MIRA
INFORM REPORT
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Report Date : |
17.09.2007 |
IDENTIFICATION DETAILS
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Name : |
JIANGSU PIVOT TRADE CO., LTD. |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
28.04.1998 |
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Com. Reg. No.: |
3202812103002 |
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Legal Form : |
Limited Liabilities Co |
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Line of Business : |
Selling Cosmetics and Decorative Materials |
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 : |
USD 15,000 |
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Status : |
Small Company |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
COMPANY NAME &
ADDRESS
JIANGSU PIVOT TRADE CO., LTD.
TEL: 0086-510-86061511
FAX: 0086- 510-86061988
EXECUTIVE SUMMARY
INCORPORATION DATE :
APR. 28, 1998
REGISTRATION NO. :
3202812103002
REGISTERED LEGAL FORM :
LIMITED LIABILITIES CO.
CHIEF EXECUTIVE :
MR. ZHAO JIANMING (CHAIRMAN)
STAFF STRENGTH :
10
REGISTERED CAPITAL :
CNY 11,000,000
BUSINESS LINE :
TRADER
TURNOVER :
CNY 2,023,000 (AS OF DEC. 31,
2005)
EQUITIES :
CNY 9,667,000 (AS OF DEC. 31, 2005)
PAYMENT :
AVERAGE
RECOMM.
MARKET CONDITION :
AVERAGE
FINANCIAL CONDITION :
FAIRLY STABLE
OPERATIONAL TREND :
FAIRLY STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 7.52450=US1$ AS OF
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 co. at local Administration for Industry
& Commerce (AIC - The official body of issuing and renewing business
license) on Apr. 28, 1998.
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 domestic trading, importing and exporting commodities and
technologies, excluding the items
limited or prohibited by the state (with the
permit if needed).
SC is mainly engaged in selling cosmetics and decorative materials.
Mr. Zhao Jianming has been legal representative and chairman of SC since
1998.
SC is known to have approx. 10 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 Jiangyin. Our checks
reveal that SC rents the total premise about 310 square meters.
SC is not known to host website of its own at present.
E-mail: yegang@public1.wx.js.cn
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Date of change |
Item |
Before the change |
After the change |
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Shareholders (Shareholding) |
Mr. Zhao Jianming (21.26%), Mr. Zhang Jianping
(19.685%), Mr. Zhao Jianyang (9.8425%), Mr. Zhao Dongming (9.8425%), Mr. Li
Fengping (9.8425%), Mr. Zhao Jianchu (9.8425%), Mr. Wang Renqing (9.8425%),
Mr. Zhao Qiuming (9.8425%) |
Mr. Zhao Jianming (21.26%), Mr. Zhang
Jianping (19.685%), Mr. Zhao Jianyang (9.8425%), Mr. Zhao Dongming (9.8425%),
Mr. Li Fengping (9.8425%), Mr. Zhao Jianchu (9.8425%), Mr. Wang Renqing
(9.8425%), Mr. Zhao Wei (9.8425%) |
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Shareholders (Shareholding) |
Mr. Zhao Jianming (21.26%), Mr. Zhang Jianping
(19.685%), Mr. Zhao Jianyang (9.8425%), Mr. Zhao Dongming (9.8425%), Mr. Li
Fengping (9.8425%), Mr. Zhao Jianchu (9.8425%), Mr. Wang Renqing (9.8425%),
Mr. Zhao Wei (9.8425%) |
Mr. Zhao Jianming (40.945%), Mr. Zhao
Jianyang (9.8425%), Mr. Zhao Dongming (9.8425%), Mr. Li Fengping (9.8425%),
Mr. Zhao Jianchu (9.8425%), Mr. Wang Renqing (9.8425%), Mr. Zhao Wei
(9.8425%) |
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Registered capital |
CNY 5,080,000 |
CNY 10,000,000 |
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Shareholders (Shareholding) |
Mr. Zhao Jianming (40.945%), Mr. Zhao
Jianyang (9.8425%), Mr. Zhao Dongming (9.8425%), Mr. Li Fengping (9.8425%),
Mr. Zhao Jianchu (9.8425%), Mr. Wang Renqing (9.8425%), Mr. Zhao Wei
(9.8425%) |
Mr. Zhao Jianming (23%), Mr. Zhao Jianyang
(11%), Mr. Zhao Dongming (11%), Mr. Li Fengping (11%), Mr. Zhao Jianchu
(11%), Mr. Wang Renqing (11%), Mr. Zhao Wei (11%), Mr. Chen Weiming (11%) |
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Registered capital |
CNY 10,000,000 |
CNY 11,000,000 |
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Registered name |
Jiangyin Xuechun Cosmetics Co., Ltd |
Jiangsu Pivot Trade Co., Ltd |
MAIN SHAREHOLDERS:
Name
%
of Shareholding
Mr. Zhao Jianming
23
Mr. Zhao Jianyang 11
Mr. Zhao Dongming
11
Mr. Li Fengping
11
Mr. Zhao Jianchu
11
Mr. Wang Renqing
11
Mr. Zhao Wei
11
Mr. Chen Weiming
11
Legal representative and chairman:
Mr. Zhao Jianming in his
Working Experience(s):
From 1998 to present Working
in SC as chairman and legal representative.
SC is mainly engaged in selling cosmetics and decorative materials.
SC’s products mainly include: shampoo, hair care products, shower gel
and plastic bottles.
SC sources its merchandises 20% from the overseas market and 80% from
domestic market. SC sells 30% of its merchandises to overseas market, mainly
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.
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.
Agriculture Bank of
AC#：641401040001823
Relationship:
Balance
Sheet
Unit: CNY’000
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as
of Dec. 31, 2004 |
as
of Dec. 31, 2005 |
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Cash & bank |
252 |
106 |
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Bills receivable |
0 |
0 |
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Accounts receivable |
468 |
428 |
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Other receivables |
5,583 |
5,480 |
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A receivable tax rebate of export |
0 |
1 |
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Advances to suppliers |
0 |
0 |
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Inventory |
0 |
0 |
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Other current assets |
0 |
0 |
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------------------ |
------------------ |
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Current assets |
6,303 |
6,015 |
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Fixed assets |
0 |
146 |
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Fixed assets net value |
0 |
0 |
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Projects under construction |
0 |
146 |
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Long term investment |
4,968 |
4,968 |
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Other assets |
0 |
0 |
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------------------ |
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Total assets |
11,271 |
11,129 |
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============= |
============= |
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Short loans |
0 |
0 |
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Bills payable |
0 |
0 |
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Accounts payable |
-153 |
-591 |
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Welfare payable |
3 |
3 |
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Advances from clients |
0 |
0 |
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Accrued payroll |
9 |
23 |
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Tax payable |
5 |
10 |
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Other payable |
1,550 |
2,000 |
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Accrued expenses |
18 |
17 |
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Other current liabilities |
0 |
0 |
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------------------ |
------------------ |
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Current liabilities |
1,432 |
1,462 |
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Long term liabilities |
0 |
0 |
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------------------ |
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Total liabilities |
1,432 |
1,462 |
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Equities |
9,839 |
9,667 |
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------------------ |
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Total liabilities & equities |
11,271 |
11,129 |
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Income Statement
Unit: CNY’000
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as
of Dec. 31, 2004 |
as
of Dec. 31, 2005 |
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Turnover |
1,866 |
2,023 |
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Cost of goods sold |
779 |
1,411 |
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Sales expense |
955 |
655 |
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Management expense |
30 |
77 |
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Finance expense |
-6 |
-7 |
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Profit before tax |
102 |
-122 |
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Less: profit tax |
46 |
49 |
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Profits |
56 |
-171 |
Important
Ratios
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as
of Dec. 31, 2004 |
as
of Dec. 31, 2005 |
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*Current ratio |
4.40 |
4.11 |
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*Quick ratio |
4.40 |
4.11 |
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*Liabilities to assets |
0.13 |
0.13 |
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*Net profit margin (%) |
3.00 |
-8.45 |
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*Return on total assets (%) |
0.50 |
-1.54 |
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*Fixed assets/Total assets |
0 |
0.01 |
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*Inventory /Turnover ×365 |
0 day |
0 day |
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*Accounts receivable/Turnover ×365 |
92 days |
78 days |
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*Turnover/Total assets |
0.17 |
0.18 |
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* Cost of goods sold/Turnover |
0.42 |
0.70 |
PROFITABILITY: FAIR
The turnover of SC appears fair in its line.
SC’s net profit margin is fair, and it decreased in 2005.
SC’s return on total assets is fair, and it moved down in 2005.
SC’s cost of goods sold is average, comparing with its turnover.
LIQUIDITY: AVERAGE
The current ratio of SC is maintained in a normal level.
SC’s quick ratio is maintained in a normal level.
There’s no inventory of SC.
There’s no short loan of SC.
The accounts receivable of SC appears fairly large.
SC’s turnover is in an acceptable 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:
Fairly stable.
SC is considered small-sized in its line with fairly stable financial
conditions. A credit line up to USD 15,000 would appear to be within SC’s
capacities upon a periodical review basis.
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%)