MIRA
INFORM REPORT
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Report Date : |
28.04.2012 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
Room 1403, Xinya Building, No. 121 Dongjie, Gulou District, Fuzhou City, Fujian Province, 350000 Pr |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
29.01.2008 |
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Com. Reg. No.: |
350102100011183 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
importing and exporting aquatic products |
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No. of Employees : |
08 |
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 : |
Small Company |
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Payment Behaviour : |
Regular |
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Litigation : |
--- |
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
FUZHOU
WOOS INTERNATIONAL CO., LTD.
ROOM 1403, XINYA BUILDING, NO. 121 DONGJIE,
GULOU DISTRICT,
FUZHOU CITY, FUJIAN PROVINCE, 350000 PR
CHINA
TEL: 86 (0) 591-87674995/87674796 FAX: 86 (0) 591-87433991
EXECUTIVE SUMMARY
INCORPORATION DATE : JANUARY 29, 2008
REGISTRATION NO. : 350102100011183
REGISTERED LEGAL FORM : Limited liabilities
company
STAFF STRENGTH : 8
REGISTERED CAPITAL : CNY 1,000,000
BUSINESS LINE :
TRADING
TURNOVER :
CNY 13,322,000 (AS OF DEC. 31, 2011)
EQUITIES :
CNY 714,000 (AS OF DEC. 31, 2011)
PAYMENT :
AVERAGE
MARKET CONDITION :
AVERAGE
FINANCIAL CONDITION :
FAIRLY STABLE
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE : CNY 6.2893=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 Ren Min Bi
Note: SC’s current operating address and correct name should be the heading ones, while the given address (Room 1514, Xinya Building No. 121, Dongjie Fuzhou Fujian 350001 China) was the former one.
SC was registered as a limited liabilities co. at local Administration for Industry & Commerce (AIC-The official body of issuing and renewing business license).
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 wholesaling,
entrusted purchasing and selling aquatic products, mechanical equipment, feed and
additive, textiles, clothes, shoes and hats, hardware, groceries, cultural
products, chemical products and building materials; import and export of
various goods and technology, excluding the goods and technology prohibited or
limited by the country..
SC is mainly engaged in importing and exporting aquatic products.
Mr. Wu Zhongxiang has been the legal representative, chairman and general manager of SC since 2008.
SC is known to have approx. 8 employees at present.
SC is currently operating at the above stated address, and this address houses its operating office in the commercial zone of Fuzhou. Detailed information of the premise is unknown.
http://www.woosgroup.com The
design is professional and the content is well organized. At present it is both
in Chinese and English versions.
Email: info@woosgroup.com
Changes
of its registered information:
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Date of change |
Item |
Before the change |
After the change |
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Registered Legal Form |
Limited Liabilities Co. |
One-person Limited Liability Company |
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Shareholders and %
of Shareholdings |
Wu Zhongbin 15% Wu Zhongxiang
85% |
Wu Zhongxiang
100% |
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2011 |
Shareholders and %
of Shareholdings |
Wu Zhongxiang
100% |
Wu Zhongxiang99% Lin Yan1% |
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Registered Legal Form |
One-person Limited Liability Company |
Limited Liabilities Co. |
MAIN SHAREHOLDERS:
Name %
of shareholdings
Wu Zhongxiang 99
Lin Yan 1
l
Legal Representative, Chairman and General Manager:
Mr. Wu Zhongxiang is currently responsible for the overall management of SC.
Working Experience(s):
From 2008 to present
Working in SC as legal representative, chairman and general manager.
l
Supervisor:
Ding Zongyong
SC
is mainly engaged in importing and exporting aquatic products.
SC’s products
mainly include: seafood, warp knitted mesh fabric, bags, cloth, and etc.
SC sources its
materials 30% from domestic market, and 70% from overseas markets, mainly from
Southeast Asia. SC sells 20% of its products in domestic market, and 80% to
overseas market, mainly to Southeast Asia, Europe and America.
The buying terms of SC include Check, L/C, T/T and Credit of 30-60 days.
The payment terms of SC include Check, L/C, T/T, and Credit of 30-60 days.
Note: SC’s management refused to release its
main clients and suppliers.
According to SC’s website:
Woos (Hong Kong) Company Limited
Fujian Fengsheng Food Co.,
Ltd.
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.
Bank of China Fujian Branch
AC#: N/A
Relationship:
Normal
Balance Sheet
Unit: CNY’000
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As of Dec. 31, 2011 |
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Cash & bank |
120 |
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Notes receivable |
0 |
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Inventory |
1,400 |
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Accounts
receivable |
1,640 |
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Advances to
suppliers |
0 |
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Subsidy
receivable |
494 |
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Other accounts
receivable |
110 |
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Other current
assets |
0 |
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Current assets |
3,764 |
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Fixed assets net
value |
4 |
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Project under
construction |
0 |
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Long term
investment |
0 |
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Intangible and
other assets |
0 |
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Total assets |
3,768 |
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============= |
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Short loans |
0 |
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Notes payable |
0 |
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Accounts payable |
3,270 |
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Advances from
clients |
0 |
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Surcharge
payable |
10 |
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Taxes payable |
-226 |
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Other accounts
payable |
0 |
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Other current
liabilities |
0 |
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Current
liabilities |
3,054 |
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Long-term
liabilities |
0 |
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Total
liabilities |
3,054 |
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Equities |
714 |
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Total
liabilities & equities |
3,768 |
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Income Statement
Unit: CNY’000
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As of Dec. 31,
2011 |
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Turnover |
13,322 |
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Cost of goods sold |
13,011 |
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Sales expense |
151 |
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Management expense |
172 |
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Finance expense |
-8 |
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Profit before
tax |
-4 |
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3 |
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Profits |
-7 |
Important
Ratios
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As
of Dec. 31, 2011 |
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*Current ratio |
1.23 |
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*Quick ratio |
0.77 |
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*Liabilities
to assets |
0.81 |
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*Net profit
margin (%) |
-0.05 |
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*Return on
total assets (%) |
-0.19 |
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*Inventory
/Turnover ×365 |
38 days |
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*Accounts
receivable/Turnover ×365 |
45 days |
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*Turnover/Total
assets |
3.54 |
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* Cost of
goods sold/Turnover |
0.98 |
PROFITABILITY:
FAIR
l
The turnover of SC appears average in its line.
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SC’s net profit margin appears fair.
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SC’s return on total assets appears fair.
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SC’s cost of goods sold is high, comparing with its
turnover.
LIQUIDITY: AVERAGE
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The current ratio of SC is maintained in a normal
level.
l
SC’s quick ratio is maintained in a fair level.
l
The inventory of SC appears average.
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The accounts receivable
of SC is maintained in an average level.
l
SC has no short-term loan in 2011.
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SC’s turnover is in a fairly good level, comparing
with the size of its total assets.
LEVERAGE: FAIR
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 small-sized in its line with fairly stable financial
conditions. A credit line up to USD 5,000 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.52.68 |
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UK Pound |
1 |
Rs.85.12 |
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Euro |
1 |
Rs.69.38 |
INFORMATION DETAILS
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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.