MIRA
INFORM REPORT
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Report Date : |
18.05.2011 |
IDENTIFICATION DETAILS
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Name : |
COCREATION INTERNATIONAL TRADE CO., LTD. |
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Registered Office : |
No. 17, Second Latitude Road, Chuzhou Economic Development Zone, Huai’an,
Jiangsu Province 223200 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
07.05.2008 |
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Com. Reg. No.: |
320803000052051 |
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Legal Form : |
One-Person Limited Liability Company |
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Line of Business : |
International Trade |
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 50,000 |
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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 |
Name and address
COCREATION
INTERNATIONAL TRADE CO., LTD.
NO. 17, SECOND
LATITUDE ROAD, CHUZHOU ECONOMIC DEVELOPMENT ZONE, HUAI’AN, JIANGSU PROVINCE
223200 PR CHINA
TEL: 86 (0)
517-85763069 FAX: 86 (0) 517-85664258
EXECUTIVE SUMMARY
INCORPORATION DATE : MAY 7,
2008
REGISTRATION NO. : 320803000052051
REGISTERED LEGAL FORM : One-person Limited
Liability Company
STAFF STRENGTH :
20
REGISTERED CAPITAL : CNY 5,000,000
BUSINESS LINE :
TRADING
TURNOVER :
CNY 220,070,000 (UNaudited, AS OF DEC. 31, 2010)
EQUITIES :
CNY 5,850,000 (UNaudited, AS OF
DEC. 31, 2010)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO
USD 50,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRLY STABLE
OPERATIONAL TREND : 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 - China Yuan Renminbi
SC was registered as a One-person Limited Liability Company
at local Administration for Industry & Commerce (AIC - The official body of
issuing and renewing business license) on May 7, 2008.
Company Status: One-person Limited Liability Company Single person LLC refers to a
limited liability company set up by only one natural person or legal person
as the single shareholder of it. The minimum registered capital
of Single person LLC is CNY100,000. The shareholder’s capital contributes,
as set out by the articles of associations should be a lump-sum payment in
full. One natural person can only
invest in and set up one limited liability company, which is not permitted
to invest in and set up a new Single person LLC. As to any one-person limited
liability company, the sole-investor nature of the natural person or legal
person shall be indicated in the registration documents of the company and
shall be indicated in the business license thereof as well. The regulation of Single person
LLC should be set up by the shareholder The regulation of Single person
LLC has no shareholder meeting.
SC’s
registered business scope includes importing and exporting commodities and technologies;
selling plastic products. (with permit if needed)
SC is mainly engaged in international trade.
Mr. Wang
Huaiping is legal representative,
chairman and general manager of SC at present.
SC is known to have
approx. 20 employees at present.
SC is currently operating at the above stated address, and this address
houses its operating office in the development zone of Huai’an. Our checks
reveal that SC rents the total premise about 200 square meters.
SC
is not known to host web site of its own at present.
No significant events or changes were found during our checks with the
local Administration for Industry and Commerce.
MAIN SHAREHOLDERS:
Name
% of Shareholding
Wang Huaiping 100
l
Legal representative, Chairman and General manager:
Mr. Wang Huaiping , ID# 320882198811092439, born in 1988. He is
currently responsible for the overall management of SC.
Working Experience(s):
At present Working
in SC as legal representative, chairman and general manager.
l
Supervisor:
Li Dong
SC is mainly engaged in international trade.
SC’s products mainly include artificial turf, etc.
SC sources its
materials 100% from domestic market. SC sells 20% of its products in domestic market
and 80% to overseas 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, 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.
Industrial and
Commercial Bank of China
AC#: N/A
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
Cash & bank |
1,980 |
19,710 |
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Inventory |
5,200 |
940 |
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Bills receivable |
0 |
0 |
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Accounts
receivable |
26,870 |
33,040 |
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Advances to
suppliers |
160 |
330 |
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Other
receivables |
0 |
120 |
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Export drawback receivable |
6,890 |
6,300 |
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Other current
assets |
20 |
30 |
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------------------ |
------------------ |
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Current assets |
41,120 |
60,470 |
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Fixed assets net
value |
10 |
10 |
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Long term
investment |
0 |
0 |
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Projects under
construction |
0 |
0 |
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Intangible and
other assets |
0 |
0 |
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------------------ |
------------------ |
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Total assets |
41,130 |
60,480 |
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=========== |
=========== |
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Short loan |
0 |
0 |
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Accounts payable |
34,290 |
52,160 |
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Bills payable |
0 |
0 |
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Advances from clients |
1,210 |
2,420 |
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Taxes payable |
110 |
30 |
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Other Accounts
payable |
10 |
10 |
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Other current
liabilities |
0 |
10 |
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------------------ |
------------------ |
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Current
liabilities |
35,620 |
54,630 |
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Long term
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total
liabilities |
35,620 |
54,630 |
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Equities |
5,510 |
5,850 |
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------------------ |
------------------ |
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Total
liabilities & equities |
41,130 |
60,480 |
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=========== |
=========== |
Income Statement
Unit: CNY’000
|
|
As
of Dec. 31, 2010 |
|
Turnover |
220,070 |
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Cost of goods sold |
209,810 |
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Sales expense |
6,430 |
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Management expense |
970 |
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Finance expense |
2,530 |
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Profit before tax |
450 |
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Less: profit tax |
110 |
|
Profits |
340 |
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 |
1.15 |
1.11 |
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*Quick ratio |
1.01 |
1.09 |
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*Liabilities
to assets |
0.87 |
0.90 |
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*Net profit
margin (%) |
/ |
0.15 |
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*Return on
total assets (%) |
/ |
0.56 |
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*Inventory
/Turnover ×365 |
/ |
2 days |
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*Accounts
receivable/Turnover ×365 |
/ |
55 days |
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*Turnover/Total
assets |
/ |
3.64 |
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* Cost of
goods sold/Turnover |
/ |
0.95 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears fairly good 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 high, comparing with its
turnover in 2010.
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 appears average.
l
The accounts receivable of SC appears fairly large.
l
SC has no short-term loan in both years.
l
SC’s turnover is in a fairly good 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 accounts receivable could be a threat to SC’s
financial condition. A credit line up to USD 50,000 would appear to be within
SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.07 |
|
|
1 |
Rs.72.97 |
|
Euro |
1 |
Rs.63.57 |
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 |
|
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 |
-- |
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.