MIRA
INFORM REPORT
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Report Date : |
2nd
February, 2007 |
IDENTIFICATION
DETAILS
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Name : |
shanghai
congjie trade co., ltd. |
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Registered Office : |
Room 3501, No. 1 Building, Kaixuan Mansion, No. 2200, Kaixuan
Road, Shanghai 200030 Pr China |
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Country : |
China |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
01.03.2001 |
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Com. Reg. No.: |
3101081018521 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Engaged
in selling chemical material. |
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/normal. |
Small |
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Maximum Credit Limit : |
USD
5,000 |
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Status : |
Small
Company |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Company Name & ADdress
shanghai congjie trade co., ltd.
ROOM 3501, NO. 1 BUILDING, KAIXUAN MANSION, NO. 2200, KAIXUAN
ROAD, SHANGHAI 200030 PR CHINA
TEL: 86 (0) 21-64480998
FAX: 86 (0) 21-64470454
EXECUTIVE SUMMARY
INCORPORATION DATE :
mar. 1, 2001
REGISTRATION NO. :
3101081018521
REGISTERED LEGAL FORM : limited liabilities
company
STAFF STRENGTH :
15
REGISTERED CAPITAL :
CNY 500,000
BUSINESS LINE :
trading
TURNOVER :
cny 56,403,000 (AS OF DEC. 31, 2005)
EQUITIES :
CNY 649,000 (AS OF DEC. 31, 2005)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE :
up to USD 5,000 (PERIODICAL REVIEW)
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
FAIR
OPERATIONAL TREND :
FAIRLY steady
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 7.76 = US$1 AS OF 2007-02-02
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 Mar. 1, 2001.
Company Status: Limited liabilities co. This form of
business in PR China is defined as a legal person. 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 listed as follows: -manufacturing
co. :
CNY 500,000.00 -trading
&wholesaling co. : CNY 500,000.00 -retailing co. : CNY 300,000.00 -consultancy &
service co. : CNY 100,000.00 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 50% of the registered capital
while contribution by intangible assets must not exceed 20% 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 arts & crafts, jewelry, and groceries.
SC is mainly engaged
in selling chemical material.
Mr. Liang Yizhuan has been
chairman of SC since 2001.
SC owns about 15 staff at
present.
SC is
currently operating at the above stated address, and this address houses its
operating office in the commercial zone of Shanghai. Our checks reveal that SC
rents the total premise about 200 square meters.
SC is
not known to host web site of its own at present.
No
significant events or changes were found during our checks with the local
Administration for Industry & Commerce.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Shanghai Xiaojie Materials Co., Ltd. 40
Shanghai Congcong Jewelry Co., Ltd. 60
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Shanghai Xiaojie Materials Co., Ltd.
Address: No. 188, 2110 Lane, Huaxiang Road,
Shanghai
Tel: 021-62214428
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Chairman and General
Manager:
Mr.
Liang Yizhuan, in his 40’s with university education. He is currently
responsible for the overall management of SC.
Working Experience(s):
From 2001 to present Working in SC as chairman and general
manager.
SC is mainly engaged in selling chemical material.
SC’s products mainly include:
various of chemical material, etc.
SC sources its materials 60% from
domestic market, mainly Shanghai, and 40% from overseas market, mainly Hong
Kong; SC sells its products 100% in domestic market, mainly Shanghai.
The buying terms of SC include
T/T, L/C and Credit of 30-60 days. The payment terms of SC include T/T and
Credit of 30-60 days.
*Major Supplier:
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Shanghai Huayuan Import & Export Co., Ltd.
*Major Customer:
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Shanghai Zhangqin 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 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.
Industrial and
Commercial Bank
AC#: N/A
Relation: Normal
Balance Sheet (as of Dec. 31, 2005)
Unit: CNY’000
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Cash & bank |
417 |
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Inventory |
6,437 |
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Accounts receivable |
3,674 |
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Other Accounts receivable |
982 |
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Accounts payable in advance |
0 |
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To be apportioned expense |
0 |
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Other current assets |
33 |
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Current assets |
11,543 |
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Fixed assets |
156 |
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Long term investment |
0 |
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Other assets |
0 |
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Total assets |
11,699 |
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Short loans |
0 |
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Accounts payable |
8,572 |
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Accounts receivable in advance |
58 |
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Other Accounts payable |
2,313 |
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Salaries payable |
0 |
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Welfares payable |
0 |
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Taxes payable |
106 |
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Withdraw the expenses in
advance |
0 |
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Other current liabilities |
1 |
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Current liabilities |
11,050 |
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Long term liabilities |
0 |
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Other liabilities |
0 |
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Total liabilities |
11,050 |
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Equities |
649 |
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Total liabilities &
equities |
11,699 |
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Income Statement (as of Dec. 31, 2005)
Unit: CNY’000
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Turnover |
56,403 |
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Cost of goods sold |
52,508 |
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Sales expense |
2,146 |
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Management expense |
1,625 |
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Finance expense |
-5 |
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Non-operating expense |
63 |
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Profit before tax |
66 |
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Less: profit tax |
27 |
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Profits |
39 |
Important Ratios (as of Dec. 31, 2005)
*Current ratio 1.04
*Quick ratio 0.46
*Liabilities to
assets 0.94
*Net profit
margin (%) 0.07
*Return on total
assets (%) 0.33
*Inventory
/Turnover ×365 42 days
*Accounts
receivable/Turnover ×365 24 days
*Turnover/Total
assets 4.82
*Cost of goods
sold/Turnover 0.93
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 fair.
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SC’s return on total assets is acceptable.
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SC’s cost of goods sold is fairly high, comparing with its
turnover.
LIQUIDITY: FAIR
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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 fair level.
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The inventory of SC appears TOO LARGE.
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The
accounts receivable of SC appears LARGE.
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The
accounts payable of SC appears TOO 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 fairly 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 5,000 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/normal. |
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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