MIRA
INFORM REPORT
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Report Date : |
13.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
shanghai viki international trade co., ltd. |
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Registered Office : |
Room 16D, No. 18, Lane 1265, Zhongshan
West Road Shanghai 200336 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
09.08.2006 |
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Com. Reg. No.: |
3101152027755 |
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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 80,000 |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name & address
shanghai viki international trade co., ltd.
room 16d, no. 18,
lane 1265, zhongshan west road
shanghai 200336 PR
CHINA
TEL: 86 (0)
21-50460539/62951099-801 FAX: 86 (0) 21-62951125
EXECUTIVE SUMMARY
INCORPORATION DATE : aug.
9, 2006
REGISTRATION NO. : 3101152027755
REGISTERED LEGAL FORM : Limited liabilities
company
STAFF STRENGTH :
5
REGISTERED CAPITAL : cny 1,000,000
BUSINESS LINE : trading
TURNOVER :
cny 208,777,000 (AS OF DEC. 31, 2007)
EQUITIES :
cny 6,090,000 (AS OF DEC. 31, 2007)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : up to usd 80,000
MARKET CONDITION : average
FINANCIAL CONDITION : fairly
stable
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.86 =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 company at local
Administration for Industry & Commerce (AIC - The official body of issuing
and renewing business license) on Aug. 9 2006.
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 & technologies; transit
trade; trade agency within the enterprises of free trade zone; commercial and
simple processing, and commercial consulting services.
SC is mainly
engaged in international trade.
Mr. Zhou Zongxiang
has been chairman of SC since 2006.
SC is known
to have approx. 5 employees at present.
SC is
currently operating at the above stated address, and this address houses its
operating office in the free trade zone of Shanghai. Our checks reveal that SC
rents the total premise about 100 square meters.
SC is not known to host web site of its own at present.
No significant events or changes were found during our checks with the local
AIC.
MAIN SHAREHOLDERS:
Name
% of Shareholding
Zhou Zongxiang 60
Zhou Sheng 40
l
Chairman and General Manager:
Mr. Zhou Zongxiang, in his 40’s with university education. He is
currently responsible for the overall management of SC.
Working Experience(s):
From 2006 to present Working
in SC as chairman and general manager.
SC is mainly
engaged in international trade.
SC’s products
mainly include: chemical products.
SC sources its materials 100% from domestic
market, mainly Shanghai. SC sells 90% in domestic market, mainly Shanghai, and
10% to overseas market, mainly European and American countries.
The buying terms of SC include T/T, Check and Credit of 30-60 days. The
payment terms of SC include T/T, L/C, Check 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 information.
Balance Sheet
Unit: CNY’000
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As
of Dec. 31, 2006 |
As
of Dec. 31, 2007 |
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Cash & bank |
909 |
235 |
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Bills receivable |
0 |
2,900 |
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Inventory |
0 |
10,603 |
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Accounts
receivable |
8 |
44,434 |
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Other Accounts
receivable |
0 |
1,351 |
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Advances to
suppliers |
0 |
3,236 |
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To be
apportioned expense |
0 |
0 |
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Other current
assets |
0 |
-9 |
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------------------ |
------------------ |
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Current assets |
917 |
62,750 |
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Fixed assets net
value |
7 |
28 |
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Projects under
construction |
0 |
0 |
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Long term
investment |
0 |
0 |
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Other assets |
76 |
60 |
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------------------ |
------------------ |
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Total assets |
1,000 |
62,838 |
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============= |
============= |
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Short loans |
0 |
0 |
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Accounts payable |
0 |
44,047 |
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Advance from
clients |
0 |
11,760 |
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Other Accounts
payable |
0 |
1,168 |
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Withdraw the
expenses in advance |
0 |
0 |
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Other current
liabilities |
0 |
-227 |
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------------------ |
------------------ |
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Current
liabilities |
0 |
56,748 |
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Long term
liabilities |
0 |
0 |
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Other
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total
liabilities |
0 |
56,748 |
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Equities |
1,000 |
6,090 |
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------------------ |
------------------ |
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Total
liabilities & equities |
1,000 |
62,838 |
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Income Statement
Unit: CNY’000
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As
of Dec. 31, 2007 |
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Turnover |
208,777 |
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Cost of goods
sold |
202,788 |
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Sales expense |
5,091 |
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Management expense |
210 |
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Finance expense |
-92 |
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Profit before
tax |
5,989 |
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Less: profit tax |
899 |
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Profits |
5,090 |
Important Ratios
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As
of Dec. 31, 2007 |
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*Current ratio |
1.11 |
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*Quick ratio |
0.92 |
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*Liabilities
to assets |
0.90 |
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*Net profit
margin (%) |
2.44 |
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*Return on
total assets (%) |
8.10 |
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*Inventory
/Turnover ×365 |
19days |
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*Accounts
receivable/Turnover ×365 |
78days |
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*Turnover/Total
assets |
3.32 |
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* Cost of
goods sold/Turnover |
0.97 |
PROFITABILITY:
FAIRLY GOOD
l
The turnover of SC appears fairly good in its line in 2007.
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SC’s net profit margin is average in 2007.
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SC’s return on total assets is fairly good in 2007.
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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 a normal level in 2007.
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SC’s quick ratio is maintained in a normal level in 2007.
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The inventory of SC is maintained in an average level in 2007.
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The accounts receivable of SC appears fairly large in 2007.
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SC has no short-term loan in 2006 and 2007.
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SC’s turnover is in a fairly good level, comparing with the size of its
total assets.
LEVERAGE: FAIR
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The debt ratio of SC is 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 at the above amount appears to be beyond SC’s
capacities, while a credit line up to USD 80,000 is recommended.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.42.67 |
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UK Pound |
1 |
Rs.80.92 |
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Euro |
1 |
Rs.63.71 |
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%)