MIRA
INFORM REPORT
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Report Date : |
15.06.2007 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
MAR. 23, 1998 |
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Com. Reg. No.: |
3300001001471 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Engaged in
international trade. |
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 250,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name & address
No.42
TEL :
86 (0) 573-8022927
FAX :
86 (0) 573-8023917
EXECUTIVE SUMMARY
INCORPORATION DATE :
MAR. 23, 1998
REGISTRATION NO. :
3300001001471
REGISTERED LEGAL FORM : SHARES LIMITED CO.
STAFF STRENGTH :
200
REGISTERED CAPITAL : CNY 46,000,000
BUSINESS LINE :
INTERNATIONAL TRADE
TURNOVER :
CNY 716,955,900 (AS OF DEC. 31, 2005)
EQUITIES :
CNY 36,147,000 (AS OF DEC. 31, 2005)
PAYMENT :
AVERAGE
RECOMM.
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
FAIRLY STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 7.64 =US$1 AS OF 2007-06-15
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 shares limited company at local Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license) on Mar. 23, 1998.
Company Status: Shares limited co. This
form of business in PR China is defined as a legal person. Its registered
capital is divided into shares of equal par value and the co. raises
capital by issuing share certificates by promotion or by public offer.
Shareholders bear limited liability to the extent of shareholding, and the
co. is liable for its debts only to the extent of its total assets. The
characteristics of the shares limited co. are as follows: The
establishment of the co. requires at least five promoters and at least
three of them must be PR- China controlled legal persons. Natural person
can not be allowed to serve as promoters. The
minimum registered capital of a co. is CNY 10M. while that of the co. with
foreign investment is CNY 30M. The total capital of a co. which propose to
apply for publicly listed must not less than CNY 50M. The
board of directors must consist of an odd number of five to nineteen
directors. If
the co. raises capital by public offer, the promoters must not subscribe
less than 35% of the total shares. the promoters’ shares are restricted to
transfer- within three years of the offer. Directors can not transfer the
shares they hold in the co. during their terms of office. A
state-owned enterprise that is restructured into a shares limited co. must
comply with the conditions & requirements specified under the law &
administrative rule.
SC’s registered business
scope includes importing and exporting goods.
SC is mainly
engaged in international trade.
Mr. Qian Songkun has been chairman of SC
since 2004.
SC owns
approximately 200 staff at present.
SC is
currently operating at the above stated address, and this address houses its
operating office and some business departments in the commercial zone of
Tongxiang. Our checks reveal that SC owns the total premise about 10,000 square
meters.
http://www.zjtxft.com The design is
professional and the content is well organized. At present it is in both
Chinese and English versions.
Changes of its registered information:
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Date of change |
Item |
Before the change |
After the change |
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2004-7-6 |
Legal Representative |
Zhang Zhimin |
Qian Songkun |
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2006-9-5 |
Address |
No.42 Gongyuan Road, |
No.42 |
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Registered Capital |
CNY 10,000,000 |
CNY46,000,000 |
MAIN SHAREHOLDERS:
Name %
of Shareholding
Qian Songkun 30
Wu Hua 14.54
Chai Yuhong 5.35
Tao Jianping 4.46
Tang Xiaoyan 0.89
Zhu Yifan 0.45
Ding Yinqi 0.40
Shou Menghui 0.40
Hu Weifeng 0.40
Zhou Yingying 0.40
Weng Yan 0.40
Zhu Yeqing 0.40
Other 19 individuals 41.91
l
Chairman:
Mr. Qian Songkun, born in 1956, with
university education. He is currently responsible for the overall management of
SC.
Working Experience(s):
From 2004 to present Working
in SC as chairman.
l
General manager:
Ms. Tang Xiaoyan, born in 1957, with
university education. She is currently responsible for the daily management of SC.
Working Experience(s):
From 2003 to present Working
in SC as general manager.
SC is mainly
engaged in international trade.
SC’s main products including chrysanthemum products, knitted sweaters,
fur garments, leisure sweaters, hand crochets, textile raw materials, industrial
chemicals.
SC sources its materials 100% from domestic
market. SC sells 80% of its products in domestic market, 20% of its products in
the overseas market mainly to Southeast Asia and
The buying terms of SC include Check, T/T and Credit of
30-60 days. The payment terms of SC include Check, T/T, L/C and Credit of 30-60
days.
*Major Supplier:
=============
Tongxiang Jiayu Fashion Co., Ltd.
SC is known to have the following subsidiaries:
Tel: 0573-8023017
Fax: 0573-8034719
Manager: Jin Yunjiang
Tel: 0573-8038822
Fax: 0573-8023481
Manager: Qian Mingguan
Tel: 0573-8022234
Fax:0573-8026122
Manager: Qin Yuwei
Tel: 0573-8023008
Fax: 0573-8020502
Manager: Chai Yuhong
Tel: 0573-8588228
Fax: 0573-8588215
Manager: Wu Hua
Tel: 0573-8021209
Fax: 0573-8020102
Manager: Liu Bingxiang
Tel: 0573-8038811
Fax: 0573-8031704
Manager: Zheng Ran
Tel: 0573-8587008
Fax: 0573-8588369
Manager: Mao Yuexin
Tel: 0573-8023015
Fax: 0573-8023375
Manager: Zhu Jufang
Tel: 0573-8023962
Fax: 0573-8022915
Manager: Shi Keqiang
Tongxiang Jiayu Fashion Co., Ltd.
Address:
Tel: 0573-8588232
Tongxiang Jiafeng Realty Co., Ltd.
Tel: 0573-8115768
Jiaxing Jiahua Imp. & Exp. Co., Ltd.
Tel: 0573-8022927
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: A trade enquiry currently
conducted with SC's supplier(s) reveal the following:
Supplier
A
Products sold: garments
Date account opened: 2005
Line of credit: No comment
Terms: 30-60
days
Average monthly sales: No comment
Current balance: No comment
Rating Key : 2
Any Special Comments:
_______________________________________
Payment record keys :
1 = Prompt : Payment made before the credit
period expires
2 = As agreed terms : Payment made upon due date
3 = Slightly slow but acceptable : Payment
made 5 to 20 days beyond agreed terms
4 = Slow : Payment made 16 to 45 days beyond
agreed terms
5 = Poor : Payment made over 45 days beyond
agreed terms
6
= No comment : Account is newly opened & record is not yet established
Note : In
some instances, payment beyond terms can be the result of disputes over
merchandise, lost invoices, disputed accounts & etc.
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.
Bank of
AC#：45279010180900300103
Relationship:
Balance Sheet
Unit: CNY’000
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As
of Dec. 31, 2004 |
As
of Dec. 31, 2005 |
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Cash & bank |
20,202 |
38,730 |
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Notes receivable |
400 |
0 |
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Accounts
receivable |
67,566 |
60,298 |
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Advances to
suppliers |
6,507 |
4,563 |
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A receivable tax
rebate of export |
14,308 |
26,569 |
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Other receivables |
8,938 |
9,535 |
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Inventory |
3,082 |
4,816 |
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Other current
assets |
17 |
16 |
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------------------ |
------------------ |
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Current assets |
121,020 |
144,527 |
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Fixed assets |
9,863 |
10,756 |
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Fixed assets net
value |
5,033 |
5,746 |
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Projects under
construction |
0 |
0 |
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Long term
investment |
12,000 |
12,709 |
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Other assets |
2,353 |
2,299 |
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------------------ |
------------------ |
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Total assets |
140,406 |
165,281 |
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============= |
============= |
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Short loans |
0 |
0 |
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Notes payable |
19,839 |
38,392 |
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Accounts payable |
67,065 |
66,694 |
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Advances from
customers |
1,835 |
1,205 |
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Other payable |
2,085 |
1,479 |
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Accrued payroll |
10,546 |
12,692 |
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Welfare expenses
payable |
5,718 |
7,409 |
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Taxes payable |
726 |
1,262 |
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Increase not
payable |
1,780 |
0 |
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Other current
liabilities |
1 |
1 |
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------------------ |
------------------ |
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Current
liabilities |
109,595 |
129,134 |
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Long term
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total liabilities |
109,595 |
129,134 |
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Equities |
30,811 |
36,147 |
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------------------ |
------------------ |
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Total
liabilities & equities |
140,406 |
165,281 |
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============= |
============= |
Income Statement
Unit: CNY’000
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As of Dec. 31,
2004 |
As of Dec. 31,
2005 |
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Turnover |
653,920 |
716,956 |
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Cost of goods
sold |
613,410 |
678,084 |
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Sales expense |
19,670 |
14,290 |
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Management expense |
18,240 |
20,914 |
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Finance expense |
-90 |
-111 |
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Profit before
tax |
10,010 |
6,569 |
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Less: profit tax |
1,160 |
1,871 |
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Profits |
8,850 |
4,698 |
Important Ratios
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as
of Dec. 31, 2004 |
as
of Dec. 31, 2005 |
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*Current ratio |
1.10 |
1.12 |
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*Quick ratio |
1.08 |
1.08 |
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*Liabilities
to assets |
0.78 |
0.78 |
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*Net profit
margin (%) |
1.35 |
0.66 |
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*Return on
total assets (%) |
6.30 |
2.84 |
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*Fixed
assets/Total assets |
0.07 |
0.07 |
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*Inventory
/Turnover ×365 |
2days |
2days |
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*Accounts
receivable/Turnover ×365 |
38days |
31days |
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*Turnover/Total
assets |
4.66 |
4.34 |
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* Cost of
goods sold/Turnover |
0.94 |
0.95 |
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 is average.
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SC’s return on total assets is average.
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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.
l
The inventory of SC is maintained in a normal
level.
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The accounts receivable of SC appears LARGE.
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The accounts payable of SC appears LARGE.
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SC’s turnover is in a fairly good 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 average.
Overall financial
condition of the SC: Fairly stable.
SC is considered medium-sized in its line with fairly stable financial conditions.
A credit line up to USD 250,000 would 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%)