MIRA
INFORM REPORT
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Report Date : |
17.10.2007 |
IDENTIFICATION DETAILS
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Name : |
rizhao golden nut
trade co., ltd. |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
August 31, 2005 |
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Com. Reg. No.: |
3711002803266 |
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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 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
rizhao golden nut
trade co., ltd.
TEL :
86 (0) 633-3936891
FAX :
86 (0) 633-8268333
EXECUTIVE SUMMARY
INCORPORATION DATE : august 31, 2005
REGISTRATION NO. : 3711002803266
REGISTERED LEGAL FORM : Limited liabilities
company
STAFF STRENGTH :
20
REGISTERED CAPITAL : CNY 1,000,000
BUSINESS LINE :
trading
TURNOVER :
CNY 57,600,000 (AS OF DEC. 31, 2006)
EQUITIES :
CNY 1,000,000 (AS OF DEC. 31, 2006)
PAYMENT :
AVERAGE
RECOMM.
MARKET CONDITION : average
FINANCIAL CONDITION : fairly STABLE
OPERATIONAL TREND : fairly STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY7.51 = 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 31, 2005.
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 selling agricultural and sideline products, hardware, seafood,
body building equipment, leather goods, asphalt, metal materials, machinery and
electrical equipment, mineral products, textiles, yarn products, and
handicrafts, garment processing, cargo import and export, excluding the goods
limited or forbidden by the state.
SC is mainly
engaged in international trade.
Mr. Meng Qingguo
has been chairman of SC since 2005.
SC is known to
have approx. 20 staff members at present.
SC is
currently operating at the above stated address, and this address houses its
operating office in the industrial zone of Rizhao. Our checks reveal that SC
rents the total premise about 50 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
Meng Qingguo 80
Meng Xiankai 20
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Chairman and
General Manager:
Mr. Meng Qingguo, 30 years old with university education. He is
currently responsible for the overall management of SC.
Working Experience(s):
From 2005 to present Working in SC as chairman and general manager, and also working in Rizhao
Golden
Nut Cereals & Oils Co., Ltd. as chairman.
SC is mainly engaged
in international trade.
SC’s products
mainly include: white sesame seed, sunflower seed, asphalt, plastic raw
materials.
SC sources its materials 100% from overseas
market, mainly
The buying terms of SC include T/T, L/C and Credit of 30 days. The
payment terms of SC include T/T and Credit of 30 days.
*Major Customers:
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Rizhao Junbo Cereals & Oils Foods Co., Ltd.
*Major Suppliers:
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TTPITI
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’s suppliers declined to make any comments.
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
AC#：406001296408091001
Relationship:
Balance Sheet (as
of Dec. 31, 2006)
Unit: CNY’000
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Cash & bank |
730 |
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Inventory |
4,100 |
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Accounts
receivable |
11,120 |
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Other Accounts
receivable |
0 |
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To be
apportioned expense |
0 |
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Other current
assets |
880 |
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Current assets |
16,830 |
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Fixed assets net
value |
100 |
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Projects under construction |
0 |
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Long term
investment |
0 |
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Other assets |
0 |
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Total assets |
16,930 |
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Short loans |
3,000 |
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Accounts payable |
11,640 |
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Other Accounts
payable |
1,860 |
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Withdraw the
expenses in advance |
0 |
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Other current
liabilities |
-570 |
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Current
liabilities |
15,930 |
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Long term
liabilities |
0 |
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Other
liabilities |
0 |
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Total
liabilities |
15,930 |
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Equities |
1,000 |
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Total
liabilities & equities |
16,930 |
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Income Statement (as
of Dec. 31, 2006)
Unit: CNY’000
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Turnover |
57,600 |
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Cost of goods
sold |
54,020 |
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Sales expense |
2,860 |
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Management expense |
500 |
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Finance expense |
270 |
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Profit before
tax |
5 |
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Less: profit tax |
1 |
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Profits |
4 |
Important Ratios (as of Dec. 31, 2006)
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*Current ratio 1.06
*Quick ratio 0.80
*Liabilities to
assets 0.94
*Net profit
margin (%) 0.01
*Return on total
assets (%) 0.02
*Inventory
/Turnover ×365 26 days
*Accounts
receivable/Turnover ×365 70 days
*Turnover/Total
assets 3.40
* Cost of goods
sold/Turnover 0.94
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 average.
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SC’s return on total assets is average.
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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.
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SC’s quick ratio is maintained in a normal 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 a
fairly large level.
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SC’s short-term loan is LARGE.
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SC’s turnover is in an average level, comparing
with the size of its total assets.
LEVERAGE: FAIR
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The debt ratio of SC is fairly high.
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The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly stable.
SC is considered medium-sized in its line with a short development
history. The large amount of short loans could be a threat to SC’s financial
condition. A credit line up to USD 10,000
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. |
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%)