MIRA
INFORM REPORT
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Report Date : |
29.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
Yunphos international trading co., ltd. |
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Registered Office : |
20/F, Huguo Building, Kunming City,Yunnan Province, 650000 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
04.01.2002 |
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Com. Reg. No.: |
530000000007434 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Exporting
Chemical Materials. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
usd 1,000,000 |
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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name & address
Yunphos international trading co., ltd.
20/F, HUGUO BUILDING, KUNMING CITY,
YUNNAN PROVINCE,
650000 PR CHINA
TEL: 86 (0)
871-3138337 FAX: 86 (0)
871-3179663
EXECUTIVE SUMMARY
INCORPORATION DATE : jan. 4, 2002
REGISTRATION NO. : 530000000007434
REGISTERED LEGAL FORM : limited liabilities
company
STAFF STRENGTH :
51
REGISTERED CAPITAL : CNY 10,000,000
BUSINESS LINE :
INTERNATIONAL TRADE
TURNOVER :
CNY 701,100,000 (AS OF DEC. 31, 2006)
EQUITIES : CNY 225,970,000 (AS OF
DEC. 31, 2006)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : up to usd 1,000,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly 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 Ren Min Bi
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 Jan. 4, 2002.
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
scopes include importing and exporting all kinds of commodities and
technologies.
SC is mainly
engaged in exporting chemical materials.
Mr. Yang Jianzhong
is chairman of SC at present.
SC is known
to have approx. 51 employees at present.
SC is
currently operating at the above stated address, and this address houses its
operating office in the commercial zone of Kunming. Our checks reveal that SC
owns the total premise about 500 square meters.
SC is not known to host website of its own at present.
Changes of its registered information:
|
Date of change |
Item |
Before the change |
After the change |
|
Unknown |
Registration number |
5300001013170 |
530000000007434 |
|
Legal representative |
Wang Ankang |
Yang Jianzhong |
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Shareholders |
Yunnan Phosphorus Group Co., Ltd. 90% Zhao Jun 5% Zheng Gefeng 5% |
Yunnan Phosphorus Group Co., Ltd. 96% Kunming Donglin Trading Co., Ltd. 4% 4 |
MAIN SHAREHOLDERS:
Name % of
Shareholding
Yunnan Phosphorus Group Co., Ltd.
96
Kunming Donglin Trading Co., Ltd. 4
Yunnan Phosphorus Group Co., Ltd.
==========================
Yunnan Phosphorus Group Co., Ltd.
specializes in producing and exporting phosphorus since its establishment in
1989.
Address: 20/F, Huguo Building, Kunming City
Tel: 86 0871-3138337
Fax: 86 0871-3179663
l
Chairman and General Manager:
Mr. Yang Jianzhong, in his 40’s with university education. He is
currently responsible for the overall management of SC.
Working Experience(s):
Worked in SC as general manager.
At present Working in SC as chairman and general manager.
Also working in Yunnan
Phosphorus Group Co., Ltd. as general manager.
SC is mainly
engaged in exporting chemical materials.
SC’s products
mainly include: Phosphoric Acid, and Food Grade.
SC sources its materials 100% from domestic market, mainly Yunnan
province. SC sells its products 90% to overseas market, mainly France, Japan
and Southeast Asia countries, and 10% in domestic market.
The buying terms
of SC include T/T and Credit of 30-60 days. The payment terms of SC include
T/T, L/C and Credit of 15-30 days.
*Major Supplier:
=============
Xundian Phosphorus & Electricity Co., Ltd.
*Major Customer:
=============
Japan NCI Inc.
SC is
not known to have 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’s suppliers
declined to make any comments.
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.
China CITIC Bank
AC#98082300000611
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
|
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As
of Dec. 31, 2005 |
As
of Dec. 31, 2006 |
|
Cash & bank |
44,130 |
34,190 |
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Inventory |
11,040 |
6,980 |
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Accounts
receivable |
74,140 |
158,210 |
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Other Accounts
receivable |
421,730 |
588,080 |
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Accounts payable
in advance |
0 |
250,400 |
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To be apportioned
expense |
1,860 |
0 |
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Other current
assets |
5,790 |
3,060 |
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------------------ |
------------------ |
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Current assets |
558,690 |
1,040,920 |
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Fixed assets |
16,120 |
16,020 |
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Long term
investment |
0 |
0 |
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Other assets |
0 |
0 |
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------------------ |
------------------ |
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Total assets |
574,810 |
1,056,940 |
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============= |
============= |
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Short loans |
121,070 |
260,000 |
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Accounts payable |
215,760 |
364,250 |
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Accounts
receivable in advance |
0 |
106,390 |
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Other Accounts payable |
10,720 |
6,020 |
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Salaries payable |
0 |
0 |
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Welfares payable |
-40 |
0 |
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Taxes payable |
390 |
0 |
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Withdraw the
expenses in advance |
0 |
0 |
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Other current
liabilities |
100 |
94,310 |
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------------------ |
------------------ |
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Current liabilities |
348,000 |
830,970 |
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Long term
liabilities |
0 |
0 |
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Other
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total
liabilities |
348,000 |
830,970 |
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Equities |
226,810 |
225,970 |
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------------------ |
------------------ |
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Total
liabilities & equities |
574,810 |
1,056,940 |
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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 |
706,150 |
701,100 |
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Cost of goods
sold |
606,660 |
604,730 |
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Sales expense |
11,640 |
10,500 |
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Management expense |
8,400 |
7,360 |
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Finance expense |
5,160 |
16,150 |
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Profit before
tax |
3,290 |
-850 |
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Less: profit tax |
1,090 |
0 |
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Profits |
2,200 |
-850 |
Important Ratios
=============
|
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As
of Dec. 31, 2005 |
As
of Dec. 31, 2006 |
|
*Current ratio |
1.61 |
1.25 |
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*Quick ratio |
1.57 |
1.24 |
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*Liabilities
to assets |
0.61 |
0.79 |
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*Net profit
margin (%) |
0.31 |
-0.12 |
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*Return on total
assets (%) |
0.38 |
-0.08 |
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*Inventory
/Turnover ×365 |
6 days |
4 days |
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*Accounts
receivable/Turnover ×365 |
38 days |
82 days |
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*Turnover/Total
assets |
1.23 |
0.66 |
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* Cost of
goods sold/Turnover |
0.86 |
0.86 |
PROFITABILITY:
FAIR
l
The turnover of SC appears fairly good in its line in both years.
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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 average, comparing with its turnover.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a normal level.
l
SC’s quick ratio is maintained in a normal level.
l
The inventory of SC is maintained in an average level.
l
The accounts receivable of SC appears fairly large.
l
The short-term loan of SC is fairly large.
l
SC’s turnover is in an average level, comparing with the size of its
total assets.
LEVERAGE: AVERAGE
l
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 medium-sized in its line with fairly stable financial conditions.
The large amount of short loans could be a threat to SC’s financial condition.
A credit line at the above amount would appear to be within SC’s capacities.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.42.54 |
|
UK Pound |
1 |
Rs.84.86 |
|
Euro |
1 |
Rs.66.95 |
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%)