MIRA
INFORM REPORT
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Report Date : |
24.08.2012 |
IDENTIFICATION DETAILS
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Name : |
FUZHOU WOOS INTERNATIONAL CO., LTD. |
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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 : |
China |
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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 : |
One-Person Limited Liability Company |
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Line of Business : |
importing and exporting aquatic products |
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No. of Employees : |
06 employees |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Moderate |
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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 |
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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
FAX: 86 (0) 591-87433991
EXECUTIVE SUMMARY
Date of Registration : JANUARY 29, 2008
REGISTRATION NO. : 350102100011183
LEGAL FORM : ONE-PERSON LIMITED LIABILITY COMPANY
REGISTERED CAPITAL :
CNY
1,000,000
staff : 6
BUSINESS CATEGORY :
trading
Revenue : CNY 13,322,000 (AS OF DEC. 31, 2011)
EQUITIES : CNY 727,000 (AS OF DEC. 31, 2011)
WEBSITE : www.woosgroup.com
E-MAIL : info@woosgroup.com
PAYMENT : AVERAGE
MARKET CONDITION : fair
FINANCIAL CONDITION : fair
OPERATIONAL TREND : fair
GENERAL REPUTATIO : AVERAGE
EXCHANGE RATE : CNY 6.35 = 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
Not yet be determined
LEGAL STATUS & HISTORY
SC was
established as a limited liabilities company of PRC on January 29, 2008.
However, SC changed to present legal form, and was registered as one-person
limited liabilities company of PRC with State Administration for Industry &
Commerce (SAIC) under registration No.: 350102100011183 on February 4, 2009.
SC’s Organization Code Certificate
No.: 67190880-2
SC’s registered capital: CNY 1,000,000
SC’s paid-in capital: CNY 1,000,000
Registration Change Record:-
|
Date |
Change
of Contents |
Before
the change |
After
the change |
|
|
Legal Form |
Limited Liabilities Company |
One-Person Limited Liabilities
Company |
|
Shareholder
(s) (% of Shareholding) |
Wu Zhongbin 15% Wu Zhongxiang 85% |
Wu Zhongxiang 100% |
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Wu Zhongxiang |
100 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative,
Chairman, and General Manager |
Wu Zhongxiang |
|
Supervisor |
Ding Zongyong |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART & BACKGROUND
Name %
of Shareholding
Wu Zhongxiang 100
MANAGEMENT
Wu Zhongxiang, Legal Representative, Chairman, and General
Manager
----------------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
ID# 350123198410202366
Ø
Age: 28
Ø
Working
experience (s):
At present, working in SC as legal representative, chairman, and general manager
Ding Zongyong ,
Supervisor
-----------------------------------------------
Ø
Gender: M
BUSINESS OPERATION
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.
SC’s products
mainly include: seafood, warp knitted mesh fabric, bags, cloth, and etc.
SC sources its
materials 10% from domestic market, and 90% from overseas markets, mainly
Southeast Asia. SC sells 30% of its products in domestic market, and 70% to
overseas market, mainly to Southeast Asia, Europe and America.
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.
Staff & Office:
--------------------------
SC is
known to have approx. 6 staff
at present.
SC
rents an area as its operating office, but the detailed information is unknown.
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
n
China Minsheng Bank Fuzhou Taijiang Sub-branch
AC#:
1511019490000032
n
Bank of China Fujian Branch
AC#:
422158377058
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2008 |
|
103 |
|
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Notes receivable |
0 |
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Accounts receivable |
0 |
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Advances to
suppliers |
80 |
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Other receivable |
0 |
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Inventory |
2,808 |
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Non-current
assets within one year |
0 |
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Other current
assets |
0 |
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|
------------------ |
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Current assets |
2,991 |
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Fixed assets |
18 |
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Construction in progress |
0 |
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Intangible
assets |
0 |
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Long-term
investment |
0 |
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Deferred income
tax assets |
0 |
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Other
non-current assets |
0 |
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------------------ |
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Total assets |
3,009 |
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============= |
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Short-term loans |
0 |
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Notes payable |
0 |
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Accounts payable |
0 |
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Welfares payable |
0 |
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Taxes payable |
-347 |
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Advances from
clients |
1,138 |
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Other payable |
1,516 |
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Other current
liabilities |
0 |
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------------------ |
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Current
liabilities |
2,307 |
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Non-current
liabilities |
0 |
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------------------ |
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Total
liabilities |
2,307 |
|
Equities |
702 |
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|
------------------ |
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Total
liabilities & equities |
3,009 |
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============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2008 |
|
Revenue |
2,179 |
|
Cost of sales |
2,044 |
|
Sales expense |
306 |
|
Management expense |
123 |
|
Finance expense |
9 |
|
Profit before
tax |
-297 |
|
Less: profit tax |
0 |
|
-297 |
Financial Summary
|
Unit: CNY’000 |
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
|
Long term investment |
0 |
0 |
0 |
|
Total assets |
2,125 |
-- |
-- |
|
|
------------- |
------------- |
------------- |
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Total
liabilities |
1,399 |
-- |
-- |
|
Equities |
726 |
731 |
727 |
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------------- |
------------- |
------------- |
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Revenue |
13,053 |
14,790 |
13,322 |
|
Cost of sales |
-- |
14,784 |
13,325 |
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Profit before
tax |
23 |
6 |
-4 |
|
Less: profit tax |
1 |
1 |
0 |
|
Profits |
22 |
5 |
-4 |
Note: The detailed financials for Y2009 & Y2010 & Y2011 are not
available in SAIC.
Important Ratios
|
|
As
of Dec. 31, 2008 |
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
|
*Current ratio |
1.30 |
-- |
-- |
-- |
|
*Quick ratio |
0.08 |
-- |
-- |
-- |
|
*Liabilities
to assets |
0.77 |
0.66 |
-- |
-- |
|
*Net profit
margin (%) |
-13.63 |
0.17 |
0.03 |
-0.03 |
|
*Return on
total assets (%) |
-9.87 |
1.04 |
-- |
-- |
|
*Inventory /
Revenue ×365 |
471 days |
-- |
-- |
-- |
|
*Accounts
receivable/ Revenue ×365 |
-- |
-- |
-- |
-- |
|
*
Revenue/Total assets |
0.72 |
6.14 |
-- |
-- |
|
* Cost of
sales / Revenue |
0.94 |
-- |
1.00 |
1.00 |
FINANCIAL COMMENTS
PROFITABILITY:
FAIR
l
The revenue of SC appears
average in its line in 2009 & 2010 & 2011.
l
SC’s net profit margin is poor in 2008, average in
2009 & 2010, fair in 2011.
l
SC’s return on total assets is fair in 2008,
average in 2009.
l
SC’s cost of sales is high, comparing with its revenue in 2010 & 2011.
LIQUIDITY:
FAIR
l
The current ratio of SC is maintained in a normal
level in 2008.
l
SC’s quick ratio is maintained in a poor level in
2008.
LEVERAGE:
FAIR
l
The debt ratio of SC is average in 2008 & 2009.
l
The risk for SC to go bankrupt is above average.
Overall financial
condition of the SC: Fair.
CONCLUSIONS
SC is considered small-sized in its line with
fair financial conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.19 |
|
UK Pound |
1 |
Rs.87.65 |
|
Euro |
1 |
Rs.69.16 |
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 |
|
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 |
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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 |
|
---- |
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.