MIRA INFORM REPORT
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Report Date : |
02.04.2012 |
IDENTIFICATION DETAILS
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Name : |
ZHONGSHAN MEIYI APPLIANCE CO., LTD. |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
14.05.2009 |
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Com. Reg. No.: |
442000000230993 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
manufacturing and selling household electrical
appliances and spare parts |
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No. of Employees
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20 |
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 3,000 |
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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 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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 & address
zhongshan meiyi appliance co., ltd.
no. 80 guangfu road,
dongsheng, zhongshan
guangdong province
528414 PR CHINA
TEL: 86 (0)
760-23633366
FAX: 86 (0)
760-23633367
EXECUTIVE SUMMARY
Date of Registration : may 14, 2009
REGISTRATION NO. : 442000000230993
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL :
cny 200,000
staff : 20
BUSINESS CATEGORY :
manufacturing
Revenue :
CNY 2,753,000 (AS OF DEC. 31,
2010)
EQUITIES :
CNY 342,000 (AS OF DEC. 31, 2010)
WEBSITE : www.goodkitchen.com.cn
E-MAIL :
kathy_1212@163.com
PAYMENT : AVERAGE
Recommended Credit Limit: UP TO USD
3,000
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 limited liabilities company of PRC with State Administration
of Industry & Commerce (SAIC) under registration No.: 442000000230993 on May 14,
2009.
SC’s Organization Code Certificate No.:
68864516-4
SC’s registered capital: cny 200,000
SC’s paid-in capital: cny 200,000
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 |
|
Yu Bin |
99 |
|
Tang Qingxiang |
1 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative,
Chairman, and General Manager |
Yu Bin |
|
Supervisor |
Tang Qingxiang |
RECENT
DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER
CHART & BACKGROUND
Name %
of Shareholding
Yu Bin 99
Tang Qingxiang 1
MANAGEMENT
Yu Bin, Legal Representative, Chairman and General Manager
-------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 37
Ø
ID# 420111197503257356
Ø
Qualification:
University
Ø
Mobile:
86 013068118826
Ø
Working
experience (s):
From 2009 to present, working in SC as legal representative, chairman and general manager
Tang Qingxiang, Supervisor
------------------------------------------------
Ø
Gender: M
Ø
Age: 62
Ø
ID# 432927195002088127
BUSINESS OPERATION
SC’s registered business scope includes manufacturing, processing
and selling household electrical appliances and spare parts, gas stoves and
accessories, lighting accessories, furniture accessories; screen printing.
SC is
mainly engaged in manufacturing and selling household electrical appliances and spare parts.
Brand: 
SC’s products mainly include:
Tempered glass
Gas stove
Gas valve
Etc.
SC sources its materials 100% from domestic
market, mainly Guangdong. SC sells 55% of its products in domestic market, and 45%
to overseas market, mainly Southeast Asia.
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.
Staff & Office:
--------------------------
SC is
known to have approx. 20
staff at present.
SC rents an area
as its operating office & factory of approx. 1,297 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 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
Basic Bank:
Industrial
and Commercial Bank of China Zhongshan Branch
AC#:
20100000000766432
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
88 |
250 |
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Accounts
receivable |
467 |
0 |
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Advances to
suppliers |
223 |
587 |
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Other receivable |
0 |
0 |
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Inventory |
11 |
124 |
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Non-current
assets within one year |
0 |
0 |
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Other current
assets |
0 |
0 |
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------------------ |
------------------ |
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Current assets |
789 |
961 |
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Fixed assets |
300 |
281 |
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Construction in progress |
0 |
0 |
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Intangible
assets |
2 |
2 |
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Long-term
prepaid expenses |
58 |
46 |
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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 |
1,149 |
1,290 |
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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 |
194 |
815 |
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Wages payable |
43 |
38 |
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Taxes payable |
-4 |
51 |
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Advances from
clients |
39 |
44 |
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Other payable |
629 |
0 |
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Other current
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Current
liabilities |
901 |
948 |
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Non-current
liabilities |
1 |
0 |
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------------------ |
------------------ |
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Total
liabilities |
902 |
948 |
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Equities |
247 |
342 |
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------------------ |
------------------ |
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Total
liabilities & equities |
1,149 |
1,290 |
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============= |
============= |
Income Statement
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Unit: CNY’000 |
As of Dec. 31,
2009 |
As of Dec. 31,
2010 |
|
Revenue |
1,481 |
2,753 |
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Cost of sales |
1,301 |
2,341 |
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Taxes and surcharges |
5 |
8 |
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Sales expense |
43 |
88 |
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Management expense |
73 |
193 |
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Finance expense |
0 |
-1 |
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Profit before
tax |
59 |
124 |
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Less: profit tax |
12 |
25 |
|
47 |
99 |
Important Ratios
=============
|
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As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
*Current ratio |
0.88 |
1.01 |
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*Quick ratio |
0.86 |
0.88 |
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*Liabilities
to assets |
0.79 |
0.73 |
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*Net profit
margin (%) |
3.17 |
3.60 |
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*Return on total
assets (%) |
4.09 |
7.67 |
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*Inventory /
Revenue ×365 |
3 days |
17 days |
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*Accounts
receivable/ Revenue ×365 |
116 days |
-- |
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*
Revenue/Total assets |
1.29 |
2.13 |
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* Cost of
sales / Revenue |
0.88 |
0.85 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
l
The revenue of SC appears fair, it was rising in
2010.
l
SC’s net profit margin is average in both years.
l
SC’s return on total assets is average in 2009 and
fairly good in 2010.
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 normal level.
l
The inventory of SC is maintained in an average
level.
l
SC has no accounts receivable in 2010.
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:
FAIR
l
The debt ratio of SC is average.
l
The risk for SC to go bankrupt is above average.
Overall financial
condition of the SC: Fairly Stable.
CONCLUSIONS
SC is considered small-sized in its line with fairly stable financial
conditions. A credit line up to USD 3,000
would appear to be within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.16 |
|
UK Pound |
1 |
Rs.81.72 |
|
Euro |
1 |
Rs.68.34 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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.