MIRA INFORM REPORT
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Report Date : |
12.01.2012 |
IDENTIFICATION DETAILS
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Name : |
JOSCO INTERNATIONAL CO., LTD. |
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Registered Office : |
Room 1807,
B-Building, Huijin Plaza, No. 198 Zhongshan Road, Wuxi City, Jiangsu Province 214001 |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
28.04.2007 |
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Com. Reg. No.: |
320200000122789 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
importing and exporting business |
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No. of Employees
: |
9 |
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 100,000 |
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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
JOSCO INTERNATIONAL CO., LTD.
ROOM 1807,
B-BUILDING, HUIJIN PLAZA, NO. 198 ZHONGSHAN ROAD
WUXI CITY, JIANGSU
PROVINCE 214001 PR CHINA
TEL: 86 (0)
510-82709085
FAX: 86 (0)
510-82714625
EXECUTIVE SUMMARY
Date of Registration : APRIL 28, 2007
REGISTRATION NO. : 320200000122789
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL :
CNY 20,000,000
staff : 9
BUSINESS CATEGORY :
TRADING
Revenue : CNY 64,760,000 (AS OF
DEC. 31, 2010)
EQUITIES : CNY 20,190,000 (AS OF DEC. 31, 2010)
WEBSITE : www.joscowx.cn
E-MAIL :
gabby@joscowx.cn
PAYMENT : AVERAGE
Recommended Credit Limit : UP TO USD
100,000 (PERIODICAL REVIEW)
MARKET CONDITION : average
FINANCIAL CONDITION :
FAIRly stable
OPERATIONAL TREND :
fairly STEADY
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.: 320200000122789 on
April 28, 2007.
SC’s Organization Code Certificate
No.: 66084563-1
SC’s registered capital: CNY 20,000,000
SC’s paid-in capital: CNY 20,000,000
Registration Change Record:
|
Date |
Change
of Contents |
Before the change |
After the change |
|
2011 |
Registered capital |
CNY 5,000,000 |
CNY 20,000,000 |
|
Shareholder (s) (% of Shareholding) |
He Yong 90% Luo Xuedong 10% |
He Yong 50% Huang Chunhua 47.5% Luo Xuedong 2.5% |
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
He Yong |
50.0 |
|
Huang Chunhua |
47.5 |
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Luo Xuedong |
2.5 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative,
Chairman, and General Manager |
He
Yong |
|
Supervisor |
Luo
Xuedong |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
He Yong 50.0
Huang Chunhua 47.5
Luo Xuedong 2.5
MANAGEMENT
He
Yong, Legal Representative, Chairman and General
Manager
--------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 41
Ø
ID# 320525197111302556
Ø
Qualification:
University
Ø
Working
experience (s):
From 2007 to present, working in SC as legal representative, chairman and general manager
Luo
Xuedong, Supervisor
--------------------------------------------
Ø
Gender: M
Ø
Age: 45
Ø
ID# 32052519671201503X
Ø
Qualification:
University
BUSINESS OPERATION
SC’s registered business scope includes importing and exporting commodities and technologies (excluding
export
commodities limited
or prohibited by the state).
SC is
mainly engaged in importing and exporting business.
SC’s
products mainly include: perfume and cosmetic glass bottles.
SC sources its materials 100% from domestic
market, mainly Jiangsu. SC sells 100% of its products to overseas market,
mainly USA.
The
buying terms of SC include T/T and Credit of 30-60 days. The payment terms of
SC include L/C and Credit of 30-60 days.
*Major Customer:
=============
Bolten Ltda (USA)
Staff & Office:
--------------------------
SC is
known to have approx. 9 staff at present.
SC rents an area
as its operating office of approx. 90 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, 2009 |
As
of Dec. 31, 2010 |
|
1,870 |
1,160 |
|
|
Accounts
receivable |
9,700 |
18,460 |
|
Advances to
suppliers |
0 |
0 |
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Other receivable |
30 |
450 |
|
Inventory |
2,220 |
2,650 |
|
Prepaid expenses |
50 |
0 |
|
Other current
assets |
1,390 |
2,220 |
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------------------ |
------------------ |
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Current assets |
15,260 |
24,940 |
|
Fixed assets |
1,160 |
950 |
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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 |
9,960 |
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------------------ |
------------------ |
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Total assets |
16,420 |
35,850 |
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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 |
6,540 |
16,830 |
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Taxes payable |
-240 |
0 |
|
Advances from
clients |
4,680 |
4,180 |
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Other payable |
350 |
-5,000 |
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Other current
liabilities |
20 |
-350 |
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------------------ |
------------------ |
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Current
liabilities |
11,350 |
15,660 |
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Non-current
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total
liabilities |
11,350 |
15,660 |
|
Equities |
5,070 |
20,190 |
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------------------ |
------------------ |
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Total
liabilities & equities |
16,420 |
35,850 |
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============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2009 |
As of Dec. 31,
2010 |
|
Revenue |
66,250 |
64,760 |
|
Cost of sales |
61,890 |
60,400 |
|
Sales expense |
3,000 |
2,440 |
|
Management expense |
1,150 |
1,670 |
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Finance expense |
0 |
160 |
|
Profit before
tax |
140 |
160 |
|
Less: profit tax |
50 |
30 |
|
90 |
130 |
Important Ratios
=============
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
*Current ratio |
1.34 |
1.59 |
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*Quick ratio |
1.15 |
1.42 |
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*Liabilities
to assets |
0.69 |
0.44 |
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*Net profit
margin (%) |
0.14 |
0.20 |
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*Return on
total assets (%) |
0.55 |
0.36 |
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*Inventory /
Revenue ×365 |
13 days |
15 days |
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*Accounts receivable/
Revenue ×365 |
54 days |
105 days |
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*
Revenue/Total assets |
4.03 |
1.81 |
|
* Cost of
sales / Revenue |
0.93 |
0.93 |
FINANCIAL
COMMENTS
PROFITABILITY:
AVERAGE
l
The revenue of SC appears
average in its line.
l
SC’s net profit margin is average in both years.
l
SC’s return on total assets is average in both
years.
l
SC’s cost of goods sold is high, comparing with its revenue.
LIQUIDITY:
AVERAGE
l
The current ratio of SC is maintained in a normal
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
The accounts receivable of SC appears large in
2010.
l
SC has no short-term loan 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.
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. The large amount of accounts
receivable may be a threat to SC’s financial condition. A credit line up to USD
100,000 is recommended upon a periodical review basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.75 |
|
UK Pound |
1 |
Rs.80.01 |
|
Euro |
1 |
Rs.65.99 |
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 |
|
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.