MIRA
INFORM REPORT
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Report Date : |
27.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
BEIJING LUCKYSTAR Co., Ltd. |
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Registered Office : |
rm 1503, Bldg. a2, Sunshine Plaza,
No.68, Anli Road, Chaoyang District, Beijing, 100101 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
03.11.2004 |
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Com. Reg. No.: |
110105007597726 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Selling Chemical Raw Materials. |
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 8,000 |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name & address
BEIJING LUCKYSTAR Co., Ltd.
rm 1503, Bldg. a2,
sunshine plaza, no.68, anli road,
chaoyang district,
beijing, 100101 PR CHINA
TEL: 86 (0)
10-64970826 FAX: 86 (0) 10-64973057
EXECUTIVE SUMMARY
INCORPORATION DATE : november 3, 2004
REGISTRATION NO. : 110105007597726
REGISTERED LEGAL FORM : LIMITED LIABILITIES COMPANY
STAFF STRENGTH :
13
REGISTERED CAPITAL : CNY 1,000,000
BUSINESS LINE :
TRADING
TURNOVER :
CNY 17,864,000 (AS OF DEC. 31, 2007)
EQUITIES :
CNY 655,000 (AS OF DEC. 31, 2007)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO USD 8,000
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : FAIRly stable
OPERATIONAL TREND : fairly STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY6.86
= 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
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 3, 2004.
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 technical extension services, conference services,
importing and exporting of goods and technology, selling chemical products.
SC is mainly
engaged in selling chemical raw materials.
Mr. Li Fagen has
been legal representative and chairman of SC since 2004.
SC is known to have
approx. 13 employees at present.
SC is
currently operating at the above stated address, and this address houses its
operating office in the commercial zone of Beijing. Our checks reveal that SC
rents the total premise about 200 square meters.
http://www.luckystarchem.com/ The design is professional and the content
is well organized. At present the web site is both in Chinese and English
versions.
Email: frankfan@luckystarchem.com
Changes of its registered information are as follows:
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Date
of change |
Item |
Before the
change |
After the change |
|
2008 |
Registration No. |
1101052759772 |
110105007597726 |
MAIN SHAREHOLDERS:
Name %
of Shareholding
Li Fagen 52
Tian Kexin 48
l
Legal representative and chairman:
Mr. Li Fagen, born in 1956, 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:
Mr. Fan Guoqiang, born in 1969, with university education. He 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 selling chemical raw materials.
SC’s products mainly include intermediate, pesticide and chemical
equipment, etc.
SC sources its materials 20% from domestic
market, and 80% from overseas market, mainly USA and Europe. SC sells 90% of
its products in domestic market, and 10% 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.
AC#N/A
Relationship:
Normal.
Balance Sheet
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Unit: CNY’000 |
as
of Dec. 31, 2006 |
as
of Dec. 31, 2007 |
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Cash & bank |
2,250 |
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Inventory |
1,280 |
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Accounts
receivable |
0 |
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Other
receivables |
210 |
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Other current
assets |
0 |
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------------------ |
------------------ |
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Current assets |
3,740 |
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Fixed assets net
value |
70 |
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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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------------------ |
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Total assets |
3,810 |
4,740 |
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============= |
============= |
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Short loans |
0 |
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Accounts payable |
1,490 |
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Other payable |
1,650 |
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Advances from
customers |
0 |
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Other current
liabilities |
40 |
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------------------ |
------------------ |
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Current
liabilities |
3,180 |
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Long term
liabilities |
0 |
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------------------ |
------------------ |
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Total
liabilities |
3,180 |
4,085 |
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Equities |
630 |
655 |
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------------------ |
------------------ |
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Total
liabilities & equities |
3,810 |
4,740 |
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Income Statement
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Unit: CNY’000 |
as of Dec. 31, 2006 |
as of Dec. 31, 2007 |
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Turnover |
5,610 |
17,864 |
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Cost of goods
sold |
5,440 |
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Sales expense |
910 |
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Management expense |
170 |
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Finance expense |
0 |
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Profit before
tax |
-890 |
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Less: profit tax |
0 |
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Profits |
-890 |
23 |
Important Ratios
=============
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as
of Dec. 31, 2006 |
as
of Dec. 31, 2007 |
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*Current ratio |
1.18 |
/ |
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*Quick ratio |
0.77 |
/ |
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*Liabilities
to assets |
0.83 |
0.86 |
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*Net profit
margin (%) |
-15.86 |
0.13 |
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*Return on
total assets (%) |
-23.36 |
0.49 |
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*Inventory
/Turnover ×365 |
83 days |
/ |
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*Accounts
receivable/Turnover ×365 |
/ |
/ |
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*Turnover/Total
assets |
1.47 |
3.77 |
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* Cost of
goods sold/Turnover |
0.97 |
/ |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears average, and it was rising in 2007.
l
SC’s net profit margin is fair in 2006 and average in 2007.
l
SC’s return on total assets is fair in 2006 and average in 2007.
l
SC’s cost of goods sold is fairly high in 2006, comparing with its
turnover.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a normal level in 2006.
l
SC’s quick ratio is maintained in a fair level in 2006.
l
The inventory of SC appears fairly large in 2006.
l
SC has no accounts receivable in 2006.
l
SC has no short-term loan in 2006.
l
SC’s turnover is in an average level, comparing with the size of its
total assets.
LEVERAGE: FAIR
l
The debt ratio of SC is fairly high.
l
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 8,000 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.42.79 |
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UK Pound |
1 |
Rs.85.04 |
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Euro |
1 |
Rs.67.39 |
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%)