MIRA
INFORM REPORT
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Report Date : |
24.10.2007 |
IDENTIFICATION DETAILS
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Name : |
NANJING MANFORM ENGINEERING & TECHNOLOGY CO., LTD. |
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Registered Office : |
3RD Floor, Building 1, No. 43 Taiping North Street, Nanjing, Jiangsu Province, 210018. |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
19.05.2004 |
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Com. Reg. No.: |
3201242300489 |
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Legal Form : |
Limited Liabilities
Company |
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Line of Business : |
Wholesaling and Retailing Electromechanical Products and
Hardware Tools |
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 : |
USD 10,000 |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
COMPANY NAME &
ADDRESS
NANJING MANFORM ENGINEERING & TECHNOLOGY CO., LTD.
3RD FLOOR, BUILDING 1, NO.
TEL: 86 (0) 25-86645633
FAX: 86 (0) 25-86645635
EXECUTIVE SUMMARY
INCORPORATION DATE : MAY 19, 2004
REGISTRATION NO. : 3201242300489
REGISTERED LEGAL FORM : LIMITED LIABILITIES COMPANY
CHIEF EXECUTIVE : MS. ZHU YUNZHEN (CHAIRMAN)
STAFF STRENGTH : 8
REGISTERED CAPITAL : CNY 500,000
BUSINESS LINE : TRADING
TURNOVER : CNY 1,644,000 (AS OF DEC. 31, 2006)
EQUITIES : CNY 950,000 (AS OF DEC. 31, 2006)
PAYMENT : AVERAGE
RECOMM.
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 7.5053 = US1$
Adopted abbreviations:
ANS - amount not stated
NS - not stated SC - subject company (the company inquired by you)
NA - not available
CNY -
Note: Instead of the given name, SC’s correct company name should be the heading one.
And instead of the given address, SC is operating in the above stated address.
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 May 19, 2004.
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 electromechanical products and hardware tools; importing and exporting.
SC is mainly engaged in wholesaling and retailing electromechanical products and hardware tools.
SC stared its normal operation in 2005.
Ms. Zhu Yunzhen has been legal representative and chairman of SC since May, 2004.
SC is known to have approx. 8 staff members at present.
SC is currently operating at the above stated address, and this address houses its operating office and head office in the commercial zone of Nanjing. Our checks reveal that SC rents the total premise about 90 square meters.
SC’s registered address is No. 8,
SC is not known to host website of its own at present.
No significant events or changes were found during our checks with the local Administration for Industry and Commerce.
MAIN SHAREHOLDERS:
Name % of Shareholding
Zhu Yunzhen 90
Chen Lanbo 10
Legal representative and chairman:
Ms.
Working Experience(s):
From 2004 to present Working in SC as chairman and legal representative.
SC is mainly engaged in wholesaling and retailing electromechanical products and hardware tools.
SC’s main products include hardware tools and electromechanical products, such as carbide tools, heat-resistant alloy aiguilles, and so on .
SC stared its normal operation in 2005.
SC sources its materials 50% from domestic market, and 50% from
overseas market, mainly
The buying terms of SC include Check, T/T, L/C and Credit of
30-60 days. The payment terms of SC include Check, T/T and Credit of 30-60
days.
*Major Suppliers:
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Nanjing Totem Tool Co., Ltd
*Major Customers:
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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.
Industrial & Commercial Bank of
AC#：4301019209100090279
Relationship:
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 |
856 |
540 |
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Inventory |
1 |
2 |
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Accounts receivable |
215 |
820 |
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Advances to supplies |
0 |
0 |
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Other receivables |
-85 |
-93 |
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Other current assets |
0 |
8 |
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Current assets |
987 |
1,277 |
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Fixed assets |
0 |
7 |
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Fixed assets net value |
0 |
6 |
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Projects under construction |
0 |
0 |
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Long-term investments |
0 |
0 |
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Long-term deferred expenses |
2 |
1 |
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Total assets |
989 |
1284 |
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Short loans |
0 |
0 |
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Accounts payable |
401 |
315 |
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Other Accounts payable |
0 |
0 |
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Accrued payroll |
0 |
0 |
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Taxes payable |
5 |
17 |
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Welfares payable |
1 |
1 |
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Surcharge payable |
0 |
1 |
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Advances from customers |
0 |
0 |
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Other current liabilities |
0 |
0 |
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Current liabilities |
407 |
334 |
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Long term liabilities |
0 |
0 |
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Total liabilities |
407 |
334 |
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Shareholders equities |
582 |
950 |
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Total liabilities & equities |
989 |
1,284 |
Income Statement
Unit: CNY’000
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as of Dec. 31, 2005 |
as of Dec. 31, 2006 |
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Turnover |
262 |
1,644 |
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Cost of goods sold |
226 |
1,249 |
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Taxes and additional of main operation |
1 |
6 |
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Sales expense |
0 |
1 |
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Management expense |
21 |
7 |
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Finance expense |
-3 |
-2 |
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Operation Profit |
16 |
383 |
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Less: profit tax |
3 |
13 |
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Net profit |
13 |
370 |
Important Ratios
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as of Dec. 31, 2005 |
as of Dec. 31, 2006 |
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*Current ratio |
2.43 |
3.82 |
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*Quick ratio |
2.42 |
3.82 |
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*Liabilities to assets |
0.41 |
0.26 |
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*Net profit margin (%) |
4.96 |
22.51 |
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*Return on total assets (%) |
1.31 |
28.82 |
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*Inventory /Turnover ×365 |
2 days |
1 days |
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*Accounts receivable/Turnover ×365 |
300 days |
183 days |
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*Turnover/Total assets |
0.26 |
1.28 |
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* Cost of goods sold/Turnover |
0.86 |
0.76 |
PROFITABILITY: FAIRLY GOOD
The turnover of SC appears average in its line.
SC’s net profit margin is fairly good.
SC’s return on total assets is fairly good.
SC’s cost of goods sold is average, comparing with its turnover.
LIQUIDITY: AVERAGE
The current ratio of SC is maintained in a fairly good level.
SC’s quick ratio is maintained in a fairly good level.
The inventory of SC is maintained in an average level.
The accounts receivable of SC is fairly large.
SC’s has no short-term loans.
SC’s turnover is in an average level, comparing with the size of its total assets.
LEVERAGE: AVERAGE
The debt ratio of SC is low.
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 a short operation history. The large amount of accounts receivable 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%)