MIRA
INFORM REPORT
|
Report Date : |
30.04.2007 |
IDENTIFICATION
DETAILS
|
Name : |
CHANGZHOU DAGRO IMPORT & EXPORT CO., LTD. |
|
|
|
|
Registered Office : |
No. 2129, Fudu Commercial Apartment, No. 398, Tongjiang Middle
Road Xinbei District, Changzhou City, Jiangsu Province 213000 Pr |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
31.12.2006 |
|
|
|
|
Date of Incorporation : |
apr. 1, 2005 |
|
|
|
|
Com. Reg. No.: |
3204072104867 |
|
|
|
|
Legal Form : |
Limited Liabilities Company |
|
|
|
|
Line of Business : |
Exporting chemical materials and products. |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
|
Maximum Credit Limit : |
Up To USD 10,000 |
|
|
|
|
Status : |
Small Company |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
name & address
CHANGZHOU DAGRO IMPORT & EXPORT CO., LTD.
NO. 2129, FUDU COMMERCIAL APARTMENT, NO. 398, TONGJIANG MIDDLE
ROAD
XINBEI DISTRICT, CHANGZHOU CITY, JIANGSU PROVINCE 213000 PR
CHINA
TEL : 86 (0) 519-5131381
FAX : 86 (0) 519-5138682
EXECUTIVE SUMMARY
INCORPORATION DATE : apr. 1, 2005
REGISTRATION NO. : 3204072104867
REGISTERED LEGAL FORM : limited liabilities company
STAFF STRENGTH :
13
REGISTERED CAPITAL : cny1,000,000
BUSINESS LINE :
trading
TURNOVER :
CNY 14,430,000 (AS OF DEC. 31, 2006)
EQUITIES :
CNY 1,190,000 (AS OF DEC. 31, 2006)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO USD10,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : stable
OPERATIONAL TREND : steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 7.73 = US$1 AS OF 2007-04-29
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
NOTE: SC’s current address should be the above stated one, and the given address - 396, Tongjiang Avenue, Jiangsu was SC’s former address.
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 Apr. 1, 2005.
Company Status: Limited liabilities co. This form of business in PR
China is defined as a legal person. At least two shareholders and no more
than fifty contribute its registered capital jointly. 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 importing and exporting commodity & technology; and
selling chemical material and products, rubber and its products, and chemical
equipment.
SC is mainly engaged in exporting chemical materials and products.
Mr. Fu Xiaoli has
been chairman of SC since 2005.
SC owns about 13
staff at present.
SC is currently
operating at the above stated address, and this address houses its operating
office in the commercial zone of Changzhou. Our checks reveal that SC rents the
total premise about 200 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
Fu Xiaoli 75
Zhang Shujuan 25
l
Chairman and
General Manager:
Mr. Fu Xiaoli, born in 1957, 50 years old with university education. He
is currently responsible for the overall management of SC.
Working Experience(s):
From 2005 to present Working in SC as chairman and
general manager.
SC is mainly engaged in exporting chemical materials and products.
SC’s services
mainly include: various of chemical material.
SC sources its
materials 100% from domestic market, mainly Jiangsu and Zhejiang province. SC
sells its products 100% to overseas market, mainly India.
The buying terms
of SC include 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 supplier:
=============
Jinjiang Changtai Chemical Plant
*Major supplier:
=============
Meghmani
Ltd. India
SC is
not known to have 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.
Construction
Bank of China
AC#：51032001628436052505135
Relationship:
Normal.
Balance Sheet (As
of Dec. 31, 2006)
Unit: CNY’000
|
Cash & bank |
620 |
|
Inventory |
170 |
|
Accounts
receivable |
600 |
|
Other Accounts
receivable |
10 |
|
Other current
assets |
10 |
|
|
------------------ |
|
Current assets |
1,410 |
|
Fixed assets |
160 |
|
Long term
investment |
0 |
|
Other assets |
10 |
|
|
------------------ |
|
Total assets |
1,580 |
|
|
============= |
|
Short loans |
0 |
|
Accounts payable |
0 |
|
Welfares payable |
0 |
|
Taxes payable |
0 |
|
Accounts receivable
in advance |
370 |
|
Other Accounts
payable |
0 |
|
Other current
liabilities |
20 |
|
|
------------------ |
|
Current
liabilities |
390 |
|
Long term
liabilities |
0 |
|
Other
liabilities |
0 |
|
|
------------------ |
|
Total
liabilities |
390 |
|
Equities |
1,190 |
|
|
------------------ |
|
Total
liabilities & equities |
1,580 |
|
|
============= |
Income Statement (As
of Dec. 31, 2006)
Unit: CNY’000
|
Turnover |
14,430 |
|
Cost of goods
sold |
13,030 |
|
Sales expense |
480 |
|
Management expense |
620 |
|
Finance expense |
210 |
|
Non-operating
expense |
30 |
|
Profit before
tax |
60 |
|
Less: profit tax |
20 |
|
Profits |
40 |
Important Ratios
=============
|
*Current ratio |
3.62 |
|
*Quick ratio |
3.18 |
|
*Liabilities
to assets |
0.25 |
|
*Net profit
margin (%) |
0.28 |
|
*Return on
total assets (%) |
2.53 |
|
*Inventory
/Turnover ×365 |
4 days |
|
*Accounts
receivable/Turnover ×365 |
15 days |
|
*Turnover/Total
assets |
9.13 |
|
* Cost of goods
sold/Turnover |
0.90 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears fairly good in its line.
l
SC’s net profit margin is acceptable.
l
SC’s return on total assets is acceptable.
l
SC’s cost of goods sold is fairly high, comparing with its turnover.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a normal level.
l
SC’s quick ratio is maintained in a normal level.
l
The inventory of SC is maintained in a fairly good level.
l
The accounts receivable of SC is maintained in a normal level.
l
SC has no short-term loan in 2006.
l
SC’s turnover is in a fairly good level, comparing with the size of its
total assets.
LEVERAGE: AVERAGE
l
The debt ratio of SC is low.
l
The risk for SC to go bankrupt is above average.
Overall financial
condition of the SC: Stable.
SC is considered small-sized in its line with stable financial
conditions. A credit line up to USD10,000 would appear to be within SC’s
capacities.
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)