MIRA
INFORM REPORT
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Report Date : |
17.10.2007 |
IDENTIFICATION DETAILS
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Name : |
TIANJIN CHINA TRADE INTERNATIONAL CO-OP 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 : |
Jun. 11, 1997 |
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Com. Reg. No.: |
1201011030644 |
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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 : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
name & address
TIANJIN CHINA TRADE INTERNATIONAL CO-OP CO., LTD.
NO.
TEL : 86 (0)
22-23302391
FAX : 86 (0) 22-23130155
EXECUTIVE SUMMARY
INCORPORATION DATE : JUN. 11, 1997
REGISTRATION NO. : 1201011030644
REGISTERED LEGAL FORM : LIMITED LIABILITIES
COMPANY
STAFF STRENGTH :
23
REGISTERED CAPITAL : CNY 5,000,000
BUSINESS LINE :
INTERNATIONAL TRADE
TURNOVER :
cny 33,330,000 (AS OF DEC. 31, 2006)
EQUITIES :
cny -3,000,000 (AS OF DEC. 31, 2006)
PAYMENT :
AVERAGE
RECOMM.
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : FAIRLY POOR
OPERATIONAL TREND : fair
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 7.50= US$1
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY -
Note: The given address
The given telephone number 86 22-25797668 is a home telephone number, and the owner has not heard of SC.
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 Jun. 11, 1997.
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 various
goods and technology.
SC is mainly
engaged in international trade.
Mr. Wen Dianping has
been chairman of SC since 1997.
SC is known
to have approx. 23 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 300 square meters.
http://www.zmgsw.cn The design is professional and the content is
well organized. At present it is in both Chinese and English versions.
No significant events or changes were found during our checks with local
AIC.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Tianjin Jilong Property Development Co., Ltd.
20.00
China International Cooperation Company for
Agriculture, Livestock and Fishery 22.50
Wei Hongxi 20.00
Other 4 Individuals 37.50
Tianjin Jilong Property Development Co.,
Ltd.
Add:
Tel: 86 22-28223116
China International Cooperation Company for
Agriculture, Livestock and Fishery
Add:
Tel: 86 10-63436355
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Chairman and
General Manager:
Mr. Wen Dianping, in his
Working Experience(s):
From 1997 to present Working
in SC as chairman and general manager.
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Manager:
Ms. Zhang Lei, in her
Working Experience(s):
From 2004 to present Working in SC as manager.
SC is mainly
engaged in international trade.
SC’s products mainly
include: steel, coke, hardware, machinery, chemical materials, building
materials, automotive parts (imported); steel pipes (exported).
SC sources its
materials 40% from domestic market, and 60% from the overseas market, mainly
European countries. SC sells 60% of its products in domestic market, and 40% to
the overseas market, mainly American and European countries.
The buying terms of SC include Check, T/T, L/C and Credit of 30-60 days.
The payment terms of SC include T/T, L/C and Credit of 30-60 days.
*Major Client:
==========
*Major Supplier:
============
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: A trade enquiry currently
conducted with SC's supplier(s) reveal the following:
Supplier
A
Products sold: steel
pipes
Date account opened: /
Line of credit: /
Terms: /
Average monthly sales: /
Current balance: No comment
Rating Key: 3
Any Special Comments:
_______________________________________
Payment record keys :
1 = Prompt : Payment made before the credit
period expires
2 = As agreed terms : Payment made upon due
date
3 = Slightly slow but acceptable : Payment
made 5 to 20 days beyond agreed terms
4 = Slow : Payment made 16 to 45 days beyond
agreed terms
5 = Poor : Payment made over 45 days beyond
agreed terms
6
= No comment : Account is newly opened & record is not yet established
Note : In
some instances, payment beyond terms can be the result of disputes over
merchandise, lost invoices, disputed accounts & etc.
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.
Agriculture Bank of
AC#：280001040001215
Relationship:
SC refused to
release the AC# of the given bank—Shenzhen Development Bank.
Balance Sheet
Unit: CNY’000
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As
of Dec. 31, 2006 |
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Cash & bank |
6,890 |
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Advances to
suppliers |
490 |
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Accounts
receivable |
6,590 |
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Inventory |
13,600 |
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Other
receivables |
5,190 |
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Other current
assets |
1,370 |
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Current assets |
34,130 |
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Fixed assets net
value |
2,550 |
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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 |
36,680 |
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============= |
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Short loans |
0 |
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Accounts payable |
2,580 |
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Advances from
clients |
50 |
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Taxes payable |
-150 |
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Salaries payable |
0 |
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Other payable |
37,200 |
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Other current
liabilities |
0 |
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Current
liabilities |
39,680 |
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Long term
liabilities |
0 |
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Total
liabilities |
39,680 |
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Equities |
-3,000 |
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Total
liabilities & equities |
36,680 |
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Income Statement
Unit: CNY’000
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As of Dec. 31,
2006 |
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Turnover |
33,330 |
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Cost of goods
sold |
31,370 |
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Sales expense |
2,130 |
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Management expense |
1,400 |
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Finance expense |
600 |
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Profit before
tax |
-1,860 |
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Less: profit tax |
0 |
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Profits |
-1,860 |
Important Ratios
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2006 |
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*Current ratio |
0.86 |
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*Quick ratio |
0.52 |
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*Liabilities to
assets |
1.08 |
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*Net profit
margin (%) |
-5.58 |
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*Return on
total assets (%) |
-5.07 |
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*Fixed
assets/Total assets |
0.07 |
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*Inventory
/Turnover ×365 |
149days |
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*Accounts
receivable/Turnover ×365 |
72days |
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*Turnover/Total
assets |
0.91 |
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* Cost of
goods sold/Turnover |
0.94 |
PROFITABILITY:
FAIR
l
The turnover of SC appears average in 2006.
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SC’s net profit margin is fair in 2006.
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SC’s return on total assets is fair in 2006.
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SC’s cost of goods sold is average, comparing with
its turnover.
LIQUIDITY: FAIR
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The current ratio of SC is maintained in an average
level in 2006.
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SC’s quick ratio is maintained in a fair level in
2006.
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The accounts receivable of SC is average.
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The inventory of SC is fairly large.
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SC’s turnover is in an average level, comparing
with the size of its total assets.
LEVERAGE: POOR
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The debt ratio of SC is high.
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The risk for SC to go bankrupt exists.
Overall financial
condition of the SC: Fairly poor.
SC is considered small-sized in its line with fairly poor financial
conditions. Credit dealings with SC are recommended under secured terms.
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%)