MIRA
INFORM REPORT
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Report Date : |
04.05.2012 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
No. 105, |
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Country : |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
09.08.1999 |
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Com. Reg. No.: |
100000000032145 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
International trade mainly include textiles, chemicals,
electro-mechanical products and food, etc. |
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No. of Employees : |
19 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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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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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 – 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 and address
CHINA SILK IMPORT AND EXPORT CO., LTD.
NO. 105, BEIHEYAN STREET, DONGCHENG
DISTRICT, BEIJING, 100006 PR CHINA
TEL: 86 (0) 10-65133242/65225221 FAX: 86 (0) 10-65136840
EXECUTIVE SUMMARY
INCORPORATION DATE : aug. 9, 1999
REGISTRATION NO. : 100000000032145
REGISTERED LEGAL FORM : LIMITED LIABILITIES COMPANY
STAFF STRENGTH :
19
REGISTERED CAPITAL : CNY 10,000,000
BUSINESS LINE :
TRADING
TURNOVER :
CNY 581,615,000 (AS OF DEC. 31, 2009)
EQUITIES :
CNY 32,969,000 (AS OF DEC. 31, 2009)
PAYMENT :
AVERAGE
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
FAIRLY STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE : CNY 6.30 =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 Ren Min Bi
SC was registered as a limited liabilities co. at State Administration for Industry &
Commerce (AIC-The official body of issuing and renewing business license) on
Aug. 9, 1999.
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 selling shaped packing food; import and export business; selling
textiles, garments, shoes, caps, cotton-flax, hardware, chemicals (excluding
the hazard chemicals), general merchandise, building material, arts &
crafts and vehicle, and related information consulting services.
SC is mainly
engaged in international trade.
Mr. Tang Yazhong has been
legal representative, chairman and general manager of SC since 2004.
SC is known
to have approx. 19 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office in the commercial zone of Beijing. Our checks reveal that SC
rents the total premise about 100 square meters.
http://www.chinasilk.com/
The website belongs to China National Silk Imp. & Exp. Corporation and it
includes the information on SC and its related companies. The design is
professional and the content is well organized. At present it is both in
Chinese and English versions.
Email: csiec311@sina.com
Changes
of its registered information:
|
Date of change |
Item |
Before the change |
After the change |
|
|
Registered Capital |
CNY 5,000,000 |
Present amount |
|
|
Legal Representative |
Li Banglu |
Present one |
MAIN SHAREHOLDERS:
Name
%
of shareholdings
China Silk Garments Import & Export
Corp. 20
China National Silk Imp. & Exp.
Corporation 80
China Silk Garments Import & Export
Corp.
================================
Registration No. : 110000005007735
Establishment Date: May 30, 1987
Chief Executive: Li Shaojun
Registered Capital: CNY 3,500,000
Add: No. 105, Beiheyan
Street, Dongcheng District, Beijing
Tel: 010-65123338-222
Email: chinasilk@vip.sina.com
China National Silk Imp. & Exp.
Corporation
=================================
China National Silk Import & Export
Corp. is a central enterprise supervised by State-owned Assets Supervision and
Administration Commission of the State Council. Its main business are cocoon
silk material and products, silk garments, and also engage in other foreign and
domestic trades of mechanical and electrical products, light industrial
products, agricultural products, handicraft products, logistics, international
consultation, exhibitions, magazine publishing and advertisements.
Registration No. : 100000000005593
Establishment Date: Jan. 8, 1987
Chief Executive: Zhang Weiming
Registered Capital: CNY 150,000,000
Add: No. 105, Beiheyan
Street, Dongcheng District, Beijing
Tel: 010-65123338
Fax: 010-65125125
Website: http://www.chinasilk.com/
Email: chinasilk@chinasilk.com
l
Legal Representative, Chairman and General Manager:
Mr. Tang Yazhong ID# 110101660301403,
born in 1966 with university education. He is currently responsible for the
overall management of SC.
Working Experience(s):
From 2004 to present Working in SC as legal
representative, chairman and general manager.
l
Vice General Manager:
Ms.
Working Experience(s):
At present
Working in SC as vice general manager.
SC is mainly
engaged in international trade.
SC’s products mainly
include textiles, chemicals, electro-mechanical products and food, etc.
SC sources its
materials 90% from domestic market, and 10% from overseas markets, mainly
Europe. SC sells 70% of its products in domestic market, and 30% to overseas
market, mainly Korea.
The buying terms of SC include Check, L/C, T/T and Credit of 30-60 days.
The payment terms of SC include Check, L/C, T/T, and Credit of 30-60 days.
Note: SC’s employee refused to release its
major customers or suppliers.
SC
is known to invest in the following companies:
Weihai Chengyi Aquatic
Products Co., Ltd.
Guangxi Laibin Zhongsi Cocoon & Silk Co., Ltd.
Tianjin Cotton Exchange Market Co., Ltd.
Guangxi Awright Imp.
& Exp. Co., Ltd.
Etc.
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.
China Construction Bank Beijing Wangfujing
Sub-Branch
AC#:
11001070100053000406
Relationship:
Normal
Balance Sheet
Unit: CNY’000
|
|
As of Dec. 31, 2008 |
As of Dec. 31, 2009 |
|
Cash & bank |
4,445 |
57,840 |
|
Notes receivable |
0 |
0 |
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Inventory |
2,989 |
6,760 |
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Accounts
receivable |
160 |
0 |
|
Advances to
suppliers |
157,282 |
131,330 |
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Other accounts
receivable |
1,481 |
3,473 |
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Other current assets |
0 |
0 |
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|
------------------ |
------------------ |
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Current assets |
166,357 |
199,403 |
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Fixed assets net
value |
106 |
313 |
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Project under
construction |
0 |
0 |
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Long term
investment |
5,462 |
10,368 |
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Intangible and
other assets |
3 |
0 |
|
|
------------------ |
------------------ |
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Total assets |
171,928 |
210,084 |
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|
============= |
============= |
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Short loans |
15,000 |
22,000 |
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Notes payable |
0 |
0 |
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Accounts payable |
46 |
47 |
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Advances from
clients |
7,075 |
53,165 |
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Accrued payroll |
248 |
290 |
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Taxes payable |
3,454 |
2,423 |
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Other accounts
payable |
117,904 |
99,190 |
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Other current
liabilities |
0 |
0 |
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|
------------------ |
------------------ |
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Current
liabilities |
143,727 |
177,115 |
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Long-term
liabilities |
0 |
0 |
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|
------------------ |
------------------ |
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Total
liabilities |
143,727 |
177,115 |
|
Equities |
28,201 |
32,969 |
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|
------------------ |
------------------ |
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Total
liabilities & equities |
171,928 |
210,084 |
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============= |
============= |
Income Statement
Unit: CNY’000
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|
As of Dec. 31,
2008 |
As of Dec. 31,
2009 |
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Turnover |
513,973 |
581,615 |
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Cost of goods sold |
494,183 |
562,549 |
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Taxes and additional of main operation |
402 |
282 |
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Sales expense |
2,937 |
2,918 |
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Management expense |
1,794 |
1,783 |
|
Finance expense |
5,249 |
5,975 |
|
Asset impairment loss |
2 |
-8 |
|
Investment
income |
263 |
-95 |
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Non-operating
income |
0 |
15 |
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Non-operating expense |
0 |
2 |
|
Profit before
tax |
9,669 |
8,034 |
|
2,432 |
2,052 |
|
|
Profits |
7,237 |
5,982 |
Note: SC has not
lodged the latest annual returns in local registry, hence no up-to date
detailed financial information available.
Important
Ratios
=============
|
|
As
of Dec. 31, 2008 |
As
of Dec. 31, 2009 |
|
*Current ratio |
1.16 |
1.13 |
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*Quick ratio |
1.14 |
1.09 |
|
*Liabilities
to assets |
0.84 |
0.84 |
|
*Net profit
margin (%) |
1.41 |
1.03 |
|
*Return on
total assets (%) |
4.21 |
2.85 |
|
*Inventory
/Turnover ×365 |
3 days |
5 days |
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*Accounts
receivable/Turnover ×365 |
1 day |
/ |
|
*Turnover/Total
assets |
2.99 |
2.77 |
|
* Cost of
goods sold/Turnover |
0.96 |
0.97 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears fairly good in its line
in 2008, and it increased in 2009.
l
SC’s net profit margin appears average in both 2
years.
l
SC’s return on total assets appears average in
2008, but it declined in 2009.
l
SC’s cost of goods sold is high in both 2 years,
comparing with its turnover.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a normal
level in both 2 years.
l
SC’s quick ratio is maintained in a normal level in
both 2 years.
l
The inventory of SC appears average in both 2
years.
l
The accounts receivable of SC appears average in
2008.
l
The short-term loan of SC appears average in both 2
years.
l
SC’s turnover is in an average level in both 2
years, comparing with the size of its total assets.
LEVERAGE: FAIR
l
The debt ratio of SC is fairly high in both 2
years.
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.
A credit line up to USD 250,000 appears to be within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.23 |
|
|
1 |
Rs.86.14 |
|
Euro |
1 |
Rs.69.98 |
INFORMATION DETAILS
|
Report Prepared
by : |
PRL |
RATING EXPLANATIONS
|
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 |
|
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.