MIRA
INFORM REPORT
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Report Date : |
06.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
shanghai carthane
co., ltd. |
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Registered Office : |
No. 813, Jianye
Road, Pudong New Zone Shanghai 201200 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
31.07.2000 |
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Com. Reg. No.: |
3101152002090 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Engaged in manufacturing automobile
components. |
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 300,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
name & address
shanghai carthane
co., ltd.
NO. 813, JIANYE ROAD, PUDONG NEW ZONE
SHANGHAI 201200 PR CHINA
TEL: 86 (0) 21-58386588
FAX: 86 (0) 21-58382081
EXECUTIVE SUMMARY
INCORPORATION DATE : JUL. 31, 2000
REGISTRATION NO. : 3101152002090
REGISTERED LEGAL FORM : limited liabilities
company
STAFF STRENGTH :
170
REGISTERED CAPITAL : CNY 10,000,000
BUSINESS LINE :
manufacturing
TURNOVER :
cny 32,390,000 (AS OF DEC. 31, 2005)
EQUITIES :
CNY 35,490,000 (AS OF DEC. 31, 2005)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : up to usd 300,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly good
OPERATIONAL TREND : steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 7.74 = US$1 AS OF 2007-03-03
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY - China Yuan Ren Min Bi
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. 31, 2000.
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 researching, developing, manufacturing, and selling macromolecule
material, products, and relative equipment; selling chemicals and automobile
component; exporting self-made product, and importing the needed machinery,
component, raw material, and accessories.
SC is
mainly engaged in manufacturing automobile components.
Mr. Li Zhiqiang
has been chairman of SC since 2000.
SC owns about 170
staff members at present.
SC is
currently operating at the above stated address, and this address houses its
operating office and factory in the development zone of Shanghai. Our checks
reveal that SC rents the total premise about 8,000 square meters.
http://www.carthane.com The
design is professional and the content is well organized. At present, the web is
both in Chinese and English versions.
E-mail: info@carthane.com
No significant events or changes were found during our checks with the
local Administration for Industry & Commerce.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Liming Research Institute of Chemical
Industry 32.2
Yang Yingtao 22.0
Huang Yuejiao 7.00
Other individuals
38.8
Liming Research Institute of Chemical
Industry (LRICI) is one of the key chemical institutes in China, which takes a
leading position on research & development and application of hydrogen
peroxide (H2O2) production technology by AO process,
sulfur hexafluoride (SF6) production, polyurethane elastomers and
RIM processing in China.
Add: No.5 Mangling Road
Luoyang, Henan 471001,
P.R.China
Tel: +86 379 6230 1673
Fax: +86 379 6230 7056
mailto:sales@lrici.com
lrici@public2.lyptt.ha.cn
http://www.lrici.com
l
Chairman and
General Manager:
Mr. Li Zhiqiang, in his 40’s with university education. He is currently
responsible for the overall management of SC.
Working Experience(s):
From 2000 to present Working in SC as
chairman and general manager.
SC is mainly
engaged in manufacturing automobile components.
SC’s products mainly include: polymeric damping
parts in vehicle suspension system, pedal assembly, vulkollan elastomer, and PU
elastomer system materials, etc.
SC sources its
materials 80% from domestic market, mainly Shanghai, and 20% from oversea
market; SC sells its products 75% in domestic market, mainly Jiangsu province
and Shanghai, and 25% to overseas market.
The buying terms
of SC include T/T, L/C and Credit of 30-60 days. The payment terms of SC
include T/T, L/C and Credit of 15-30 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.
Bank of
Communications Chuansha Sub-branch
AC#: N/A
Relation: Normal
Balance Sheet (as
of Dec. 31, 2005)
Unit: CNY’000
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Cash & bank |
7,740 |
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Inventory |
6,820 |
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Accounts
receivable |
7,790 |
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Bills receivable |
0 |
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Other Accounts
receivable |
490 |
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Accounts payable
in advance |
2,990 |
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To be
apportioned expense |
0 |
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Other current
assets |
3,190 |
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------------------ |
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Current assets |
29,020 |
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Fixed assets |
12,410 |
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Fixed assets net
value |
6,320 |
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Projects under
construction |
6,090 |
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Long term
investment |
0 |
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Other assets |
7,180 |
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Total assets |
48,610 |
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============= |
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Short loans |
0 |
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Accounts payable |
2,260 |
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Accounts
receivable in advance |
190 |
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Other Accounts
payable |
870 |
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Salaries payable |
1,700 |
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Welfares payable |
400 |
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Taxes payable |
1,690 |
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Withdraw the
expenses in advance |
0 |
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Other current
liabilities |
10 |
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Current
liabilities |
7,120 |
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Long term
liabilities |
6,000 |
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Other
liabilities |
0 |
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Total
liabilities |
13,120 |
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Equities |
35,490 |
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Total
liabilities & equities |
48,610 |
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Income Statement (as
of Dec. 31, 2005)
Unit: CNY’000
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Turnover |
32,390 |
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Cost of goods
sold |
18,910 |
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Sales expense |
1,970 |
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Management expense |
4,100 |
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Finance expense |
-110 |
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Non-operating
income |
1,330 |
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Profit before
tax |
8,850 |
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Less: profit tax |
1,580 |
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Profits |
7,270 |
Important Ratios (as of Dec. 31, 2005)
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*Current ratio 4.08
*Quick ratio 3.12
*Liabilities to
assets 0.27
*Net profit
margin (%) 22.45
*Return on total
assets (%) 14.96
*Inventory
/Turnover ×365 77 days
*Accounts
receivable/Turnover ×365 88 days
*Turnover/Total
assets 0.67
* Cost of goods
sold/Turnover 0.58
PROFITABILITY:
FAIRLY GOOD
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The turnover of SC appears average in its line.
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SC’s net profit margin is fairly good.
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SC’s return on total assets is acceptable.
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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 normal level.
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SC’s quick ratio is maintained in a normal level.
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The inventory of SC is maintained in a slightly large level.
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The accounts receivable is maintained in a
normal level.
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SC has no short-term loan in 2005.
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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 low.
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The risk for SC to go bankrupt is low.
Overall
financial condition of the SC: Fairly good.
SC is considered medium-sized in its line with fairly good financial
conditions. A credit line up to USD
300,000 would appear 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%)