MIRA
INFORM REPORT
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Report Date : |
30.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
ZHUJI FOREIGN TRADE CORPORATION OF ZHEJIANG LTD |
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Registered Office : |
No. 89 Xishi Street, Zhuji, Zhejiang Province, 311800 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
FEB. 22, 1999 |
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Com. Reg. No.: |
3306811006957 |
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Legal Form : |
Limited Liabilities 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 300,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
name & address
ZHUJI FOREIGN TRADE CORPORATION OF ZHEJIANG LTD
NO. 89 XISHI STREET, ZHUJI,
ZHEJIANG PROVINCE, 311800 PR CHINA.
TEL : 86 (0) 575-7012388
FAX : 86 (0) 575-7010280
EXECUTIVE SUMMARY
INCORPORATION DATE :
FEB. 22, 1999
REGISTRATION NO. :
3306811006957
REGISTERED LEGAL FORM : LIMITED LIABILITIES COMPANY
STAFF STRENGTH :
35
REGISTERED CAPITAL : CNY 3,000,000
BUSINESS LINE :
INTERNATIONAL TRADE
TURNOVER :
CNY 440,930,000 (AS OF DEC. 31, 2005)
EQUITIES :
CNY 48,760,000 (AS OF DEC. 31, 2005)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO
USD 300,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 7.72= US$1 AS OF 2007-05-07
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
RMB - China Ren Min Bi Yuan
SC was registered as a limited liabilities company at local Administration for Industry & Commerce (The official body of issuing and renewing business license) on Feb. 22, 1999.
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 exporting of cereals and oils, foods, feed, native products,
animal products, silk, textiles, garments, light industry products, arts &
crafts, pearl and its products, nonmetal mineral products, machinery
equipments, agriculture tools, rubber products, imported textile machinery,
instruments and meters, non-ferrous metal, ferrous metal, chemical products,
domestic sales of commodities originally produced for exports, processing and
compensation trades, compensation trade and carrying trade. (excluding the
business controlled by the state)
SC is mainly engaged
in international trade.
Mr. Wang Jianhe
has been chairman of SC since 2000.
SC
owns approximately 35 staff at present.
SC is
currently operating at the above stated address, and this address houses its
operating office in the commercial zone of Zhuji. Our checks reveal that SC
owns the total premise about 700 square meters.
SC is not known to host website of its own at present.
Changes of its registered information:
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Date of change |
Item |
Before the change |
After the change |
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2003-7-23 |
Shareholders and shareholding |
He Guozhong1.67%;Shao Yuanchao1.67%; Shi Shihua1.67%;Zhao Haogen1.66%;Shareholders Union of the staff 43%; Wang
Jianhe50.33% |
He Guozhong1.67%;Shao Yuanchao1.67%; Shi Shihua1.67%; Zhao Haogen1.66%; Huang Jinliang16.67%;Shareholders Union of the staff 26.33 %; Wang
Jianhe50.33% |
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2004-5-17 |
Shareholders and shareholding |
He Guozhong1.67%;Shao Yuanchao1.67%; Shi Shihua1.67%; Zhao Haogen1.66%; Huang Jinliang16.67%;Shareholders Union of the staff 26.33 %; Wang
Jianhe50.33% |
He Guozhong1.67%;Shao Yuanchao1.67%; Shi Shihua1.67%; Shou Song 1.67%; Zhao Haogen1.66%; Zhou Yao 1.66; Huang Jinliang16.67%; Shareholders Union of the staff 23%; Wang Jianhe50.33% |
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2004-7-12 |
Shareholders and shareholding |
He Guozhong1.67%;Shao Yuanchao1.67%; Shi Shihua1.67%; Shou Song 1.67%; Zhao Haogen1.66%; Zhou Yao 1.66; Huang Jinliang16.67%; Shareholders Union of the staff 23%; Wang Jianhe50.33% |
He Guozhong1.67%;Shao Yuanchao1.67%; Shi Shihua1.67%; Shou Song 1.67%; Zhao Haogen1.66%; Zhou Yao 1.66; Shareholders Union of the staff 23%; Wang Jianhe 67% |
MAIN SHAREHOLDERS:
Name %
of Shareholding
Shareholders Union of the staff 23
Wang Jianhe 67
He Guozhong 1.67
Shao Yuanchao 1.67
Shi Shihua 1.67
Shou Song 1.67
Zhao Haogen 1.66
Zhou Yao 1.66
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Chairman and general manager:
Mr. Wang Jianhe, in his 50’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 international trade.
SC’s products
mainly include: stainless steel screw, tripod, and coaxial-cable.
SC sources its
materials 90% from domestic market, and 10% from overseas market, mainly
Southeast Asia. SC sells 20% of its products in domestic market and 80% to
Southeast Asia and European.
The buying terms of SC include Check, T/T, L/C and Credit of 30-60 days.
The payment terms of SC include Check, T/T, L/C and Credit of 30-60 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 China Zhuji Sub-branch
AC#：18241808091001
Relationship:
Normal.
Financial Summary:
===============
Unit: CNY’000
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as
of Dec. 31, 2003 |
as
of Dec. 31, 2004 |
as
of Dec. 31, 2005 |
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Current assets |
92,350 |
52,250 |
67,410 |
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Fixed assets |
25,630 |
24,710 |
24,790 |
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Total assets |
149,160 |
107,830 |
122,950 |
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Current
liabilities |
90,300 |
92,030 |
74,270 |
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Total
liabilities |
103,300 |
59,630 |
74,270 |
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Equities |
45,860 |
48,200 |
48,760 |
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Turnover |
347,000 |
392,210 |
440,930 |
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Profits |
1,070 |
1,220 |
2,960 |
Important Ratios
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2003 |
2004 |
2005 |
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*Current ratio |
1.02 |
0.57 |
0.91 |
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*Liabilities
to assets |
0.69 |
0.55 |
0.60 |
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*Net profit
margin (%) |
0.31 |
0.31 |
0.67 |
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*Return on
total assets (%) |
0.72 |
1.13 |
2.41 |
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*Fixed
assets/Total assets |
0.17 |
0.23 |
0.20 |
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*Turnover/Total
assets |
2.33 |
3.64 |
3.59 |
PROFITABILITY:
AVERAGE
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The turnover of SC appears fairly good in its line, and it increased in
2005.
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SC’s net profit margin was increased; and remains at an average level in
2005.
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SC’s return on total assets was increased; and it is remains at an
average level in 2005.
LIQUIDITY: AVERAGE
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The current ratio of SC is maintained in a normal level.
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SC’s turnover is in a fairly good level, comparing with the size of its
total assets.
LEVERAGE: AVERAGE
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The debt ratio of SC is maintained in a normal level.
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The risk for SC to go bankrupt is low.
Overall financial
condition of the SC: Stable.
SC is considered small-sized in its line with stable financial conditions.
A credit line up to USD 300,000 appears to be acceptable 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%)