MIRA INFORM REPORT
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Report Date : |
20.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
Ningbo
Rich Harvest Food Co., Ltd. |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
17.05.2000 |
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Com. Reg. No.: |
330200400029313 |
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Legal Form : |
Chinese-Foreign Equity Joint
Venture |
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Line of Business : |
Engaged
in processing and selling agricultural and sideline products. |
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No. of Employees : |
32 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name and address
Ningbo Rich Harvest Food Co., Ltd.
xiaocaoe
town, yuyao, zhejiang PrOVINCE 315476 PR CHINA
TEL: 86
(0) 574-62085856/13566383350
FAX: 86
(0) 574-62092288
EXECUTIVE SUMMARY
Date of Registration : may 17, 2000
REGISTRATION NO. : 330200400029313
LEGAL FORM :
Chinese-foreign equity joint venture enterprise
REGISTERED CAPITAL : cny 5,280,000
staff : 32
BUSINESS CATEGORY : processing
Revenue : CNY 25,194,000 (AS OF DEC. 31, 2011)
EQUITIES : CNY 4,346,000 (AS OF DEC. 31, 2011)
WEBSITE : www.foodhf.com
E-MAIL : hf@foodhf.com
PAYMENT : AVERAGE
MARKET CONDITION : average
FINANCIAL CONDITION : FAIRly stable
OPERATIONAL TREND : ORDINARY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.37 = 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
***Note: SC’s correct name should be
the above stated one, instead of the given name - Mingbo Rich Harvest Food Co
Ltd.
SC was
established as a Chinese-Foreign Equity
Joint Venture Enterprise of PRC with State Administration of Industry
& Commerce (SAIC) under registration No.: 330200400029313 on May 17, 2000.
SC’s Organization Code Certificate
No.: 72044572-9
SC’s Tax No.: 330281720445729
SC’s Customs registration No:
3313930324
SC’s registered capital: cny 5,280,000
SC’s paid-in capital: cny 5,280,000
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 |
|
Yuyao Yaoshi Food Products
Co., Ltd. |
11.93 |
|
Taiwan Zongwei Industry Co.,
Ltd. |
11.55 |
|
Yao Hongfei |
76.52 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative and
Chairman |
Yao
Hongfei |
|
Vice Chairman |
Zhang
Jialing |
|
General Manager |
Qian
Meiying |
|
Supervisor |
Yao
Zhiyou |
RECENT DEVELOPMENT
No recent development was found during our checks at
present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Yuyao Yaoshi Food Products Co.,
Ltd.
11.93
Taiwan Zongwei Industry Co.,
Ltd.
11.55
Yao Hongfei
76.52
Yuyao Yaoshi Food Products Co., Ltd.
----------------------------------------------------
Date of Registration: July 15,
1994
Registration No.:
330281000042722
Chief Executive: Yao Hongfei
Registered Capital: CNY
1,280,000
MANAGEMENT
Yao
Hongfei, Legal
Representative, Chairman and General Manager
-------------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 39
Ø
ID# 330219197307082530
Ø
Qualification: University
Ø
Working experience (s):
From 2000 to present, working in SC as legal
representative, chairman and general manager
Also working in Yuyao Yaoshi Food Products Co.,
Ltd. as legal representative
Zhang
Jialing, Vice Chairman
--------------------------------------------------
Ø
Gender: F
Ø
Age: 39
Ø
ID# 330219197310072544
Ø
Qualification: University
Ø
Working experience (s):
At present, working in SC as vice chairman
Qian
Meiying, General Manager
-----------------------------------------------------
Ø
Gender: F
Ø
Age: 59
Ø
ID# 330219195311092548
Ø
Qualification: University
Ø
Working experience (s):
At present, working in SC as general manager
Yao
Zhiyou, Supervisor
------------------------------------------
Ø
Gender: M
Ø
Age: 62
Ø
ID# 330219195001192535
BUSINESS OPERATION
SC’s registered business scope
includes manufacturing processing pepper and crude products, garlic
and crude products, crude mustard; soybean packaging; 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 processing and selling agricultural and sideline products.
SC’s products
mainly include: chilli products, garlic products, etc.
SC sources its materials 95% from domestic market, mainly Zhejiang, 5% from overseas market, mainly U.S.A. SC sells 12% of its products in domestic market, and 88% to overseas market, mainly Hong Kong, Taiwan, U.S.A., Singapore, France, Malaysia, Mauritius, and Indonesia.
The import & export status of SC in 2011 is as follows,
|
Country |
Amount
of Exports (USD) |
Amount of Imports (USD) |
|
Hong Kong |
128,898 |
-- |
|
Taiwan |
138,300 |
-- |
|
U.S.A. |
339,055 |
6,361 |
|
Singapore |
845,213 |
-- |
|
France |
19,607 |
-- |
|
Malaysia |
1,623,282 |
-- |
|
Mauritius |
23,800 |
-- |
|
Indonesia |
332,512 |
-- |
|
|
------------------- |
------------------- |
|
Total Amount |
3,450,667 |
6,361 |
The
buying terms of SC include Check, T/T, L/C and Credit of 30-60 days. The
payment terms of SC include T/T, L/C and Credit of 30-60 days.
*Major Customers:
==============
Mega
Produce Co.
Best
Food Service Inc.
Staff & Office:
--------------------------
SC is
known to have approx. 32
staff at present.
SC
rents an area as its operating office and factory, but the detailed information
is unknown.
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 |
|
2,421 |
360 |
|
|
Notes receivable |
0 |
0 |
|
Accounts
receivable |
5,845 |
8,571 |
|
Advances
to suppliers |
31 |
31 |
|
Other
receivable |
11,767 |
7,584 |
|
Inventory |
9,041 |
9,531 |
|
Non-current
assets within one year |
0 |
0 |
|
Other
current assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current
assets |
29,105 |
26,077 |
|
Fixed
assets |
8,019 |
7,369 |
|
Construction
in progress |
0 |
0 |
|
Intangible
assets |
459 |
447 |
|
Long-term
prepaid expenses |
0 |
0 |
|
Deferred
income tax assets |
0 |
0 |
|
Other
non-current assets |
0 |
0 |
|
|
------------------ |
------------------ |
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Total
assets |
37,583 |
33,893 |
|
|
============= |
============= |
|
Short-term
loans |
28,070 |
22,951 |
|
Notes
payable |
0 |
0 |
|
Accounts
payable |
238 |
36 |
|
Wages
payable |
57 |
62 |
|
Taxes
payable |
-114 |
-124 |
|
Advances
from clients |
576 |
361 |
|
Other
payable |
675 |
1,416 |
|
Other
current liabilities |
3 |
2,229 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
29,505 |
26,931 |
|
Non-current
liabilities |
3,743 |
2,616 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
33,248 |
29,547 |
|
Equities |
4,335 |
4,346 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
37,583 |
33,893 |
|
|
============= |
============= |
Income Statement
|
Unit:
CNY’000 |
As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
|
Revenue |
18,213 |
25,194 |
|
Cost of sales |
14,851 |
22,053 |
|
Sales expense |
940 |
981 |
|
Management expense |
1,473 |
1,457 |
|
Finance expense |
1,475 |
1,987 |
|
Subsidy
income |
445 |
1,400 |
|
Profit
before tax |
-85 |
90 |
|
Less:
profit tax |
0 |
55 |
|
-85 |
35 |
Important
Ratios
=============
|
|
As of Dec. 31, 2010 |
As of Dec. 31, 2011 |
|
*Current
ratio |
0.99 |
0.97 |
|
*Quick
ratio |
0.68 |
0.63 |
|
*Liabilities
to assets |
0.88 |
0.87 |
|
*Net
profit margin (%) |
-0.47 |
0.14 |
|
*Return
on total assets (%) |
-0.23 |
0.10 |
|
*Inventory
/ Revenue ×365 |
182
days |
139
days |
|
*Accounts
receivable/ Revenue ×365 |
118
days |
125
days |
|
*
Revenue/Total assets |
0.48 |
0.74 |
|
*
Cost of sales / Revenue |
0.82 |
0.87 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
l
The revenue of SC appears average in
its line.
l
SC’s net profit margin is fair in 2010
and average in 2011.
l
SC’s return on total assets is fair in
2010 and average in 2011.
l
SC’s cost of sales is average,
comparing with its revenue.
LIQUIDITY:
FAIR
l
The current ratio of SC is maintained
in a fair level.
l
SC’s quick ratio is maintained in a
fair level.
l
The inventory of SC appears fairly
large.
l
The accounts receivable of SC appears
fairly large.
l
The short-term loans of SC appear
large.
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 fairly high.
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 short-term loans may be a threat to
SC’s financial condition. A credit line up to USD 20,000 is recommended upon a
periodical review basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.38 |
|
UK Pound |
1 |
Rs.86.74 |
|
Euro |
1 |
Rs.68.06 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
RATING EXPLANATIONS
|
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.