MIRA
INFORM REPORT
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Report Date : |
29.12.2008 |
IDENTIFICATION DETAILS
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Name : |
Shanghai buipo International TradING Co., Ltd. |
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Registered Office : |
Room302, |
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Country : |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
14.04. 2004 |
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Com. Reg. No.: |
3102282047836 |
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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 10,000 |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name & address
Shanghai buipo International TradING Co., Ltd.
ROOM302, NO.
SHANGHAI 200122 PR
TEL: 86 (0)
21-68765461 FAX: 86 (0) 21-68765462
EXECUTIVE SUMMARY
INCORPORATION DATE : Apr. 14, 2004
REGISTRATION NO. : 3102282047836
REGISTERED LEGAL FORM : limited liabilities
company
STAFF STRENGTH :
8
REGISTERED CAPITAL : CNY 1,000,000
BUSINESS LINE :
INTERNATIONAL TRADE
TURNOVER :
CNY 20,890,000 (AS OF DEC. 31, 2007)
EQUITIES :
CNY 1,130,000 (AS OF DEC. 31, 2007)
PAYMENT :
AVERAGE
RECOMM.
MARKET CONDITION : average
FINANCIAL CONDITION : fairly STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.84 = USD 1
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 Apr. 14, 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 selling chemical products, fine chemicals (excluding hazardous
goods), textiles, building materials, machinery equipment, instruments &
meters and spare parts, importing and exporting goods and technology, excluding
the goods and technology prohibited or limited by the state (in accordance with
license).
SC is mainly
engaged in international trade.
Mr. Xu Yongxi has
been chairman of SC since 2004.
SC is known
to have approx. 8 employees at present.
SC is
currently operating at the above stated address, and this address houses its
operating office the commercial zone of Shanghai. Our checks reveal that SC
rents the total premise about 100 square meters.
www.buipo.com
The design is professional and the content is well organized. At present it is
in English version.
E-mail: exports@buipo.com
No significant events or changes were found during our checks with the
local AIC.
MAIN SHAREHOLDERS:
Name
% of Shareholding
Xu Yongxi 90
Fu Yong 10
l
Chairman and General Manager:
Mr. Xu Yongxi, born in 1975, with university education. He is currently
responsible for the overall management of SC.
Working Experience(s):
From 2004 to present Working in SC as chairman and general
manager.
SC is mainly
engaged in international trade.
SC’s products mainly include: dyes, chemicals, intermediates, dye
intermediates, dyes intermediates, benzene, anthraquinone, naphthalene
intermediates and naphthol.
SC sources its
materials 100% from the overseas market. SC sells its products 100% in the
domestic market.
The buying terms
of SC include L/C, T/T and Credit of 30-60 days. The payment terms of SC include
T/T and Credit of 30-60 days.
*Major Client:
===========
Shanghai Shenfu Foods Factory
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.
AC#310015-87615050001776
Relationship:
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 |
32 |
260 |
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Inventory |
1 |
460 |
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Accounts
receivable |
1,258 |
1,040 |
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Advances to
suppliers |
0 |
320 |
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Other
receivables |
0 |
220 |
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Other current
assets |
410 |
0 |
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------------------ |
------------------ |
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Current assets |
1,701 |
2,300 |
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Fixed assets net
value |
875 |
920 |
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Projects under
construction |
0 |
0 |
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Long term
investment |
0 |
0 |
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Other assets |
24 |
50 |
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------------------ |
------------------ |
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Total assets |
2,600 |
3,270 |
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Short loans |
0 |
0 |
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Accounts payable |
1,171 |
950 |
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Advances from
clients |
0 |
110 |
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Tax payable |
0 |
50 |
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Salaries payable |
10 |
0 |
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Other payable |
442 |
830 |
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Other current
liabilities |
0 |
200 |
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Current
liabilities |
1,623 |
2,140 |
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Long term
liabilities |
0 |
0 |
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Total
liabilities |
1,623 |
2,140 |
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Equities |
977 |
1,130 |
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Total
liabilities & equities |
2,600 |
3,270 |
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Income Statement
Unit: CNY’000
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as of Dec. 31,
2006 |
as of Dec. 31,
2007 |
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Turnover |
14,984 |
20,890 |
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Cost of goods
sold |
13,935 |
19,250 |
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Sales expense |
625 |
930 |
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Management expense |
159 |
450 |
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Finance expense |
227 |
50 |
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Profit before
tax |
38 |
150 |
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Less: profit tax |
10 |
0 |
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Profits |
28 |
150 |
Important Ratios
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2006 |
2007 |
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*Current ratio |
1.05 |
1.07 |
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*Quick ratio |
1.05 |
0.86 |
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*Liabilities to
assets |
0.62 |
0.65 |
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*Net profit
margin (%) |
0.19 |
0.72 |
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*Return on
total assets (%) |
1.08 |
4.59 |
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*Inventory
/Turnover ×365 |
1day |
8days |
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*Accounts
receivable/Turnover ×365 |
31days |
18days |
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*Turnover/Total
assets |
5.76 |
6.39 |
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* Cost of
goods sold/Turnover |
0.93 |
0.92 |
PROFITABILITY:
AVERAGE
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The turnover of SC appears average.
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SC’s net profit margin remains at an average level.
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SC’s return on total assets appears average in 2006
and fairly good in 2007.
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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 appears average.
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The accounts receivable of SC appears fairly large.
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SC has no short loans in both 2 years.
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SC’s turnover is in a fairly good level, comparing
with the size of its total assets.
LEVERAGE: AVERAGE
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The debt ratio of SC is maintained in an average
level.
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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 accounts receivable could be a threat to SC’s financial
condition. It is considered a credit line up to USD 10,000 appears 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.48.76 |
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1 |
Rs.71.68 |
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Euro |
1 |
Rs.69.17 |
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%)