MIRA
INFORM REPORT
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Report Date : |
24.07.2012 |
IDENTIFICATION DETAILS
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Name : |
WUXI HENDLUNG WOOD DEVELOPMENT CO., LTD. |
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Registered Office : |
Room 1009,
Dongfang Yinzuo, |
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Country : |
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Financials (as on) : |
31.03.2012 |
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Date of Incorporation : |
10.03.2003 |
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Com. Reg. No.: |
320213000038709 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
selling wood and wood products |
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No. of Employees : |
06 |
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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Status : |
Small Company |
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Payment Behaviour : |
Slow |
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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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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
Wuxi Hendlung Wood
Development Co., Ltd.
room 1009, dongfang yinzuo, no. 5-2 changjiang road
wuxi, jiangsu PROVINCE 214028 PR CHINA
TEL: 86 (0) 510-81813851/85223518
FAX: 86 (0) 510-81813852
EXECUTIVE SUMMARY
Date of Registration : march 10, 2003
REGISTRATION NO. : 320213000038709
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL :
cny 1,000,000
staff : 6
BUSINESS CATEGORY :
trading
REVENUE :
CNY 2,370,000 (JAN. 1 2012 TO
MAR. 31, 2012)
EQUITIES :
CNY 2,210,000 (AS OF MAR. 31, 2012)
WEBSITE : N/A
E-MAIL :
N/A
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
LEGAL STATUS & HISTORY
SC was
established as a limited liabilities company of PRC with State Administration
of Industry & Commerce (SAIC) under registration No.: 320213000038709 on March 10, 2003.
SC’s Organization Code Certificate
No.: 74684814-7
SC’s Tax No.: 320200746848147
SC’s registered capital: cny 1,000,000
SC’s paid-in capital: cny 1,000,000
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 |
|
Zhou Weifeng |
95 |
|
Cheng Xiaofeng |
5 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative,
Chairman, and General Manager |
Zhou Weifeng |
|
Supervisor |
Cheng
Xiaofeng |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART & BACKGROUND
Name %
of Shareholding
Zhou Weifeng 95
Cheng Xiaofeng 5
MANAGEMENT
Zhou Weifeng , Legal
Representative, Chairman and General Manager
-------------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 39
Ø
ID# 320202730322151
Ø
Qualification:
University
Ø
Working
experience (s):
From 2003 to present, working in SC as legal representative,
chairman and general manager
Cheng
Xiaofeng, Supervisor
------------------------------------------------
Ø
Gender: M
Ø
Age: 36
Ø
ID# 320204197603270329
BUSINESS OPERATION
SC’s registered business scope includes selling wood and
wood products, hardware, machinery, metal materials, building materials, needle
textile, clothing and fabric, mechanical and electrical products, department
stores, household appliances, plastic products, stationery, paper, pulp,
chemical raw materials, decoration materials, electronic products; 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 wood and wood products.
SC’s
products mainly include:
Plywood
Film
Faced Plywood
Commercial
Plywood
Furnitures
MDF
Etc.
SC sources its materials 100% from domestic market, mainly Jiangsu. SC sells 100% of its products to overseas market, mainly America, Europe, Africa, Mid East, Southeast Asia, etc.
The buying
terms of SC include Check, T/T and Credit of 30-60 days. The payment terms of
SC include L/C and Credit of 30-60 days.
Staff & Office:
--------------------------
SC is
known to have approx. 6
staff at present.
SC rents an area
as its operating office of approx. 70 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 Mar. 31, 2012 |
|
480 |
|
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Notes receivable |
0 |
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Accounts
receivable |
5,560 |
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Advances to
suppliers |
2,110 |
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Other receivable |
670 |
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Inventory |
1,890 |
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Non-current
assets within one year |
0 |
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Other current
assets |
910 |
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------------------ |
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Current assets |
11,620 |
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Fixed assets |
350 |
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Intangible
assets |
0 |
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Long-term
prepaid expenses |
0 |
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Deferred income
tax assets |
0 |
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Other
non-current assets |
70 |
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------------------ |
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Total assets |
12,040 |
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============= |
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Short-term loans |
0 |
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Notes payable |
0 |
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Accounts payable |
4,050 |
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Advances from
clients |
3,170 |
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Other payable |
1,240 |
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Other current
liabilities |
1,370 |
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------------------ |
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Current
liabilities |
9,830 |
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Non-current
liabilities |
0 |
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------------------ |
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Total
liabilities |
9,830 |
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Equities |
2,210 |
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------------------ |
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Total
liabilities & equities |
12,040 |
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============= |
Income Statement
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Unit: CNY’000 |
Jan.
1 2012 to Mar. 31, 2012 |
|
Revenue |
2,370 |
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Cost of sales |
1,930 |
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Sales expense |
280 |
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Management expense |
90 |
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Finance expense |
20 |
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Profit before
tax |
50 |
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Less: profit tax |
10 |
|
40 |
Important Ratios
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As
of Mar. 31, 2012 |
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*Current ratio |
1.18 |
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*Quick ratio |
0.99 |
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*Liabilities
to assets |
0.82 |
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*Net profit
margin (%) |
1.69 |
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*Return on
total assets (%) |
0.33 |
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*Inventory /
Revenue ×365/90 |
72 days |
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*Accounts
receivable/ Revenue ×365/90 |
212 days |
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*
Revenue/Total assets |
0.20 |
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* Cost of
sales / Revenue |
0.81 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
l
The revenue of SC appears
fair in its line.
l
SC’s net profit margin is average.
l
SC’s return on total assets is average.
l
SC’s cost of sales is average, 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 normal level.
l
The inventory of SC is maintained in an average
level.
l
The accounts receivable of SC appears fairly large.
l
SC has no short-term loans.
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 above average.
Overall financial
condition of the SC: Fairly Stable.
CONCLUSIONS
SC is considered small-sized in its line with
fairly stable financial conditions. The fairly large amount of accounts
receivable may be a threat to SC’s financial condition.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.76 |
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UK Pound |
1 |
Rs.86.80 |
|
Euro |
1 |
Rs.67.43 |
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.