MIRA
INFORM REPORT
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Report Date : |
11.07.2007 |
IDENTIFICATION DETAILS
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Name : |
SHANGHAI JIANJU
INTERNATIONAL TRADE CO., LTD. |
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Registered Office : |
Room 1628, |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
Jul. 1, 2002 |
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Com. Reg. No.: |
3101152006729 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Selling chemical materials. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
Up To usd 150,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name & address
shanghai jianju
international trade co., ltd.
ROOM 1628,
SHANGHAI 200122 PR
TEL :
86 (0) 21-68416909
FAX :
86 (0) 21-68416911
EXECUTIVE SUMMARY
INCORPORATION DATE : jul. 1, 2002
REGISTRATION NO. : 3101152006729
REGISTERED LEGAL FORM : limited liabilities
company
STAFF STRENGTH :
25
REGISTERED CAPITAL : cny1,180,000
BUSINESS LINE :
TRADING
TURNOVER :
cny133,530,000 (AS OF DEC. 31, 2006)
EQUITIES :
CNY 10,350,000 (AS OF DEC. 31, 2006)
PAYMENT :
average
RECOMM.
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly good
OPERATIONAL TREND : steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 7.60 = US$1 AS OF 2007-07-10
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY -
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 Jul. 1, 2002.
Company Status: Limited liabilities co. This form of business in PR
China is defined as a legal person. At least two shareholders and no more than
fifty 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 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 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 importing and exporting
commodity & technology.
SC is
mainly engaged in selling chemical materials.
Mr. Chen Shijie
has been chairman of SC since 2002.
SC owns about 25
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 100 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 & Commerce.
MAIN SHAREHOLDERS:
Name % of Shareholding
Chen Shijie 60
Xie Weifeng 40
l
Chairman and
General Manager:
Mr. Chen Shijie, in his 40’s with university education. He is currently
responsible for the overall management of SC.
Working Experience(s):
From 2002 to present Working in SC as chairman and general manager.
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Assistant Manager:
Mr. Xie Weifeng, in his 40’s with university
education. He is currently responsible for the daily management of SC.
Working Experience(s):
From 2002 to present Working in SC as
assistant manager.
SC is
mainly engaged in selling chemical materials.
SC’s products mainly include: Mono Fluoro series, Di Fluoro
series, and Tri Fluoro series, etc.
SC sources its materials 95%
from domestic market, mainly
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 30-60 days.
*Major Supplier:
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Zhejiang Sanmen Xie’s Chemical
Industrial Co., Ltd.
*Major Customer:
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Shangyu Xie’s Chemical Industrial 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.
Shanghai Rural
Commercial Bank
AC#：324002-080100005356
Relationship:
Balance Sheet (as
of Dec. 31, 2006)
Unit: CNY’000
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Cash & bank |
2,750 |
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Inventory |
1,040 |
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Accounts
receivable |
18,950 |
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Other Accounts
receivable |
13,650 |
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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 |
1,500 |
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Current assets |
37,890 |
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Fixed assets |
260 |
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Long term
investment |
0 |
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Other assets |
90 |
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Total assets |
38,240 |
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Short loans |
0 |
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Accounts payable |
26,910 |
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Accounts
receivable in advance |
0 |
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Other Accounts
payable |
140 |
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Withdraw the
expenses in advance |
0 |
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Other current
liabilities |
840 |
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Current
liabilities |
27,890 |
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Long term
liabilities |
0 |
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Other
liabilities |
0 |
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Total
liabilities |
27,890 |
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Equities |
10,350 |
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Total
liabilities & equities |
38,240 |
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Income Statement (as
of Dec. 31, 2006)
Unit: CNY’000
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Turnover |
133,530 |
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Cost of goods
sold |
122,320 |
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Sales expense |
3,440 |
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Management expense |
1,110 |
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Finance expense |
60 |
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Profit before
tax |
8,350 |
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Less: profit tax |
1,250 |
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Profits |
7,100 |
Important Ratios (as of Dec. 31, 2006)
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*Current ratio 1.36
*Quick ratio 1.32
*Liabilities to
assets 0.73
*Net profit
margin (%) 5.32
*Return on total
assets (%) 18.57
*Inventory
/Turnover ×365 3 days
*Accounts
receivable/Turnover ×365 52 days
*Turnover/Total
assets 3.49
*Cost of goods
sold/Turnover 0.92
PROFITABILITY:
FAIRLY GOOD
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The turnover of SC appears fairly good
in its line.
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SC’s net profit margin is fairly good.
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SC’s return on total assets is good.
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SC’s cost of goods sold is acceptable, comparing
with its turnover.
LIQUIDITY:
FAIRLY GOOD
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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
fairly good level.
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The inventory of SC in maintained in a
fairly good level.
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The accounts receivable of SC is maintained in a
normal level.
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SC has no short-term loan in 2006.
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SC’s turnover is in a fairly good
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: Fairly good.
SC is considered small-sized in its line with fairly good financial
conditions. A credit line up to USD150,000 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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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%)