MIRA
INFORM REPORT
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Report Date : |
28.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
WEIFANG RUIFU OIL AND CONDIMENT CO LTD |
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Registered Office : |
4km From Xiyuan Bridge, Wangwei Road, Weicheng District, Weifang, Shandong
Province, 261041 Pr |
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Country : |
China |
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Date of Incorporation : |
Nov. 2, 1998 |
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Com. Reg. No.: |
370700228001463 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Manufacturing and selling oil and condiment. |
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 150,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
Name & address
WEIFANG RUIFU OIL AND CONDIMENT CO LTD
4KM FROM XIYUAN BRIDGE, WANGWEI ROAD, WEICHENG DISTRICT,
WEIFANG, SHANDONG PROVINCE, 261041 PR CHINA
4
TEL: 86
(0) 536-8162400
FAX: 86 (0) 536-8165276
EXECUTIVE SUMMARY
INCORPORATION DATE : NOV. 2, 1998
REGISTRATION NO. : 370700228001463
REGISTERED LEGAL FORM : LIMITED LIABILITIES
COMPANY
STAFF STRENGTH :
200
REGISTERED CAPITAL : CNY 18,080,000
BUSINESS LINE :
MANUFACTURING
TURNOVER :
N/A (AS OF DEC. 31, 2006)
EQUITIES :
N/A (AS OF DEC. 31, 2006)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : up to usd 150,000 (periodical review)
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : N/A
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 7.06= 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 Nov. 2, 1998.
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 manufacturing,
processing and selling edible vegetable oils, sesame and sesame products, soy,
vinegar, jam, jam products, cooking wine composite condiment, vegetable products and honey.
SC is mainly engaged in manufacturing and selling oil and condiment.
Mr. Cui Ruifu has been chairman of SC since 1998.
SC is known to have approx. 200 employees at present.
SC is currently operating at the
above stated address, and this address houses its operating office and factory
in the industrial zone of Weifang. Our checks reveal that SC owns the total
premise about 12,000 square meters.
http://www.cuizi.com . The design is
professional and the content is well organized. At present it is in Chinese, Japanese,
and English versions.
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Date |
Item |
Before changed |
After changed |
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Dec. 23, 2006 |
Registered capital |
CNY 6,545,000 |
CNY 10,080,000 |
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Main shareholders |
Cui Ruifu
63.79%; Wang Xiuhua 24.75% Yan Jianwei 3.06%; Cui Heqing 3.06%; Cui Ruiliang 3.06%; Other 17 individuals 2.28% 17 |
Cui Ruifu
56.65%;Wang Xiuhua 35.91% Yan Jianwei 2.28%;Cui Heqing 1.98%;Cui
Ruiliang 1.98%;Other 15 individuals1.20% 15 |
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Apr. 13, 2007 |
Registered capital |
CNY 10,080,000 |
CNY 18,080,000 |
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Main shareholders |
Cui Ruifu
56.65%;Wang Xiuhua 35.91% Yan Jianwei 2.28%;Cui Heqing 1.98%;Cui
Ruiliang 1.98%;Other 15 individuals1.20% 15 |
Present ones |
SC’s predecessor is Weifang Sesame Oil
Factory.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Cui Ruifu 55.03
Wang Xiuhua 30.90
Yan Jianwei 2.12
Cui Heqing 1.99
Cui Ruiliang 1.99
Other 25
individuals 7.97
25
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Chairman and General Manager:
Mr. Cui Ruifu, in his 40’s with university
education. He is currently responsible for the overall management of SC.
Working Experience(s):
From 1998 to present Working
in SC as chairman and general manager.
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Vice General Manager:
Mr. Cui Heqing, in his 50’s with university
education. He is currently responsible for the daily management of SC.
Working Experience(s):
From 1998 to present
Working in SC as vice general
manager.
SC is mainly engaged in manufacturing and selling oil and condiment.
SC’s products mainly include: sesame oil.
SC’s production capacity of oil can reach more than 3,000 tons/year.
SC sources its materials 100% from domestic market. SC sells 70% of its
products in domestic market, and 30% to the overseas market, mainly India,
American and European countries.
The buying terms of SC include Check, T/T
and Credit of 30-60 days. The payment terms of SC include T/T, L/C and Credit
of 30-60 days.
*Major Clients:
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Wal-mart,
Carrefour, Trust-Mart, Auchan, etc.
SC is known to have one branch
factory as below,
Weifang Ruifu Oil and Condiment Co.,
Ltd., Weifang Sesame Oil Factory
Add: 4km From Xiyuan Bridge, Wangwei
Road, Weicheng District, Weifang
Tel: 86 (0) 536-8169568
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 refused to
release any information of its domestic suppliers and the trade reference was
not available.
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 Weicheng
Sub-branch
AC#N/A
Relationship: Normal.
SC’s financial reports were not found during
our checks with local AIC.
SC’s management declined to release its
financial reports.
Credit Opinion: USD 10,000,000
SC is considered medium-sized in its line
with undetermined conditions. A credit line at the above amount appears beyond
SC’s capacities, while a credit line up to USD 150,000 is recommended.
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%)