MIRA
INFORM REPORT
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Report Date : |
07.08.2007 |
IDENTIFICATION
DETAILS
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Name : |
miller new harbor qingdao co., ltd. |
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Registered Office : |
Taishan 2 Road, Economic Development Zone, Jimo, |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
Apr. 26, 2005 |
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Com. Reg. No.: |
000560 |
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Legal Form : |
Wholly Foreign-Owned |
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Line of Business : |
Engaged in manufacturing household textiles. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
Up To USD100,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name & address
miller new harbor qingdao co., ltd.
taishan 2 road,
economic development zone, jimo,
TEL : 86 (0) 532-87553352
FAX : 86 (0) 532-87560791
EXECUTIVE SUMMARY
INCORPORATION DATE : apr. 26, 2005
REGISTRATION NO. : 000560
REGISTERED LEGAL FORM : wholly foreign-owned
STAFF STRENGTH :
126
REGISTERED CAPITAL : USD1,000,000
BUSINESS LINE :
MANUFACTURING
TURNOVER :
cny 17,150,000 (AS OF DEC. 31, 2006)
EQUITIES :
CNY 8,030,000 (AS OF DEC. 31, 2006)
PAYMENT :
AVERAGE
RECOMM.
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : STABLE
OPERATIONAL TREND : steady
GENERAL REPUTATION : average
EXCHANGE RATE :
CNY 7.55 = US$1 AS OF 2007-07-26
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY -
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 Apr. 26, 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 investor 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 manufacturing and processing household textiles,
garments, drawn-work handicrafts, and textile materials.
SC is mainly
engaged in manufacturing household textiles.
Mr. Su
Rongren has been chairman of SC since 2005.
SC
owns about 126 staff at present.
SC is currently operating at the above stated address, and this
address houses its operating office and factory in the development zone of Jimo.
Our checks reveal that SC rents the total premise about 5,000 square meters.
SC is not known to host website of its own at present.
Till December 31, 2006, SC’s paid-up capital reached CNY8,150,000.
MAIN SHAREHOLDERS:
Name
% of Shareholding
Wei Si Li Corp. (USA) (in Chinese pinyin) 50
Zhan Ruo Corp. (USA) (in Chinese
pinyin) 50
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Chairman and
General Manager:
Mr. Su Rongren, in his 50’s with university education. He 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 manufacturing household textiles.
SC’s products mainly include:
various of window curtains.
SC sources its materials 98%
from domestic market, mainly
The
buying terms of SC include T/T, L/C and Credit of 30-60 days. The payment terms
of SC include T/T, L/C and Credit of 30-60 days.
*Major Supplier:
==============
*Major Customer:
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NEW HARBOR INC.
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
AC#：409400956898091001
Relationship:
Balance Sheet (as of Dec. 31, 2006)
Unit: CNY’000
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Cash & bank |
4,740 |
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Inventory |
2,530 |
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Accounts
receivable |
1,780 |
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Other Accounts
receivable |
40 |
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Accounts payable
in advance |
120 |
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To be
apportioned expense |
0 |
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Other current
assets |
320 |
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Current assets |
9,530 |
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Fixed assets |
660 |
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Long term
investment |
0 |
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Other assets |
820 |
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Total assets |
11,010 |
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Short loans |
0 |
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Accounts payable |
2,970 |
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Accounts
receivable in advance |
0 |
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Other Accounts
payable |
30 |
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Withdraw the
expenses in advance |
0 |
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Other current
liabilities |
-20 |
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Current liabilities |
2,980 |
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Long term
liabilities |
0 |
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Other
liabilities |
0 |
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Total
liabilities |
2,980 |
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Equities |
8,030 |
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Total
liabilities & equities |
11,010 |
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Income Statement (as of Dec. 31, 2006)
Unit: CNY’000
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Turnover |
17,150 |
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Cost of goods
sold |
13,430 |
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Sales expense |
1,080 |
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Management expense |
1,150 |
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Finance expense |
50 |
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Profit before
tax |
1,920 |
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Less: profit tax |
0 |
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Profits |
1,920 |
Important Ratios (as of Dec. 31, 2006)
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*Current ratio 3.20
*Quick ratio 2.35
*Liabilities to
assets 0.27
*Net profit
margin (%) 11.20
*Return on total
assets (%) 17.44
*Inventory
/Turnover ×365 54 days
*Accounts
receivable/Turnover ×365 38 days
*Turnover/Total
assets 1.56
* Cost of goods
sold/Turnover 0.78
PROFITABILITY:
AVERAGE
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The turnover of SC appears average in its line.
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SC’s net profit margin is fairly good.
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SC’s return on total assets is fairly good.
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SC’s cost of goods sold is high, comparing with its
turnover.
LIQUIDITY:
FAIRLY GOOD
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The current ratio of SC is maintained in a
fairly good level.
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SC’s quick ratio is maintained in a fairly good level.
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The inventory of SC is maintained in a slightly large level.
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The accounts receivable of SC is maintained in
a normal level.
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SC has no short-term loan in 2006.
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SC’s turnover is in a fairly good level, comparing with the
size of its total assets.
LEVERAGE:
AVERAGE
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The debt ratio of SC is fairly low.
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The risk for SC to go bankrupt is average.
Overall
financial condition of the SC: Stable.
Over the past 2 years, SC
has made a stable growth with satisfactory profit. A credit line up
to USD 100,000 would appear to be within SC’s capacities
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%)