MIRA
INFORM REPORT
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Report Date : |
13.09.2007 |
IDENTIFICATION DETAILS
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Name : |
ANHUI PROVINCE
YIFAN SPICE Co., Ltd. |
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Registered Office : |
No. 13, |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
July 6, 2000 |
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Com. Reg. No.: |
3421232000229 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Engaged in
processing and selling spice, such as
mentha oil, peppermint oil, etc. |
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
10,000 |
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Status : |
Small Company |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name & address
ANHUI PROVINCE YIFAN
SPICE Co., Ltd.
NO. 13,
TEL :
86 (0) 558-8621867
FAX :
86 (0) 558-8610221
EXECUTIVE SUMMARY
INCORPORATION DATE : JULY 6, 2000
REGISTRATION NO. : 3421232000229
REGISTERED LEGAL FORM : LIMITED LIABILITIES COMPANY
STAFF STRENGTH : 35
REGISTERED CAPITAL : CNY 2,600,000
BUSINESS LINE : PROCESSING
TURNOVER : CNY 23,793,000 (AS OF DEC. 31, 2006)
EQUITIES : CNY 2,597,000 (AS OF DEC. 31, 2006)
PAYMENT : AVERAGE
RECOMM.
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : FAIR
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY
7.5217 = 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 company at local Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license) on July 6, 2000.
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 buying and selling mentha oil,
peppermint oil, essential oil and spice, mentha spicata, Chinese medicine
materials (excluding licorice, musk, eucommia, magnolia officinal),
agricultural and subsidiary products, textiles, general merchandise, garments,
home appliances, importing and exporting
commodities and technologies, excluding the items limited or prohibited by the
state (able to engage in items that need permit according to the regulation of
laws and administrative regulation, after obtaining the permit from relative
authorities and the registration in the AIC).
SC is mainly
engaged in processing and selling spice,
such as mentha oil, peppermint oil, etc.
Mr. Ma
Zongying has been legal representative and chairman of SC since 2002.
SC is known to have approx. 35 staff members at
present.
SC is currently operating at the above stated address, and this
address houses its operating office and head office in the commercial zone of
Taihe. Our checks reveal that SC has a factory in the industrial zone of Taihe,
whose concrete address is B District Taihe Industrial Park.
SC is not known to host website of its own at present.
Changes of its registered information:
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Date of change |
Item |
Before the change |
After the change |
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2003-11 |
Registered capital |
CNY 500,000 |
CNY 2,600,000 |
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Main Shareholders |
Ma Shouying (92.31%) Mao Kuixing (3.85%) Zhu Zumin (3.85%) |
Ma Shouying (3.84%) Zhu Fei (96.15%) |
MAIN SHAREHOLDERS:
Name %
of Shareholding
Zhu Fei 96.15
Ma Shouying 3.84
l
Legal representative and chairman:
Mr. Ma Zongying, ID # 342123640515057 He is
currently responsible for the overall management of SC.
Working Experience(s):
From 2002 to present Working in SC as chairman and legal representative.
SC is mainly
engaged in processing and selling spice,
such as mentha oil, peppermint oil, etc.
SC sources its materials 40%
from domestic market, and 60% from overseas market. SC sells 70% of its
products in domestic market, and 30% to overseas market.
Formerly, SC is only engaged in marketing spice, and it has
just stared its processing business this year. And its factory was established
recently.
The buying terms of SC include Check, T/T, L/C and Credit of
30-60 days. The payment terms of SC include Check, T/T, L/C and Credit of 30-60
days.
The
given contact number is a fax number. When we dialed it, there was no answer.
The staff of SC said the given number doesn’t belong to SC. And he released
that SC also has an office in
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.
SC’s management
declined to release its bank details.
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 |
153 |
59 |
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Inventory |
3,344 |
6,904 |
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Accounts
receivable |
2,009 |
2,379 |
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Advances to
supplies |
2,846 |
522 |
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Other
receivables |
0 |
0 |
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Other current
assets |
0 |
0 |
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------------------ |
------------------ |
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Current assets |
8,352 |
9,864 |
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Fixed assets |
350 |
350 |
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Fixed assets net
value |
229 |
169 |
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Projects under
construction |
0 |
1,600 |
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Long-term
investments |
0 |
0 |
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Intangible and
other assets |
0 |
0 |
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------------------ |
------------------ |
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Total assets |
8,581 |
11,633 |
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============= |
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Short loans |
2,500 |
1,300 |
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Accounts payable |
540 |
685 |
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Other Accounts
payable |
5,157 |
6,997 |
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Accrued payroll |
0 |
1 |
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Taxes unpaid |
-123 |
22 |
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Welfares payable |
7 |
31 |
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Accrued expenses |
0 |
0 |
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Advances from
customers |
0 |
0 |
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Other
current liabilities |
0 |
0 |
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----------------- |
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Current
liabilities |
8,081 |
9,036 |
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Long term liabilities |
0 |
0 |
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Total
liabilities |
8,081 |
9,036 |
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Shareholders
equities |
500 |
2,597 |
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Total
liabilities & equities |
8,581 |
11,633 |
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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 |
17,573 |
23,793 |
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Cost of goods
sold |
17,465 |
23,028 |
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Sales expense |
4 |
96 |
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Management expense |
46 |
100 |
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Finance expense |
25 |
568 |
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Operation Profit |
-6 |
-5 |
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Less: profit tax |
0 |
0 |
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Net profit |
-6 |
-5 |
Important Ratios
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as of Dec. 31,
2005 |
as of Dec. 31,
2006 |
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*Current ratio |
1.03 |
1.09 |
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*Quick ratio |
0.62 |
0.33 |
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*Liabilities
to assets |
0.94 |
0.78 |
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*Net profit
margin (%) |
-0.03 |
-0.02 |
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*Return on
total assets (%) |
-0.07 |
-0.04 |
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*Inventory
/Turnover ×365 |
70 days |
106 days |
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*Accounts
receivable/Turnover ×365 |
42 days |
37 days |
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*Turnover/Total
assets |
2.05 |
2.05 |
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*Cost of goods
sold/Turnover |
0.99 |
0.97 |
PROFITABILITY:
FAIR
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The turnover of SC appears average in its line, and
there was an increase in 2006.
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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 large.
LIQUIDITY: FAIR
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The current ratio of SC is maintained in a average
level.
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SC’s quick ratio is maintained in a fair level.
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The inventory of SC is maintained in an average
level in 2005, and it is fairly large in 2006.
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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 fairly large in 2006.
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SC’s turnover is in an average level, comparing
with the size of its total assets.
LEVERAGE: FAIR
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The debt ratio of SC is fairly high.
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The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fair.
SC is considered small-sized in its line with fair financial conditions.
A credit line up to USD10,000 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%)