MIRA
INFORM REPORT
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Report Date : |
26.04.2012 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
14.08.2006 |
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Com. Reg. No.: |
330303000009008 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Selling of Chemicals. |
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No. of Employees : |
5 |
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 6,000 |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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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
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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 and Address
Wenzhou joyous Industry co., ltd.
lantian village,
haibin street, longwan district, wenzhou,
zhejiang PROVINCE,
325000 PR CHINA
TEL: 86 (0) 577- 86379412
FAX: 86 (0)
577-86379410
EXECUTIVE SUMMARY
INCORPORATION DATE : august 14, 2006
REGISTRATION NO. : 330303000009008
REGISTERED LEGAL FORM : Limited liabilities
company
STAFF STRENGTH :
5
REGISTERED CAPITAL : CNY 5,000,000
BUSINESS LINE :
trading
TURNOVER :
CNY 1,400,000 (AS OF DEC. 31, 2009)
EQUITIES : CNY 5,120,000 (AS OF
DEC. 31, 2009)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO usd 6,000 (periodical review)
MARKET CONDITION : fair
FINANCIAL CONDITION : fair
OPERATIONAL TREND : fairly STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.30 = USD 1 AS OF
Adopted abbreviations
ANS - amount not
stated
NS - not stated
SC - subject
company (the company inquired by you)
NA - not available
CNY - China Yuan Renminbi
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 August 14, 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 selling chemical raw materials, chemical equipment, importing
and exporting goods and technology.
SC is mainly
engaged in selling chemicals.
Mr. Zhu Junjie has
been legal representative, chairman and general manager of SC since 2006.
SC is known to
have approx. 5 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office in the industrial zone of Wenzhou. Our checks reveal that SC
rents the total premise, but the gross area is unspecified.
http://www.cnjychem.com/ The
design is professional and the content is well organized. At present the web
site is in Chinese and English versions.
E-mail: wp@cnjychem.com
Changes
of its registered information are as follows:
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Date of change |
Item |
Before the
change |
After the change |
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Unknown |
Company name |
Wenzhou Junyuanzhongtai Import & Export Co., Ltd. |
Present one |
MAIN SHAREHOLDERS:
Name %
of Shareholding
Zhu Junjie 49
Zhu Heping 51
l
Legal Representative, Chairman and General Manager:
Mr. Zhu Junjie, in his 30’s with university education. He is currently
responsible for the overall management of SC.
Working Experience(s):
From 2006 to present Working in SC as legal representative,
chairman and general manager.
l
Supervisor:
Zhu Heping
SC is mainly
engaged in selling chemicals.
SC’s products
mainly include: tenofovir, imatinib mesylate, etc.
SC sources its materials 100% from domestic
market, mainly Wenzhou. SC sells 100% of its products to overseas market,
mainly Southeast Asian market.
The buying terms of SC include Check, T/T and Credit of 30-60 days. The
payment terms of SC include L/C and Credit of 30-60 days.
Note: SC declined
to release its major suppliers and clients.
SC
is not known to have any subsidiary at present.
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 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.
China Construction Bank Wenzhou Branch
AC#：33001628729059000099
Relationship:
Normal.
Balance Sheet
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Unit: CNY’000 |
as
of Dec. 31, 2008 |
as
of Dec. 31, 2009 |
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Cash & bank |
720 |
700 |
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Inventory |
580 |
510 |
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Accounts
receivable |
90 |
80 |
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Other Accounts
receivable |
0 |
1,940 |
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Advances to
suppliers |
1,500 |
1,500 |
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To be apportioned
expense |
0 |
0 |
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Other current
assets |
150 |
0 |
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------------------ |
------------------ |
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Current assets |
3,040 |
4,730 |
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Fixed assets net
value |
10 |
10 |
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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 |
10 |
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------------------ |
------------------ |
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Total assets |
3,050 |
4,750 |
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============= |
============= |
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Short loans |
0 |
2,220 |
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Accounts payable |
70 |
60 |
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Other Accounts
payable |
-3,840 |
-3,670 |
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Withdraw the expenses
in advance |
0 |
0 |
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Other current
liabilities |
1,590 |
1,020 |
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------------------ |
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Current
liabilities |
-2,180 |
-370 |
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Long term
liabilities |
0 |
0 |
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Other
liabilities |
0 |
0 |
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Total
liabilities |
-2,180 |
-370 |
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Equities |
5,230 |
5,120 |
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Total
liabilities & equities |
3,050 |
4,750 |
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Income Statement
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Unit: CNY’000 |
as of Dec. 31,
2009 |
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Turnover |
1,400 |
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Cost of goods
sold |
1,270 |
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Sales expense |
20 |
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Management expense |
110 |
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Finance expense |
60 |
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Profit before
tax |
-70 |
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Less: profit tax |
0 |
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Profits |
-70 |
Note: SC’s latest financial reports can not be found in local AIC at
present.
Important
Ratios
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As
of Dec. 31, 2008 |
As
of Dec. 31, 2009 |
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*Current ratio |
-1.39 |
-12.78 |
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*Quick ratio |
-1.13 |
-11.41 |
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*Liabilities
to assets |
-0.71 |
-0.08 |
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*Net profit
margin (%) |
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-5.00 |
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*Return on
total assets (%) |
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-1.47 |
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*Inventory
/Turnover ×365 |
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133 days |
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*Accounts
receivable/Turnover ×365 |
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21 days |
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*Turnover/Total
assets |
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0.29 |
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* Cost of
goods sold/Turnover |
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0.91 |
PROFITABILITY:
POOR
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The turnover of SC appears fair in its line.
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SC’s net profit margin is fair.
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SC’s return on total assets is fair.
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SC’s cost of goods sold is fairly high, comparing
with its turnover.
LIQUIDITY: FAIR
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The inventory of SC is maintained in an average
level.
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The accounts receivable of SC is maintained in an
average level.
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The short-term loan of SC appears large in 2009.
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SC’s turnover is in a fair level, comparing with
the size of its total assets.
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The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fair.
SC is considered small-sized in its line with fair financial conditions.
A credit line up to USD 6,000
would appear to be within SC’s capacities 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.52.49 |
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1 |
Rs.84.66 |
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Euro |
1 |
Rs.69.25 |
INFORMATION DETAILS
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Report Prepared
by : |
NIT |
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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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.