MIRA
INFORM REPORT
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Report Date : |
06.06.2012 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
Room 417, No. 7, |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
04.12.2003 |
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Com. Reg. No.: |
120193000044057 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Selling Gloves |
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No. of Employees : |
11 |
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 : |
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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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
TIANJIN
RUNHONG BUSINESS TRADING CO., LTD.
ROOM 417, NO. 7,
KAIHUA ROAD, HUAYUAN INDUSTRY ZONE,
TIANJIN, 300384 PR
CHINA
TEL: 86 (0)
22-83713868 FAX: 86 (0) 22-83710787
EXECUTIVE SUMMARY
INCORPORATION DATE : DEC. 4, 2003
REGISTRATION NO. : 120193000044057
REGISTERED LEGAL
FORM : LIMITED LIABILITIES CO.
STAFF STRENGTH :
11
REGISTERED CAPITAL : CNY 1,000,000
BUSINESS LINE :
TRADING
TURNOVER :
CNY 13,540,000 (AS OF DEC. 31,
2011)
EQUITIES :
CNY 1,000,000 (AS OF DEC. 31, 2011)
PAYMENT :
AVERAGE
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION :
FAIRLY STABLE
OPERATIONAL TREND :
FAIRLY
STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.33= USD 1
Adopted
abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY - China Yuan Renminbi
SC was registered as a Limited liabilities co. at local
Administration for Industry & Commerce (AIC - The official body of issuing
and renewing business license) on Dec. 4, 2003.
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 wholesaling and retailing leather, daily necessaries,
garments, shoes, hats, chemicals (excluding hazardous and precursor goods),
auto parts (excluding five assembly), steel materials, iron ore machinery
equipment and electrical appliances; import and export business. (with permit
if needed)
SC is mainly
engaged in selling gloves.
Mr. Yang Bingli is
legal representative, chairman and general manager of SC at present.
SC is known to
have approx. 11 employees at present.
SC is currently operating at the above stated address, and this address
houses its operating office in Tianjin. Our checks
reveal that SC rents the total premise about 200 square meters.
http://www.tjgloves.com/ The design is professional and the content is
well organized. At present the web site is only in English version.
E-mail: billyyang@vip.sina.com ; billy@tjgloves.com
Changes
of its registered information are as follows:
|
Date of change |
Item |
Before the
change |
After the change |
|
Unknown |
Registration no. |
1201932004689 |
Present one |
MAIN SHAREHOLDERS:
Name % of Shareholding
Yang Bingli 70
Sun Jianqing 30
Legal
representative, Chairman and General Manager:
Mr. Yang Bingli , in his
Working Experience(s):
At present Working in SC as legal representative, chairman
and general manager.
Supervisor:
Sun Jianqing
SC is mainly
engaged in selling gloves.
SC’s products mainly include leather gloves, ski gloves, etc.
SC sources its
materials 50% from domestic market and 50% from overseas market. SC sells 70%
of its products in domestic market and 30% to overseas market.
The buying terms of SC include Check, T/T, L/C 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 declined to release its major suppliers and clients.
SC is not known to have the subsidiary at present.
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.
Agricultural
Bank of China Tianjin Nanjing Road Sub-branch
AC#:
240001040007062
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
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as of Dec. 31, 2011 |
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Cash & bank |
5,420 |
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Inventory |
4,010 |
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Accounts
receivable |
4,700 |
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Advances to
supplies |
1,760 |
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Other
receivables |
40 |
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Other current
assets |
0 |
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------------------ |
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Current assets |
15,930 |
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Long-term
investments |
0 |
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Fixed assets net
value |
20 |
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Projects under
construction |
0 |
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Intangible
assets |
0 |
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Other assets |
0 |
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------------------ |
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Total assets |
15,950 |
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============= |
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Short loans |
0 |
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Accounts payable |
12,020 |
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Advances from
customers |
0 |
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Accrued
Payroll |
90 |
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Taxes payable |
-140 |
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Other accounts
payable |
2,960 |
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Long-term
liabilities due within one year |
10 |
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Other
current liabilities |
10 |
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----------------- |
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Current
liabilities |
14,950 |
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Long term
liabilities |
0 |
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------------------ |
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Total
liabilities |
14,950 |
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Shareholders
equities |
1,000 |
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------------------ |
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Total
liabilities & equities |
15,950 |
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============= |
Income Statement
Unit: CNY’000
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as of Dec. 31, 2011 |
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Turnover |
13,540 |
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Cost of goods
sold |
12,030 |
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Taxes and additional of main
operation |
10 |
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Sales expense |
930 |
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Management expense |
400 |
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Finance expense |
90 |
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Subsidy income |
10 |
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Non-operating
income |
20 |
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Non-operating expense |
0 |
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Profit before
tax |
110 |
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Less: profit tax |
30 |
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Net profit |
80 |
Important
Ratios
=============
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As
of Dec. 31, 2011 |
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*Current ratio |
1.07 |
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*Quick ratio |
0.80 |
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*Liabilities
to assets |
0.94 |
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*Net profit
margin (%) |
0.59 |
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*Return on total
assets (%) |
0.50 |
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*Inventory
/Turnover ×365 |
109
days |
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*Accounts
receivable/Turnover ×365 |
127
days |
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*Turnover/Total
assets |
0.85 |
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* Cost of
goods sold/Turnover |
0.89 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears average.
l
SC’s net profit margin is average.
l
SC’s return on total assets is average.
l
SC’s cost of goods sold is average, comparing with
its turnover.
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 appears fairly large.
l
The accounts receivable of SC appears fairly large.
l
SC has no short-term loan in 2011.
l
SC’s turnover is in a fair 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 average.
Overall financial
condition of the SC: Fairly stable.
SC is considered small-sized in its line with fairly stable financial
conditions. The large amount of inventory and accounts receivable could be a
threat to SC’s financial condition.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.55.56 |
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UK Pound |
1 |
Rs.85.52 |
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Euro |
1 |
Rs.69.50 |
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.