MIRA
INFORM REPORT
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Report Date : |
13.07.2012 |
IDENTIFICATION DETAILS
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Name : |
FREUDENBERG SPUNWEB ( |
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Registered Office : |
Room 1212-1215, 12/F, Building B, Far East International Plaza, No. 317, Xianxia Road, Changning District, Shanghai, 200051 Pr |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
17.03.2008 |
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Com. Reg. No.: |
310000400565898 |
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Legal Form : |
Wholly Foreign-Owned |
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Line of Business : |
Selling
Non-Woven Fabrics |
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No. of Employees : |
07 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 100,000 |
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Status : |
Satisfactory |
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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 – March 31st, 2012
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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 & address
FREUDENBERG
SPUNWEB (
ROOM 1212-1215, 12/F, BUILDING B, FAR
NO. 317,
TEL: 86
(0) 21-62351969 FAX: 86 (0) 21-62350378
EXECUTIVE SUMMARY
INCORPORATION DATE : MARCH 17, 2008
REGISTRATION NO. : 310000400565898
REGISTERED LEGAL FORM : WHOLLY FOREIGN-OWNED
CHIEF EXECUTIVE :
MR. LIN GUOMING (CHAIRMAN)
STAFF STRENGTH :
7
REGISTERED CAPITAL : USD 200,000
BUSINESS LINE :
TRADING
TURNOVER :
CNY 41,860,000 (AS OF DEC. 31,
2011)
EQUITIES :
CNY 10,270,000 (AS OF DEC. 31, 2011)
PAYMENT :
AVERAGE
RECOMM.
MARKET CONDITION :
AVERAGE
FINANCIAL CONDITION :
STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 6.3786 = USD 1
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY -
%20TRADING%20CO%20,%20LTD%20%20-%20186756%2013-Jul-2012_files/image013.gif){kind=small}
SC was registered as a wholly foreign-owned enterprise at local Administration for Industry
& Commerce (AIC - The official body of issuing and renewing business
license) on March 17, 2008.
Company Status:
Wholly foreign-owned enterprise This form of business in PR
China is defined as a legal person. It is a limited co. established within the
territories of PR China with capital provided totally by the foreign
investors. More than one foreign investor may jointly invest in a wholly
foreign-owned enterprise. The investing party/parties solely exercise
management, reap profit and bear risks and liabilities by themselves. This
form of companies usually have a limited duration is extendible upon
approval of Examination and Approval Authorities.
SC’s registered business scope includes wholesaling non-woven fabrics,
textiles and their raw materials (excluding cotton), importing and exporting
the above products, commission agency (excluding auction), and provision of
related services; non-woven fabrics and textiles technology development,
transfer and consulting (if the trade of the goods is governed by the quota or
special rule, relevant regulations shall be followed, with permit if needed)
SC is mainly
engaged in selling non-woven fabrics.
Mr. Lin Guoming is
legal representative and chairman of SC at present.
SC is known to have approx. 7 employees at present.
SC is currently operating at the above stated address, and this address
houses its operating office in the commercial zone of Shanghai. Our checks
reveal that SC rents the total premise, but the gross area of the premise is
unspecific.
%20TRADING%20CO%20,%20LTD%20%20-%20186756%2013-Jul-2012_files/image014.gif){kind=small}
SC is not known to host website of its own at present.
%20TRADING%20CO%20,%20LTD%20%20-%20186756%2013-Jul-2012_files/image015.gif){kind=small}
No significant changes were found during our checks with the
local Administration for Industry and Commerce.
%20TRADING%20CO%20,%20LTD%20%20-%20186756%2013-Jul-2012_files/image016.gif){kind=small}
MAIN SHAREHOLDERS:
Name %
of Shareholding
Freudenberg Far Eastern Spunweb Co., Ltd. (
%20TRADING%20CO%20,%20LTD%20%20-%20186756%2013-Jul-2012_files/image017.gif){kind=small}
Legal
representative and Chairman:
Mr. Lin Guoming is currently responsible for the overall management of SC.
Working
Experience(s):
At present Working in SC as legal representative and chairman
General Manager:
Mr. Liu Rongbiao is currently responsible for the daily management of SC.
Working
Experience(s):
At present Working in SC as general manager
%20TRADING%20CO%20,%20LTD%20%20-%20186756%2013-Jul-2012_files/image018.gif){kind=small}
SC is mainly
engaged in selling non-woven fabrics.
SC’s products mainly include:
non-woven fabrics.
SC sources its materials 100% from domestic market. SC sells 40% of its
products in domestic market, and 60% to overseas market.
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.
Note:
SC refused to release its major clients and suppliers.
%20TRADING%20CO%20,%20LTD%20%20-%20186756%2013-Jul-2012_files/image019.gif){kind=small}
According to the website: http://www.freudenberg.com
·
Freudenberg Management (
Freudenberg
& Vilene Nonwovens (
Etc.
%20TRADING%20CO%20,%20LTD%20%20-%20186756%2013-Jul-2012_files/image020.gif){kind=small}
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
%20TRADING%20CO%20,%20LTD%20%20-%20186756%2013-Jul-2012_files/image021.gif){kind=small}
Industrial and Commercial
Bank of
AC# 1001242709300375636
Relationship:
%20TRADING%20CO%20,%20LTD%20%20-%20186756%2013-Jul-2012_files/image022.gif){kind=small}
Financial
Information
Unit: CNY’000
Note: SC’s
detailed financial reports for Yr2010 and Yr2011 were not found in local AIC.
Important Ratios
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as
of Dec. 31, 2010 |
as
of Dec. 31, 2011 |
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*Liabilities
to assets |
0.46 |
0.31 |
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*Net profit
margin (%) |
14.99 |
19.92 |
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*Return on
total assets (%) |
45.82 |
56.31 |
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*Turnover/Total
assets |
3.06 |
2.83 |
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* Cost of
goods sold/Turnover |
0.62 |
0.59 |
%20TRADING%20CO%20,%20LTD%20%20-%20186756%2013-Jul-2012_files/image023.gif){kind=small}
PROFITABILITY:
FAIRLY GOOD
l
The turnover of SC appears average in its line, and
it increased in 2011.
l
SC’s net profit margin is good in both years.
l
SC’s return on total assets is good in both years.
l
SC’s cost of goods sold is average in both years,
comparing with its turnover.
l
SC’s turnover is in a fairly good level, comparing
with the size of its total assets.
LEVERAGE: AVERAGE
l
The debt ratio of SC is low.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Stable.
%20TRADING%20CO%20,%20LTD%20%20-%20186756%2013-Jul-2012_files/image024.gif){kind=small}
SC is considered small-sized in its line with stable financial
conditions. The given credit amount would appear to be beyond SC’s
capacities, while a credit line up to USD 100,000 is recommended.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.55.70 |
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1 |
Rs.86.28 |
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Euro |
1 |
Rs.68.15 |
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 |
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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 |
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<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.