MIRA
INFORM REPORT
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Report Date : |
28.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
shanghai bozi
import & export co., ltd. |
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Registered Office : |
Room 501, Ai Fa Xin
Du, No. 2, Lane 58, Yanggao Middle Road, Pudong New Zone, Shanghai 201206 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
Sep. 24, 2002 |
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Com. Reg. No.: |
310115000708983 |
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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 : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
Up To usd 8,000 |
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Status : |
Small Company |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
name & address
shanghai bozi import
& export co., ltd.
room 501, ai fa xin du, no. 2, lane 58,
yanggao middle road
pudong new zone, shanghai 201206 PR CHINA
TEL :
86 (0) 21-50258279
FAX :
86 (0) 21-68512019
EXECUTIVE SUMMARY
INCORPORATION DATE : sep. 24, 2002
REGISTRATION NO. : 310115000708983
REGISTERED LEGAL FORM : Limited liabilities
company
STAFF STRENGTH :
18
REGISTERED CAPITAL : CNY 1,000,000
BUSINESS LINE :
trading
TURNOVER :
CNY 16,580,000 (AS OF DEC. 31, 2006)
EQUITIES :
CNY 700,000 (AS OF DEC. 31, 2006)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO usd 8,000
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : fair
OPERATIONAL TREND : fairly 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 Sep. 24, 2002.
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 commodities and technologies,
investment management, and consulting services.
SC is mainly engaged
in international trade.
Ms. Xue Yun has
been chairman of SC since 2002.
SC is known to
have approx. 18 staff members at present.
SC is
currently operating at the above stated address, and this address houses its
operating office in the development zone of Shanghai. Our checks reveal that SC
rents the total premise about 150 square meters.
SC is not known to host website of its own at present.
No significant events or changes were found during our checks with the
local AIC.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Xue Yun 50
Wang Wenping 50
l
Chairman and
General Manager:
Ms. Xue Yun, in her 30’s with university education. She is currently
responsible for the overall management of SC.
Working Experience(s):
From 2002 to present Working in SC as chairman and general manager.
SC is mainly
engaged in international trade.
SC’s products
mainly include: furniture, and other articles for daily use.
SC sources its materials 100% from domestic market,
mainly Anhui, Jiangsu, and Shanghai. SC sells 100% to overseas market, mainly
Italy and Spain.
The buying terms of SC include T/T, Check and Credit of
30-60 days. The payment terms of SC include T/T, L/C, Check and Credit of 30-60
days.
*Major Supplier:
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Tianchang Siguan Cleaning Supplies Co., Ltd.
*Major Customer:
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ARCASA Limited (Italy)
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: A trade enquiry currently
conducted with SC's supplier(s) reveal the following:
Supplier
A
Products sold: cleaning supplies
Date account opened: 2006
Line of credit: No comment
Terms: cash on delivery
Average monthly sales: No comment
Current balance: zero
Rating Key: 3
Any Special Comments: ______________________________________
Payment record keys :
1 = Prompt : Payment made before the credit
period expires
2 = As agreed terms : Payment made upon due
date
3 = Slightly slow but acceptable : Payment
made 5 to 20 days beyond agreed terms
4 = Slow : Payment made 16 to 45 days beyond
agreed terms
5 = Poor : Payment made over 45 days beyond
agreed terms
6
= No comment : Account is newly opened & record is not yet established
Note : In
some instances, payment beyond terms can be the result of disputes over merchandise,
lost invoices, disputed accounts & etc.
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
AC#：10071808091001
Relationship:
Normal.
Balance Sheet (as
of Dec. 31, 2006)
Unit: CNY’000
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Cash & bank |
180 |
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Inventory |
0 |
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Accounts
receivable |
2,940 |
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Other Accounts
receivable |
0 |
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Advances to suppliers |
310 |
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To be
apportioned expense |
0 |
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Other current
assets |
10 |
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------------------ |
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Current assets |
3,440 |
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Fixed assets |
40 |
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Long term
investment |
0 |
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Other assets |
0 |
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Total assets |
3,480 |
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Short loans |
0 |
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Accounts payable |
2,380 |
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Other Accounts
payable |
360 |
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Advances from
clients |
30 |
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Withdraw the
expenses in advance |
0 |
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Other current
liabilities |
10 |
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Current
liabilities |
2,780 |
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Long term
liabilities |
0 |
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Other
liabilities |
0 |
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Total
liabilities |
2,780 |
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Equities |
700 |
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Total
liabilities & equities |
3,480 |
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Income Statement (as
of Dec. 31, 2006)
Unit: CNY’000
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Turnover |
16,580 |
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Cost of goods
sold |
14,280 |
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Sales expense |
1,760 |
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Management expense |
560 |
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Finance expense |
80 |
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Profit before
tax |
-80 |
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Less: profit tax |
0 |
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Profits |
-80 |
Important Ratios (as of Dec. 31, 2006)
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*Current ratio 1.24
*Quick ratio 1.24
*Liabilities to
assets 0.80
*Net profit
margin (%) -0.48
*Return on total
assets (%) -2.30
*Inventory
/Turnover ×365 /
*Accounts receivable/Turnover
×365 65days
*Turnover/Total
assets 4.76
*
Cost of goods sold/Turnover 0.86
PROFITABILITY:
FAIR
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The turnover of SC appears average line.
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SC’s net profit margin is fair.
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SC’s return on total assets is fair.
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SC’s cost of goods sold is average, 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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SC has no inventory in 2006.
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The accounts receivable of SC appears fairly large.
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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:
FAIR
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The debt ratio of SC is fairly high.
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The risk for SC to go bankrupt is average.
Overall
financial condition of the SC: Fair.
SC is considered small-sized in its line with fair financial conditions.
The large amount of accounts receivable could be a threat to SC’s financial condition.
Credit dealings with SC should be confined into small amount.
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%)