MIRA
INFORM REPORT
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Report Date : |
10.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
ShenZhen City victory prosper in business source import and export Ltd. |
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Registered Office : |
12-A03, Jihao Building, East
Shennan Road, Luohu District, Shenzhen, Guangdong Province, 518000
Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
06.04.2007 |
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Com. Reg. No.: |
4403011260954 |
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Legal Form : |
One-Person Limited Liability Company |
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Line of Business : |
Selling Electronics and Textiles. |
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
ShenZhen City victory prosper in business source import and export
Ltd.
12-A03, jihao
building, east shennan road, luohu DISTRICT,
SHENZHEN, GUANGDONG
PROVINCE, 518000 PR CHINA.
TEL: 86 (0)
13510686675 FAX: 86 (0)
755-25427824
EXECUTIVE SUMMARY
INCORPORATION DATE : april 6, 2007
REGISTRATION NO. : 4403011260954
REGISTERED LEGAL FORM : ONE-PERSON LIMITED LIABILITY COMPANY
STAFF STRENGTH :
3
REGISTERED CAPITAL : CNY 100,000
BUSINESS LINE :
TRADING
TURNOVER :
CNY 2,000 (AS OF DEC. 31, 2007)
EQUITIES :
CNY 50,000 (AS OF DEC. 31, 2007)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : C.O.D.
MARKET CONDITION : FAIR
FINANCIAL CONDITION : FAIR
OPERATIONAL TREND : fairly steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY
6.86 = 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 One-person Limited Liability Company
at local Administration for Industry & Commerce (AIC - The official body of
issuing and renewing business license) on April 6, 2007.
Company Status: One-person Limited Liability Company Single
person LLC refers to a limited liability company set up by only one natural
person or legal person as the single shareholder of it. The
minimum registered capital of Single person LLC is CNY100,000. The
shareholder’s capital contributes, as set out by the articles of
associations should be a lump-sum payment in full. One
natural person can only invest in and set up one limited liability company,
which is not permitted to invest in and set up a new Single person LLC. As to
any one-person limited liability company, the sole-investor nature of the
natural person or legal person shall be indicated in the registration
documents of the company and shall be indicated in the business license
thereof as well. The
regulation of Single person LLC should be set up by the shareholder The
regulation of Single person LLC has no shareholder meeting.
SC’s registered
business scope includes importing and exporting goods and technology; purchasing
and selling electronics, textiles and hardware chemicals; other domestic
commerce; supplying and selling of commodities.
SC is mainly
engaged in selling electronics and textiles.
Mr. Qiu Jiandu has
been legal representative and chairman of SC since 2007.
SC is known
to have approx. 3 employees at present.
SC is
currently operating at the above stated address, and this address houses its
operating office in the commercial zone of Shenzhen. Our checks reveal that SC
rents the total premise about 50 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
Xie Mingkuang
100
l
Legal representative and chairman:
Mr. Qiu Jiandu, in his 40’s with university education. He is currently responsible
for the overall management of SC.
Working Experience(s):
From 2007 to present Working
in SC as chairman and legal representative.
SC is mainly
engaged in selling electronics and textiles.
SC’s products mainly include electronics and textiles.
SC is in early stage of development, and it has little business at
present.
SC sources its materials 80% from domestic
market, and 20% from overseas market, mainly U.S.A. and Europe. SC sells 70% of
its products in domestic market, and 30% to overseas market, mainly Southeast
Asian market.
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.
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.
SC’s management
declined to release its bank details.
Balance Sheet (as of Dec. 31, 2007)
Unit: CNY’000
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Cash & bank |
80 |
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Inventory |
0 |
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Accounts
receivable |
0 |
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Other
receivables |
0 |
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Other current
assets |
0 |
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------------------ |
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Current assets |
80 |
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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 |
0 |
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Total assets |
80 |
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============= |
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Short loans |
0 |
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Accounts payable |
0 |
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Other payable |
26 |
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Other current
liabilities |
4 |
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Current
liabilities |
30 |
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Long term liabilities |
0 |
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Total
liabilities |
30 |
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Equities |
50 |
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------------------ |
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Total
liabilities & equities |
80 |
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Income Statement (as of Dec. 31, 2007)
Unit: CNY’000
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Turnover |
2 |
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Cost of goods
sold |
0 |
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Sales expense |
50 |
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Management expense |
0 |
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Finance expense |
0 |
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Profit before
tax |
-50 |
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Less: profit tax |
0 |
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Profits |
-50 |
Important Ratios
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as
of Dec. 31, 2007 |
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*Current ratio |
2.67 |
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*Quick ratio |
2.67 |
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*Liabilities
to assets |
0.375 |
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*Net profit
margin (%) |
-2,500 |
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*Return on
total assets (%) |
-62.5 |
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*Inventory
/Turnover ×365 |
/ |
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*Accounts
receivable/Turnover ×365 |
/ |
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*Turnover/Total
assets |
0.025 |
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* Cost of
goods sold/Turnover |
/ |
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: AVERAGE
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The current ratio of SC is maintained in a normal level.
l
SC’s quick ratio is maintained in a normal level.
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SC has no short-term loan, accounts receivable and inventory in 2007.
l
SC’s turnover is in a fair level, comparing with the size of its total
assets.
LEVERAGE: AVERAGE
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The debt ratio of SC is low.
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The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fair.
SC is still in embryonic stage of development with comparatively limited
track record. Caution is requested in providing credit to SC & 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.42.72 |
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UK Pound |
1 |
Rs.84.42 |
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Euro |
1 |
Rs.67.38 |
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%)