MIRA
INFORM REPORT
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Report Date : |
15.05.2012 |
IDENTIFICATION DETAILS
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Name : |
ZHANGJIAGANG FAYGO UNION SCIENCE CO., LTD. |
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Registered Office : |
Room 462, |
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Country : |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
10.04.2006 |
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Com. Reg. No.: |
320582000092906 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
selling bicycle engine kits |
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No. of Employees : |
13 |
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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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
ZHANGJIAGANG FAYGO
UNION SCIENCE CO., LTD.
ROOM 462, YOUTONG
BUILDING, GUOTAI SOUTH ROAD, ZHANGJIAGANG,
JIANGSU PROVINCE, 215600
PR CHINA
TEL: 86 (0) 512-58975807 FAX: 86 (0) 512-58975807
EXECUTIVE SUMMARY
INCORPORATION DATE : APR. 10, 2006
REGISTRATION NO. : 320582000092906
REGISTERED LEGAL FORM :
LIMITED LIABILITIES CO.
STAFF STRENGTH : 13
REGISTERED CAPITAL : CNY 500,000
BUSINESS LINE : TRADING
TURNOVER : CNY 25,190,000
(AS OF DEC. 31, 2010)
EQUITIES :
CNY 540,000 (AS OF DEC. 31, 2010)
PAYMENT :
AVERAGE
MARKET CONDITION : AVERAGE
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 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 Apr. 10, 2006.
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
technology developing of mechanical and electrical products; importing and exporting
commodities and technologies (excluding items limited or forbidden by State);
purchasing and selling mechanical equipment, electromechanical equipment and
parts, building materials, textile products, electrical products, daily
merchandise, chemical products (excluding hazardous chemicals).
SC is mainly
engaged in selling plastic machinery products.
Mr. Xie
Mingfei is legal representative,
chairman and general manager of SC at present.
SC is known to have approx. 13 employees at
present.
SC is currently operating at the above stated address, and this
address houses its operating office in the commercial zone of Zhangjiagang. Our
checks reveal that SC owns the total premise about 40 square meters.
http://www.faygo-engine.com/ The design is professional and the content is
well organized. At present the web site is in only English version.
No significant events or changes were found during our checks with local
AIC.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Xie Mingfei 50
Xiong Ni 50
Legal
representative, chairman
and general
manager:
Mr. Xie Mingfei, ID# 429001197710220812, born in 1977. He is currently responsible for the overall management of SC.
Working
Experience(s):
At present Working in SC as legal representative, chairman and general manager;
Supervisor:
Xiong Ni ID# 422802198103040025
SC is mainly
engaged in selling bicycle engine kits.
SC’s products
mainly include: bottle blowing machine, filling machine, compression engine,
etc.
SC sources its
materials 90% from domestic market, 10% from overseas market. SC sells 30% in
domestic market, 70% 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 refused to release its major suppliers and customers.
SC is not known to have any 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.
Bank of China Zhangjiagang Sub-branch
AC#:
39769408091001
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
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As
of Dec. 31, 2010 |
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Cash & bank |
4,580 |
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Inventory |
1,200 |
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Accounts
receivable |
-170 |
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Other accounts
receivable |
3,960 |
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Advances to
suppliers |
-420 |
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Other current
assets |
0 |
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------------------ |
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Current assets |
9,150 |
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Fixed assets |
500 |
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Project under
construction |
0 |
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Long term
investment |
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 |
9,650 |
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============= |
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Short loans |
0 |
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Accounts payable |
-160 |
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Advances from
clients |
2,040 |
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Note receivable |
3,900 |
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Other Accounts
payable |
4,500 |
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Salaries payable |
0 |
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Welfares payable |
0 |
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Taxes payable |
-1,170 |
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Advance from
clients |
0 |
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Other current
liabilities |
0 |
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------------------ |
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Current
liabilities |
9,110 |
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Long term
liabilities |
0 |
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Other
liabilities |
0 |
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------------------ |
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Total liabilities |
9,110 |
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Equities |
540 |
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------------------ |
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Total
liabilities & equities |
9,650 |
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============= |
Income Statement
Unit: CNY’000
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As
of Dec. 31, 2010 |
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Turnover |
25,190 |
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Cost of goods sold |
22,980 |
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Sales expense |
0 |
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Management expense |
1,970 |
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Finance expense |
120 |
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Profit before
tax |
100 |
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Less: profit tax |
20 |
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Profits |
80 |
Important Ratios
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As
of Dec. 31, 2010 |
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*Current ratio |
1.00 |
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*Quick ratio |
0.87 |
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*Liabilities
to assets |
0.94 |
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*Net profit
margin (%) |
0.32 |
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*Return on
total assets (%) |
0.83 |
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*Inventory
/Turnover ×365 |
18
days |
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*Accounts receivable/Turnover
×365 |
/ |
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*Turnover/Total
assets |
2.61 |
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* Cost of
goods sold/Turnover |
0.91 |
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 fairly high, comparing
with its turnover.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a fair
level.
l
SC’s quick ratio is maintained in a normal level.
l
The inventory of SC is average.
l
SC has no short-term loan in 2010.
l
SC’s turnover is in an average 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.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.53.71 |
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UK Pound |
1 |
Rs.86.34 |
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Euro |
1 |
Rs.69.23 |
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.