MIRA
INFORM REPORT
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Report Date : |
13.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
XIAMEN UIS TRADING CO., LTD. |
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Registered Office : |
RM 508, Bldg. B, Lianfa
Garden, No. 558, Xianyue Road, Siming
District, Xiamen, Fujian Province, 361006 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.: |
3502002006571 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Importing and Exporting different Sorts of Stone 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
XIAMEN UIS TRADING CO., LTD.
RM 508, BLDG. B,
LIANFA GARDEN, NO. 558, XIANYUE ROAD,
SIMING DISTRICT,
XIAMEN, FUJIAN PROVINCE, 361006 PR CHINA.
558 B508
TEL: 86 (0) 592-5332561 FAX: 86 (0) 592-5332563
EXECUTIVE SUMMARY
INCORPORATION DATE : SEPTEMBER 14, 2005
REGISTRATION NO. : 3502002006571
REGISTERED LEGAL FORM : LIMITED LIABILITIES COMPANY
STAFF STRENGTH : 9
REGISTERED CAPITAL : CNY 1,180,000
BUSINESS LINE : TRADING
TURNOVER : CNY 5,370,000 (AS OF DEC. 31, 2007)
EQUITIES : CNY 1,140,000 (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 : CNY
6.99 = 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 company 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 import and export of various
goods and technologies, excluding the good prohibited or limited by the
country.
SC is mainly engaged
in importing and exporting different sorts of stone materials.
Mr. Zheng Ziren has been legal representative and chairman of SC since
2005.
SC is
known to have approx. 9 employees at present.
SC is
currently operating at the above stated address, and
this address houses its operating office in the commercial zone of Xiamen. Our
checks reveal that SC rents the total premise about 100 square meters.
SC is not known to host website of its own at present.
E-mail: mickey@sohu.net
No significant events or changes were found during our
checks with the local Administration for Industry and Commerce.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Zheng Ziren 30
Zhen Shuying 70
l
Legal representative and chairman:
Mr. Zheng Ziren , born in 1965 with university
education. He is currently responsible for the overall management of SC.
Working Experience(s):
From 2005 to present Working
in SC as chairman and legal representative.
SC is mainly
engaged in importing and exporting different sorts of stone materials.
SC’s products mainly include stone and cutting blades.
SC sources its materials 70%
from domestic market, and 30% from overseas market, mainly Italy, India and Turkey.
SC sells 20% of its products in domestic market, and 80% 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.
*Major Suppliers:
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Fujian Anxi Longmen Maohua Stone Material Factory
*Major Customers:
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Tan
Chiang Brother's Stone (Shanghai) 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 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.
China Construction Bank Xiamen Branch Songbai
Sub-branch.
AC#35101584001052501497
Relationship:
Normal.
Balance Sheet (as of Dec. 31, 2007)
Unit: CNY’000
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Cash & bank |
10 |
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Inventory |
2,130 |
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Accounts
receivable |
1,590 |
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Advances to
suppliers |
2,130 |
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Other
receivables |
50 |
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Other current
assets |
150 |
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Current assets |
6,060 |
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Fixed assets |
10 |
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Fixed assets net
value |
10 |
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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 |
6,070 |
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Short loans |
0 |
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Accounts payable |
4,330 |
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Other payable |
880 |
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Taxes payable |
-390 |
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Other current
liabilities |
110 |
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Current
liabilities |
4,930 |
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Long term
liabilities |
0 |
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Total
liabilities |
4,930 |
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Equities |
1,140 |
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Total
liabilities & equities |
6,070 |
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Income Statement (as of Dec. 31, 2007)
Unit: CNY’000
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Turnover |
5,370 |
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Cost of goods
sold |
4,810 |
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Sales expense |
150 |
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Management expense |
300 |
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Finance expense |
110 |
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Profit before
tax |
1 |
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Less: profit tax |
44 |
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Profits |
-43 |
Important Ratios
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as
of Dec. 31, 2007 |
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*Current ratio |
1.23 |
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*Quick ratio |
0.80 |
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*Liabilities to
assets |
0.81 |
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*Net profit
margin (%) |
-0.80 |
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*Return on
total assets (%) |
-0.71 |
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*Inventory
/Turnover ×365 |
145 days |
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*Accounts
receivable/Turnover ×365 |
108 days |
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*Turnover/Total
assets |
0.88 |
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* Cost of
goods sold/Turnover |
0.90 |
PROFITABILITY:
FAIR
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The turnover of SC appears average in its line.
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SC’s net profit margin is fair.
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SC’s return on total assets is fair.
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SC’s cost of goods sold is average, comparing with its turnover.
LIQUIDITY: AVERAGE
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The current ratio of SC is maintained in a normal level.
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SC’s quick ratio is maintained in a normal level.
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The inventory of SC is maintained in a fairly large level.
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The accounts receivable of SC is maintained in an average level.
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SC has no short-term loan in 2007.
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SC’s turnover is in an average level, comparing with the size of its
total assets.
LEVERAGE: FAIR
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The debt ratio of SC is fairly high.
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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. A credit line at the above amount should be partially
under guarantee, while a credit line up to USD 8,000 appears 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%)