing
business license) on Jan. 15, 1999.
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 commodities & technologies; selling common machineries and
equipment, air-conditioner, apparatus and instruments, porcelain products,
building materials, metal materials, hardware, plastic products, textiles,
garments, shoes, leather products, decoration materials, packaging materials,
paper, paper products, furniture, handicrafts, chemical raw materials,
household appliances, bicycles, zircon sand, tungsten products, toys, and
stationary.
SC is mainly
engaged in international trade.
Ms. Guo
Shuying has been chairman of SC since 1999.
SC is
known to have approx. 12 staff members at present.
SC is
currently operating at the above stated address, and this address houses its operating
office in the industrial zone of Foshan. Our checks reveal that SC rents the
total premise about 150 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 AIC.
MAIN SHAREHOLDERS:
Name
% of Shareholding
Li Shuying 79
Zhang Xiaowei 21
l
Chairman and
General Manager:
Ms. Guo Shuying, in her
Working Experience(s):
From 1999 to present Working in SC as chairman and general manager.
SC is
mainly engaged in international trade.
SC’s products mainly include: air-conditioning refrigeration facilities,
textiles, motor oil, leather products, toys, etc.
SC
sources its materials 30% from domestic market, mainly
The buying terms of SC include Check, T/T, L/C, Check and
Credit of 30-60 days. The payment terms of SC include T/T, L/C, Check and
Credit of 30-60 days.
*Major Supplier:
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Foshan Huagao Air-conditioning Co., Ltd.
*Major Customer:
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Foshan Huagao Air-conditioning 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: A trade enquiry currently
conducted with SC's supplier(s) reveal the following:
Supplier
A
Products sold: Air-condition
Date account opened: 2006
Line of credit: N/A
Terms: T/T, credit of 15-30 days
Average monthly sales: No comment
Current balance: No comment
Rating Key: 3
Any Special Comments:
_______________________________________
Payment record keys :
1 = Prompt : Payment made before the credit
period expires
2 = As agreed terms : Payment made upon due
date
3 = Slightly slow but acceptable : Payment
made 5 to 20 days beyond agreed terms
4 = Slow : Payment made 16 to 45 days beyond
agreed terms
5 = Poor : Payment made over 45 days beyond
agreed terms
6
= No comment : Account is newly opened & record is not yet established
Note : In
some instances, payment beyond terms can be the result of disputes over
merchandise, lost invoices, disputed accounts & etc.
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.
Guangdong
Development Bank Foshan Branch
AC#：N/A
Relationship:
Balance Sheet (as of Dec. 31, 2006)
Unit: CNY’000
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Cash & bank |
1,510 |
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Inventory |
40 |
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Accounts
receivable |
11,370 |
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Other Accounts
receivable |
870 |
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Advances to
suppliers |
12,770 |
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To be apportioned
expense |
0 |
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Other current
assets |
770 |
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Current assets |
27,330 |
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Fixed assets |
30 |
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Long term
investment |
0 |
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Other assets |
0 |
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Total assets |
27,360 |
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Short loans |
0 |
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Accounts payable |
12,510 |
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Bills payable |
0 |
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Advances from
clients |
12,150 |
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Other Accounts
payable |
1,140 |
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Withdraw the
expenses in advance |
0 |
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Other current
liabilities |
50 |
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Current
liabilities |
25,850 |
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Long term
liabilities |
0 |
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Other
liabilities |
0 |
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Total
liabilities |
25,850 |
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Equities |
1,510 |
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Total
liabilities & equities |
27,360 |
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Income Statement (as of Dec. 31, 2006)
Unit: CNY’000
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Turnover |
152,250 |
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Cost of goods
sold |
150,880 |
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Sales expense |
588 |
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Management expense |
628 |
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Finance expense |
226 |
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Profit before
tax |
-76 |
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Less: profit tax |
10 |
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Profits |
-86 |
Important Ratios (as of Dec. 31, 2006)
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*Current ratio 1.06
*Quick ratio 1.06
*Liabilities to
assets 0.94
*Net profit
margin (%) -0.06
*Return on total
assets (%) -0.31
*Inventory
/Turnover ×365 1day
*Accounts
receivable/Turnover ×365 27days
*Turnover/Total
assets 5.56
* Cost of goods
sold/Turnover 0.99
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.
l
SC’s cost of goods sold is high, comparing with its
turnover.
LIQUIDITY: AVERAGE
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The current ratio of SC is maintained in an average
level.
l
SC’s quick ratio is maintained in an average level.
l
The inventory of SC is maintained in an average
level.
l
The accounts receivable of SC is maintained in an
average level.
l
SC has no short-term loan in 2006.
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SC’s turnover is in a fairly good
level, comparing with the size of its total assets.
LEVERAGE:
FAIR
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The debt ratio of SC is fairly
high.
l
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 fairly stable financial
conditions. A credit line up to USD 8,000 appears 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. |
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%)