MIRA INFORM REPORT
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Report No. : |
346563 |
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Report Date : |
27.10.2015 |
IDENTIFICATION DETAILS
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Name : |
MEIZHOU BRIGHT ART & CRAFT DEVELOPMENT CO., LTD. |
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Registered Office : |
No. 71, Meixing Road, Meijiang District, Meizhou, Guangdong Province,
514000 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
03.12.2010 |
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Com. Reg. No.: |
441402000012637 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Subject is engaged in manufacturing and selling arts and crafts |
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No. of Employee : |
20 |
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 : |
Small Company |
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Payment Behaviour : |
Slow but correct |
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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 31, 2015
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Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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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
MEIZHOU BRIGHT ART
& CRAFT DEVELOPMENT CO., LTD.
No. 71, meixing
road, meijiang district, meizhou, GUANGDONG PROVINCE, 514000 PR CHINA
TEL: 86 (0)
753-2368568 FAX: 86 (0) 753-2350933
EXECUTIVE
SUMMARY
INCORPORATION DATE : dec. 3, 2010
REGISTRATION NO. : 441402000012637
REGISTERED LEGAL FORM : LIMITED LIABILITIES COMPANY
STAFF STRENGTH :
20
REGISTERED CAPITAL : CNY 568,000
BUSINESS LINE :
Manufacturing & TRADING
TURNOVER :
CNY 2,180,000 (AS OF DEC. 31, 2014)
EQUITIES :
CNY 540,000 (AS OF DEC. 31, 2014)
PAYMENT :
SLOW BUT CORRECT
MARKET CONDITION : average
FINANCIAL CONDITION : fairly stable
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY
6.35 = USD
Adopted abbreviations:
ANS - amount not stated NS
- not stated SC - subject company (the
company inquired by you)
NA - not available CNY -
China Yuan Renminbi
Note: SC’s correct address should be the
heading one, while the was SC’s former address; SC’s complete name should be
the heading one.
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 Dec. 3, 2010.
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 manufacturing and selling arts
and crafts, rattan, bamboo, hemp, ceramics, glass and leather; importing and
exporting business (Not to engage in any items prohibited by laws,
administrative regulation and State Council; able to engage in items that needs
permit according to the regulation of the State Council, after obtaining the
permit from relative authorities and the registration in the AIC; and
select to deal with any items that do not need any permit.) (Any project that
needs to be approved by law can only be carried out after getting approval by
relevant authorities.)
SC is mainly
engaged in manufacturing and selling arts and crafts.
Mr.
Zhong Yongping is legal representative,
chairman and general manager of SC at present.
SC is known
to have approx. 20 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office in the industrial zone of Meizhou. The detailed information of
the premise is unspecified.
http://www.brightac.com The design is professional and the content is
well organized. At present it is in both Chinese and English versions.
Email: brightac@163.com
No significant events or changes were found during our checks with the
local Administration for Industry and Commerce.
Organization Code: 566613519
For the past two years there is no record of litigation.
MAIN SHAREHOLDERS:
Name Investment
amount (CNY’0000) %
of Shareholding
Xie Xiaofen 28 49.30
Zhong Yongping 28.8 50.70
l Legal
representative, Chairman and General manager:
Mr. Zhong Yongping is currently responsible for the overall
management of SC.
Working Experience(s):
At present Working in SC as legal representative, chairman
and general manager
Also working in Meixian Mingsheng
Crafts Factory as principal
l
Supervisors:
Xie Xiaofen
SC is mainly
engaged in manufacturing and selling arts and crafts.
SC’s products
mainly include: sola flowers, dried flowers, hand-made dried flower, wood
flower, etc.
Trademarks & patents
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Registration No. |
9055520 |
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Registration Date |
2012-01-21 |
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Trademark Design |
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SC sources its materials 90% from domestic
market, and 10% from overseas market. SC sells 70% of its products in domestic
market, and 30% 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’s management declined to release its customer and supplier
details.
Meixian
Mingsheng Crafts Factory
--------------------------
Reg.
no.: 441421600105797
Principal:
Zhong Yongping
Incorporation
date: 2009-07-17
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.
SC’s management
declined to release its bank details.
Balance Sheet
Unit: CNY’000
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as
of Dec. 31, 2014 |
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Cash & bank |
260 |
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Inventory |
50 |
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Accounts
receivable |
460 |
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Advances to
suppliers |
20 |
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Other
receivables |
-260 |
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Other current
assets |
0 |
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------------------ |
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Current assets |
530 |
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Fixed assets net
value |
40 |
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Projects under
construction |
0 |
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Long term
investment |
0 |
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Other assets |
120 |
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------------------ |
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Total assets |
690 |
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============= |
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Short loans |
0 |
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Accounts payable |
0 |
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Other payable |
0 |
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Taxes payable |
10 |
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Advances from
clients |
140 |
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Other current
liabilities |
0 |
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------------------ |
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Current
liabilities |
150 |
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Long term
liabilities |
0 |
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------------------ |
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Total
liabilities |
150 |
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Equities |
540 |
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------------------ |
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Total
liabilities & equities |
690 |
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============= |
Income Statement
Unit: CNY’000
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as of Dec. 31,
2014 |
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Turnover |
2,180 |
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Cost of goods
sold |
1,890 |
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Sales expense |
0 |
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Management expense |
250 |
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Finance expense |
0 |
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Profit before
tax |
10 |
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Less: profit tax |
0 |
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Profits |
10 |
Important Ratios
=============
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as
of Dec. 31, 2014 |
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*Current ratio |
3.53 |
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*Quick ratio |
3.2 |
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*Liabilities
to assets |
0.22 |
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*Net profit
margin (%) |
0.46 |
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*Return on
total assets (%) |
1.45 |
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*Inventory
/Turnover ×365 |
9 days |
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*Accounts
receivable/Turnover ×365 |
78 days |
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*Turnover/Total
assets |
3.16 |
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* Cost of
goods sold/Turnover |
0.87 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears average in its line.
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 average, comparing with
its turnover.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a normal
level.
l
SC’s quick ratio is maintained in a normal level.
l
The inventory of SC is maintained in an average
level.
l
The accounts receivable of SC appears large in
2014.
l
SC has no short-term loan in 2014.
l
SC’s turnover is in a fairly good level, comparing
with the size of its total assets.
LEVERAGE: AVERAGE
l
The debt ratio of SC is low.
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. The large amount of accounts receivable could be a threat to SC’s
financial condition.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.64.96 |
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|
1 |
Rs.99.55 |
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Euro |
1 |
Rs.71.64 |
INFORMATION DETAILS
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Analysis Done by
: |
HEE |
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Report Prepared
by : |
ASH |
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 |
-- |
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.