MIRA INFORM REPORT
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Report Date : |
21.10.2011 |
IDENTIFICATION DETAILS
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Name : |
NANTONG ANT BROTHER SPORTS LEISURE ARTICLES
CO., LTD. |
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Registered Office : |
No. 5 Building, Zhongnan Century City,
Nantong, Jiangsu Province, 226001 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
25.09.2008 |
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Com. Reg. No.: |
320600000214727 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Selling
Sports Products and Fitness Equipments |
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 5,000 |
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Status : |
Small Company |
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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 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
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 & address
NANTONG ANT
BROTHER SPORTS LEISURE ARTICLES CO., LTD.
NO. 5 BUILDING, ZHONGNAN CENTURY CITY,
NANTONG, JIANGSU PROVINCE, 226001 PR CHINA
TEL: 86 (0) 513-85019217/81029306 FAX: 86 (0) 513-85019227
EXECUTIVE SUMMARY
INCORPORATION DATE :
SEP. 25, 2008
REGISTRATION NO. :
320600000214727
REGISTERED LEGAL FORM : LIMITED LIABILITIES COMPANY
STAFF STRENGTH :
8
REGISTERED CAPITAL : CNY 500,000
BUSINESS LINE :
TRADING
TURNOVER :
CNY 14,390,000 (AS OF DEC. 31, 2010)
EQUITIES :
CNY 720,000 (AS OF DEC. 31, 2010)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO
USD 5,000
MARKET CONDITION :
AVERAGE
FINANCIAL CONDITION :
FAIRLY STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 6.38= 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
Note: the accurate name of SC should be the heading one, instead of the given one (Nantong Ant Brother Sports Leisore Articles Co Ltd).
SC was registered as a limited liabilities company at local Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license) on Sep. 25, 2008.
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 selling sport products, fitness equipment,
shoes & hats, clothes and auxiliary material, textile products, hardware
appliances, bedding, bags, plastic products, art ware, packing boxes, outdoor
camping supplies, daily merchandise, communication navigation equipment;
importing and exporting the above products (excluding items limited or
forbidden y State); graphic design, enterprise image planning consulting
service.
SC is
mainly engaged in selling sports products and fitness equipments.
Mr. Yin
Wei is legal representative, chairman and general manager of SC at present.
SC is known to have approx. 8 employees at
present.
SC is currently operating at the above stated address, and this
address houses its operating office in the commercial zone of Nantong. Our
checks reveal that SC rents the total premise about 200 square meters.
SC is not known to host website of its own at present.
No significant events or changes were found during our checks with local
AIC.
MAIN
SHAREHOLDERS:
Name %
of Shareholding
Dai Yan 75
Yin Wei 25
l
Legal representative, chairman and general
manager:
Mr. Yin Wei, ID# 321102197308240517, born in
1973, with university education. He is currently responsible for the overall
management of SC.
Working Experience(s):
At present Working in SC as legal representative, chairman and general manager.
l
Supervisor:
Dai Yan ID# 320602197712240064
SC is
mainly engaged in selling sports products and fitness equipments.
Main Products:
dumbbell, barbell, treadmill, exercise mats, etc.
SC sources its materials 100%
from domestic market. SC sells 5% of its products in domestic market, and 95%
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.
Note: SC refused
to release its major suppliers and customers.
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.
Bank of China Nantong Zhongnan Century City Sub-branch
AC#N/A
Relationship:
Normal.
Balance Sheet
|
Unit: CNY’000 |
as
of Dec. 31, 2009 |
as
of Dec. 31, 2010 |
|
Cash & bank |
490 |
1,280 |
|
Inventory |
50 |
80 |
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Accounts
receivable |
820 |
2,920 |
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Advances to
suppliers |
0 |
0 |
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Other receivables |
0 |
0 |
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Subsidy
receivables |
230 |
1,410 |
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Other current
assets |
0 |
0 |
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|
------------------ |
------------------ |
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Current assets |
1,590 |
5,690 |
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Fixed assets net
value |
0 |
40 |
|
Projects under
construction |
0 |
0 |
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Long term
investment |
0 |
0 |
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Other assets |
0 |
0 |
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------------------ |
------------------ |
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Total assets |
1,590 |
5,730 |
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============= |
============= |
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Short loans |
0 |
0 |
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Accounts payable |
950 |
2,230 |
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Advances from
customers |
0 |
2,780 |
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Accrued payroll |
0 |
0 |
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Taxes payable |
0 |
0 |
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Other payable |
80 |
0 |
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Other current
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Current
liabilities |
1,030 |
5,010 |
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Long term
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total
liabilities |
1,030 |
5,010 |
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Equities |
560 |
720 |
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------------------ |
------------------ |
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Total
liabilities & equities |
1,590 |
5,730 |
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============= |
============= |
Income Statement
|
Unit: CNY’000 |
as of Dec. 31,
2010 |
|
Turnover |
14,390 |
|
Cost of goods sold |
12,800 |
|
Sales expense |
860 |
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Management expense |
430 |
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Finance expense |
120 |
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Profit before
tax |
200 |
|
Less: profit tax |
40 |
|
Profits |
160 |
Important Ratios
=============
|
|
as
of Dec. 31, 2009 |
as
of Dec. 31, 2010 |
|
*Current ratio |
1.54 |
1.14 |
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*Quick ratio |
1.50 |
1.12 |
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*Liabilities
to assets |
0.65 |
0.87 |
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*Net profit
margin (%) |
/ |
1.11 |
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*Return on total
assets (%) |
/ |
2.79 |
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*Inventory
/Turnover ×365 |
/ |
3
days |
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*Accounts
receivable/Turnover ×365 |
/ |
75
days |
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*Turnover/Total
assets |
/ |
2.51 |
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* Cost of
goods sold/Turnover |
/ |
0.89 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears average in its line.
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 average in 2010,
comparing with its turnover.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a normal
level in both 2 years.
l
SC’s quick ratio is maintained in a normal level in
both 2 years.
l
The inventory of SC appears average in both 2
years.
l
The accounts receivable of SC is fairly large in
both 2 years.
l
SC has no short-term loan in both 2 years.
l
SC’s turnover is in an average level in 2010,
comparing with the size of its total assets.
LEVERAGE: FAIR
l
The debt ratio of SC is average in 2009 but high in
2010.
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. The large amount of accounts receivable could be a threat to SC’s financial
conditions. A credit line up to USD 5,000 would appear to be within SC’s
capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.71 |
|
UK Pound |
1 |
Rs.78.09 |
|
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 |
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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 |
|
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 |
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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 |
|
<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.