MIRA
INFORM REPORT
|
Report Date : |
30.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
FOSHAN YUYANG IMP. & EXP. CORPORATION
LTD. |
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Registered Office : |
4/f,
No. 22 Fenjiang Middle Road,
Foshan, Guangdong Province 528000 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
15.01.1999 |
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Com. Reg. No.: |
440602000115416 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
International
Trade |
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No. of Employees : |
15 |
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 : |
Moderate |
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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) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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
FOSHAN YUYANG IMP. & EXP.
CORPORATION LTD.
4/f, no.
22 fenjiang middle road, foshan
guangdong
province 528000 PR CHINA
TEL: 86
(0) 757-82225418/82222025
FAX: 86
(0) 757-82223016
EXECUTIVE SUMMARY
Date of Registration : january 15, 1999
REGISTRATION NO. : 440602000115416
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL : cny 1,000,000
staff : 15
BUSINESS CATEGORY : trading
Revenue :
CNY 180,231,000 (AS OF DEC. 31, 2011)
EQUITIES :
CNY 1,753,000 (AS OF DEC. 31, 2011)
WEBSITE : www.selling.com.cn
E-MAIL :
candychen1@163.com
PAYMENT : AVERAGE
MARKET CONDITION : average
FINANCIAL CONDITION : fairly stable
OPERATIONAL TREND : fairly STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.38 = 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.: 440602000115416 on january 15, 1999.
SC’s Organization Code Certificate
No.: 70817668-5
SC’s registered capital: cny 1,000,000
SC’s paid-in capital: cny 1,000,000
Registration Change Record:-
|
Date |
Change
of Contents |
Before
the change |
After
the change |
|
-- |
Shareholder
(s) (% of Shareholding) |
Li Shuying 79% Zhang Xiaowei 21% |
Chen
Jingwen 3% Li Shuying 79% Zhang Xiaowei 3% Li
Kaiwen 2% He Weibin 3% Guangdong
Silk-Tex Group Co., Ltd. 10% |
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Chen Jingwen |
3 |
|
Li Shuying |
79 |
|
Zhang Xiaowei |
3 |
|
Li Kaiwen |
2 |
|
He Weibin |
3 |
|
Guangdong Silk-Tex Group Co.,
Ltd. |
10 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative,
Chairman, and General Manager |
Li Shuying |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART & BACKGROUND
Name %
of Shareholding
Chen Jingwen 3
Li Shuying 79
Zhang Xiaowei 3
Li Kaiwen 2
He Weibin 3
Guangdong Silk-Tex Group Co.,
Ltd. 10
Guangdong Silk-Tex Group Co., Ltd.
==============================
Date of Registration: June 29, 1982
Registration No.: 440000000000799
Legal Form: Limited Liabilities
Company
Registered Capital: CNY 213,830,000
MANAGEMENT
Li Shuying, Legal Representative, Chairman and General Manager
---------------------------------------------------------------------------------------------------
Ø
Gender: F
Ø
Age:
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as legal representative, chairman
and general manager
BUSINESS OPERATION
SC’s registered business scope includes importing and exporting
commodities & technologies; selling common machineries and equipment,
air-conditioner, apparatus and instruments, porcelain products, building
materials, metal materials, hardware, plastic products, textiles, garments,
shoes, leather products, decoration materials, packaging materials, paper,
paper products, furniture, handicrafts, chemical raw materials, household
appliances, bicycles, zircon sand, tungsten products, toys, and stationary.
SC is mainly
engaged in international trade.
SC’s products
mainly include: air-conditioning refrigeration facilities, textiles, garments,
motor oil, leather products, toys, etc.
SC sources its materials 70% from domestic
market, and 30% from overseas market. SC sells 20% of its products in domestic
market, and 80% to overseas market, mainly USA, Europe, Middle East and
Southeast Asia.
The
buying terms of SC include 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 Supplier:
==============
Foshan Huagao Air-conditioning Co., Ltd.
Staff & Office:
--------------------------
SC is
known to have approx. 15 staff at present.
SC rents an area
as its operating office of approx. 150 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’s suppliers
declined to make any comments.
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
Basic Bank:
Guangdong
Development Bank Foshan Branch
AC#: N/A
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
|
1,624 |
1,428 |
|
|
Notes receivable |
0 |
0 |
|
Accounts
receivable |
4,155 |
8,156 |
|
Advances to
suppliers |
46,266 |
46,617 |
|
Other receivable |
698 |
370 |
|
Inventory |
0 |
0 |
|
Non-current
assets within one year |
0 |
0 |
|
Other current
assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current assets |
52,743 |
56,571 |
|
Fixed assets |
47 |
19 |
|
Construction in
progress |
0 |
0 |
|
Intangible assets |
0 |
0 |
|
Long-term
prepaid expenses |
3 |
0 |
|
Deferred income
tax assets |
0 |
0 |
|
Other
non-current assets |
0 |
0 |
|
|
------------------ |
------------------ |
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Total assets |
52,793 |
56,590 |
|
|
============= |
============= |
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Short-term loans |
2,574 |
7,530 |
|
Notes payable |
0 |
0 |
|
Accounts payable |
26 |
13 |
|
Wages payable |
0 |
0 |
|
Taxes payable |
5 |
-6 |
|
Advances from
clients |
46,704 |
45,541 |
|
Other payable |
1,657 |
1,736 |
|
Other current
liabilities |
20 |
23 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
50,986 |
54,837 |
|
Non-current
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
50,986 |
54,837 |
|
Equities |
1,807 |
1,753 |
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|
------------------ |
------------------ |
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Total
liabilities & equities |
52,793 |
56,590 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2010 |
As of Dec. 31,
2011 |
|
Revenue |
208,022 |
180,231 |
|
Cost of sales |
-- |
178,380 |
|
Sales expense |
-- |
928 |
|
Management expense |
-- |
910 |
|
Finance expense |
-- |
19 |
|
Profit before
tax |
243 |
74 |
|
Less: profit tax |
69 |
34 |
|
174 |
40 |
Important Ratios
=============
|
|
As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
|
*Current ratio |
1.03 |
1.03 |
|
*Quick ratio |
1.03 |
1.03 |
|
*Liabilities
to assets |
0.97 |
0.97 |
|
*Net profit
margin (%) |
0.08 |
0.02 |
|
*Return on
total assets (%) |
0.33 |
0.07 |
|
*Inventory /
Revenue ×365 |
-- |
-- |
|
*Accounts
receivable/ Revenue ×365 |
8 days |
17 days |
|
*
Revenue/Total assets |
3.94 |
3.18 |
|
* Cost of
sales / Revenue |
-- |
0.99 |
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 sales is high in 2011, 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
SC has no inventory in both years.
l
The accounts receivable of SC is maintained in an
average level.
l
SC’s short-term loans are in an average level in
both years.
l
SC’s revenue is in an
average level, comparing with the size of its total assets.
LEVERAGE:
FAIR
l
The debt ratio of SC is 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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.41 |
|
UK Pound |
1 |
Rs.86.93 |
|
Euro |
1 |
Rs.68.10 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.