MIRA
INFORM REPORT
|
Report Date : |
07.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
|
|
|
|
|
Registered Office : |
Room 417, No. 7, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
04.12.2003 |
|
|
|
|
Com. Reg. No.: |
120193000044057 |
|
|
|
|
Legal Form : |
Limited Liabilities Company |
|
|
|
|
Line of Business : |
Selling Gloves |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 5,000 |
|
Status : |
Small Company |
|
Payment Behaviour : |
No Complaints |
|
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) |
|
|
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Name and address
ROOM 417, NO. 7,
TEL: 86 (0)
22-83713868 FAX: 86 (0) 22-83710787
EXECUTIVE SUMMARY
INCORPORATION DATE : DEC. 4, 2003
REGISTRATION NO. : 120193000044057
REGISTERED LEGAL FORM : LIMITED LIABILITIES CO.
STAFF STRENGTH :
11
REGISTERED CAPITAL : CNY 1,000,000
BUSINESS LINE :
TRADING
TURNOVER :
CNY 13,610,000 (UNaudited, AS OF DEC. 31, 2010)
EQUITIES :
CNY 920,000 (UNaudited, AS OF
DEC. 31, 2010)
PAYMENT :
AVERAGE
RECOMM.
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION :
FAIRLY STABLE
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.51= 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 co. at local
Administration for Industry & Commerce (AIC - The official body of issuing
and renewing business license) on Dec. 4, 2003.
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 wholesaling and retailing leather, daily
necessaries, garments, shoes, hats, chemicals, auto parts, steel materials,
iron ore machinery equipment and electrical appliances; import and export
business. (in accordance with the permit)
SC is mainly
engaged in selling gloves.
Mr. Yang
Bingli is legal representative, chairman
and general manager of SC at present.
SC is known to
have approx. 11 employees at present.
SC is currently operating at the above stated address, and this address
houses its operating office in
http://www.tjgloves.com/ The design is professional and the content is
well organized. At present the web site is only in English version.
E-mail: billyyang@vip.sina.com billy@tjgloves.com
No significant events or changes were found during our checks with the
local Administration for Industry and Commerce.
MAIN SHAREHOLDERS:
Name
% of Shareholding
Yang Bingli 70
Sun Jianqing 30
l
Legal representative, Chairman and General manager:
Mr. Yang Bingli , in his
Working Experience(s):
At present Working
in SC as legal representative, chairman and general manager.
l
Supervisor:
Sun Jianqing
SC is mainly
engaged in selling gloves.
SC’s products mainly include leather gloves, ski gloves, etc.
SC sources its
materials 50% from domestic market and 50% from overseas market. SC sells 70%
in domestic market and 30% 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 declined to release its major suppliers and clients.
SC is not known to have the 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.
Agricultural
Bank of
AC#: N/A
Relationship:
Balance Sheet
Unit: CNY’000
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
Cash & bank |
2,640 |
1,190 |
|
Inventory |
4,350 |
3,760 |
|
Bills receivable |
0 |
0 |
|
Accounts
receivable |
2,350 |
2,520 |
|
Advances to
suppliers |
180 |
2,130 |
|
Other
receivables |
180 |
90 |
|
Other current
assets |
30 |
50 |
|
|
------------------ |
------------------ |
|
Current assets |
9,730 |
9,740 |
|
Fixed assets net
value |
50 |
30 |
|
Long term
investment |
0 |
0 |
|
Projects under
construction |
0 |
0 |
|
Intangible and
other assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total assets |
9,780 |
9,770 |
|
|
=========== |
=========== |
|
Short loan |
0 |
0 |
|
Accounts payable |
6,950 |
7,340 |
|
Bills payable |
0 |
0 |
|
Advances from
clients |
0 |
0 |
|
Taxes payable |
-80 |
-40 |
|
Other Accounts
payable |
1,950 |
1,480 |
|
Other current
liabilities |
40 |
70 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
8,860 |
8,850 |
|
Long term
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
8,860 |
8,850 |
|
Equities |
920 |
920 |
|
|
------------------ |
------------------ |
|
Total liabilities
& equities |
9,780 |
9,770 |
|
|
=========== |
=========== |
Income Statement
Unit: CNY’000
|
|
As
of Dec. 31, 2010 |
|
Turnover |
13,610 |
|
Cost of goods sold |
12,730 |
|
Sales expense |
520 |
|
Management expense |
370 |
|
Finance expense |
-20 |
|
Profit before tax |
20 |
|
Less: profit tax |
10 |
|
Profits |
10 |
Note: The Financial Report for Year 2010 hasn’t been audited.
Important
Ratios
=============
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
*Current ratio |
1.10 |
1.10 |
|
*Quick ratio |
0.61 |
0.68 |
|
*Liabilities
to assets |
0.91 |
0.91 |
|
*Net profit
margin (%) |
/ |
0.07 |
|
*Return on
total assets (%) |
/ |
0.10 |
|
*Inventory
/Turnover ×365 |
/ |
101 days |
|
*Accounts
receivable/Turnover ×365 |
/ |
68 days |
|
*Turnover/Total
assets |
/ |
1.39 |
|
* Cost of
goods sold/Turnover |
/ |
0.94 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears average in 2010.
l
SC’s net profit margin is average in 2010.
l
SC’s return on total assets is average in 2010.
l
SC’s cost of goods sold is fairly high, comparing
with its turnover in 2010.
LIQUIDITY: FAIR
l
The current ratio of SC is maintained in a normal
level.
l
SC’s quick ratio is maintained in a fair level.
l
The inventory of SC appears fairly large.
l
The accounts receivable of SC appears average.
l
SC has no short-term loan in both years.
l
SC’s turnover is in an average level, comparing
with the size of its total assets in 2010.
LEVERAGE: FAIR
l
The debt ratio of SC is high.
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 inventory could be a threat to SC’s financial
condition. The given credit amount would appear to be beyond SC’s capacities,
while a credit line up to USD 5,000 would appear to be within SC’s capacities
upon a periodical review basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.78 |
|
|
1 |
Rs.73.43 |
|
Euro |
1 |
Rs.65.27 |
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.