MIRA
INFORM REPORT
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Report Date : |
22.06.2007 |
IDENTIFICATION DETAILS
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Name : |
XIAMEN SHENGWANLONG LOGISTICS CO., LTD. |
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Registered Office : |
Room 1518, 15/F No. 226, |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
Jul. 23, 2004 |
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Com. Reg. No.: |
3502062017943 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Engaged in freight forwarding and 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 20,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name & address
XIAMEN SHENGWANLONG LOGISTICS CO., LTD.
ROOM 1518, 15/F NO. 226,
TEL : 86 (0) 592-5613808
FAX : 86 (0)
592-5613808
EXECUTIVE SUMMARY
INCORPORATION DATE : JUL. 23, 2004
REGISTRATION NO. : 3502062017943
REGISTERED LEGAL FORM : LIMITED LIABILITIES
COMPANY
STAFF STRENGTH :
8
REGISTERED CAPITAL : CNY 5,000,000
BUSINESS LINE :
LOGISTICS
TURNOVER :
cny 21,060,000 (AS OF DEC. 31, 2006)
EQUITIES :
cny 4,690,000
(AS OF DEC. 31, 2006)
PAYMENT :
AVERAGE
RECOMM.
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : FAIRLY STABLE
OPERATIONAL TREND : FAIRLY steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 7.62= US$1 AS OF 2007-6-22
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. 23, 2004.
Company Status: Limited liabilities co. This form of business in PR China
is defined as a legal person. 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 50% of the registered capital while
contribution by intangible assets must not exceed 20% 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
international and domestic freight forwarding and the consulting
service; express delivery service; importing and exporting various goods and
technology and acting as an agent for it; wholesaling and retailing hardware,
chemical products, metal materials, building materials, minerals, garments,
leather products, rubber products, culture products, crafts, textiles,
machinery and electronics equipment.
SC is mainly
engaged in freight forwarding and international trade.
Mr. Wang Wenbo has
been chairman of SC since 2004.
SC owns about 8
staff at present.
SC is
currently operating at the above stated address, and this address houses its
operating office in the commercial zone of Xiamen. Our checks reveal that SC
rents the total premise about 180 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 local
AIC.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Wang Wenbo 56
Zhang Shensan 44
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Chairman and
General Manager:
Mr. Wang Wenbo, in his 30’s 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 and general manager.
SC is mainly
engaged in freight forwarding and international trade.
SC’s services
mainly include: International ocean, air freight, and land transportation,
clearance of goods, commodity inspection agency, deliver goods, etc.
SC’s products
mainly include: beach garments.
SC sources its
materials 100% from domestic market. SC sells 100% of its products to the
overseas markets, mainly to
The buying terms of SC include Check, T/T and Credit of 30-60 days. The
payment terms of SC include T/T, L/C and Credit of 30-60 days.
*Major Client:
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Jinjiang Hengyi Garments 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.
Agriculture Bank of
AC#：327001040007647
Relationship:
Balance Sheet
Unit: CNY’000
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As
of Dec. 31, 2006 |
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Cash & bank |
220 |
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Accounts paid in
advance |
0 |
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Accounts
receivable |
-210 |
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Inventory |
0 |
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tax
reimbursement for export receivable |
1,670 |
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Other
receivables |
3,690 |
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Other current
assets |
0 |
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Current assets |
5,370 |
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Fixed assets net
value |
20 |
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Projects under
construction |
0 |
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Long term
investment |
0 |
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Other assets |
160 |
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Total assets |
5,550 |
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Short loans |
750 |
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Accounts payable |
-360 |
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Accounts received
in advance |
0 |
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Taxes payable |
0 |
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Salaries payable |
0 |
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Other payable |
450 |
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Other current
liabilities |
20 |
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Current
liabilities |
860 |
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Long term
liabilities |
0 |
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Total
liabilities |
860 |
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Equities |
4,690 |
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Total
liabilities & equities |
5,550 |
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Income Statement
Unit: CNY’000
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As of Dec. 31,
2006 |
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Turnover |
21,060 |
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Cost of goods
sold |
20,840 |
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Sales expense |
140 |
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Management expense |
190 |
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Finance expense |
160 |
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Profit before
tax |
-80 |
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Less: profit tax |
0 |
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Profits |
-80 |
Important Ratios
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2006 |
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*Current ratio |
6.24 |
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*Quick ratio |
6.24 |
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*Liabilities
to assets |
0.15 |
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*Net profit
margin (%) |
-0.38 |
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*Return on
total assets (%) |
-1.44 |
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*Fixed
assets/Total assets |
0.004 |
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*Inventory
/Turnover ×365 |
0 |
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*Accounts
receivable/Turnover ×365 |
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*Turnover/Total
assets |
3.79 |
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* Cost of
goods sold/Turnover |
0.99 |
PROFITABILITY:
FAIR
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The turnover of SC appears average in its line.
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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 high, comparing with its
turnover.
LIQUIDITY: AVERAGE
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The current ratio of SC is maintained in a normal
level in 2006.
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SC’s quick ratio is maintained in a normal level in
2006.
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The short-term loan of SC appears fairly large.
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SC’s turnover is in an average 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 above average.
Overall financial
condition of the SC: Fairly stable.
SC is considered small-sized in its line with fairly stable financial
conditions. A credit line up to USD 20,000 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%)