MIRA
INFORM REPORT
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Report Date : |
20.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
NOE CONCEPT DESIGN (Shanghai) Co., Ltd. |
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Registered Office : |
16A, Bldg. 2, No. 3500, Kaixuan Road, Xuhui District, Shanghai, 200030
Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
September 30, 2004 |
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Com. Reg. No.: |
319391 |
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Legal Form : |
Wholly Foreign-Owned Enterprise |
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Line of Business : |
Engaged in designing and structuring exhibition booths for
overseas and domestic customers. |
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. |
Small |
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Maximum Credit Limit : |
Up To USD 10,000 |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name & address
NOE CONCEPT DESIGN (Shanghai) Co., Ltd.
16a, bldg. 2, no.
3500, kaixuan road,
xuhui district,
shanghai, 200030 PR CHINA.
TEL : 86 (0) 21-51696889
FAX : 86 (0) 21-51079779
EXECUTIVE SUMMARY
INCORPORATION DATE : SEPTEMBER 30, 2004
REGISTRATION NO. : 319391
REGISTERED LEGAL FORM
: WHOLLY FOREIGN-OWNED enterprise
STAFF STRENGTH : 10
REGISTERED CAPITAL : USD 140,000
BUSINESS LINE : EXHIBITION
TURNOVER : CNY 2,302,000 (AS OF DEC. 31, 2005)
EQUITIES : CNY 1,031,000 (AS OF DEC. 31, 2005)
PAYMENT : AVERAGE
RECOMM. CREDIT RANGE : UP TO USD 10,000
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY
7.42 = US1$
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY - China Yuan Renminbi
Note: SC’s complete name should be Noe Concept Design (Shanghai) Co., Ltd..
SC was registered as a wholly foreign-owned enterprise at local Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license) on September 30, 2004.
Company Status: Wholly foreign-owned enterprise This form of business in PR China is defined as a legal
person. It is a limited co. established within the territories of PR China
with capital provided totally by the foreign investors. More than one
foreign investor may jointly invest in a wholly foreign-owned enterprise.
The investing party/parties solely exercise management, reap profit and
bear risks and liabilities by themselves. This form of companies usually
have a limited duration is extendible upon approval of Examination and
Approval Authorities.
SC’s registered
business scope includes designing, making and installing standard exhibition
booths, selling self-made products, and providing related technology
consultation and services.
SC is mainly
engaged in designing and installing exhibition booths.
Mr. Chen Anguo has been legal representative and chairman of SC since
2004.
SC is
known to have approx. 10 staff members 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 100 square meters.
http://www.noechina.com/ The design is professional and the content
is well organized. At present it is in both Chinese and English versions.
E-mail: info@noechina.com
No significant events or changes were found during our checks with the
local AIC.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Noe Conceptos Especiales, S.L. (Spain) 40
Hong Kong Art Leader Displays International
Co., Ltd. 60
Note: Mr. Jorge Gimeno is the
legal representative of Noe Conceptos Especiales, S. L..
l
Legal representative, chairman and general
manager
Mr. Chen Anguo, in his 40’s 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, legal representative and general manager.
SC mainly engaged in designing and structuring exhibition
booths for overseas and domestic customers.
*Major Customers:
==============
Noeconceptos
Especiales, S. L.
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.
Shanghai Pudong Development Bank Jingan Branch.
AC#：98211455300000260
Relationship:
Normal.
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 |
392 |
753 |
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Inventory |
0 |
58 |
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Accounts
receivable |
32 |
164 |
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Prepaid expenses |
31 |
31 |
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Other
receivables |
0 |
0 |
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Other current
assets |
0 |
10 |
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Current assets |
455 |
1,016 |
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Fixed assets |
48 |
77 |
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Fixed assets net
value |
46 |
66 |
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Projects under
construction |
0 |
0 |
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Long-term
investments |
0 |
0 |
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Intangible and
other assets |
0 |
0 |
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Total assets |
501 |
1,082 |
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Short loans |
0 |
0 |
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Accounts payable |
0 |
0 |
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Other Accounts
payable |
164 |
9 |
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Taxes payable |
0 |
42 |
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Other
current liabilities |
0 |
0 |
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Current
liabilities |
164 |
51 |
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Long term
liabilities |
0 |
0 |
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Total
liabilities |
164 |
51 |
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Shareholders
equities |
337 |
1,031 |
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Total
liabilities & equities |
501 |
1,082 |
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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 |
71 |
2,302 |
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Cost of goods
sold |
41 |
1,448 |
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Sales expense |
0 |
0 |
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Management expense |
187 |
804 |
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Finance expense |
1 |
4 |
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Operation Profit |
-162 |
50 |
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Less: profit tax |
0 |
0 |
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Net profit |
-162 |
50 |
Important Ratios
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as of Dec. 31, 2004 |
as of Dec. 31, 2005 |
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*Current ratio |
2.77 |
19.9 |
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*Quick ratio |
2.77 |
18.8 |
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*Liabilities
to assets |
0.33 |
0.05 |
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*Net profit
margin (%) |
-228.2 |
2.17 |
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*Return on
total assets (%) |
-32.3 |
4.62 |
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*Inventory
/Turnover ×365 |
/ |
9days |
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*Accounts
receivable/Turnover ×365 |
165days |
26days |
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*Turnover/Total
assets |
0.14 |
2.13 |
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* Cost of
goods sold/Turnover |
0.58 |
0.63 |
PROFITABILITY: AVERAGE
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The turnover of SC appears average in its line.
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SC’s net profit margin is maintained in an average level.
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SC’s return on total assets is maintained in an average level.
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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 in both 2 years.
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SC’s quick ratio is maintained in a normal level in both 2 years.
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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 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 low.
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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 favorable background. A credit
line up to USD 10,000 would appear to be within SC’s capacities at present.
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. |
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%)