MIRA
INFORM REPORT
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Report Date : |
14.02.2012 |
IDENTIFICATION DETAILS
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Name : |
NANTONG JIAQICHENG TRADING CO., LTD. |
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Registered Office : |
Room 0510, Building 1, Taiyangxincheng, Nantong Jiangsu
Province 226000 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
24.09.2003 |
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Com. Reg. No.: |
320600000069835 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Selling Leather Products |
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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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Maximum Credit Limit : |
USD 5,000 |
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Status : |
Small Company |
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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
NANTONG JIAQICHENG TRADING CO., LTD.
ROOM 0510, BUILDING 1, TAIYANGXINCHENG, NANTONG
JIANGSU PROVINCE 226000 PR CHINA
TEL: 86 (0) 513-89010258
FAX: 86 (0) 513-81053299
EXECUTIVE SUMMARY
Date of Registration : september 24, 2003
REGISTRATION NO. : 320600000069835
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL : cny 500,000
staff :
3
BUSINESS CATEGORY : trading
Revenue :
CNY 5,159,000 (AS OF DEC. 31, 2011)
EQUITIES :
CNY 740,000 (AS OF DEC. 31, 2011)
WEBSITE : N/A
E-MAIL :
N/A
PAYMENT :
AVERAGE
Recommended Credit Limit: UP TO USD 5,000
MARKET CONDITION : average
FINANCIAL CONDITION : FAIRly
stable
OPERATIONAL TREND : ordinary
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.29 = 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.: 320600000069835 on September 24, 2003.
SC’s Organization Code Certificate No.:
75392909-2
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 |
|
Chen Qijun |
85 |
|
Chen Shiyou |
15 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman, and
General Manager |
Chen Qijun |
|
Supervisor |
Chen Hui |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Chen Qijun 85
Chen Shiyou 15
MANAGEMENT
Chen Qijun , Legal
Representative, Chairman and General Manager
----------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 36
Ø
ID# 320622197609128299
Ø
Qualification:
University
Ø
Working
experience (s):
From 2003
to present, working in SC as legal representative, chairman and general manager
Chen Hui ,
Supervisor
-------------------------------------
Ø
Gender: M
Ø
Age: 37
Ø
ID# 320926197504280421
BUSINESS OPERATION
SC’s registered business scope includes selling
leather products, clothing and accessories, needle textiles, bedding,
mechanical equipment and products, metal materials, electronic products, office
supplies, building and decorating materials, daily necessities, lubricating
oil; operating
and acting as an agent of importing and exporting various kinds of commodities
and technology, excluding the goods forbidden by the government.
SC is mainly
engaged in selling leather products.
SC’s products
mainly include: PU, PVC
SC sources its materials 100% from domestic
market, mainly Jiangsu. SC sells 20% of its products in domestic market, and
80% 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. 3 staff at
present.
SC rents an area
as its operating office of approx. 60 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
The bank
information of SC is not filed in SAIC.
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
|
1,240 |
1,190 |
|
|
Accounts
receivable |
240 |
140 |
|
Advances to
suppliers |
0 |
0 |
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Other receivable |
0 |
60 |
|
Inventory |
49 |
150 |
|
Non-current
assets within one year |
0 |
0 |
|
Other current
assets |
11 |
10 |
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|
------------------ |
------------------ |
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Current assets |
1,540 |
1,550 |
|
Fixed assets |
50 |
280 |
|
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 |
1,590 |
1,830 |
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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 |
930 |
1,070 |
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Wages payable |
0 |
0 |
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Advances from
clients |
0 |
0 |
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Other payable |
8 |
9 |
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Other current
liabilities |
15 |
11 |
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------------------ |
------------------ |
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Current
liabilities |
953 |
1,090 |
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Non-current
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total
liabilities |
953 |
1,090 |
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Equities |
637 |
740 |
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------------------ |
------------------ |
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Total
liabilities & equities |
1,590 |
1,830 |
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|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2011 |
|
Revenue |
5,159 |
|
Cost of sales |
4,540 |
|
Sales expense |
260 |
|
Management expense |
226 |
|
Finance expense |
0 |
|
Profit before
tax |
120 |
|
Less: profit tax |
21 |
|
99 |
Important Ratios
=============
|
|
As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
|
*Current ratio |
1.62 |
1.42 |
|
*Quick ratio |
1.56 |
1.28 |
|
*Liabilities
to assets |
0.60 |
0.60 |
|
*Net profit
margin (%) |
-- |
1.92 |
|
*Return on
total assets (%) |
-- |
5.41 |
|
*Inventory /
Revenue ×365 |
-- |
11 days |
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*Accounts
receivable/ Revenue ×365 |
-- |
10 days |
|
*
Revenue/Total assets |
-- |
2.82 |
|
* Cost of
sales / Revenue |
-- |
0.88 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
l
The revenue of SC appears average in its line in
2011.
l
SC’s net profit margin is average in 2011.
l
SC’s return on total assets is fairly good in 2011.
l
SC’s cost of goods sold is average, comparing with
its revenue.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a normal
level in both years.
l
SC’s quick ratio is maintained in a fairly good level
in both years.
l
The inventory of SC is maintained in an average
level.
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 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 up to USD 5,000
would appear to be within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.32 |
|
|
1 |
Rs.77.84 |
|
Euro |
1 |
Rs.65.35 |
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 |
|
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 |
-- |
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.