MIRA
INFORM REPORT
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Report Date : |
27.04.2012 |
IDENTIFICATION DETAILS
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Name : |
FUJIAN MINDU MOTOR CO., LTD. |
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Registered Office : |
Xiaoliu Industrial Area, Saiqi Economic Development Zone,
Fu’an City, |
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Country : |
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Financials (as on) : |
31.12.2008 |
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Date of Incorporation : |
04.03.1997 |
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Com. Reg. No.: |
350981100002560 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
manufacturing and selling generator set and alternators |
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No. of Employees : |
50 |
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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Status : |
Moderate |
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Payment Behaviour : |
Usually Correct |
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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
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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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
fujian mindu motor Co., Ltd.
XIAOLIU INDUSTRIAL
AREA, SAIQI ECONOMIC DEVELOPMENT ZONE, FU’AN CITY, FUJIAN PROVINCE, 355000 PR
CHINA
TEL: 86 (0)
593-6389786/6951066 FAX: 86 (0)
593-6510496
EXECUTIVE SUMMARY
INCORPORATION DATE : Mar. 4, 1997
REGISTRATION NO. : 350981100002560
REGISTERED LEGAL FORM :
LIMITED LIABILITIES COMPANY
STAFF STRENGTH : 50
REGISTERED CAPITAL : CNY 10,060,000
BUSINESS LINE : MANUFACTURING and
trading
TURNOVER : CNY 36,220,000 (AS OF DEC. 31, 2008)
EQUITIES : CNY 10,070,000 (AS OF DEC. 31,
2008)
PAYMENT :
AVERAGE
MARKET CONDITION : average
FINANCIAL CONDITION : fairly STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : average
EXCHANGE RATE :
CNY
6.30 = USD 1
Adopted abbreviations
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY - China Yuan Renminbi
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 was registered as a limited liabilities company at local
Administration for Industry & Commerce (AIC - The official body of issuing
and renewing business license) on Mar. 4, 1997.
SC’s registered
business scope includes manufacturing and selling motors,
pumps, automobile fan, electric appliances parts, abrasive; import and export
of goods and technology (excluding the goods and technology prohibited or
limited by the country). (with permit if needed)
SC is mainly
engaged in manufacturing and selling generator set and alternators.
Mr.
Zhao Yunzhang is the legal representative and chairman of SC at present.
SC is known to have approx. 50 employees at
present.
SC is currently operating at the above stated address, and this
address houses its operating office and factory in the industrial zone of Fuan.
Our checks reveal that SC owns the total premise about 12,000 square meters.
http://www.fzmindu.com/ The design
is professional and the content is well organized. At present the web site is
only in English version.
E-mail: jingjing@fzmindu.com
SC has got CE & ISO 9000 approval already.
Changes of its
registered information:
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Date
of change |
Item |
Before
the change |
After the change |
|
Unknown |
Registration No. |
3509812000712 |
The present one |
MAIN SHAREHOLDERS:
Name % of Shareholding
Zhao Yunzhang
90.06
Zhao Jingjing
9.94
Legal
representative and chairman:
Mr. Zhao Yunzhang, He is currently responsible for the
overall management of SC.
Working Experience(s):
At present Working in SC as legal representative and chairman
SC is mainly
engaged in manufacturing and selling generator set and alternators.
Main products: diesel genset, generator, electric motor, water pump, auto voltage, regulator, etc.
SC sources its materials 80%
from domestic market, and 20% from overseas market. SC sells 40% of its products
in domestic market, and 60% to overseas market, mainly Southeast Asia.
The buying terms of SC include Check, T/T, L/C and Credit of
30-60 days. The payment terms of SC include Check, T/T, L/C and Credit of 30-60
days.
According to SC’s website:
Fuzhou Office
………………
ADD:
RM 2006, FLOOR 26 C ZONE JINXIU FUCHENG
BUILDING HUALIN ROAD FUZHOU FUJIAN CHINA
Tel: +86-591-87582851
Fax: +86-591-87582853/87582851
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.
SC’s
management declined to release its bank details.
Balance Sheet
Unit: CNY’000
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as of Dec. 31,
2008 |
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12,540 |
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Inventory |
5,450 |
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Accounts receivable |
4,070 |
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Advances to supplies |
10,990 |
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Other receivables |
4,050 |
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Other current assets |
390 |
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------------------ |
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Current assets |
37,490 |
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Fixed assets net value |
1,250 |
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Projects under construction |
4,470 |
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Long-term investments |
0 |
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Intangible and other assets |
4,000 |
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------------------ |
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Total assets |
47,210 |
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============= |
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Short loans |
15,100 |
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Bills payable |
12,740 |
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Accounts payable |
4,230 |
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Advances from clients |
2,600 |
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Welfare expenses payable |
730 |
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Taxes payable |
-110 |
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Other Accounts payable |
1,820 |
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Other current liabilities |
0 |
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----------------- |
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Current liabilities |
37,110 |
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Long term liabilities |
30 |
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Total liabilities |
37,140 |
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Shareholders equities |
10,070 |
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Total liabilities & equities |
47,210 |
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Income Statement
Unit: CNY’000
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as of Dec. 31,
2008 |
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Turnover |
36,220 |
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Cost of goods sold |
32,360 |
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Taxes
and additional of main operation |
70 |
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Sales expense |
790 |
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Management expense |
1,930 |
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Finance expense |
1,470 |
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Total
profits before tax |
-450 |
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Less: profit tax |
150 |
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Net profit |
-600 |
Note: SC has not
lodged the latest annual returns in local registry, hence no up-to date detailed
financial information available.
Important Ratios
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as of Dec. 31,
2008 |
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*Current ratio |
1.01 |
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*Quick ratio |
0.86 |
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*Liabilities
to assets |
0.79 |
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*Net profit
margin (%) |
-1.66 |
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*Return on
total assets (%) |
-1.27 |
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*Inventory
/Turnover ×365 |
55 days |
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*Accounts
receivable/Turnover ×365 |
41 days |
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*Turnover/Total
assets |
0.77 |
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* Cost of
goods sold/Turnover |
0.89 |
PROFITABILITY:
FAIR
l
The turnover of SC appears average in its line.
l
SC’s net profit margin is fair.
l
SC’s return on total assets is fair.
l
SC’s cost of goods sold is average, comparing with
its turnover.
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 appears average.
l
The accounts receivable of SC appears average.
l
The short-term loan of SC appears LARGE.
l
SC’s turnover is in a fair level, comparing with the
size of its total assets in 2008.
LEVERAGE: AVERAGE
l
The debt ratio of SC is fairly high.
l
The risk for SC to go bankrupt is average
Overall financial
condition of the SC: Fairly stable
SC is considered a small-sized company in its line with fairly stable
financial conditions. The large amount of short-term loan could be a threat to
SC’s financial condition.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.52.57 |
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UK Pound |
1 |
Rs.85.03 |
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Euro |
1 |
Rs.69.56 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.