MIRA
INFORM REPORT
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Report Date : |
13.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
NANJING BOOST
INDUSTRIAL AND TRADING CORP. |
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Registered Office : |
Room 1908 Longtai International Building, No. 198 Zhongshan East Rd., Baixia
District, Nanjing, Jiangsu Province, 210002 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
26.01. 2006 |
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Com. Reg. No.: |
320100000117103 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
International Trader |
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 60,000 |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name & address
NANJING BOOST
INDUSTRIAL AND TRADING CORP.
ROOM 1908 LONGTAI INTERNATIONAL BUILDING,
NO. 198 ZHONGSHAN EAST RD., BAIXIA DISTRICT, NANJING, JIANGSU PROVINCE, 210002
PR CHINA
TEL: 86 (0) 25-83706996 FAX: 86 (0) 25-83706556
EXECUTIVE SUMMARY
INCORPORATION DATE : JAN. 26, 2006
REGISTRATION NO. : 320100000117103
REGISTERED LEGAL FORM : LIMITED LIABILITIES
COMPANY
STAFF STRENGTH :
12
REGISTERED CAPITAL : CNY 5,000,000
BUSINESS LINE :
INTERNATIONAL TRADE
TURNOVER :
cny 37,870,000 (AS OF DEC. 31, 2006)
EQUITIES :
cny 5,560,000 (AS OF DEC. 31, 2006)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : up to usd 60,000
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : fairly STABLE
OPERATIONAL TREND : steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.94= 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 Ren Min Bi
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 Jan. 26, 2006.
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 various
goods and technology.
SC is mainly
engaged in international trade.
Ms. Han Rong has been chairman of SC since 2006.
SC is known
to have approx. 12 employees at present.
SC is
currently operating at the above stated address, and this address houses its operating
office in the commercial zone of Nanjing. Our checks reveal that SC rents the
total premise about 100 square meters.
http://www.china-boost.com
. The design is professional and the content is well organized. At present it
is in both Chinese and English versions.
E-Mail: info@china-boost.com
No significant events or changes were found during our checks with local
AIC.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Han Rong ID: 320602420328302 80
Zhang Mei
ID: 320602641024304 20
l
Chairman:
Ms. Han Rong, in her 60’s with university education. She is currently
responsible for the overall management of SC.
Working Experience(s):
From 2006 to present Working
in SC as chairman.
l
General Manager:
Mr. Deng Fuquan, in his 40’s with university education. He is currently
responsible for the daily management of SC.
Working Experience(s):
From 2006 to present
Working in SC as general
manager.
SC is mainly engaged
in international trade.
SC’s products
mainly include:
Agrochemicals:
HERBICIDES
INSECTICIDES
Special chemicals:
Glycolic acid
Others:
Surfactants
Water soluble
fertilizers: MAP, MKP, NPK
SC sources its materials
90% from domestic market, and 10% from the overseas market, mainly European
countries. SC sells 40% of its products in domestic market, and 60% to the
overseas market, mainly American and European countries.
The buying terms of SC include Check, T/T, L/C and Credit of 30-60 days.
The payment terms of SC include T/T, L/C and Credit of 30-60 days.
*Major Supplier:
============
Nanjing Red Sun Co., Ltd.
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 Pudong Development Bank Nanjing Branch
AC#93060155510000251
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
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As
of Dec. 31, 2006 |
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Cash & bank |
3,550 |
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Inventory |
240 |
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Accounts
receivable |
13,680 |
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Advances to
suppliers |
0 |
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Other
receivables |
60 |
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Other current
assets |
2,240 |
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Current assets |
19,770 |
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Fixed assets net
value |
140 |
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Projects under
construction |
0 |
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Long term
investment |
0 |
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Other assets |
50 |
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Total assets |
19,960 |
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Short loans |
9,230 |
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Accounts payable |
4,790 |
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Advances from
clients |
0 |
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Taxes payable |
150 |
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Salaries payable |
0 |
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Other payable |
0 |
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Other current
liabilities |
230 |
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Current
liabilities |
14,400 |
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Long term
liabilities |
0 |
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Total
liabilities |
14,400 |
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Equities |
5,560 |
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Total
liabilities & equities |
19,960 |
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Income Statement
Unit: CNY’000
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As of Dec. 31, 2006 |
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Turnover |
37,870 |
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Cost of goods
sold |
25,620 |
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Sales expense |
570 |
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Management expense |
450 |
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Finance expense |
400 |
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Profit before
tax |
840 |
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Less: profit tax |
280 |
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Profits |
560 |
Important Ratios
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2006 |
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*Current ratio |
1.37 |
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*Quick ratio |
1.36 |
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*Liabilities
to assets |
0.72 |
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*Net profit
margin (%) |
1.48 |
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*Return on
total assets (%) |
2.81 |
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*Inventory
/Turnover ×365 |
2days |
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*Accounts receivable/Turnover
×365 |
132days |
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*Turnover/Total
assets |
1.90 |
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* Cost of
goods sold/Turnover |
0.68 |
PROFITABILITY:
AVERAGE
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The turnover of SC appears average in 2006.
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SC’s net profit margin is average in 2006.
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SC’s return on total assets is fairly good in 2006.
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SC’s cost of goods sold is average in 2006, comparing with its turnover.
LIQUIDITY: AVERAGE
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The current ratio of SC is maintained in a normal level in 2006.
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SC’s quick ratio is maintained in a normal level in 2006.
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The accounts receivable of SC appears large in 2006.
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The inventory of SC is average in 2006.
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The short loans of SC are fairly large in 2006.
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SC’s turnover is in an average level in 2006, comparing with the size of
its total assets.
LEVERAGE: AVERAGE
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The debt ratio of SC is fairly high in 2006.
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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 a short history. The large
amount of accounts receivable could be a threat to SC’s financial condition.
Credit dealings of small amount can be considered for it at present.
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%)