MIRA INFORM
REPORT
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Report Date : |
21.01.2011 |
IDENTIFICATION DETAILS
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Name : |
ANHUI FENGLE PERFUME CO., LTD. |
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Registered Office : |
No. 1, |
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Country : |
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Financials (as on) : |
31.10.2010 |
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Date of Incorporation : |
05.12.1997 |
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Com. Reg. No.: |
340106000005045 |
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Legal Form : |
Sole State-Owned |
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Line of Business : |
manufacturing and selling essence and
perfume |
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 600,000 |
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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
anhui fengle perfume
co., ltd.
no. 1,
1
TEL: 86 (0) 551-5320378 FAX: 86 (0) 551-5316868
EXECUTIVE SUMMARY
INCORPORATION
DATE : december 5, 1997
REGISTRATION
NO. : 340106000005045
REGISTERED
LEGAL FORM : Sole state-owned
STAFF
STRENGTH : 130
REGISTERED
CAPITAL :
CNY 35,000,000
BUSINESS
LINE :
manufacturing
TURNOVER : CNY 201,440,000 (JAN. 1 TO OCT. 31, 2010)
EQUITIES : CNY
56,990,000 (AS OF OCT. 31, 2010)
PAYMENT
: AVERAGE
RECOMM.
MARKET CONDITION : COMPETITIVE
FINANCIAL
CONDITION : fairly STABLE
OPERATIONAL
TREND
STEADY
GENERAL
REPUTATION : well-known
EXCHANGE
RATE : CNY 6.55 = USD
1
Adopted abbreviations
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY -
Note: The given address (No 4 Chuangye Road Shushan Economic Development Zone Hefeianhui Province 230031 PR China) was SC’s former one, while SC is operating in the heading address.
SC was registered as a sole state-owned enterprise at local
Administration for Industry & Commerce (AIC - The official body of issuing
and renewing business license) on December 5, 1997.
Company Status: Sole state-owned enterprise This form of business in PR
China is defined as a commodity production or operational units of a
socialist character which in accordance with the law, has autonomy in
management, takes full responsibility for its profits and losses and
practices independent business accounting. It is a legal person established
directly by central / local government or enterprise owned by central or
local government. In theory, the liabilities of this form of enterprise are
ultimately borne by the government, since the adoption of company law in
mid-1994, the Chinese government has planned to separate the ownership from
management and liabilities bearing. The shareholders of this form
of limited liabilities company are State-owned Assets Supervision and
Administration Commission authorized by the State Council or local
Municipal Government. The regulation is set up by
State-owned Assets Supervision and Administration Commission, or by the
board of directors after approval of State-owned Assets Supervision and
Administration Commission. Sole state-owned enterprise
does not set up board of shareholders, which is replaced by State-owned
Assets Supervision and Administration Commission. State-owned Assets Supervision
and Administration Commission assign the board of directors.
SC’s registered business scope includes
manufacturing and processing essence, perfume, selling self-made products,
international trade, selling agricultural and sideline products, cereals, oils,
and cotton.
SC is mainly engaged in manufacturing and
selling essence and perfume.
Ms. Chen Dongchen has been chairman of SC
since 1997.
SC is known to have approx. 130 employees at
present.
SC is currently operating
at the above stated address, and this address houses its operating office and
factory in the development
zone of Hefei. Our checks reveal that SC owns the total premise, but the gross
area is unspecified.
http://www.fengleperfume.com The
design is professional and the content is well organized. At present the web site
is both in Chinese and English versions.
E-mail: business@fengleperfume.com
SC has got the
certificate ISO9001.
Changes of its registered information are as
follows:
|
Date of change |
Item |
Before the change |
After the change |
|
2008-3 |
Registration No. |
3401001006820 |
340106000005045 |
MAIN SHAREHOLDERS:
Name % of Shareholding
Hefei Fengle Seed Co., Ltd. 100
Hefei Fengle Seed Co., Ltd. is the first listed (Shenzhen Stock
Exchange, Code 000713) seed company in
Incorporation Date : June 16, 1984
Registration No. : 340000000015283
Registered Legal
Form : Shares limited co.
Registered Capital : CNY 298,876,000
Address:
Tel: 86 0551-2239955
Fax: 86 0551-2239957
l
Chairman
and General Manager:
Ms. Chen Dongchen,
born in 1958 with university education. She is currently responsible for the
overall management of SC.
Working Experience(s):
From 1997 to present Working
in SC as chairman and general manager, and also working in
Fengle Seed Co.,
Ltd. as vice general manager.
SC is mainly engaged in manufacturing and
selling essence and perfume.
Brand: Fengle.
SC’s products mainly include: essence,
perfume, cereals and oils.
SC sources its materials 100% from domestic market, mainly
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.
*Major Customer:
==============
Fuerst Diy Lawson
Ltd. (
*Major Supplier:
==============
Anhui Taihe County
Chengxin Perfume Co., Ltd.
SC is known to have an
office at present:
Tel: 86 020-22220182
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 records and our debt
collection record concerning SC.
Trade payment experience : SC’s suppliers declined to make any comments.
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.
Huishang Bank
AC#：2081012080014911
Relationship:
Balance Sheet
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Unit: CNY’000 |
as of Dec. 31, 2009 |
as of Oct. 31, 2010 |
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Cash & bank |
24,710 |
19,380 |
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Inventory |
43,630 |
42,150 |
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Accounts receivable |
43,150 |
39,310 |
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Other Accounts receivable |
1,100 |
2,210 |
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To be apportioned expense |
0 |
0 |
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Other current assets |
18,180 |
5,750 |
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------------------ |
------------------ |
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Current assets |
130,770 |
108,800 |
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Fixed assets net value |
9,210 |
13,440 |
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Projects under construction |
0 |
0 |
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Long term investment |
0 |
0 |
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Other assets |
2,710 |
16,550 |
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------------------ |
------------------ |
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Total assets |
142,690 |
138,790 |
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============= |
============= |
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Short loans |
45,870 |
42,070 |
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Accounts payable |
10,060 |
9,240 |
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Other Accounts payable |
32,600 |
29,130 |
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Withdraw the expenses in advance |
0 |
0 |
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Other current liabilities |
880 |
1,360 |
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------------------ |
------------------ |
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Current liabilities |
89,410 |
81,800 |
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Long term liabilities |
0 |
0 |
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Other liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total liabilities |
89,410 |
81,800 |
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Equities |
53,280 |
56,990 |
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------------------ |
------------------ |
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Total liabilities & equities |
142,690 |
138,790 |
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============= |
============= |
Income Statement
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Unit: CNY’000 |
as of Dec. 31, 2009 |
Jan. 1 to Oct. 31, 2010 |
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Turnover |
242,960 |
201,440 |
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Cost of goods sold |
226,990 |
189,360 |
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Sales expense |
4,040 |
3,760 |
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Management expense |
3,400 |
3,120 |
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Finance expense |
1,100 |
2,070 |
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Profit before tax |
7,330 |
4,390 |
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Less: profit tax |
1,100 |
660 |
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Profits |
6,230 |
3,730 |
Important Ratios
=============
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As of Dec. 31, 2009 |
As of Oct. 31, 2010 |
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*Current ratio |
1.46 |
1.33 |
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*Quick ratio |
0.97 |
0.81 |
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*Liabilities to assets |
0.63 |
0.59 |
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*Net profit margin (%) |
2.56 |
1.85 |
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*Return on total assets (%) |
4.37 |
2.69 |
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*Inventory /Turnover ×365 |
66 days |
63 days |
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*Accounts receivable/Turnover ×365 |
65 days |
59 days |
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*Turnover/Total assets |
1.70 |
1.45 |
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* Cost of goods sold/Turnover |
0.93 |
0.94 |
PROFITABILITY: AVERAGE
l
The
turnover of SC appears fairly good.
l
SC’s net
profit margin is average.
l
SC’s
return on total assets is average.
l
SC’s
cost of goods sold is fairly high, comparing with its turnover.
LIQUIDITY: AVERAGE
l
The
current ratio of SC is maintained in a normal level.
l
SC’s
quick ratio is maintained in a normal level.
l
The
inventory of SC appears average.
l
The
accounts receivable of SC is maintained in an average level.
l
The
short-term loan of SC appears fairly large.
l
SC’s
turnover is in an average level, comparing with the size of its total assets.
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 fairly
large amount of short loans could be a threat to SC’s financial condition. A credit line at the above amount appears to be within SC’s
capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.58 |
|
|
1 |
Rs.72.73 |
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Euro |
1 |
Rs.61.45 |
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.