MIRA
INFORM REPORT
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Report Date : |
28.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
foshan sky planet
import and export co., ltd. |
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Registered Office : |
4/F, Foreign Trade
Building, No.1 Fenjiangxi Road, Foshan, Guangdong Province, 528000 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
February 14, 1991 |
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Com. Reg. No.: |
4406001004654 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Engaged in international trade. |
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 usd 60,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
name & address
foshan sky planet
import and export co., ltd.
4/f, foreign trade building, no.1 fenjiangxi
road, foshan,
guangdong PROVINCE, 528000 PR CHINA
TEL :
86 (0) 757-83808811
FAX :
86 (0) 757-83215883
EXECUTIVE SUMMARY
INCORPORATION DATE : february 14, 1991
REGISTRATION NO. : 4406001004654
REGISTERED LEGAL FORM : Limited liabilities
company
STAFF STRENGTH :
50
REGISTERED CAPITAL : CNY 5,000,000
BUSINESS LINE :
trading
TURNOVER :
CNY 764,730,000 (AS OF DEC. 31, 2006)
EQUITIES :
CNY 5,510,000 (AS OF DEC. 31, 2006)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO usd 60,000
MARKET CONDITION : average
FINANCIAL CONDITION : fairly STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 7.39 = US$ 1
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY - China Yuan Renminbi
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 February 14, 1991.
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 importing and exporting various kinds of commodities
and technology, excluding the goods forbidden by the government, processing
with imported materials, processing with imported samples, assembling with
imported parts, and compensation trade in agreement; counter trade & transit trade.
SC is mainly
engaged in international trade.
Mr. Weng Weiming
has been chairman of SC since 2004.
SC is known to
have approx. 50 staff members at present.
SC is
currently operating at the above stated address, and this address houses its
operating office in the commercial zone of Foshan. Our checks reveal that SC
rents the total premise about 500 square meters.
http://www.fs-sp.com The design is professional and the content
is well organized. At present the web site is only in English version.
Changes of its registered information are as follows:
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Date
of change |
Item |
Before the change |
After the change |
|
2001-5-15 |
Company name |
Foshan Sky
Planet Industry Corp. |
Foshan Sky
Planet Import and Export Co., Ltd. |
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Registered legal form |
State-owned
enterprise |
Limited
liabilities company |
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Registered Capital |
CNY 1,000,000 |
CNY 5,000,000 |
MAIN SHAREHOLDERS:
Name %
of Shareholding
Weng Weiming 53.50
Xie Minyi 7.50
Lao Minfu 7.50
Lin Ping 7.50
Chen Lun 2.00
Other 13 individuals 22.00
l
Chairman and
General Manager:
Mr. Weng Weiming, 48 years old with university education. He is
currently responsible for the overall management of SC.
Working Experience(s):
From 2004 to present Working
in SC as chairman and general manager.
SC is mainly
engaged in international trade.
SC’s products
mainly include: light industrial products.
SC sources its materials 100% from domestic market,
mainly Guangdong. SC sells 100% of its products to overseas market, mainly USA,
Europe and Southeast Asian market.
The buying terms of SC include Check, T/T and Credit of 30-45 days. The
payment terms of SC include L/C and Credit of 30-45 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 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 China Foshan Branch
AC#：800830239138093001
Relationship:
Normal.
Balance Sheet (as of Dec. 31, 2006)
Unit: CNY’000
|
Cash & bank |
3,850 |
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Inventory |
36,520 |
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Accounts
receivable |
86,250 |
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Other Accounts
receivable |
59,100 |
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Advances to
suppliers |
960 |
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To be
apportioned expense |
460 |
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Other current
assets |
20 |
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------------------ |
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Current assets |
187,160 |
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Fixed assets net
value |
2,630 |
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Projects under
construction |
0 |
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Long term
investment |
0 |
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Other assets |
10 |
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------------------ |
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Total assets |
189,800 |
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============= |
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Short loans |
22,500 |
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Accounts payable |
65,220 |
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Other Accounts
payable |
85,210 |
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Advances from
clients |
6,500 |
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Withdraw the
expenses in advance |
960 |
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Other current
liabilities |
3,900 |
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------------------ |
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Current
liabilities |
184,290 |
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Long term
liabilities |
0 |
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Other
liabilities |
0 |
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------------------ |
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Total
liabilities |
184,290 |
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Equities |
5,510 |
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Total
liabilities & equities |
189,800 |
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Income Statement (as of Dec. 31, 2006)
Unit: CNY’000
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Turnover |
764,730 |
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Cost of goods
sold |
754,380 |
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Sales expense |
6,920 |
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Management expense |
2,260 |
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Finance expense |
350 |
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Profit before
tax |
170 |
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Less: profit tax |
60 |
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Profits |
110 |
Important Ratios (as of Dec. 31, 2006)
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*Current ratio 1.02
*Quick ratio 0.82
*Liabilities to
assets 0.97
*Net profit
margin (%) 0.01
*Return on total
assets (%) 0.06
*Inventory
/Turnover ×365 17 days
*Accounts
receivable/Turnover ×365 41 days
*Turnover/Total
assets 4.03
* Cost of goods
sold/Turnover 0.99
PROFITABILITY:
AVERAGE
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The turnover of SC appears fairly good in its line.
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SC’s net profit margin is average.
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SC’s return on total assets is average.
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SC’s cost of goods sold is high, comparing with its turnover.
LIQUIDITY: AVERAGE
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The current ratio of SC is maintained in a normal level.
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SC’s quick ratio is maintained in a normal level.
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The inventory of SC is maintained in an average level.
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The accounts receivable of SC appears fairly large.
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SC’s short-term loan appears LARGE.
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SC’s turnover is in a fairly good level, comparing with the size of its
total assets.
LEVERAGE: FAIR
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The debt ratio of SC is high.
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The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly stable.
SC is considered medium-sized in its line with fairly stable financial
conditions. The large amount of short loans could be a threat to SC’s financial
condition. A credit line up to USD 60,000
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. |
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%)