MIRA
INFORM REPORT
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Report Date : |
04.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
SHANGHAI SIXIU BONDED FABRICS Co., Ltd. |
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Registered Office : |
No.55-2, Lane 3777, Waiqingsong Rd., Baihe Town, Qingpu District,
Shanghai, 201709 PR |
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Country : |
China |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
12.11. 2003 |
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Com. Reg. No.: |
310114000818917 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Manufacturing, Processing and Selling Fabrics, Home Textiles, etc. |
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 SIXIU BONDED FABRICS Co., Ltd.
NO.55-2, Lane 3777,
Waiqingsong Rd., BAIHE TOWN,
QingPu District,
ShangHai, 201709 PR CHINA
TEL: 86 (0)
21-29295475 FAX: 86 (0) 21-59745803
EXECUTIVE SUMMARY
INCORPORATION DATE : NOVEMBER 12, 2003
REGISTRATION NO. : 310114000818917
REGISTERED LEGAL FORM : LIMITED LIABILITIES COMPANY
STAFF STRENGTH :
35
REGISTERED CAPITAL : CNY 1,500,000
BUSINESS LINE :
MANUFACTURING
TURNOVER :
CNY 16,340,000 (AS OF DEC. 31, 2007)
EQUITIES :
CNY 870,000 (AS OF DEC. 31, 2007)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO USD 10,000
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : FAIRly STABLE
OPERATIONAL TREND : steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY
6.84796 = 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: “Tex-cel Shanghai Co., Ltd.” is SC’s English trade name.
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 November 12, 2003.
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 manufacturing, processing and selling laminating
fabrics, garments, fabric, and home textiles (with permit if needed).
SC is mainly engaged
in manufacturing, processing and selling fabrics, home textiles, etc.
Mr. Zhang Fucai
has been legal representative and chairman of SC since 2003.
SC is known to have approx. 35 employees at present.
SC is
currently operating at the above stated address, and this address houses its
operating office and factory in the industrial zone of Shanghai. Our checks
reveal that SC rents the total premise about 2,000 square meters.
http://www.sh-sixiu.cn/
The design is professional and the content is well organized. At present it is
in both Chinese and English versions.
Email: zhfc-666@163.com
SC’s quality system meets the international standard of ISO9001.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Zhang Fucai 75
Jiang Guoqiang 25
l
Legal representative, chairman and general
manager:
Mr. Zhang Fucai, about 50 years old. He is currently responsible for the
overall management of SC.
Working Experience(s):
From 2003 to present Working
in SC as chairman, legal representative and general manager.
SC is mainly
engaged in manufacturing, processing and selling fabrics, home textiles, etc.
Main Products:
HOME TEXTILE
SERIES:
Bed protectors
made with terry
Function fabric:
waterproof
SETTING: curtains,
pillowcases,
Other: tablecloth,
sofa-covers
LAMINATED FABRICS
SERIES
Large width
home-textile laminating
Function laminate
fabric
Resin glue
laminate fabric
Flame laminate
fabric
Hydrosol laminate
fabric
SC sources its materials 100% from domestic
market. SC sells 60% of its products in domestic market, and 40% to overseas
market, mainly France.
The buying terms of SC include Check, 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.
*Major Suppliers:
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Dongguan Ding Fing Polyurethane Co., Ltd
*Major Customers:
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Suzhou Henry
International Trading Co., Ltd
Note: SC’s accountant Mr. Xia released that Suzhou Henry International
Trading Co., Ltd. is one of SC’s export agencies, while SC is unable to export
the goods directly as it does not own Import & Export Right.
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’s suppliers
declined to make any comments.
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.
Shanghai Rural Commercial Bank Baihe Sub-branch.
AC#32743618010349451
Relationship:
Normal.
Balance Sheet (as of Dec. 31, 2007)
Unit: CNY’000
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Cash & bank |
310 |
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Inventory |
100 |
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Accounts
receivable |
640 |
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Advances to
suppliers |
0 |
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Other
receivables |
360 |
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Other current
assets |
10 |
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------------------ |
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Current assets |
1,420 |
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Fixed assets net
value |
940 |
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Projects under
construction |
0 |
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Long term
investment |
0 |
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Other assets |
0 |
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Total assets |
2,360 |
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Short loans |
0 |
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Accounts payable |
170 |
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Advances from
customers |
0 |
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Accrued payroll |
80 |
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Welfare expenses
payable |
0 |
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Dividends
payable |
390 |
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Taxes payable |
-10 |
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Other payable |
860 |
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Other current
liabilities |
0 |
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Current
liabilities |
1,490 |
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Long term
liabilities |
0 |
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Total
liabilities |
1,490 |
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Equities |
870 |
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Total
liabilities & equities |
2,360 |
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Income Statement (as of Dec. 31, 2007)
Unit: CNY’000
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Turnover |
16,340 |
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Cost of goods
sold |
13,960 |
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Taxes and additional of main operation |
30 |
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Sales expense |
50 |
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Management expense |
2,140 |
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Profit before
tax |
150 |
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Less: profit tax |
50 |
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Profits |
100 |
Important Ratios
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as
of Dec. 31, 2007 |
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*Current ratio |
0.95 |
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*Quick ratio |
0.89 |
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*Liabilities
to assets |
0.63 |
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*Net profit
margin (%) |
0.61 |
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*Return on
total assets (%) |
4.24 |
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*Inventory
/Turnover ×365 |
3 days |
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*Accounts receivable/Turnover
×365 |
15 days |
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*Turnover/Total
assets |
6.92 |
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* Cost of
goods sold/Turnover |
0.85 |
PROFITABILITY:
AVERAGE
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The turnover of SC appears average in its line.
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SC’s net profit margin is average.
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SC’s return on total assets is fairly good.
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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 fair level.
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SC’s quick ratio is maintained in a normal level.
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The inventory of SC is maintained in an average level.
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The accounts receivable of SC is maintained in an average level.
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SC has no short-term loan in 2007.
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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 average.
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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 up to USD 10,000 would appear 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.43.30 |
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UK Pound |
1 |
Rs.86.13 |
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Euro |
1 |
Rs.68.72 |
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%)