MIRA
INFORM REPORT
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Report Date : |
17.05.2007 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
6 Floor No.182, |
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Country : |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
February 28, 2001 |
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Com. Reg. No.: |
5100001813274 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Import and export
of garments, textile, food, earth livestock products, hardware minerals,
chemical products, light industry products, handicraft, mechanical and
electrical products and healthy products. |
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 150,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name & address
6 FLOOR NO.182,
TEL: 86 (0)28-86644291
FAX: 86 (0) 28-86646379
EXECUTIVE SUMMARY
INCORPORATION DATE : FEBRUARY 28, 2001
REGISTRATION NO. : 5100001813274
REGISTERED LEGAL FORM : Limited liabilities
company
STAFF STRENGTH : 30
REGISTERED CAPITAL : CNY 10,080,000
BUSINESS LINE : TRADING
TURNOVER : CNY 992,110,000 (AS OF DEC. 31, 2005)
EQUITIES : CNY 27,922,000 (AS OF DEC. 31, 2005)
PAYMENT : AVERAGE
RECOMM.
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : STABLE
OPERATIONAL TREND : steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY
7.678 = US1$ AS OF 2007-5-17
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 February 28, 2001.
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 importing and exporting business, selling
garments, Knitting textile and raw materials, hardware, daily
use articles, chemical materials (does not contain dangerous materials),
mechanical electronic equipment, metal materials (does not contain precious
metal), automobile fittings, hardware, minerals (do not contain national limit
variety), agricultural and subsidiary products (do not contain cotton, leaf
tobacco, silkworm cocoon, cooking oil), craft arts (does not contain gold
ornament).
SC is
mainly engaged in import and export of garments, textile, food, earth livestock
products, hardware minerals, chemical products, light industry products,
handicraft, mechanical and electrical products and healthy products.
Mr. Ma Jinkang has been legal representative and chairman of SC since
2001.
SC
owns approximately 30 staff at present.
SC is currently operating at the above stated address, and this
address houses its operating office and head office in the commercial zone of
Chengdu. Our checks reveal that SC rents the total premise about 600 square
meters.
http://www.new-rise.com The
design is professional and the content is well organized. At present it is in
both Chinese and English versions.
Email: corp_xlx@new-rise.com
Changes of its registered information:
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Date of change |
Item |
Before the change |
After the change |
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2001-04-10 |
Registered capital |
CNY 3,000,000 |
CNY 7,000,000 |
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2004-06-08 |
Registered capital |
CNY 7,000,000 |
CNY 10,080,000 |
Name %
of Shareholding
Xu Xiaochuan 17.897
Wang Yuying 26.897
Zhou Yujun 3.571
Liang Ying 9.917
Ma Jinkang 38.147
Xiang Tao 3.571
l
Legal representative and chairman:
Mr. Ma Jinkang, ID# 512901530115081. He is currently
responsible for the overall management of SC.
Working Experience(s):
From 2001 to present Working in SC as chairman and legal representative.
l
Vice General Manager:
Mr.
Working Experience(s):
From 2001 to present Working in SC as general manager.
SC is mainly
engaged in import and export of garments, textile, food, earth livestock
products, hardware minerals, chemical products, light industry products,
handicraft, mechanical and electrical products and healthy products.
SC’s
products mainly include: garments, materials, foodstuffs, native produce and
animal by-products.
SC sources its materials 50%
from domestic market, and 50% from overseas market, mainly
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 known to have the following subsidiaries:
Sichuan Huichuan
Clothing Co., Ltd
Sichuan
Xindu Huichuan Clothing Co., Ltd
Shenzhen
Fuchuan Garment Co., Ltd
Hainan
Shuntai Co., Ltd
Nanfei New Rise Co., Ltd
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.
AC#：73050155350000011
Relationship:
Balance Sheet
Unit: CNY’000
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As of Dec. 31, 2004 |
As of Dec. 31, 2005 |
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Cash & bank |
13,648 |
33,635 |
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Inventory |
3,916 |
7,396 |
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Accounts
receivable |
16,781 |
1,795 |
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Other
receivables |
412 |
192 |
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Prepaid expenses |
0 |
998 |
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A receivable tax
rebate of export |
2,880 |
9,182 |
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Other current
assets |
0 |
0 |
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------------------ |
------------------ |
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Current assets |
37,677 |
53,198 |
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Fixed assets |
2,910 |
1,924 |
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Projects under
construction |
0 |
0 |
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Long term
investment |
0 |
14,250 |
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Other assets |
0 |
0 |
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Total assets |
40,587 |
69,372 |
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============= |
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Short loans |
10,596 |
20,000 |
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Accounts payable |
0 |
9,973 |
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Welfare expenses
payable |
347 |
934 |
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Dividends
payable |
1,009 |
0 |
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Taxes payable |
181 |
1,974 |
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Other payable |
1,020 |
8,481 |
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Accrued expenses |
18 |
78 |
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Current
liabilities |
13,171 |
41,440 |
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Total long-term
liabilities |
0 |
10 |
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Total
liabilities |
13,171 |
41,450 |
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Equities |
27,416 |
27,922 |
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Total
liabilities & equities |
40,587 |
69,372 |
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Income Statement
Unit: CNY’000
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As of Dec. 31,
2004 |
As of Dec. 31,
2005 |
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Turnover |
825,710 |
992,110 |
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Cost of goods
sold |
794,800 |
858,363 |
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Sales expense |
24,926 |
19,280 |
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Management expense |
4,862 |
3,947 |
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Finance expense |
136 |
1,204 |
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Profit before
tax |
2,012 |
1,694 |
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Less: profit tax |
1,652 |
1,188 |
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Profits |
360 |
506 |
Important Ratios
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As
of Dec. 31, 2004 |
As
of Dec. 31, 2005 |
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*Current ratio |
2.86 |
1.28 |
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*Quick ratio |
2.56 |
1.11 |
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*Liabilities
to assets |
0.32 |
0.60 |
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*Net profit
margin (%) |
0.04 |
0.05 |
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*Return on
total assets (%) |
0.89 |
0.73 |
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*Inventory
/Turnover ×365 |
2 days |
3 days |
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*Accounts
receivable/Turnover ×365 |
1 days |
1 days |
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*Turnover/Total
assets |
20.3 |
14.3 |
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* Cost of goods
sold/Turnover |
0.96 |
0.87 |
PROFITABILITY:
AVERAGE
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The turnover of SC appears fairly
good in its line, and there was an increase in 2005.
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SC’s net profit margin is fair.
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SC’s return on total assets remains average.
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SC’s cost of goods sold appears average, comparing
with its turnover.
LIQUIDITY: AVERAGE
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The current ratio of SC is maintained in an average level.
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SC’s quick ratio is maintained in an
average level.
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The inventory of SC is maintained in an average level.
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The accounts receivable of SC is maintained in an average level.
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SC’s short-term loan appears LARGE.
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SC’s turnover is in a good level,
comparing with the size of its total assets.
LEVERAGE:
AVERAGE
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The debt ratio of SC is average.
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The risk for SC to go bankrupt is 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 USD 150,000 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%)