MIRA INFORM REPORT
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Report Date : |
01.03.2012 |
IDENTIFICATION DETAILS
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Name : |
WUXI JINMAO TRADE CO., LTD. |
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Registered Office : |
11/F, No. 97 Renmin Middle Road, Wuxi, Jiangsu Province 214002 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
28.07.1993 |
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Com. Reg. No.: |
320200000103404 |
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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
: |
98 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
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 200,000 |
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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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
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 jinmao trade co., ltd.
11/f, no. 97 renmin
middle road, wuxi
jiangsu province
214002 PR CHINA
TEL: 86 (0)
510-82797711/82797801
FAX: 86 (0)
510-82797810
EXECUTIVE SUMMARY
Date of Registration : july 28, 1993
REGISTRATION NO. : 320200000103404
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL :
cny 15,000,000
staff : 98
BUSINESS CATEGORY :
trading
Revenue : CNY 740,510,000 (AS OF
DEC. 31, 2011)
EQUITIES : CNY 29,190,000 (AS OF
DEC. 31, 2011)
WEBSITE : www.wuxijinmao.com
E-MAIL :
lirx@wuxijinmao.com
PAYMENT : AVERAGE
Recommended Credit Limit : UP TO
USD 200,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : stable
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.30 = 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
SC was
established as a limited liabilities company of PRC with State Administration
of Industry & Commerce (SAIC) under registration No.: 320200000103404 on july 28, 1993.
SC’s Organization Code Certificate No.:
13592774-3
SC’s registered capital: cny 15,000,000
SC’s paid-in capital: cny 15,000,000
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 |
|
Hua Yixuan |
4 |
|
Li Ruixin |
36 |
|
Mao Zhongjian |
12 |
|
Wang Yaqin |
4 |
|
Yang Nan |
40 |
|
Zhou Junling |
4 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative,
Chairman, and General Manager |
Yang
Nan |
|
Director |
Mao
Zhongjian |
|
Gu Qingping |
|
|
Zhou
Junling |
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|
Li Guodong |
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|
Supervisor |
Li Ruixin |
|
Han Jinping |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Hua Yixuan 4
Li Ruixin 36
Mao Zhongjian 12
Wang Yaqin 4
Yang Nan 40
Zhou Junling 4
MANAGEMENT
Yang
Nan, Legal Representative, Chairman and General
Manager
----------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 53
Ø
ID# 320202195902141517
Ø
Qualification:
University
Ø
Working
experience (s):
From 1993 to present, working in SC as legal representative,
chairman and general manager
Director
-----------
Mao Zhongjian ID# 320106196805312032
Gu Qingping ID# 320202194812100012
Zhou Junling ID# 321021197301085044
Li Guodong ID# 320211194810040032
Supervisor
--------------
Li Ruixin ID# 320203195308130635
Han Jinping ID# 320202195406091522
BUSINESS OPERATION
SC’s registered business scope includes operating and
acting as an agent of importing and exporting various kinds of commodities and
technology, excluding the goods forbidden by the government; processing with
imported materials, processing with imported samples, assembling with imported
parts, and compensation trade in agreement; counter trade & transit trade;
SC is
mainly engaged in international trade.
SC’s
products mainly include: Fabric, Garment, and Pet Products.
SC sources its materials 100% from domestic
market, mainly Jiangsu. SC sells 100% of its products to overseas market,
mainly U.S.A., Europe and Southeast Asia.
The
buying terms of SC include T/T and Credit of 30-60 days. The payment terms of
SC include T/T, L/C and Credit of 30-60 days.
Staff & Office:
--------------------------
SC is
known to have approx. 98 staff
at present.
SC owns an area as
its operating office of approx. 1,000 sq. meters at the heading address.
RELATED COMPANY
n
Wuxi
Jinmao Garment Co., Ltd.
n
Wuxi
Jinmao Pet Products Co., Ltd.
n
Wuxi
Jinmao Printing & Dyeing Co., Ltd.
n
Changzhou
Jinmao Yarn Dyed Co., Ltd.
Etc.
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
Basic Bank:
China
Construction Bank Wuxi Branch
N/A
***note: SC’s management declined to release
whether it has account in CITIC Industrial
Bank Wuxi Branch.
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
|
16,930 |
48,250 |
|
|
Accounts
receivable |
14,250 |
12,780 |
|
Advances to
suppliers |
95,200 |
54,440 |
|
Other receivable |
50 |
11,570 |
|
Inventory |
21,590 |
47,660 |
|
Non-current
assets within one year |
0 |
0 |
|
Other current
assets |
-2,530 |
7,270 |
|
|
------------------ |
------------------ |
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Current assets |
145,490 |
181,970 |
|
Fixed assets |
16,090 |
15,040 |
|
Construction in
progress |
0 |
0 |
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Long-term
prepaid expenses |
0 |
0 |
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Deferred income
tax assets |
0 |
0 |
|
Other
non-current assets |
9,310 |
9,260 |
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|
------------------ |
------------------ |
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Total assets |
170,890 |
206,270 |
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============= |
============= |
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Short-term loans |
0 |
0 |
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Notes payable |
0 |
0 |
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Accounts payable |
49,580 |
63,140 |
|
Wages payable |
0 |
0 |
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Advances from
clients |
65,080 |
96,530 |
|
Other payable |
32,620 |
23,150 |
|
Other current
liabilities |
-1,970 |
-5,740 |
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|
------------------ |
------------------ |
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Current
liabilities |
145,310 |
177,080 |
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Non-current
liabilities |
0 |
0 |
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|
------------------ |
------------------ |
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Total
liabilities |
145,310 |
177,080 |
|
Equities |
25,580 |
29,190 |
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|
------------------ |
------------------ |
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Total
liabilities & equities |
170,890 |
206,270 |
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|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2011 |
|
Revenue |
740,510 |
|
Cost of sales |
698,200 |
|
Sales expense |
30,520 |
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Management expense |
12,670 |
|
Finance expense |
-12,650 |
|
Profit before
tax |
8,950 |
|
Less: profit tax |
2,590 |
|
6,360 |
Important Ratios
=============
|
|
As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
|
*Current ratio |
1.00 |
1.03 |
|
*Quick ratio |
0.85 |
0.76 |
|
*Liabilities
to assets |
0.85 |
0.86 |
|
*Net profit margin
(%) |
-- |
0.86 |
|
*Return on
total assets (%) |
-- |
3.08 |
|
*Inventory /
Revenue ×365 |
-- |
24 days |
|
*Accounts
receivable/ Revenue ×365 |
-- |
7 days |
|
*
Revenue/Total assets |
-- |
3.59 |
|
* Cost of
sales / Revenue |
-- |
0.94 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
l
The revenue of SC appears
fairly good 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 fairly high, 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 is maintained in an
average level.
l
SC has no short-term loan in both years.
l
SC’s revenue is in an
average level, comparing with the size of its total assets.
LEVERAGE:
AVERAGE
l
The debt ratio of SC is average.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Stable.
CONCLUSIONS
SC is considered medium-sized in its line with
stable financial conditions. A credit line up to USD 200,000 would appear to be within SC’s
capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.94 |
|
UK Pound |
1 |
Rs.77.95 |
|
Euro |
1 |
Rs.65.94 |
RATING EXPLANATIONS
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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 |
|
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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.