MIRA
INFORM REPORT
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Report Date : |
02.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
ZHEJIANG OCEAN PRIZE IMPORT & EXPORT CO LTD |
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Registered Office : |
13/F, Caijiang Mansion, No. 223 South Caihong Road, Ningbo, Zhejiang Province, 315040 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
21.09.2004 |
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Com. Reg. No.: |
330211000000949 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Trader of
plastic products, hardware, arts & crafts, etc. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 300,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
Name & address
ZHEJIANG OCEAN PRIZE IMPORT& EXPORT CO.
LTD.
13/F, Caijiang Mansion, NO. 223 South Caihong
Road,
Ningbo, ZHEJIANG PROVINCE, 315040 PR CHINA.
223 13
TEL: 86 (0) 574-87859416
FAX: 86 (0) 574-87859418
EXECUTIVE SUMMARY
INCORPORATION DATE : SEPTEMBER 21, 2004
REGISTRATION NO. : 330211000000949
REGISTERED LEGAL FORM : LIMITED LIABILITIES COMPANY
STAFF STRENGTH :
15
REGISTERED CAPITAL : CNY 50,000,000
BUSINESS LINE :
TRADING
TURNOVER :
CNY 85,120,000 (AS OF DEC. 31, 2006)
EQUITIES :
CNY 48,950,000 (AS OF DEC. 31, 2006)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO USD 300,000 (PERIODICAL REVIEW)
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : fairly STABLE
OPERATIONAL TREND : fairly STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY
7.0205 = US$ 1
Adopted
abbreviations
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY - China Yuan Renminbi
Note: The given address is the registered
address of SC, and its operation address is the heading one.
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 September 21, 2004.
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 importing
and exporting commodities and technologies, excluding the items prohibited
by the state; wholesaling and retailing plastic raw materials and products,
metal materials, building materials, decoration materials, machine equipment,
electronic products, textiles and raw materials, groceries, agricultural
products, chemical raw materials and products, computers and fittings, office
supplies, electronic components, hardware, home appliances, automobile parts,
communication products, garments, arts & crafts; developing computer
software; leasing offices; conference services; shaped packing food (excluding frozen
and chilled food), only including wholesaling and retailing wines, edible
vegetable oil and beverages (validity period as of December 6, 2010).
SC is mainly
engaged in trading plastic products, hardware, arts & crafts, etc.
Mr. Xu
Mubin has been legal representative and chairman of SC since September 2004.
SC is known to have approx. 15 employees 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
Ningbo. Our checks reveal that SC owns the total premise, but SC’s accountant
refused to release the gross area.
http://www.oceanprize.com/ The
design is professional and the content is well organized. At present it is in
both Chinese and English versions.
Changes of its registered information:
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Date of change |
Item |
Before the change |
After the change |
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2006 |
Company Chinese Name |
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MAIN
SHAREHOLDERS:
Name %
of Shareholding
Zhejiang
Caijiang Harmony Prize Group Co., Ltd. 60
Xu Mubin 40
l
Legal representative and chairman:
Mr. Xu Mubin, born in 1972. He is currently responsible for
the overall management of SC.
Working Experience(s):
From 2004 to present Working
in SC as chairman and legal representative.
l
General manager:
Ms. Liang Xiaoling, born in 1963. She is
currently responsible for the daily management
of SC.
Working Experience(s):
Present Working
in SC as general manager.
SC is mainly
engaged in trading plastic products, hardware, arts & crafts, etc.
Main Products:
Plastic Products,
Hardware, Sanitary Ware, etc.
SC sources its materials 80%
from domestic market, and 20% from overseas market. SC sells 10% of its
products in domestic market, and 90% to overseas market, mainly American
market.
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.
*Major Supplier:
=============
Fenghua Shunsheng Knitting
Clothing Co., Ltd.
*Major Customer:
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Ningbo Kenprize Foods 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’s suppliers declined to make any comments.
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 Zheshang Bank Ningbo Branch.
AC#3320020010120100060468
Relationship:
Normal.
Balance Sheet (as of Dec. 31, 2006)
Unit: CNY’000
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Cash & bank |
29,110 |
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Inventory |
220 |
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Accounts
receivable |
11,000 |
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Advances to
suppliers |
1,730 |
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Other
receivables |
77,430 |
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A receivable tax
rebate of export |
2,290 |
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Prepaid expenses |
30 |
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Other current
assets |
10 |
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Current assets |
121,820 |
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Fixed assets |
8,110 |
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Fixed assets net
value |
7,890 |
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Projects under
construction |
0 |
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Long term investment |
0 |
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Long-term
deferred expenses |
230 |
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Other assets |
0 |
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Total assets |
129,940 |
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Short-term loans |
49,860 |
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Notes payable |
23,900 |
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Accounts payable |
-720 |
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Accrued payroll |
0 |
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Welfare expenses
payable |
0 |
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Taxes payable |
-60 |
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Other payable |
8,010 |
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Other current
liabilities |
0 |
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Current
liabilities |
80,990 |
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Long term
liabilities |
0 |
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Total
liabilities |
80,990 |
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Equities |
48,950 |
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Total
liabilities & equities |
129,940 |
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Income Statement (as of Dec. 31, 2006)
Unit: CNY’000
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Turnover |
85,120 |
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Cost of goods
sold |
80,050 |
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Taxes
and additional of main operation |
90 |
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Income
from other operations |
50 |
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Sales expense |
850 |
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Management expense |
1,910 |
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Finance expense |
2,350 |
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Non-operating
expense |
90 |
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Profit before
tax |
-170 |
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Less: profit tax |
0 |
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Profits |
-170 |
Important Ratios
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as
of Dec. 31, 2006 |
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*Current ratio |
1.50 |
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*Quick ratio |
1.50 |
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*Liabilities
to assets |
0.62 |
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*Net profit
margin (%) |
-0.20 |
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*Return on
total assets (%) |
-0.13 |
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*Inventory
/Turnover ×365 |
1 days |
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*Accounts
receivable/Turnover ×365 |
48 days |
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*Turnover/Total
assets |
0.66 |
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* Cost of
goods sold/Turnover |
0.94 |
PROFITABILITY:
FAIR
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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 fair.
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SC’s cost of goods sold is fairly high, comparing with its turnover.
LIQUIDITY: AVERAGE
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The current ratio of SC is maintained in a normal level.
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SC’s quick ratio is maintained in a normal level.
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The inventory of SC is maintained in a fairly good level.
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The accounts receivable of SC is maintained in an average level.
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SC’s short-term loan appears large.
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SC’s turnover is in an average level, comparing with the size of its
total assets.
LEVERAGE: AVERAGE
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The debt ratio of SC is average.
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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. The large amount of short loans could be a threat to SC’s financial
condition. A credit line up to USD 300,000 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%)