MIRA
INFORM REPORT
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Report Date : |
12.10.2007 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
No.17 Cuiquan Villa, |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
09.08.2000 |
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Com. Reg. No.: |
1201102006110 |
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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 : |
USD150,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
COMPANY NAME &
ADDRESS
No.17 Cuiquan Villa,
TEL: 86 (0) 22-23913333
FAX: 86 (0) 22-23915797
EXECUTIVE SUMMARY
INCORPORATION DATE : august 9, 2000
REGISTRATION NO. : 1201102006110
REGISTERED LEGAL FORM : Limited liabilities company
CHIEF EXECUTIVE : MR. gao wei (CHAIRMAN)
STAFF STRENGTH : 15
REGISTERED CAPITAL : CNY 26,000,000
BUSINESS LINE : trading
TURNOVER : CNY 182,630,000 (AS OF DEC. 31, 2006)
EQUITIES : CNY 37,350,000 (AS OF DEC. 31, 2006)
PAYMENT : AVERAGE
RECOMM.
MARKET CONDITION : average
FINANCIAL CONDITION : fairly stable
OPERATIONAL TREND : fairly steady
GENERAL REPUTATION : average
EXCHANGE RATE : CNY7.53 = US$1
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 august 9, 2000.
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 invest in real estate with its own fund, hardware, processing minerals, grain and food, international trade.
Sc is mainly engaged in international trade.
Mr. Gao wei has been chairman of sc since 2000.
Sc is known to have approx. 15 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 tianjin. 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
Gao Wei 41.31
Ma Jian 41.30
Ma Xue’ao 17.39
Chairman and general manager:
Mr. Gao wei , 42 years old 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: agricultural products, textiles.
Sc sources its materials 100% from domestic market, mainly
The buying terms of sc include check, t/t and credit of 30 days. The payment terms of sc include t/t, l/c and credit of 30 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.
Shanghai Pudong Development Bank
AC#：08001442920101037
Relationship:
Balance Sheet (as of Dec. 31, 2006)
Unit: CNY’000
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Cash & bank |
16,780 |
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Inventory |
860 |
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Accounts receivable |
57,820 |
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Other Accounts receivable |
6,850 |
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Advances to suppliers |
56,100 |
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To be apportioned expense |
0 |
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Other current assets |
0 |
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Current assets |
138,410 |
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Fixed assets net value |
600 |
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Projects under construction |
0 |
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Long term investment |
2,270 |
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Other assets |
23,190 |
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Total assets |
164,470 |
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Short loans |
17,480 |
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Accounts payable |
760 |
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Other Accounts payable |
18,140 |
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Advances from clients |
75,980 |
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Withdraw the expenses in advance |
0 |
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Other current liabilities |
14,760 |
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Current liabilities |
127,120 |
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Long term liabilities |
0 |
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Other liabilities |
0 |
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Total liabilities |
127,120 |
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Equities |
37,350 |
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Total liabilities & equities |
164,470 |
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Income Statement (as of Dec. 31, 2006)
Unit: CNY’000
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Turnover |
182,630 |
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Cost of goods sold |
181,830 |
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Sales expense |
640 |
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Management expense |
170 |
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Finance expense |
80 |
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Profit before tax |
-40 |
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Less: profit tax |
0 |
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Profits |
-40 |
Important Ratios (as of Dec. 31, 2006)
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*Current ratio 1.09
*Quick ratio 1.08
*Liabilities to assets 0.77
*Net profit margin (%) -0.02
*Return on total assets (%) -0.02
*Inventory /Turnover ×365 2 days
*Accounts receivable/Turnover ×365 116 days
*Turnover/Total assets 1.11
*Cost of goods sold/Turnover 1.00
PROFITABILITY: FAIR
The turnover of SC appears fairly good in its line.
SC’s net profit margin is fair.
SC’s return on total assets is fair.
SC’s cost of goods sold is high comparing with its turnover.
LIQUIDITY: AVERAGE
The current ratio of SC is maintained in a normal level.
SC’s quick ratio is maintained in a normal level.
The inventory of SC is maintained in an average level.
The accounts receivable of SC appears fairly large.
SC’s short-term loan appears fairly large.
SC’s turnover is in an average level, comparing with the size of its total assets.
LEVERAGE: FAIR
The debt ratio of SC is fairly high.
The risk for SC to go bankrupt is above average.
Overall financial condition of the SC: Fairly stable .
Sc is considered small-sized in its line with fairly stable financial conditions. A credit line up to USD150,000 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%)