MIRA
INFORM REPORT
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Report Date : |
11.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
Nanjing Red Sun International Trade Co., Ltd. |
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Registered Office : |
Tower C, D, 19/F, Golden Eagle Int’l Plaza, No. 89, Hanzhong Road, Nanjing,
Jiangsu Province, 210029 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
17.07. 2002 |
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Com. Reg. No.: |
320125000002536 |
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Legal Form : |
One-Person Limited Liability Company |
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Line of Business : |
Selling different sorts of Pesticide. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 200,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name & address
Nanjing Red Sun International Trade Co., Ltd.
tOWER C, D, 19/F,
golden eagle int’l plaza, no. 89, hanzhong road,
nanjing, jiangsu
PROVINCE, 210029 PR CHINA.
TEL: 86 (0)
25-84785916 FAX: 86 (0)
25-84730078
EXECUTIVE SUMMARY
INCORPORATION DATE : july 17, 2002
REGISTRATION NO. : 320125000002536
REGISTERED LEGAL FORM : One-person Limited
Liability Company
STAFF STRENGTH :
30
REGISTERED CAPITAL : CNY 5,000,000
BUSINESS LINE :
TRADING
TURNOVER :
CNY 46,720,000 (AS OF DEC. 31, 2007)
EQUITIES :
CNY 16,110,000 (AS OF DEC. 31, 2007)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO USD 200,000
MARKET CONDITION : average
FINANCIAL CONDITION : STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY
6.85 = USD 1
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY - China Yuan Renminbi
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 July 17, 2002.
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 import and export of various goods and technologies
(excluding the goods prohibited or limited by the country).
SC is mainly
engaged in selling different sorts of pesticide. (
Mr. Wang Xiaoping
has been legal representative and chairman of SC since 2002.
SC is known
to have approx. 30 employees at present.
SC is
currently operating at the above stated address, and this address houses its
operating office in the commercial zone of Nanjing. Our checks reveal that SC
rents the total premise about 700 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
Nanjing No.1 Pesticide Group Co., Ltd.
100
l
Chairman & General Manager:
Mr. Wang Xiaoping, ID # 320125650808281, 43 years old with university
education. He is currently responsible for the overall management of SC.
Working Experience(s):
From 2002 to present Working
in SC as chairman and general manager.
l
General manager:
Ms. Zhang Aijuan, ID # 321002197809110926, 30 years old, with university
education. She is currently responsible for the daily management of SC.
Working Experience(s):
From 2002 to present Working
in SC as general manager.
SC is mainly
engaged in selling different sorts of pesticide.
SC’s products mainly include Lambda-cyhalothrin, Alpha-cypermethrin,
diquat, paraquat, alphacypermethrin, and so on.
SC sources its materials 100% from domestic
market. SC sells 100% of its products to overseas market, mainly Europe, Africa
and Southeast Asian market.
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.
*Major Suppliers:
=============
Nanjing No.1 Pesticide Group 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 : 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 China Nanjing Gaochun Sub-branch
AC#N/A
Relationship:
Normal.
Balance Sheet (as of Dec. 31, 2007)
Unit: CNY’000
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Cash & bank |
14,520 |
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Inventory |
500 |
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Accounts
receivable |
7,270 |
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Advances to
suppliers |
4,400 |
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Other
receivables |
3,750 |
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Other current
assets |
0 |
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------------------ |
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Current assets |
30,440 |
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Fixed assets net
value |
110 |
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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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------------------ |
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Total assets |
30,550 |
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============= |
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Short loans |
0 |
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Accounts payable |
10,840 |
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Other payable |
560 |
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Advances from
clients |
3,040 |
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Other current
liabilities |
0 |
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Current
liabilities |
14,440 |
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Long term
liabilities |
0 |
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Total
liabilities |
14,440 |
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Equities |
16,110 |
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Total
liabilities & equities |
30,550 |
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Income Statement (as of Dec. 31, 2007)
Unit: CNY’000
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Turnover |
46,720 |
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Cost of goods
sold |
41,330 |
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Sales expense |
1,830 |
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Management expense |
770 |
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Finance expense |
1,630 |
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Profit before
tax |
1,160 |
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Less: profit tax |
10 |
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Profits |
1,170 |
Important Ratios
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as
of Dec. 31, 2007 |
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*Current ratio |
2.11 |
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*Quick ratio |
2.07 |
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*Liabilities
to assets |
0.47 |
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*Net profit
margin (%) |
2.50 |
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*Return on
total assets (%) |
3.83 |
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*Inventory
/Turnover ×365 |
4days |
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*Accounts
receivable/Turnover ×365 |
57days |
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*Turnover/Total
assets |
1.53 |
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* Cost of
goods sold/Turnover |
0.88 |
PROFITABILITY:
AVERAGE
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The turnover of SC appears fairly good in its line.
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SC’s net profit margin is average.
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SC’s return on total assets is average.
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SC’s cost of goods sold is average, comparing with its turnover.
LIQUIDITY: FAIRLY GOOD
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The current ratio of SC is maintained in a fairly good level.
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SC’s quick ratio is maintained in a fairly good level.
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The inventory of SC is maintained in an average level.
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The accounts receivable of SC appears average.
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SC has no short-term loan in 2007.
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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: Stable.
SC is considered medium-sized in its line with stable financial
conditions. A credit line up to USD 200,000 appears to be within SC’s
capacities.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.48.52 |
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UK Pound |
1 |
Rs.72.62 |
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Euro |
1 |
Rs.63.76 |
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%)