MIRA
INFORM REPORT
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Report Date : |
09.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
SHANGHAI TUWEI IMPORT AND EXPORT CO., LTD. |
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Registered Office : |
Room1301, Lane 99 West Guangzhong Road, Zhabei District, Shanghai 200072 PR |
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Country : |
CHINA |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
31.03.2004 |
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Com. Reg. No.: |
3102282046911 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Engaged in International Trade |
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 : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
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SHANGHAI TUWEI IMPORT AND EXPORT CO., LTD.
room1301, lane 99 west guangzhong road,
zhabei district, shanghai 200072 PR CHINA
TEL: 86 (0) 21-66315313
FAX: 86 (0) 21-66313606
EXECUTIVE SUMMARY
INCORPORATION DATE : Mar. 31, 2004
REGISTRATION NO. : 3102282046911
REGISTERED LEGAL FORM : LIMITED LIABILITIES COMPANY
CHIEF EXECUTIVE : Ms. ye zhimei (CHAIRMAN)
STAFF STRENGTH : 5
REGISTERED CAPITAL : cny 1,000,000
BUSINESS LINE : INTERNATIONAL TRADE
TURNOVER : CNY 159,000 (AS OF DEC. 31, 2005)
EQUITIES : CNY 1,002,000 (AS OF DEC. 31, 2005)
PAYMENT : AVERAGE
RECOMM. CREDIT RANGE : c.o.d. TO SMALL AMOUNT
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : poor
OPERATIONAL TREND : FAIR
GENERAL REPUTATIO : fairly poor
EXCHANGE RATE : CNY 7.73 =US1$ AS OF 2007-4-6
History
SC was registered as a limited liabilities company at local Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license) on Mar. 31, 2004.
Company
Status: Limited Liabilities Company This form of business in PR China is defined as a legal person.
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 comprise of three to thirteen members. The minimum registered capital for a co. is listed as follows: -manufacturing co. :
CNY 500,000.00 -trading &wholesaling co.
: CNY 500,000.00 -retailing co.
: CNY 300,000.00 -consultancy & service co.
: CNY 100,000.00 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 50%
of the registered capital while contribution by intangible assets must not
exceed 20% 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 importing and exporting various kinds of commodities and technology(catalogue of products for import and export are not enclosed ), excluding the items controlled and forbidden by the state, selling of hardware machinery, textiles and garments, sports products, arts & crafts, package materials, package machine (in accordance with license).
SC is mainly engaged in international trade.
Ms. Ye Meizhi has been chairman of SC since 2004.
SC owns approximately 5 staff at present.
SC is currently operating at the above stated address, and this address houses its operating office in the commercial zone of Zhabei District. Our checks reveal that SC rents the total premise about 80 square meters.
Web Site
E-mail: yemeizhi@yahoo.com.cn
Key Events/Recent
Development
We dialed the number you provided 86-21-66315313 and we
found the gentleman Mr. Xu, However, Mr. Xu was very sensitive and only
answered once. He then refused to release other operation details.
Ownership/ Management
MAIN SHAREHOLDERS:
Name % of Shareholding
Ye Meizhi 60
Xu Jinnan 40
Management
Chairman
Ms. Ye Meizhi, in his 30’s with university education. She is currently responsible for the overall management of SC.
Working Experience(s):
From 2004 to present Working in SC as chairman.
General manager
Mr. Xu Jinnan in his 50’s with university education. He is currently responsible for the overall management of SC.
Working Experience(s):
From 2004 to present Working in SC as general manager.
Business operators
SC is mainly engaged in international trade.
SC’s products mainly include: hardware, kitchen crafts and nonstick pans.
SC sources its materials 80% from domestic market, and 20% from overseas market. SC sells 80% of its products in domestic market, and 20% to overseas market.
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.
Related Companies
SC is not known to have any subsidiary at present.
Payment
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.
Banking
Construction Bank of China Gonghexin Road Sub-branch of Shanghai
AC#：044117-8700-1205100809
Relationship: Normal.
Financial Highlight
Balance Sheet
Unit: CNY’000
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as of Dec. 31, 2004 |
as of Dec. 31, 2005 |
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Cash & bank |
0 |
310 |
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Inventory |
0 |
0 |
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Accounts receivable |
45 |
250 |
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Other receivables |
872 |
0 |
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Other current assets |
83 |
0 |
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Current assets |
1,000 |
560 |
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Fixed assets |
0 |
450 |
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Projects under construction |
0 |
0 |
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Long term investment |
0 |
0 |
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Other assets |
0 |
0 |
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Total assets |
1,000 |
1,010 |
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============= |
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Short loans |
0 |
0 |
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Accounts payable |
0 |
0 |
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Other payable |
0 |
3 |
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Accounts receivable advance |
0 |
0 |
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Other current liabilities |
0 |
5 |
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Current liabilities |
0 |
8 |
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Long term liabilities |
0 |
0 |
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Total liabilities |
0 |
8 |
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Equities |
1,000 |
1,002 |
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Total liabilities & equities |
1,000 |
1,010 |
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Income Statement
Unit: CNY’000
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as of Dec. 31, 2004 |
as of Dec. 31, 2005 |
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Turnover |
60 |
159 |
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Cost of goods sold |
0 |
116 |
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Sales expense |
0 |
25 |
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Management expense |
7 |
15 |
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Finance expense |
0 |
0 |
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Profit before tax |
0 |
2 |
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Less: profit tax |
0 |
0 |
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Profits |
0 |
2 |
Important Ratios
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as of Dec. 31, 2004 |
as of Dec. 31, 2005 |
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*Current ratio |
0 |
70 |
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*Quick ratio |
0 |
70 |
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*Liabilities to assets |
0 |
0.01 |
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*Net profit margin (%) |
0 |
1.26 |
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*Return on total assets (%) |
0 |
0.20 |
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*Fixed assets/Total assets |
0 |
0.45 |
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*Inventory /Turnover ×365 |
0 |
0 |
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*Accounts receivable/Turnover ×365 |
274days |
574days |
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*Turnover/Total assets |
0.06 |
0.16 |
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* Cost of goods sold/Turnover |
0 |
0.73 |
Financial Comments
PROFITABILITY: FAIR
The turnover of SC appears fairly poor in its line in 2005.
SC’s net profit margin remains at a fair level in 2005.
SC’s return on total assets remains at a fair level in 2005.
SC’s cost of goods sold is average, comparing with its turnover.
LIQUIDITY: FAIR
The current ratio of SC is maintained in a normal level.
SC’s quick ratio is maintained in a normal level.
The accounts receivable of SC appears acceptable.
SC’s turnover is in a fairly poor level, comparing with the size of its total assets.
LEVERAGE: FAIR
The debt ratio of SC is maintained in a low level.
The risk for SC to go bankrupt is fairly high.
Overall financial condition of the SC: POOR.
Remark
SC is considered small-sized in its line with poor financial conditions. Great caution is required in providing credit to SC and COD is recommended.
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)