MIRA INFORM
REPORT
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Report Date : |
12.01.2011 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
Zhong’an Mansion, No. 251, |
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Country : |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
12.04.2000 |
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Com. Reg. No.: |
340000000005037 |
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Legal Form : |
Shares Limited Company |
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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 200,000 |
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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
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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
ZHONG’AN MANSION,
NO. 251,
251
TEL: 86 (0)
551-3645791/3634423 FAX: 86 (0)
551-3632505
EXECUTIVE SUMMARY
INCORPORATION DATE : APR. 12, 2000
REGISTRATION NO. : 340000000005037
REGISTERED LEGAL
FORM : Shares limited co.
STAFF STRENGTH : 116
REGISTERED CAPITAL :
CNY 10,000,000
BUSINESS LINE :
TRADING
TURNOVER :
CNY 266,020,000 (AS OF DEC. 31,
2009)
EQUITIES :
CNY 23,410,000 (AS OF DEC. 31, 2009)
PAYMENT :
AVERAGE
RECOMM.
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION :
FAIRLY STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.64= 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 Shares limited co. at local Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license) on Apr. 12, 2000.
Company Status: Shares limited co. This form of business in PR
China is defined as a legal person. Its registered capital is divided into
shares of equal par value and the co. raises capital by issuing share
certificates by promotion or by public offer. Shareholders bear limited
liability to the extent of shareholding, and the co. is liable for its
debts only to the extent of its total assets. The co has independent
property of legal person and enjoys property rights of legal person. The
characteristics of the shares limited co. are as follows: The establishment of the co.
requires at least two promoters and no more than 200, half of whom shall be
domiciled in The minimum registered capital
of a co. is CNY The board of directors must
consist of five to nineteen directors. If the co. raises capital by
public offer, the promoters must not subscribe less than 35% of the total
shares. the promoters’ shares are restricted to transfer- within one year
of the offer. A state-owned enterprise that
is restructured into a shares limited co. must comply with the conditions
& requirements specified under the law & administrative rule.
SC’s
registered business scope includes importing and exporting commodities and technologies;
selling machinery equipment, medical device (excluding Class II & III),
instruments, auto and parts, hardware, steel and its products, cement, chemical
products, garments, textiles, daily necessaries, art crafts, packaging
materials, animal products, aquatic products and agricultural products;
warehousing; house leasing.
SC is mainly engaged in international trade.
Mr. Zhang Yue is
legal representative and chairman of SC at present.
SC is known to
have approx. 116 employees at present.
SC is currently operating at the above stated address, and this address
houses its operating office in the commercial zone of Hefei. Our checks reveal
that SC owns the total premise, but SC’s accountant refused to release the
gross area.
http://www.ahxcgs.com/ The design is professional and the content is
well organized. At present the web site is in Chinese and English versions.
E-mail: zaza@zaiec.com
Changes
of its registered information are as follows:
|
Date
of change |
Item |
Before the
change |
After the change |
|
Unknown |
Registered no. |
3400001300136 |
Present one |
According to SC’s website, SC’s former name was Anhui Animal By-Products
Dev. Imp. & Exp. Co., Ltd.
SC has got AA Credit Enterprise Certificate.
MAIN
SHAREHOLDERS:
Name
% of Shareholding
Jiang Yuanhua 5.1
Zhang Yue 5.1
Ye Shishe 5.1
Zhang Muping 5.1
Gao Zongshun 5.1
Employee Shares 49
Department of Forestry of
l
Legal representative and chairman:
Mr.
Working Experience(s):
At present Working in SC as legal representative and chairman.
SC is mainly engaged in international trade.
SC’s products mainly include carpet, bag & case, bikini, glass products,
auto electrics, bedding products, shoes, towel, toys, home textiles, etc.
SC sources its
materials 95% from domestic market and 5% from overseas market. SC sells 20% in
domestic market and 80% 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.
Z&A
Fashion Co., Ltd.
Tel:
86-551-3628078
Fax:
86-551-3632505
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
AC#:
17820115102012
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 |
10,700 |
20,290 |
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Inventory |
1,530 |
870 |
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Bills receivable |
0 |
0 |
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Accounts
receivable |
55,010 |
55,700 |
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Advances to
suppliers |
0 |
0 |
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Other receivables |
4,130 |
2,720 |
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Other current
assets |
10 |
10 |
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------------------ |
------------------ |
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Current assets |
71,380 |
79,590 |
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Fixed assets net
value |
3,690 |
3,360 |
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Long term
investment |
8,350 |
8,350 |
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Projects under
construction |
0 |
0 |
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Intangible and
other assets |
1,490 |
1,190 |
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------------------ |
------------------ |
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Total assets |
84,910 |
92,490 |
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=========== |
=========== |
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Short loan |
0 |
8,000 |
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Accounts payable |
39,400 |
39,490 |
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Bills payable |
0 |
0 |
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Advances from
clients |
14,130 |
14,320 |
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Taxes payable |
90 |
-30 |
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Other Accounts
payable |
2,100 |
2,010 |
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Other current
liabilities |
2,790 |
2,240 |
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------------------ |
------------------ |
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Current
liabilities |
58,510 |
66,030 |
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Long term
liabilities |
3,060 |
3,050 |
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------------------ |
------------------ |
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Total
liabilities |
61,570 |
69,080 |
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Equities |
23,340 |
23,410 |
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------------------ |
------------------ |
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Total
liabilities & equities |
84,910 |
92,490 |
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=========== |
=========== |
Income Statement
Unit: CNY’000
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As
of Dec. 31, 2009 |
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Turnover |
266,020 |
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Cost of goods sold |
251,230 |
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Sales expense |
12,160 |
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Management expense |
2,120 |
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Finance expense |
320 |
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Profit before tax |
360 |
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Less: profit tax |
90 |
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Profits |
270 |
Important
Ratios
=============
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As
of Dec. 31, 2008 |
As
of Dec. 31, 2009 |
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*Current ratio |
1.22 |
1.21 |
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*Quick ratio |
1.19 |
1.19 |
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*Liabilities
to assets |
0.73 |
0.75 |
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*Net profit
margin (%) |
/ |
0.10 |
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*Return on
total assets (%) |
/ |
0.29 |
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*Inventory
/Turnover ×365 |
/ |
1 day |
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*Accounts
receivable/Turnover ×365 |
/ |
76 days |
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*Turnover/Total
assets |
/ |
2.88 |
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* Cost of
goods sold/Turnover |
/ |
0.94 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears fairly good 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, comparing
with its turnover in 2009.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a normal
level in both years.
l
SC’s quick ratio is maintained in a normal level in
both years.
l
The inventory of SC appears average.
l
The accounts receivable of SC appears fairly large.
l
The short-term loan of SC appears average in 2009.
l
SC’s turnover is in an average level, comparing
with the size of its total assets in 2009.
LEVERAGE: AVERAGE
l
The debt ratio of SC is average.
l
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.
The large amount of accounts receivable could be a threat to SC’s financial
condition. The given credit amount would appear to be within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.32 |
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|
1 |
Rs.70.54 |
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Euro |
1 |
Rs.58.70 |
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 |
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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.