MIRA INFORM REPORT
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Report Date : |
02.12.2011 |
IDENTIFICATION DETAILS
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Name : |
WEIYU INTERNATIONAL CO., LTD. |
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Registered Office : |
Room 401, Floor 4, Beifang Commercial Building, No. 6 Huli Road, Huli District, Xiamen City, Fujian Province, 361006 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
23.07.2003 |
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Com. Reg. No.: |
350203200054825 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
International
Trade |
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No. of Employees
: |
10 Persons |
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 |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 100,000 |
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Status : |
Moderate |
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Payment
Behaviour : |
No Complaints |
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Litigation : |
Clear |
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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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China |
a2 |
a2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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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
WEIYU INTERNATIONAL CO., LTD.
ROOM 401, FLOOR 4, BEIFANG COMMERCIAL BUILDING, NO. 6 HULI ROAD,
HULI DISTRICT, XIAMEN CITY, FUJIAN PROVINCE, 361006 PR CHINA
TEL: 86 (0) 592-5315270/8122326/5315275
FAX: N/A
EXECUTIVE SUMMARY
INCORPORATION DATE : JULY 23, 2003
REGISTRATION NO. :
350203200054825
REGISTERED LEGAL FORM : LIMITED LIABILITIES CO.
STAFF STRENGTH : 10
REGISTERED CAPITAL : CNY 20,000,000
BUSINESS LINE :
TRADING
TURNOVER :
CNY 64,750,000 (AS OF DEC. 31, 2010)
EQUITIES :
CNY 19,050,000 (AS OF DEC. 31, 2010)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO
USD 100,000
MARKET CONDITION :
AVERAGE
FINANCIAL CONDITION : FAIRLY STABLE
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.3710=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
Note: the given telephone number “+86-592
SC is also known as Xiamen Weiyu Import & Export Co., Ltd.
SC was registered as a limited liabilities co. at local Administration for Industry & Commerce (AIC-The official body of issuing and renewing business license) on July 23, 2003.
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 1 wholesaling: the packaged food
(validity to July 26, 2013); 2.import and export of goods and technology
(without catalogue of import and export commodities), except the forbid ones; 3
mechanical equipment leasing and technical consultation; 4. business consulting
and financial consultation (without the finance, consulting projects with
permit if needed such as securities, futures, etc); 5 wholesaling and retailing of textiles,
electronic products, building materials, steel, building materials, wood,
decoration materials, metal materials, general merchandise, crafts, minerals
(except the forbid ones), mechanical equipment, hardware, aquatic products and
chemical products (except dangerous goods); 6. landscape project, fire control
engineering, cubic metro engineering, pipeline engineering installation design;
7 storage (except dangerous chemical goods) (limited operating branches); 8
exhibition services, business services (with permit if needed).
SC is mainly
engaged in international trade.
Mr. Chen
Bing (陈炳)
is chairman & legal representative of SC at present.
SC is known
to have approx. 10 employees at present.
SC is currently
operating at the above stated address, and this address houses its operating
office in the commercial zone of Xiamen. Our checks reveal that SC rents the
total premise about 300 square meters.
http://www.wyfurniture.com/
The design is professional and the content is well organized. At present it is
in English version.
E-mail: jialiangtony@163.com
Changes
of its registered information:
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Date
of change |
Item |
Before the
change |
After the change |
|
Unknown |
Registered Capital |
CNY 5,000,000 |
Present amount |
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Legal Representative |
Bai Ruzhen |
Present one |
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Shareholders |
Bai Ruzhen 51% Chen Chengji 49% |
Present ones |
MAIN
SHAREHOLDERS:
Name
% of
shareholdings
Chen Bing 70
Li Tanbao 30
l
Chairman & Legal Representative:
Mr. Chen Bing is currently responsible for the overall management of SC
Working Experience(s):
At present Working in SC as chairman & legal representative
SC is mainly
engaged in international trade.
SC’s products
mainly include: sport clothing, wooden cabinet, art ware, watch, etc.
SC sources its materials 95% from domestic market,
and 5% from overseas market. SC sells 5% of its products in domestic market,
and 95% to overseas market.
The buying terms of SC include Check, T/T, L/C and Credit of 30-60 days.
The payment terms of SC include Check, T/T, L/C and Credit of 30-60 days.
Note:
SC refused to release its main customers and suppliers
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.
Industrial Bank
Xiamen Branch
AC#:
129960100100009833
Relationship:
Normal
Balance Sheet
Unit: CNY’000
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As of Dec. 31,
2010 |
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Cash & bank |
220 |
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Short-term
investments |
0 |
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Inventory |
3,470 |
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Accounts
receivable |
-560 |
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Advances to
suppliers |
6,060 |
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Accounts export tax rebates |
1,140 |
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Other accounts
receivable |
23,280 |
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Prepaid expenses |
20 |
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Other current
assets |
0 |
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------------------ |
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Current assets |
33,630 |
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Fixed assets net
value |
30 |
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Project under
construction |
0 |
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Long term
investment |
0 |
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Intangible and
other assets |
0 |
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------------------ |
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Total assets |
33,660 |
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============= |
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Short loans |
210 |
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Notes payable |
0 |
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Accounts payable |
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Advances from
clients |
5,960 |
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Welfare payable |
0 |
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Taxes payable |
-580 |
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Surcharge payable |
0 |
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Other accounts
payable |
2,660 |
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Other current
liabilities |
0 |
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------------------ |
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Current
liabilities |
14,610 |
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Long-term
liabilities |
0 |
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------------------ |
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Total
liabilities |
14,610 |
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Equities |
19,050 |
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------------------ |
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Total
liabilities & equities |
33,660 |
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============= |
Income Statement
Unit: CNY’000
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As of Dec. 31,
2010 |
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Turnover |
64,750 |
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Cost of goods sold |
62,810 |
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Taxes and additional of main operations |
30 |
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Sales expense |
2,150 |
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Management expense |
1,510 |
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Finance expense |
60 |
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Non-operating
income |
60 |
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Non-operating expense |
90 |
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Profit before
tax |
-1,840 |
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0 |
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Profits |
-1,840 |
Important
Ratios
=============
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As
of Dec. 31, 2010 |
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*Current ratio |
2.30 |
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*Quick ratio |
2.06 |
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*Liabilities
to assets |
0.43 |
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*Net profit
margin (%) |
-2.84 |
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*Return on
total assets (%) |
-5.47 |
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*Inventory
/Turnover ×365 |
20 days |
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*Accounts
receivable/Turnover ×365 |
/ |
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*Turnover/Total
assets |
1.92 |
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* Cost of
goods sold/Turnover |
0.97 |
PROFITABILITY: FAIR
l
The turnover of SC appears average in 2010.
l
SC’s net profit margin appears fair in 2010.
l
SC’s return on total assets appears fair in 2010.
l
SC’s cost of goods sold is high in 2010, comparing
with its turnover.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a fairly
good level in 2010.
l
SC’s quick ratio is maintained in a fairly good
level in 2010.
l
The inventory of SC appears average in 2010.
l
SC’s short-term loan appears average in 2010.
l
SC’s turnover is in an average level in 2010,
comparing with the size of its total assets.
LEVERAGE: AVERAGE
l
The debt ratio of SC is low.
l
The risk for SC to go bankrupt is average.
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 USD
100,000 would appear to be within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.65 |
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UK Pound |
1 |
Rs.81.06 |
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Euro |
1 |
Rs.69.51 |
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 |
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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NB |
New Business |
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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%)
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.