MIRA
INFORM REPORT
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Report Date : |
17.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
TIANJIN CHUNYUN COMMERCE AND TRADE CO., LTD. |
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Registered Office : |
54-101, Wanlian Villa,
No. 2 Of Second Street, Development
Zone, Tianjin, 300457 Pr |
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Country : |
China |
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Financials (as on) : |
30.06.2008 |
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Date of Incorporation : |
24.03.1999 |
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Com. Reg. No.: |
1201072000892 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Retailing and
Wholesaling hardware, chemical products (excluding hazardous chemicals), general merchandise, arts & crafts, computers, decorative
materials; importing and exporting
commodities and technologies |
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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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name & address
TIANJIN CHUNYUN COMMERCE AND TRADE CO., LTD.
54-101, WANLIAN
VILLA, NO. 2 OF SECOND STREET,
DEVELOPMENT ZONE, TIANJIN,
300457 PR CHINA
TEL: 86 (0)
22-25325880 FAX: 86 (0)
22-25326664
EXECUTIVE SUMMARY
INCORPORATION DATE : MARCH 24, 1999
REGISTRATION NO. : 1201072000892
REGISTERED LEGAL FORM : LIMITED LIABILITIES COMPANY
STAFF STRENGTH :
2
REGISTERED CAPITAL : CNY 300,000
BUSINESS LINE :
TRADING
TURNOVER :
CNY 2,000 (JAN. 1 TO JUNE 30, 2008)
EQUITIES :
CNY -211,000 (AS OF JUNE 30, 2008)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : C.O.D.
MARKET CONDITION : POOR
FINANCIAL CONDITION : POOR
OPERATIONAL TREND : downward
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY
6.841 = 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: Instead of the given name, SC’s correct name should be
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 March 24, 1999.
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 retailing and wholesaling hardware, chemical products (excluding hazardous chemicals), general merchandise, arts &
crafts, computers, decorative materials; importing and exporting commodities and technologies, excluding the
items prohibited by the state; operating the limited items after obtaining the
permits.
SC has little
business at present.
Mr. Wang Yulin has
been legal representative and chairman of SC since March 1999.
SC is known to have approx. 2 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 Tianjin. Our checks
reveal that SC rents the total premise, but SC’s accountant refused to release
the gross area.
SC is not known to host website of its own at present.
SC has very little business at present, almost has no business.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Wang Yulin 70
Liu Shifang 30
l
Legal representative, chairman and general
manager:
Mr. Wang Yulin, in his 40’s with university education. He is currently
responsible for the overall management of SC.
Working Experience(s):
From 1999 to present Working
in SC as chairman, legal representative and general manager;
At present Working in Tianjin BinHai Haoda
International Forwarding Agent Co., Ltd. - as
legal
representative.
SC has little
business at present.
Tianjin BinHai Haoda International Forwarding Agent Co., Ltd.
The
above company is jointly occupying the heading premise with SC.
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.
Industrial & Commercial Bank of China Tianjin the Third Street
Sub-branch.
AC#0302090909102739679
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
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as of Dec. 31, 2007 |
as of Jun. 30, 2008 |
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Cash & bank |
7 |
7 |
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Inventory |
0 |
0 |
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Accounts
receivable |
0 |
0 |
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Advances to
supplies |
0 |
0 |
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Other
receivables |
0 |
0 |
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Other current
assets |
0 |
0 |
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------------------ |
------------------ |
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Current assets |
7 |
7 |
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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
investments |
0 |
0 |
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Intangible and
other assets |
0 |
0 |
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------------------ |
------------------ |
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Total assets |
7 |
7 |
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============= |
============= |
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Short loans |
0 |
0 |
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Accounts payable |
0 |
0 |
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Advances from
customers |
0 |
0 |
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Accrued payroll |
0 |
0 |
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Welfares payable |
3 |
3 |
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Other Accounts
payable |
211 |
214 |
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Other current
liabilities |
1 |
1 |
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----------------- |
----------------- |
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Current
liabilities |
215 |
218 |
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Long term
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total
liabilities |
215 |
218 |
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Shareholders
equities |
-208 |
-211 |
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------------------ |
------------------ |
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Total
liabilities & equities |
7 |
7 |
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Income Statement (Jan. 1 to Jun. 30, 2008)
Unit: CNY’000
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Turnover |
2 |
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Cost of goods
sold |
0 |
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Sales expense |
4 |
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Management expense |
0 |
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Finance expense |
0 |
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Profit before
tax |
-2 |
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Less: profit tax |
0 |
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Profits |
-2 |
Important Ratios
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as of Dec. 31, 2007 |
as of Jun. 30, 2008 |
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*Current ratio |
0.03 |
0.03 |
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*Quick ratio |
0.03 |
0.03 |
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*Liabilities
to assets |
30.71 |
31.14 |
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*Net profit margin
(%) |
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-100 |
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*Return on
total assets (%) |
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-28.57 |
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*Inventory
/Turnover ×365 |
days |
/ |
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*Accounts
receivable/Turnover ×365 |
days |
/ |
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*Turnover/Total
assets |
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0.29 |
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* Cost of
goods sold/Turnover |
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/ |
PROFITABILITY:
POOR
l
The turnover of SC appears poor in its line.
l
SC’s net profit margin is poor.
l
SC’s return on total assets is poor.
LIQUIDITY: POOR
l
The current ratio of SC is maintained in a poor level.
l
SC’s quick ratio is maintained in a poor level.
l
SC has no inventory in 2007 and the 1st half of 2008.
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SC has no accounts receivable in 2007 and the 1st half of
2008.
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SC has no short-term loan in 2007 and the 1st half of 2008.
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SC’s turnover is in a poor level, comparing with the size of its total
assets.
LEVERAGE: POOR
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The debt ratio of SC is too high.
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The risk for SC to go bankrupt exists.
Overall financial
condition of the SC: Poor.
SC is considered small-sized in its line with poor financial conditions,
and it has little business at present. The given credit amount would appear to
be beyond SC’s capacities, while COD is recommended.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.47.33 |
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UK Pound |
1 |
Rs.73.92 |
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Euro |
1 |
Rs.66.69 |
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%)