MIRA
INFORM REPORT
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Report Date : |
26.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
zhejiang youbang
import and export co., ltd. |
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Registered Office : |
8/F, No.55-57 Jiefang
West Road, Dinghai District, Zhoushan, Zhejiang Province, 316000 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
September 29, 1998 |
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Com. Reg. No.: |
3309022000250 |
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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 : |
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 100,000 |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name & address
zhejiang youbang
import and export co., ltd.
8/f, no.55-57 jiefang west road, dinghai
district, zhoushan,
zhejiang PROVINCE, 316000 PR CHINA
TEL :
86 (0) 580-2613431
FAX :
86 (0) 580-2621165
EXECUTIVE SUMMARY
INCORPORATION DATE : september 29, 1998
REGISTRATION NO. : 3309022000250
REGISTERED LEGAL FORM : Limited liabilities
company
STAFF STRENGTH :
16
REGISTERED CAPITAL : CNY 26,800,000
BUSINESS LINE :
trading
TURNOVER :
CNY 32,430,000 (AS OF DEC. 31, 2006)
EQUITIES :
CNY 27,620,000 (AS OF DEC. 31, 2006)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO usd 100,000 (PERIODICAL REVIEW)
MARKET CONDITION : average
FINANCIAL CONDITION : fairly STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY7.40 = US$1
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 September 29, 1998.
Company Status: Limited liabilities co. This form of business in PR
China is defined as a legal person. No more than fifty shareholders
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 CNY 30,000. 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 30% 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 goods and technology, wholesale
and retail of mechanical and electrical products, metal materials, building
materials, decorative materials, paint and hardware materials.
SC is mainly
engaged in international trade.
Mr. Yu Bangjun has
been chairman of SC since 1998.
SC is known to have
approx. 16 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 Zhoushan. Our checks reveal that SC
owns the total premise about 200 square meters.
SC is not known to host web site of its own at present.
Changes of its registered information are as follows:
|
Date of change |
Item |
Before the
change |
After the change |
|
2004-5-12 |
Registered capital |
CNY 580,000 |
CNY 7,800,000 |
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Shareholders |
Wang Hongjuan
34% Yu Bangjun 66% |
Zhang Jianguo
12% Yu Bangjun 88% |
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|
2006-10-20 |
Registered capital |
CNY 7,800,000 |
CNY 26,800,000 |
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Shareholders |
Zhang Jianguo
12% Yu Bangjun 88% |
Zhang Jianguo
14.69% Yu Bangjun
85.31% |
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|
2007-6-2 |
Company name |
Zhoushan Dinghai
Youbang Ship Used Goods And Materials Co., Ltd. |
Zhejiang Youbang
Import And Export Co., Ltd. |
MAIN SHAREHOLDERS:
Name % of Shareholding
Zhang Jianguo 14.69
Yu Bangjun 85.31
l
Chairman and
General Manager:
Mr. Yu Bangjun, 50 years old with university education. He is currently
responsible for the overall management of SC.
Working Experience(s):
From 1998 to present Working
in SC as chairman and general manager.
SC is mainly
engaged in international trade.
SC’s products
mainly include: belt steel sheet rolls, galvanized steel sheets in coil, pre-painting
sheets, hot rolls, and cold rolls.
SC sources its materials 100% from domestic
market, mainly Zhejiang. SC sells 100% of its products to overseas market,
mainly Southeast Asian market.
The buying terms of SC include Check, T/T and Credit of 30-60 days. The
payment terms of SC include 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.
Construction Bank of China Zhoushan Branch Dinghai Sub-Branch
AC#：26164528
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
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As
of Dec. 31, 2005 |
As
of Dec. 31, 2006 |
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Cash & bank |
20 |
6,890 |
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Inventory |
2,330 |
2,020 |
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Accounts
receivable |
8,480 |
23,990 |
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Other Accounts
receivable |
2,810 |
2,400 |
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Advances to
suppliers |
7,480 |
7,220 |
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To be
apportioned expense |
0 |
0 |
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Other current
assets |
20 |
10 |
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------------------ |
------------------ |
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Current assets |
21,140 |
42,530 |
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Fixed assets net
value |
1,930 |
1,940 |
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Projects under
construction |
0 |
0 |
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Long term
investment |
0 |
0 |
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Other assets |
10 |
10 |
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Total assets |
23,080 |
44,480 |
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============= |
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Short loans |
12,600 |
12,600 |
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Accounts payable |
40 |
1,490 |
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Other Accounts
payable |
1,510 |
2,610 |
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Advances from
clients |
130 |
10 |
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Withdraw the
expenses in advance |
0 |
0 |
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Other current
liabilities |
120 |
150 |
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------------------ |
------------------ |
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Current liabilities |
14,400 |
16,860 |
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Long term
liabilities |
0 |
0 |
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Other
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total
liabilities |
14,400 |
16,860 |
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Equities |
8,680 |
27,620 |
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Total
liabilities & equities |
23,080 |
44,480 |
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Income Statement
Unit: CNY’000
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As of Dec. 31, 2005 |
As of Dec. 31, 2006 |
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Turnover |
18,980 |
32,430 |
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Cost of goods
sold |
18,270 |
30,450 |
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Sales expense |
290 |
900 |
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Management expense |
0 |
0 |
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Finance expense |
470 |
1,090 |
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Profit before
tax |
-90 |
-50 |
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Less: profit tax |
0 |
0 |
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Profits |
-90 |
-50 |
Important
Ratios
=============
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As
of Dec. 31, 2005 |
As
of Dec. 31, 2006 |
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*Current ratio |
1.47 |
2.52 |
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*Quick ratio |
1.31 |
2.40 |
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*Liabilities
to assets |
0.62 |
0.38 |
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*Net profit
margin (%) |
-0.47 |
-0.15 |
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*Return on
total assets (%) |
-0.39 |
-0.11 |
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*Inventory /Turnover
×365 |
45 days |
23 days |
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*Accounts
receivable/Turnover ×365 |
163 days |
270 days |
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*Turnover/Total
assets |
0.82 |
0.73 |
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* Cost of
goods sold/Turnover |
0.96 |
0.94 |
PROFITABILITY:
FAIR
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The turnover of SC appears average in its line, and it increased in
2006.
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SC’s net profit margin is fair, and it increased in 2006..
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SC’s return on total assets is fair, and it increased in 2006..
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SC’s cost of goods sold is fairly 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 fairly good level.
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The inventory of SC is maintained in an average level.
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The accounts receivable of SC appears LARGE.
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The short-term loan of SC appears fairly large.
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SC’s turnover is in an average 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: Fairly stable.
SC is considered small-sized in its line with fairly stable financial
conditions. The large amount of accounts receivable could be a threat to SC’s
financial condition. A credit line up to USD 100,000
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. |
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%)