MIRA
INFORM REPORT
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Report Date : |
11.04.2012 |
IDENTIFICATION DETAILS
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Name : |
JORSON TRADING CO., LTD. |
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Registered Office : |
Room 102, Building B, Fengsheng Industrial Zone Shibei
Industrial Road, Panyu District, Guangzhou Guangdong Province 511430 Pr |
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Country : |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
27.11.2001 |
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Com. Reg. No.: |
440126000149882 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Engaged in selling machinery and equipment |
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No. of Employees : |
3 |
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 20,000 |
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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 |
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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
JORSON TRADING CO., LTD.
ROOM 102, BUILDING B, FENGSHENG INDUSTRIAL ZONE
SHIBEI INDUSTRIAL ROAD, PANYU DISTRICT, GUANGZHOU
GUANGDONG PROVINCE 511430 PR CHINA
TEL: 86 (0) 20-38888996/38888986
FAX: 86 (0) 20-38886180
EXECUTIVE SUMMARY
Date of Registration : november 27, 2001
REGISTRATION NO. : 440126000149882
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL : cny 1,000,000
staff :
3
BUSINESS CATEGORY : trading
Revenue :
CNY 12,661,000 (AS OF DEC. 31,
2010)
EQUITIES :
CNY 1,895,000 (AS OF DEC. 31, 2010)
WEBSITE : www.jorson.com.cn
E-MAIL :
info@jorson.com.cn
PAYMENT :
AVERAGE
Recommended Credit Limit: UP TO USD 20,000
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.: 440126000149882 on November 27, 2001.
SC’s Organization Code Certificate No.:
73296128-8
SC’s registered capital: cny 1,000,000
SC’s paid-in capital: cny 1,000,000
Registration Change Record:
|
Date |
Change of Contents |
Before the change |
After the change |
|
2010 |
Registered Capital |
CNY 500,000 |
CNY 1,000,000 |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Chen Jiawen |
60 |
|
Chen Weizhen |
40 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman, and
General Manager |
Chen Jiawen |
|
Supervisor |
Chen Weizhen |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Chen Jiawen 60
Chen Weizhen 40
MANAGEMENT
Chen Jiawen ,
Legal Representative, Chairman and General Manager
-----------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 66
Ø
ID# 510222194605190634
Ø
Qualification:
University
Ø
Working
experience (s):
At
present, working in SC as legal representative, chairman and general manager
Chen Weizhen ,
Supervisor
----------------------------------------------
Ø
Gender: F
Ø
Qualification:
University
BUSINESS OPERATION
SC’s registered business scope includes wholesale and retail trade, importing and exporting goods and technology; machinery
and equipment production technology development; commodity information
consultation.
SC is mainly
engaged in selling machinery and equipment.
SC’s products
mainly include:
QM-280
Automatic Bodywelder
Side
Strip Powder Coating Machine for Can Making
QM-500
Automatic Bodywelder
JSC012
881 Series Chain Plate
SC sources its materials 100% from domestic
market, mainly Guangdong. SC sells 20% of its products in domestic market, and
80% to overseas market, mainly South America, Turkey and the United Arab
Emirates.
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 Customer:
=============
Banco Bisa S.A.
(Chile)
Staff & Office:
--------------------------
SC is known
to have approx. 3 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 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, 2009 |
As
of Dec. 31, 2010 |
|
385 |
624 |
|
|
Accounts
receivable |
13 |
161 |
|
Advances to
suppliers |
1,143 |
1,652 |
|
Other receivable |
3 |
4 |
|
Inventory |
701 |
1,723 |
|
Subsidies
receivable |
497 |
702 |
|
Non-current
assets within one year |
0 |
0 |
|
Other current
assets |
89 |
-5 |
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|
------------------ |
------------------ |
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Current assets |
2,831 |
4,861 |
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Fixed assets |
318 |
415 |
|
Construction in
progress |
0 |
0 |
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Intangible
assets |
4 |
13 |
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Long-term
prepaid expenses |
0 |
0 |
|
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 |
3,153 |
5,289 |
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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 |
82 |
28 |
|
Wages payable |
0 |
0 |
|
Taxes payable |
-180 |
-243 |
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Advances from
clients |
2,029 |
3,608 |
|
Other payable |
517 |
-7 |
|
Other current
liabilities |
8 |
8 |
|
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------------------ |
------------------ |
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Current
liabilities |
2,456 |
3,394 |
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Non-current
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total
liabilities |
2,456 |
3,394 |
|
Equities |
697 |
1,895 |
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|
------------------ |
------------------ |
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Total
liabilities & equities |
3,153 |
5,289 |
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|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As
of Dec. 31, 2010 |
|
Revenue |
12,661 |
|
Cost of sales |
9,006 |
|
Taxes and surcharges |
1 |
|
Sales expense |
0 |
|
Management expense |
1,795 |
|
Finance expense |
-3 |
|
Profit before
tax |
864 |
|
Less: profit tax |
166 |
|
698 |
Important Ratios
=============
|
|
As of Dec. 31, 2009 |
As of Dec. 31, 2010 |
|
*Current ratio |
1.15 |
1.43 |
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*Quick ratio |
0.87 |
0.92 |
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*Liabilities
to assets |
0.78 |
0.64 |
|
*Net profit
margin (%) |
-- |
5.51 |
|
*Return on
total assets (%) |
-- |
13.20 |
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*Inventory /
Revenue ×365 |
-- |
50 days |
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*Accounts
receivable/ Revenue ×365 |
-- |
5 days |
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*
Revenue/Total assets |
-- |
2.39 |
|
* Cost of
sales / Revenue |
-- |
0.71 |
FINANCIAL COMMENTS
PROFITABILITY:
FAIRLY GOOD
l
The revenue of SC appears average in its line.
l
SC’s net profit margin is fairly good.
l
SC’s return on total assets is good.
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
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: Fairly Stable.
CONCLUSIONS
SC is considered small-sized in its line with fairly stable financial
conditions. A credit line up to USD 20,000
would appear to be within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.20 |
|
|
1 |
Rs.81.50 |
|
Euro |
1 |
Rs.67.15 |
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 |
|
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.