MIRA INFORM REPORT
|
Report No. : |
326793 |
|
Report Date : |
13.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
GUANGDONG WENHAO FURNITURE CO., LTD. |
|
|
|
|
Registered Office : |
Suxi Industrial Park, Longshan, Longjiang Town, Shunde District, Foshan,
Guangdong Province 528319 Pr |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
01.08.1997 |
|
|
|
|
Com. Reg. No.: |
440681000274435 |
|
|
|
|
Legal Form : |
Limited Liabilities Company |
|
|
|
|
Line of Business : |
Manufacturing and Selling Furniture; Importing and Exporting
Commodities and Technology. |
|
|
|
|
No. of Employees : |
200 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
Payment Behaviour : |
Slow but correct |
|
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
CHINA - ECONOMIC OVERVIEW
Since the late 1970s China has moved from a closed, centrally planned system to a more market-oriented one that plays a major global role - in 2010 China became the world's largest exporter. Reforms began with the phasing out of collectivized agriculture, and expanded to include the gradual liberalization of prices, fiscal decentralization, increased autonomy for state enterprises, growth of the private sector, development of stock markets and a modern banking system, and opening to foreign trade and investment. China has implemented reforms in a gradualist fashion. In recent years, China has renewed its support for state-owned enterprises in sectors considered important to "economic security," explicitly looking to foster globally competitive industries. After keeping its currency tightly linked to the US dollar for years, in July 2005 China moved to an exchange rate system that references a basket of currencies. From mid 2005 to late 2008 cumulative appreciation of the renminbi against the US dollar was more than 20%, but the exchange rate remained virtually pegged to the dollar from the onset of the global financial crisis until June 2010, when Beijing allowed resumption of a gradual appreciation. In 2014 the People’s Bank of China (PBOC) doubled the daily trading band within which the RMB is permitted to fluctuate. The restructuring of the economy and resulting efficiency gains have contributed to a more than tenfold increase in GDP since 1978. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, China in 2014 stood as the largest economy in the world, surpassing the US that year... Still, per capita income is below the world average.
The Chinese government faces numerous economic challenges, including: (a) reducing its high domestic savings rate and correspondingly low domestic consumption; (b) facilitating higher-wage job opportunities for the aspiring middle class, including rural migrants and increasing numbers of college graduates; (c) reducing corruption and other economic crimes; and (d) containing environmental damage and social strife related to the economy's rapid transformation. Economic development has progressed further in coastal provinces than in the interior, and by 2014 more than 274 million migrant workers and their dependents had relocated to urban areas to find work. One consequence of population control policy is that China is now one of the most rapidly aging countries in the world. Deterioration in the environment - notably air pollution, soil erosion, and the steady fall of the water table, especially in the North - is another long-term problem. China continues to lose arable land because of erosion and economic development. The Chinese government is seeking to add energy production capacity from sources other than coal and oil, focusing on nuclear and alternative energy development.
|
Source
: CIA |
Company
Name & address
GUANGDONG WENHAO FURNITURE CO.,
LTD.
SUXI INDUSTRIAL PARK, LONGSHAN, LONGJIANG TOWN
SHUNDE DISTRICT, FOSHAN, GUANGDONG PROVINCE 528319 PR CHINA
TEL: 86 (0) 757-23223536/23221883
FAX: 86 (0) 757-23225889
EXECUTIVE
SUMMARY
DATE OF REGISTRATION :
AUGUST 1, 1997
REGISTRATION NO. :
440681000274435
LEGAL FORM :
LIMITED LIABILITIES COMPANY
CHIEF EXECUTIVE :
HU JINGCHENG (LEGAL REPRESENTATIVE)
REGISTERED CAPITAL : CNY 10,080,000
STAFF :
200
BUSINESS CATEGORY : MANUFACTURING & TRADING
REVENUE :
CNY 40,749,000 (AS OF DEC. 31, 2014)
EQUITIES :
CNY 10,402,000 (AS OF DEC. 31, 2014)
WEBSITE :
WWW.WEN-HAO.COM.CN
E-MAIL :
WMB@WEN-HAO.COM.CN
PAYMENT :
AVERAGE
MARKET CONDITION :
FAIR
FINANCIAL CONDITION : FAIRLY STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 6.20 = 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.:
440681000274435 on August 1, 1997.
SC’s Organization Code Certificate No.: 23193218-X
SC’s Tax No.: 44068123193218X
SC’s registered capital: CNY 10,080,000
SC’s paid-in capital: CNY 10,080,000
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 |
|
Hu Jiawei |
25 |
|
Hu Yunling |
25 |
|
Hu Jingcheng |
50 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman, and General Manager |
Hu Jingcheng |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART & BACKGROUND
Name %
of Shareholding
Hu Jiawei 25
Hu Yunling 25
Hu Jingcheng 50
MANAGEMENT
Hu Jingcheng, Legal Representative, Chairman and General Manager
------------------------------------------------------------------------------------------------------
Gender: M
Qualification: University
Working experience (s):
At present, working in SC as legal representative, chairman and general
manager
BUSINESS OPERATION
SC’s registered business scope includes manufacturing and selling
furniture; importing and exporting commodities and technology.
SC is mainly engaged in manufacturing and selling furniture.
SC’s products mainly include:
ProductsSolid wood series
Sofa series
|-- Modern leisure sofa|-- The traditional solid wood sofa
Rubber series
|-- EM|-- CM
screen series
Swivel chair series
|-- Modern leisure chair|-- Mesh chair|-- The traditional solid wood
chair
Public chair series
A modern office system
SC sources its materials 100% from domestic market. SC sells 30% of its
products in domestic market, and 70% to the overseas market, mainly U.S.A..
The buying terms of SC include Check, 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 Client*
----------------------
COMPUDESK MEXICO S.A. DE C.V.
Staff & Office:
--------------------------
SC is known to have approx. 200 staff at present.
SC rents an area as its operating office and factory, 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 local SAIC.
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As of Dec. 31,
2013 |
As of Dec. 31,
2014 |
|
Cash |
2,250 |
1,554 |
|
Notes receivable |
0 |
0 |
|
Accounts receivable |
12,576 |
17,578 |
|
Advances to suppliers |
14,141 |
10,586 |
|
Other receivable |
-5,645 |
-1,493 |
|
Inventory |
663 |
580 |
|
Prepaid expenses |
0 |
0 |
|
Other current assets |
157 |
254 |
|
|
------------------ |
------------------ |
|
Current assets |
24,142 |
29,059 |
|
Fixed assets |
2,064 |
1,864 |
|
Construction in progress |
0 |
0 |
|
Intangible assets |
0 |
0 |
|
Long-term prepaid expenses |
0 |
0 |
|
Deferred income tax assets |
0 |
0 |
|
Other non-current assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total assets |
26,206 |
30,923 |
|
|
============= |
============= |
|
Short-term loans |
0 |
0 |
|
Notes payable |
0 |
0 |
|
Accounts payable |
7,370 |
10,610 |
|
Wages payable |
0 |
0 |
|
Taxes payable |
-361 |
43 |
|
Advances from clients |
8,952 |
10,554 |
|
Other payable |
-438 |
-686 |
|
Accrued expenses |
0 |
0 |
|
Other current liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current liabilities |
15,523 |
20,521 |
|
Non-current liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total liabilities |
15,523 |
20,521 |
|
Equities |
10,683 |
10,402 |
|
|
------------------ |
------------------ |
|
Total liabilities & equities |
26,206 |
30,923 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2013 |
As of Dec. 31,
2014 |
|
Revenue |
41,535 |
40,749 |
|
Cost of sales |
37,407 |
37,038 |
|
Taxes and surcharges |
39 |
534 |
|
Sales expense |
1,499 |
1,174 |
|
Management expense |
1,953 |
1,875 |
|
Finance expense |
261 |
119 |
|
Non-operating income |
0 |
0 |
|
Non-operating expense |
23 |
38 |
|
Profit before tax |
353 |
-29 |
|
Less: profit tax |
208 |
253 |
|
Profits |
145 |
-282 |
Important Ratios
=============
|
|
As of Dec. 31,
2013 |
As of Dec. 31,
2014 |
|
*Current ratio |
1.56 |
1.42 |
|
*Quick ratio |
1.51 |
1.39 |
|
*Liabilities to assets |
0.59 |
0.66 |
|
*Net profit margin (%) |
0.35 |
-0.69 |
|
*Return on total assets (%) |
0.55 |
-0.91 |
|
*Inventory / Revenue ×365 |
6 days |
6 days |
|
*Accounts receivable / Revenue ×365 |
111 days |
158 days |
|
*Revenue / Total assets |
1.58 |
1.32 |
|
*Cost of sales / Revenue |
0.90 |
0.91 |
FINANCIAL COMMENTS
PROFITABILITY:
FAIR
The revenue of SC appears average in its line in both years.
SC’s net profit margin is average in 2013, fair in 2014.
SC’s return on total assets is average in 2013, fair in 2014.
SC’s cost of sales is average, comparing with its revenue.
LIQUIDITY: AVERAGE
The current ratio of SC is maintained in a normal level.
SC’s quick ratio is maintained in a normal level.
The inventory of SC is maintained in an average level.
The accounts receivable of SC appears large.
SC has no short-term loans.
SC’s revenue is in an average level, comparing with the size of its
total assets.
LEVERAGE: AVERAGE
The debt ratio of SC is average.
The risk for SC to go bankrupt is above average.
Overall financial condition of the SC: Fair.
CONCLUSIONS
SC is considered small-sized in its line with fair financial conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.03 |
|
|
1 |
Rs.99.27 |
|
Euro |
1 |
Rs.71.90 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
TPT |
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%) Maket trend (10%) Operational
size (10%)
MIRA INFORM REPORT
|
Report No. : |
326793 |
|
Report Date : |
13.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
GUANGDONG WENHAO FURNITURE CO., LTD. |
|
|
|
|
Registered Office : |
Suxi Industrial Park, Longshan, Longjiang Town, Shunde District,
Foshan, Guangdong Province 528319 Pr |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
01.08.1997 |
|
|
|
|
Com. Reg. No.: |
440681000274435 |
|
|
|
|
Legal Form : |
Limited Liabilities Company |
|
|
|
|
Line of Business : |
Manufacturing and Selling Furniture; Importing and Exporting Commodities
and Technology. |
|
|
|
|
No. of Employees : |
200 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
Payment Behaviour : |
Slow but correct |
|
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
CHINA - ECONOMIC OVERVIEW
Since the late 1970s China has moved from a closed, centrally planned system to a more market-oriented one that plays a major global role - in 2010 China became the world's largest exporter. Reforms began with the phasing out of collectivized agriculture, and expanded to include the gradual liberalization of prices, fiscal decentralization, increased autonomy for state enterprises, growth of the private sector, development of stock markets and a modern banking system, and opening to foreign trade and investment. China has implemented reforms in a gradualist fashion. In recent years, China has renewed its support for state-owned enterprises in sectors considered important to "economic security," explicitly looking to foster globally competitive industries. After keeping its currency tightly linked to the US dollar for years, in July 2005 China moved to an exchange rate system that references a basket of currencies. From mid 2005 to late 2008 cumulative appreciation of the renminbi against the US dollar was more than 20%, but the exchange rate remained virtually pegged to the dollar from the onset of the global financial crisis until June 2010, when Beijing allowed resumption of a gradual appreciation. In 2014 the People’s Bank of China (PBOC) doubled the daily trading band within which the RMB is permitted to fluctuate. The restructuring of the economy and resulting efficiency gains have contributed to a more than tenfold increase in GDP since 1978. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, China in 2014 stood as the largest economy in the world, surpassing the US that year... Still, per capita income is below the world average.
The Chinese government faces numerous economic challenges, including: (a) reducing its high domestic savings rate and correspondingly low domestic consumption; (b) facilitating higher-wage job opportunities for the aspiring middle class, including rural migrants and increasing numbers of college graduates; (c) reducing corruption and other economic crimes; and (d) containing environmental damage and social strife related to the economy's rapid transformation. Economic development has progressed further in coastal provinces than in the interior, and by 2014 more than 274 million migrant workers and their dependents had relocated to urban areas to find work. One consequence of population control policy is that China is now one of the most rapidly aging countries in the world. Deterioration in the environment - notably air pollution, soil erosion, and the steady fall of the water table, especially in the North - is another long-term problem. China continues to lose arable land because of erosion and economic development. The Chinese government is seeking to add energy production capacity from sources other than coal and oil, focusing on nuclear and alternative energy development.
|
Source
: CIA |
Company
Name & address
GUANGDONG WENHAO FURNITURE CO.,
LTD.
SUXI INDUSTRIAL PARK, LONGSHAN, LONGJIANG TOWN
SHUNDE DISTRICT, FOSHAN, GUANGDONG PROVINCE 528319 PR CHINA
TEL: 86 (0) 757-23223536/23221883
FAX: 86 (0) 757-23225889
EXECUTIVE
SUMMARY
DATE OF REGISTRATION :
AUGUST 1, 1997
REGISTRATION NO. :
440681000274435
LEGAL FORM :
LIMITED LIABILITIES COMPANY
CHIEF EXECUTIVE :
HU JINGCHENG (LEGAL REPRESENTATIVE)
REGISTERED CAPITAL : CNY 10,080,000
STAFF :
200
BUSINESS CATEGORY : MANUFACTURING & TRADING
REVENUE :
CNY 40,749,000 (AS OF DEC. 31, 2014)
EQUITIES :
CNY 10,402,000 (AS OF DEC. 31, 2014)
WEBSITE :
WWW.WEN-HAO.COM.CN
E-MAIL :
WMB@WEN-HAO.COM.CN
PAYMENT :
AVERAGE
MARKET CONDITION :
FAIR
FINANCIAL CONDITION :
FAIR
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 6.20 = 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.:
440681000274435 on August 1, 1997.
SC’s Organization Code Certificate No.: 23193218-X
SC’s Tax No.: 44068123193218X
SC’s registered capital: CNY 10,080,000
SC’s paid-in capital: CNY 10,080,000
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 |
|
Hu Jiawei |
25 |
|
Hu Yunling |
25 |
|
Hu Jingcheng |
50 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman, and General Manager |
Hu Jingcheng |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART & BACKGROUND
Name %
of Shareholding
Hu Jiawei 25
Hu Yunling 25
Hu Jingcheng 50
MANAGEMENT
Hu Jingcheng, Legal Representative, Chairman and General Manager
------------------------------------------------------------------------------------------------------
Gender: M
Qualification: University
Working experience (s):
At present, working in SC as legal representative, chairman and general
manager
BUSINESS OPERATION
SC’s registered business scope includes manufacturing and selling
furniture; importing and exporting commodities and technology.
SC is mainly engaged in manufacturing and selling furniture.
SC’s products mainly include:
ProductsSolid wood series
Sofa series
|-- Modern leisure sofa|-- The traditional solid wood sofa
Rubber series
|-- EM|-- CM
screen series
Swivel chair series
|-- Modern leisure chair|-- Mesh chair|-- The traditional solid wood
chair
Public chair series
A modern office system
SC sources its materials 100% from domestic market. SC sells 30% of its
products in domestic market, and 70% to the overseas market, mainly U.S.A..
The buying terms of SC include Check, 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 Client*
----------------------
COMPUDESK MEXICO S.A. DE C.V.
Staff & Office:
--------------------------
SC is known to have approx. 200 staff at present.
SC rents an area as its operating office and factory, 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 records 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 local SAIC.
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As of Dec. 31,
2013 |
As of Dec. 31,
2014 |
|
Cash |
2,250 |
1,554 |
|
Notes receivable |
0 |
0 |
|
Accounts receivable |
12,576 |
17,578 |
|
Advances to suppliers |
14,141 |
10,586 |
|
Other receivable |
-5,645 |
-1,493 |
|
Inventory |
663 |
580 |
|
Prepaid expenses |
0 |
0 |
|
Other current assets |
157 |
254 |
|
|
------------------ |
------------------ |
|
Current assets |
24,142 |
29,059 |
|
Fixed assets |
2,064 |
1,864 |
|
Construction in progress |
0 |
0 |
|
Intangible assets |
0 |
0 |
|
Long-term prepaid expenses |
0 |
0 |
|
Deferred income tax assets |
0 |
0 |
|
Other non-current assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total assets |
26,206 |
30,923 |
|
|
============= |
============= |
|
Short-term loans |
0 |
0 |
|
Notes payable |
0 |
0 |
|
Accounts payable |
7,370 |
10,610 |
|
Wages payable |
0 |
0 |
|
Taxes payable |
-361 |
43 |
|
Advances from clients |
8,952 |
10,554 |
|
Other payable |
-438 |
-686 |
|
Accrued expenses |
0 |
0 |
|
Other current liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current liabilities |
15,523 |
20,521 |
|
Non-current liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total liabilities |
15,523 |
20,521 |
|
Equities |
10,683 |
10,402 |
|
|
------------------ |
------------------ |
|
Total liabilities & equities |
26,206 |
30,923 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2013 |
As of Dec. 31,
2014 |
|
Revenue |
41,535 |
40,749 |
|
Cost of sales |
37,407 |
37,038 |
|
Taxes and surcharges |
39 |
534 |
|
Sales expense |
1,499 |
1,174 |
|
Management expense |
1,953 |
1,875 |
|
Finance expense |
261 |
119 |
|
Non-operating income |
0 |
0 |
|
Non-operating expense |
23 |
38 |
|
Profit before tax |
353 |
-29 |
|
Less: profit tax |
208 |
253 |
|
Profits |
145 |
-282 |
Important Ratios
=============
|
|
As of Dec. 31,
2013 |
As of Dec. 31,
2014 |
|
*Current ratio |
1.56 |
1.42 |
|
*Quick ratio |
1.51 |
1.39 |
|
*Liabilities to assets |
0.59 |
0.66 |
|
*Net profit margin (%) |
0.35 |
-0.69 |
|
*Return on total assets (%) |
0.55 |
-0.91 |
|
*Inventory / Revenue ×365 |
6 days |
6 days |
|
*Accounts receivable / Revenue ×365 |
111 days |
158 days |
|
*Revenue / Total assets |
1.58 |
1.32 |
|
*Cost of sales / Revenue |
0.90 |
0.91 |
FINANCIAL COMMENTS
PROFITABILITY:
FAIR
The revenue of SC appears average in its line in both years.
SC’s net profit margin is average in 2013, fair in 2014.
SC’s return on total assets is average in 2013, fair in 2014.
SC’s cost of sales is average, comparing with its revenue.
LIQUIDITY: AVERAGE
The current ratio of SC is maintained in a normal level.
SC’s quick ratio is maintained in a normal level.
The inventory of SC is maintained in an average level.
The accounts receivable of SC appears large.
SC has no short-term loans.
SC’s revenue is in an average level, comparing with the size of its
total assets.
LEVERAGE: AVERAGE
The debt ratio of SC is average.
The risk for SC to go bankrupt is above average.
Overall financial condition of the SC: Fair.
CONCLUSIONS
SC is considered small-sized in its line with fair financial conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.03 |
|
|
1 |
Rs.99.27 |
|
Euro |
1 |
Rs.71.90 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
TPT |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.