MIRA
INFORM REPORT
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Report Date : |
20.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
SHENZHEN SHUIWAN PELAGIC FISHERIES Co., Ltd. |
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Registered Office : |
13F, Shuiwan
Building, Zhaoshang Road, Shekou, Nanshan District, Shenzhen, Guangdong
Province, 518067 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
29.03.2000 |
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Com. Reg. No.: |
4403011043340 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Pelagic Fishery;
Aquiculture, Refrigeration and Sales; Supplying and Selling Fishery
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 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
SHENZHEN SHUIWAN PELAGIC FISHERIES Co., Ltd.
13F, SHUIWAN
BUILDING, ZHAOSHANG ROAD, SHEKOU, NANSHAN DISTRICT,
SHENZHEN, GUANGDONG
PROVINCE, 518067 PR CHINA.
TEL: 86 (0)
755-26862366 FAX: 86 (0)
755-26675027
EXECUTIVE SUMMARY
INCORPORATION DATE : MARCH 29, 2000
REGISTRATION NO. : 4403011043340
REGISTERED LEGAL FORM : LIMITED LIABILITIES COMPANY
STAFF STRENGTH :
50
REGISTERED CAPITAL : CNY 10,000,000
BUSINESS LINE : FISHERy
TURNOVER : CNY 11,920,000 (AS OF DEC. 31, 2007)
EQUITIES : CNY 9,271,000 (AS OF DEC. 31,
2007)
PAYMENT : AVERAGE
RECOMM. CREDIT RANGE : UP TO USD 60,000
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : STABLE
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY
6.8306 = 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 March 29, 2000.
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 pelagic fishery; aquiculture, refrigeration, supplying
and selling fishery materials; domestic trade, supplying and selling of commodities
(excluding the products privileged, prohibited or franchised); international trade (in accordance with related
permits).
SC is mainly
engaged in pelagic fishery; aquiculture, refrigeration and sales; supplying and
selling fishery materials.
Mr.
Chen Jinyou has been legal representative and chairman of SC since April 2007.
SC is known to have approx. 50 employees at
present.
SC is currently operating at the above stated address, and this
address houses its operating office and head office in the commercial zone of
Shenzhen. SC’s accountant refused to release the detailed information of the
total premise.
SC is not known to host website of its own at present.
Changes of its registered information:
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Date of change |
Item |
Before the change |
After the change |
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2002-07 |
Legal representative |
Huang Taifeng |
Xie Yunsheng |
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Main Shareholders |
Shenzhen Shekou Dongdi Industrial Development
Co., Ltd. 44.00% Shenzhen Shekou Dongdi Fisheries Co., Ltd. (in
Chinese Pinyin) 13.00% Shenzhen Shekou Yuyi Fishery Co., Ltd.
43.00% |
Shenzhen Shekou Dongdi Industrial
Development Co., Ltd. 20.00% Shenzhen Shekou Shuiwan Yuanhua
Industry Co., Ltd (in Chinese Pinyin) 80.00% |
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Company Name |
Shenzhen Haichangshun Pelagic Fisheries Co., Ltd. |
Shenzhen
Shuiwan Pelagic Fisheries Co., Ltd. |
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2004-10 |
Main Shareholders |
Shenzhen Shekou Dongdi Industrial Development
Co., Ltd. 20.00% Shenzhen Shekou Shuiwan
Yuanhua Industry Co., Ltd (in Chinese Pinyin) 80.00% |
Shenzhen
Shekou Shuiwan Yuanhua Industry Co., Ltd (in Chinese Pinyin) 80% Labor Union Committee of Shenzhen Shekou Shuiwan Yuanhua Industry Co., Ltd 20% |
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2006-03 |
Legal representative |
Xie Yunsheng |
Xie Yusheng |
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2007-03 |
Legal representative |
Xie Yusheng |
Zeng Qifan |
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2007-04 |
Legal representative |
Zeng Qifan |
Chen Jinyou |
MAIN SHAREHOLDERS:
Name % of Shareholding
Shenzhen Shekou Shuiwan Yuanhua
Industry Co., Ltd. (in Chinese Pinyin) 80
Labor Union Committee of Shenzhen Shekou Shuiwan Yuanhua Industry Co., Ltd. 20
l
Legal representative, chairman and general
manager:
Mr. Chen Jinyou, ID # 440301195510276777,
born in 1955. He is currently responsible for the
overall management of SC.
Working Experience(s):
From 2007 to present Working
in SC as chairman, legal representative and general manager.
SC is mainly
engaged in pelagic fishery; aquiculture, refrigeration and sales; supplying and
selling fishery materials.
Main Products:
aquiculture, fishery materials, etc.
SC sources its materials 100%
from domestic market. SC sells 80% of its products in domestic market, and 20%
to overseas 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, 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.
Guangdong Development Bank Shenzhen Branch Shekou Sub-branch
AC#102091516010002392
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
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as of Dec. 31, 2006 |
as of Dec. 31, 2007 |
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Cash & bank |
1,980 |
1,865 |
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Inventory |
0 |
0 |
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Accounts
receivable |
2,135 |
3,679 |
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Advances to
supplies |
0 |
0 |
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Other
receivables |
91 |
2,099 |
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Other current
assets |
0 |
0 |
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------------------ |
------------------ |
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Current assets |
4,206 |
7,643 |
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Fixed assets |
10,198 |
10,463 |
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Fixed assets net
value |
6,680 |
6,945 |
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Projects under
construction |
0 |
0 |
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Long-term
investments |
0 |
0 |
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Intangible and
other assets |
0 |
0 |
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------------------ |
------------------ |
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Total assets |
10,886 |
14,588 |
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============= |
============= |
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Short loans |
0 |
0 |
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Accounts payable |
953 |
1,868 |
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Advances from
customers |
0 |
0 |
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Accrued payroll |
0 |
0 |
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Welfares payable |
0 |
37 |
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Taxes payable |
1 |
1 |
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Other Accounts
payable |
2,387 |
2,411 |
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Accrued expenses |
0 |
1,000 |
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Other
current liabilities |
0 |
0 |
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----------------- |
----------------- |
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Current
liabilities |
3,341 |
5,317 |
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Long term
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total
liabilities |
3,341 |
5,317 |
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Shareholders
equities |
7,545 |
9,271 |
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------------------ |
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Total
liabilities & equities |
10,886 |
14,588 |
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Income Statement
Unit: CNY’000
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as of Dec. 31, 2006 |
as of Dec. 31, 2007 |
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Turnover |
5,334 |
11,920 |
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Cost of goods sold |
1,995 |
9,003 |
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Sales expense |
677 |
408 |
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Management expense |
1,578 |
1,018 |
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Finance expense |
187 |
10 |
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Non-operating expense |
6 |
23 |
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Operation Profit |
891 |
1,459 |
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Less: profit tax |
0 |
0 |
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Net profit |
891 |
1,459 |
Important Ratios
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as of Dec. 31, 2006 |
as of Dec. 31, 2007 |
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*Current ratio |
1.26 |
1.44 |
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*Quick ratio |
1.26 |
1.44 |
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*Liabilities
to assets |
0.31 |
0.36 |
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*Net profit
margin (%) |
16.70 |
12.24 |
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*Return on
total assets (%) |
8.18 |
10.00 |
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*Inventory
/Turnover ×365 |
/ |
/ |
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*Accounts
receivable/Turnover ×365 |
147 days |
113 days |
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*Turnover/Total
assets |
0.49 |
0.82 |
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* Cost of
goods sold/Turnover |
0.37 |
0.76 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears average in its line, and it was rising in
2007.
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SC’s net profit margin is good in both two years.
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SC’s return on total assets is fairly good in both two years.
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SC’s cost of goods sold is low in 2006 and average in 2007, comparing
with its turnover.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a normal level in both two
years.
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SC’s quick ratio is maintained in a normal level in both two years.
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SC has no inventory in both two years.
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The accounts receivable of SC appears fairly large in both two years.
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SC has no short-term loan in both two years.
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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: Stable.
SC is considered small-sized in its line with stable financial
conditions. A credit line up to USD 60,000 would appear to be within SC’s
capacities.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.48.83 |
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UK Pound |
1 |
Rs.85.12 |
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Euro |
1 |
Rs.65.86 |
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%)