MIRA
INFORM REPORT
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Report Date : |
27.07.2007 |
IDENTIFICATION DETAILS
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Name : |
Shanghai buipo
International TradING Co., Ltd. |
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Registered Office : |
Room 302, |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
Apr. 14, 2004 |
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Com. Reg. No.: |
3102282047836 |
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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 10,000 |
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Status : |
Small Company |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name & address
Shanghai buipo
International TradING Co., Ltd.
ROOM302, NO.
SHANGHAI 200122 PR
TEL :
86 (0) 21-68765461
FAX :
86 (0) 21-68765462
EXECUTIVE SUMMARY
INCORPORATION DATE : Apr. 14, 2004
REGISTRATION NO. : 3102282047836
REGISTERED LEGAL FORM : limited liabilities
company
STAFF STRENGTH :
4
REGISTERED CAPITAL : CNY 1,000,000
BUSINESS LINE :
INTERNATIONAL TRADING
TURNOVER :
CNY 14,984,000 (AS OF DEC. 31, 2006)
EQUITIES :
CNY 977,000 (AS OF DEC. 31, 2006)
PAYMENT :
AVERAGE
RECOMM.
MARKET CONDITION : average
FINANCIAL CONDITION : FAIRLY STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY7.56 = US$1 AS OF 2007-7-26
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
RMB -
SC was registered as a limited liabilities company at local
Administration for Industry & Commerce (The official body of issuing and
renewing business license) on Apr. 14, 2004.
Company Status: Limited liabilities company 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 selling chemical products, fine chemicals (excluding
dangerous goods), textiles, building materials, machinery equipments,
instruments and meters and its spare parts, importing and exporting goods and
technology, but excluding the goods and technology prohibited or limited by the
state (in accordance with license).
SC is mainly
engaged in international trade.
Mr. Xu Yongxi has
been chairman of SC since 2004.
SC owns about 4
staff at present.
SC is
currently operating at the above stated address, and this address houses its
operating office the commercial zone of Shanghai. Our checks reveal that SC
rents the total premise about 100 square meters.
www.buipo.com The design is professional
and the content is well organized. At present it is in English version.
E-mail: exports@buipo.com
No significant events or changes were found during our checks
with the local AIC.
MAIN SHAREHOLDERS:
Name
% of Shareholding
Xu Yongxi 90
Fu Yong 10
l
General manager:
Mr. Xu Yongxi, born in 1975, with university education. He is currently
responsible for the overall management of SC.
Working Experience(s):
From 2004 to present Working in SC as general manager.
SC is mainly
engaged in international trade.
SC’s products mainly include: dyes, chemicals, intermediates, dye
intermediates, dyes intermediates, benzene, anthraquinone, naphthalene intermediates
and naphthol.
SC sources its
materials 100% from foreign market. SC sells its products 100% in the domestic
market.
The buying terms
of SC include L/C, T/T and Credit of 30-90 days. The payment terms of SC
include T/T and Credit of 30-90 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.
AC#：310015-87615050001776
Relationship:
Balance Sheet
Unit: CNY’000
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as
of Dec. 31, 2005 |
as
of Dec. 31, 2006 |
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Cash & bank |
168 |
32 |
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Accounts
receivable |
48 |
1,258 |
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A receivable tax
rebate of export |
171 |
0 |
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Inventory |
7 |
1 |
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Other current
assets |
2 |
410 |
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------------------ |
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Current assets |
396 |
1,701 |
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Fixed assets |
851 |
1,113 |
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Fixed assets net
value |
728 |
875 |
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Projects under
construction |
0 |
0 |
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Long term
investment |
0 |
0 |
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Intangible and
other assets |
0 |
24 |
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Total assets |
1,124 |
2,600 |
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============= |
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Accounts payable |
44 |
1,171 |
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Tax payable |
-2 |
10 |
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Other payable |
2 |
442 |
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Other current
liabilities |
142 |
0 |
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Current
liabilities |
186 |
1,623 |
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Long term
liabilities |
0 |
0 |
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Total
liabilities |
186 |
1,623 |
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Equities |
938 |
977 |
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Total
liabilities & equities |
1,124 |
2,600 |
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Income Statement
Unit: CNY’000
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as of Dec. 31,
2005 |
as of Dec. 31,
2006 |
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Turnover |
10,188 |
14,984 |
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Cost of goods
sold |
9,612 |
13,935 |
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Sales expense |
245 |
625 |
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Management expense |
153 |
159 |
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Finance expense |
113 |
227 |
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Profit before
tax |
87 |
38 |
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Less: profit tax |
0 |
10 |
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Profits |
87 |
28 |
Important Ratios
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as
of Dec. 31, 2005 |
as
of Dec. 31, 2006 |
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*Current ratio |
2.13 |
1.05 |
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*Quick ratio |
2.09 |
1.05 |
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*Liabilities
to assets |
0.17 |
0.62 |
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*Net profit
margin (%) |
0.85 |
0.19 |
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*Return on
total assets (%) |
7.74 |
1.08 |
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*Fixed
assets/Total assets |
0.76 |
0.43 |
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*Inventory
/Turnover ×365 |
1day |
1day |
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*Accounts
receivable/Turnover ×365 |
2days |
31days |
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*Turnover/Total
assets |
9.06 |
5.76 |
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*Cost of goods
sold/Turnover |
0.94 |
0.93 |
PROFITABILITY:
AVERAGE
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The turnover of SC appears fairly good in its line.
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SC’s net profit margin remains at an average level
both two years.
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SC’s return on total assets remains at an average
level both two years..
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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 normal
level.
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SC’s quick ratio is maintained in a normal level.
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The inventory of SC appears normal in both two
years.
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The accounts receivable of SC appears fairly large
in 2006.
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The short loans of SC appears LARGE 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 above average.
Overall financial
condition of the SC: Fairly Stable.
SC is considered small-sized in its line with fairly stable financial conditions.
It is considered a credit line up to USD 10,000 appears 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%)