MIRA
INFORM REPORT
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Report Date : |
21.10.2011 |
IDENTIFICATION DETAILS
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Name : |
ANHUI PROVINCE YIFAN SPICE CO., LTD. |
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Registered Office : |
Section B, Taihe Industrial District, Taihe County Anhui
Province 236600 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
06.07.2000 |
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Com. Reg. No.: |
341222000011498 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Processing and selling peppermint oil, vegetable oil, menthol, flavors and fragrances, spearmint, chemical, pharmaceutical intermediates. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
|
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 100,000 |
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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
ANHUI PROVINCE YIFAN SPICE CO., LTD.
SECTION B, TAIHE INDUSTRIAL DISTRICT, TAIHE COUNTY
ANHUI PROVINCE 236600 PR CHINA
TEL: 86 (0) 558-8216696/8216719/8216722
FAX: 86 (0) 558-8216686
EXECUTIVE SUMMARY
Date of Registration : july 6, 2000
REGISTRATION NO. : 341222000011498
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL : cny 36,000,000
staff :
98
BUSINESS CATEGORY : processing
Revenue :
CNY 68,820,000 (AS OF DEC. 31, 2010)
EQUITIES :
CNY 36,030,000 (AS OF DEC. 31, 2010)
WEBSITE : www.ifanchem.com
E-MAIL :
manage@ifanchem.com
PAYMENT :
AVERAGE
Recommended Credit Limit: UP TO USD 100,000
(PERIODICAL REVIEW)
MARKET CONDITION : average
FINANCIAL CONDITION : FAIRly stable
OPERATIONAL TREND : fairly STEADY
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.: 341222000011498 on July 6, 2000.
SC’s registered capital: cny 36,000,000
SC’s paid-in capital: cny 36,000,000
Registration Change Record:
|
Date |
Change of Contents |
Before the change |
After the change |
|
2003-11 |
Registered Capital |
CNY 500,000 |
CNY 2,600,000 |
|
|
Shareholder (s) (% of Shareholding) |
Ma Shouying 92.30% Mao Kuixing 3.85% Zhu Zumin 3.85% |
Ma Shouying 3.85% Zhu Fei 96.15% |
|
-- |
Shareholder (s) (% of Shareholding) |
Ma Shouying 3.85% Zhu Fei 96.15% |
Ma Shouying 75% Zhu Fei 25% |
|
Registration No. |
3421232000229 |
341222000011498 |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Ma Shouying |
75 |
|
Zhu Fei |
25 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman, and
General Manager |
Ma Shouying |
|
Supervisor |
Zhu Fei |
RECENT DEVELOPMENT
SC has got the certificate ISO 9001.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Ma Shouying 75
Zhu Fei 25
MANAGEMENT
Ma Shouying ,
Legal Representative, Chairman and General Manager
------------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 47
Ø
ID# 342123196405150574
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as legal representative, chairman
and general manager
Zhu Fei ,
Supervisor
----------------------------------
Ø
Gender: M
Ø
Qualification:
University
BUSINESS OPERATION
SC’s registered business scope includes processing
peppermint oil, vegetable oil, menthol, flavors and fragrances, spearmint,
chemical, pharmaceutical intermediates; selling Chinese herbal medicine,
agricultural and sideline products, knitting, department stores, clothing,
household appliances; 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 processing and selling peppermint oil, vegetable oil, menthol,
flavors and fragrances, spearmint, chemical, pharmaceutical intermediates.
SC’s products
mainly include:
Menthol
Crystal
Peppermint
Oil
Lamivudine
(3TC)
CME
HME
L-MGH
Lamivudine
Salicylate
SC sources its materials 30% from domestic
market, and 70% from overseas market. SC sells 85% of its products in domestic
market, and 15% to overseas market, mainly South America, Southeast Asia,
Africa, Hong Kong, Macao, Taiwan, etc.
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.
Staff & Office:
--------------------------
SC is known
to have approx. 98 staff at
present.
SC owns an area as
its operating office & factory of approx. 50,000 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 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 Taihe County Sub-branch
AC#:
491431032318091001
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
5,730 |
1,880 |
|
|
Accounts
receivable |
2,910 |
3,360 |
|
Advances to
suppliers |
0 |
0 |
|
Other receivable |
3,900 |
0 |
|
Inventory |
20,360 |
48,910 |
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Non-current
assets within one year |
0 |
0 |
|
Other current
assets |
2,490 |
180 |
|
|
------------------ |
------------------ |
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Current assets |
35,390 |
54,330 |
|
Fixed assets |
11,550 |
18,380 |
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Intangible
assets |
0 |
0 |
|
Long-term
prepaid expenses |
0 |
0 |
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Deferred income
tax assets |
0 |
0 |
|
Other
non-current assets |
10,640 |
4,690 |
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------------------ |
------------------ |
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Total assets |
57,580 |
77,400 |
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============= |
============= |
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Short-term loans |
19,150 |
21,090 |
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Notes payable |
0 |
0 |
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Accounts payable |
1,780 |
9,970 |
|
Wages payable |
0 |
0 |
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Advances from
clients |
0 |
0 |
|
Other payable |
5,910 |
10,390 |
|
Other current
liabilities |
-810 |
-80 |
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|
------------------ |
------------------ |
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Current
liabilities |
26,030 |
41,370 |
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Non-current
liabilities |
0 |
0 |
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|
------------------ |
------------------ |
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Total
liabilities |
26,030 |
41,370 |
|
Equities |
31,550 |
36,030 |
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|
------------------ |
------------------ |
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Total
liabilities & equities |
57,580 |
77,400 |
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|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2010 |
|
Revenue |
68,820 |
|
Cost of sales |
59,810 |
|
Sales expense |
1,300 |
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Management expense |
2,600 |
|
Finance expense |
1,300 |
|
Profit before
tax |
4,350 |
|
Less: profit tax |
10 |
|
4,340 |
Important Ratios
=============
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
*Current ratio |
1.36 |
1.31 |
|
*Quick ratio |
0.58 |
0.13 |
|
*Liabilities
to assets |
0.45 |
0.53 |
|
*Net profit
margin (%) |
-- |
6.31 |
|
*Return on
total assets (%) |
-- |
5.61 |
|
*Inventory /
Revenue ×365 |
-- |
260 days |
|
*Accounts
receivable/ Revenue ×365 |
-- |
18 days |
|
*
Revenue/Total assets |
-- |
0.89 |
|
* Cost of
sales / Revenue |
-- |
0.87 |
FINANCIAL COMMENTS
PROFITABILITY:
FAIRLY GOOD
l
The revenue of SC appears average in its line.
l
SC’s net profit margin is fairly good.
l
SC’s return on total assets is fairly good.
l
SC’s cost of goods sold is average, comparing with
its revenue.
LIQUIDITY: FAIR
l
The current ratio of SC is maintained in a normal
level.
l
SC’s quick ratio is maintained in a poor level.
l
The inventory of SC appears large.
l
The accounts receivable of SC is maintained in an
average level.
l
The short-term loan of SC appears fairly large.
l
SC’s revenue is in a fair level, comparing with the
size of its total assets.
LEVERAGE: AVERAGE
l
The debt ratio of SC is average.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly stable.
CONCLUSIONS
SC is considered medium-sized in its line with fairly stable financial
conditions. The large amount of inventory may be a threat to SC’s financial
condition. A credit line up to USD 100,000 is recommended upon a periodical
review basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.71 |
|
|
1 |
Rs.78.08 |
|
Euro |
1 |
Rs.68.05 |
RATING EXPLANATIONS
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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.