MIRA
INFORM REPORT
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Report Date : |
23.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
shanghai yuxinsheng trading co., ltd. |
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Registered Office : |
Room 23C Qianjiang Tower, No.971 Dongfang Road, Shanghai, 200122 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
june 17, 2004 |
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Com. Reg. No.: |
3101152018757 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Engaged in selling
textile raw materials and products. |
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 50,000 |
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Status : |
Small Company |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
name & address
shanghai yuxinsheng trading co., ltd.
room 23c qianjiang
tower, no.971 dongfang road,
shanghai, 200122 PR
CHINA.
TEL : 86 (0) 21-50585556
FAX : 86 (0)
21-50585559
EXECUTIVE SUMMARY
INCORPORATION DATE : june 17, 2004
REGISTRATION NO. : 3101152018757
REGISTERED LEGAL FORM : Limited liabilities
company
STAFF STRENGTH :
5
REGISTERED CAPITAL : CNY 12,980,000
BUSINESS LINE :
trading
TURNOVER :
CNY 145,080,000 (AS OF DEC. 31, 2005)
EQUITIES :
CNY 12,290,000 (AS OF DEC. 31, 2005)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO usd 50,000 (PERIODICAL REVIEW)
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIR
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY7.73 = US$1 AS OF 2007-3-23
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY - China Yuan Renminbi
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 June 17, 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 operating and acting as an agent of importing and exporting
various kinds of commodities and technology, selling chemical raw materials and
products, building materials, textile raw materials and products,
electromechanical products, auto parts and feed.
SC is mainly
engaged in selling textile raw materials and products.
Mr. Liu Wenzhe has
been chairman of SC since 2004.
SC owns about 5
staff at present.
SC is
currently operating at the above stated address, and this address houses its
operating office in the commercial zone of Shanghai. Our checks reveal that SC
rents the total premise about 50 square meters.
SC is not known to host web site of its own at present.
SC’s former registered capital was CNY
2,000,000, and it was changed into CNY 12,980,000 in 2005.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Xiamen Yuzhe Import and Export Co., Ltd. 49
Xiamen Xindongsen Group Co., Ltd. 51
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Chairman and
General Manager:
Mr. Liu Wenzhe, 38 years old 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 selling textile raw materials and products.
SC’s products
mainly include: garment lining
SC sources its materials 100% from domestic market,
mainly Shanghai. SC sells 100% of its products to overseas market, mainly USA
and Europe.
The buying terms of SC include Check, T/T and Credit of 30 days. The
payment terms of SC include T/T, L/C and Credit of 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.
Agricultural Bank of China Shanghai Branch
AC#：03337700040085743
Relationship:
Normal.
Balance Sheet (as of
Dec. 31, 2005)
Unit: CNY’000
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Cash & bank |
510 |
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Inventory |
0 |
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Accounts
receivable |
42,990 |
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Other Accounts
receivable |
270 |
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To be
apportioned expense |
10 |
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Other current
assets |
20,500 |
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Current assets |
64,280 |
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Fixed assets net
value |
380 |
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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 |
64,660 |
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============= |
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Short loans |
0 |
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Accounts payable |
43,010 |
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Other Accounts payable |
0 |
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Withdraw the
expenses in advance |
0 |
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Other current
liabilities |
9,360 |
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Current
liabilities |
52,370 |
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Long term
liabilities |
0 |
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Other
liabilities |
0 |
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Total
liabilities |
52,370 |
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Equities |
12,290 |
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Total
liabilities & equities |
64,660 |
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Income Statement (as
of Dec. 31, 2005)
Unit: CNY’000
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Turnover |
145,080 |
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Cost of goods
sold |
143,370 |
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Sales expense |
1,350 |
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Management expense |
800 |
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Finance expense |
20 |
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Profit before
tax |
-460 |
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Less: profit tax |
0 |
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Profits |
-460 |
Important Ratios (as of Dec. 31, 2005)
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*Current ratio 1.23
*Quick ratio 1.23
*Liabilities to
assets 0.81
*Net profit
margin (%) -0.32
*Return on total
assets (%) -0.71
*Inventory
/Turnover ×365 / days
*Accounts
receivable/Turnover ×365 108 days
*Turnover/Total
assets 2.24
*Cost of goods
sold/Turnover 0.99
PROFITABILITY:
FAIR
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The turnover of SC appears fairly good in its line.
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SC’s net profit margin is fair.
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SC’s return on total assets is fair.
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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.
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SC’s quick ratio is maintained in a normal level.
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SC has no inventory in 2005.
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The accounts receivable of SC appears LARGE.
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SC has no short-term loan in 2005.
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SC’s turnover is in an acceptable 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: Fair.
SC is considered small-sized in its line with fail financial conditions.
A credit line up to USD 50,000
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%)