MIRA
INFORM REPORT
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Report Date : |
08.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
SHANDONG ZHUCHENG WEIYE SEAFOODS Co., Ltd. |
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Registered Office : |
Longhai Seafoods City, West Waihuan Road,
Zhucheng, Shandong Province, 262200 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.: |
370782228016344 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Selling Different Sorts of Seafood. |
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 3,000 |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name & address
SHANDONG ZHUCHENG WEIYE SEAFOODS Co., Ltd.
longhai Seafoods
city, west waihuan road,
zhucheng, shandong
PROVINCE, 262200 PR CHINA.
TEL: 86 (0)
536-6111196 FAX: 86 (0) 536-6216088
EXECUTIVE SUMMARY
INCORPORATION DATE : SEPTEMBER 6, 2004
REGISTRATION NO. : 370782228016344
REGISTERED LEGAL FORM : LIMITED LIABILITIES COMPANY
STAFF STRENGTH :
10
REGISTERED CAPITAL : CNY 500,000
BUSINESS LINE :
TRADING
TURNOVER :
CNY 921,000 (AS OF DEC. 31, 2007)
EQUITIES :
CNY 534,000 (AS OF DEC. 31, 2007)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO USD 3,000
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : FAIRly stable
OPERATIONAL TREND : fairly steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY
6.83 = 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. 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 selling refrigeration foods and frozen food.
SC is mainly
engaged in selling different sorts of seafood.
Mr. Wang Miwei has
been legal representative and chairman of SC since 2004.
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 industrial zone of Zhucheng. Our checks reveal that SC
rents the total premise about 150 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 ID
# % of
Shareholding
Wang Miwei 370728590819521 60
Wang Mishi 370728650423521 20
Wang Misheng 370728710120521 20
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Chairman & General Manager:
Mr. Wang Miwei, 49 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.
SC is mainly
engaged in selling different sorts of seafood.
SC’s products
mainly include squid, cuttle, and so on.
SC sources its materials 100% from domestic
market, mainly Shandong. SC sells 100% of its products in domestic market.
The buying terms of SC include Check, T/T and Credit of 30-60 days. The
payment terms of SC include Check, T/T 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’s management
declined to release its bank details.
Financial
Information
Unit: CNY’000
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as of Dec. 31, 2006 |
as of Dec. 31, 2007 |
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Total
liabilities |
13 |
12 |
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Shareholders
equities |
497 |
534 |
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Total Assets |
510 |
546 |
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Turnover |
1,362 |
921 |
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Profit before
tax |
-49 |
44 |
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Less: profit tax |
0 |
7 |
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Net profit |
-49 |
37 |
Important Ratios
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as of Dec. 31, 2006 |
as of Dec. 31, 2007 |
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*Liabilities
to assets |
0.03 |
0.02 |
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*Net profit
margin (%) |
-3.60 |
4.02 |
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*Return on
total assets (%) |
-9.61 |
6.78 |
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*Turnover/Total
assets |
2.67 |
1.69 |
PROFITABILITY:
AVERAGE
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The turnover of SC appears average, and it decreased in 2007.
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SC’s net profit margin is fair in 2006 and average in 2007.
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SC’s return on total assets is fair in 2006 and average in 2007.
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.
SC is considered small-sized in its line
with fairly stable financial conditions. A credit line at the above amount
appears to be beyond SC’s capacities, while a credit limit up to USD 3,000 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.47.76 |
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UK Pound |
1 |
Rs.74.87 |
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Euro |
1 |
Rs.60.81 |
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%)