MIRA
INFORM REPORT
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Report Date : |
06.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
SHANGHAI POTOMER
INTERNATIONAL TRADE CO., LTD. |
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Registered Office : |
Romm 1012, No.1, Lane 258 Yongxing Road, Shanghai, 200071 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
11.03.2005 |
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Com. Reg. No.: |
3101152021716 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
International Trader |
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 4,000 |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name & address
SHANGHAI POTOMER INTERNATIONAL
TRADE CO., LTD.
ROMM 1012, NO.1, LANE 258 YONGXING ROAD,
SHANGHAI, 200071 PR CHINA
TEL: 0086-21-66531602 FAX:
0086-21-66531935
EXECUTIVE SUMMARY
INCORPORATION DATE :
MAR. 11, 2005
REGISTRATION NO. :
3101152021716
REGISTERED LEGAL FORM : LIMITED LIABILITIES CO.
CHIEF EXECUTIVE :
MR. XIA HONGBING (CHAIRMAN)
STAFF STRENGTH :
10
REGISTERED CAPITAL : CNY 800,000
BUSINESS LINE : TRADING
TURNOVER :
CNY 2,420,000 (AS OF DEC. 31,
2007)
EQUITIES :
CNY 570,000 (AS OF DEC. 31, 2007)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO
USD 4,000
MARKET CONDITION :
AVERAGE
FINANCIAL CONDITION : FAIRLY STABLE
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.85094 = USD 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
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 Mar. 11, 2005.
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 international trade, transit trade,
trade and trade agency among enterprises in the Zone; importing and
exporting commodities; simple commercial
processing in the Zone; commercial consulting service in the free trade zone
(with permit if needed).
SC is mainly engaged
in international trade.
Mr. Xia Hongbing
has been legal representative and chairman of SC since 2005.
SC is known to have approx. 10 employees at present.
SC is
currently operating at the above stated address, and this address houses its
operating office in the commercial zone of Shanghai. Our checks reveal that SC
rents the total premise about 50 square meters.
http://www.potomer.com/
The design is professional and the content is well organized. At present it is
both in English and Arabian versions.
E-Mail: service@potomer.com
No significant events or changes were found during our checks with the
local Administration for Industry and Commerce.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Hua Rong 35
Liu Yan 65
l
Legal representative and chairman:
Mr. Xia Hongbing, in his 40’s with university education. He is currently
responsible for the overall management of SC.
Working Experience(s):
From 2005 to present Working
in SC as chairman and legal representative.
l
Sales Manager:
Mr. Sun Lin
Fax: 021-66531935
SC is mainly
engaged in international trade.
SC’s products mainly include: chlorinated polyethylene, rubber, coating
materials, pharm. intermediates, hydrazine hydrate and PVC profile.
SC sources its merchandises 10% from the overseas market and 90% from
domestic market. SC sells 10% of its merchandises in domestic market, and 90%
to overseas market
The buying terms of SC include Check, L/C, 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*
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Yiyuan Ruifeng Polymer Co., Ltd.
*Major Customer*
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Vinoplastic (Iran)
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.
Industrial &
Commercial Bank of China Shanghai Sub-branch
AC#1001215509300230736
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
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as
of Dec. 31, 2007 |
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Cash & bank |
380 |
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Bills receivable |
0 |
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Accounts receivable |
0 |
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Other
receivables |
0 |
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Advances to
suppliers |
0 |
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Inventory |
0 |
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Prepaid expenses |
0 |
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Other current
assets |
0 |
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------------------ |
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Current assets |
380 |
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Fixed assets |
200 |
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Fixed assets net
value |
200 |
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Projects under
construction |
0 |
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Long term
investment |
0 |
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Other assets |
0 |
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------------------ |
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Total assets |
580 |
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============= |
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Short loans |
0 |
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Bills payable |
0 |
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Accounts payable |
0 |
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Welfare payable |
10 |
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Advances from clients |
0 |
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Accrued payroll |
0 |
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Tax payable |
0 |
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Other payable |
0 |
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Surcharge
payable |
0 |
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Other current
liabilities |
0 |
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Current
liabilities |
10 |
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Long term
liabilities |
0 |
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Total liabilities |
10 |
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Equities |
570 |
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Total
liabilities & equities |
580 |
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Income Statement
Unit: CNY’000
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as of Dec. 31, 2007 |
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Turnover |
2,420 |
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Cost of goods
sold |
2,180 |
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Sales expense |
330 |
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Management expense |
150 |
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Finance expense |
0 |
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Profit before
tax |
-250 |
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Less: profit tax |
0 |
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Profits |
-250 |
Important Ratios
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as
of Dec. 31, 2007 |
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*Current ratio |
38 |
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*Quick ratio |
38 |
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*Liabilities
to assets |
0.02 |
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*Net profit
margin (%) |
-10.33 |
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*Return on
total assets (%) |
-43.10 |
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*Inventory
/Turnover ×365 |
0 |
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*Accounts
receivable/Turnover ×365 |
0 |
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*Turnover/Total
assets |
4.17 |
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* Cost of
goods sold/Turnover |
0.90 |
PROFITABILITY:
FAIR
l
The turnover of SC appears average in its line.
l
SC’s net profit margin is poor.
l
SC’s return on total assets is poor.
l
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 a normal level.
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SC’s quick ratio is maintained in a normal level.
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There’s no inventory of SC in 2007.
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There’s no accounts receivable of SC in 2007.
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There’s no short-term loan of SC in 2007.
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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 low.
l
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 4,000 would appear to be within SC’s
capacities.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.42.00 |
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UK Pound |
1 |
Rs.82.14 |
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Euro |
1 |
Rs.65.09 |
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%)