MIRA
INFORM REPORT
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Report Date : |
04.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
SHANGHAI
CHIVALRY INTERNATIONAL TRADING CO., LTD. |
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Registered Office : |
Room A1001, Jianyin Bldg., No.289 Zheqiao Road, Pudong District, Shanghai,
201206 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
14.09. 2005 |
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Com. Reg. No.: |
3101152023977 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Selling Electromechanical Products, Leatheroid and Light Industrial
Textile Products. |
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 30,000 |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name & address
SHANGHAI CHIVALRY
INTERNATIONAL TRADING CO., LTD.
ROOM A1001, JIANYIN BLDG., NO.289 ZHEQIAO
ROAD, PUDONG DISTRICT, SHANGHAI, 201206 PR CHINA
TEL: 0086-21-58995668 FAX:
0086-21-58995333
EXECUTIVE SUMMARY
INCORPORATION DATE :
SEP. 14, 2005
REGISTRATION NO. :
3101152023977
REGISTERED LEGAL FORM : LIMITED LIABILITIES CO.
CHIEF EXECUTIVE :
MS. JIANG BAODI (CHAIRMAN)
STAFF STRENGTH :
10
REGISTERED CAPITAL : CNY 1,000,000
BUSINESS LINE :
TRADING
TURNOVER :
CNY 40,260,000 (AS OF DEC. 31,
2007)
EQUITIES :
CNY 2,080,000 (AS OF DEC. 31, 2007)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO
USD 30,000
MARKET CONDITION :
AVERAGE
FINANCIAL CONDITION :
STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 6.94740 = 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 Sep. 14, 2005.
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, designing, producing, processing and selling electromechanical devices
and components;
selling petroleum products (excluding processed oil), lubricating oil, fuel oil
(excluding hazardous chemicals), paper products, leatheroid, chemical products
and materials (excluding hazardous chemicals), textiles, garments and
accessories, household appliances; providing related consulting services (with
permit if needed).
SC is mainly
engaged in selling electromechanical products, leatheroid and light textiles.
Ms. Jiang Baodi
has been legal representative and chairman of SC since 2005.
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 Shanghai. Our checks reveal that SC
rents the total premise about 200 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
Jiang Baodi 20
Gong Zhenping 60
Yao Dusheng 20
l
Legal representative and chairman:
Ms. Jiang Baodi, in her 40’s with university education. She is currently
responsible for the overall management of SC.
Working Experience(s):
From 2005 to present Working
in SC as chairman and legal representative.
l
Sales Manager:
Mr. Gong Zhenping
Tel: 13916602406
SC is mainly engaged
in selling electromechanical products, leatheroid and light industrial textile
products.
SC’s products mainly include: yoga mats, leatheroid and
electromechanical products.
SC sources its merchandises 30% from the overseas market and 70% from domestic
market. SC sells 40% of its merchandises in domestic market, and 60%s 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.
SC declined to
release its banking details.
Balance Sheet
Unit: CNY’000
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as
of Dec. 31, 2007 |
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Cash & bank |
1,150 |
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Bills receivable |
0 |
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Accounts
receivable |
1,110 |
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Other
receivables |
1,780 |
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Advances to
suppliers |
0 |
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Inventory |
690 |
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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 |
4,730 |
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Fixed assets |
380 |
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Fixed assets net
value |
380 |
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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 |
5,110 |
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============= |
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Short loans |
0 |
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Bills payable |
0 |
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Accounts payable |
3,040 |
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Welfare payable |
40 |
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Advances from
clients |
0 |
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Accrued payroll |
0 |
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Tax payable |
-50 |
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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 |
3,030 |
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Long term
liabilities |
0 |
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------------------ |
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Total
liabilities |
3,030 |
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Equities |
2,080 |
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------------------ |
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Total
liabilities & equities |
5,110 |
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============= |
Income Statement
Unit: CNY’000
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as of Dec. 31, 2007 |
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Turnover |
40,260 |
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Cost of goods
sold |
38,610 |
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Sales expense |
250 |
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Management expense |
1,100 |
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Finance expense |
10 |
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Profit before
tax |
250 |
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Less: profit tax |
40 |
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Profits |
210 |
Important Ratios
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as
of Dec. 31, 2007 |
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*Current ratio |
1.56 |
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*Quick ratio |
1.33 |
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*Liabilities
to assets |
0.59 |
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*Net profit
margin (%) |
0.52 |
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*Return on
total assets (%) |
4.11 |
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*Inventory
/Turnover ×365 |
7 days |
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*Accounts
receivable/Turnover ×365 |
11 days |
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*Turnover/Total
assets |
7.88 |
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* Cost of
goods sold/Turnover |
0.96 |
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 high, 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 normal level.
l
The inventory conversion period of SC appears average.
l
The accounts receivable of SC appears average.
l
There’s no short-term loan of SC in 2007.
l
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.
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 30,000 would appear to be within SC’s capacities.
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%)