MIRA
INFORM REPORT
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Report Date : |
2nd
February, 2007 |
IDENTIFICATION
DETAILS
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Name : |
YIWU
GOOD CAN IMPORT AND EXPORT CO., LTD. |
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Registered Office : |
2/F, No. 57, Chengdian South Road, Yiwu City Zhejiang Province
322000 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 : |
10.11.2003 |
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Com. Reg. No.: |
3307822007961 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Engaged
in wholesaling groceries and artworks. |
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
25,000 |
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Status : |
Small
Company |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Company name & Address
yiwu good can import and export co., ltd.
2/F, NO. 57, CHENGDIAN SOUTH ROAD, YIWU CITY ZHEJIANG PROVINCE
322000 PR CHINA
TEL: 86 (0) 579-5841044 FAX: 86 (0) 579-5109227
EXECUTIVE SUMMARY
INCORPORATION DATE :
nov. 10, 2003
REGISTRATION NO. :
3307822007961
REGISTERED LEGAL FORM : limited liabilities
company
STAFF STRENGTH :
12
REGISTERED CAPITAL :
CNY 5,000,000
BUSINESS LINE :
trading
TURNOVER :
cny 17,380,000 (AS OF DEC. 31, 2005)
EQUITIES :
CNY 4,560,000 (AS OF DEC. 31, 2005)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE :
up to USD 25,000
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
stable
OPERATIONAL TREND :
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 Nov. 10, 2003.
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 wholesaling groceries and artworks.
SC is mainly engaged
in wholesaling groceries
and artworks.
Ms. Yan Yuying has been chairman of SC since 2003.
SC owns about 12 staff at
present.
SC is
currently operating at the above stated address, and this address houses its
operating office in the commercial zone of Yiwu. 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
Yan Yuying
60
Zheng Guozhong
40
l
Chairman and General
Manager:
Ms. Yan
Yuying, in her 40’s with university education. She 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 wholesaling groceries and artworks.
SC sources its materials 90% from
domestic market, mainly Zhejiang province, and 10% from overseas market, mainly
India; SC sells its products 100% to overseas market, mainly India and Italy.
The buying terms of SC include
T/T, L/C and Credit of 30-60 days. The payment terms of SC include T/T, L/C and
Credit of 15-30 days.
*Major Supplier:
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Wenzhou Fumei Printing & Weaving Co., Ltd.
Address : No. 13,
Daqiao Industrial Zone, Longgang Town, Cangnan County, Zhejiang Province
Tel :
0577-64207308
*Major Customer:
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IMAS
Trading Ltd. (India)
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.
Constructions
Bank
AC#:
33001676287053000284
Relation: Normal
Balance Sheet (as of Dec. 31, 2005)
Unit: CNY’000
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Cash & bank |
660 |
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Inventory |
1,370 |
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Accounts receivable |
0 |
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Other Accounts receivable |
6,400 |
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Accounts payable in advance |
1,150 |
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To be apportioned expense |
0 |
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Other current assets |
0 |
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Current assets |
9,580 |
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Fixed assets |
120 |
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Long term investment |
0 |
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Other assets |
10 |
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Total assets |
9,710 |
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Short loans |
0 |
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Accounts payable |
2,750 |
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Accounts receivable in advance |
2,390 |
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Other Accounts payable |
0 |
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Salaries payable |
0 |
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Welfares payable |
0 |
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Taxes payable |
0 |
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Withdraw the expenses in
advance |
0 |
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Other current liabilities |
10 |
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Current liabilities |
5,150 |
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Long term liabilities |
0 |
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Other liabilities |
0 |
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Total liabilities |
5,150 |
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Equities |
4,560 |
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Total liabilities &
equities |
9,710 |
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Income Statement (as of Dec. 31, 2005)
Unit: CNY’000
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Turnover |
17,380 |
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Cost of goods sold |
16,220 |
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Sales expense |
470 |
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Management expense |
430 |
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Finance expense |
0 |
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Profit before tax |
260 |
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Less: profit tax |
30 |
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Profits |
230 |
Important Ratios (as of Dec. 31, 2005)
*Current ratio 1.86
*Quick ratio 1.59
*Liabilities to
assets 0.53
*Net profit
margin (%) 1.32
*Return on total
assets (%) 2.37
*Inventory
/Turnover ×365 29 days
*Accounts
receivable/Turnover ×365 /
*Turnover/Total
assets 1.79
*Cost of goods
sold/Turnover 0.93
PROFITABILITY: AVERAGE
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The turnover of SC appears average in its line.
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SC’s net profit margin is average.
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SC’s return on total assets is average.
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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 fairly good level.
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SC’s quick ratio is maintained in a fairly good level.
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The inventory of SC is maintained in a normal level.
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SC
has no accounts receivable in 2005.
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SC
has no short-term loan in 2005.
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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: Stable.
SC is
considered small-sized in its line with stable financial conditions. A credit line up to USD 25,000 would
appear to be within SC’s capacities.
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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