MIRA INFORM REPORT
Preliminary Report
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Report Date : |
10.04.2012 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
2/F No. 1 Building, No. 135 Wei Er Road, Jiaojiang District, Aizhou,
Zhejiang Province, 318000 PR |
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Country : |
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Financials (as on) : |
31.12.2008 |
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Date of Incorporation : |
18.10.2006 |
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Com. Reg. No.: |
331000000021976 |
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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 : |
12 |
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 : |
Moderate |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name & address
2/F NO. 1 BUILDING, NO.
135 1 2
TEL: 86
(0) 576-89891015 FAX: 86 (0)
576-89891017
EXECUTIVE SUMMARY
INCORPORATION DATE : OCT. 18, 2006
REGISTRATION NO. : 331000000021976
REGISTERED LEGAL FORM : LIMITED LIABILITIES
COMPANY
STAFF STRENGTH :
12
REGISTERED CAPITAL : CNY 1,500,000
BUSINESS LINE :
INTERNATIONAL TRADE
TURNOVER :
cny 9,020,000 (AS OF DEC. 31, 2008)
EQUITIES :
cny 1,650,000 (AS OF DEC. 31, 2008)
PAYMENT :
AVERAGE
RECOMM.
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : FAIRLY STABLE
OPERATIONAL TREND : steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.83= USD1
Adopted abbreviations
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY -
%2010-Apr-2012_files/image013.gif){kind=small}
SC was registered as a limited liabilities company at local
Administration for Industry & Commerce (AIC - The official body of issuing
and renewing business license) on Oct. 18, 2006.
Company Status: Limited liabilities co. This form of business in PR
China is defined as a legal person. No more than fifty shareholders
contribute its registered capital jointly. Shareholders bear limited
liability to the extent of shareholding, and the co. is liable for its
debts only to extent of its total assets. The characteristics of this form
of co. are as follows: Upon
the establishment of the co., an investment certificate is issued to the
each of shareholders. The board of directors is
comprised of three to thirteen members. The minimum registered capital
for a co. is CNY 30,000. Shareholders may take their
capital contributions in cash or by means of tangible assets or intangible
assets such as industrial property and non-patented technology. Cash contributed by all
shareholders must account for at least 30% of the registered capital. Existing shareholders have
pre-exemption right to purchase shares of the co. offered for sale by the
other shareholders and to subscribe for the newly increased registered
capital of the co
SC’s registered business scope includes importing and exporting various
goods and technology.
SC is mainly
engaged in international trade.
Ms. Fu Gengying
has been chairman of SC since 2006.
SC is known
to have approx. 12 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office and warehouse in the commercial zone of Taizhou. Our checks
reveal that SC rents the total premise about 960 square meters.
%2010-Apr-2012_files/image014.gif){kind=small}
SC is not known to host website of its own at present.
%2010-Apr-2012_files/image015.gif){kind=small}
*To what extent is
your company affected by the current Credit Crisis?
SC’s staff release that the crisis has little influence on SC.
%2010-Apr-2012_files/image016.gif){kind=small}
MAIN
SHAREHOLDERS:
Name %
of Shareholding
Fu Gengying
66.67
Zhu Jun
33.33
%2010-Apr-2012_files/image017.gif){kind=small}
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Chairman and General Manager:
Ms. Fu Gengying, in her
Working Experience(s):
From 2006 to present Working
in SC as chairman and general manager.
%2010-Apr-2012_files/image018.gif){kind=small}
SC is mainly
engaged in international trade.
SC’s products
mainly include: electric motor car, parts and moulds.
SC sources its
materials 100% from domestic market. SC sells 100% of its products to the
overseas market, mainly
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:
============
Taizhou Jinyu Electromechanical Co., Ltd.
%2010-Apr-2012_files/image019.gif){kind=small}
SC
is not known to have any subsidiary at present.
%2010-Apr-2012_files/image020.gif){kind=small}
Overall payment appraisal:
( ) Excellent ( ) Good (X) Average (
) Fair ( ) Poor
( ) Not yet 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’s suppliers
declined to make any comments.
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.
%2010-Apr-2012_files/image021.gif){kind=small}
Taizhou Commercial Bank
AC#
510826385700028
Relationship:
%2010-Apr-2012_files/image022.gif){kind=small}
Balance Sheet
Unit: CNY’000
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As
of Dec. 31, 2007 |
As
of Dec. 31, 2008 |
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Cash & bank |
650 |
230 |
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Inventory |
730 |
2,160 |
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Accounts receivable |
130 |
-690 |
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Advances to
suppliers |
0 |
0 |
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Other
receivables |
640 |
0 |
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Other current
assets |
0 |
0 |
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--------------- |
------------------ |
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Current assets |
2,150 |
1,700 |
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Fixed assets net
value |
410 |
840 |
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Projects under construction |
0 |
0 |
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Long term
investment |
0 |
0 |
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Other assets |
0 |
0 |
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------------------ |
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Total assets |
2,560 |
2,540 |
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============= |
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Short loans |
0 |
0 |
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Accounts payable |
1,160 |
590 |
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Advances from
clients |
0 |
0 |
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Taxes payable |
-160 |
-380 |
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Salaries payable |
0 |
0 |
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Other payable |
20 |
590 |
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Other current
liabilities |
0 |
90 |
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------------------ |
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Current
liabilities |
1,020 |
890 |
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Long term liabilities |
0 |
0 |
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------------------ |
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Total
liabilities |
1,020 |
890 |
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Equities |
1,540 |
1,650 |
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------------------ |
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Total
liabilities & equities |
2,560 |
2,540 |
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Income Statement
Unit: CNY’000
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As of Dec. 31,
2008 |
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Turnover |
9,020 |
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Cost of goods
sold |
7,810 |
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Sales expense |
300 |
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Management expense |
700 |
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Finance expense |
60 |
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Profit before
tax |
130 |
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Less: profit tax |
0 |
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Profits |
130 |
Important Ratios
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2007 |
2008 |
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*Current ratio |
2.11 |
1.91 |
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*Quick ratio |
1.39 |
-0.52 |
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*Liabilities
to assets |
0.40 |
0.35 |
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*Net profit
margin (%) |
/ |
1.44 |
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*Return on
total assets (%) |
/ |
5.12 |
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*Inventory
/Turnover ×365 |
/ |
87days |
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*Accounts
receivable/Turnover ×365 |
/ |
/ |
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*Turnover/Total
assets |
/ |
3.55 |
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* Cost of
goods sold/Turnover |
/ |
0.87 |
%2010-Apr-2012_files/image023.gif){kind=small}
PROFITABILITY:
AVERAGE
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The turnover of SC appears average in 2008.
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SC’s net profit margin is average in 2008.
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SC’s return on total assets is fairly good in 2008.
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SC’s cost of goods sold is average, comparing with
its turnover.
LIQUIDITY: FAIR
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The current ratio of SC is maintained in a fairly
good level.
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SC’s quick ratio is maintained in a normal level in
2007.
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The inventory of SC is large in 2008.
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SC has no short loans.
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SC’s turnover is in a fairly good level, comparing
with the size of its total assets.
LEVERAGE: AVERAGE
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The debt ratio of SC is low.
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The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly Stable.
%2010-Apr-2012_files/image024.gif){kind=small}
SC is considered small-sized in its line with fairly stable financial conditions.
The large amount of inventory could be a threat to SC’s financial condition. A
credit line up to USD 10,000 appears acceptable upon a periodical review basis.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.51.28 |
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1 |
Rs.81.38 |
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Euro |
1 |
Rs.67.01 |
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 |
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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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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.