MIRA INFORM REPORT
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Report Date : |
11.05.2012 |
IDENTIFICATION DETAILS
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Name : |
FOSHAN GUANG YU STAINLESS STEEL CO., LTD. |
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Registered Office : |
Room 805, 806, 807, No. 2 Jihua Five Road, Chancheng
District Foshan, Guangdong
Province 528000 Pr |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
19.07.2007 |
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Com. Reg. No.: |
440602000038271 |
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Legal Form : |
One-Person Limited Liability Company |
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Line of Business : |
selling iron and steel |
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No. of Employees
: |
50 |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Poor |
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Payment
Behaviour : |
Unknown |
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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 & address
foshan guang yu stainless steel co., ltd.
room 805, 806, 807,
no. 2 jihua five road, chancheng district
foshan, guangdong
province 528000 PR CHINA
TEL: 86 (0)
757-82900088/83038888
FAX: 86 (0)
757-83035555
EXECUTIVE SUMMARY
Date of Registration : july 19, 2007
REGISTRATION NO. : 440602000038271
LEGAL FORM : One-person Limited Liability Company
REGISTERED CAPITAL : cny 5,000,000
staff : 50
BUSINESS CATEGORY : trading
Revenue : CNY 497,590,000 (AS OF
DEC. 31, 2011)
EQUITIES : CNY -38,640,000 (AS OF
DEC. 31, 2011)
WEBSITE : N/A
E-MAIL :
N/A
PAYMENT : Unknown
Recommended Credit Limit: c.o.d.
MARKET CONDITION : fair
FINANCIAL CONDITION : poor
OPERATIONAL TREND : Downward
GENERAL REPUTATION : fair
EXCHANGE RATE : CNY 6.31 = 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 one-person limited liability company of PRC with State
Administration of Industry & Commerce (SAIC) under registration No.: 440602000038271 on July 19,
2007.
SC’s Organization Code Certificate
No.: 66496324-8
SC’s registered capital: cny 5,000,000
SC’s paid-in capital: cny 5,000,000
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 |
|
Xing Daiping |
100 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative,
Chairman, and General Manager |
Xing Daiping |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Xing Daiping 100
MANAGEMENT
Xing Daiping, Legal Representative, Chairman and General Manager
------------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Qualification:
University
Ø
Working
experience (s):
From 2007 to present, working in SC as legal representative, chairman and general manager
BUSINESS OPERATION
SC’s registered business scope includes processing iron
and steel, domestic trade, importing and exporting goods and technology, its
owned property rental, storage, enterprise management services.
SC is
mainly engaged in selling iron and steel.
SC’s products
mainly include:
Stainless Steel 304 Hot Rolled
Stainless Steel 409 Ba Ddq Coi
Stainless Steel Sheets 201/304
409 Hot Rolled Stainless Steel
304 Cold Rolled Stainless Stee
430 Stainless Steel Coil
Etc.
SC sources its materials 100% from domestic
market, mainly Shanghai and Shanxi. SC sells 60% of its products in domestic
market, and 40% to overseas market, mainly Egypt, Pakistan, India, Vietnam,
Malaysia, Indonesia, etc.
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.
*Major Supplier:
=============
Shanxi Taigang
Stainless Steel Co., Ltd.
Staff & Office:
--------------------------
SC is
known to have approx. 50
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’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
The bank
information of SC is not filed in SAIC.
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
|
27,120 |
26,760 |
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Accounts
receivable |
0 |
0 |
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Advances to
suppliers |
0 |
0 |
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Other receivable |
4,860 |
37,560 |
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Inventory |
47,150 |
670 |
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Non-current
assets within one year |
0 |
0 |
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Other current
assets |
24,440 |
-14,660 |
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------------------ |
------------------ |
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Current assets |
103,570 |
50,330 |
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Fixed assets |
2,440 |
1,340 |
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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 |
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Other
non-current assets |
10 |
70 |
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------------------ |
------------------ |
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Total assets |
106,020 |
51,740 |
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============= |
============= |
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Short-term loans |
90,000 |
103,700 |
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Notes payable |
0 |
0 |
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Accounts payable |
0 |
0 |
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Wages payable |
0 |
0 |
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Advances from
clients |
0 |
0 |
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Other payable |
8,760 |
1,060 |
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Other current
liabilities |
22,920 |
-14,380 |
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------------------ |
------------------ |
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Current
liabilities |
121,680 |
90,380 |
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Non-current
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total
liabilities |
121,680 |
90,380 |
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Equities |
-15,660 |
-38,640 |
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------------------ |
------------------ |
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Total
liabilities & equities |
106,020 |
51,740 |
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============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2011 |
|
Revenue |
497,590 |
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Cost of sales |
508,160 |
|
Sales expense |
890 |
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Management expense |
3,670 |
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Finance expense |
7,730 |
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Profit before
tax |
-22,980 |
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Less: profit tax |
0 |
|
-22,980 |
Important Ratios
=============
|
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As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
|
*Current ratio |
0.85 |
0.56 |
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*Quick ratio |
0.46 |
0.55 |
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*Liabilities
to assets |
1.15 |
1.75 |
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*Net profit
margin (%) |
-- |
-4.62 |
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*Return on
total assets (%) |
-- |
-44.41 |
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*Inventory /
Revenue ×365 |
-- |
1 day |
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*Accounts
receivable/ Revenue ×365 |
-- |
-- |
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*
Revenue/Total assets |
-- |
9.62 |
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* Cost of
sales / Revenue |
-- |
1.02 |
FINANCIAL COMMENTS
PROFITABILITY:
FAIR
l
The revenue of SC appears
average in its line in 2011.
l
SC’s net profit margin is fair in 2011.
l
SC’s return on total assets is poor in 2011.
l
SC’s cost of goods sold is high, comparing with its revenue.
LIQUIDITY:
POOR
l
The current ratio of SC is maintained in a poor
level in both years.
l
SC’s quick ratio is maintained in a fair level in
both years.
l
The inventory of SC is maintained in an average
level in 2011.
l
SC has no accounts receivable in both years.
l
The short-term loans of SC appear large in 2011.
l
SC’s revenue is in a
fairly good level, comparing with the size of its total assets.
LEVERAGE:
POOR
l
The debt ratio of SC is high in both years.
l
The risk for SC to go bankrupt is high.
Overall financial
condition of the SC: Poor.
CONCLUSIONS
SC is considered small-sized in its line with poor
financial conditions. The large amount of short-term loans may be a
threat to SC’s financial condition. Great caution is required in providing
credit to SC and C.O.D. is recommended.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.34 |
|
UK Pound |
1 |
Rs.86.11 |
|
Euro |
1 |
Rs.69.07 |
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.