MIRA INFORM REPORT
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Report Date : |
21.04.2011 |
IDENTIFICATION DETAILS
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Name : |
CHENGDU BACON LEATHER INSTITUTE |
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Registered Office : |
Room 113, Unit 1, No. 12 Building, No. 6, Fangcao Street, Gaoxin District, Chengdu City, Sichuan Province 610041 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
05.05.1999 |
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Com. Reg. No.: |
510109000176725 |
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Legal Form : |
Shares Jointly Owned Enterprise |
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Line of Business : |
----- |
RATING & COMMENTS
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MIRA’s Rating : |
C |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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Status : |
Undetermined |
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Payment
Behaviour : |
---- |
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Litigation : |
---- |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2010
|
Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
|
China |
a2 |
a2 |
|
Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name & address
CHENGDU BACON LEATHER
INSTITUTE
ROOM 113, UNIT 1, NO. 12 BUILDING, NO. 6, FANGCAO STREET,
GAOXIN DISTRICT, CHENGDU CITY, SICHUAN PROVINCE 610041 PR CHINA (REGISTERED ADDRESS)
TEL: N/A
FAX: N/A
EXECUTIVE
SUMMARY
INCORPORATION
DATE : MAY 5, 1999
REGISTRATION
NO. : 510109000176725
REGISTERED
LEGAL FORM : SHARES JOINTLY OWNED ENTERPRISE
STAFF
STRENGTH : N/A
REGISTERED
CAPITAL : CNY 500,000
BUSINESS
LINE : N/A
TURNOVER : CNY 2,477,000 (AS OF DEC. 31,
2009)
EQUITIES : CNY 571,000
(AS OF DEC. 31, 2009)
PAYMENT
: NOT YET DETERMINED
RECOMM.
CREDIT RANGE : NO RECOMMENDATION
MARKET
CONDITION : AVERAGE (AS OF
DEC. 31, 2009)
FINANCIAL
CONDITION : FAIRLY STABLE (AS
OF DEC. 31, 2009)
OPERATIONAL
TREND : steady (AS OF DEC. 31, 2009)
GENERAL
REPUTATION : AVERAGE
EXCHANGE
RATE : CNY 6.5180 = 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 shares jointly owned enterprise at local Administration
for Industry & Commerce (AIC - The official body of issuing and renewing
business license) on May 5, 1999.
Company Status: Shares
Jointly Owned This form of business in PR
China is defined as a legal person whose registered capital is mostly or
wholly raised by the staff members of the enterprise. Its shareholders
consist of at least 8 staff members, and the staff members that are not shareholders should
be less than 10% of the total staff members. It operates as a
cooperative, under democratic management, paying salaries according to the
achievements of staff members and distributing its profit according the
shares owned.
SC’s registered
business scope includes researching, developing and selling leather chemical materials; selling leather raw materials and products (except
country have special provisions); treating leather, leather
products, finishing; technical advice; importing and exporting all kinds of commodities and technologies,
except the goods and technology country limited or prohibit importing
and exporting.
Mr. Lv Xin is registered as legal
representative of SC.
No telephone listing could
be found for the company. It is therefore not possible to contact the company
directly to obtain further information. The nature and extent of the company's
operations could not be determined and it could not be confirmed whether the
company operates from the Registered Office address or in another location.
SC is not known to
have website of its own at present.
Changes of its registered
information:
|
Date of change |
Item |
Before the
change |
After the
change |
|
Unknown |
Registration no. |
5101092000486 |
Present one |
|
|
Registered Capital |
CNY 100,000 |
Present amount |
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Shareholders |
Lv Xin Lv Xuyong Zeng Ting |
Present ones |
MAIN SHAREHOLDERS:
Name % of Shareholding
Lv Xin
75
Zeng Ting 25
l
Legal
representative:
Mr. Lv Xin ID#: 110101196202264579, born in 1962, with
university education
l Supervisor:
Ms. Zeng Ting
Repeated calls made to
the given tel. no. 86 28-85182500/85182623 went unanswered during office hours.
Exhausting our efforts, we are unable to find SC’s telephone number in various information sources, including the internet, yellow pages and telecom companies.
It is not possible to
contact the company directly to obtain further information. The nature and
extent of the company's operations could not be determined.
SC
is not known to have any subsidiary at present.
Overall payment
appraisal:
( ) Excellent (
) Good ( ) Average
( ) Fair (
) Poor (X) 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: N/A
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.
We did not find SC’s bank information from local AIC.
Balance Sheet
Unit: CNY’000
|
|
as of Dec. 31, 2008 |
as of Dec. 31, 2009 |
|
Cash & bank |
137 |
46 |
|
Inventory |
1,363 |
1,597 |
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Accounts receivable |
0 |
0 |
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Advances to suppliers |
0 |
0 |
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Notes receivable |
0 |
0 |
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Other receivables |
6 |
7 |
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Subsidy receivables |
0 |
0 |
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Other current assets |
0 |
0 |
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------------------ |
------------------ |
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Current assets |
1,506 |
1,650 |
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Fixed assets |
0 |
0 |
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Projects under construction |
0 |
0 |
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Long term investment |
0 |
0 |
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Intangible assets |
0 |
0 |
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Long-term deferred expenses |
0 |
0 |
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|
------------------ |
------------------ |
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Total assets |
1,506 |
1,650 |
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|
============= |
============= |
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Short loans |
0 |
0 |
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Accounts payable |
222 |
44 |
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Advances from clients |
40 |
166 |
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Notes payable |
0 |
0 |
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Other accounts payable |
624 |
825 |
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Other payable |
0 |
0 |
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Welfare payable |
40 |
40 |
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Taxes payable |
14 |
4 |
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Other current liabilities |
0 |
0 |
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------------------ |
------------------ |
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Current liabilities |
940 |
1,079 |
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Long term liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total liabilities |
940 |
1,079 |
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Equities |
566 |
571 |
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----------------- |
----------------- |
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Total liabilities & equities |
1,506 |
1,650 |
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|
============= |
============= |
Income Statement
Unit: CNY’000
|
|
as
of Dec. 31, 2008 |
as of Dec. 31, 2009 |
|
Turnover |
4,030 |
2,477 |
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Cost of goods sold |
3,745 |
2,227 |
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Taxes and additional of main operation |
7 |
2 |
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Sales expense |
246 |
204 |
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Management expense |
54 |
40 |
|
Finance expense |
-30 |
-1 |
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Investment income |
0 |
0 |
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Subsidy income |
0 |
0 |
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Non-operating income |
0 |
0 |
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Non-operating expense |
0 |
0 |
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Profit before tax |
8 |
5 |
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Less: profit tax |
2 |
1 |
|
Profits |
6 |
4 |
Important Ratios
=============
|
|
as of Dec. 31, 2008 |
as of Dec. 31, 2009 |
|
*Current ratio |
1.60 |
1.53 |
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*Quick ratio |
0.15 |
0.05 |
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*Liabilities to assets |
0.62 |
0.65 |
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*Net profit margin (%) |
0.15 |
0.16 |
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*Return on total assets (%) |
0.40 |
0.24 |
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*Inventory /Turnover ×365 |
124 days |
236 days |
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*Accounts receivable/Turnover ×365 |
0 |
0 |
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*Turnover/Total assets |
2.68 |
1.50 |
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* Cost of goods sold/Turnover |
0.93 |
0.90 |
PROFITABILITY: AVERAGE
l
The
turnover of SC appears average in 2008, but it decreased in 2009.
l
SC’s net
profit margin is average.
l
SC’s
return on total assets is average.
l
SC’s
cost of goods sold is fairly high, 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 poor level.
l
The
inventory of SC appears large.
l
SC has
no accounts receivable in both years.
l
SC has
no short-term loan in both years.
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 average.
l
The risk
for SC to go bankrupt is average.
Overall financial condition of the SC: Fairly
stable (as of Dec. 31, 2009)
Despite having
exhausted all our effort, we are unable to contact SC, so precise credit
estimate can not be made at present. If
further contact details of SC can be provided, we will definitely continue this
research.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.38 |
|
UK Pound |
1 |
Rs.72.56 |
|
Euro |
1 |
Rs.63.92 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
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 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.