MIRA
INFORM REPORT
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Report Date : |
20th
January, 2007 |
IDENTIFICATION
DETAILS
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Name : |
BRIGHT SHOW INTERNATIONAL CO., LTD. |
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Registered Office : |
4/F Building No. 5 No. 879 Zhongjiang Road, Shanghai, 200333 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 : |
01.01.2003 |
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Com. Reg. No.: |
3101152010089 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Engaged in international trade. |
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 10,000 |
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Status : |
Small
Company |
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Payment Behaviour : |
Usually
Correct |
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Litigation : |
Clear |
Company Name & Address
BRIGHT SHOW INTERNATIONAL CO.,
LTD.
4/F BUILDING NO. 5 NO. 879
ZHONGJIANG ROAD, SHANGHAI, 200333 PR
CHINA
TEL : 86 (0) 21-61423030
FAX : 86 (0) 21-61423180
EXECUTIVE SUMMARY
INCORPORATION DATE : JAN. 1, 2003
REGISTRATION NO. : 3101152010089
REGISTERED LEGAL FORM :
LIMITED LIABILITIES COMPANY
STAFF STRENGTH : 28
REGISTERED CAPITAL : CNY 1,200,000
BUSINESS LINE : INTERNATIONAL TRADE
TURNOVER :
cny 27,940,000 (AS OF DEC. 31, 2005)
EQUITIES :
cny 770,000 (AS OF DEC. 31, 2005)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO USD 10,000 (PERIODICAL REVIEW)
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIR
OPERATIONAL TREND : FAIR
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 7.77= US$1 AS OF 2007-1-19
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 Jan. 1, 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 importing and exporting
various goods and technologies.
SC is mainly engaged
in international trade.
Mr. Bao Rengao has
been chairman of SC since 2003.
SC owns about 28
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 1,000 square meters.
http://www.brightshowintl.com
The design is professional and the content is well organized. At present it is
in both Chinese and English versions.
E-mail: mark@brightshowintl.com
No significant events or changes were found during our checks with
local AIC.
MAIN
SHAREHOLDERS:
Name % of
Shareholding
Bao Rengao 80
Lu Jiangning 20
l
Chairman and General
Manager:
Mr. Bao Rengao, in his 50’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: caps, hats, luggage, handbags, gloves, scarf and other home textiles.
SC sources its
materials 100% from domestic market. SC sells 100% of its products to the
overseas markets, mainly to Europe.
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 Client:
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CHRISTY (England)
*Major Supplier:
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Zhangjiagang Huaxia Hats Industry 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 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.
Mechanical Bank of China Shanghai Branch
AC#：15816301001
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
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As of
Dec. 31, 2005 |
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Cash & bank |
1,050 |
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Accounts receivable |
250 |
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Accounts payable
advance |
0 |
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A receivable tax
rebate of export |
860 |
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Other receivables |
670 |
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Inventory |
0 |
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Prepaid expenses |
0 |
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Other current
assets |
40 |
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Current assets |
2,870 |
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Fixed assets net
value |
650 |
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Projects under
construction |
0 |
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Long term
investment |
0 |
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Other assets |
240 |
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Total assets |
3,760 |
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Short loans |
0 |
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Accounts payable |
2,940 |
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Accounts receivable
advance |
0 |
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Welfare expenses
payable |
40 |
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Taxes payable |
-20 |
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Salaries payable |
0 |
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Other payable |
0 |
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Accrued expenses |
0 |
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Other current
liabilities |
30 |
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Current liabilities |
2,990 |
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Long term
liabilities |
0 |
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Total liabilities |
2,990 |
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Equities |
770 |
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Total liabilities
& equities |
3,760 |
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Income Statement
Unit: CNY’000
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As of Dec. 31, 2005 |
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Turnover |
27,940 |
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Cost of goods sold |
25,200 |
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Sales expense |
1,690 |
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Management expense |
2,120 |
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Finance expense |
20 |
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Profit before tax |
-130 |
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Less: profit tax |
0 |
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Profits |
-130 |
Important Ratios
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as of Dec. 31, 2005 |
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*Current
ratio |
0.96 |
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*Quick
ratio |
0.96 |
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*Liabilities
to assets |
0.80 |
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*Net
profit margin (%) |
-0.47 |
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*Return
on total assets (%) |
-3.46 |
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*Fixed
assets/Total assets |
0.17 |
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*Inventory
/Turnover ×365 |
0 |
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*Accounts
receivable/Turnover ×365 |
2days |
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*Turnover/Total
assets |
7.43 |
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*
Cost of goods sold/Turnover |
0.90 |
PROFITABILITY: FAIR
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The turnover of SC appears fairly good in its line.
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SC’s net profit margin appears fair.
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SC’s return on total assets appears fair.
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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 fair level.
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SC’s quick ratio is maintained in a normal level.
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The accounts receivable of SC is average.
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The accounts payable of SC appears TOO LARGE.
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SC’s turnover is in an acceptable 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 a
fair financial conditions. The large amount of accounts payable could be a
threat to SC’s financial condition. A credit line up to USD 10,000 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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