MIRA
INFORM REPORT
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Report Date : |
10.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
HAINING BOOSTEN IMPORT & EXPORT CO., LTD. |
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Registered Office : |
No. 234-236 South Haichang Road, Haining, Zhejiang
Province, 314400 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
Mar. 17, 2006 |
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Com. Reg. No.: |
3304812304551 |
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Legal Form : |
One-Person Limited Liability 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 30,000 |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name & address
HAINING BOOSTEN IMPORT & EXPORT CO., LTD.
NO. 234-236 SOUTH HAICHANG ROAD, HAINING,
ZHEJIANG PROVINCE, 314400 PR CHINA
TEL : 86 (0)
573-87093343
FAX : 86 (0) 573-87093343
EXECUTIVE SUMMARY
INCORPORATION DATE : MAR. 17, 2006
REGISTRATION NO. : 3304812304551
REGISTERED LEGAL FORM : One-person Limited
Liability Company
STAFF STRENGTH :
8
REGISTERED CAPITAL : CNY 5,000,000
BUSINESS LINE :
INTERNATIONAL TRADE
TURNOVER :
cny 8,940,000 (AS OF DEC. 31, 2006)
EQUITIES :
cny 5,120,000 (AS OF DEC. 31, 2006)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : up to usd 30,000
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 Ren Min Bi
SC was registered as a One-person Limited Liability Company at local Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license) on Mar. 17, 2006.
Company Status: One-person
Limited Liability Company
Single person LLC refers to a
limited liability company set up by only one natural person or legal person
as the single shareholder of it. The minimum registered capital
of Single person LLC is CNY100,000. The shareholder’s capital contributes,
as set out by the articles of associations should be a lump-sum payment in
full. One natural person can only
invest in and set up one limited liability company, which is not permitted
to invest in and set up a new Single person LLC. As to any one-person limited
liability company, the sole-investor nature of the natural person or legal
person shall be indicated in the registration documents of the company and
shall be indicated in the business license thereof as well. The regulation of Single person
LLC should be set up by the shareholder The regulation of Single person
LLC has no shareholder meeting.
SC’s registered business scope includes importing and exporting various
goods and technology; wholesaling and retailing chemical products, rubber and plastic
products, furniture, garments, leather products, pelt products and solar water
heaters.
SC is mainly
engaged in international trade.
Mr. Zhu Yuntao has
been chairman of SC since 2006.
SC is known
to have approx. 8 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 Haining. Our checks reveal that SC
rents the total premise about 200 square meters.
http://www.boosten.com.cn . The
design is professional and the content is well organized. At present it is in
both Chinese and English versions.
No significant events or changes were found during our checks with local
AIC.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Zhu Yuntao 100
l
Chairman and
General Manager:
Mr. Zhu Yuntao, in his 40’s with university education. He is currently responsible
for the overall management of SC.
Working Experience(s):
From 2006 to present Working
in SC as chairman and general manager.
SC is mainly
engaged in international trade.
SC’s products mainly include:
Antibiotics:
Cefoperazone,
Cefuroxime, Cefoxitin, Cefotaxime sodium, Ceftriaxone sodium, Ceftazidime,
Piperacillin.
Intermediate for
antibiotics:
EPCP, HO-EPCP,
N-Ethyl-2,3dioxo-1-piperazine-carbonyl chloride, GCLE, 1-Methyltetrazole-5-thiol,
Tetrazol-1-ylacetic acid, D（-）-P-Hydroxyphenylglycine Dane salt
(potassium methyl), D (-) Dihydro phenylglycine, D(-) Dihydro phenylglycine
sodium dane salt
Fluoro-chemicals:
Benzotrifluoride, P-Chlorobenzotrifluoride, m-Chlorobenzotrifluoride,
o-Chlorobenzotrifluoride, 3,4-Dichlorobenzotrifluoride, 1,
3-bis(trifluoromethyl)-benzene, 1- Bromo-4-(trifluoromethoxy) benzene,
P-(Trifluoromethoxy) aniline.
SC sources its
materials 100% from domestic market. SC sells 70% of its products in domestic
market, and 30% to the overseas market, mainly American and European countries.
The buying terms of SC include Check, T/T and Credit of 30-60 days. The
payment terms of SC include T/T, L/C and Credit of 30-60 days.
*Major Client:
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Shangyu Dirui Yuntao Chemical Co., Ltd.
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.
Agriculture Bank of China Haining Sub-branch
AC#：350101040022515
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
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As
of Dec. 31, 2006 |
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Cash & bank |
200 |
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Inventory |
240 |
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Accounts
receivable |
1,550 |
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Advances to
suppliers |
0 |
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Other
receivables |
10,080 |
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Other current
assets |
1,370 |
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Current assets |
13,440 |
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Fixed assets net
value |
0 |
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Projects under
construction |
0 |
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Long term
investment |
0 |
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Other assets |
0 |
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Total assets |
13,440 |
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Short loans |
0 |
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Accounts payable |
0 |
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Advances from
clients |
0 |
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Taxes payable |
0 |
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Salaries payable |
0 |
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Other payable |
8,300 |
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Other current
liabilities |
20 |
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Current
liabilities |
8,320 |
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Long term
liabilities |
0 |
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Total liabilities |
8,320 |
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Equities |
5,120 |
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Total
liabilities & equities |
13,440 |
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Income Statement
Unit: CNY’000
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As of Dec. 31, 2006 |
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Turnover |
8,940 |
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Cost of goods sold |
8,510 |
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Sales expense |
30 |
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Management expense |
250 |
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Finance expense |
10 |
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Profit before
tax |
120 |
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Less: profit tax |
10 |
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Profits |
110 |
Important Ratios
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2006 |
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*Current ratio |
1.62 |
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*Quick ratio |
1.59 |
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*Liabilities
to assets |
0.62 |
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*Net profit
margin (%) |
1.23 |
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*Return on
total assets (%) |
0.82 |
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*Inventory
/Turnover ×365 |
10days |
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*Accounts
receivable/Turnover ×365 |
63days |
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*Turnover/Total
assets |
0.67 |
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* Cost of goods
sold/Turnover |
0.95 |
PROFITABILITY:
AVERAGE
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The turnover of SC appears average in 2006.
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SC’s net profit margin is average in 2006.
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SC’s return on total assets is average in 2006.
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SC’s cost of goods sold is fairly high, comparing with its turnover.
LIQUIDITY: AVERAGE
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The current ratio of SC is maintained in a normal level in 2006.
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SC’s quick ratio is maintained in a fairly good level in 2006.
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The accounts receivable of SC is average.
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The inventory of SC is average.
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SC’s turnover is in an average level, comparing with the size of its
total assets.
LEVERAGE: AVERAGE
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The debt ratio of SC is average.
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The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly stable.
SC is considered small-sized in its line with a short history. Credit
dealings of small amount can be considered for it at present.
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%)