MIRA
INFORM REPORT
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Report Date : |
10.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
WENZHOU INTERNATIONAL TRADE CENTER PRODUCT CO., LTD. |
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Registered Office : |
Room 403, International Trade Center Building, No. 8 West Liming
Road, Wenzhou, Zhejiang Province, 325000 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
Dec. 30, 1997 |
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Com. Reg. No.: |
3303001000897 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Engaged in international trade and leasing offices. |
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 : |
No Complaints |
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Litigation : |
Clear |
name & address
WENZHOU INTERNATIONAL TRADE CENTER PRODUCT CO., LTD.
ROOM 403, INTERNATIONAL TRADE CENTER BUILDING, NO. 8 WEST LIMING ROAD,
WENZHOU, ZHEJIANG PROVINCE, 325000 PR CHINA
TEL : 86 (0) 577-88862507
FAX : 86 (0) 577-88862506
EXECUTIVE SUMMARY
INCORPORATION DATE : DEC. 30, 1997
REGISTRATION NO. : 3303001000897
REGISTERED LEGAL FORM : LIMITED LIABILITIES
COMPANY
STAFF STRENGTH :
5
REGISTERED CAPITAL : CNY 2,280,000
BUSINESS LINE :
INTERNATIONAL TRADE
TURNOVER :
cny 1,440,000 (AS OF DEC. 31, 2006)
EQUITIES :
cny 2,130,000 (AS OF DEC. 31, 2006)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : up to usd 8,000 (PERIODICAL REVIEW)
MARKET CONDITION : FAIR
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 Ren Min Bi
Note: Instead of the given address, SC’s address should be the above stated one.
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 Dec. 30, 1997.
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 selling metal materials,
electromechanical products, chemical products, native and livestock products,
hardware, building materials, decoration materials and wood products;
information consulting services; importing and exporting various goods and
technology; 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 and leasing offices.
Mr. Chen Xianlin
has been chairman of SC since 2006.
SC is known
to have approx. 5 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 Wenzhou. Our checks reveal that SC
owns the total premise about 200 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 local
AIC.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Wenzhou Foreign Trade & Economic
Cooperation Bureau 40.00
Wenzhou Importing and Exporting Corp 13.00
Zhejiang Cereals oils & Foodstuffs
Import & Export Co., Ltd. 10.00
Zhejiang Native Produce & Animal
By-products I/E Group Corp 10.00
Wenzhou Cereals and Oils Corp 5.40
Zhejiang Wenzhou Package Import & Export
Corp. 5.40
Wenzhou Textile Foreign Trade Corp 2.70
Zhejiang Sinotrans Co., Ltd. 2.70
Zhejiang Crafts Import & Export Co.,
Ltd. 2.70
Other shareholders 8.10
Zhejiang Native Produce & Animal
By-products I/E Group Corp
Add: No. 308 North Zhongshan Road, Hangzhou
Tel: 86 0571-85773888
Fax: 86 0571-85773780
E-Mail: webmaster@zjnac.com
Web: http://www.zjnac.com
Zhejiang Cereals oils & Foodstuffs
Import & Export Co., Ltd.
Zhejiang Cereals, Oils & Foodstuffs
Import & Export Co., Ltd. is the largest foreign trade enterprise in
China's Zhejiang Province, with revenue greater than most food exporting
companies in China.
Add: No.229 Tiyuchang Rd.,Hangzhou,China
Tel: 0086-571-85779999Ext.
Fax: 0086-571-85152514
Wenzhou Importing and Exporting Corp
Add: No. 8 West Liming Road, Wenzhou,
Zhejiang
Tel: 86 0577-88344575
Fax: 86 0577-88344557
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Chairman and
General Manager:
Mr. Chen Xianlin, 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 and leasing offices.
SC has little
international trade business in 2006 and 2007. The turnover of SC is mainly from
leasing its offices.
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 International Trade Sub-branch
AC#：820012191308091001
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
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As
of Dec. 31, 2006 |
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Cash & bank |
850 |
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Inventory |
0 |
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Accounts
receivable |
500 |
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Advances to
suppliers |
2,100 |
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Other
receivables |
890 |
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Other current
assets |
30 |
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Current assets |
4,370 |
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Fixed assets net
value |
7,850 |
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Projects under
construction |
4,580 |
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Long term
investment |
0 |
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Other assets |
360 |
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Total assets |
17,160 |
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Short loans |
4,500 |
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Accounts payable |
3,640 |
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Advances from
clients |
5,460 |
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Taxes payable |
40 |
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Salaries payable |
0 |
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Other payable |
1,360 |
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Other current
liabilities |
30 |
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Current
liabilities |
15,030 |
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Long term
liabilities |
0 |
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Total liabilities |
15,030 |
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Equities |
2,130 |
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Total
liabilities & equities |
17,160 |
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Note: Projects Under Construction
SC’s financial manager
released that SC is now building a three-dimensional parking garage.
Income Statement
Unit: CNY’000
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As of Dec. 31, 2006 |
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Turnover |
1,440 |
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Cost of goods
sold |
110 |
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Sales expense |
0 |
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Management expense |
850 |
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Finance expense |
190 |
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Profit before
tax |
100 |
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Less: profit tax |
30 |
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Profits |
70 |
Important Ratios
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2006 |
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*Current ratio |
0.29 |
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*Quick ratio |
0.29 |
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*Liabilities
to assets |
0.88 |
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*Net profit
margin (%) |
4.86 |
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*Return on
total assets (%) |
0.41 |
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*Inventory
/Turnover ×365 |
0 |
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*Accounts
receivable/Turnover ×365 |
127days |
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*Turnover/Total
assets |
0.08 |
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* Cost of
goods sold/Turnover |
0.08 |
PROFITABILITY:
AVERAGE
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The turnover of SC appears fair 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 low, comparing with its turnover.
LIQUIDITY: POOR
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The current ratio of SC is maintained in a poor level in 2006.
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SC’s quick ratio is maintained in a poor level in 2006.
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The accounts payable of SC is large.
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The short loans of SC are large.
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SC’s turnover is in a poor 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 above average.
Overall financial
condition of the SC: Fair.
SC is considered small-sized in its line with fair financial conditions.
A credit line up to USD 8,000 would appear to be within SC’s capacities upon a
periodical review basis.
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%)