MIRA
INFORM REPORT
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Report Date : |
11.07.2008 |
IDENTIFICATION
DETAILS
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Correct Name : |
SHENZHEN DAFAN JEWELLERY CO LTD |
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Registered Office : |
West, 3/F, Bldg. 429, Bagua Third Road, Futian District, Shenzhen, Guangdong Province, 518029
Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
27.08.2002 |
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Com. Reg. No.: |
4403012096011 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Processing,
Designing and Selling different sorts of Jewellery. |
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 3,000 |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
Name & address
SHENZHEN DAFAN JEWELLERY CO., LTD.
west, 3/f, bldg. 429, bagua third road, FUTIAN
DISTRICT,
SHENZHEN, GUANGDONG PROVINCE, 518029 PR CHINA.
429 3
TEL: 86 (0) 755-82260271 FAX: 86 (0) 755-82260500
EXECUTIVE SUMMARY
INCORPORATION DATE : august 27, 2002
REGISTRATION NO. : 4403012096011
REGISTERED LEGAL FORM : LIMITED LIABILITIES COMPANY
STAFF STRENGTH :
100
REGISTERED CAPITAL : CNY 3,000,000
BUSINESS LINE :
PROCESSING
TURNOVER :
CNY 1,823,000 (AS OF DEC. 31, 2006)
EQUITIES :
CNY 206,000 (AS OF DEC. 31, 2006)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO USD 3,000
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : STABLE
OPERATIONAL TREND : FAIRLY 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 - China Yuan Renminbi
Note: SC’s correct company name should be the heading
one, while the given company name – TTF is SC’s main brand, and “TTF Studio” is
SC’s 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 Aug. 27, 2002.
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 designing and selling jewellery, arts & crafts;
domestic commerce; supplying and selling of commodities (excluding the products
privileged, prohibited or franchised); international trade.
SC is mainly
engaged in processing, designing and selling different sorts of jewellery.
Mr. Wu Fenghua has
been legal representative and chairman of SC since 2004.
SC is known
to have approx. 100 employees at present.
SC is
currently operating at the above stated address, and this address houses its
operating office and factory in the commercial zone of Shenzhen. Our checks
reveal that SC rents the total premise about 600 square meters.
http://www.ttfstudio.com/
The design is professional and the content is well organized. At present it is
in both Chinese and English versions.
Email: ttfstudio@163.com rio@vip.163.com
Changes of its registered information:
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Date of change |
Item |
Before the change |
After the change |
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2004-3-5 |
Legal representative |
Jia Guofan |
Wu Fenghua |
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Shareholders |
Jia Guofan 50%, Wu Fenghua 50% |
Han Dongmei 50%, Wu Fenghua 50% |
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2007-2-5 |
Registered capital |
CNY 500,000 |
CNY 3,000,000 |
MAIN
SHAREHOLDERS:
Name %
of Shareholding
Han Dongmei 50
Wu Fenghua 50
l
Legal representative and chairman:
Mr. Wu Fenghua, ID # 210112680817041, 40 years old 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.
l
General manager:
Ms. Han Dongmei, ID # 210112196911210429, 39 years old with university
education. She is currently responsible for the daily management of SC.
Working Experience(s):
From 2004 to present Working in SC as general manager.
SC is mainly
engaged in processing, designing and selling different sorts of jewellery.
SC’s products mainly include hand craft, coral & onyx jewelry,
engagement jewelry, and so on.
SC sources its materials 40% from domestic
market, and 60% 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 a brand jewelry company engaged in jewelry design and producing
and brand operation management. It is among the first group of Chinese
companies that participated in the Baselworld World Watch and Jewellery Show.
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.
Shanghai Pudong Development Bank Shenzhen Jingtian Sub-branch
AC# 79050155260001986
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
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as of Dec. 31, 2005 |
as of Dec. 31, 2006 |
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Cash & bank |
108 |
143 |
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Inventory |
61 |
61 |
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Accounts
receivable |
0 |
0 |
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Other
receivables |
28 |
28 |
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Other current
assets |
0 |
0 |
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------------------ |
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Current assets |
197 |
232 |
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Fixed assets |
342 |
342 |
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Fixed assets net
value |
114 |
58 |
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Projects under
construction |
0 |
0 |
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Long-term investments |
0 |
0 |
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Intangible and
other assets |
0 |
0 |
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------------------ |
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Total assets |
311 |
290 |
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============= |
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Short loans |
0 |
0 |
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Accounts payable |
0 |
0 |
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Other Accounts
payable |
60 |
45 |
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Taxes payable |
4 |
4 |
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Welfares payable |
57 |
7 |
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Accrued payroll |
20 |
26 |
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Accrued expenses |
57 |
2 |
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Other current
liabilities |
0 |
0 |
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Current
liabilities |
198 |
84 |
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Long term
liabilities |
0 |
0 |
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Total
liabilities |
198 |
84 |
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Shareholders
equities |
113 |
206 |
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Total
liabilities & equities |
311 |
290 |
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Income Statement
Unit: CNY’000
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as of Dec. 31, 2005 |
as of Dec. 31, 2006 |
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Turnover |
644 |
1,823 |
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Cost of goods
sold |
173 |
1,276 |
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Sales expense |
0 |
0 |
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Management expense |
453 |
435 |
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Finance expense |
0 |
0 |
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Operation Profit |
16 |
109 |
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Less: profit tax |
0 |
16 |
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Net profit |
16 |
93 |
Important Ratios
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as of Dec. 31, 2005 |
as of Dec. 31, 2006 |
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*Current ratio |
0.99 |
2.76 |
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*Quick ratio |
0.69 |
2.04 |
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*Liabilities
to assets |
0.64 |
0.29 |
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*Net profit
margin (%) |
2.48 |
5.10 |
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*Return on
total assets (%) |
5.14 |
32.1 |
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*Inventory
/Turnover ×365 |
35 days |
13 days |
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*Accounts
receivable/Turnover ×365 |
/ |
/ |
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*Turnover/Total
assets |
2.07 |
6.29 |
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* Cost of
goods sold/Turnover |
0.27 |
0.70 |
PROFITABILITY: AVERAGE
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The turnover of SC appears average in its line, and it increased in
2006.
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SC’s net profit margin was increased; and it remains at an average level
in 2006.
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SC’s return on total assets of SC appears fairly good, and it increased
in 2006.
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SC’s cost of goods sold is average, comparing with its turnover.
LIQUIDITY: FAIRLY GOOD
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The current ratio of SC is maintained in a fairly good level in 2006.
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SC’s quick ratio is maintained in a fairly good level in 2006.
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The inventory of SC appears average in both 2 years.
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SC has no short-term loan & accounts receivable 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 low.
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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 condition. A credit line at the above amount appears to
be beyond SC’s capacities, while a credit line up to USD 3,000 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%)