MIRA INFORM REPORT
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Report Date : |
06.05.2011 |
IDENTIFICATION DETAILS
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Name : |
FUJIAN P&T INDUSTRY CO., LTD |
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Registered Office : |
Unit D, 20/F, Hongsheng Building, No. 4, Hexiang West
Road, Siming District, Xiamen, Fujian
Province, 361004 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
22.03.2007 |
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Com. Reg. No.: |
350203200012751 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Selling Stone
and Chemicals |
RATING & COMMENTS
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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 200,000 |
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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 – December 31, 2010
|
Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
|
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
fujian p&t industry Co., Ltd.
unit d, 20/f, hongsheng
building, no. 4, hexiang west road,
siming district,
xiamen, fujian PROVINCE, 361004 PR CHINA
TEL: 86 (0)
592-2385626 FAX: 86 (0) 592-2681571
EXECUTIVE SUMMARY
INCORPORATION DATE : mar. 22, 2007
REGISTRATION NO. : 350203200012751
REGISTERED LEGAL FORM : SHARES LIMITED COMPANY
STAFF STRENGTH :
14
REGISTERED CAPITAL : CNY 66,000,000
BUSINESS LINE :
TRADING
TURNOVER :
CNY 115,480,000 (UNaudited, AS OF
DEC. 31, 2010)
EQUITIES :
CNY 49,260,000 (UNaudited, AS OF DEC. 31, 2010)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO USD 200,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly stable
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 6.49 = 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 shares limited company at local Administration
for industry & commerce (AIC - the official body of issuing and renewing
business license) on Mar. 22, 2007.
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 1. import and export of various goods and technologies,
excluding the goods forbidden by the government; 2. selling knitting textiles, general
merchandise, hardware, building materials, chemical raw materials (excluding
the hazard and monitored chemicals), steel materials, agricultural and
livestock products (excluding cereal and seed), arts and crafts and
electro-mechanical products; 3. real estate development and management;
property management; real estate broker and agent; 4. design and construction
of house building engineering, highway engineering, municipal engineering,
ground and foundation engineering, steel structure, decorations and industrial
machinery leasing; 5. investment for commercial, agriculture, forestry, animal
husbandry, fishery, real estate, manufacture and food industry.
SC is mainly
engaged in selling stone and chemicals.
Mr. Zhu Yin is
chairman and general manager of SC at present.
SC is known to have approx. 14 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office in the commercial zone of Xiamen. Our checks reveal that SC
rents the total premise about 100 square meters.
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 |
|
2011-2 |
Registered capital |
CNY 50,000,000 |
The present amount |
|
Shareholding |
Zhu Yin 80% Chen Wenjuan 20% |
The present ones |
MAIN
SHAREHOLDERS:
Name %
of Shareholding
Zhu Yin 60.61
Chen Wenjuan 39.39
l
Chairman & General Manager:
Mr. Zhu Yin, about 41 years old with university education. He is
currently responsible for the overall management of SC.
Working Experience(s):
At present Working in SC as chairman and general manager
Also working in Xiamen P&T Investment Management Co., Ltd. as legal representative
SC is mainly
engaged in selling stone and chemicals.
SC’s products mainly
include stone and chemicals.
SC sources its materials 30% from domestic
market, and 70% from overseas market. SC sells 90% of its products in domestic
market, and 10% 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.
Note: SC’s
management declined to release its customer and supplier details.
SC has invested in the following companies:
Xiamen
P&T Investment Management Co., Ltd.
Legal
representative: Zhu Yin
Registration
no.: 350203200162885
Date
of incorporation: Jan. 16, 2009
Etc.
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.
China CITIC Bank
Xiamen Branch
AC#
7342010182300043485
Relationship:
Normal
Balance Sheet (as of Dec. 31, 2010)
Unit: CNY’000
|
Cash & bank |
8,040 |
|
Inventory |
11,400 |
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Accounts
receivable |
45,530 |
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Advances to
suppliers |
7,330 |
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Short-term
investment |
14,000 |
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Other
receivables |
5,680 |
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Other current
assets |
170 |
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------------------ |
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Current assets |
92,150 |
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Fixed assets net
value |
4,720 |
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Projects under
construction |
0 |
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Long term
investment |
21,950 |
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Other assets |
190 |
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------------------ |
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Total assets |
119,010 |
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============= |
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Short loans |
13,760 |
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Accounts payable |
16,090 |
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Other payable |
40,520 |
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Taxes payable |
-1,770 |
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Advances from
clients |
1,110 |
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Other current
liabilities |
40 |
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------------------ |
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Current
liabilities |
69,750 |
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Long term
liabilities |
0 |
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------------------ |
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Total
liabilities |
69,750 |
|
Equities |
49,260 |
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------------------ |
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Total
liabilities & equities |
119,010 |
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|
============= |
Income Statement (as of Dec. 31, 2010)
Unit: CNY’000
|
Turnover |
115,480 |
|
Cost of goods
sold |
112,570 |
|
Sales expense |
950 |
|
Management expense |
1,460 |
|
Finance expense |
330 |
|
Profit before
tax |
290 |
|
Less: profit tax |
0 |
|
Profits |
290 |
Note: The above
financial records have not been audited.
Important Ratios
=============
|
|
as
of Dec. 31, 2010 |
|
*Current ratio |
1.32 |
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*Quick ratio |
1.16 |
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*Liabilities
to assets |
0.59 |
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*Net profit
margin (%) |
0.25 |
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*Return on total
assets (%) |
0.24 |
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*Inventory
/Turnover ×365 |
37 days |
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*Accounts
receivable/Turnover ×365 |
144 days |
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*Turnover/Total
assets |
0.97 |
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* Cost of
goods sold/Turnover |
0.97 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears fairly good in its line.
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 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 is maintained in an average
level.
l
The accounts receivable of SC appears large in
2010.
l
SC’s short-term loan is in an average level.
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 small-sized in its line with fairly
stable financial conditions. The large amount of accounts receivable 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.44.57 |
|
UK Pound |
1 |
Rs.73.58 |
|
Euro |
1 |
Rs.66.23 |
RATING EXPLANATIONS
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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 |
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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.