MIRA INFORM REPORT
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Report Date : |
29.12.2011 |
IDENTIFICATION DETAILS
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Name : |
JINJIANG HENGFENG IMP. & EXP. TRADING
CO., LTD. |
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Registered Office : |
Jinxing Industrial Zone, Yinglin Town,
Jinjiang, Fujian Province, 362256 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
15.06.2009 |
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Com. Reg. No.: |
350582100104534 |
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Legal Form : |
One-Person Limited Liability
Company |
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Line of Business : |
Selling
Food |
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No. of Employees
: |
8 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 : |
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 |
|
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
JINJIANG
HENGFENG IMP. & EXP. TRADING CO., LTD.
JINXING INDUSTRIAL ZONE, YINGLIN TOWN,
JINJIANG,
FUJIAN PROVINCE, 362256 PR CHINA
TEL: 86 (0) 595-85497358 FAX: N/A
EXECUTIVE SUMMARY
INCORPORATION DATE : JUN. 15, 2009
REGISTRATION NO. : 350582100104534
REGISTERED LEGAL FORM : ONE-PERSON LIMITED LIABILITY COMPANY
CHIEF EXECUTIVE :
MR. SHI TIANJIN (GENERAL MANAGER)
STAFF STRENGTH :
8
REGISTERED CAPITAL : CNY 20,000,000
BUSINESS LINE :
TRADING
TURNOVER :
CNY 58,528,000 (AS OF DEC. 31,
2010)
EQUITIES :
CNY 20,395,000 (AS OF DEC. 31, 2010)
RECOMM. CREDIT RANGE :
UP TO USD 100,000 (PERIODICAL REVIEW)
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : fairly stable
OPERATIONAL TREND :
fairly STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.31 = 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 One-person Limited Liability Company
at local Administration for Industry & Commerce (AIC - The official body of
issuing and renewing business license) on Jun. 15, 2009.
Company Status: One-person Limited Liability Company Single
person LLC refers to a limited liability company set up by only one natural
person or legal person as the single shareholder of it. The
minimum registered capital of Single person LLC is CNY100,000. The
shareholder’s capital contributes, as set out by the articles of
associations should be a lump-sum payment in full. One
natural person can only invest in and set up one limited liability company,
which is not permitted to invest in and set up a new Single person LLC. As
to any one-person limited liability company, the sole-investor nature of
the natural person or legal person shall be indicated in the registration
documents of the company and shall be indicated in the business license
thereof as well. The regulation of Single person
LLC should be set up by the shareholder The regulation of Single person
LLC has no shareholder meeting.
SC’s registered
business scope includes importing and exporting commodities and technologies
(excluding commodities and technologies prohibited by the state); warehousing
business. (excluding hazardous chemicals) (with permit if needed)
SC is
mainly engaged in selling food.
Mr.
Shi Tianjin has been legal representative, chairman and general manager of SC
since 2009.
SC is known
to have approx. 8 employees at present.
SC is currently operating at the above stated address, and this address
houses its operating office in the industrial zone of Jinjiang. The detailed
premise information is unknown.
SC is not known to host web site of its own at present.
Changes
of SC’s registered information:
|
Date |
Item |
Before changed |
After changed |
|
2010-11 |
Registered capital |
CNY 10,000,000 |
Present amount |
SC started its normal operation in 2010.
MAIN SHAREHOLDERS:
Name
%
of Shareholding
Shi Tianjin 100
l
Legal
Representative, Chairman and General Manager:
Mr. Shi Tianjin, ID# 350582195303136015, born in 1953. He is currently
responsible for the overall management of SC.
Working Experience(s):
From 2009 to present Working in SC as legal representative, chairman and general manager.
l
Supervisor:
Ke Jianchun
SC started its normal operation in 2010.
SC is
mainly engaged in selling food.
SC’s products
mainly include: cocoanut oil, etc.
SC
sources its materials 20% from domestic market and 80% from overseas market. SC
sells 70% of its products in domestic market and 30% 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 declined to release its major suppliers and clients.
SC is not known to have the 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 and
Commercial Bank of China Jinjiang Sub-branch Yinglin Office
AC#: 1408013039008003791
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
Cash & bank |
1 |
12,891 |
|
Inventory |
2,000 |
42,973 |
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Accounts
receivable |
0 |
5,223 |
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Advances to
suppliers |
0 |
9,344 |
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Other
receivables |
7,941 |
-66 |
|
To be
apportioned expense |
0 |
6,887 |
|
Other current
assets |
0 |
0 |
|
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------------------ |
------------------ |
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Current assets |
9,942 |
77,252 |
|
Fixed assets net
value |
0 |
260 |
|
Long term
investment |
0 |
0 |
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Projects under
construction |
0 |
0 |
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Other assets |
58 |
196 |
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------------------ |
------------------ |
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Total assets |
10,000 |
77,708 |
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|
============= |
============= |
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Short loans |
0 |
0 |
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Accounts payable |
0 |
28,256 |
|
Advances from
clients |
0 |
7,952 |
|
Salaries payable |
0 |
23 |
|
Taxes payable |
0 |
-50 |
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Other payable |
0 |
21,132 |
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Other current liabilities |
0 |
0 |
|
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------------------ |
------------------ |
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Current
liabilities |
0 |
57,313 |
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Long term
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total
liabilities |
0 |
57,313 |
|
Equities |
10,000 |
20,395 |
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------------------ |
------------------ |
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Total
liabilities & equities |
10,000 |
77,708 |
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============= |
============= |
Income Statement
Unit: CNY’000
|
|
As of Dec. 31,
2010 |
|
Turnover |
58,528 |
|
Cost of goods sold |
56,161 |
|
Sales expense |
1,207 |
|
Management expense |
554 |
|
Finance expense |
185 |
|
Profit before
tax |
397 |
|
Less: profit tax |
2 |
|
Profits |
395 |
Important Ratios
=============
|
|
As of Dec. 31,
2010 |
|
*Current ratio |
1.35 |
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*Quick ratio |
0.60 |
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*Liabilities
to assets |
0.74 |
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*Net profit
margin (%) |
0.67 |
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*Return on
total assets (%) |
0.51 |
|
*Inventory
/Turnover ×365 |
268 days |
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*Accounts
receivable/Turnover ×365 |
33 days |
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*Turnover/Total
assets |
0.75 |
|
* Cost of
goods sold/Turnover |
0.96 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears average in its line in
2010.
l
SC’s net profit margin is average in 2010.
l
SC’s return on total assets is average in 2010.
l
SC’s cost of goods sold is high, comparing with its
turnover in 2010.
LIQUIDITY: FAIR
l
The current ratio of SC is maintained in a normal
level in 2010.
l
SC’s quick ratio is maintained in a fair level in
2010.
l
The inventory of SC appears average in 2009 but
large in 2010.
l
The accounts receivable of SC appears average in
2010.
l
SC has no short-term loan in both years.
l
SC’s turnover is in a fair level, comparing with
the size of its total assets in 2010.
LEVERAGE: AVERAGE
l
The debt ratio of SC is average in 2010.
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. The large amount of inventory could be a threat to SC’s financial
condition. A credit line up to USD 100,000 would appear to be within SC’s
capacities upon a periodical review basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.21 |
|
UK Pound |
1 |
Rs.83.32 |
|
Euro |
1 |
Rs.69.51 |
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 |
|
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 |
|
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 |
|
<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.