MIRA
INFORM REPORT
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Report Date : |
17.02.2011 |
IDENTIFICATION DETAILS
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Name : |
FOSHAN NATIVE PRODUCE IMP. &
EXP. CO., LTD. OF |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
30.10.1984 |
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Com. Reg. No.: |
440600000009993 |
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Legal Form : |
Limited Liabilities Co. |
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Line of Business : |
International Trade |
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 100,000 |
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Status : |
Satisfactory |
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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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
|
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 and address
FOSHAN NATIVE PRODUCE IMP. &
EXP. CO., LTD. OF GUANGDONG
NO. 8 JINYUAN STREET, FENJIANG SOUTH ROAD, FOSHAN, GUANGDONG
PROVINCE, 528000 PR CHINA
TEL: 86 (0) 757-83380281
FAX: 86 (0) 757-83380323
EXECUTIVE SUMMARY
INCORPORATION DATE : OCT. 30, 1984
REGISTRATION NO. :
440600000009993
REGISTERED LEGAL FORM : LIMITED LIABILITIES CO.
CHIEF EXECUTIVE :
MR. LIU ZIJIAN (CHAIRMAN)
STAFF STRENGTH :
50
REGISTERED CAPITAL : CNY 11,770,000
BUSINESS LINE : TRADING
TURNOVER :
CNY 1,027,782,000 (AS OF DEC.
31, 2009)
EQUITIES :
CNY 11,056,000 (AS OF DEC. 31, 2009)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE :
UP TO USD 100,000
MARKET CONDITION :
AVERAGE
FINANCIAL CONDITION : FAIRLY STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHNAGE RATE :
CNY 6.60= USD 1
Adopted abbreviations
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
M - million
JPY –Japan Yen
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 Oct. 30, 1984.
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 importing and exporting
commodities and technologies, excluding controlled items and items forbidden by
State; processing (with) imported materials and three forms of OEM and
compensation trades; storage; purchasing flower, fish, insect and subsidiary
agricultural products (with permit if needed); selling fireworks and crackers
(with permit: YHPF [2007] FSC00001, operating address should not be use as
storage room); general merchandise, arts and crafts (excluding gold and silver
decorations).（
SC is mainly engaged in international trade.
Mr. Liu Zijian has been legal representative, chairman and
general manager of SC since 1984.
SC is known to have approx. 50 employees at
present.
SC is currently operating at the above stated address, and
this address houses its operating office in the commercial zone of Foshan. But
SC’s accountant refused to release detailed information about the premise.
SC is not known to host website of its own at present.
Changes of its registered information:
|
Date of change |
Item |
Before the change |
After the change |
|
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Registration No. |
4406001008055 |
The present one |
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Registered capital |
CNY 5,080,000 |
The present amount |
MAIN
SHAREHOLDERS:
Name %
of Shareholding
Liu Zijian 36.42
Chen Chengle 23.37
Xie Liping 21.47
Yang Peiqiang 4.63
Peng Zhangyong 3.37
Liu Jianhua 2.53
Liao Ruzhao 2.32
Tan Fuhua 2.11
Deng Wenqiang 1.89
Liu Xiaomin 1.89
Legal
Representative, chairman and general manager:
Mr.
Working Experience(s):
From 1984 to present
Working in SC as legal representative, chairman and general manager;
Also working in Foshan Tea Import & Export Co., Ltd. as
legal representative.
Vice
president:
Mr. Chen Chengle, ID# 440601510901091, born in 1951. He is
currently responsible for the overall management of SC.
Working Experience(s):
At present
Working in SC as vice president.
Vice president:
Mr. Lv Kai, ID# 440601481125063, born in 1948. He is
currently responsible for the overall management of SC.
Working Experience(s):
At present
Working in SC as vice president.
Directors:
Zhang Meihao ID# 440601460624182
Liu Jianhua ID# 440601600414001
Xie Liping ID# 440601196206200621
He Lin ID# 522228640621001
Deng Wenqiang ID# 440601630807093
Supervisors:
Deng Wenqiang ID# 440601630807093
Liu Jianhua ID# 440601600414001
He Lin ID# 522228640621001
SC is mainly engaged in international trade.
SC’s services mainly include: hardware products, mechanical
and electrical products, fireworks and crackers, furniture, building material,
ceramics, etc.
SC sources its products 100% from domestic market. SC sells its
products 100% to overseas market.
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.
Foshan Tea Import & Export Co., Ltd.
SC is also known to have investments in the following
companies:
Chanxing Fruit Nut Products Co., Ltd.
Foshan International Trade
Import & Export Co., Ltd.
Foshan Zhongying Wood Craft Co., Ltd.
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.
Bank of China Foshan Branch
AC#: 800830604308099001
Relationship: Normal.
Balance
Sheet
|
Unit:
CNY’000 |
as
of Dec. 31, 2008 |
as
of Dec. 31, 2009 |
|
11,862 |
14,052 |
|
|
Inventory |
21,248 |
17,523 |
|
Notes
receivable |
0 |
1,395 |
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Accounts
receivable |
25,989 |
24,078 |
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Other
receivables |
4,603 |
17,697 |
|
Advance
to suppliers |
37,074 |
12,787 |
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Export
drawback receivable |
14,114 |
31,560 |
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Prepaid
expenses |
0 |
0 |
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Other
current assets |
0 |
0 |
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----------------- |
----------------- |
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Current
assets |
114,890 |
119,092 |
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Fixed
assets net value |
11,576 |
10,897 |
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Long-term
investment |
3,776 |
3,526 |
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Intangible
assets |
9,565 |
9,029 |
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Other
assets |
0 |
0 |
|
|
------------------ |
------------------ |
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Total
assets |
139,807 |
142,544 |
|
|
=========== |
=========== |
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Short
loans |
27,192 |
11,140 |
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Accounts
payable |
33,293 |
39,030 |
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Advance
from customers |
58,508 |
61,995 |
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Other
payables |
9,590 |
23,115 |
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Wages
payable |
268 |
248 |
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Taxes
payable |
-184 |
-4,334 |
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Welfare
payable |
15 |
14 |
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Other
current liabilities |
64 |
0 |
|
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------------------ |
------------------ |
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Current
liabilities |
128,746 |
131,208 |
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Long-term
liabilities |
0 |
0 |
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Other
long-term liabilities |
0 |
280 |
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------------------ |
------------------ |
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Total
liabilities |
128,746 |
131,488 |
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Equities |
11,061 |
11,056 |
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------------------ |
------------------ |
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Total
liabilities & equities |
139,807 |
142,544 |
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=========== |
=========== |
Income
Statement
|
Unit:
CNY’000 |
as of Dec. 31, 2008 |
as of Dec. 31, 2009 |
|
Turnover |
947,897 |
1,027,782 |
|
Cost of goods sold |
936,191 |
1,014,274 |
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Sales expense |
2,261 |
4,220 |
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Management expense |
8,777 |
9,286 |
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Finance expense |
2,266 |
1,200 |
|
Investment income |
0 |
-250 |
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Profit before tax |
462 |
672 |
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Less: profit tax |
116 |
150 |
|
Profits |
346 |
522 |
Important
Ratios
|
|
As of Dec. 31, 2008 |
As of Dec. 31, 2009 |
|
*Current ratio |
0.89 |
0.91 |
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*Quick ratio |
0.73 |
0.77 |
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*Liabilities to assets |
0.92 |
0.92 |
|
*Net profit margin (%) |
0.04 |
0.05 |
|
*Return on total assets (%) |
0.25 |
0.37 |
|
*Inventory /Turnover ×365 |
9
days |
7 days |
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*Accounts receivable/Turnover ×365 |
10 days |
8 days |
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*Turnover/Total assets |
6.78 |
7.21 |
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* Cost of goods sold/Turnover |
0.99 |
0.99 |
PROFITABILITY:
AVERAGE
The turnover of SC appears fairly good, and it was
increasing in 2009.
SC’s net profit margin is average in 2008 and 2009.
SC’s return on total assets is average in 2008 and 2009.
SC’s cost of goods sold is high, comparing with its turnover
in 2008 and 2009.
LIQUIDITY:
AVERAGE
The current ratio of SC is maintained in a fair level in
2008 and 2009.
SC’s quick ratio is maintained in a fair level in 2008 and
2009.
The inventory of SC appears average in 2008 and 2009.
The accounts receivable of SC appears average in 2008 and
2009.
The short-term loan of SC is average in 2008 and 2009.
SC’s turnover is in a fairly good level in 2008 and 2009,
comparing with the size of its total assets.
LEVERAGE:
FAIR
The debt ratio of SC is fairly high in 2008 and 2009.
The risk for SC to go bankrupt is average.
Overall financial condition of the SC: Fairly Stable.
SC is considered medium-sized in its line with fairly stable
financial conditions. A credit line up to USD 100,000 appears to be within SC’s
capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.45 |
|
|
1 |
Rs.72.90 |
|
Euro |
1 |
Rs.61.43 |
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 |
|
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 |
---- |
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.