MIRA
INFORM REPORT
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Report Date : |
20.09.2007 |
IDENTIFICATION DETAILS
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Name : |
JIANGSU FENGSHAN INTERNATIONAL TRADE 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 : |
01.04.2005 |
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Com. Reg. No.: |
3209822101489 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Exporting of Pesticide |
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 : |
USD30,000 |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
COMPANY NAME & ADDRESS
JIANGSU FENGSHAN INTERNATIONAL TRADE CO., LTD.
TEL: 86 (0) 515-83372088
FAX: 86 (0) 515-83372403
EXECUTIVE SUMMARY
INCORPORATION DATE : APRIL 1, 2005
REGISTRATION NO. : 3209822101489
REGISTERED LEGAL FORM : LIMITED LIABILITIES COMPANY
CHIEF EXECUTIVE : MR. YIN
FENGSHAN (CHAIRMAN)
STAFF STRENGTH : 10
REGISTERED CAPITAL : CNY 5,000,000
BUSINESS LINE : TRADING
TURNOVER : CNY 8,128,000 (AS OF
DEC. 31, 2006)
EQUITIES : CNY 4,697,000 (AS OF DEC. 31, 2006)
PAYMENT : AVERAGE
RECOMM.
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : AVERAGE
OPERATIONAL TREND : fairly steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY
7.51 = 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 April 1, 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
importing and exporting various goods and technologies (excluding the items
prohibited or limited by the country).
SC is mainly engaged in exporting pesticide.
Mr. Yin Fengshan has been legal representative
and chairman of SC since 2005.
SC is known to have approx. 10 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
Dafeng. Our checks reveal that SC rents the total premise about 70 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 and Commerce.
MAIN SHAREHOLDERS:
Name
%
of Shareholding
Chen Yafeng 9
Jiangsu Fengshan Group Co., Ltd. 51
Wang Honglei 30
Yin Hua 10
Legal representative and chairman:
Mr. Yin Fengshan , ID # 320926411023477, 66 years
old with high school education. He is currently responsible for the overall
management of SC.
Working Experience(s):
From 2005 to present Working
in SC as chairman and legal representative.
SC is mainly engaged in exporting pesticide.
SC’s products mainly include insecticide, acaricide, and other pesticidal chemicals.
SC sources its materials 100% from domestic market. SC sells
100% of its products to overseas market, mainly
The buying terms of SC include Check, T/T and Credit of
30-60 days. The payment terms of SC include Check, 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.
Agriculture Bank of
AC#：41901040002314
Relationship:
Balance Sheet (as of Dec. 31, 2006)
Unit: CNY’000
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Cash & bank |
54 |
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Inventory |
18 |
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Accounts receivable |
120 |
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Other receivables |
5,460 |
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Other current assets |
17 |
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Current assets |
5,669 |
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Fixed assets |
29 |
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Fixed assets net value |
24 |
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Projects under construction |
0 |
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Long term investment |
0 |
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Other assets |
0 |
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Total assets |
5,693 |
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Short loans |
0 |
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Accounts payable |
0 |
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Other payable |
11 |
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Accrued payroll |
644 |
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Accrued expenses |
300 |
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Other current liabilities |
41 |
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Current liabilities |
996 |
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Long term liabilities |
0 |
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Total liabilities |
996 |
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Equities |
4,697 |
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Total liabilities & equities |
5,693 |
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Income Statement (as of Dec. 31, 2006)
Unit: CNY’000
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Turnover |
8,128 |
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Cost of goods sold |
6,924 |
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Sales expense |
1,059 |
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Management expense |
193 |
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Finance expense |
86 |
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Profit before tax |
-173 |
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Less: profit tax |
0 |
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Profits |
-173 |
Important Ratios
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as
of Dec. 31, 2006 |
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*Current ratio |
5.69 |
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*Quick ratio |
5.67 |
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*Liabilities to assets |
0.17 |
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*Net profit margin (%) |
-2.13 |
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*Return on total assets (%) |
-3.04 |
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*Fixed assets/Total assets |
0.004 |
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*Inventory /Turnover ×365 |
1days |
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*Accounts receivable/Turnover ×365 |
5days |
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*Turnover/Total assets |
1.43 |
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* Cost of goods sold/Turnover |
0.85 |
PROFITABILITY: FAIR
The turnover of SC appears average in its line.
SC’s net profit margin is fair.
SC’s return on total assets is fair.
SC’s cost of goods sold is average, comparing with its turnover.
LIQUIDITY: AVERAGE
The current ratio of SC is maintained in a normal level.
SC’s quick ratio is maintained in a normal level.
The inventory of SC is maintained in an average level.
The accounts receivable of SC is maintained in an average level.
SC’s turnover is in an average level, comparing with the size of its
total assets.
LEVERAGE: AVERAGE
The debt ratio of SC is low.
The risk for SC to go bankrupt is low.
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 USD30,000 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. |
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%)