MIRA
INFORM REPORT
|
Report Date : |
25.02.2008 |
IDENTIFICATION
DETAILS
|
Name : |
NEWMOS TRADING CO., LTD. |
|
|
|
|
Registered Office : |
Rm 602, Bldg. B, Fuxing Building, No. 1128, Xiahe Road, Siming District,
Xiamen, Fujian Province, 361004 Pr |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
31.12.2006 |
|
|
|
|
Date of Incorporation : |
07.12.1998 |
|
|
|
|
Com. Reg. No.: |
3502002002502 |
|
|
|
|
Legal Form : |
Limited Liabilities Company |
|
|
|
|
Line of Business : |
Selling Different Sorts of Stone Products. |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
Maximum Credit Limit : |
USD 90,000 |
|
|
|
|
Status : |
Small Company |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
name & address
NEWMOS TRADING CO., LTD.
RM 602, BLDG. B,
FUXING BUILDING, NO. 1128, XIAHE ROAD, SIMING DISTRICT, XIAMEN, FUJIAN
PROVINCE, 361004 PR CHINA.
1128 B602
TEL: 86 (0) 592-5164444 FAX: 86 (0) 592-5162400
EXECUTIVE SUMMARY
INCORPORATION DATE : DECEMBER 7, 1998
REGISTRATION NO. : 3502002002502
REGISTERED LEGAL FORM : LIMITED LIABILITIES COMPANY
STAFF STRENGTH : 13
REGISTERED CAPITAL : CNY 5,500,000
BUSINESS LINE : TRADING
TURNOVER : CNY 19,200,000 (AS OF DEC. 31, 2006)
EQUITIES : CNY 6,640,000 (AS OF DEC. 31, 2006)
PAYMENT : AVERAGE
RECOMM. CREDIT RANGE : UP TO USD 90,000
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY
7.14 = 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
Note: the given address - B3C, 21/F, International Trade Building, Hubin South Road, Xiamen is SC’s registered address, while SC is operating at the above stated address.
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 December 7, 1998.
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 1. wholesaling and retailing building materials,
decoration materials, telecommunication equipment, chemical raw materials
(excluding the hazard chemicals & monitored and
controlled chemicals), hardware, mechanical electrical equipment, general
merchandise, garments, shoes & caps, bags, arts & crafts; 2. Economy
information consultation; 3. import and export of various goods and
technologies (excluding the items prohibited or limited by the country).
SC is mainly
engaged in selling different sorts of stone products
Mr. Liu Xianxing has been legal representative and chairman of SC since
2005.
SC is
known to have approx. 13 staff members at present.
SC is currently operating at the above stated address, and this
address houses its operating office in the commercial zone of Xiamen. Our
checks reveal that SC rents the total premise about 150 square meters.
SC is not known to host website of its own at present.
No significant events or changes were found during our
checks with the local Administration for Industry and Commerce.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Liu Xianxing 80
Liu Weitian 10
Zhang Hongjie 10
l
Legal representative and chairman:
Mr. Liu Xianxing (刘贤星),
born in 1979 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.
SC is mainly
engaged in selling different sorts of stone products.
SC’s products
mainly include Japanese tombstone and sculpture.
SC sources its materials 2% from
domestic market, and 98% from overseas market, mainly India and Japan. SC sells
100% of its products to overseas market, mainly Japan.
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 Suppliers:
=============
Huian Chongwu Qunyi Stone Carving 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.
Bank of China Xiamen Kaiyuan Sub-branch.
AC#：840061628918091001
Relationship:
Normal.
Xiamen
Commercial Bank (As given)
AC#：8331020109020228
(CNY)
Relationship:
Normal.
Balance Sheet (as of Dec. 31, 2006)
Unit: CNY’000
|
Cash & bank |
4,630 |
|
Inventory |
900 |
|
Accounts
receivable |
1,330 |
|
Advances to
suppliers |
310 |
|
Other
receivables |
230 |
|
A receivable tax
rebate of export |
30 |
|
Other current
assets |
280 |
|
|
------------------ |
|
Current assets |
7,710 |
|
Fixed assets |
920 |
|
Fixed assets net
value |
480 |
|
Projects under
construction |
0 |
|
Long term
investment |
2,600 |
|
Other assets |
120 |
|
|
------------------ |
|
Total assets |
10,910 |
|
|
============= |
|
Short loans |
0 |
|
Accounts payable |
4,090 |
|
Other payable |
20 |
|
Welfare expenses
payable |
15 |
|
Taxes payable |
20 |
|
Other current
liabilities |
125 |
|
|
------------------ |
|
Current
liabilities |
4,270 |
|
Long term
liabilities |
0 |
|
|
------------------ |
|
Total
liabilities |
4,270 |
|
Equities |
6,640 |
|
|
------------------ |
|
Total
liabilities & equities |
10,910 |
|
|
============= |
Income Statement (as of Dec. 31, 2006)
Unit: CNY’000
|
Turnover |
19,200 |
|
Cost of goods
sold |
16,340 |
|
Sales expense |
700 |
|
Management expense |
1,690 |
|
Finance expense |
100 |
|
Profit before
tax |
410 |
|
Less: profit tax |
60 |
|
Profits |
350 |
Important Ratios
=============
|
|
as
of Dec. 31, 2006 |
|
*Current ratio |
1.81 |
|
*Quick ratio |
1.59 |
|
*Liabilities
to assets |
0.39 |
|
*Net profit
margin (%) |
1.82 |
|
*Return on
total assets (%) |
3.21 |
|
*Inventory
/Turnover ×365 |
17 days |
|
*Accounts
receivable/Turnover ×365 |
25 days |
|
*Turnover/Total
assets |
1.76 |
|
*Cost of goods
sold/Turnover |
0.85 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears average in its line.
l
SC’s net profit margin is average.
l
SC’s return on total assets is average.
l
SC’s cost of goods sold is average, comparing with its turnover.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a normal level.
l
SC’s quick ratio is maintained in a fairly good level.
l
The inventory of SC is maintained in an average level.
l
The accounts receivable of SC is maintained in an average level.
l
SC has no short-term loan in 2006.
l
SC’s turnover is in an average level, comparing with the size of its
total assets.
LEVERAGE: AVERAGE
l
The debt ratio of SC is low.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Stable.
SC is considered small-sized in its line with stable financial
conditions. A credit line up to USD 90,000 would appear to be within SC’s
capacities.
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)