MIRA
INFORM REPORT
|
Report Date : |
03.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
YIWU HUIDONG INDUSTRIAL &
TRADE CO., LTD. |
|
|
|
|
Registered Office : |
Floor 3, No. 3, Building 41, Jiangdong 4 District, Jiangdong Street Scene, Yiwu, Jinhua, Zhejiang Province, 322000 Pr |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
19.10.2006 |
|
|
|
|
Com. Reg. No.: |
330782000215831 |
|
|
|
|
Legal Form : |
Limited Liabilities Company |
|
|
|
|
Line of Business : |
Exporting various kinds of stationery and sporting products |
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 1,000 |
|
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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Name and address
YIWU
HUIDONG INDUSTRIAL & TRADE CO., LTD.
FLOOR 3, NO. 3, BUILDING 41, JIANGDONG 4
DISTRICT, JIANGDONG
STREET SCENE, YIWU, JINHUA, ZHEJIANG
PROVINCE, 322000 PR CHINA
TEL: 86 (0) 579-85386225/85217273/85383723 FAX: 86 (0) 579-85389203
EXECUTIVE SUMMARY
INCORPORATION DATE : OCT. 19, 2006
REGISTRATION NO. :
330782000215831
REGISTERED LEGAL
FORM : Limited liabilities co.
STAFF STRENGTH : 4
REGISTERED CAPITAL : CNY 200,000
BUSINESS LINE : TRADING
TURNOVER :
CNY 144,980 (AS OF DEC. 31, 2010)
EQUITIES :
CNY 193,747 (AS OF DEC. 31, 2010)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO USD 1,000
MARKET CONDITION :
FAIR
FINANCIAL CONDITION : FAIRLY STABLE
OPERATIONAL TREND : FAIRLY 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 Ren Min Bi
SC was registered as a limited liabilities co. at local Administration
for Industry & Commerce (AIC-The official body of issuing and renewing
business license) on Oct. 19, 2006.
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 and exporting of goods
and technology; wholesaling of needles textiles, bedclothes, clothes, shoes,
caps, socks, home commodities, hardware, toys, ornaments, handicrafts,
motherhood articles of everyday use, cosmetic (excluding hazardous chemicals),
cars everyday use articles, stationery and sporting products (excluding books,
newspapers and periodicals, audio & video tapes & disks and E-journal), outside camping gears, articles
of daily use, cases & bags and watches.
SC is mainly
engaged in exporting various kinds of stationery and sporting products.
Mr.
Lu Chaofeng has been the legal
representative, chairman and general manager of SC since 2006.
SC is known
to have approx. 4 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office in the commercial area of Yiwu. Our checks reveal that SC
rents the total premise about 90 square meters.
SC is not known to have any websites at present.
Changes of its information
are as follows:
|
Date of change |
Item |
Before the
change |
After the change |
|
2010-6 |
Registration No. |
3307822015685 |
Present one |
MAIN SHAREHOLDERS:
Name
% of shareholdings
Lu Chaofeng ID# 330724198409101811 90
Du Chaguang ID# 330724610113182 10
l
Legal Representative, Chairman and General Manager:
Mr. Lu Chaofeng , ID# 330724198409101811, born in
1984, with bachelor’s degree, he is currently responsible for the overall and
daily management of SC.
Working Experience(s):
From 2006 to present Working in SC as legal representative,
chairman and general manager.
l
Supervisor:
Ms. Du Chaguang , ID# 330724610113182,
born in 1961.
SC is mainly
engaged in exporting various kinds of stationery and sporting products.
SC’s
products mainly include footballs items, badminton items, table tennis items,
tennis ball items, etc.
SC sources its materials 100% from domestic
market. SC sells 40% of its products in domestic market, and 60% to overseas
market, mainly to Southeast Asia.
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’s management declined to release its major clients and suppliers.
SC is not known to have any subsidiaries 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
Yiwu Branch Yuetong Sub-branch
AC#: 850033698008091001
Relationship:
Normal
Balance Sheet
Unit: CNY
|
|
as
of Dec. 31, 2010 |
|
Cash & bank |
79,037 |
|
Notes receivable
|
0 |
|
Inventory |
83,800 |
|
Accounts
receivable |
0 |
|
Advances to
suppliers |
0 |
|
Other accounts
receivable |
5,000 |
|
Prepaid expenses
|
0 |
|
Other current
assets |
0 |
|
|
--------------- |
|
Current assets |
167,837 |
|
Fixed assets net
value |
27,200 |
|
Projects under
construction |
0 |
|
Long term
investment |
0 |
|
Long-term
prepaid expenses |
0 |
|
Deferred assets |
0 |
|
Project
materials |
0 |
|
Intangible and
other assets |
0 |
|
|
----------- |
|
Total assets |
195,037 |
|
|
========= |
|
Short loans |
0 |
|
Notes payable |
0 |
|
Accounts payable |
0 |
|
Advances from
clients |
0 |
|
Accrued payroll |
0 |
|
Welfare payable |
280 |
|
Taxes payable |
982 |
|
Dividend
receivable |
0 |
|
Provision for
expenses |
0 |
|
Other current
liabilities |
0 |
|
Other unpaid
expenses |
28 |
|
Other current
liabilities |
0 |
|
|
---------- |
|
Current
liabilities |
1,290 |
|
Long term
liabilities |
0 |
|
Other
liabilities |
0 |
|
|
---------- |
|
Total
liabilities |
1,290 |
|
Equities |
193,747 |
|
|
---------- |
|
Total
liabilities & equities |
195,037 |
|
|
======== |
Income Statement
Unit: CNY
|
|
as of Dec. 31,
2010 |
|
Turnover |
144,980 |
|
Cost of goods
sold |
105,650 |
|
Taxes and
additional of main operations |
522 |
|
Sales expense |
0 |
|
Management expense |
37,570 |
|
Finance expense |
0 |
|
Non-operating
income |
0 |
|
Non-operating
expense |
145 |
|
Profit before
tax |
1,093 |
|
Less:
profit tax |
2,537 |
|
Profits |
-1,444 |
Important Ratios
=============
|
|
As of Dec. 31,
2010 |
|
*Current ratio |
130.11 |
|
*Quick ratio |
65.14 |
|
*Liabilities
to assets |
0.01 |
|
*Net profit
margin (%) |
-1.00 |
|
*Return on
total assets (%) |
-0.74 |
|
*Inventory
/Turnover ×365 |
211days |
|
*Accounts
receivable/Turnover ×365 |
0days |
|
*Turnover/Total
assets |
0.74 |
|
* Cost of
goods sold/Turnover |
0.73 |
PROFITABILITY:
FAIR
l
The turnover of SC appears fair in 2010.
l
SC’s net profit margin appears fair.
l
SC’s return on total assets appears fair.
l
SC’s cost of goods sold is average in 2010,
comparing with its turnover.
LIQUIDITY: AVERAGE
l
The current ratio of SC is normal in 2010.
l
SC’s quick ratio is normal in 2010.
l
The inventory of SC appears fairly large in 2010.
l
SC has no accounts receivable in 2010.
l
SC has no short-term loan in 2010.
l
SC’s turnover is fair in 2010, 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: Fairly Stable.
SC is considered small-sized in its line with fairly stable financial
conditions. A credit line up to USD 1,000 appears 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.65.41 |
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.