MIRA
INFORM REPORT
|
Report Date : |
19.11.2011 |
IDENTIFICATION DETAILS
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Name : |
FOSHAN JINDAXING ECONOMIC AND TRADE CO., LTD. |
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Registered Office : |
Room 1502a, Block B, Caifu Mansion, No. 206 Fenjiang South Road Chancheng District, Foshan, Guangdong Province 528231 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
07.06. 2007 |
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Com. Reg. No.: |
440600000017299 |
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Legal Form : |
Limited Liabilities 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 40,000 |
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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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
China |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
|
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
FOSHAN JINDAXING ECONOMIC AND TRADE CO., LTD.
ROOM 1502A, BLOCK B, CAIFU MANSION, NO. 206 FENJIANG SOUTH ROAD
CHANCHENG DISTRICT, FOSHAN, GUANGDONG PROVINCE 528231 PR CHINA
TEL: 86 (0) 757-83306818/83306815
FAX: 86 (0) 757-83339324
EXECUTIVE SUMMARY
Date of Registration : june 7, 2007
REGISTRATION NO. : 440600000017299
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL : cny 5,500,000
staff :
5
BUSINESS CATEGORY : trading
Revenue :
CNY 45,770,000 (AS OF DEC. 31, 2010)
EQUITIES :
CNY 5,520,000 (AS OF DEC. 31, 2010)
WEBSITE : www.jindaxing.com.cn
E-MAIL :
jdx@jindaxing.com.cn
PAYMENT :
AVERAGE
Recommended Credit Limit: UP TO USD 40,000
MARKET CONDITION : average
FINANCIAL CONDITION : FAIRly stable
OPERATIONAL TREND : ORDINARY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.35 = USD 1
Adopted abbreviations (as follows)
SC - Subject Company
(the company inquired by you)
N/A – Not available
CNY – China Yuan Ren
Min Bi
OPERATIONAL TREND & GENERAL
REPUTATION
This section aims at indicating the relative positions of SC in respect
of its operational trend & general reputation
Operational Trend:- General
Reputation:-
Upward Excellent
Steady Good
Fairly Steady Fairly
Good
Ordinary Average
Fair Fair
Stagnant Detrimental
Downward Not
known
Not known Not
yet be determined
Not yet be determined
LEGAL STATUS & HISTORY
SC was established
as a limited liabilities company of PRC with State Administration of Industry
& Commerce (SAIC) under registration No.: 440600000017299 on June 7, 2007.
SC’s Organization Code Certificate No.:
66331186-2
SC’s registered capital: cny 5,500,000
SC’s paid-in capital: cny 5,500,000
No significant changes of SC have been noted
in SAIC since its incorporation.
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Guan Xiuying |
70 |
|
Fan Jieyi |
30 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman, and
General Manager |
Guan Xiuying |
|
Supervisor |
Fan Jieyi |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Guan Xiuying 70
Fan Jieyi 30
MANAGEMENT
Guan Xiuying , Legal
Representative, Chairman and General Manager
-------------------------------------------------------------------------------------------------------
Ø
Gender: F
Ø
Age: 40
Ø
Qualification:
University
Ø
Working
experience (s):
From 2007
to present, working in SC as legal representative, chairman and general manager
Fan Jieyi ,
Supervisor
---------------------------------------
Ø
Gender: F
Ø
Qualification:
University
BUSINESS OPERATION
SC’s registered business scope includes frozen meat sales
and agent; domestic trade, import and export of goods and technology;
enterprise investment consulting, cargo distribution services.
SC is mainly
engaged in international trade.
SC’s products
mainly include: chicken, pork, beef, rabbit, mutton, sea slug, sea fish, worn
out metal, electronic metal, worn out aluminum, sanitary ware, tile, mosaic,
minerals.
SC sources its materials 70% from domestic
market, and 30% from overseas market. SC sells 30% of its products in domestic
market, and 70% to overseas market, mainly USA, France, Germany, UK, Italy,
Japan, and India.
The buying terms
of SC include T/T, L/C and Credit of 30-60 days. The payment terms of SC
include T/T, L/C and Credit of 30-60 days.
*Major Customer:
=============
Guangzhou Suilan Import and Export Co., Ltd.
*Major Supplier:
=============
Nanhai Shanglingya
Sanitary Ware Co., Ltd.
Staff & Office:
--------------------------
SC is known
to have approx. 5 staff at present.
SC rents an area as
its operating office, but the detailed information is unknown.
RELATED COMPANY
SC
is not known to have any subsidiary at present.
PAYMENT
Overall payment appraisal:
( ) Excellent ( ) Good (X) Average ( ) Fair ( ) Poor ( ) Not yet be 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’s suppliers
declined to make any comments.
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.
BANKING
Basic Bank:
Industrial
and Commercial Bank of China Foshan Branch
AC#:
2013021009200105756
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
120 |
810 |
|
|
Accounts
receivable |
2,480 |
16,460 |
|
Advances to
suppliers |
0 |
0 |
|
Other receivable |
-630 |
1,910 |
|
Inventory |
29,050 |
10,490 |
|
Non-current
assets within one year |
0 |
0 |
|
Other current
assets |
1,190 |
880 |
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|
------------------ |
------------------ |
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Current assets |
32,210 |
30,550 |
|
Fixed assets |
10 |
40 |
|
Construction in
progress |
0 |
0 |
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Intangible
assets |
0 |
0 |
|
Deferred income
tax assets |
0 |
0 |
|
Other
non-current assets |
0 |
360 |
|
|
------------------ |
------------------ |
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Total assets |
32,220 |
30,950 |
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|
============= |
============= |
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Short-term loans |
1,230 |
5,630 |
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Notes payable |
0 |
0 |
|
Accounts payable |
19,760 |
21,200 |
|
Wages payable |
0 |
0 |
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Advances from
clients |
0 |
0 |
|
Other payable |
9,260 |
-240 |
|
Other current
liabilities |
-3,540 |
-1,160 |
|
|
------------------ |
------------------ |
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Current
liabilities |
26,710 |
25,430 |
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Non-current
liabilities |
0 |
0 |
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|
------------------ |
------------------ |
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Total
liabilities |
26,710 |
25,430 |
|
Equities |
5,510 |
5,520 |
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|
------------------ |
------------------ |
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Total
liabilities & equities |
32,220 |
30,950 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2010 |
|
Revenue |
45,770 |
|
Cost of sales |
42,480 |
|
Sales expense |
2,510 |
|
Management expense |
500 |
|
Finance expense |
280 |
|
Profit before
tax |
30 |
|
Less: profit tax |
10 |
|
20 |
Important Ratios
=============
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
*Current ratio |
1.21 |
1.20 |
|
*Quick ratio |
0.12 |
0.79 |
|
*Liabilities
to assets |
0.83 |
0.82 |
|
*Net profit
margin (%) |
-- |
0.04 |
|
*Return on
total assets (%) |
-- |
0.06 |
|
*Inventory /
Revenue ×365 |
-- |
84 days |
|
*Accounts
receivable/ Revenue ×365 |
-- |
132 days |
|
*
Revenue/Total assets |
-- |
1.48 |
|
* Cost of
sales / Revenue |
-- |
0.93 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
l
The revenue of SC appears average in its line 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 revenue.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a normal
level in both years.
l
SC’s quick ratio is maintained in a normal level in
2010.
l
The inventory of SC appears large.
l
The accounts receivable of SC appears large in
2010.
l
SC’s short-term loan is in an average level.
l
SC’s revenue is in an average level, comparing with
the size of its total assets.
LEVERAGE: FAIR
l
The debt ratio of SC is fairly high in both years.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly Stable.
CONCLUSIONS
SC is considered small-sized in its line with fairly stable financial
conditions. The large amount of inventory and accounts receivable may be a
threat to SC’s financial condition. A credit line at the above amount appears
beyond SC’s capacities, while a credit line up to USD 40,000 is recommended.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.35 |
|
|
1 |
Rs.80.97 |
|
Euro |
1 |
Rs.69.26 |
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.