MIRA
INFORM REPORT
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Report Date : |
30.10.2007 |
IDENTIFICATION
DETAILS
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Name : |
SHANGHAI SAISI FOOTWEAR CO., LTD. |
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Registered Office : |
No. 1-2 Building, Siping Road Industrial Park, Situan Town,
Fengxian District, Shanghai, 201206 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
Jan. 7, 2003 |
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Com. Reg. No.: |
3101152010190 |
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Legal Form : |
One-Person Limited Liability Company |
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Line of Business : |
Engaged
in manufacturing and operating various footwear and gloves. |
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 : |
Up To USD 60,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name & address
SHANGHAI SAISI FOOTWEAR CO., LTD.
NO.1-2 BUILDING, SIPING ROAD INDUSTRIAL PARK, SITUAN TOWN,
FENGXIAN DISTRICT, SHANGHAI, 201206 PR CHINA
TEL : 0086-21-37510179
FAX :
0086-21-67530115
EXECUTIVE SUMMARY
INCORPORATION DATE :
JAN. 7, 2003
REGISTRATION NO. :
3101152010190
REGISTERED LEGAL FORM :
ONE-PERSON
LIMITED LIABILITY COMPANY
CHIEF EXECUTIVE :
MR. YAN PENGBAO (CHAIRMAN)
STAFF STRENGTH :
250
REGISTERED CAPITAL :
CNY 1,000,000
BUSINESS LINE :
MANUFACTURING
TURNOVER :
CNY 37,730,000 (AS OF DEC. 31,
2006)
EQUITIES :
CNY 4,590,000 (AS OF DEC. 31, 2006)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE :
UP TO USD 60,000
MARKET CONDITION :
AVERAGE
FINANCIAL CONDITION :
STABLE
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 7.47480=US1$
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 one-person limited liability company at local Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license) on Jan. 7, 2003.
One-person
Limited Liability Company Single
person LLC refers to a limited liability company set up by only one natural
person or legal person as the single shareholder of it. The
minimum registered capital of Single person LLC is CNY100,000. The
shareholder’s capital contributes, as set out by the articles of
associations should be a lump-sum payment in full. One
natural person can only invest in and set up one limited liability company,
which is not permitted to invest in and set up a new Single person LLC. As to
any one-person limited liability company, the sole-investor nature of the
natural person or legal person shall be indicated in the registration
documents of the company and shall be indicated in the business license
thereof as well. The
regulation of Single person LLC should be set up by the shareholder The
regulation of Single person LLC has no shareholder meeting.
SC’s registered business scope includes exporting its
products, importing machinery equipment, parts and raw materials needed in the
manufacture; processing, manufacturing and selling footwear, gloves, garments
and hardware; selling chemical raw materials, shoe-making equipment, and common
labor-protection products.
SC is
mainly engaged in manufacturing and operating various footwear and gloves.
Mr.
Yan Pengbao has been legal representative and chairman of SC since 2003.
SC is known to have approx. 250 staff members at
present.
SC is currently operating at the above stated address, and this
address houses its operating office and factory in the industrial zone of
Shanghai. Our checks reveal that SC rents the total premise about 3,000 square
meters.
http://www.chinasaisi.cn/aboutEN.asp
The design
is professional and the content is well organized. At present it is in English
version.
E-Mail: saisi@11ows.cn
No significant events or changes were found during our checks
with the local Administration for Industry and Commerce.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Yan Pengbao
100
l
Legal representative and chairman:
Mr. Yan Pengbao, born in 1969, with university education. He
is currently responsible for the overall management of SC.
Working Experience(s):
From 2003 to present Working in SC as chairman and legal representative.
SC is
mainly engaged in manufacturing and operating various footwear and gloves.
SC’s products mainly include: footwear, rain shoes,
trappings and working clothes.
SC sources its materials 100% from domestic market. SC sells
80% of its products to overseas market,
mainly in Europe and America, and 20% in domestic market.
The buying terms of SC include Check, L/C, T/T and Credit of
15-30 days. The payment terms of SC include Check, T/T, and Credit of 15-30
days.
*Major Suppliers*
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Wixi Double Elephant Chemical Industry Co., Ltd.
*Major Customers*
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Li Yuen (China) Investment Co., Ltd.
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 China Shanghai Sub-branch
AC#：044269808010323708091001
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
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as
of Dec. 31, 2006 |
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Cash
& bank |
3,920 |
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Bills
receivable |
0 |
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Accounts
receivable |
2,250 |
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Other
receivables |
240 |
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Advances to
suppliers |
910 |
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Inventory |
770 |
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Prepaid expenses |
90 |
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Other
current assets |
0 |
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------------------ |
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Current
assets |
8,180 |
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Fixed assets |
760 |
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Fixed
assets net value |
690 |
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Projects
under construction |
70 |
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Long
term investment |
0 |
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Other
assets |
90 |
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------------------ |
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Total
assets |
9,030 |
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============= |
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Short
loans |
0 |
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Bills
payable |
0 |
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Accounts
payable |
4,610 |
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Welfare
payable |
200 |
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Advances from
clients |
0 |
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Accrued
payroll |
0 |
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Tax
payable |
-370 |
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Other
payable |
0 |
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Surcharge
payable |
0 |
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Other
current liabilities |
0 |
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------------------ |
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Current
liabilities |
4,440 |
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Long
term liabilities |
0 |
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Total
liabilities |
4,440 |
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Equities |
4,590 |
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------------------ |
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Total
liabilities & equities |
9,030 |
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Income Statement
Unit: CNY’000
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as of Dec. 31, 2006 |
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Turnover |
37,730 |
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Cost of goods
sold |
33,310 |
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Sales expense |
2,010 |
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Management expense |
1,360 |
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Finance expense |
230 |
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Profit before
tax |
840 |
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Less: profit tax |
120 |
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Profits |
720 |
Important Ratios
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as
of Dec. 31, 2006 |
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*Current ratio |
1.84 |
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*Quick ratio |
1.67 |
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*Liabilities
to assets |
0.49 |
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*Net profit
margin (%) |
1.91 |
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*Return on
total assets (%) |
7.97 |
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*Fixed
assets/Total assets |
0.08 |
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*Inventory
/Turnover ×365 |
8 days |
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*Accounts
receivable/Turnover ×365 |
22 days |
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*Turnover/Total
assets |
4.18 |
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* Cost of
goods sold/Turnover |
0.88 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears average in its line.
l
SC’s net profit margin is average.
l
SC’s return on total assets is fairly good.
l
SC’s cost of goods sold is average, comparing with its
turnover.
LIQUIDITY:
AVERAGE
l
The current ratio of SC is maintained in a normal level.
l
SC’s quick ratio is maintained in a normal level.
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The inventory of SC and inventory conversion period appears
average.
l
The accounts payable of SC appears fairly large.
l
SC’s turnover is in a fairly good level, comparing with the
size of its total assets.
LEVERAGE:
AVERAGE
l
The debt ratio of SC is average.
l
The risk for SC to go bankrupt is average.
Overall
financial condition of the SC: Stable.
SC is considered medium-sized in its line with stable financial
conditions. The large amount of accounts payable could be a threat to SC’s
financial condition. A credit line up to USD 60,000 appears 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%)