MIRA
INFORM REPORT
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Report Date : |
5th
January, 2007 |
IDENTIFICATION
DETAILS
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Name : |
SHENZHEN GELI IMPORT & EXPORT Co., Ltd. |
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Registered Office : |
2/F,
Anhua Building, No. 8, Yingchun Road, Luohu District, Shenzhen, Guangdong Province, 518000 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 : |
24.03.2004 |
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Com. Reg. No.: |
4403012137414 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Engaged
in trading of machinery, building materials, and electronics. |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
-- |
Company Name & Address
SHENZHEN GELI
IMPORT & EXPORT Co., Ltd.
2/f, anhua
building, no. 8, yingchun road, luohu DISTRICT, SHENZHEN, GUANGDONG PROVINCE, 518000 PR CHINA.
TEL : 86 (0) 755-82174081
FAX : 86 (0) 755-25157001
EXECUTIVE SUMMARY
INCORPORATION DATE : MARCH 24, 2004
REGISTRATION NO. : 4403012137414
REGISTERED LEGAL FORM : LIMITED LIABILITIES COMPANY
STAFF STRENGTH : 20
REGISTERED CAPITAL : CNY 1,000,000
BUSINESS LINE : TRADING
TURNOVER :
CNY 24,000
(AS OF DEC. 31, 2005)
EQUITIES :
CNY 1,010,000 (AS OF DEC. 31, 2005)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : COD TO SMALL AMOUNT
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : POOR
OPERATIONAL TREND : FAIR
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 7.82=US$1 AS OF 2007-01-05
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY - China Yuan Renminbi
Note: The correct name of SC should be the above stated one, instead of the given name – Shenzhen Gelii Import and Export Co Ltd.
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 March 24, 2004.
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 industry development (projects need to be reported for
authorization); domestic commerce; supplying and selling commodities (excluding
the products privileged, prohibited or franchised); import & export
business (in accordance with the permit).
SC is mainly engaged in trading
of machinery products.
Mr. Zhang
Changhua has been legal representative
and chairman of SC since 2004.
SC owns approximately
20 staff at present.
SC is currently operating at the above stated address, and this
address houses its operating office in the commercial zone of Shenzhen. 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.
No significant events or changes were found during our checks with
the local Administration for Industry and Commerce.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Zhang
Changhua 60
Li
Guocai 40
l
Legal representative and General manager:
Mr. Zhang Changhua (张昌华), born in 1964,
with university education. He is currently responsible for the overall
management of SC.
Working Experience(s):
From 2004 to present Working
in SC as chairman and general manager.
SC is mainly engaged in trading
of machinery, building materials, and electronics.
SC sources its materials 90%
from domestic market, and 10% from overseas market, mainly Europe. SC sells 85%
of its products in domestic market, and 15% to overseas market, mainly Europe.
The buying terms of SC include Check, T/T, L/C and Credit of 30-60
days. The payment terms of SC include Check, T/T, L/C and Credit of 30-60 days.
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.
Bank of
Communications Shenzhen Branch Wenjin Sub-branch
AC#：066144018002341505
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
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as of Dec. 31, 2004 |
as of Dec. 31, 2005 |
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Cash & bank |
72 |
81 |
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Inventory |
0 |
0 |
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Accounts receivable |
1,000 |
1,000 |
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Advances to supplies |
0 |
0 |
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Other receivables |
0 |
0 |
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Other current assets |
0 |
0 |
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------------------ |
------------------ |
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Current assets |
1,072 |
1,081 |
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Fixed assets |
0 |
0 |
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Fixed assets net value |
0 |
0 |
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Projects under construction |
0 |
0 |
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Long-term investments |
0 |
0 |
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Intangible and other assets |
0 |
0 |
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Total assets |
1,072 |
1,081 |
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============= |
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Short loans |
0 |
0 |
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Accounts payable |
0 |
0 |
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Taxes payable |
0 |
1 |
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Surcharge payable |
71 |
71 |
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Other current
liabilities |
0 |
0 |
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Current liabilities |
77 |
72 |
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Long term liabilities |
0 |
0 |
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Total liabilities |
77 |
72 |
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Shareholders equities |
995 |
1,010 |
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Total liabilities &
equities |
1,072 |
1,082 |
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Income Statement
Unit: CNY’000
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as of Dec. 31, 2004 |
as of Dec. 31, 2005 |
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Turnover |
502 |
24 |
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Cost of goods sold |
---- |
0 |
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Sales expense |
---- |
0 |
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Management expense |
---- |
42 |
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Finance expense |
---- |
0 |
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Operation Profit |
-23 |
-18 |
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Less: profit tax |
0 |
0 |
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Net profit |
-23 |
-18 |
Important Ratios
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as of Dec. 31, 2004 |
as of Dec. 31, 2005 |
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*Current ratio |
13.9 |
15 |
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*Quick ratio |
13.9 |
15 |
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*Liabilities
to assets |
0.07 |
0.07 |
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*Net profit
margin (%) |
-4.58 |
-75 |
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*Return on
total assets (%) |
-2.15 |
-1.66 |
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*Fixed
assets/Total assets |
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*Inventory
/Turnover ×365 |
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*Accounts
receivable/Turnover ×365 |
727days |
15,208days |
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*Turnover/Total
assets |
0.47 |
0.02 |
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* Cost of
goods sold/Turnover |
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PROFITABILITY: FAIR
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The
turnover of SC appears fair 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.
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 normal level.
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The
accounts receivable of SC appears LARGE.
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SC’s
turnover is in a fair level, comparing with the size of its total assets.
LEVERAGE: FAIR
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The
debt ratio of SC is average.
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The
risk for SC to go bankrupt is fairly high.
Overall financial condition of the SC: Poor
SC is
considered small-sized in its line with poor financial conditions. Credit
dealings with SC are recommended under secured terms 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/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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