MIRA
INFORM REPORT
|
Report Date : |
14.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
FUSITE CO., LTD. |
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Registered Office : |
Shangtang Village, Jinqing Town, Luqiao District Taizhou City, Zhejiang Province 318058 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
11.03.1999 |
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Com. Reg. No.: |
331004000000053 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Manufacturing and selling agricultural machinery, garden machinery. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 800,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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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 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
Company name and address
FUSITE CO., LTD.
SHANGTANG VILLAGE, JINQING TOWN, LUQIAO DISTRICT
TAIZHOU CITY, ZHEJIANG PROVINCE 318058 PR CHINA
TEL: 86 (0) 576-82888883/82878733
FAX: 86 (0) 576-82888889
EXECUTIVE SUMMARY
Date of Registration : MARCH 11, 1999
REGISTRATION NO. : 331004000000053
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL : cny 50,180,000
staff :
200
BUSINESS CATEGORY : manufacturing
Revenue :
CNY 143,088,000 (AS OF DEC. 31,
2010)
EQUITIES :
CNY 60,393,000 (AS OF DEC. 31, 2010)
WEBSITE : www.china-fst.com
E-MAIL :
info@china-fst.com
PAYMENT :
AVERAGE
Recommended Credit Limi : UP TO USD 800,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : stable
OPERATIONAL TREND : STEADY
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.: 331004000000053
on March 11, 1999.
SC’s Organization Code Certificate No.:
71619089-0
SC’s registered capital: cny 50,180,000
SC’s paid-in capital: cny 50,180,000
Registration Change Record:
|
Date |
Change of Contents |
Before the change |
After the change |
|
-- |
Registered Capital |
CNY 100,100,000 |
cny 50,180,000 |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Lin Xiaman |
46 |
|
Liang Xiaoen |
46 |
|
Liang Wanping |
8 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman, and
General Manager |
Lin Xiaman |
|
Supervisor |
Jiang Ping |
RECENT DEVELOPMENT
SC has been honorably awarded with the titles of "Taizhou Municipal
Hi-tech Enterprise" and "Zhejiang Provincial Hi-tech Enterprise"
and has undertaken the "Zhejiang Provincial Critical Technology Innovation
Project", "Zhejiang Provincial Spark Program Project" and other
tasks. "FST" serial dynamic spraying machines have been successively
appraised as "municipal famous-brand products", "municipal
high-tech products", and "provincial hi-tech products", and have
been awarded with the certificates of "generalization authentication of
the Ministry of Agriculture" and "
SC has got the certificate ISO9001.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Lin Xiaman 46
Liang Xiaoen 46
Liang Wanping 8
MANAGEMENT
Lin Xiaman , Legal
Representative, Chairman and General Manager
---------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 46
Ø
ID# 332603196503246174
Ø
Qualification:
University
Ø
Working
experience (s):
At
present, working in SC as legal representative, chairman and general manager
Jiang Ping ,
Supervisor
--------------------------------------
Ø
Gender: F
Ø
Age: 31
Ø
ID# 332603198005116085
Ø
Qualification:
University
BUSINESS OPERATION
SC’s registered business scope includes manufacturing and
selling agricultural machinery, aquaculture machinery, livestock machinery,
garden machinery, cleaning equipment, pumps, boating and water sports
equipment, gasoline engine, pneumatic tools, auto parts, motor, machine tool,
mold, rubber products, plastic products, instruments and meters; wholesale and
retail of metal materials, chemical materials, building & decoration
materials, electrical and mechanical equipment, hardware, daily necessities;
property management; importing and exporting goods and technology.
SC is mainly
engaged in manufacturing and selling agricultural machinery, garden machinery.
Brand: 
SC’s products
mainly include:
Knapsack Power
Spray
Power Sprayer
Aerator
Engine & Water
Pump
Garden Spray
Machine
High Pressure Pump
High Pressure
Washer
Hand Knapsack
Spraye
Etc.
SC sources its materials 100% from domestic
market. SC sells 25% of its products in domestic market, and 75% 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.
Staff & Office:
--------------------------
SC is known
to have approx. 200 staff at
present.
SC owns an area as
its operating office and factory, but the detailed information is unknown.
RELATED COMPANY
SC is known to have a
subsidiary at present:
n
Taizhou Fusite International Pleasure-Boat Club Co., Ltd.
-----------------------------------------------------------------------------
Date of Registration: March 13, 2008
Registration No.: 331004000014708
Legal Form: Limited Liabilities
Company
Registered Capital: CNY 10,000,000
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 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.
BANKING
Basic Bank
Bank
of China Taizhou Luqiao District Sub-Branch
AC#:
840025930008091001
Agricultural
Bank of China Taizhou Branch
AC#:
19921814040001174
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
6,423 |
11,996 |
|
|
Notes receivable |
200 |
689 |
|
Accounts
receivable |
5,195 |
13,650 |
|
Advances to
suppliers |
0 |
6,818 |
|
Other receivable |
94 |
35,022 |
|
Allowance
receivable |
287 |
1,553 |
|
Inventory |
19,342 |
6,443 |
|
Non-current
assets within one year |
0 |
0 |
|
Other current
assets |
0 |
18 |
|
|
------------------ |
------------------ |
|
Current assets |
31,541 |
76,189 |
|
Fixed assets |
9,276 |
9,454 |
|
Construction in
progress |
4,523 |
21,943 |
|
Intangible
assets |
9,224 |
9,139 |
|
Long-term
investment |
1,530 |
1,530 |
|
Deferred income
tax assets |
0 |
0 |
|
Other
non-current assets |
0 |
610 |
|
|
------------------ |
------------------ |
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Total assets |
56,094 |
118,865 |
|
|
============= |
============= |
|
Short-term loans |
4,500 |
17,000 |
|
Notes payable |
3,639 |
9,802 |
|
Accounts payable |
274 |
24,807 |
|
Wages payable |
0 |
0 |
|
Welfare payable |
326 |
0 |
|
Tax payable |
272 |
-2,191 |
|
Advances from
clients |
0 |
0 |
|
Other payable |
324 |
8,972 |
|
Other current
liabilities |
63 |
82 |
|
|
------------------ |
------------------ |
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Current
liabilities |
9,398 |
58,472 |
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Non-current
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
9,398 |
58,472 |
|
Equities |
46,696 |
60,393 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
56,094 |
118,865 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2009 |
As of Dec. 31,
2010 |
|
Revenue |
83,275 |
143,088 |
|
Cost of sales |
75,447 |
122,732 |
|
Sales expense |
2,022 |
3,490 |
|
Management expense |
4,173 |
11,893 |
|
Finance expense |
965 |
1,662 |
|
Profit before
tax |
1,716 |
4,041 |
|
Less: profit tax |
429 |
565 |
|
1,287 |
3,476 |
Important Ratios
=============
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
*Current ratio |
3.36 |
1.30 |
|
*Quick ratio |
1.30 |
1.19 |
|
*Liabilities
to assets |
0.17 |
0.49 |
|
*Net profit
margin (%) |
1.55 |
2.43 |
|
*Return on
total assets (%) |
2.29 |
2.92 |
|
*Inventory /
Revenue ×365 |
85 days |
17 days |
|
*Accounts
receivable/ Revenue ×365 |
23 days |
35 days |
|
* Revenue/Total
assets |
1.48 |
1.20 |
|
* Cost of
sales / Revenue |
0.91 |
0.86 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
l
The revenue of SC appears average, and it was
rising in 2010.
l
SC’s net profit margin is average in both years.
l
SC’s return on total assets is average in both
years.
l
SC’s cost of goods sold is average, 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 fairly good
level in both years.
l
The inventory of SC is maintained in an average
level.
l
The accounts receivable of SC is maintained in an
average level.
l
SC’s short-term loans are in an average level.
l
SC’s revenue is in an average level, comparing with
the size of its total assets.
LEVERAGE: AVERAGE
l
The debt ratio of SC is average in both years.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Stable.
CONCLUSIONS
SC is considered medium-sized in its line with stable financial conditions.
A credit line up to USD 800,000
would appear to be within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.02 |
|
|
1 |
Rs.77.13 |
|
Euro |
1 |
Rs.67.55 |
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.