MIRA
INFORM REPORT
|
Report Date : |
18.12.2007 |
IDENTIFICATION
DETAILS
|
Name : |
PRIWELL CO., LTD. |
|
|
|
|
Registered Office : |
2/F Building 12, Shuizhanan Industrial Zone, Dongxi Road, Xilang,
Fangcun District, Guangzhou, 510385 Pr |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
31.12.2006 |
|
|
|
|
Date of Incorporation : |
May 20, 2003 |
|
|
|
|
Com. Reg. No.: |
4401032006024 |
|
|
|
|
Legal Form : |
Limited Liabilities Company |
|
|
|
|
Line of Business : |
Engaged in
international trade. |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
Maximum Credit Limit : |
Up To usd 50,000 |
|
|
|
|
Status : |
Small Company |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
name & address
PRIWELL CO., LTD.
2/F BUILDING 12, SHUIZHANAN INDUSTRIAL ZONE, DONGXI ROAD, XILANG,
FANGCUN DISTRICT, GUANGZHOU, 510385 PR CHINA
TEL : 86 (0)
20-81622880
FAX : 86 (0) 20-81622887
EXECUTIVE SUMMARY
INCORPORATION DATE : MAY 20, 2003
REGISTRATION NO. : 4401032006024
REGISTERED LEGAL FORM : LIMITED LIABILITIES
COMPANY
STAFF STRENGTH :
11
REGISTERED CAPITAL : CNY 5,000,000
BUSINESS LINE :
INTERNATIONAL TRADE
TURNOVER :
cny 36,590,000 (AS OF DEC. 31, 2006)
EQUITIES :
cny 4,920,000 (AS OF DEC. 31, 2006)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : up to usd 50,000
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : fairly STABLE
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
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 May 20, 2003.
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 wholesaling and retailing
various goods; importing and exporting various goods and technology.
SC is mainly
engaged in international trade.
Mr. Mei Libin has
been chairman of SC since 2003.
SC is known
to have approx. 11 staff members at present.
SC is
currently operating at the above stated address, and this address houses its
operating office in the industrial zone of Guangzhou. Our checks reveal that SC
rents the total premise about 200 square meters.
SC is not known to host website of its own at present.
SC’s former registered capital was CNY 500,000 and main shareholders were
Mei Libin 90% Luo Xianbin 10%, and in May 2006 they were changed to the present
ones.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Mei Libin 69
Luo Xianbin 1
Chen Yaochang 30
l
Chairman and
General Manager:
Mr. Mei Libin, in his 30’s with university education. He is currently
responsible for the overall management of SC.
Working Experience(s):
From 2003 to present Working
in SC as chairman and general manager.
SC is mainly
engaged in international trade.
SC’s products
mainly include: printing additives and printing materials.
SC sources its
materials 100% from domestic market. SC sells 100% of its products 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 Supplier:
=============
Guangzhou Zhujiang Printing and Dyeing 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’s suppliers
declined to make any comments.
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
Fangcun Sub-branch
AC#: 840058807908093001
Relationship:
Normal
Balance Sheet
Unit: CNY’000
|
|
As
of Dec. 31, 2005 |
As
of Dec. 31, 2006 |
|
Cash & bank |
1,820 |
4,090 |
|
Inventory |
3,210 |
750 |
|
Accounts
receivable |
10,760 |
8,700 |
|
Advances to
suppliers |
-20 |
170 |
|
Other
receivables |
10 |
80 |
|
Other current
assets |
960 |
10 |
|
|
------------------ |
------------------ |
|
Current assets |
16,740 |
13,800 |
|
Fixed assets net
value |
950 |
1,090 |
|
Projects under
construction |
0 |
0 |
|
Long term
investment |
0 |
0 |
|
Other assets |
120 |
90 |
|
|
----------------- |
------------------ |
|
Total assets |
17,810 |
14,980 |
|
|
============ |
============= |
|
Short loans |
0 |
0 |
|
Accounts payable |
9,620 |
7,660 |
|
Advances from
clients |
0 |
0 |
|
Taxes payable |
100 |
190 |
|
Salaries payable |
0 |
0 |
|
Other payable |
7,560 |
2,160 |
|
Other current liabilities |
60 |
50 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
17,340 |
10,060 |
|
Long term
liabilities |
0 |
0 |
|
|
-------------------- |
------------------ |
|
Total
liabilities |
17,340 |
10,060 |
|
Equities |
470 |
4,920 |
|
|
-------------------- |
------------------ |
|
Total
liabilities & equities |
17,810 |
14,980 |
|
|
============= |
============= |
Income Statement
Unit: CNY’000
|
|
As of Dec. 31, 2005 |
As of Dec. 31, 2006 |
|
Turnover |
34,000 |
36,590 |
|
Cost of goods
sold |
29,310 |
28,940 |
|
Sales expense |
4,510 |
7,400 |
|
Management expense |
0 |
0 |
|
Finance expense |
0 |
0 |
|
Profit before
tax |
80 |
70 |
|
Less: profit tax |
30 |
20 |
|
Profits |
50 |
50 |
Important Ratios
=============
|
|
2005 |
2006 |
|
*Current ratio |
0.97 |
1.37 |
|
*Quick ratio |
0.78 |
1.30 |
|
*Liabilities
to assets |
0.97 |
0.67 |
|
*Net profit
margin (%) |
0.15 |
0.14 |
|
*Return on
total assets (%) |
0.28 |
0.33 |
|
*Inventory
/Turnover ×365 |
34days |
7days |
|
*Accounts
receivable/Turnover ×365 |
116days |
87days |
|
*Turnover/Total
assets |
1.91 |
2.44 |
|
* Cost of
goods sold/Turnover |
0.86 |
0.79 |
PROFITABILITY: AVERAGE
l
The turnover of SC appears average in 2005 and 2006.
l
SC’s net profit margin is average in 2005 and 2006.
l
SC’s return on total assets is average in 2005 and 2006.
l
SC’s cost of goods sold is average, comparing with its turnover.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a fair level in 2005 but in a
normal level in 2006.
l
SC’s quick ratio is maintained in a fair level in 2005 but in a normal
level in 2006.
l
The accounts receivable of SC appears fairly large in 2006.
l
The inventory of SC is average in 2005 and 2006.
l
SC’s turnover is in an average level, comparing with the size of its
total assets.
LEVERAGE: FAIR
l
The debt ratio of SC is high in 2005 and fairly high in 2006.
l
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 fairly stable financial
conditions. Credit dealings of small amount can be considered for it at
present.
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)