MIRA INFORM REPORT
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Report Date : |
01.02.2012 |
IDENTIFICATION DETAILS
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Name : |
PRIWELL CO., LTD. |
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Registered Office : |
2/F
Building 12, Shuizhanan Industrial
Zone, Dongxi Road, Xilang, Fangcun District, Guangzhou, Guangdong
Province510385 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
20.05.2003 |
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Com. Reg. No.: |
440103000028433 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
International Trade |
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No. of Employees
: |
20 |
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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Maximum Credit Limit : |
USD 60,000 |
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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 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
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
priwell co., ltd.
2/F
BUILDING 12, SHUIZHANAN INDUSTRIAL ZONE, DONGXI ROAD
XILANG,
FANGCUN DISTRICT, GUANGZHOU
guangdong
province510385 PR CHINA
TEL:
86 (0) 20-81622880
FAX:
86 (0) 20-81622887
EXECUTIVE SUMMARY
Date of Registration : MAY 20, 2003
REGISTRATION NO. : 440103000028433
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL :
CNY 5,000,000
staff : 20
BUSINESS CATEGORY :
TRADING
Revenue : CNY 50,751,000 (AS OF DEC. 31, 2010)
EQUITIES : CNY 9,655,000 (AS OF DEC. 31, 2010)
WEBSITE : N/A
E-MAIL :
N/A
PAYMENT : AVERAGE
Recommended Credit Limit: UP TO USD
60,000
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION :
FAIRly stable
OPERATIONAL TREND :
ORDINARY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.32 = 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 with State Administration
of Industry & Commerce (SAIC) under registration No.: 440103000028433 on May 20, 2003.
SC’s Organization Code Certificate No.:
74992257-6
SC’s registered capital: CNY 5,000,000
SC’s paid-in capital: CNY 5,000,000
Registration Change Record:
|
Date |
Change
of Contents |
Before
the change |
After
the change |
|
2006-05 |
Registered
Capital |
CNY 500,000 |
CNY 5,000,000 |
|
Shareholder
(s) (% of Shareholding) |
Mei Libin 90% Luo Xianbin 10% |
Mei Libin 69% Chen Yaochang 30% Luo
Xianbin 1% |
|
|
-- |
Registration No. |
4401032006024 |
440103000028433 |
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Mei Libin |
69 |
|
Chen Yaochang |
30 |
|
Luo Xianbin |
1 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative,
Chairman, and General Manager |
Mei Libin |
|
Director/Supervisor |
Chen Yaochang |
|
Luo Xianbin |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Mei Libin 69
Chen Yaochang 30
Luo Xianbin 1
MANAGEMENT
Mei
Libin, Legal Representative,
Chairman and General Manager
---------------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as legal representative, chairman and general manager
Director/Supervisor
--------------------------
Chen Yaochang
(Working in Priwell Co., Ltd. 1st Branch and Priwell Co., Ltd. 2nd Branch as principal)
Luo Xianbin
BUSINESS OPERATION
SC’s
registered business scope includes wholesale and retail trade; importing and
exporting commodities and technology; wholesaling pre-packaged food; processing
printing & dyeing additives and textiles; manufacturing and processing
garment.
SC is mainly engaged in
international trade.
SC’s products mainly include: printing &
dyeing additives.
SC sources its
materials 100% from domestic market, mainly Guangdong. SC sells 100% to
overseas market, mainly American and European countries.
The buying terms of SC include Check, T/T and Credit of
30-60 days. The payment terms of SC include Check, T/T, L/C and Credit of 30-60
days.
*Major Supplier:
============
Guangzhou Zhujiang Printing and Dyeing
Chemical Co., Ltd.
Staff & Office:
--------------------------
SC is
known to have approx. 20
staff at present.
SC rents an area
as its operating office of approx. 200 sq. meters at the heading address.
RELATED COMPANY
Priwell Co., Ltd. 1st Branch
Registration No.: 4401032009723
Date of Registration: July 29, 2008
Legal Form: Branch
Principal: Chen Yaochang
Priwell Co., Ltd. 2nd Branch
Registration No.: 440103000122177
Date of Registration: January 16, 2012
Legal Form: Branch
Principal: Chen Yaochang
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 China
Fangcun Sub-branch
AC#:
840058807908093001
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
2,388 |
1,070 |
|
|
Accounts
receivable |
8,683 |
7,409 |
|
Advances to
suppliers |
67 |
218 |
|
Other receivable |
543 |
106 |
|
Inventory |
1,863 |
4,120 |
|
Prepaid expenses |
390 |
455 |
|
Non-current
assets within one year |
0 |
0 |
|
Other current
assets |
137 |
136 |
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------------------ |
------------------ |
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Current assets |
14,071 |
13,514 |
|
Fixed assets |
3,732 |
3,375 |
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Construction in
progress |
85 |
8,785 |
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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 |
17,888 |
25,674 |
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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 |
8,714 |
12,854 |
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Wages payable |
5 |
0 |
|
Taxes payable |
-43 |
314 |
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Advances from
clients |
0 |
0 |
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Other payable |
918 |
2,851 |
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Other current
liabilities |
0 |
0 |
|
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------------------ |
------------------ |
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Current liabilities |
9,594 |
16,019 |
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Non-current
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total
liabilities |
9,594 |
16,019 |
|
Equities |
8,294 |
9,655 |
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------------------ |
------------------ |
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Total
liabilities & equities |
17,888 |
25,674 |
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============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2010 |
|
Revenue |
50,751 |
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Cost of sales |
37,248 |
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Sales expense |
1,702 |
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Management expense |
9,787 |
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Finance expense |
-148 |
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Non-business
income |
61 |
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Non-business expense |
100 |
|
Profit before
tax |
1,915 |
|
Less: profit tax |
466 |
|
1,449 |
Important Ratios
=============
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
*Current ratio |
1.47 |
0.84 |
|
*Quick ratio |
1.27 |
0.59 |
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*Liabilities
to assets |
0.54 |
0.62 |
|
*Net profit
margin (%) |
-- |
2.86 |
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*Return on
total assets (%) |
-- |
5.64 |
|
*Inventory /
Revenue ×365 |
-- |
30 days |
|
*Accounts receivable/
Revenue ×365 |
-- |
54 days |
|
*
Revenue/Total assets |
-- |
1.98 |
|
* Cost of
sales / Revenue |
-- |
0.73 |
FINANCIAL
COMMENTS
PROFITABILITY:
AVERAGE
l
The revenue of SC appears
fairly good in its line in 2010.
l
SC’s net profit margin is average in 2010.
l
SC’s return on total assets is fairly good in 2010.
l
SC’s cost of goods sold is average, comparing with
its revenue.
LIQUIDITY:
FAIR
l
The current ratio of SC is maintained in a normal
level in 2009, and appears fair in 2010.
l
SC’s quick ratio is maintained in a normal level in
2009, and appears fair in 2010.
l
The inventory of SC is maintained in an average
level.
l
The accounts receivable of SC appears large in both
years.
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 average in both years.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly Stable.
CONCLUSIONS
SC is considered small-sized in its line with
fairly stable financial conditions. A credit
line at the above amount appears beyond SC’s capacities, while a credit line up
to USD 60,000 is recommended.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.68 |
|
UK Pound |
1 |
Rs.78.17 |
|
Euro |
1 |
Rs.65.52 |
RATING EXPLANATIONS
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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 |
|
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 |
|
---- |
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.