MIRA
INFORM REPORT
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Report Date : |
09.02.2012 |
IDENTIFICATION DETAILS
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Name : |
BEIHAI XINHONG FISHMEAL EQUIPMENT CO., LTD. |
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Registered Office : |
Hepu Industrial Zone, Beihai, Guangxi 536005 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
04.06.2007 |
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Com. Reg. No.: |
450521200002297 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Manufacturing wet fish meal processing complete sets of equipment, aquatic products processing equipment, feed processing equipment; manufacturing metal structure, exporting its owned products. |
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No. of Employees : |
50 |
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 1,000 |
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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 30, 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 and address
BEIHAI XINHONG FISHMEAL EQUIPMENT CO., LTD.
HEPU INDUSTRIAL ZONE, BEIHAI, GUANGXI 536005 PR CHINA
TEL: 86 (0) 779-7103842
FAX: 86 (0) 779-7103846
EXECUTIVE SUMMARY
Date of Registration : june 4, 2007
REGISTRATION NO. : 450521200002297
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL : cny 1,000,000
staff :
50
BUSINESS CATEGORY : manufacturing
Revenue :
CNY 9,850,000 (AS OF DEC. 31, 2011)
EQUITIES :
CNY 690,000 (AS OF DEC. 31, 2011)
WEBSITE : www.xhyfsb.com
E-MAIL :
bh-xinhong@163.com
PAYMENT :
AVERAGE
Recommended Credit Limi : UP TO USD 1,000 (PERIODICAL REVIEW)
MARKET CONDITION : fair
FINANCIAL CONDITION : FAIR
OPERATIONAL TREND : STAGNANT
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.31 = 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.: 450521200002297 on June 4, 2007.
SC’s Organization Code Certificate No.:
66212357-9
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 |
|
He Xinguo |
90.2 |
|
Ye Xinglong |
9.8 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman, and
General Manager |
He Xinguo |
|
Supervisor |
Ye Xinglong |
RECENT DEVELOPMENT
According to SC’s accountant, it is expected to change its shareholders
soon.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
He Xinguo 90.2
Ye Xinglong 9.8
MANAGEMENT
He Xinguo , Legal
Representative, Chairman and General Manager
--------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Qualification:
University
Ø
Mobile:
86 (0) 13977916582
Ø
Working
experience (s):
From 2007 to present, working in SC as legal representative,
chairman and general manager
Ye Xinglong,
Supervisor
--------------------------------------------
Ø
Gender: M
Ø
Qualification:
University
BUSINESS OPERATION
SC’s registered business scope includes manufacturing wet
fish meal processing complete sets of equipment, aquatic products processing
equipment, feed processing equipment; manufacturing metal structure, exporting
its owned products.
SC is mainly
engaged in manufacturing and selling aquatic products processing equipment and
feed processing equipment.
Brand: XINHONG
SC’s products
mainly include:
Fish
Meal Production Equipment
Oil
Refining Equipment
Concentrating
Equipment
Deodorizing
Equipment
SC sources its materials 100% from domestic
market. SC sells 40% of its products in domestic market, and 60% to overseas
market, mainly Southeast Asia, and Middle East.
The buying terms
of SC include 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. 50 staff at
present.
SC rents an area
as its operating office & factory of approx. 25,000 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:
Guangxi
Beibu Gulf Bank Beihai Branch
AC#:
800053869500018
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
|
10 |
1,420 |
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Accounts
receivable |
4,310 |
1,580 |
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Advances to
suppliers |
0 |
0 |
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Other receivable |
0 |
420 |
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Inventory |
2,140 |
8,470 |
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Non-current
assets within one year |
0 |
0 |
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Other current
assets |
1,210 |
640 |
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------------------ |
------------------ |
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Current assets |
7,670 |
12,530 |
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Fixed assets |
2,710 |
2,870 |
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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 |
20 |
0 |
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------------------ |
------------------ |
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Total assets |
10,400 |
15,400 |
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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 |
1,210 |
2,970 |
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Wages payable |
0 |
0 |
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Advances from
clients |
0 |
0 |
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Other payable |
1,280 |
490 |
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Other current
liabilities |
1,410 |
250 |
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------------------ |
------------------ |
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Current
liabilities |
3,900 |
3,710 |
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Non-current
liabilities |
5,800 |
11,000 |
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------------------ |
------------------ |
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Total
liabilities |
9,700 |
14,710 |
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Equities |
700 |
690 |
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------------------ |
------------------ |
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Total
liabilities & equities |
10,400 |
15,400 |
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============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2011 |
|
Revenue |
9,850 |
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Cost of sales |
8,060 |
|
Sales expense |
500 |
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Management expense |
660 |
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Finance expense |
640 |
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Profit before
tax |
-14 |
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Less: profit tax |
0 |
|
-14 |
Important Ratios
=============
|
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As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
|
*Current ratio |
1.97 |
3.38 |
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*Quick ratio |
1.42 |
1.09 |
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*Liabilities
to assets |
0.93 |
0.96 |
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*Net profit
margin (%) |
|
-0.14 |
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*Return on
total assets (%) |
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-0.09 |
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*Inventory /
Revenue ×365 |
|
314 days |
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*Accounts
receivable/ Revenue ×365 |
|
59 days |
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* Revenue/Total
assets |
|
0.64 |
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* Cost of
sales / Revenue |
|
0.82 |
FINANCIAL COMMENTS
PROFITABILITY:
FAIR
l
The revenue of SC appears average in its line in
2011.
l
SC’s net profit margin is fair in 2011.
l
SC’s return on total assets is fair in 2011.
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 in both years.
l
SC’s quick ratio is maintained in a fairly good level
in both years.
l
The inventory of SC appears large.
l
The accounts receivable of SC is maintained in an
average level.
l
SC has no short-term loans in both years.
l
SC’s revenue is in a fair level, comparing with the
size of its total assets.
LEVERAGE: FAIR
l
The debt ratio of SC is high in both years.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fair.
CONCLUSIONS
SC is considered small-sized in its line with fair financial conditions.
The large amount of inventory may be a threat to SC’s financial condition. A
credit line up to USD 1,000 is recommended upon a periodical review basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.07 |
|
|
1 |
Rs.78.09 |
|
Euro |
1 |
Rs.65.15 |
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 |
|
<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.