MIRA INFORM REPORT
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Report Date : |
06.08.2012 |
IDENTIFICATION DETAILS
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Name : |
FUYANG BEST FLAVOUR PERFUMERY CO., LTD. |
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Formerly Known As : |
Best Flavour
Perfumery (Fuyang) Co., Ltd |
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Registered Office : |
Yingzhou Industry Park, Yingzhou District, Fuyang, Anhui Province,
236033 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
19.01.2007 |
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Com. Reg. No.: |
341200000025854 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacturing
and Selling Spices |
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No. of Employees : |
85 |
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 : |
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 |
|
Risk Category |
ECGC
Classification |
|
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
FUYANG BEST
FLAVOUR PERFUMERY CO., LTD.
YINGZHOU INDUSTRY PARK, YINGZHOU DISTRICT, FUYANG,
ANHUI PROVINCE, 236033 PR CHINA
TEL: 86
(0) 558-2115088 FAX: 86 (0)
558-2115199
EXECUTIVE SUMMARY
INCORPORATION DATE : JAN. 19, 2007
REGISTRATION NO. : 341200000025854
REGISTERED LEGAL FORM : LIMITED LIABILITY COMPANY
CHIEF EXECUTIVE :
MR. ZHANG YONG (CHAIRMAN)
STAFF STRENGTH :
85
REGISTERED CAPITAL : CNY 50,600,000
BUSINESS LINE :
MANUFACTURING and trading
TURNOVER :
cny 54,381,000 (AS OF DEC. 31,
2010)
EQUITIES :
N/A (AS OF DEC. 31, 2010)
PAYMENT :
average
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : Fair
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY
6.37 = 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
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 manufacturing and selling natural
spices and synthetic spices; purchasing and selling agricultural
products.
SC is mainly
engaged in manufacturing and selling spices.
Mr. Zhang Yong is
the legal representative, chairman and general manager of SC at present.
SC is known
to have approx. 85 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 Fuyang. Our checks
reveal that SC owns the total premise, but SC’s accountant refused to release
the gross area.
SC is not known to host website of its own at present.
According to SC’s accountant Miss Liu, SC started its normal operation
in October of 2009.
Changes of its registered
information are as follows:
|
Date
of change |
Item |
Before
the change |
After the change |
|
|
Company name |
Best Flavour Perfumery (Fuyang) Co., Ltd |
Present one |
|
Registered
capital |
CNY 1,050,000 |
CNY 2,000,000 |
|
|
Shareholder |
Fuyang Lvye
Perfumery Co., Ltd. (U.S.A.) (in Chinese Pinyin 100% |
Zhang Yong % |
|
|
Registered
number |
000538 |
Present one |
|
|
Legal form |
Wholly foreign owned enterprise |
One person limited liability company |
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|
|
Registered capital |
CNY 2,000,000 |
CNY 26,900,000 |
|
Shareholders |
Zhang Yong 100% |
Zhang
Yong 89.2%; Yang Lifang 10.8% |
|
|
Registered legal form |
One-person
limited liability company |
Limited
liability company |
|
|
|
Registered
capital |
CNY 26,900,000 |
Present amount |
|
Shareholders |
Zhang Yong 89.2% Yang Lifang 10.8% |
Present ones |
MAIN SHAREHOLDER:
Name %
of Shareholding
Zhang Yong 90
Yang Lifang 10
l
Legal
representative, chairman and general manager:
Mr. Zhang Yong, born in 1965, with
university education. He is currently responsible for the overall management of
SC.
Working Experience(s):
At present Working
in SC as legal representative, chairman and general manager.
According to SC’s accountant Miss Liu, SC started its normal operation
in October of 2009.
SC is mainly
engaged in manufacturing and selling spices.
SC’s products
mainly include: menthol crystal, natural menthol crystal,
l-menthol, etc.
SC sources its
materials 10% from domestic market, and 90% from overseas market. SC sells 70%
of its products in domestic market, and 30% to the overseas markets.
The buying terms of SC include Check, T/T, L/C and Credit of 30-60 days.
The payment terms of SC include T/T, L/C and Credit of 30-60 days.
Note: SC’s management declined to release
its main clients and suppliers.
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.
Bank of China
AC #:
54789828091001
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
Cash & bank |
1,160 |
/ |
|
Inventory |
6,150 |
/ |
|
Accounts
receivable |
3,210 |
/ |
|
Advances to
suppliers |
0 |
/ |
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Other accounts
receivable |
80 |
/ |
|
Other
receivables |
20 |
/ |
|
|
------------------ |
------------------ |
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Current assets |
10,620 |
/ |
|
Fixed assets net
value |
22,620 |
/ |
|
Projects under
construction |
0 |
/ |
|
Deferred tax
debit |
4,010 |
/ |
|
|
------------------ |
------------------ |
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Total assets |
37,250 |
/ |
|
|
============= |
============= |
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Short loan |
3,000 |
/ |
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Accounts payable |
320 |
/ |
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Welfare payable |
10 |
/ |
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Taxes payable |
-700 |
/ |
|
Other Accounts
payable |
27,070 |
/ |
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Other current
liabilities |
640 |
/ |
|
|
------------------ |
------------------ |
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Current
liabilities |
30,340 |
/ |
|
Long term
liabilities |
5,000 |
5,000 |
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Other liabilities |
/ |
/ |
|
|
------------------ |
------------------ |
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Total
liabilities |
35,340 |
33,537 |
|
Equities |
1,910 |
/ |
|
|
------------------ |
------------------ |
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Total
liabilities & equities |
37,250 |
/ |
|
|
============= |
============= |
Income Statement
Unit: CNY’000
|
|
As of Dec. 31,
2009 |
As of Dec. 31,
2010 |
|
Turnover |
15,330 |
54,381 |
|
Cost of goods
sold |
14,730 |
/ |
|
Sales expense |
180 |
/ |
|
Management expense |
320 |
/ |
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Finance expense |
120 |
/ |
|
Profit before
tax |
-90 |
-4,026 |
|
Less: profit tax |
0 |
0 |
|
Profits |
-90 |
-4,026 |
Note: We did not find SC’s detail financial reports
for Yr2010.
Important Ratios
=============
|
|
As of Dec. 31, 2009 |
As of Dec. 31, 2010 |
|
*Current ratio |
0.35 |
-- |
|
*Quick ratio |
0.15 |
-- |
|
*Liabilities
to assets |
0.95 |
-- |
|
*Net profit
margin (%) |
-0.59 |
-7.40 |
|
*Return on
total assets (%) |
-0.24 |
-- |
|
*Inventory
/Turnover ×365 |
147 days |
-- |
|
*Accounts
receivable/Turnover ×365 |
77 days |
-- |
|
*Turnover/Total
assets |
0.41 |
-- |
|
* Cost of
goods sold/Turnover |
0.96 |
-- |
PROFITABILITY:
FAIR
l
The turnover of SC appears average in 2009 and it
increased greatly in 2010.
l
SC’s net profit margin is fair in both years.
l
SC’s return on total assets is fair in 2009.
l
SC’s cost of goods sold is high in 2009, comparing
with its turnover.
LIQUIDITY: FAIR
l
The current ratio of SC is maintained in a POOR level
in 2009.
l
SC’s quick ratio is maintained in a POOR level in
2009.
l
The inventory of SC appears LARGE in 2009.
l
The accounts receivable of SC appears fairly large
in 2009.
l
The short-term loan of SC appears fairly large in
2009.
l
SC’s turnover is in a fair level in 2009, comparing
with the size of its total assets.
LEVERAGE: FAIR
l
The debt ratio of SC is HIGH in 2009.
l
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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.56.08 |
|
UK Pound |
1 |
Rs.87.03 |
|
Euro |
1 |
Rs.68.36 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
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 |
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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 |
|
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 |
|
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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.