MIRA INFORM REPORT
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Report Date : |
11.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
FOSHAN SKY PLANET IMPORT & EXPORT CO.,
LTD. |
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Registered Office : |
4/F, Foreign |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
14.02.1991 |
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Com. Reg. No.: |
440602000142433 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
International
Trade |
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No. of Employees
: |
40 |
RATING & COMMENTS
|
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 50,000 |
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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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
Company name & address
FOSHAN SKY PLANET IMPORT & EXPORT CO., LTD.
4/F, FOREIGN TRADE
BUILDING, NO.1 FENJIANGXI ROAD, FOSHAN
GUANGDONG PROVINCE
528000 PR CHINA
TEL: 86 (0)
757-83368145
FAX: 86 (0)
757-83365094
EXECUTIVE SUMMARY
Date of Registration : february 14, 1991
REGISTRATION NO. : 440602000142433
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL :
CNY 5,000,000
staff : 40
BUSINESS CATEGORY :
TRADING
Revenue :
CNY 1,762,901,000 (AS OF DEC. 31, 2011)
EQUITIES :
CNY 6,739,000 (AS OF DEC. 31, 2011)
WEBSITE : www.fs-sp.com
E-MAIL :
N/A
PAYMENT : AVERAGE
Recommended Credit Limit: UP TO USD
50,000 (PERIODICAL REVIEW)
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRly stable
OPERATIONAL TREND :
fairly STEADY
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 state-owned enterprise of PRC on February 14, 1991. However, SC changed to
present legal form, and was registered as a limited liabilities company of PRC
with State Administration for Industry & Commerce (SAIC) under registration
No.: 440602000142433 on May 15, 2001.
SC’s Organization Code Certificate
No.: 19352295-5
SC’s registered capital: CNY 5,000,000
SC’s paid-in capital: CNY 5,000,000
Registration
Change Record:
|
Date |
Change of
Contents |
Before the
change |
After the change |
|
|
Company Name |
Foshan Sky Planet Industry Corp. |
Foshan Sky Planet Economic & Trade Co., Ltd. |
|
Legal
Form |
State-owned enterprise |
Limited liabilities company |
|
|
Registered
Capital |
CNY 1,000,000 |
CNY 5,000,000 |
|
|
Registration
No. |
19352295-5 |
4406001004654 |
|
|
Legal
Representative |
Chen Zhong |
Ye Jinhua |
|
|
-- |
Company Name |
Foshan Sky
Planet Economic & Trade Co., Ltd. |
Foshan Sky
Planet Import & Export Co., Ltd |
|
Legal Representative |
Ye Jinhua |
He Liming |
|
|
Legal
Representative |
He Liming |
Weng Weiming |
|
|
Registration No. |
4406001004654 |
440602000142433 |
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|
|
Shareholders (% of Shareholding) |
Guangdong
Oversea Economic and Trade Co. Foshan Company 3% Foshan Foreign Trade
General Corporation 48% 18 shareholders 18 49% |
Weng Weiming 53.50% Xie Minyi 7.50% Lao Minfu 7.50% Lin Ping 7.50% Chen Lun 2.00% Chen Mingqi 2.00% Huang Wenbiao 2.00% Luo Yanling 2.00% Tang Zhiyong 2.00% Other 9 individuals 14.00% |
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Weng Weiming |
53.50 |
|
Xie Minyi |
7.50 |
|
Lao Minfu |
7.50 |
|
Lin Ping |
7.50 |
|
Chen Lun |
2.00 |
|
Chen Mingqi |
2.00 |
|
Huang Wenbiao |
2.00 |
|
Luo Yanling |
2.00 |
|
Tang Zhiyong |
2.00 |
|
Other 9 individuals |
14.00 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative,
Chairman, and General Manager |
Weng Weiming |
|
Director |
Fan Zhiming
|
|
Xie
Minyi |
|
|
Li
Ping |
|
|
Lao
Minfu |
|
|
Supervisor |
Xiao
Zhijiang |
|
Huang
Wenbiao |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Weng Weiming 53.50
Xie Minyi 7.50
Lao Minfu 7.50
Lin Ping 7.50
Chen Lun 2.00
Chen Mingqi 2.00
Huang Wenbiao 2.00
Luo Yanling 2.00
Tang Zhiyong 2.00
Other 9 individuals 14.00
MANAGEMENT
Weng Weiming, Legal Representative, Chairman and General Manager
---------------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 53
Ø
ID# 440601195902100355
Ø
Qualification:
University
Ø
Working
experience (s):
From 1976 to 1979, worked in Nanhai No. 2 Demonstrate Farm
From 1979 to 1981, worked in People’s Bank of China Nanhai County Dali Office
From 1981 to 1992, worked in Foshan Animal By-product Import and Export Company as vice general manager
From 1992 to 1996, worked in Foshan Oversea Economics and Business Company as vice general manager
From 1997 to 2000, worked in Foshan Foreign Trade Company as vice general manager
From 2000 to 2001, worked in SC as general manager
At present, working in SC as legal
representative, chairman, and general manager.
Director
------------
Fan Zhiming
Xie Minyi ID#
440601196605240321
Li Ping
Lao Minfu
Supervisor
--------------
Xiao Zhijiang
Huang Wenbiao ID#
44060119701127211X
BUSINESS OPERATION
SC’s registered
business scope includes importing and exporting various kinds of commodities
and technology, excluding the goods forbidden by the government; processing
with imported materials, processing with imported samples, assembling with
imported parts, and compensation trade in agreement; counter trade & transit trade.
SC is mainly
engaged in international trade.
SC’s products mainly include:
office Partition, supermarket equipment
SC sources its materials 100% from domestic market.
SC sells 90% of its products to overseas market, and 10% of its products in
domestic market.
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.
*Major Customer:
==============
Ming Yip Trading
Inc. (U.S.A.)
Staff & Office:
--------------------------
SC is known to
have approx. 40 staff at present.
SC owns 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 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
Business Department
AC#:
800830239138093001
Industrial &
Commercial Bank of China Fenjiang Sub-branch
AC#: 19200007217
Guangdong
Development Bank Foshan City Sub-branch
AC#: 512010004311
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2011 |
|
36,092 |
|
|
Accounts
receivable |
506,622 |
|
Advances to
suppliers |
0 |
|
Other receivable |
46,882 |
|
Inventory |
0 |
|
Prepaid
expenses |
623 |
|
Other current
assets |
54,930 |
|
|
------------------ |
|
Current assets |
645,149 |
|
Fixed assets |
2,667 |
|
Construction in
progress |
0 |
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Intangible
assets |
0 |
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Long-term
prepaid expenses |
0 |
|
Deferred income
tax assets |
0 |
|
Other non-current
assets |
0 |
|
|
------------------ |
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Total assets |
647,816 |
|
|
============= |
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Short-term loans |
67,432 |
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Notes payable |
0 |
|
Accounts payable |
573,343 |
|
Wages payable |
0 |
|
Taxes payable |
293 |
|
Advances from
clients |
0 |
|
Other payable |
9 |
|
Other current
liabilities |
0 |
|
|
------------------ |
|
Current
liabilities |
641,077 |
|
Non-current
liabilities |
0 |
|
|
------------------ |
|
Total
liabilities |
641,077 |
|
Equities |
6,739 |
|
|
------------------ |
|
Total liabilities
& equities |
647,816 |
|
|
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2011 |
|
Revenue |
1,762,901 |
|
Cost of sales |
1,727,771 |
|
Taxes and surcharges |
76 |
|
Sales expense |
27,318 |
|
Management expense |
3,784 |
|
Finance expense |
2,719 |
|
Subsidy income |
105 |
|
Non-business expenditure |
7 |
|
Profit before
tax |
1,980 |
|
Less: profit tax |
495 |
|
1,485 |
Important Ratios
=============
|
|
As
of Dec. 31, 2011 |
|
*Current ratio |
1.01 |
|
*Quick ratio |
1.01 |
|
*Liabilities
to assets |
0.99 |
|
*Net profit
margin (%) |
0.08 |
|
*Return on
total assets (%) |
0.23 |
|
*Inventory /
Revenue ×365 |
-- |
|
*Accounts receivable/
Revenue ×365 |
105 days |
|
*
Revenue/Total assets |
2.72 |
|
* Cost of
sales / Revenue |
0.98 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
l
The revenue of SC appears
fairly good 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 fairly high, 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 too large.
l
SC’s short-term loans appear fairly large.
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.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly Stable.
CONCLUSIONS
SC is considered medium-sized in its line with
fairly stable financial conditions. Too large amount of accounts receivable
may be a threat to SC’s financial condition. A credit line up to USD 50,000 is
recommended upon a periodical review basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.20 |
|
UK Pound |
1 |
Rs.81.50 |
|
Euro |
1 |
Rs.67.15 |
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.