MIRA
INFORM REPORT
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Report Date : |
02.04.2012 |
IDENTIFICATION DETAILS
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Name : |
FUJIAN
YANAN IMPORT & EXPORT CO., LTD. |
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Registered Office : |
Unit 18d, Block A, Fengxiang
Plaza, No. 28 Liuyi Zhong Road, Gulou
District, Fuzhou, Fujian Province 350005
PR |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
30.09.2007 |
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Com. Reg. No.: |
350100100017629 |
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Legal Form : |
One-Person Limited Liability
Company |
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Line of Business : |
Importing and exporting various kinds of commodities and
technology |
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No. of Employees : |
30 |
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 30,000 |
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Status : |
Moderate |
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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 30, 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 and address
FUJIAN YANAN IMPORT & EXPORT
CO., LTD.
unit 18d,
block a, fengxiang plaza, no. 28 liuyi zhong road
gulou district,
fuzhou, fujian province 350005 PR CHINA
TEL: 86
(0) 591-53323618
FAX: 86 (0)
591-83323658
EXECUTIVE SUMMARY
Date of Registration : september 30, 2007
REGISTRATION NO. : 350100100017629
LEGAL FORM :
One-person Limited Liability Company
REGISTERED CAPITAL :
cny 5,000,000
staff : 30
BUSINESS CATEGORY :
trading
Revenue : CNY 36,490,000 (AS OF
DEC. 31, 2011)
EQUITIES : CNY 4,860,000 (AS OF
DEC. 31, 2011)
WEBSITE : N/A
E-MAIL : N/A
PAYMENT : AVERAGE
Recommended Credit Limit: UP TO USD
30,000
MARKET CONDITION : average
FINANCIAL CONDITION : FAIRly stable
OPERATIONAL TREND :
Ordinary
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.31 = 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 one-person limited liability company of PRC with State
Administration of Industry & Commerce (SAIC) under registration No.:
350100100017629 on September 30, 2007.
SC’s Organization Code Certificate
No.: 66686547-3
SC’s registered capital: cny 5,000,000
SC’s paid-in capital: cny 5,000,000
Registration Change Record:
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 |
|
Fujian Fuan Mindong Yanan
Electrical Machine Co., Ltd. |
100 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative,
Chairman, and General Manager |
Lu Youwen |
RECENT
DEVELOPMENT
No recent development was found during our checks at
present.
SHAREHOLDER
CHART & BACKGROUND
Name %
of Shareholding
Fujian Fuan Mindong Yanan
Electrical Machine Co., Ltd.
100
==========================
Date of Registration: November 16, 1995
Registration No.: 350981100010295
Legal Form: Limited
Liabilities Company
Registered Capital: CNY 49,080,000
MANAGEMENT
Lu Youwen,
Legal Representative, Chairman and General Manager
---------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 49
Ø
Qualification: University
Ø
Working experience (s):
At present, working in SC as legal representative,
chairman and general manager, also working in Fujian Fuan Mindong Yanan
Electrical Machine Co., Ltd. as general manager
BUSINESS
OPERATION
SC’s registered business scope
includes operating and acting as an agent of importing and exporting
various kinds of commodities and technology, excluding the goods forbidden by
the government.
SC is
mainly engaged in international trade.
SC’s
products mainly include: diesel generator sets, generators, water pumps,
motors, etc.
SC sources its materials 100%
from domestic market, mainly Fujian. SC sells 100% of its products to overseas
market, mainly USA, Europe, Southeast Asia, etc.
The
buying terms of SC include Check, 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:
=============
Fujian Fuan Mindong Yanan
Electrical Machine Co., Ltd.
Staff & Office:
--------------------------
SC is
known to have approx. 30
staff at present.
SC rents
an area as its operating office, but the detailed information is unknown.
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 records 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
Balance Sheet
|
Unit:
CNY’000 |
As of Dec. 31, 2011 |
|
3,160 |
|
|
Accounts
receivable |
20,000 |
|
Advances
to suppliers |
0 |
|
Other
receivable |
910 |
|
Inventory |
0 |
|
Other
current assets |
6,130 |
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|
------------------ |
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Current
assets |
30,200 |
|
Fixed
assets |
10 |
|
Construction
in progress |
0 |
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Long-term
prepaid expenses |
0 |
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Deferred
income tax assets |
0 |
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Other
non-current assets |
310 |
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|
------------------ |
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Total
assets |
30,520 |
|
|
============= |
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Short-term
loans |
0 |
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Notes
payable |
0 |
|
Accounts
payable |
25,000 |
|
Wages
payable |
0 |
|
Taxes
payable |
0 |
|
Advances
from clients |
0 |
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Other
payable |
230 |
|
Other
current liabilities |
420 |
|
|
------------------ |
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Current
liabilities |
25,650 |
|
Non-current
liabilities |
10 |
|
|
------------------ |
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Total
liabilities |
25,660 |
|
Equities |
4,860 |
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|
------------------ |
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Total
liabilities & equities |
30,520 |
|
|
============= |
Income Statement
|
Unit:
CNY’000 |
As
of Dec. 31, 2011 |
|
Revenue |
36,490 |
|
Cost of sales |
32,320 |
|
Sales expense |
2,210 |
|
Management expense |
150 |
|
Finance expense |
260 |
|
Profit
before tax |
450 |
|
Less:
profit tax |
120 |
|
330 |
Important
Ratios
=============
|
|
As of Dec. 31, 2011 |
|
*Current
ratio |
1.18 |
|
*Quick
ratio |
1.18 |
|
*Liabilities
to assets |
0.84 |
|
*Net
profit margin (%) |
0.90 |
|
*Return
on total assets (%) |
1.08 |
|
*Inventory
/ Revenue ×365 |
-- |
|
*Accounts
receivable/ Revenue ×365 |
201
days |
|
*
Revenue/Total assets |
1.20 |
|
* Cost
of sales / Revenue |
0.89 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
l
The revenue of SC appears average in
its line.
l
SC’s net profit margin is average.
l
SC’s return on total assets is average.
l
SC’s cost of sales is average, comparing
with its revenue.
LIQUIDITY:
AVERAGE
l
The current ratio of SC is maintained
in a normal level.
l
SC’s quick ratio is maintained in a
fairly good level.
l
SC has no inventory in 2011.
l
The accounts receivable of SC appears
large.
l
SC has no short-term loans in 2011.
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: Fairly Stable.
CONCLUSIONS
SC is considered small-sized in its line with fairly stable
financial conditions. The large amount of accounts receivable may be a threat
to SC’s financial condition. A credit line up to USD 30,000 is recommended upon
a periodical review basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.15 |
|
|
1 |
Rs.81.79 |
|
Euro |
1 |
Rs.68.34 |
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.