MIRA
INFORM REPORT
|
Report Date : |
03.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
|
|
|
|
|
Registered Office : |
Room 706, Zhongxin building, Shijiazhuang Hebei Province
050000 PR |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
23.01.2008 |
|
|
|
|
Com. Reg. No.: |
131125100000930 |
|
|
|
|
Legal Form : |
Limited Liabilities Company |
|
|
|
|
Line of Business : |
Selling Hardware, Metal Mesh, Household Appliances, Daily Necessities,
Office Supplies, Building Materials, Plastic Products, Steels, Machinery and Equipment,
Operating and Acting as an Agent of Importing and Exporting Various Kinds of
Commodities and Technology. |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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 – March 31st, 2010
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
|
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name and address
ROOM 706,
TEL: 86 (0) 311-87751667/66792238
FAX: 86 (0) 311-66792239
EXECUTIVE SUMMARY
Date of Registration : january 23, 2008
REGISTRATION NO. : 130100000138828
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL :
cny 3,000,000
staff : 8
BUSINESS CATEGORY :
trading
Revenue : CNY 630,000 (AS OF
DEC. 31, 2010)
EQUITIES : CNY 2,786,000 (AS OF DEC. 31, 2010)
WEBSITE : www.yirong-wiremesh.com
E-MAIL :
sales@yirong-wiremesh.com
PAYMENT : AVERAGE
Recommended Credit Limit: UP TO USD
4,000
MARKET CONDITION : fair
FINANCIAL CONDITION :
FAIR
OPERATIONAL TREND :
FAIR
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 –
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
***Note: The provide
address (Room 601, Unit 4, Building 1, East Of Taihua Park, Chaoyang Road,
Shijiazhuang, Hebei) is SC’s registered address, while SC is currently
operating in the heading premise.
SC’s contact ways
should be the heading one, instead of the given numbers (008688696189/88696185)
SC was
established as a limited liabilities company of PRC with State Administration
of Industry & Commerce (SAIC) under registration No.: 130100000138828 on January 23,
2008.
SC’s Organization Code Certificate
No.: 67034539-0
SC’s registered capital: cny 3,000,000
SC’s paid-in capital: cny 3,000,000
No significant changes of SC have
been noted in SAIC since its incorporation.
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Li Qiang |
60 |
|
Li Guang |
40 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative,
Chairman, and General Manager |
Li Qiang |
|
Supervisor |
Li
Guang |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Li Qiang 60
Li Guang 40
MANAGEMENT
Li Qiang, Legal Representative, Chairman and General Manager
--------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Qualification:
University
Ø
Working
experience (s):
At
present, working in SC as legal representative, chairman and general manager
Also
working in Anping Qiangsheng Wire Mesh Co., Ltd. as legal representative
Li
Guang, Supervisor
----------------------------------
Ø
Gender: M
Ø
Qualification:
University
Wang Yinghua, Sales
Manager
----------------------------------------------------
Ø
Gender: F
Ø
BUSINESS OPERATION
SC’s registered business scope includes selling hardware,
metal mesh, household appliances, daily necessities, office supplies, building
materials, plastic products, steels, machinery and equipment, operating and acting
as an agent of importing and exporting various kinds of commodities and
technology.
SC is
mainly engaged in selling metal mesh.
Brand: 
SC’s products mainly include:
Fence Mesh
Wire Mesh
Metal Wire
SC sources its materials 100% from domestic
market, mainly
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:
===========
Anping Qiangsheng
Wire Mesh Co., Ltd.
Staff & Office:
--------------------------
SC is
known to have approx. 8 staff at present.
SC rents an area
as its operating office of approx. 100 sq. meters at the heading address.
RELATED COMPANY
u Anping Qiangsheng
Wire Mesh Co., Ltd.
Registration
No.: 131125100000930
Date
of Registration: November 23, 1992
Legal
Form: Collective-owned enterprise
Registered
Capital: CNY 40,000
Legal
Representative: Li Qiang
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
AC#：0402307109300006239
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
1,470 |
1,450 |
|
|
Accounts
receivable |
15 |
0 |
|
Advances to
suppliers |
850 |
850 |
|
Other receivable |
530 |
560 |
|
Inventory |
60 |
0 |
|
Non-current
assets within one year |
0 |
0 |
|
Other current
assets |
5 |
10 |
|
|
------------------ |
------------------ |
|
Current assets |
2,930 |
2,870 |
|
Fixed assets |
7 |
5 |
|
Construction in
progress |
0 |
0 |
|
Long-term
prepaid expenses |
0 |
0 |
|
Deferred income
tax assets |
0 |
0 |
|
Other
non-current assets |
3 |
5 |
|
|
------------------ |
------------------ |
|
Total assets |
2,940 |
2,880 |
|
|
============= |
============= |
|
Short-term loans |
0 |
0 |
|
Notes payable |
0 |
0 |
|
Accounts payable |
20 |
-37 |
|
Wages payable |
0 |
0 |
|
Advances from
clients |
137 |
115 |
|
Other payable |
6 |
6 |
|
Other current
liabilities |
-13 |
10 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
150 |
94 |
|
Non-current
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
150 |
94 |
|
Equities |
2,790 |
2,786 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
2,940 |
2,880 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2010 |
|
Revenue |
630 |
|
Cost of sales |
506 |
|
Sales expense |
46 |
|
Management expense |
84 |
|
Finance expense |
-1 |
|
Profit before
tax |
-4 |
|
Less: profit tax |
1 |
|
-5 |
Important Ratios
=============
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
*Current ratio |
19.53 |
30.53 |
|
*Quick ratio |
19.13 |
30.53 |
|
*Liabilities
to assets |
0.05 |
0.03 |
|
*Net profit
margin (%) |
-- |
-0.79 |
|
*Return on
total assets (%) |
-- |
-0.17 |
|
*Inventory /
Revenue ×365 |
-- |
-- |
|
*Accounts
receivable/ Revenue ×365 |
-- |
-- |
|
*
Revenue/Total assets |
-- |
0.22 |
|
* Cost of
sales / Revenue |
-- |
0.80 |
FINANCIAL COMMENTS
PROFITABILITY:
FAIR
l
The revenue of SC appears
poor in its line in 2010.
l
SC’s net profit margin is fair in 2010.
l
SC’s return on total assets is fair in 2010.
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 normal level in
both years.
l
SC has no inventory in 2010.
l
SC has no accounts receivable in 2010.
l
SC has no short-term loan in both years.
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 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 up to USD 4,000 would appear to be within SC’s
capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.89 |
|
|
1 |
Rs.74.31 |
|
Euro |
1 |
Rs.65.40 |
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.