MIRA
INFORM REPORT
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Report Date : |
10.08.2012 |
IDENTIFICATION DETAILS
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Name : |
SHAOXING JUNFEI IMPORT & EXPORT CO., LTD. |
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Registered Office : |
Room 1-1204, Tianma Building, No. 428 Huxi Road, Keqiao Shaoxing
County, Zhejiang Province 302803 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
28.05.2008 |
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Com. Reg. No.: |
330621000041841 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Wholesale and Retail of needle and raw materials, textiles, clothing, footwear, machinery and equipment and accessories, hardware, plumbing equipment, electronic products, daily necessities |
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No. of Employees : |
3 |
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 – September 30, 2011
|
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
sc’s INFO.:
================
SHAOXING JUNFEI IMPORT & EXPORT CO., LTD.
ROOM 1-1204, TIANMA BUILDING, NO. 428 HUXI ROAD, KEQIAO
SHAOXING COUNTY, ZHEJIANG PROVINCE 302803 PR CHINA
TEL: 86 (0) 575-84117048/84117148
FAX: 86 (0) 575-81160844
EXECUTIVE SUMMARY
Date of Registration : may 28, 2008
REGISTRATION NO. : 330621000041841
LEGAL FORM : Limited liabilities company
CHIEF EXECUTIVE :
zhao lijun (LEGAL REPRESENTATIVE)
REGISTERED CAPITAL : cny 1,000,000
staff :
3
BUSINESS CATEGORY : trading
Revenue :
CNY 10,761,000 (AS OF DEC. 31,
2011)
EQUITIES :
CNY 1,100,000 (AS OF DEC. 31, 2011)
WEBSITE : www.cnsxjf.com
E-MAIL :
zlj5779@hotmail.com
PAYMENT :
AVERAGE
MARKET CONDITION : average
FINANCIAL CONDITION : FAIRly stable
OPERATIONAL TREND : ordinary
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.37 = USD
Adopted
abbreviations (as follows)
SC - Subject Company
(the company inquired by you)
N/A – Not available
CNY – China Yuan Ren
Min Bi
OPERATIONAL TREND & GENERAL
REPUTATION
This section aims at indicating the relative positions of SC in respect
of its operational trend & general reputation
Operational Trend:- General
Reputation:-
Upward Excellent
Steady Good
Fairly Steady Fairly
Good
Ordinary Average
Fair Fair
Stagnant Detrimental
Downward Not
known
Not known Not
yet be determined
Not yet be determined
LEGAL STATUS & HISTORY
SC was established as a limited liabilities company of PRC with State
Administration of Industry & Commerce (SAIC) under registration No.: 330621000041841 on May 28, 2008.
SC’s Organization Code Certificate No.:
67615970-8
SC’s Tax No.: 330621676159708
SC’s registered capital: cny 1,000,000
SC’s paid-in capital: cny 1,000,000
Registration Change Record:-
No significant changes of SC have been noted
in SAIC since its incorporation.
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Zhao Lijun |
80 |
|
Shou Zhongfei |
20 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman, and General Manager |
Zhao Lijun |
|
Supervisor |
Shou Zhongfei |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART & BACKGROUND
Name %
of Shareholding
Zhao Lijun 80
Shou Zhongfei 20
MANAGEMENT
Zhao Lijun, Legal Representative, Chairman and General
Manager
---------------------------------------------------------------------------------------------------
Gender: M
Age: 39
ID# 330625197305210016
Qualification: University
Working experience (s):
From 2008 to present, working in SC as legal representative, chairman
and general manager
Shou Zhongfei,
Supervisor
----------------------------------------------
Gender: M
Age: 39
ID# 33062519731207610X
BUSINESS OPERATION
SC’s registered business scope includes wholesale and
retail of needle and raw materials, textiles, clothing, footwear, machinery and
equipment and accessories, hardware, plumbing equipment, electronic products,
daily necessities; goods import and export.
SC is mainly engaged in international trade.
SC’s products mainly include:
JFWT flat embroidery machine without trimmer
JFHF cap/flat funtion machine
JFSPsequin +piping mix function machine
JFL large size embroidery machine
JFM sequins cording mix function machine
JFCM sequin chenile mix function embroidery machine
JFH high speed embroidery machine
JFMS mix sequin function machine
SC sources its materials 100% from domestic market, mainly Zhejiang. SC sells 20% of its products in domestic market, and 80% to overseas market, mainly USA, Europe, Mid East, Southeast Asia, etc.
The buying terms of SC include Check, T/T and Credit of 30-60 days. The
payment terms of SC include T/T, L/C and Credit of 30-60 days.
Staff &
Office:
--------------------------
SC is known to have approx. 3
staff at present.
SC rents an area as its operating office of approx. 50 sq. meters at the
heading address.
RELATED COMPANY
SC is not known to have any subsidiary at present.
PAYMENT
Overall payment appraisal:
( ) Excellent ( ) Good (X) Average ( ) Fair ( ) Poor ( )
Not yet be 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.
BANKING
Basic Bank:
Bank of Shaoxing Qianqing Sub-branch
AC#: 000980682200010
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
|
685 |
1,406 |
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Notes receivable |
0 |
0 |
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Accounts receivable |
893 |
-214 |
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Advances to suppliers |
-2,379 |
217 |
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Other receivable |
1,217 |
18 |
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Export drawback receivable |
765 |
495 |
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Inventory |
20 |
45 |
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Deferred expenses |
7 |
43 |
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Other current assets |
0 |
0 |
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------------------ |
------------------ |
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Current assets |
1,208 |
2,010 |
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Fixed assets |
197 |
153 |
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Construction in progress |
0 |
0 |
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Intangible assets |
0 |
0 |
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Long-term prepaid expenses |
0 |
0 |
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Deferred income tax assets |
0 |
0 |
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Other non-current assets |
0 |
0 |
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------------------ |
------------------ |
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Total assets |
1,405 |
2,163 |
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============= |
============= |
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Short-term loans |
0 |
945 |
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Notes payable |
0 |
0 |
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Accounts payable |
0 |
248 |
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Wages payable |
0 |
0 |
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Taxes payable |
-32 |
-52 |
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Advances from clients |
0 |
0 |
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Other payable |
344 |
-78 |
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Other current liabilities |
0 |
0 |
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------------------ |
------------------ |
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Current liabilities |
312 |
1,063 |
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Non-current liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total liabilities |
312 |
1,063 |
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Equities |
1,093 |
1,100 |
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------------------ |
------------------ |
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Total liabilities & equities |
1,405 |
2,163 |
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============= |
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Income Statement
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Unit: CNY’000 |
As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
|
Revenue |
9,210 |
10,761 |
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Cost of sales |
8,436 |
10,249 |
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Sales expense |
0 |
0 |
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Management expense |
611 |
411 |
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Finance expense |
61 |
52 |
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Profit before tax |
93 |
40 |
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Less: profit tax |
7 |
15 |
|
86 |
25 |
Important Ratios
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As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
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*Current ratio |
3.87 |
1.89 |
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*Quick ratio |
3.81 |
1.85 |
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*Liabilities to assets |
0.22 |
0.49 |
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*Net profit margin (%) |
0.93 |
0.23 |
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*Return on total assets (%) |
6.12 |
1.16 |
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*Inventory / Revenue ×365 |
1 day |
2 days |
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*Accounts receivable/ Revenue ×365 |
36 days |
-- |
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* Revenue/Total assets |
6.56 |
4.98 |
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* Cost of sales / Revenue |
0.92 |
0.95 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
The revenue of SC appears average in its line.
SC’s net profit margin is average in both years.
SC’s return on total assets is fairly good in 2010 and average in 2011.
SC’s cost of sales is fairly high, comparing with its revenue.
LIQUIDITY: AVERAGE
The current ratio of SC is maintained in a normal level.
SC’s quick ratio is maintained in a fairly good level.
The inventory of SC is maintained in an average level.
The accounts receivable of SC is maintained in an average level in 2010.
SC’s short-term loans appear fairly large.
SC’s revenue is in an average level, comparing with the size of its
total assets.
LEVERAGE: AVERAGE
The debt ratio of SC is average.
The risk for SC to go bankrupt is above average.
Overall financial
condition of the SC: Fairly Stable.
CONCLUSIONS
SC is considered small-sized in its line with fairly stable financial
conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.17 |
|
|
1 |
Rs.86.43 |
|
Euro |
1 |
Rs.68.27 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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 |
-- |
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.