MIRA
INFORM REPORT
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Report Date : |
13.07.2007 |
IDENTIFICATION DETAILS
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Name : |
SHANTOU JINPING DISTRICT NACO TRADING CO., LTD. |
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Registered Office : |
40 |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
Jun. 7, 2002 |
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Com. Reg. No.: |
4405082000758 |
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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 : |
Up To usd 3,000 |
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Status : |
Small Company |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name & address
SHANTOU JINPING DISTRICT NACO TRADING CO., LTD.
40 KING SIGHT GARDEN PARLOR, NO.
TEL : 86 (0) 754-8633013
FAX : 86 (0) 754-8633023
EXECUTIVE SUMMARY
INCORPORATION DATE : JUN. 7, 2002
REGISTRATION NO. : 4405082000758
REGISTERED LEGAL FORM : LIMITED LIABILITIES
COMPANY
STAFF STRENGTH :
5
REGISTERED CAPITAL : CNY 500,000
BUSINESS LINE :
INTERNATIONAL TRADE
TURNOVER :
cny 1,910,000 (AS OF DEC. 31, 2006)
EQUITIES :
cny 400,000
(AS OF DEC. 31, 2006)
PAYMENT :
AVERAGE
RECOMM.
MARKET CONDITION : FAIR
FINANCIAL CONDITION : FAIRLY STABLE
OPERATIONAL TREND : steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 7.57= US$1 AS OF
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 Jun. 7, 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 wholesaling case-hardened
package foods; selling papers and its products, knitting and textile products,
chemical materials, automotive parts, toys, culture products, electric
machinery and equipment, ceramics and stoneware.
SC is mainly
engaged in international trade.
Ms. Lin Yangzhi
has been chairman of SC since 2002.
SC owns about 6
staff.
SC is
currently operating at the above stated address, and this address houses its
operating office in the commercial zone of Shantou. Our checks reveal that SC
rents the total premise about 90 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 local
AIC.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Lin Yangzhi
70
Lin Bangning 30
l
Chairman and
General Manager:
Ms. Lin Yangzhi, in her
Working Experience(s):
From 2002 to present Working
in SC as chairman and general manager.
SC is mainly
engaged in international trade.
SC’s products
mainly include: coffee powders and coconut powders.
SC sources its
materials 100% from the overseas market, mainly from
The buying terms of SC include Check, 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 Clients:
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Zengcheng Handyware Seasoning 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.
Minsheng Bank Jinping Sub-branch
AC#：1701014170007289
Relationship:
Balance Sheet
Unit: CNY’000
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As
of Dec. 31, 2006 |
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Cash & bank |
160 |
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Accounts paid in
advance |
0 |
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Accounts
receivable |
0 |
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Inventory |
390 |
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Other
receivables |
0 |
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Other current
assets |
0 |
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Current assets |
550 |
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Fixed assets net
value |
10 |
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Projects under
construction |
0 |
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Long term
investment |
0 |
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Other assets |
0 |
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Total assets |
560 |
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Short loans |
0 |
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Accounts payable |
10 |
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Accounts
received in advance |
0 |
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Taxes payable |
-70 |
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Salaries payable |
0 |
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Other payable |
220 |
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Other current
liabilities |
0 |
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Current
liabilities |
160 |
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Long term
liabilities |
0 |
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Total
liabilities |
160 |
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Equities |
400 |
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Total
liabilities & equities |
560 |
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Income Statement
Unit: CNY’000
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As of Dec. 31,
2006 |
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Turnover |
1,910 |
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Cost of goods
sold |
1,800 |
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Sales expense |
110 |
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Management expense |
0 |
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Finance expense |
0 |
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Profit before
tax |
-10 |
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Less: profit tax |
0 |
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Profits |
-10 |
Important Ratios
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2006 |
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*Current ratio |
3.44 |
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*Quick ratio |
1.00 |
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*Liabilities
to assets |
0.29 |
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*Net profit
margin (%) |
-0.52 |
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*Return on total
assets (%) |
-1.79 |
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*Fixed
assets/Total assets |
0.02 |
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*Inventory
/Turnover ×365 |
75days |
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*Accounts
receivable/Turnover ×365 |
0 |
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*Turnover/Total
assets |
3.41 |
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* Cost of
goods sold/Turnover |
0.94 |
PROFITABILITY:
FAIR
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The turnover of SC appears fair in 2006.
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SC’s net profit margin is fair in 2006.
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SC’s return on total assets is fair in 2006.
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SC’s cost of goods sold is average, comparing with
its turnover.
LIQUIDITY: AVERAGE
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The current ratio of SC is maintained in a fairly
good level in 2006.
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SC’s quick ratio is maintained in a normal level in
2006.
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The inventory of SC is fairly large.
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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 fairly low.
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The risk for SC to go bankrupt is low.
Overall financial
condition of the SC: Fairly stable
SC is considered small-sized in its line with fairly stable financial conditions.
Credit dealings with SC should be confined into small amount 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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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%)