MIRA
INFORM REPORT
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Report Date : |
28.04.2012 |
IDENTIFICATION DETAILS
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Name : |
HORIZON TRADING CO., LTD. |
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Registered Office : |
Rm. 201, No. 78, Mayuan Road, Jianghai District, Jiangmen, Guangdong
Province, 529000 Pr |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
21.01.2005 |
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Com. Reg. No.: |
440704000017124 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Subject is engaged
in acting as an agent for importing and exporting chemicals |
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No. of Employees : |
07 |
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 : |
Usually Correct |
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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
HORIZON TRADING Co., Ltd.
rm. 201, no. 78, mayuan road, jianghai
district,
jiangmen, GUANGDONG PROVINCE, 529000 PR CHINA
TEL: 86 (0) 750-3828836 FAX: 86 (0) 750-3898118
EXECUTIVE SUMMARY
INCORPORATION DATE : jan. 21, 2005
REGISTRATION NO. :
440704000017124
REGISTERED LEGAL FORM : LIMITED LIABILITIES COMPANY
CHIEF EXECUTIVE : MR. cui xuejia (CHAIRMAN)
STAFF STRENGTH : 7
REGISTERED CAPITAL : CNY 500,000
BUSINESS LINE : TRADE AGENT
TURNOVER : CNY 6,200,000 (AS OF DEC. 31, 2011)
EQUITIES : CNY 910,000 (AS OF DEC. 31, 2011)
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
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 Jan. 21, 2005.
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 domestic trading; import and export goods and
technologies.
SC is mainly
engaged in acting as an agent for importing and exporting chemicals.
Mr.
Cui Xuejia is legal representative, chairman and general manager of SC at
present.
SC is known to have approx. 7 employees at present.
SC is currently operating at the above stated address, and this
address houses its operating office in the commercial zone of Jiangmen. Our
checks reveal that SC rents the total premise about 300 square meters.
SC is not known to host website of its own at present.
No significant events or changes were found during our
checks with the local Administration for Industry and Commerce.
MAIN
SHAREHOLDERS:
Name % of Shareholding
Cui Xuejia 90
Feng Suiying 10
Legal representative,
Chairman and General manager:
Mr. Cui Xuejia, in his
Working Experience(s):
At present Working in SC as legal representative, chairman and general manager.
Supervisors:
Feng Suiying
Note: the given contact person Mr.
Calvin Cui is SC’s employee.
SC is mainly
engaged in acting as an agent for importing and exporting chemicals.
SC’s products
mainly include: chemicals.
SC sources its materials 60%
from domestic market, and 40% from overseas market. SC sells 70% of its
products in domestic market, and 30% to overseas market.
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.
Note: SC’s management declined to release its customer and supplier details.
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 Guangfa Bank Jiangmen Baishi Sub-branch
AC# 103009517010001059
Relationship:
Normal
Balance Sheet (as of Dec. 31, 2011)
Unit: CNY’000
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Cash & bank |
14,000 |
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Inventory |
190 |
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Accounts
receivable |
140 |
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Advances to
suppliers |
270 |
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Other
receivables |
460 |
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Interest
receivable |
430 |
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Other current
assets |
9,310 |
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Current assets |
24,800 |
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Fixed assets net
value |
80 |
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Projects under
construction |
0 |
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Long term
investment |
0 |
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Other assets |
30 |
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Total assets |
24,910 |
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Short loans |
22,240 |
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Accounts payable |
100 |
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Other payable |
40 |
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Taxes payable |
30 |
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Advances from
clients |
1,590 |
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Other current
liabilities |
0 |
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Current
liabilities |
24,000 |
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Long term
liabilities |
0 |
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Total
liabilities |
24,000 |
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Equities |
910 |
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Total
liabilities & equities |
24,910 |
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Income Statement (as of Dec. 31, 2011)
Unit: CNY’000
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Turnover |
6,200 |
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Cost of goods
sold |
5,040 |
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Sales expense |
2,700 |
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Management expense |
170 |
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Finance expense |
-1,900 |
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Profit before
tax |
150 |
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Less: profit tax |
40 |
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Profits |
110 |
Important Ratios
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as
of Dec. 31, 2011 |
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*Current ratio |
1.03 |
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*Quick ratio |
1.03 |
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*Liabilities
to assets |
0.96 |
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*Net profit
margin (%) |
1.77 |
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*Return on total
assets (%) |
0.44 |
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*Inventory
/Turnover ×365 |
12 days |
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*Accounts
receivable/Turnover ×365 |
9 days |
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*Turnover/Total
assets |
0.25 |
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* Cost of
goods sold/Turnover |
0.81 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears average in its line.
l
SC’s net profit margin is average.
l
SC’s return on total assets is average.
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 is maintained in an average
level.
l
The accounts receivable of SC is maintained in an
average level.
l
SC’s short-term loan appears too large in 2011.
l
SC’s turnover is in a fair level, comparing with
the size of its total assets.
LEVERAGE: FAIR
l
The debt ratio of SC is 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. The large amount of short loans 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.52.68 |
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UK Pound |
1 |
Rs.85.12 |
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Euro |
1 |
Rs.69.38 |
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.