MIRA
INFORM REPORT
|
Report Date : |
23.04.2007 |
IDENTIFICATION
DETAILS
|
Name : |
KETCHE INTERNATIONAL TRADING (SHANGHAI) CO., LTD. |
|
|
|
|
Registered Office : |
Room 602 No.18 999 Lane Zhaojiabang Road, Shanghai, 200030 Pr
|
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
31.12.2006 |
|
|
|
|
Date of Incorporation : |
JUN. 8, 2005 |
|
|
|
|
Com. Reg. No.: |
310441 |
|
|
|
|
Legal Form : |
Wholly Foreign Owned Enterprise |
|
|
|
|
Line of Business : |
Engaged in international trade. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Small Company |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
name & address
KETCHE INTERNATIONAL TRADING (SHANGHAI) CO., LTD.
ROOM 602 NO.18 999 LANE ZHAOJIABANG ROAD,
SHANGHAI, 200030 PR CHINA.
TEL : 86 (0) 21-54590153
FAX : 86 (0) 21-64649423
EXECUTIVE SUMMARY
INCORPORATION DATE : JUN. 8, 2005
REGISTRATION NO. : 310441
REGISTERED LEGAL FORM : WHOLLY FOREIGN OWNED
ENTERPRISE
STAFF STRENGTH :
4
REGISTERED CAPITAL : USD 65,000
BUSINESS LINE :
INTERNATIONAL TRADE
TURNOVER :
cny 350,000 (AS OF DEC. 31, 2006)
EQUITIES :
cny 280,000 (AS OF DEC. 31, 2006)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UNDER SECURED TERMS
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : POOR
OPERATIONAL TREND : FAIR
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 7.73= US$1 AS OF 2007-4-23
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY - China Yuan Ren Min Bi
SC was registered as a wholly foreign owned enterprise at local Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license) on Jun. 8, 2005.
Company Status: Wholly foreign-owned enterprise This form of business in PR
China is defined as a legal person. It is a limited co. established within
the territories of PR China with capital provided totally by the foreign
investors. More than one foreign investors may jointly invest in a wholly
foreign-owned enterprise. The investing party/parties solely exercise
management, reap profit and bear risks and liabilities by themselves. This
form of companies usually have a limited duration is extendible upon
approval of Examination and Approval Authorities.
SC’s registered business scope includes international trade, transiting
trade, trade between the enterprises in the free trade zone; trade with the
enterprises not in the free trade zone through the enterprises with importing
and exporting rights; commerce simple processing; trade consulting service.
SC is mainly
engaged in international trade.
Ms. Dora Harmadi
has been chairman of SC since 2005.
SC owns about 4
staff.
SC is
currently operating at the above stated address, and this address houses its
operating office in the commercial zone of Shanghai. Our checks reveal that SC
rents the total premise about 98 square meters.
http://www.ktcdominionwine.com
. The design is professional and the content is well organized. At present it
is in Chinese version.
No significant events or changes were found during our checks with local
AIC.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Dora Harmadi (New Zealand) 100
l
Chairman and
General Manager:
Ms. Dora Harmadi in her 30’s with university education. She is currently
responsible for the overall management of SC.
Working Experience(s):
From 2005 to present Working
in SC as chairman and general manager.
SC is mainly
engaged in international trade.
SC’s products mainly
include: veneer (for exported) and wine (for imported).
SC has little
business at present.
SC sources its
materials 70% from domestic market and 30% from the overseas markets mainly
from Europe. SC sells 30% of its products in domestic market and 70% to the
overseas markets, mainly to Southeast Asia, America and Europe.
The buying terms of SC include Check, T/T and Credit of 30-60 days. The
payment terms of SC include T/T and Credit of 30-60 days.
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 refused to release any information of its
suppliers and the trade reference was not available.
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 Xujiahui Sub-Branch
AC#：810013638008092014
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
|
|
As
of Dec. 31, 2006 |
|
Cash & bank |
430 |
|
Accounts payable
advance |
0 |
|
Accounts
receivable |
0 |
|
Inventory |
0 |
|
Other
receivables |
0 |
|
Other current
assets |
10 |
|
|
------------------ |
|
Current assets |
440 |
|
Fixed assets net
value |
30 |
|
Projects under
construction |
0 |
|
Long term
investment |
0 |
|
Other assets |
0 |
|
|
------------------ |
|
Total assets |
470 |
|
|
============= |
|
Short loans |
0 |
|
Accounts payable |
0 |
|
Accounts
receivable advance |
100 |
|
Taxes payable |
0 |
|
Salaries payable |
0 |
|
Other payable |
0 |
|
Other current liabilities |
90 |
|
|
------------------ |
|
Current
liabilities |
190 |
|
Long term
liabilities |
0 |
|
|
------------------ |
|
Total
liabilities |
190 |
|
Equities |
280 |
|
|
------------------ |
|
Total
liabilities & equities |
470 |
|
|
============= |
Income Statement
Unit: CNY’000
|
|
As of Dec. 31, 2006 |
|
Turnover |
350 |
|
Cost of goods
sold |
240 |
|
Sales expense |
10 |
|
Management expense |
330 |
|
Finance expense |
0 |
|
Profit before
tax |
-230 |
|
Less: profit tax |
0 |
|
Profits |
-230 |
Important Ratios
=============
|
|
as
of Dec. 31, 2006 |
|
*Current ratio |
2.32 |
|
*Quick ratio |
2.32 |
|
*Liabilities
to assets |
0.40 |
|
*Net profit
margin (%) |
-65.71 |
|
*Return on
total assets (%) |
-48.94 |
|
*Fixed
assets/Total assets |
0.06 |
|
*Inventory
/Turnover ×365 |
0 |
|
*Accounts
receivable/Turnover ×365 |
0 |
|
*Turnover/Total
assets |
0.74 |
|
* Cost of
goods sold/Turnover |
0.69 |
PROFITABILITY:
POOR
l
The turnover of SC appears fair in its line.
l
SC’s net profit margin is poor.
l
SC’s return on total assets is poor.
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
SC has no inventory and accounts receivable in 2006.
l
SC’s turnover is in a fair level, comparing with the size of its total
assets.
LEVERAGE: FAIR
l
The debt ratio of SC is fairly low.
l
The risk for SC to go bankrupt is fairly high.
Overall financial
condition of the SC: Poor.
SC is considered small-sized in its line with poor financial conditions.
Credit dealings with SC are recommended under secured terms.
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average/normal. |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)