MIRA
INFORM REPORT
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Report Date : |
14.10.2011 |
IDENTIFICATION DETAILS
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Name : |
TIANCHANG FAITH POLYSTER TRADE CO., LTD. |
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Registered Office : |
North Waihuan Road, Tianchang City Anhui
Province 239300 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
18.10.2006 |
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Com. Reg. No.: |
341181000006771 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Selling Waste Fiber Materials |
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 3,000 |
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Status : |
Small Company |
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Payment Behaviour : |
Unknown |
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Litigation : |
-- |
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) |
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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 |
Company name and address
TIANCHANG
FAITH POLYSTER TRADE CO., LTD.
north waihuan road,
tianchang city
anhui province 239300
PR CHINA
TEL: 86 (0)
550-7306070 FAX: 86 (0) 550-7306070
EXECUTIVE SUMMARY
INCORPORATION DATE :
oct. 18, 2006
REGISTRATION NO. : 341181000006771
REGISTERED LEGAL FORM : Limited liabilities co.
STAFF STRENGTH :
6
REGISTERED CAPITAL : cny 600,000
BUSINESS LINE :
TRADING
TURNOVER :
CNY 43,905,000 (AS OF DEC. 31,
2010)
EQUITIES :
CNY 610,000 (AS OF DEC. 31, 2010)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : up to usd 3,000
MARKET CONDITION : average
FINANCIAL CONDITION : fairly
stable
OPERATIONAL TREND : fairly STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.3743= 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 liabilities
company at local Administration for Industry & Commerce (AIC - The official
body of issuing and renewing business license) on Oct. 18, 2006 and has been
under present ownership since 2009.
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 importing & exporting commodities and technologies (excluding
terms limited & forbidden by State); selling plastics, synthetic fiber,
textile raw materials, metal materials, toy, clothes, electronic products.
SC is mainly
engaged in selling waste fiber materials.
Mr. Wen Zhi has been legal representative, chairman and
general manager of SC since 2006.
SC is known to
have approx. 6 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office in Tianchang. Our checks reveal that SC rents the total
premise about 80 square meters.
SC is not known to host web site of its own at present.
Email: feixianmei@hotmail.com
Changes
of its registered information are as follows:
|
Date of change |
Item |
Before the change |
After the change |
|
Unknown |
Registered no. |
3411812303440 |
The present one |
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Shareholders |
Wen Zhi 100% |
The present ones |
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Registered legal
form |
One-person Limited Liabilities Company |
The present one |
MAIN SHAREHOLDERS:
Name
% of Shareholding
Wen Zhi
ID# 342321196205230017 80
Zhang Min ID# 342321620222004 20
l
Legal Representative, Chairman and General Manager:
Mr. Wen Zhi , ID# 342321196205230017, 49 years old, with university
education. He is currently responsible for the overall management of SC.
Working Experience(s):
From 2006 to present Working
in SC as legal representative, chairman and general manager.
SC is mainly
engaged in selling waste fiber materials.
SC’s products mainly
include: circulated fiber materials.
SC sources its materials 10% from domestic
market, and 90% from overseas market, mainly European and American countries.
SC sells 90% of its products in domestic market, mainly Jiangsu, and 10% 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.
*Major Customer:
==============
Jiangyin Gaoxiang Chemical Fiber Co., Ltd.
Note: SC’s
management declined to release its major suppliers.
SC
is not known to have any 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.
SC refused to
release its bank information.
Financial Summary
Unit: CNY’000
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As of Dec. 31,
2009 |
As of Dec. 31,
2010 |
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Total
liabilities |
1,823 |
4,672 |
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Equities |
274 |
610 |
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Total Assets |
2,097 |
5,282 |
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============= |
============ |
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Turnover |
39,979 |
43,905 |
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Profit before
tax |
952 |
449 |
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Less: profit tax |
0 |
123 |
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Profits |
952 |
326 |
Note: The detailed financials of SC were not
found in local AIC.
Important Ratios
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As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
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*Liabilities
to assets |
0.87 |
0.88 |
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*Net profit
margin (%) |
2.38 |
0.74 |
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*Return on
total assets (%) |
45.40 |
6.17 |
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*Turnover/Total
assets |
19.06 |
8.31 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears average in both years,
and it increased in 2010.
l
SC’s net profit margin appears average in both
years.
l
SC’s return on total assets is good in 2009 but
fairly good in 2010.
l
SC’s turnover is in a fairly good level in both
years, comparing with the size of its total assets.
LEVERAGE: FAIR
l
The debt ratio of SC is high in both years.
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.
A credit line up to USD 3,000 would appear to be within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.02 |
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|
1 |
Rs.77.13 |
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Euro |
1 |
Rs.67.55 |
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 |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
NB |
New Business |
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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.