MIRA
INFORM REPORT
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Report Date : |
03.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
GUANGZHOU
PANYING IMPORT & EXPORT CO., LTD. |
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Registered Office : |
3/F, No.178 Shiqiao, Huancheng East Road, Panyu District, Guangzhou, Guangdong
Province, 511400 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
17.03.2004 |
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Com. Reg. No.: |
4401262005535 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Importing and Exporting Business. |
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 7,000 |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name & address
GUANGZHOU PANYING
IMPORT & EXPORT CO., LTD.
3/F, NO.178 SHIQIAO, HUANCHENG EAST ROAD,
PANYU DISTRICT, GUANGZHOU, GUANGDONG PROVINCE, 511400 PR CHINA
TEL: 0086-20-34611882 FAX:
0086-20-34611881
EXECUTIVE SUMMARY
INCORPORATION DATE : MAR. 17, 2004
REGISTRATION NO. :
4401262005535
REGISTERED LEGAL FORM : LIMITED LIABILITIES CO.
CHIEF EXECUTIVE :
MR. SU JIANQIANG (CHAIRMAN)
STAFF STRENGTH :
10
REGISTERED CAPITAL : CNY 1,000,000
BUSINESS LINE : TRADING
TURNOVER : CNY 1,870,000 (AS OF DEC. 31, 2007)
EQUITIES :
CNY 1,040,000 (AS OF DEC. 31, 2007)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO
USD 7,000 (PERIODICAL REVIEW)
MARKET CONDITION :
AVERAGE
FINANCIAL CONDITION : FAIR
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.85990 = 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. 17, 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 importing and
exporting commodities and technologies, excluding export commodities limited or prohibited by the state; wholesaling and
retailing trade (excluding specially operated and controlled commodities); purchasing and
selling bamboo and wood products, agriculture and sideline products.
SC is mainly
engaged in importing and exporting business.
Mr. Su Jianqiang
has been legal representative and chairman of SC since 2004.
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 Guangzhou. Our checks reveal that SC
rents the total premise about 90 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
Qin Mingwei 10
Zhong Wanru
6
Su Jianqiang 78
Kang Jianzhen
6
l
Legal representative and chairman:
Mr. Su Jianqiang, in his 40’s 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 legal representative.
SC is mainly
engaged in importing and exporting business.
SC’s products mainly include: carpet, stage light equipment and
detergent products.
SC sources its merchandises 10% from the overseas market and 90% from
domestic market. SC sells 30% of its merchandises in domestic market, and 70%
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.
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
Guangzhou Sub-branch
AC#860051505808091001
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
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as
of Dec. 31, 2007 |
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Cash & bank |
330 |
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Bills receivable |
0 |
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Accounts
receivable |
-1,390 |
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Other
receivables |
580 |
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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 |
-480 |
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Fixed assets |
0 |
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Fixed assets net
value |
0 |
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Projects under
construction |
0 |
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Long term
investment |
0 |
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Other assets |
10 |
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------------------ |
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Total assets |
-470 |
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============= |
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Short loans |
0 |
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Bills payable |
0 |
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Accounts payable |
-1,510 |
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Welfare payable |
0 |
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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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------------------ |
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Current liabilities |
-1,510 |
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Long term
liabilities |
0 |
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Total
liabilities |
-1,510 |
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Equities |
1,040 |
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Total
liabilities & equities |
-470 |
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============= |
Income Statement
Unit: CNY’000
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as of Dec. 31, 2007 |
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Turnover |
1,870 |
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Cost of goods
sold |
1,820 |
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Sales expense |
60 |
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Management expense |
0 |
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Finance expense |
0 |
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Profit before
tax |
23 |
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Less: profit tax |
5 |
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Profits |
18 |
Important Ratios
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as
of Dec. 31, 2007 |
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*Current ratio |
0.32 |
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*Quick ratio |
0.32 |
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*Liabilities
to assets |
3.21 |
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*Net profit
margin (%) |
0.96 |
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*Return on
total assets (%) |
-3.83 |
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*Inventory
/Turnover ×365 |
0 |
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*Accounts
receivable/Turnover ×365 |
/ |
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*Turnover/Total
assets |
-3.98 |
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* Cost of
goods sold/Turnover |
0.97 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears average in its line.
l
SC’s net profit margin is average.
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SC’s return on total assets is average.
l
SC’s cost of goods sold is high, comparing with its turnover.
LIQUIDITY: FAIR
l
The current ratio of SC is maintained in a poor level.
l
SC’s quick ratio is maintained in a poor level.
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There’s no inventory of SC in 2007.
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There’s no short-term loan of SC in 2007.
LEVERAGE: POOR
l
The debt ratio of SC is high.
l
The risk for SC to go bankrupt is above average.
Overall financial
condition of the SC: Fair.
SC is considered small-sized in its line with fair financial conditions.
A credit line up to USD 7,000 would appear to be within SC’s capacities upon a
periodical review basis.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.43.34 |
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UK Pound |
1 |
Rs.86.53 |
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Euro |
1 |
Rs.68.54 |
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%)