MIRA INFORM REPORT
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Report Date : |
22.02.2011 |
IDENTIFICATION DETAILS
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Name : |
GREAT CHANG IMPORT & EXPORT CO., LTD. OF |
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Registered Office : |
No. 86 Yinuo Road, 309 National Highway, Linzi District,
Zibo, Shandong Province 255400 Pr |
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Country : |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
25.04.2005 |
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Com. Reg. No.: |
370300228078369 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
import and export of
various kinds of goods. |
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 35,000 |
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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 – June 30, 2010
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Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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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
great chang import & export Co., Ltd. OF
NO.
309 86
TEL: 86 (0)
15725828327/86-533-7316999/7317099 FAX:
86 (0)533-7327099
EXECUTIVE SUMMARY
INCORPORATION DATE :
APR. 25, 2005
REGISTRATION NO. : 370300228078369
REGISTERED LEGAL FORM :
LIMITED LIABILITIES COMPANY
STAFF STRENGTH : 15
REGISTERED CAPITAL :
CNY 5,000,000
BUSINESS LINE : TRADING
TURNOVER :
CNY 8,280,000 (AS OF DEC. 31, 2009)
EQUITIES :
CNY 4,650,000 (AS OF DEC. 31, 2009)
PAYMENT :
AVERAGE
RECOMM.
MARKET CONDITION : average
FINANCIAL CONDITION : fairly
STABLE
OPERATIONAL TREND :
fairly STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE : CNY 6.57 = USD 1
Adopted abbreviations
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY -
SC was registered as a limited liability company at local
Administration for industry & commerce (AIC - the official body of issuing
and renewing business license) on Apr. 25, 2005.
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 import and export of goods; wholesaling toluene,
flammable liquids, flammable solids, spontaneous combustion and flammable when
wet; selling fuel oil (M100), paper-making raw materials, chemical products
(excluding the above two dangerous precursor chemicals), plastic products,
rubber products, construction materials, steel, wood (excluding spill) (with
permit if needed)
SC is mainly
engaged in import and export of various kinds of goods.
Ms. Li Meiqin is legal representative and chairman of SC at present.
SC is
known to have approx. 15 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office in
SC is not known to host website of its own at present.
No significant events or changes were found during our
checks with the local Administration for Industry and Commerce.
MAIN
SHAREHOLDERS:
Name %
of Shareholding
Cui Rubin 60
Wang Xinxia 40
l
Legal representative and Chairman:
Ms. Li Meiqin is currently responsible for the
overall management of SC.
Working Experience(s):
At present Working in SC as legal representative and chairman
SC is mainly
engaged in import and export of various kinds of goods.
SC’s products
mainly include chemical products, labour safety product, sanitary, packing
materials.
SC sources its materials 95%
from domestic market, and 5% from overseas market. SC sells 20% of its products
in domestic market, and 80% to overseas market, mainly
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’s management declined to release its major suppliers and
clients.
Great
Chang Import & Export Co., Ltd. Of
…………………………………………………………………………
Add:
Room 901, Block C,
Tel:
010-59075919
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.
Agricultural
Bank of
AC# N/A
Relationship:
Balance Sheet
Unit: CNY’000
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as
of Dec. 31, 2008 |
as
of Dec. 31, 2009 |
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Cash & bank |
100 |
90 |
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Inventory |
2,380 |
2,100 |
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Accounts
receivable |
20 |
610 |
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Notes receivable |
450 |
390 |
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Advances to
suppliers |
50 |
30 |
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Other
receivables |
0 |
90 |
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Other current
assets |
10 |
0 |
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------------------ |
------------------ |
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Current assets |
3,010 |
3,310 |
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Fixed assets net
value |
1,620 |
1,670 |
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Projects under construction |
0 |
0 |
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Long term
investment |
0 |
0 |
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Other assets |
0 |
0 |
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------------------ |
------------------ |
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Total assets |
4,630 |
4,980 |
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============= |
============= |
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Short loans |
0 |
0 |
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Accounts payable |
0 |
280 |
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Advances from
clients |
30 |
40 |
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Other payable |
0 |
0 |
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Taxes payable |
0 |
10 |
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Other current
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Current
liabilities |
30 |
330 |
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Long term
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total
liabilities |
30 |
330 |
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Equities |
4,600 |
4,650 |
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------------------ |
------------------ |
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Total
liabilities & equities |
4,630 |
4,980 |
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============= |
============= |
Income Statement
Unit: CNY’000
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as of Dec. 31,
2009 |
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Turnover |
8,280 |
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Cost of goods
sold |
7,660 |
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Sales expense |
240 |
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Management expense |
200 |
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Finance expense |
90 |
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Profit before
tax |
70 |
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Less: profit tax |
20 |
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Profits |
50 |
Important Ratios
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as
of Dec. 31, 2008 |
as
of Dec. 31, 2009 |
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*Current ratio |
100.33 |
10.03 |
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*Quick ratio |
21.00 |
3.67 |
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*Liabilities
to assets |
0.01 |
0.07 |
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*Net profit
margin (%) |
/ |
0.60 |
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*Return on
total assets (%) |
/ |
1.00 |
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*Inventory
/Turnover ×365 |
/ |
93 days |
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*Accounts
receivable/Turnover ×365 |
/ |
27 days |
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*Turnover/Total
assets |
/ |
1.66 |
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* Cost of
goods sold/Turnover |
/ |
0.93 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears average in its line in
2009.
l
SC’s net profit margin is average in 2009.
l
SC’s return on total assets is average in 2009.
l
SC’s cost of goods sold is fairly high in 2009,
comparing with its turnover.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a normal
level in both 2 years.
l
SC’s quick ratio is maintained in a normal level in
both 2 years.
l
The inventory of SC appears large in both 2 years.
l
The accounts receivable of SC appears average in
both 2 years.
l
SC has no short-term loan in both 2 years.
l
SC’s turnover is in an average level in 2009,
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 above 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 35,000 would appear to be within SC’s
capacities.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.45.11 |
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|
1 |
Rs.73.25 |
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Euro |
1 |
Rs.61.70 |
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 |
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.