MIRA INFORM REPORT

 

 

Report Date :           

14.10.2011

 

IDENTIFICATION DETAILS

 

Name :

HUAIAN FENGFAN IMPORT & EXPORT CO., LTD.

 

 

Registered Office :

No. 125, Sanxi Road, Huaiyin District, Huaian, Jiangsu Province, 223300 Pr

 

 

Country :

China

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

05.08.1999

 

 

Com. Reg. No.:

320804000006722

 

 

Legal Form :

Limited Liabilities Company

 

 

Line of Business :

Selling Building Machines, Medical Instruments, Stainless Steel Products, Hardware Tools

 

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 3,000

 

 

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 – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

China

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company name & address  

 

HUAIAN FENGFAN IMPORT & EXPORT CO., LTD.

NO. 125, SANXI ROAD, HUAIYIN DISTRICT

HUAIAN, JIANGSU PROVINCE, 223300 PR CHINA

TEL: 86 (0) 517-84921629

FAX: 86 (0) 517-84938708

 

 

EXECUTIVE SUMMARY

 

Date of Registration          : AUGust 5, 1999

REGISTRATION NO.                  : 320804000006722

LEGAL FORM                           : Limited liabilities company

CHIEF EXECUTIVE               : lu yali (LEGAL REPRESENTATIVE)

REGISTERED CAPITAL             : CNY 1,000,000

staff                                      : 10

BUSINESS CATEGORY             : trading

Revenue                                : CNY 14,860,000 (AS OF DEC. 31, 2010)

EQUITIES                                 : CNY 720,000 (AS OF DEC. 31, 2010)

WEBSITE                                 : www.fengfan168.com

E-MAIL                                     : fengfan@fengfan168.com

PAYMENT                                : AVERAGE

Recommended Credit Limit: UP TO USD 3,000

MARKET CONDITION                : fair

FINANCIAL CONDITION            : FAIR

OPERATIONAL TREND              : STAGNANT

GENERAL REPUTATION                       : AVERAGE

EXCHANGE RATE                     : CNY 6.38 = 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.: 320804000006722 on August 5, 1999.

 

SC’s Organization Code Certificate No.: 70382402-2

SC’s registered capital: CNY 1,000,000

 

SC’s paid-in capital: CNY 1,000,000

 

Registration Change Record:

Date

Change of Contents

Before the change

After the change

2002-10-28

Company Name

Huaian Fengfan Trade Co., Ltd.

 

Huaian Fengfan Import & Export Co., Ltd.

 

2004-8-2

Registered capital

CNY 5,000,000

CNY 1,000,000

% of Shareholding

Lu Yali88%

Zhu Shu 12%

Lu Yali 80%

Zhu Shu 20%

--

Registration No.

3208042100001

320804000006722

 

Current Co search indicates SC’s shareholders & chief executives are as follows:-

 

Name of Shareholder (s)

% of Shareholding

Lu Yali

 

80

Zhu Shu

 

20

 

SC’s Chief Executives:-

 

Position

Name

Legal Representative, Chairman, and General Manager

Lu Yali

Supervisor

Zhu Shu

 

 

RECENT DEVELOPMENT

 

SC has got the certificate ISO9001.

 

 

SHAREHOLDER CHART & BACKGROUND

 

Name                                                              % of Shareholding

 

Lu Yali                                                                                      80

Zhu Shu                                                                                    20

 

 

MANAGEMENT

 

Lu Yali, Legal Representative, Chairman and General Manager

----------------------------------------------------------------------------------------------

Ø         Gender: F

Ø         Age: 53

Ø         ID# 320811195807120522

Ø         Qualification: University

Ø         Working experience (s):

At present, working in SC as legal representative, chairman and general manager

Zhu Shu, Supervisor

-----------------------------------

Ø         Gender: F

Ø         Age: 28

Ø         ID# 320811198302130526

Ø         Qualification: University

 

 

BUSINESS OPERATION

 

SC’s registered business scope includes operating and acting as an agent of importing and exporting various kinds of commodities and technology, excluding the goods forbidden by the government.

 

SC is mainly engaged in selling building machines, medical instruments, stainless steel products, hardware tools.

 

SC’s products mainly include:

Welding machine

Bar mat

Leather working glove

Latex working glove

Garden tools and machinery

Concrete mixer

Etc.

    

SC sources its materials 100% from domestic market. SC sells 10% of its products in domestic market, and 90% to overseas market, mainly North America, South America, Eastern Europe, Southeast Asia, Africa, Mid East, and Western Europe.

 

The buying terms of SC include T/T and Credit of 30-60 days. The payment terms of SC include T/T, L/C and Credit of 30-60 days.

 

*Major Supplier:

=============

Huaian Qicai Brush Industry Co., Ltd.

 

Staff & Office:

--------------------------

SC is known to have approx. 10 staff at present.

 

SC rents an area as its operating office of approx. 170 sq. meters at the heading address.

 

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 Chengbei Branch

AC#: 1110050119200000117

 

 

FINANCIALS

 

Financial Summary

Unit: CNY’000

As of Dec. 31, 2009

As of Dec. 31, 2010

Long term investment

0

0

Total assets

1,200

970

 

-------------

-------------

Long term liabilities

0

0

Total liabilities

330

250

Equities

870

720

 

-------------

-------------

Revenue

31,480

14,860

Profit before tax

130

-150

Less: profit tax

20

0

Profits

110

-150

 

Note: The detailed financials for Y 2009 and Y2010 are not available in SAIC.

 

Important Ratios

=============

 

As of Dec. 31, 2009

As of Dec. 31, 2010

*Liabilities to assets

0.28

0.26

*Net profit margin (%)

0.35

-1.01

*Return on total assets (%)

9.17

-15.46

* Revenue/Total assets

26.23

15.32

 

 

FINANCIAL COMMENTS

 

PROFITABILITY: FAIR

l         The revenue of SC appears average, but it was decreasing in 2010.

l         SC’s net profit margin is average in 2009 and fair in 2010.

l         SC’s return on total assets is fairly good in 2009 and poor in 2010.

 

LIQUIDITY: AVERAGE

l         SC’s revenue is in a fairly good level, comparing with the size of its total assets.

 

LEVERAGE: FAIR

l         The debt ratio of SC is low.

l         The risk for SC to go bankrupt is average.

 

Overall financial condition of the SC: Fair.

 

 

CONCLUSIONS

 

SC is considered small-sized in its line with fair financial conditions. A credit line at the above amount appears beyond SC’s capacities, while a credit line up to USD 3,000 is recommended.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.02

UK Pound

1

Rs.77.13

Euro

1

Rs.67.56

 

 

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%)

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.