MIRA INFORM REPORT

 

 

Report Date :           

10.03.2012

 

IDENTIFICATION DETAILS

 

Name :

JIANGSU WISUN FOOD CO., LTD.

 

 

Registered Office :

Room 401, Block 4 Jiaye International Town, No. 158 Lushan Road Nanjing, Jiangsu Province 210019 Pr

 

 

Country :

China

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

19.05.2006

 

 

Com. Reg. No.:

320000000057743

 

 

Legal Form :

Shares Limited Company

 

 

Line of Business :

International Trade

 

 

No. of Employees :

80

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 80,000

 

 

Status :

Moderate

 

 

Payment Behaviour :

No Complaints

 

 

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

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company name & address 

 

JIANGSU WISUN FOOD CO., LTD.

ROOM 401, BLOCK 4 JIAYE INTERNATIONAL TOWN, NO. 158 LUSHAN ROAD NANJING, JIANGSU PROVINCE 210019 PR CHINA

TEL: 86 (0) 25-87787828

FAX: 86 (0) 25-87787258

 

 

EXECUTIVE SUMMARY

 

Date of Registration          : MAY 19, 2006

REGISTRATION NO.                  : 320000000057743

LEGAL FORM                           : Shares limited company

CHIEF EXECUTIVE                        : SUN YONGCHUN (LEGAL REPRESENTATIVE)

REGISTERED CAPITAL             : CNY 10,000,000

staff                                      : 80

BUSINESS CATEGORY             : TRADING

Revenue                                : CNY 156,510,000 (AS OF DEC. 31, 2010)

EQUITIES                                 : CNY 12,870,000 (AS OF DEC. 31, 2010)

WEBSITE                                 : www.wisunfood.com

E-MAIL                                     : N/A

PAYMENT                                : AVERAGE

Recommended Credit Limit: UP TO USD 80,000

MARKET CONDITION                : AVERAGE

FINANCIAL CONDITION             : FAIRly stable

OPERATIONAL TREND              : ordinary

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 shares limited company of PRC with State Administration of Industry & Commerce (SAIC) under registration No.: 320000000057743 on May 19, 2006.

 

SC’s Organization Code Certificate No.: 78886513-X

 

SC’s registered capital: CNY 10,000,000

 

SC’s paid-in capital: CNY 10,000,000

 

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) (as of September 21, 2011)

% of Shareholding

Chen Xiaohong

 

40

Wang Zhangqing

 

40

Sun Yongchun

 

20

 

SC’s Chief Executives:-

Position

Name

Legal Representative, Chairman, and General Manager

Sun Yongchun

Director

Chen Xiaohong

Wang Zhangqing

Yang Hua

Han Wei

Supervisor

Wang Pengfei

Liu Hailong

Yao Jun

 

 

RECENT DEVELOPMENT

 

No recent development was found during our checks at present.

 

SHAREHOLDER CHART & BACKGROUND

 

Name                                                                                           % of Shareholding

                                                                    

Chen Xiaohong                                                                                                           40

Wang Zhangqing                                                                                                        40

Sun Yongchun                                                                                                            20

 

 

MANAGEMENT

 

Sun Yongchu, Legal Representative, Chairman, and General Manager

------------------------------------------------------------------------------------------------------

Ø         Gender: M

Ø         Age: 38

Ø         ID# 342421197409047935

Ø         Qualification: University

Ø         Working experience (s):

 

At present, working in SC as legal representative, chairman, and general manager

 

 

Directors

=======

Ms. Chen Xiaohong , ID# 320106196610030481

Ms. Wang Zhangqing, ID# 320114196901241887

Ms. Yang Hua, ID# 320621197801318328

Mr. Han Wei, ID# 320325197811132833

 

Supervisors

=========

Mr. Wang Pengfei, ID# 342224197911221511

Mr. Liu Hailong , ID# 320621198212077516

Mr. Yao Jun, ID# 340821197612055316

 

 

BUSINESS OPERATION

 

SC’s registered business scope includes wholesaling and retailing sizing packaged foods, dried foods, condiment, salted vegetables, vegetables and fruits; importing and exporting commodities and technologies.

 

SC is mainly engaged in international trade.

 

SC’s products mainly include: bananas, pineapples, papayas, frozen blueberry, white kidney beans, split broad beans, etc.

         

SC sources its materials 70% from domestic market, and 30% from the overseas market. SC sells 60% of its products in domestic market and 40% to the 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 T/T, L/C and Credit of 30-60 days.

 

Staff & Office:

--------------------------

SC is known to have approx. 80 staff at present.

 

SC rents an area as its operating office, 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

 

Basic Bank:

China Merchants Bank Nanjing Branch Chengxi Sub-branch

AC#: 125902699110101

 

 

 

FINANCIALS

 

Financial Summary

Unit: CNY’000

As of Dec. 31, 2010

Long term investment

21,000

Total assets

80,500

 

-------------

Long term liabilities

0

Total liabilities

67,630

Equities

12,870

 

-------------

Revenue

156,510

Profit before tax

750

Less: profit tax

170

Profits

580

 

Note: The detailed financials for Y2010 are not available in SAIC.

 

Important Ratios

=============

 

As of Dec. 31, 2010

*Liabilities to assets

0.84

*Net profit margin (%)

0.37

*Return on total assets (%)

0.72

* Revenue/Total assets

1.94

 

 

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.

 

LIQUIDITY: AVERAGE

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 above average.

 

Overall financial condition of the SC: Fairly Stable.

 

CONCLUSIONS

 

SC is considered medium-sized in its line with fairly stable financial conditions. A credit line at the above amount appears beyond SC’s capacities, while a credit line up to USD 80,000 is recommended.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.50.02

UK Pound

1

Rs.79.00

Euro

1

Rs.66.18

 

 

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%)

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.