MIRA
INFORM REPORT
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Report Date : |
31.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
TAIZHOU P&J INTERNATIONAL TRADE CO., LTD. |
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Registered Office : |
Room 901 Xingyuan Building, Wenling City,
Zhejiang Province, 317500 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
06.09.2004 |
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Com. Reg. No.: |
3310812010820 |
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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 80,000 |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name & address
TAIZHOU P&J INTERNATIONAL TRADE CO., LTD.
room 901 xingyuan
building, wenling city,
zhejiang PROVINCE,
317500 PR CHINA
TEL: 86 (0)
576-86137892 FAX: 86 (0)
576-86137983
EXECUTIVE SUMMARY
INCORPORATION DATE : september 6, 2004
REGISTRATION NO. : 3310812010820
REGISTERED LEGAL FORM : Limited liabilities
company
STAFF STRENGTH :
7
REGISTERED CAPITAL : CNY 1,000,000
BUSINESS LINE :
trading
TURNOVER :
CNY 12,710,000 (AS OF DEC. 31, 2007)
EQUITIES :
CNY 5,930,000 (AS OF DEC. 31, 2007)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO usd 80,000
MARKET CONDITION : average
FINANCIAL CONDITION : fairly STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY6.83 = USD1
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 September 6, 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 wholesale and retail of garments, textiles, household articles,
pharmaceutical intermediates, machinery equipment and electronics, importing
and exporting various kinds of commodities and technology.
SC is mainly
engaged in international trade.
Mr. Mao Weiqing
has been chairman of SC since 2004.
SC is known to
have approx. 7 employees at present.
SC is
currently operating at the above stated address, and this address houses its
operating office in the commercial zone of Wenling. Our checks reveal that SC
rents the total premise about 100 square meters.
http://www.cnpj.cn
The design is professional and the content is well organized. At present the
web site is both in Chinese and English versions.
E-mail: sales@cnpj.cn
No significant events or changes were found during our checks with the
local Administration for Industry & Commerce.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Mao Weiqing 51
Qiu Min 49
l
Chairman and General Manager:
Mr. Mao Weiqing, 32 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 general manager.
l
Director:
Qiu Min ID# 332623197611130729
SC is mainly
engaged in international trade.
SC’s products
mainly include: D-biotin, Methotrexate, Calcuium folinate,Alpha lipoic acid,
Hyaluronidase, Aprotinin,Haemocoagulase etc.
SC sources its materials 100% from domestic market.
SC sells 10% of its products in domestic market, and 90% to overseas market,
mainly USA, Europe and Southeast Asian market.
The buying terms of SC include Check, T/T and Credit of 30-60 days. The
payment terms of SC include 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 bank details.
Balance Sheet (as of Dec. 31, 2007)
Unit: CNY’000
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Cash & bank |
1,240 |
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Inventory |
360 |
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Accounts
receivable |
5,530 |
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Advances to
suppliers |
0 |
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To be
apportioned expense |
0 |
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Other current
assets |
-10 |
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------------------ |
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Current assets |
7,120 |
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Fixed assets net
value |
1,320 |
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Projects under
construction |
0 |
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Long term
investment |
0 |
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Other assets |
-120 |
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Total assets |
8,320 |
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============= |
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Short loans |
0 |
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Accounts payable |
230 |
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Other Accounts
payable |
10 |
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Withdraw the expenses
in advance |
0 |
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Other current
liabilities |
940 |
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Current
liabilities |
1,180 |
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Long term
liabilities |
0 |
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Other
liabilities |
1,210 |
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Total
liabilities |
2,390 |
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Equities |
5,930 |
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Total
liabilities & equities |
8,320 |
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Income Statement (as of Dec. 31, 2007)
Unit: CNY’000
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Turnover |
12,710 |
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Cost of goods
sold |
10,810 |
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Sales expense |
470 |
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Management expense |
390 |
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Finance expense |
-20 |
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Profit before
tax |
930 |
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Less: profit tax |
340 |
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Profits |
590 |
Important Ratios (as of Dec. 31, 2007)
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*Current ratio 6.03
*Quick ratio 5.73
*Liabilities to
assets 0.29
*Net profit
margin (%) 4.64
*Return on total
assets (%) 7.09
*Inventory
/Turnover ×365 10 days
*Accounts
receivable/Turnover ×365 159 days
*Turnover/Total
assets 1.53
* Cost of goods
sold/Turnover 0.85
PROFITABILITY:
AVERAGE
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The turnover of SC appears average in its line.
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SC’s net profit margin is average.
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SC’s return on total assets is fairly good.
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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 fairly good level.
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SC’s quick ratio is maintained in a fairly good level.
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The inventory of SC is maintained in an average level.
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The accounts receivable of SC appears fairly large.
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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: 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: Fairly Stable.
Over the past 4 years, SC has made a stable growth with fairly stable
financial conditions. The large amount of accounts receivable could be a threat
to SC’s financial condition. A credit line at the above amount appears to be
beyond SC’s capacities, while a credit line up to USD 80,000 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.49.25 |
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UK Pound |
1 |
Rs.80.36 |
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Euro |
1 |
Rs.62.84 |
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%)