MIRA INFORM REPORT
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Report Date : |
02.06.2011 |
IDENTIFICATION DETAILS
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Name : |
INNER MONGOLIA YONGDA INVESTMENT CO., LTD. |
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Registered Office : |
674
Kilometers, South Of 110 National Road, West Of Minzu Dong Road, Kun
District, Baotou, Inner Mongolia 014010 PR |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
01.06.2010 |
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Com. Reg. No.: |
150200000018661 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Selling
Heavy-Duty Motor Vehicles and parts. |
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 2,000 |
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Status : |
Small Company |
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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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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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 & address
Inner Mongolia Yongda
Investment Co., Ltd.
674
KILOMETERS, SOUTH OF 110 NATIONAL ROAD, WEST OF MINZU DONG ROAD, KUN DISTRICT, BAOTOU, INNER MONGOLIA 014010 PR CHINA
TEL:
86 (0) 472-2853202
FAX:
86 (0) 472-2853202
EXECUTIVE SUMMARY
Date of Registration : June 1, 2010
REGISTRATION NO. : 150200000018661
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL :
cny 30,000,000
staff : 20
BUSINESS CATEGORY :
trading
Revenue : CNY 0 (AS OF
DEC. 31, 2010)
EQUITIES : CNY 5,660,000 (AS OF DEC. 31, 2010)
WEBSITE : N/A
E-MAIL :
N/A
PAYMENT : AVERAGE
Recommended Credit
Limit : UP TO USD 2,000
MARKET CONDITION : average
FINANCIAL CONDITION : FAIRly stable
OPERATIONAL TREND : ORDINARY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.48 = USD 1 AS OF
Adopted abbreviations
(as follows)
SC - Subject Company
(the company inquired by you)
N/A – Not available
CNY – China Yuan Ren
Min Bi
OPERATIONAL TREND
& GENERAL REPUTATION:
This section aims at indicating the relative positions of SC in respect
of its operational trend & general reputation
Operational Trend:- General
Reputation:-
Upward Excellent
Steady Good
Fairly Steady Fairly
Good
Ordinary Average
Fair Fair
Stagnant Detrimental
Downward Not
known
Not known Not
yet be determined
Not yet be determined
LEGAL STATUS
& HISTORY
SC was
established as a limited liabilities company of PRC with State Administrative
Bureau of Industry & Commerce (SAIC) under registration No.:
150200000018661 on June 1, 2010.
SC’s Organization Code Certificate
No.: 555485777
SC’s registered capital: CNY
30,000,000
As of December 31, 2010, SC’s
paid-in capital was CNY 6,000,000.
No significant changes of SC have
been noted in SAIC since its incorporation.
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Baotou Zhongjun Auto Trade
Co., Ltd. |
80 |
|
Wen Weizhong |
20 |
SC’s Chief Executives:-
Legal Representative, Chairman and General Manager : Wen Weizhong
RECENT
DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER
CHART & BACKGROUND
Name %
of Shareholding
Baotou Zhongjun Auto Trade Co., Ltd. 80
Wen Weizhong 20
Baotou Zhongjun Auto Trade Co., Ltd.:
=============================
Date Of Registration: November 21, 2005
Registration No.: 150200000000774
Legal Form: Limited Liabilities
Company
Registered Capital: CNY 30,000,000
Address: No
Tel: 86 0472-6959575
Web: www.btzjqm.com
MANAGEMENT
Wen Weizhong, Legal Representative, Chairman and General Manager
-----------------------------------------
Ø
Gender: M
Ø
Qualification:
University
Ø
Working
experience (s):
At present,
working in SC as legal representative, chairman and general manager;
Also
working in Baotou Zhongjun Auto Trade Co., Ltd., Baotou Sunshine Construction
Machinery (Group) Co., Ltd., Shanxi Sunshine Construction Machinery Co., Ltd.,
Baotou Sunshine Construction Machinery Co., Ltd., and Inner Mongolia Wanfang
Investment Co., Ltd. as legal representative, in Baotou Zhongjun Auto Trade
Co., Ltd. Jiuyuan Branch as principal.
BUSINESS
OPERATION
SC’s registered business scope includes selling construction
machinery, engineering machinery, complete equipment, motor vehicles and parts,
rubber products, nonferrous metal, ferrous metal, tires, chemical products,
investment of infrastructure, real estate, public facilities, international
trade.
SC is
mainly engaged in selling heavy-duty motor vehicles and parts.
SC started its
normal operation in 2011.
SC’s
products mainly include: Mercedes-Benz heavy-duty trucks.
SC sources its
materials/products 100% from domestic market, and sells its products 100% in
domestic market.
The
buying terms of SC include Check, T/T and Credit of 30-60 days. The payment
terms of SC include Check, T/T and Credit of 30-60 days.
Staff & Office:
--------------------------
SC is
known to have approx. 20 staff at present.
SC
rents an area as its operating office, but the detailed information is unknown.
According
to internet sources, SC has a 4S store of approx. 2,700 sq. meters in Baotou.
RELATED COMPANY
Baotou Sunshine
Construction Machinery (Group) Co., Ltd.
Web: http://www.yg-group.com.cn
Shanxi
Sunshine Construction Machinery Co., Ltd.
Baotou
Sunshine Construction Machinery Co., Ltd.
Inner Mongolia
Wanfang Investment Co., Ltd.
Baotou
Zhongjun Shipping Co., Ltd.
Etc.
PAYMENT
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.
BANKING
Basic Bank:
China
Construction Bank Baotou Branch
AC# 15001716681052503307
FINANCIALS
Balance Sheet
Unit: CNY’000
|
|
As
of Dec. 31, 2010 |
|
Cash |
80 |
|
Notes receivable |
0 |
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Accounts
receivable |
0 |
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Advances to
suppliers |
820 |
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Subsidies
receivable |
0 |
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Other receivable |
6,070 |
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Inventory |
0 |
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Non-current
assets within one year |
0 |
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Other current
assets |
10 |
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------------------ |
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Current assets |
6,980 |
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Long-term equity
investment |
0 |
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Fixed assets |
0 |
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Construction in
progress |
0 |
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Intangible
assets |
0 |
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Long-term
deferred assets |
0 |
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Deferred income
tax assets |
0 |
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Other
non-current assets |
0 |
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------------------ |
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Total assets |
6,980 |
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|
============= |
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Short-term loans |
0 |
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Notes payable |
0 |
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Accounts payable |
0 |
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Advances from
clients |
0 |
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Payroll payable |
0 |
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Taxes payable |
0 |
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Other payable |
1,320 |
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Non-current
liabilities within one year |
0 |
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Other current
liabilities |
0 |
|
|
------------------ |
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Current
liabilities |
1,320 |
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Non-current
liabilities |
0 |
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------------------ |
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Total
liabilities |
1,320 |
|
Equities |
5,660 |
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------------------ |
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Total
liabilities & equities |
6,980 |
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|
============= |
Income Statement
Unit: CNY’000
|
|
As of Dec. 31,
2010 |
|
Revenue |
0 |
|
Cost of sales |
0 |
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Sales expense |
30 |
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Management expense |
10 |
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Finance expense |
0 |
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Non-operating
income |
0 |
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Non-operating expense |
0 |
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Profit before
tax |
-40 |
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Less: profit tax |
0 |
|
-40 |
Important Ratios
=============
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As
of Dec. 31, 2010 |
|
*Current ratio |
5.29 |
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*Quick ratio |
5.29 |
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*Liabilities
to assets |
0.19 |
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*Return on
total assets (%) |
-0.57 |
FINANCIAL
COMMENTS
PROFITABILITY:
FAIR
l
SC started its normal operation in 2011, so it has
no revenue in 2010.
l
SC’s return on total assets is fair.
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
SC has no inventory, accounts receivable, and
short-term loans in 2010.
LEVERAGE: AVERAGE
l
The debt ratio of SC is low.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly stable.
CONCLUSIONS
SC is considered small-sized in its line with
fairly stable financial conditions and short operating history. We
consider the above stated opinion amount appears to be within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.03 |
|
UK Pound |
1 |
Rs.74.43 |
|
Euro |
1 |
Rs.64.75 |
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 |
|
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 |
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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 |
|
<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.