MIRA
INFORM REPORT
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Report Date : |
28.09.2007 |
IDENTIFICATION DETAILS
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Name : |
SHENZHEN EAST TOPS
INDUSTRIAL Co., Ltd. |
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Registered Office : |
Rm A-D, 5/F, Bldg.
B, Lushan Building, Chunfeng Road, Luohu District, Shenzhen, Guangdong Province,
518002 Pr |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
January 4, 2002 |
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Com. Reg. No.: |
4403012080609 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Importing and
exporting furniture, ceramics, garments and lighting products. |
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 USD15,000 |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name & address
SHENZHEN EAST TOPS
INDUSTRIAL Co., Ltd.
RM A-D, 5/F, BLDG. B,
TEL :
86 (0) 755-82157014
FAX :
86 (0) 755-82346006
EXECUTIVE SUMMARY
INCORPORATION DATE : january 4, 2002
REGISTRATION NO. : 4403012080609
REGISTERED LEGAL FORM : LIMITED LIABILITIES COMPANY
STAFF STRENGTH : 50
REGISTERED CAPITAL : CNY 3,000,000
BUSINESS LINE : TRADING
TURNOVER : CNY 44,430,000 (AS OF DEC. 31, 2006)
EQUITIES : CNY 3,040,000 (AS OF DEC. 31, 2006)
PAYMENT : AVERAGE
RECOMM.
MARKET CONDITION : average
FINANCIAL CONDITION : fairly stable
OPERATIONAL TREND : steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY
7.51 = 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 January 4, 2002.
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 industry development
(projects need to be reported for authorization); domestic commerce; commodities
supplying and marketing (excluding the products privileged, prohibited or
franchised), and international trade.
SC is mainly
engaged international trade.
Mr. Guo Yongxiang has been legal representative and chairman of SC since
2002.
SC is
known to have approx. 50 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 Shenzhen.
Our checks reveal that SC rents the total premise about 300 square meters.
http://www.chinaccit.com/ The website is unable to be landed at present
for the technical reason.
Email: Anthony@ccitunitedgroup.com
No significant events or changes were found during our
checks with the local Administration for Industry and Commerce.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Guo Yongxiang 90
Lan Yu 10
l
Legal representative and general manager:
Mr. Guo Yongxiang, born in 1973, with
university education. He is currently responsible for the overall management of
SC.
Working Experience(s):
From 2002 to present Working in SC as chairman and general manager.
l
Vice-general manager:
Ms. Lan Yu, born in 1975, with university
education. She is currently responsible for the daily management of SC.
Working Experience(s):
From 2002 to present Working in SC as vice-general manager.
SC is mainly
engaged in importing and exporting furniture, ceramics, garments and lighting
products.
SC sources its materials 100% from
domestic market. SC sells 40% of its products in domestic market, 60% to
overseas market, mainly
The buying terms of SC include Check, T/T and Credit of
30-60 days. The payment terms of SC include Check, T/T, L/C and Credit of 30-60
days.
*Major Supplier:
=============
Shenzhen Ourmate Adhesive Products 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 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.
China
Construction Bank Shenzhen Branch Jingtian Sub-branch.
AC#：44201600600059000999
Relationship:
Balance Sheet (as of Dec. 31, 2006)
Unit: CNY’000
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Cash & bank |
600 |
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Inventory |
170 |
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Accounts
receivable |
15,560 |
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Advances to
suppliers |
570 |
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Other
receivables |
3,210 |
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Other current
assets |
1,880 |
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------------------ |
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Current assets |
21,990 |
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Fixed assets |
520 |
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Fixed assets net
value |
250 |
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Projects under
construction |
0 |
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Long term
investment |
0 |
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Other assets |
850 |
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Total assets |
23,090 |
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============= |
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Short loans |
-1,760 |
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Accounts payable |
17,630 |
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Other payable |
4,150 |
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Welfare expenses
payable |
30 |
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Other current
liabilities |
0 |
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Current
liabilities |
20,050 |
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Long term
liabilities |
0 |
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Total
liabilities |
20,050 |
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Equities |
3,040 |
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Total
liabilities & equities |
23,090 |
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Income Statement (as of Dec. 31, 2006)
Unit: CNY’000
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Turnover |
44,430 |
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Cost of goods
sold |
41,250 |
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Add:
Income from other operations |
1,070 |
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Sales expense |
1,030 |
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Management expense |
2,500 |
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Finance expense |
610 |
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Profit before
tax |
54 |
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Less: profit tax |
48 |
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Profits |
6 |
Important Ratios
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as
of Dec. 31, 2006 |
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*Current ratio |
1.10 |
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*Quick ratio |
1.09 |
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*Liabilities
to assets |
0.87 |
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*Net profit
margin (%) |
0.01 |
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*Return on
total assets (%) |
0.03 |
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*Fixed
assets/Total assets |
0.01 |
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*Inventory
/Turnover ×365 |
1day |
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*Accounts
receivable/Turnover ×365 |
128days |
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*Turnover/Total
assets |
1.92 |
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*Cost of goods
sold/Turnover |
0.93 |
PROFITABILITY:
AVERAGE
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The turnover of SC appears average in its line.
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SC’s net profit margin is fair.
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SC’s return on total assets is acceptable.
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SC’s cost of goods sold is average, comparing with
its turnover.
LIQUIDITY: AVERAGE
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The current ratio of SC is maintained in an average
level.
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SC’s quick ratio is maintained in an average level.
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The inventory of SC is maintained in an average
level.
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The accounts receivable of SC is fairly large.
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SC’s short-term loan is in an average level.
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SC’s turnover is in an average 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 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 USD15,000 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%)