MIRA
INFORM REPORT
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Report Date : |
06.06.2007 |
IDENTIFICATION DETAILS
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Name : |
ima packaging
& processing equipment ( |
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Registered Office : |
Room 712 |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
December 16, 2003 |
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Com. Reg. No.: |
019159 |
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Legal Form : |
Wholly Foreign-Owned |
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Line of Business : |
Developing and designing packaging equipment. |
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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Maximum Credit Limit : |
Up To usd 5,000 |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
name & address
ima packaging &
processing equipment (
room 712 huixin building,
chaoyang district,
TEL
86 (0) 10-84971811
FAX
86 (0) 10-84971812
EXECUTIVE SUMMARY
INCORPORATION DATE : december 16, 2003
REGISTRATION NO. : 019159
REGISTERED LEGAL FORM : Wholly foreign-owned
STAFF STRENGTH :
11
REGISTERED CAPITAL : usd 1,350,000
BUSINESS LINE :
trading
TURNOVER :
CNY 4,820,000 (AS OF DEC. 31, 2006)
EQUITIES :
CNY 1,290,000 (AS OF DEC. 31, 2006)
PAYMENT :
AVERAGE
RECOMM.
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRLY POOR
OPERATIONAL TREND : FAIR
GENERAL REPUTATION : fair
EXCHANGE RATE :
CNY7.65 = US$1 AS OF 2007-6-6
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 wholly foreign-owned enterprise at local Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license) on December 16, 2003.
Company Status: Wholly foreign-owned enterprise This form of business in PR
China is defined as a legal person. It is a limited co. established within
the territories of PR China with capital provided totally by the foreign
investors. More than one foreign investors may jointly invest in a wholly
foreign-owned enterprise. The investing party/parties solely exercise
management, reap profit and bear risks and liabilities by themselves. This
form of companies usually have a limited duration is extendible upon
approval of Examination and Approval Authorities.
SC’s registered
business scope includes developing and designing packaging equipment, providing
technical consultation, technical service, technical training.
SC is mainly
engaged in developing and designing packaging equipment.
Mr. MAXIMILIANO
GARCIA has been chairman of SC since 2003.
SC owns about 11
staff at present.
SC is
currently operating at the above stated address, and this address houses its
operating office in the commercial zone of Beijing. Our checks reveal that SC
rents the total premise about 100 square meters.
SC is not known to host web site 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
IMA S.p.A
(
l
Chairman and
General Manager:
Mr. MAXIMILIANO GARCIA (Swedish), about 45 years old 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 developing and designing packaging equipment.
SC sources its materials 100% from overseas
market, mainly
The buying terms of SC include L/C and Credit of 30 days. The payment
terms of SC include T/T and Credit of 30 days.
*Major Supplier:
============
IMA S.p.A
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.
SC’s management
declined to release its bank details.
Balance Sheet (as
of Dec. 31, 2006)
Unit: CNY’000
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Cash & bank |
640 |
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Inventory |
0 |
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Accounts
receivable |
3,230 |
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Other Accounts receivable |
740 |
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To be
apportioned expense |
0 |
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Other current
assets |
10 |
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Current assets |
4,620 |
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Fixed assets net
value |
550 |
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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 |
5,170 |
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Short loans |
2,400 |
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Accounts payable |
70 |
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Other Accounts
payable |
780 |
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Withdraw the
expenses in advance |
0 |
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Other current
liabilities |
630 |
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Current liabilities |
3,880 |
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Long term
liabilities |
0 |
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Other
liabilities |
0 |
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Total
liabilities |
3,880 |
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Equities |
1,290 |
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Total
liabilities & equities |
5,170 |
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Income Statement (as
of Dec. 31, 2006)
Unit: CNY’000
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Turnover |
4,820 |
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Cost of goods
sold |
0 |
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Sales expense |
4,610 |
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Management expense |
2,070 |
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Finance expense |
160 |
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Profit before
tax |
-2,270 |
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Less: profit tax |
0 |
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Profits |
-2,270 |
Important Ratios (as of Dec. 31, 2006)
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*Current ratio 1.19
*Quick ratio 1.19
*Liabilities to
assets 0.75
*Net profit
margin (%) -47.10
*Return on total
assets (%) -43.91
*Inventory
/Turnover ×365 / days
*Accounts
receivable/Turnover ×365 245 days
*Turnover/Total
assets 0.93
*Cost of goods
sold/Turnover 0
PROFITABILITY:
POOR
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The turnover of SC appears average in its line.
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SC’s net profit margin is poor.
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SC’s return on total assets is poor.
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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SC has no inventory in 2006.
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The accounts receivable of SC appears LARGE.
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The short-term loan of SC appears LARGE.
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SC’s turnover is in an average 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: Fairly poor.
SC is considered small-sized in its line with fairly poor financial
conditions. A credit line up to USD 5,000
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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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%)