MIRA
INFORM REPORT
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Report Date : |
03.06.2011 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
Room 1703, |
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Country : |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
02.11.2007 |
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Com. Reg. No.: |
370202228233088 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Trading Chemical Products, Etc |
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 3,000 |
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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 – 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 and address
ROOM 1703,
TEL: 86 (0)
532-66775937 FAX: 86 (0)
532-66775938/83655368
EXECUTIVE SUMMARY
INCORPORATION DATE : november 2, 2007
REGISTRATION NO. : 370202228233088
REGISTERED LEGAL FORM : Limited liabilities
company
STAFF STRENGTH :
5
REGISTERED CAPITAL : CNY 500,000
BUSINESS LINE :
trading
TURNOVER :
CNY 7,790,000 (AS OF DEC. 31, 2009)
EQUITIES :
CNY 440,000 (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
6.8268 = 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 liabilities company at
local Administration for Industry & Commerce (AIC - The official body of
issuing and renewing business license) on November 2, 2007.
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 wholesale and retail of textiles, general merchandise, electronics,
office supplies, chemical products (excluding hazardous chemicals),
plastic products, furniture, hardware, mechanical and electrical equipment and
spare parts, metal products, instruments and meters, importing and exporting
commodities and technologies (not
engage in any items prohibited by laws and administrative regulation; able to
engage in items that need permit according to the regulation of laws and
administrative regulation, after obtaining the permit from relative authorities
and the registration in the AIC);
domestic highway freight forwarding (with permits if needed).
SC is mainly
engaged in trading chemical products, etc.
Ms. Yang
Xiufang has been legal representative
and chairman of SC since 2007.
SC is known to have approx. 5 employees at present.
SC is
currently operating at the above stated address, and this address houses its
operating office in the commercial zone of Qingdao. Our checks reveal that SC
rents the total premise, but SC’s accountant refused to release the gross area.
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 |
|
Unknown |
Registration No. |
3702022823308 |
370202228233088 |
*To what extent is
your company affected by the current Credit Crisis?
SC’s employee refused to answer this question.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Yang Xiufang 45
Yuan Hongsheng 10
Liu Ruimei 45
l
Legal representative and chairman:
Ms. Yang Xiufang , in her
Working Experience(s):
From 2007 to present Working
in SC as chairman and legal representative.
l
General manager:
Mr. Yuan Hongsheng , in his
Working Experience(s):
From 2007 to present Working
in SC as general manager.
SC is mainly
engaged in trading chemical products, etc.
SC’s products
mainly include: chemical products.
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 Check, T/T, L/C and Credit of 30-60 days.
SC is
not known to have any subsidiary at present.
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.
AC# 7371060182200164760
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 |
520 |
1,010 |
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Inventory |
640 |
940 |
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Accounts
receivable |
0 |
0 |
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Advances to
supplies |
0 |
420 |
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Other
receivables |
300 |
400 |
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Other current
assets |
10 |
20 |
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|
------------------ |
------------------ |
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Current assets |
1,470 |
2,790 |
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Fixed assets net
value |
0 |
0 |
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Projects under
construction |
0 |
0 |
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Long-term
investments |
0 |
0 |
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Intangible and
other assets |
0 |
0 |
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------------------ |
------------------ |
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Total assets |
1,470 |
2,790 |
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============= |
============= |
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Short loans |
0 |
0 |
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Accounts payable |
340 |
0 |
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Advances from
customers |
340 |
2,070 |
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Accrued payroll |
0 |
0 |
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Welfares payable |
0 |
0 |
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Taxes payable |
-20 |
-150 |
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Other Accounts
payable |
330 |
430 |
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Other current
liabilities |
0 |
0 |
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----------------- |
----------------- |
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Current
liabilities |
990 |
2,350 |
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Long term
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total
liabilities |
990 |
2,350 |
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Shareholders
equities |
480 |
440 |
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------------------ |
------------------ |
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Total
liabilities & equities |
1,470 |
2,790 |
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============= |
============= |
Income Statement (as of Dec. 31, 2009)
Unit: CNY’000
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Turnover |
7,790 |
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Cost of goods
sold |
6,500 |
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Sales expense |
1,220 |
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Management expense |
40 |
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Finance expense |
60 |
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Profit before
tax |
-30 |
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Less: profit tax |
0 |
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Profits |
-30 |
Important Ratios
=============
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as of Dec. 31,
2008 |
as of Dec. 31,
2009 |
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*Current ratio |
1.48 |
1.19 |
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*Quick ratio |
0.84 |
0.79 |
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*Liabilities
to assets |
0.67 |
0.84 |
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*Net profit
margin (%) |
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-0.39 |
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*Return on
total assets (%) |
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-1.08 |
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*Inventory
/Turnover ×365 |
days |
45 days |
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*Accounts
receivable/Turnover ×365 |
days |
/ |
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*Turnover/Total
assets |
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2.79 |
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* Cost of
goods sold/Turnover |
|
0.83 |
PROFITABILITY:
FAIR
l
The turnover of SC appears average in its line in
2009.
l
SC’s net profit margin is fair in 2009.
l
SC’s return on total assets is fair in 2009.
l
SC’s cost of goods sold is average, comparing with
its turnover in 2009.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a normal
level in both two years.
l
SC’s quick ratio is maintained in a fair level in
both two years.
l
The inventory of SC appears fairly large.
l
SC has no accounts receivable in both two years.
l
SC has no short-term loan in both two years.
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 in 2008 and fairly
high in 2009.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly stable.
SC is considered small-sized in its line with fairly stable financial
conditions. A credit line up to USD 3,000 would appear to be within SC’s
capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.94 |
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|
1 |
Rs.73.46 |
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Euro |
1 |
Rs.64.58 |
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 |
-- |
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.