MIRA
INFORM REPORT
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Report Date : |
28.09.2007 |
IDENTIFICATION DETAILS
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Name : |
Chengdu Bacon
Leather Science Institute |
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Registered Office : |
Room 12-1-113, Palace
Garden, No. 169, Yulin Western Road, Chengdu, Sichuan Province, 610041 Pr |
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Country : |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
May 5, 1999 |
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Com. Reg. No.: |
5101092000486 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Engaged
in researching and developing leather chemical materials, providing
technology consultation; process, manufacture and trade of leather chemical
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 : |
Up To USD 5,000 |
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Status : |
Small Institute |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
name & address
Chengdu Bacon
Leather Science Institute
ROOM
TEL :
86 (0) 28-85182500
FAX :
86 (0) 28-85182623
EXECUTIVE SUMMARY
INCORPORATION DATE : MAY 5, 1999
REGISTRATION NO. : 5101092000486
REGISTERED LEGAL FORM : LIMITED LIABILITIES COMPANY
STAFF STRENGTH : 10
REGISTERED CAPITAL : CNY 500,000
BUSINESS LINE :
RESEARCHING
TURNOVER : CNY 3,448,000 (AS OF DEC. 31, 2005)
EQUITIES : N/A (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
7.514 = US1$
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 5, 1999.
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 researching, developing, manufacturing and
selling leather chemical materials, leather raw materials and its products (excluding items specially regulated by
the state), leather products decorative processing, technology consultation; importing and exporting commodities and
technologies, excluding the items limited or prohibited by state.
SC is
mainly engaged in researching and developing leather chemical materials,
providing technology consultation; process, manufacture and trade of leather
chemical materials.
Mr. Lv Xin has been legal
representative and chairman of SC since May 1999.
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 and head office in the commercial zone of
Chengdu.
SC is not known to host website of its own at present.
Changes of its registered information:
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Date of change |
Item |
Before the change |
After the change |
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Registered capital |
CNY 100,000 |
CNY 500,000 |
MAIN SHAREHOLDERS:
Name %
of Shareholding
Lv Xin 75
Zeng Ting 25
l
Legal representative, general manager and
chairman:
Mr. Lv Xin, ID # 110101620226457 He is
currently responsible for the overall management of SC.
Working Experience(s):
From 1999 to present Working in SC as chairman, general manager and legal representative.
*Officials:
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Name Title
Zeng Ting Director and Supervisor
SC is
mainly engaged in researching and developing leather chemical materials,
providing technology consultation; process, manufacture and trade of leather
chemical materials.
SC’ main operation
is researching and developing leather chemical
materials. They have little commercial business.
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, L/C and Credit of 30-60
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.
SC’s management
declined to release its bank details.
Financial Summary
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Unit: CNY’000
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as
of Dec. 31, 2004 |
as
of Dec. 31, 2005 |
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Total
assets |
1,480 |
1,027 |
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Total
liabilities |
960 |
/ |
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Shareholders
equities |
520 |
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Total
liabilities & equities |
1,480 |
1,027 |
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Turnover |
2,030 |
3,448 |
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Net profit |
20 |
13 |
Important
Ratios
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as
of Dec. 31, 2004 |
as
of Dec. 31, 2005 |
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*Liabilities
to assets |
0.65 |
/ |
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*Net profit
margin (%) |
0.99 |
0.38 |
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*Return on
total assets (%) |
1.35 |
1.27 |
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*Turnover/Total
assets |
1.37 |
3.36 |
Overall financial
condition of the SC: Fairly stable.
SC is a science institute in small size. Credit dealings with SC should
be confined into small amount at present.
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%)