MIRA INFORM REPORT
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Report Date : |
13.12.2011 |
IDENTIFICATION DETAILS
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Name : |
TIANJIN ZHONGTUO CO., LTD. |
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Registered Office : |
1-1-402, No. 3 Guangda Street, Teda, Tianjin 300457 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
24.08.2004 |
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Com. Reg. No.: |
120191000059555 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Selling
Agricultural and Sideline Products |
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No. of Employees
: |
5 persons |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Poor |
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Payment
Behaviour : |
Unknown |
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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) |
|
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
tianjin zhongtuo co., ltd.
1-1-402, no. 3 guangda street, TEDA, tianjin
300457 PR CHINA
TEL: 86 (0) 22-66280091
FAX: 86 (0) 22-66280306
EXECUTIVE SUMMARY
Date of Registration : august 24, 2004
REGISTRATION NO. : 120191000059555
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL :
cny 500,000
staff : 5
BUSINESS CATEGORY :
trading
Sale :
CNY 12,410,000 (AS OF DEC. 31, 2010)
EQUITIES : CNY -410,000 (AS OF
DEC. 31, 2010)
WEBSITE : N/A
E-MAIL : N/A
PAYMENT : AVERAGE
Recommended Credit Limit: c.o.d.
MARKET CONDITION : fair
FINANCIAL CONDITION : poor
OPERATIONAL TREND : Downward
GENERAL REPUTATION : fair
EXCHANGE RATE : CNY 6.36 = USD 1
Adopted abbreviations
(As Follows)
SC - Subject Company
(the company inquired by you)
N/A – Not available
CNY – China Yuan Ren
Min Bi
OPERATIONAL TREND & GENERAL
REPUTATION
This section aims at indicating the relative positions of SC in respect
of its operational trend & general reputation
Operational Trend:- General
Reputation:-
Upward Excellent
Steady Good
Fairly Steady Fairly
Good
Ordinary Average
Fair Fair
Stagnant Detrimental
Downward Not
known
Not known Not
yet be determined
Not yet be determined
LEGAL STATUS & HISTORY
SC was
established as a limited liabilities company of PRC with State Administration
of Industry & Commerce (SAIC) under registration No.: 120191000059555 on August 24,
2004.
SC’s Organization Code Certificate
No.: 76433154-7
SC’s registered capital: cny 500,000
SC’s paid-in capital: cny 500,000
Registration Change Record:
|
Date |
Change of Contents |
Before the change |
After the change |
|
-- |
Registration No. |
1201912109194 |
120191000059555 |
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Zu Fulin |
80 |
|
Guo
Hong |
10 |
|
Guo Yansong |
10 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative,
Chairman, and General Manager |
Zu Fulin |
|
Supervisor |
Guo Hong |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Zu Fulin 80
Guo Hong 10
Guo Yansong 10
MANAGEMENT
Zu Fulin, Legal Representative, Chairman and General Manager
------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age:
Ø
Qualification:
University
Ø
Mobile:
86 (0) 13820095968
Ø
Working
experience (s):
From 2004 to present, working in SC as legal representative,
chairman and general manager
Guo Hong, Supervisor
-------------------------------------
Ø
Gender: F
Ø
Qualification:
University
BUSINESS OPERATION
SC’s registered business scope includes
wholesale and retail of agricultural and sideline products, chemical products
(except dangerous chemicals, precursor drugs ), plastic products, machinery and
equipment, auto parts, building materials, fire equipment, textiles, clothing,
decorative materials; operating and acting as an agent of importing and exporting commodities
and technology.
SC is
mainly engaged in selling agricultural and
sideline products.
SC’s
products mainly include:
l
Light speckled kidney beans
(long shape)
l
Round light speckled kidney
beans
l
Red light speckled kidney beans
(long shape)
l
Small black kidney beans
l
Small white beans (Japanese
shape): 320-340, 340-360, 360-380, 380-400, 400-450
l
Dark red kidney beans
l
Chinese red kidney beans
l
Red kidney beans (Japanese
shape)
l
White kidney beans
l
White lima beans: 50-60, 60-80
l
Yunnan flat white kidney beans:
160-180
l
Long kidney white beans: 180-210
l
Medium white kidney beans:
200-220, 220-240
l
Purple (red) light speckled
kidney beans
l
Navy beans: 450-500, 500-550
l
Panda beans
l
Mung green beans
l
Small red beans
l
Chinese green lentils
l
Green peas
l
Cowpeas
l
Cranberry beans
l
Soya beans
l
Chilli
l
Garlic
SC sources its materials 100% from domestic
market, mainly Tianjin and Hebei. SC sells 100% of its products to overseas
market, mainly USA, Eastern Europe, Southeast Asia, Africa, Oceania, Mid East,
etc.
The buying
terms of SC include T/T and Credit of 30-60 days. The payment terms of SC
include L/C and Credit of 30-60 days.
Staff & Office:
--------------------------
SC is
known to have approx. 5
staff at present.
SC
rents an area as its operating office of approx.80 sq. meters at the heading
address.
RELATED COMPANY
SC is not known to have any subsidiary at present.
PAYMENT
Overall payment appraisal:
( ) Excellent ( ) Good (X) Average ( ) Fair ( ) Poor ( ) Not yet be 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.
BANKING
The
bank information of SC is not filed in SAIC.
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
5,370 |
6,370 |
|
|
Accounts receivable |
12,770 |
15,630 |
|
Advances to
suppliers |
0 |
0 |
|
Other receivable |
800 |
1,260 |
|
Inventory |
100 |
100 |
|
Non-current
assets within one year |
0 |
0 |
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Other current
assets |
820 |
550 |
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|
------------------ |
------------------ |
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Current assets |
19,860 |
23,910 |
|
Fixed assets |
130 |
130 |
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Construction in
progress |
0 |
0 |
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Long-term
prepaid expenses |
0 |
0 |
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Deferred income
tax assets |
0 |
0 |
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Other
non-current assets |
10 |
20 |
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|
------------------ |
------------------ |
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Total assets |
20,000 |
24,060 |
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|
============= |
============= |
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Short-term loans |
0 |
0 |
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Notes payable |
0 |
0 |
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Accounts payable |
18,840 |
23,410 |
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Wages payable |
0 |
0 |
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Advances from
clients |
0 |
0 |
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Other payable |
980 |
930 |
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Other current
liabilities |
140 |
130 |
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------------------ |
------------------ |
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Current
liabilities |
19,960 |
24,470 |
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Non-current
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total
liabilities |
19,960 |
24,470 |
|
Equities |
40 |
-410 |
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|
------------------ |
------------------ |
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Total
liabilities & equities |
20,000 |
24,060 |
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|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2010 |
|
Sale |
12,410 |
|
Cost of sales |
12,190 |
|
Sales expense |
460 |
|
Management expense |
130 |
|
Finance expense |
90 |
|
Profit before
tax |
-430 |
|
Less: profit tax |
0 |
|
-430 |
Important Ratios
=============
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
*Current ratio |
0.99 |
0.98 |
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*Quick ratio |
0.99 |
0.97 |
|
*Liabilities
to assets |
1.00 |
1.02 |
|
*Net profit
margin (%) |
-- |
-3.46 |
|
*Return on
total assets (%) |
-- |
-1.79 |
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*Inventory /
Sale ×365 |
-- |
3 days |
|
*Accounts
receivable/ Sale ×365 |
-- |
460 days |
|
* Sale/Total
assets |
-- |
0.52 |
|
* Cost of
sales / Sale |
-- |
0.98 |
FINANCIAL COMMENTS
PROFITABILITY:
FAIR
l
The sale of SC appears
fair in its line in 2010.
l
SC’s net profit margin is fair in 2010.
l
SC’s return on total assets is fair in 2010.
l
SC’s cost of goods sold is fairly high, comparing
with its sale.
LIQUIDITY:
FAIR
l
The current ratio of SC is maintained in a fair
level in both years.
l
SC’s quick ratio is maintained in a normal level in
both years.
l
The inventory of SC is maintained in an average
level.
l
The accounts receivable of SC appears too large.
l
SC has no short-term loans in both years.
l
SC’s sale is in a fair
level, comparing with the size of its total assets.
LEVERAGE:
POOR
l
The debt ratio of SC is high in both years.
l
The risk for SC to go bankrupt is fair.
Overall financial
condition of the SC: Poor.
CONCLUSIONS
SC is considered small-sized in its
line with poor financial conditions. Too large
amount of accounts receivable may be a threat to SC’s financial condition. A credit line at the above amount appears beyond SC’s
capacities, while great caution is required in providing credit to SC
and C.O.D. is recommended.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.42 |
|
UK Pound |
1 |
Rs.81.92 |
|
Euro |
1 |
Rs.69.94 |
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 |
|
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 |
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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.