MIRA INFORM REPORT

 

 

Report Date :           

19.09.2011

 

IDENTIFICATION DETAILS

 

Name :

JIANGMEN VICTORY LTD.

 

 

Registered Office :

3/F, No. 1-5 Meijing Road, Pengjiang District, Jiangmen, Guangdong Province 529050 Pr

 

 

Country :

China

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

16.05.2008

 

 

Com. Reg. No.:

440700000018229

 

 

Legal Form :

Limited Liabilities Company

 

 

Line of Business :

International Trade

 

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 5,000

Status :

Small Company 

Payment Behaviour :

Usually Correct

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 – 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

 

Company name & address 

 

jiangmen victory ltd.

3/f, no. 1-5 meijing road, pengjiang district, jiangmen

guangdong province 529050 PR CHINA

TEL: 86 (0) 750-3363028

FAX: 86 (0) 750-3362134

 

 

EXECUTIVE SUMMARY

 

Date of Registration          : may 16, 2008

REGISTRATION NO.                  : 440700000018229

LEGAL FORM                           : Limited liabilities company

CHIEF EXECUTIVE                                            : huang yanping (LEGAL REPRESENTATIVE)

REGISTERED CAPITAL             : cny 2,000,000

staff                                      : 10

BUSINESS CATEGORY             : trading

Revenue                                : CNY 122,210,000 (AS OF DEC. 31, 2010)

EQUITIES                                 : CNY 1,393,000 (AS OF DEC. 31, 2010)

WEBSITE                                 : www.jmvl.com

E-MAIL                                     : sales@jmvl.com

PAYMENT                                : AVERAGE

Recommended Credit Limit: UP TO USD 5,000

MARKET CONDITION                : fair

FINANCIAL CONDITION             : FAIR

OPERATIONAL TREND  : STAGNANT

GENERAL REPUTATION           : AVERAGE

EXCHANGE RATE                     : CNY 6.39 = 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.: 440700000018229 on May 16, 2008.

 

SC’s registered capital: cny 2,000,000

 

SC’s paid-in capital: cny 2,000,000

 

Registration Change Record:

Date

Change of Contents

Before the change

After the change

2008-7-14

Company Name

Jiangmen Weisheng Import & Export Trade Co., Ltd.

 

Jiangmen Victory Ltd.

 

Shareholder (s) (% of Shareholding)

Jiangmen Victory Industry Ltd.

40%

Zhong Minbo

30%

Huang Yanping

30%

Zhong Minbo 60%

Huang Yanping 40%

2010-3-25

Legal Representative

Zhong Minbo

Huang Yanping

 

Current Co search indicates SC’s shareholders & chief executives are as follows:-

 

Name of Shareholder (s)

% of Shareholding

Zhong Minbo

钟敏波

60

Huang Yanping

黄艳萍

40

 

SC’s Chief Executives:-

 

Position

Name

Legal Representative and Chairman

Huang Yanping

General Manager

Zhong Minbo

 

 

RECENT DEVELOPMENT

 

No recent development was found during our checks at present.

 

 

SHAREHOLDER CHART & BACKGROUND

 

Name                                                                                                  % of Shareholding

Zhong Minbo                                                                                                      60

Huang Yanping                                                                                                  40

 

 

MANAGEMENT

 

Huang Yanping, Legal Representative and Chairman

--------------------------------------------------------------------------------

Ø         Gender: F

Ø         Age: 54

Ø         ID# 440701195709160386

Ø         Working experience (s):

 

From 2010 present, working in SC as legal representative and chairman

 

 

Zhong Minbo, General Manager

------------------------------------------------------

Ø         Gender: M

Ø         Age: 45

Ø         ID# 440701196611010659

Ø         Qualification: University

Ø         Working experience (s):

 

At present, working in SC as general manager

Also working in Jiangmen Victory Industry Ltd. as legal representative

 

 

BUSINESS OPERATION

 

SC’s registered business scope includes operating and acting as an agent of importing and exporting various kinds of commodities and technology

 

SC is mainly engaged in international trade

 

Brand:

 

SC’s products mainly include: dust bin, bathroom accessories, canister, toilet brush, towel rack, bread box, tissue holder, table bin, ashtray bin, laundry basket, medicine cabinets, mirror, dispenser, waste bin etc.

    

SC sources its materials 100% from domestic market, mainly Guangdong. SC sells 100% of its products to overseas market, mainly America, Eastern Europe, Southeast Asia, Africa, Oceania, Mid East, Eastern Asia, and Europe.

 

The buying terms of SC include T/T and Credit of 30-60 days. The payment terms of SC include L/C and Credit of 30-60 days.

 

Staff & Office:

--------------------------

SC is known to have approx. 10 staff at present.

 

SC rents an area as its operating office of approx. 110 sq. meters at the heading address.

 

 

RELATED COMPANY

 

l         Jiangmen Victory Industry Ltd.

--------------------------------------------

Date of Registration: February 28, 2002

Registration No.: 4407012002730

Legal Form: Limited Liabilities Company

Chief Executive: Zhong Minbo

Registered Capital: CNY 5,000,000

 

 

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

 

The bank information of SC is not filed in SAIC.

 

 

FINANCIALS

 

Financial Summary

Unit: CNY’000

As of Dec. 31, 2009

As of Dec. 31, 2010

Long term investment

0

0

Total assets

17,001

22,829

 

-------------

-------------

Long term liabilities

0

0

Total liabilities

15,313

21,436

Equities

1,688

1,393

 

-------------

-------------

Revenue

94,548

122,210

Profit before tax

-95

-279

Less: profit tax

92

16

Profits

-187

-295

 

Note: The detailed financials for Y2009 and Y2010 of SC are not filed in SAIC.

 

 

Important Ratios

=============

 

As of Dec. 31, 2009

As of Dec. 31, 2010

*Liabilities to assets

0.90

0.94

*Net profit margin (%)

-0.20

-0.24

*Return on total assets (%)

-1.10

-1.29

* Revenue/Total assets

5.56

5.35

 

 

FINANCIAL COMMENTS

 

PROFITABILITY: FAIR

l         The revenue of SC appears average, and it increased significantly in 2010.

l         SC’s net profit margin is fair in both years.

l         SC’s return on total assets is fair in both years.

 

LIQUIDITY: AVERAGE

l         SC’s revenue is in an average level, 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: Fair.

 

 

CONCLUSIONS

 

SC is considered small-sized in its line with fair 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.47.47

UK Pound

1

Rs.74.96

Euro

1

Rs.65.79

 

 

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%)

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.