MIRA
INFORM REPORT
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Report Date : |
27.09.2011 |
IDENTIFICATION DETAILS
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Name : |
WUXI BONO INTERNATIONAL CO., LTD. |
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Registered Office : |
Room 1003, No. 130 Shangceng Building, Quanchang Road Beitang District, Wuxi, Jiangsu Province 214043 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
13.03.2007 |
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Com. Reg. No.: |
320204000029126 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Operating and acting as an agent of importing and exporting various kinds of commodities and technology |
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 10,000 |
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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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
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 and address
WUXI BONO INTERNATIONAL CO., LTD.
ROOM 1003, NO. 130 SHANGCENG BUILDING, QUANCHANG ROAD
BEITANG DISTRICT, WUXI, JIANGSU PROVINCE 214043 PR CHINA
TEL: 86 (0) 510-82698581
FAX: 86 (0) 510-82610322
EXECUTIVE SUMMARY
Date of Registration : march 13, 2007
REGISTRATION NO. : 320204000029126
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL : cny 510,000
staff :
7
BUSINESS CATEGORY : trading
Revenue :
CNY 16,330,000 (AS OF DEC. 31, 2010)
EQUITIES :
CNY 800,000 (AS OF DEC. 31, 2010)
WEBSITE : www.wxbono.com
E-MAIL :
manager@wxbono.com
PAYMENT :
AVERAGE
Recommended Credit Limit: UP TO USD 10,000
MARKET CONDITION : average
FINANCIAL CONDITION : stable
OPERATIONAL TREND : ordinary
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.40 = 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
***Note: The provide address (Room No. 507 Jiade
Building (B) Quingshi Road, Wuxi, Jiangsu China) was SC’s former one, while SC
is operating in the heading premise.
SC was established
as a limited liabilities company of PRC with State Administration of Industry
& Commerce (SAIC) under registration No.: 320204000029126 on March 13, 2007.
SC’s Organization Code Certificate No.:
79864375X
SC’s registered capital: cny 510,000
SC’s paid-in capital was cny 510,000
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 |
|
Jiang Xiuling |
60 |
|
Wang Zhaojun |
40 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman, and
General Manager |
Wang Zhaojun |
|
Supervisor |
Jiang Xiuling |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART & BACKGROUND
Name %
of Shareholding
Jiang Xiuling 60
Wang Zhaojun 40
MANAGEMENT
Wang Zhaojun Legal
Representative, Chairman and General Manager
-------------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 32
Ø
ID# 320981197901222211
Ø
Qualification:
University
Ø
Working
experience (s):
From 2007
to present, working in SC as legal representative, chairman and general manager
Jiang Xiuling ,
Supervisor
---------------------------------------------
Ø
Gender: F
Ø
Age: 32
Ø
ID# 342128197906100782
Ø
Qualification:
University
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 selling machineries and equipments.
SC’s products
mainly include:
Slitting
line
Cut
to length line
Extrusion
press
Roof
and wall forming machine
Expressway
machine
Double
layer roll forming machine
Roll
tile forming machine
SC sources its materials 100% from domestic
market. SC sells 100% of its products to overseas market, mainly India.
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. 7 staff at
present.
SC rents an area
as its operating office of approx. 90 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 Wuxi Branch
AC#N/A
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
1,850 |
1,100 |
|
|
Accounts
receivable |
190 |
1,700 |
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Advances to
suppliers |
2,520 |
1,420 |
|
Other receivable |
10 |
10 |
|
Inventory |
0 |
140 |
|
Non-current
assets within one year |
0 |
0 |
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Other current
assets |
40 |
120 |
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|
------------------ |
------------------ |
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Current assets |
4,610 |
4,490 |
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Fixed assets |
120 |
80 |
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Construction in
progress |
0 |
0 |
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Deferred income
tax assets |
0 |
0 |
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Other
non-current assets |
0 |
0 |
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------------------ |
------------------ |
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Total assets |
4,730 |
4,570 |
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============= |
============= |
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Short-term loans |
0 |
0 |
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Notes payable |
0 |
0 |
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Accounts payable |
2,110 |
1,020 |
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Wages payable |
0 |
0 |
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Advances from
clients |
1,290 |
2,390 |
|
Other payable |
570 |
360 |
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Other current
liabilities |
-50 |
0 |
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------------------ |
------------------ |
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Current
liabilities |
3,920 |
3,770 |
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Non-current
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total
liabilities |
3,920 |
3,770 |
|
Equities |
810 |
800 |
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------------------ |
------------------ |
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Total
liabilities & equities |
4,730 |
4,570 |
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============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2010 |
|
Revenue |
16,330 |
|
Cost of sales |
15,150 |
|
Sales expense |
340 |
|
Management expense |
760 |
|
Finance expense |
40 |
|
Profit before
tax |
36 |
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Less: profit tax |
6 |
|
30 |
Important Ratios
=============
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
*Current ratio |
1.18 |
1.19 |
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*Quick ratio |
1.18 |
1.15 |
|
*Liabilities
to assets |
0.83 |
0.82 |
|
*Net profit
margin (%) |
-- |
0.18 |
|
*Return on
total assets (%) |
-- |
0.66 |
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*Inventory /
Revenue ×365 |
-- |
4 days |
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*Accounts
receivable/ Revenue ×365 |
-- |
38 days |
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* Revenue/Total
assets |
-- |
3.57 |
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* Cost of
sales / Revenue |
-- |
0.93 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
l
The revenue of SC appears average in its line in
2010.
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 fairly high, 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 fairly good level
in both years.
l
The inventory of SC is maintained in an average
level.
l
The accounts receivable of SC is maintained in an
average level.
l
SC has no short-term loans in both years.
l
SC’s revenue is in an average 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: Stable.
CONCLUSIONS
SC is considered small-sized in its line with stable financial
conditions. A credit line up to USD 10,000
would appear to be within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.62 |
|
|
1 |
Rs.76.68 |
|
Euro |
1 |
Rs.66.47 |
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 |
|
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.