MIRA INFORM
REPORT
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Report Date : |
08.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
TAIZHOU OVERSEAS INT'L LTD. |
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Registered Office : |
No. 126-8 Qingnian Road, Jiaojiang District, Taizhou City, Zhejiang
Province, 318000 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
24.08.1998 |
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Com. Reg. No.: |
331002000015657 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
International
Trade |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 1,000 |
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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) |
|
China |
a2 |
a2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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
TAIZHOU OVERSEAS INT'L LTD.
NO. 126-8 QINGNIAN ROAD, JIAOJIANG DISTRICT, TAIZHOU CITY,
ZHEJIANG PROVINCE, 318000 PR CHINA
TEL: 86
(0) 576-88812888 FAX: 86 (0)
576-88811696
EXECUTIVE SUMMARY
INCORPORATION DATE : AUG. 24, 1998
REGISTRATION NO. : 331002000015657
REGISTERED LEGAL FORM : LIMITED LIABILITIES
COMPANY
STAFF STRENGTH :
70
REGISTERED CAPITAL : cny 5,000,000
BUSINESS LINE :
trading
TURNOVER :
cny 356,292,000 (AS OF DEC. 31,
2010)
EQUITIES :
CNY 300,000 (AS OF DEC. 31, 2010)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO USD 1,000 (periodical
review)
MARKET CONDITION : average
FINANCIAL CONDITION : FAIR
OPERATIONAL TREND : FAIR
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.50= USD 1
Adopted abbreviations
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY - China Yuan Renminbi
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 Aug. 24, 1998.
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 importing and exporting commodities and technologies, excluding export commodities under state-unified operation and import commodities
operated by the state-designated companies; processing with imported materials,
processing with imported samples, assembling with imported parts, and
compensation trade in agreement; counter trade & transit trade.
SC is mainly
engaged in international trade.
Mr. Ling Yuanqi
has been legal
representative and chairman of SC since 1998.
SC is known
to have approx. 70 employees at present.
SC is
currently operating at the above stated address, and this address houses its
operating office in the commercial zone of Taizhou. Our checks reveal that SC
rents the total premise about 300 square meters.
http://www.taizhou-overseas.com/
The design is professional and the content is well organized. At present it is
in English version.
Changes
of its registered information:
|
Date of change |
Item |
Before the change |
After the change |
|
|
Company name |
Taizhou Overseas Trade Co., Ltd. |
Present one |
|
|
Registered capital |
CNY 1,000,000 |
Present amount |
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|
Registration no. |
3310021000700 |
Present one |
Tax Registration Certificate No.:
331002704671224
Organization Code: 70467122-4
MAIN
SHAREHOLDERS:
Name
% of Shareholding
Ling Yuanqi ID#: 332601550903431 8
Wu Jinlin ID#: 340103650920035 30
Ye Lijun ID#: 332601541010032 62
l
Legal representative and
chairman:
Mr. Ling Yuanqi ID#: 332601550903431, born in 1955, with university
education. He is currently responsible for the overall management of SC.
Working Experience(s):
From 1998 to present Working
in SC as legal
representative and chairman.
l
Supervisors:
Ms. He Feng ID#: 332601601220058
Ms. Mao Lingyan ID#: 332601731226032
Ms. Chen Yuying ID#: 332622570106368
l
Directors:
Ms. Ye Lijun ID#: 332601541010032
Mr. Wu Jinlin ID#: 340103650920035
SC is mainly
engaged in international trade.
SC’s products
mainly include: medicine and chemical, light industry, canned food, mechanical
& electrical, arts & crafts, textile, etc.
SC sources its
materials 100% from domestic market. SC sells 100% of its products to the
overseas market, mainly India, American and European countries.
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.
Note:
SC’s management declined to release its major clients and suppliers.
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 refused to release any information of its
domestic suppliers and the trade reference was not available.
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.
Industrial and Commercial
Bank of China Taizhou Branch
AC#: 1207021209041001776
Agricultural Bank of China Taizhou Branch
AC#:
19900001040008871
Industrial Bank
Taizhou Branch
AC#:
358020100100162239
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
Cash & bank |
39,108 |
44,555 |
|
Inventory |
6 |
56 |
|
Accounts
receivable |
81,405 |
69,436 |
|
Advances to
suppliers |
4,092 |
8,154 |
|
Subsidy
receivable |
12,775 |
10,845 |
|
Other
receivables |
1,912 |
6,209 |
|
Other current
assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current assets |
139,298 |
139,255 |
|
Fixed assets net
value |
3,382 |
2,813 |
|
Projects under
construction |
222 |
222 |
|
Long term investment |
0 |
0 |
|
Other assets |
0 |
0 |
|
|
------------------- |
------------------ |
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Total assets |
142,902 |
142,290 |
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|
============ |
============= |
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Short loans |
17,408 |
15,878 |
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Accounts payable |
29,569 |
21,046 |
|
Bills payable |
59,294 |
74,113 |
|
Advances from
clients |
31,998 |
28,286 |
|
Taxes payable |
5 |
11 |
|
Salaries payable |
0 |
0 |
|
Other account
payable |
845 |
954 |
|
Other payable |
96 |
122 |
|
Withholding
expenses |
250 |
0 |
|
Other current
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
139,465 |
140,410 |
|
Long term
liabilities |
3,036 |
1,580 |
|
|
------------------- |
------------------ |
|
Total
liabilities |
142,501 |
141,990 |
|
Equities |
401 |
300 |
|
|
-------------------- |
------------------ |
|
Total
liabilities & equities |
142,902 |
142,290 |
|
|
============= |
============= |
Income Statement
Unit: CNY’000
|
|
As of Dec. 31,
2009 |
As of Dec. 31,
2010 |
|
Turnover |
355,403 |
356,292 |
|
Cost of goods
sold |
336,966 |
336,502 |
|
Taxes and additional of main
operation |
33 |
13 |
|
Sales expense |
7,021 |
7,790 |
|
Management expense |
7,695 |
8,127 |
|
Finance expense |
3,943 |
3,967 |
|
Non-operating
income |
0 |
0 |
|
Non-operating expense |
6 |
13 |
|
Profit before
tax |
-261 |
-120 |
|
Less: profit tax |
0 |
0 |
|
Profits |
-261 |
-120 |
Important Ratios
=============
|
|
as
of Dec. 31, 2009 |
as
of Dec. 31, 2010 |
|
*Current ratio |
1.00 |
0.99 |
|
*Quick ratio |
1.00 |
0.99 |
|
*Liabilities
to assets |
1.00 |
1.00 |
|
*Net profit
margin (%) |
-0.07 |
-0.03 |
|
*Return on
total assets (%) |
-0.18 |
-0.08 |
|
*Inventory
/Turnover ×365 |
1 days |
1 days |
|
*Accounts receivable/Turnover
×365 |
84 days |
72 days |
|
*Turnover/Total
assets |
2.49 |
2.50 |
|
* Cost of
goods sold/Turnover |
0.95 |
0.94 |
PROFITABILITY:
FAIR
l
The turnover of SC appears fairly good in its line.
l
SC’s net profit margin is fair.
l
SC’s return on total assets is fair.
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 accounts receivable of SC appears large.
l
The inventory of SC appears small.
l
The short loans of SC appear fairly large.
l
SC’s turnover is in an average level, comparing
with the size of its total assets.
LEVERAGE: FAIR
l
The debt ratio of SC is too high.
l
The risk for SC to go bankrupt is above average.
Overall financial
condition of the SC: Fair.
SC is considered medium-sized in its line with fair financial conditions.
The large amount of accounts receivable and short loans could be a threat to
SC’s financial condition. A credit line up to USD 1,000 would appear to be
within SC’s capacities upon a periodical review basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.74 |
|
UK Pound |
1 |
Rs.73.25 |
|
Euro |
1 |
Rs.65.48 |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
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 |
|
---- |
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.