MIRA
INFORM REPORT
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Report Date : |
11.09.2007 |
IDENTIFICATION DETAILS
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Name : |
dalian evergreen
foods co., ltd. |
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Registered Office : |
9-G, |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
May 12, 2006 |
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Com. Reg. No.: |
2102122101210 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Engaged in purchasing,
processing and selling seafood. |
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 5,000 |
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Status : |
Small Company |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name & address
dalian evergreen
foods co., ltd.
9-g,
TEL :
86 (0) 411-82507416
FAX :
86 (0) 411-82506350
EXECUTIVE SUMMARY
INCORPORATION DATE : may 12, 2006
REGISTRATION NO. : 2102122101210
REGISTERED LEGAL FORM : Limited liabilities
company
STAFF STRENGTH :
240
REGISTERED CAPITAL : CNY 2,000,000
BUSINESS LINE :
processing
TURNOVER :
CNY 3,670,000 (AS OF DEC. 31, 2006)
EQUITIES :
CNY 690,000 (AS OF DEC. 31, 2006)
PAYMENT :
AVERAGE
RECOMM.
MARKET CONDITION : average
FINANCIAL CONDITION : FAIR
OPERATIONAL TREND : fairly steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY7.52 = 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 May 12, 2006.
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 purchasing, processing and selling agricultural products
and by products.
SC is mainly
engaged in purchasing, processing and selling seafood.
Mr. Liu Bo has
been chairman of SC since 2006.
SC is known to
have approx. 240 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 Dalian. Our checks reveal that SC
rents the total premise about 200 square meters. SC’s factory is in State Farm
Lushunkou District,
http://www.cnevergreenfoods.com
The design is professional and the content is well organized. At present the
web site is only in English version.
E-mail: info@cnevergreenfoods.com
Changes of its registered information are as follows:
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Date of change |
Item |
Before the
change |
After the change |
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2007 |
Registered capital |
CNY 600,000 |
CNY 2,000,000 |
MAIN SHAREHOLDERS:
Name %
of Shareholding
Liu Bo 80
Zeng Guilan 5
Yi Fengming 5
Zhang Yufen 5
Liu Jinpeng 5
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Chairman and General
Manager:
Mr. Liu Bo, about 40 years old with university education. He is
currently responsible for the overall management of SC.
Working Experience(s):
From 2006 to present Working
in SC as chairman and general manager.
SC is mainly
engaged in purchasing, processing and selling seafood.
SC’s products
mainly include: frozen redfish, hak, etc.
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.
Agricultural Bank of
AC#：34287001040009310
Relationship:
Balance Sheet (as of Dec. 31, 2006)
Unit: CNY’000
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Cash & bank |
1,030 |
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Inventory |
2,040 |
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Accounts
receivable |
2,460 |
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Other Accounts
receivable |
50 |
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To be
apportioned expense |
0 |
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Other current
assets |
250 |
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Current assets |
5,830 |
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Fixed assets net
value |
1,720 |
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Projects under
construction |
0 |
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Long term
investment |
0 |
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Other assets |
150 |
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Total assets |
7,700 |
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Short loans |
2,060 |
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Accounts payable |
10 |
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Other Accounts
payable |
5,070 |
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Withdraw the
expenses in advance |
0 |
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Other current
liabilities |
-130 |
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Current
liabilities |
7,010 |
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Long term
liabilities |
0 |
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Other
liabilities |
0 |
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Total liabilities |
7,010 |
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Equities |
690 |
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Total
liabilities & equities |
7,700 |
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Income Statement (as of Dec. 31, 2006)
Unit: CNY’000
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Turnover |
3,670 |
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Cost of goods
sold |
3,690 |
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Sales expense |
110 |
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Management expense |
380 |
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Finance expense |
30 |
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Other business
profits |
670 |
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Profit before
tax |
130 |
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Less: profit tax |
40 |
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Profits |
90 |
Important Ratios (as of Dec. 31, 2006)
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*Current ratio 0.83
*Quick ratio 0.54
*Liabilities to
assets 0.91
*Net profit
margin (%) 2.45
*Return on total
assets (%) 1.17
*Inventory
/Turnover ×365 203 days
*Accounts receivable/Turnover
×365 245 days
*Turnover/Total
assets 0.48
*Cost of goods
sold/Turnover 1.01
PROFITABILITY:
FAIR
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The turnover of SC appears fair 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.
l
SC’s cost of goods sold is too high, comparing with
its turnover.
LIQUIDITY: FAIR
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The current ratio of SC is maintained in a fair
level.
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SC’s quick ratio is maintained in a fair level.
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The inventory of SC appears fairly large.
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The accounts receivable of SC appears fairly large.
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SC’s short-term loan is too large.
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SC’s turnover is in an acceptable 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 above average.
Overall financial
condition of the SC: FAIR.
SC is considered medium-sized in its line with fair financial
conditions. A credit line up to USD5,000
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%)