MIRA
INFORM REPORT
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Report Date : |
28.09.2007 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
(Cixi Economic
Developing Zone) |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
Aug. 15, 2005 |
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Com. Reg. No.: |
3302822008455 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Engaged in international trade. |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
New Company |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
name & address
(cixi economic developing zone) no.
hangzhouwan new district,
TEL :
86 (0) 574-63939766
FAX :
86 (0) 574-63939791
EXECUTIVE SUMMARY
INCORPORATION DATE :
AUG. 15, 2005
REGISTRATION NO. :
3302822008455
REGISTERED LEGAL FORM : LIMITED LIABILITIES COMPANY
STAFF STRENGTH :
6
REGISTERED CAPITAL : CNY 5,000,000
BUSINESS LINE :
TRADING
TURNOVER :
CNY 0 (AS OF DEC. 31, 2006)
EQUITIES :
CNY 5,000,000 (AS OF DEC. 31,
2006)
PAYMENT :
NOT YET DETERMINED
RECOMM.
MARKET CONDITION :
FAIR
FINANCIAL CONDITION :
FAIRLY STABLE
OPERATIONAL TREND : FAIRLY 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 Aug. 15, 2005.
Company Status: Limited liabilities
company 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 selling plastic materials, plastic products, electronic
components, communication equipment components, and network equipment
components; import and export of various goods and technologies, excluding the
items prohibited or limited by the country.
SC is mainly
engaged in international trade.
Ms. Chen Yanjie
has been chairman of SC since 2005.
SC is known
to have approximately 6 staff members at present.
SC is currently operating at the above stated address, and this
address houses its operating office in the Development zone of Cixi. Our checks
reveal that SC rents the total premise about 80 square meters.
SC is not known to host website of its own at present.
According to SC’s manager, SC started its normal operation
in August 2007.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Chen Yanjie 60
Cai Xuya 40
l
Chairman:
Ms. Chen Yanjie, born in 1968, with junior college
education. She is currently responsible for the overall management of SC.
Working Experience(s):
From 2005 to present Working in SC as chairman.
l
General Manager:
Mr. Yu Fengsong, in his
Working Experience(s):
From 2005 to present Working in SC as general manager.
SC is mainly
engaged in international trade.
SC’s major business including: plastic
materials and products.
According to SC’s manager, SC
started its normal operation in August 2007.
SC sources its materials 100% in domestic
market. SC sells 90% of its products in domestic market, and 10% to overseas
market.
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.
SC is
not known to have any subsidiary at present.
Overall payment appraisal:
( ) Excellent (
) Good ( ) Average
( ) Fair (
) Poor (X) 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.
Bank of Ningbo
(former name: Ningbo Commercial Bank)
Address:
Tel:
0574-87050132/87050095
AC#：62032025000006929
Relationship:
Balance Sheet
Unit: CNY’000
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as
of Dec. 31, 2005 |
as
of Dec. 31, 2006 |
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Cash & bank |
90 |
4,960 |
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Accounts
receivable |
0 |
0 |
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Other
receivables |
4,900 |
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 |
4,990 |
4,960 |
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Fixed assets |
0 |
0 |
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Fixed assets net
value |
0 |
0 |
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Projects under
construction |
0 |
0 |
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Long term
investment |
0 |
0 |
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Other assets |
10 |
40 |
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------------------ |
------------------ |
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Total assets |
5,000 |
5,000 |
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============= |
============= |
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Short-term loans |
0 |
0 |
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Accounts payable |
0 |
0 |
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Advances from clients |
0 |
0 |
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Other payable |
0 |
0 |
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Salary payable |
0 |
0 |
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Welfare payable |
0 |
0 |
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Tax payable |
0 |
0 |
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Other current
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Current
liabilities |
0 |
0 |
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Long term
liabilities |
0 |
0 |
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------------------ |
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Total
liabilities |
0 |
0 |
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Equities |
5,000 |
5,000 |
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------------------ |
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Total
liabilities & equities |
5,000 |
5,000 |
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Note: Because SC started its normal operation in August 2007, its income statement is
not available at present. .
SC is considered small-sized in its line, and has just started its
normal operation in Aug. 2007. Credit dealings with SC are recommended under
secured terms 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%)