MIRA
INFORM REPORT
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Report Date : |
11.07.2012 |
IDENTIFICATION DETAILS
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Name : |
FOSHAN YI LONG ECONOMIC & TRADE CO., LTD. |
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Registered Office : |
3-4/F, No. 28, Office Building Of Former Haixing Factory, Haikou
Avenue, Zhangcha Street, Chancheng District, Foshan City, Guangdong Province,
528000 Pr |
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Country : |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
13.01.2006 |
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Com. Reg. No.: |
440602000000971 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Selling ceramic & chemical materials |
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No. of Employees : |
18 |
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 |
Status : |
Small Company |
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Payment Behaviour : |
Usually Correct |
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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) |
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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
FOSHAN
YI LONG ECONOMIC & TRADE CO., LTD.
3-4/F, NO. 28, OFFICE BUILDING OF FORMER HAIXING
FACTORY, HAIKOU AVENUE, ZHANGCHA STREET, CHANCHENG DISTRICT, FOSHAN CITY,
TEL: 86 (0)757-83872738 FAX: 86 (0)757-83872700
EXECUTIVE SUMMARY
INCORPORATION DATE :
JAN. 13, 2006
REGISTRATION NO. :
440602000000971
REGISTERED LEGAL FORM : LIMITED LIABILITIES COMPANY
STAFF STRENGTH : 18
REGISTERED CAPITAL : CNY 1,000,000
BUSINESS LINE :
TRADING
TURNOVER :
CNY 50,378,000 (AS OF DEC. 31, 2009)
EQUITIES :
CNY 1,167,000 (AS OF DEC. 31, 2009)
PAYMENT :
AVERAGE
MARKET CONDITION :
AVERAGE
FINANCIAL CONDITION :
FAIRLY STABLE
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE : CNY 6.53 = USD 1
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY –
SC was registered as a limited liabilities company at local Administration for Industry
& Commerce (AIC-The official body of issuing and renewing business license)
on Jan. 13, 2006.
Company Status: Limited Liabilities Co. This form of business in PR
China is defined as a legal person. No more than fifty shareholders
contribute its registered capital jointly. Shareholders bear limited
liability to the extent of shareholding, and the co. is liable for its
debts only to extent of its total assets. The characteristics of this form
of co. are as follows: Upon the establishment of the
co., an investment certificate is issued to the each of shareholders. The board of directors is
comprised of three to thirteen members. The minimum registered capital
for a co. is CNY 30,000. Shareholders may take their
capital contributions in cash or by means of tangible assets or intangible
assets such as industrial property and non-patented technology. Cash contributed by all
shareholders must account for at least 30% of the registered capital. Existing shareholders have
pre-exemption right to purchase shares of the co. offered for sale by the
other shareholders and to subscribe for the newly increased registered
capital of the co.
SC’s registered business scope includes selling machinery & components, hardware, steel products, metal materials, rubber & plastic products, ceramic products, building materials, furniture, sanitary ware, insulation materials, textiles, groceries, electric appliances & components, ceramic & chemical materials (excluding hazardous chemicals ), diamond products, grinding aid and materials; importing and exporting commodities & technology (excluding the projects prohibited by laws and administrative regulations, the projects restricted by laws, administrative laws and regulations have to obtain permits before operating )
SC is mainly engaged in selling ceramic & chemical materials.
Mr. Huang Guoqiang has been legal representative and chairman of SC since 2006.
SC is known to have approx. 18 employees at present.
SC is currently operating at the above stated address, and this address houses its operating office in Foshan. SC’s accountant refused to release the gross area of the premise.
SC is not known to
host website of its own at present.
Changes
of its registered information:
|
Date of change |
Item |
Before the
change |
After the change |
|
|
Registration No. |
4406042202005 |
Present one |
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|
Registered capital |
CNY 520,000 |
Present amount |
|
2010-5 |
Company name |
Foshan Kexinda Yilong Economic & Trade
Co., Ltd. |
Present one |
MAIN SHAREHOLDERS:
Name
% of
shareholdings
Wu Huifen 8
ID# 440602197511082167
He Yongbiao 5
ID#
440001601022341
Li Xianggang 18
ID# 440601196101243414
Chen Shuling 2
ID# 440601195807293427
Huo Rongbiao 2
ID# 440601194702103434
Su Jianling 4
ID# 440602197404030927
Li Rushen 5
ID# 440601195703260612
Huang Guoquan 10
ID# 440601196204173439
Huang Guoqiang 26
ID# 440601195707283416
Luo Xiaomu 20
ID# 522525680810821
l
Chairman, Legal Representative & General
Manager:
Mr.
Working Experience(s):
From 2006 to present
Working in SC as chairman, legal representative & general manager.
Directors:
========
Li Xianggang
ID# 440601196101243414
Luo Xiaomu
ID# 522525680810821
Supervisor:
========
Huang Guoquan
ID# 440601196204173439
SC is mainly engaged in selling ceramic & chemical materials.
SC’s
products mainly include: ceramic tiles, porcelain tiles, modulation pigment,
etc.
SC sources its
materials 80% from domestic market, and 20% from overseas market, mainly
European and Southeast Asian countries; SC sells its products 60% to overseas
market, mainly
The buying terms of SC include Check, L/C, 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.
Note: SC refused to release its main
customers and suppliers.
According to http://www.kexinda.com:
Guangdong Kexinda
Technology Co., Ltd.
Deke Mechanical and Electrical Equipment Co., Ltd.
Aosibo Ceramic Technology Co., Ltd.
Ditiantai Diamond and Abrasive Tools Co., Ltd.
Etc.
Overall payment appraisal:
( ) Excellent (
) Good (X) Average (
) Fair ( ) Poor
( ) Not yet 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.
Bank of
AC#:
888655760708099001
Relationship:
Balance Sheet
Unit: CNY’000
|
|
As of Dec. 31,
2008 |
|
Cash & bank |
6,541 |
|
Short-term
investments |
0 |
|
Inventory |
0 |
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Accounts
receivable |
9,130 |
|
Advances to
suppliers |
1,736 |
|
Other accounts
receivable |
4,074 |
|
Other current
assets |
0 |
|
Prepaid expenses |
46 |
|
Subsidies
receivable |
3,085 |
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|
------------------ |
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Current assets |
24,612 |
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Fixed assets net
value |
32 |
|
Project under
construction |
0 |
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Long term
investment |
0 |
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Intangible and
other assets |
0 |
|
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------------------ |
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Total assets |
24,644 |
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|
============= |
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Short loans |
0 |
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Notes payable |
0 |
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Accounts payable |
15,302 |
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Advances from
clients |
8,013 |
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Welfare payable |
0 |
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Taxes payable |
1 |
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Surcharge payable |
0 |
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Other accounts
payable |
204 |
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Other current liabilities |
0 |
|
|
------------------ |
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Current
liabilities |
23,520 |
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Long-term
liabilities |
0 |
|
|
------------------ |
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Total
liabilities |
23,520 |
|
Equities |
1,124 |
|
|
------------------ |
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Total
liabilities & equities |
24,644 |
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|
============= |
Income Statement
Unit: CNY’000
|
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As of Dec. 31,
2008 |
|
Turnover |
92,207 |
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Cost of goods sold |
89,948 |
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Taxes and additional of main operations |
1 |
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Sales expense |
1,211 |
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Management expense |
638 |
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Finance expense |
222 |
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Investment
income |
9 |
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Non-operating
income |
17 |
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Non-operating expense |
0 |
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Profit before
tax |
213 |
|
57 |
|
|
Profits |
156 |
Financial summary
Unit: CNY’000
|
|
As
of Dec. 31, 2009 |
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Equities |
1,167 |
|
Total liabilities |
11,583 |
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|
---------- |
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Total assets |
12,750 |
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|
========= |
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Turnover |
50,378 |
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Profit before tax |
58 |
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Less: profit tax |
14 |
|
Profits |
44 |
Note: we did not find SC’s detailed financial
reports for Yr2009.
Important
Ratios
=============
|
|
As
of Dec. 31, 2008 |
As
of Dec. 31, 2009 |
|
*Current ratio |
1.05 |
/ |
|
*Quick ratio |
1.05 |
/ |
|
*Liabilities
to assets |
0.95 |
0.91 |
|
*Net profit
margin (%) |
0.17 |
0.09 |
|
*Return on
total assets (%) |
0.63 |
0.35 |
|
*Inventory
/Turnover ×365 |
0 |
/ |
|
*Accounts
receivable/Turnover ×365 |
37 days |
/ |
|
*Turnover/Total
assets |
3.74 |
3.95 |
|
* Cost of
goods sold/Turnover |
0.98 |
/ |
PROFITABILITY: AVERAGE
l
The turnover of SC appears average in 2008, but it
decreased in 2009.
l
SC’s net profit margin appears average in both
years.
l
SC’s return on total assets appears average in both
years.
l
SC’s cost of goods sold is high in 2008, comparing
with its turnover.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a normal
level in 2008.
l
SC’s quick ratio is maintained in a normal level in
2008.
l
SC has no inventory in 2008.
l
The accounts receivable of SC appears average in
2008.
l
SC has no short-loans in 2008.
l
SC’s turnover is in a fairly good 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: Fairly stable
SC is considered small-sized in its line with fairly stable financial
conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.81 |
|
UK Pound |
1 |
Rs.86.53 |
|
Euro |
1 |
Rs.68.58 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
|
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 |
|
<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.