MIRA
INFORM REPORT
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Report Date : |
22.08.2012 |
IDENTIFICATION DETAILS
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Name : |
RUIAN FURI PACKAGING MACHINERY CO., LTD. |
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Registered Office : |
Fuqiang South Road, Xincheng
Industrial Area, Ruian, Zhejiang Province 325200 |
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Country : |
China |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
15.05.2008 |
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Com. Reg. No.: |
330381000027858 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
manufacturing and selling packaging machinery, printing machinery, and
electronic machinery |
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No. of Employees : |
20 employees |
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 : |
Slow |
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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 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
|
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
Ruian Furi Packaging Machinery
Co., Ltd.
fuqiang
south road, xincheng industrial area, ruian
ZHEJIANG
PROVINCE 325200 PR CHINA
TEL: 86
(0) 577-25858686/1364745036
FAX: 86
(0) 577-25858080
EXECUTIVE SUMMARY
Date of Registration : may 15, 2008
REGISTRATION NO. : 330381000027858
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL :
cny 500,000
staff : 20
BUSINESS CATEGORY :
manufacturing
Revenue :
CNY 3,841,000 (AS OF DEC. 31,
2011)
EQUITIES :
CNY 688,000 (AS OF DEC. 31, 2011)
WEBSITE : www.furimachine.com
E-MAIL :
furi@furimachine.com
PAYMENT : AVERAGE
MARKET CONDITION : average
FINANCIAL CONDITION : FAIRly stable
OPERATIONAL TREND :
ordinary
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.36 = USD 1
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
LEGAL STATUS & HISTORY
SC was
established as a limited liabilities company of PRC with State Administration
of Industry & Commerce (SAIC) under registration No.: 330381000027858 on May 15,
2008.
SC’s Organization Code Certificate No.:
67479886-4
SC’s Tax No.: 330381674798864
SC’s registered capital: cny 500,000
SC’s paid-in capital: cny 500,000
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 |
|
Zhang Zhiqiu |
12.5 |
|
Zhang Zaiyong |
25.0 |
|
Zhang Zhiqiang |
25.0 |
|
Zhang Zhikang |
25.0 |
|
Lin Youshun |
12.5 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative,
Chairman, and General Manager |
Zhang Zhikang |
|
Supervisor |
Zhang Zaiyong |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER
CHART & BACKGROUND
Name %
of Shareholding
Zhang Zhiqiu 12.5
Zhang Zaiyong 25.0
Zhang Zhiqiang 25.0
Zhang Zhikang 25.0
Lin Youshun 12.5
MANAGEMENT
Zhang Zhikang, Legal Representative, Chairman and General Manager
-------------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 31
Ø
ID# 330325198101012518
Ø
Qualification:
University
Ø
Working
experience (s):
From 2008 to present, working in SC as legal representative,
chairman and general manager
Zhang Zaiyong, Supervisor
-----------------------------------------------
Ø
Gender: M
Ø
Age: 36
Ø
ID# 330325197610252515
BUSINESS OPERATION
SC’s registered business scope includes manufacturing and
selling packaging machinery, printing machinery, and electronic machinery.
SC is
mainly engaged in manufacturing and selling packaging machinery, printing machinery, and
electronic machinery.
Brand: Furi
SC’s products mainly include:
5
Gallon cap machine
Cap
lining machine
Cap
assembly machine
Cap
processing machine
SC sources its materials 100% from domestic market, mainly Zhejiang. SC sells 30% of its products in domestic market, and 70% to overseas market, mainly 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. 20
staff at present.
SC rents an area
as its operating office & factory of approx. 2,000 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:
China
Construction Bank Ruian Xincheng
Sub-branch
AC#:
33001626164053000951
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
|
631 |
1168 |
|
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Notes receivable |
0 |
0 |
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Accounts
receivable |
-401 |
-646 |
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Advances to
suppliers |
0 |
0 |
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Other receivable |
0 |
0 |
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Inventory |
47 |
143 |
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Prepaid
expenses |
32 |
32 |
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Other current
assets |
0 |
0 |
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|
------------------ |
------------------ |
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Current assets |
309 |
697 |
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Fixed assets |
84 |
80 |
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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 |
393 |
777 |
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============= |
============= |
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Short-term loans |
0 |
0 |
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Notes payable |
0 |
0 |
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Accounts payable |
-135 |
56 |
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Wages payable |
0 |
0 |
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Taxes payable |
15 |
31 |
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Advances from
clients |
0 |
0 |
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Other payable |
0 |
0 |
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Other current liabilities |
0 |
2 |
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------------------ |
------------------ |
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Current
liabilities |
-120 |
89 |
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Non-current
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total
liabilities |
-120 |
89 |
|
Equities |
513 |
688 |
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------------------ |
------------------ |
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Total
liabilities & equities |
393 |
777 |
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============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2010 |
As of Dec. 31,
2011 |
|
Revenue |
2,094 |
3,841 |
|
Cost of sales |
1,734 |
3,110 |
|
Sales expense |
112 |
262 |
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Management expense |
146 |
235 |
|
Finance expense |
0 |
-1 |
|
Profit before
tax |
97 |
216 |
|
Less: profit tax |
21 |
47 |
|
76 |
169 |
Important Ratios
=============
|
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As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
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*Current ratio |
-2.58 |
7.83 |
|
*Quick ratio |
-2.18 |
6.22 |
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*Liabilities
to assets |
-0.31 |
0.11 |
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*Net profit
margin (%) |
3.63 |
4.40 |
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*Return on
total assets (%) |
19.34 |
21.75 |
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*Inventory /
Revenue ×365 |
9 days |
14 days |
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*Accounts
receivable/ Revenue ×365 |
-- |
-- |
|
*
Revenue/Total assets |
5.33 |
4.94 |
|
* Cost of
sales / Revenue |
0.83 |
0.81 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
l
The revenue of SC appears
average in its line.
l
SC’s net profit margin is average.
l
SC’s return on total assets is fairly good.
l
SC’s cost of sales is average, comparing with its revenue.
LIQUIDITY:
AVERAGE
l
The current ratio of SC is maintained in a fairly
good level.
l
SC’s quick ratio is maintained in a fairly good
level.
l
The inventory of SC is maintained in an average
level.
l
SC has no short-term loans in both years.
l
SC’s revenue is in an
average level, comparing with the size of its total assets.
LEVERAGE:
AVERAGE
l
The debt ratio of SC is low.
l
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.55.54 |
|
UK Pound |
1 |
Rs.87.39 |
|
Euro |
1 |
Rs.68.72 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
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 |
|
<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.