MIRA
INFORM REPORT
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Report Date : |
24.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
BEIJING FOUNDER IMP&EXP CO., LTD. |
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Registered Office : |
922RM, 9th
Floor, Zhongguancun Founder Building, No.298, Chengfu Road, Haidian District,
Beijing, Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
JAN. 17, 2000 |
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Com. Reg. No.: |
1100001116490 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Importing
and exporting its owned products and technology. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
Up To USD 500,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
NAME & ADDRESS
BEIJING FOUNDER IMP&EXP CO., LTD.
922RM, 9TH FLOOR, ZHONGGUANCUN FOUNDER BUILDING, NO.298, CHENGFU ROAD, HAIDIAN DISTRICT, BEIJING, PR CHINA
TEL : 86 (0) 10-82529988
FAX : 86 (0) 10-82529595
EXECUTIVE SUMMARY
INCORPORATION DATE :
JAN. 17, 2000
REGISTRATION NO. :
1100001116490
REGISTERED LEGAL FORM :
LIMITED LIABILITIES CO
STAFF STRENGTH :
16
REGISTERED CAPITAL :
CNY 60,000,000
BUSINESS LINE :
TRADING
TURNOVER :
CNY 1,006,966,000 (AS OF DEC.
31, 2005)
EQUITIES :
CNY 84,357,000 (AS OF DEC. 31, 2005)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE :
UP TO USD 500,000 (PERIODICAL REVIEW)
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
FAIRLY STABLE
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION :
UPWARD
EXCHANGE RATE :
CNY 7.72300 =US1$ AS OF 2007-4-24
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 co at local Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license) on Jan.17, 2000.
Company Status: Limited liabilities co This form of business in PR China
is defined as a legal person. 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 listed as follows: -manufacturing co. : CNY 500,000.00 -trading &wholesaling
co. : CNY 500,000.00 -retailing co. : CNY 300,000.00 -consultancy & service
co. : CNY 100,000.00 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 50% of the registered capital while contribution by intangible
assets must not exceed 20% 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 importing and exporting its owned products, and
materials, instrument, machinery and equipment, and technology needed for the
manufacturing of themselves; cooperation with the foreigner, compensation trade
in agreement; exporting the related or similar products (mechanical and
electrical products, chemical and biological products); importing and exporting
various goods and technology (excluding those limited or prohibited by the
government); compensation trade in agreement and processing with the imported
materials; barter trade and transiting trade; importing steel
materials. Not to engage in any items prohibited by laws, administrative regulation
and State Council; able to engage in items that needs permit according to the
regulation of the State Council, after obtaining the permit from relative
authorities and the registration in the AIC; and select to deal with any
items that do not need any permit.
SC is
mainly engaged in business of importing and exporting its owned products
and technology.
Mr.
Fang Zhonghua has been chairman of SC since 2006.
SC
owns approximately 16 staff members 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 owns the office.
http://www.founderie.com/ The design is professional and the content is well organized.
At present it is in both Chinese and English versions.
E-Mail: tanghao@founder.com
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Date of change |
Item |
Before the change |
After the change |
|
2002-11-15 |
Registered capital |
CNY 30,000,000 |
CNY 60,000,000 |
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Legal representative |
Mr. Zhang Zhaodong |
Ms. Yu Li |
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|
2006-12-12 |
Legal representative |
Ms. Yu Li |
Mr. Fang Zhonghua |
MAIN SHAREHOLDERS:
Name %
of Shareholding
Founder Industry Share Holdings
Co., Ltd 90
Shenzhen Founder Cyber
Technology Co., Ltd 10
l
Chairman:
Mr. Fang Zhonghua, in his 40’s with graduate degree. He is currently responsible for
the overall management of SC.
Working Experience(s):
From 2006 to present Working in SC as chairman.
SC is mainly
engaged in business of importing and exporting its owned products and
technology.
SC sources its materials 70%
from domestic market and 30% from the overseas market. SC sells 70% of its
products in domestic market.
The buying terms of SC include Check, L/C, 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.
Industrial
& Commercial Bank of China Capital Stadium Sub-branch
AC#：0200253709020576593
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
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as
of Dec. 31, 2005 |
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Cash & bank |
125,476 |
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Bills receivable |
3,651 |
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Accounts
receivable |
24,263 |
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Other
receivables |
17,176 |
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Accounts payable
advance |
151,488 |
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A receivable tax
rebate of export |
7,068 |
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Inventory |
49,761 |
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Prepaid expenses |
2,975 |
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Other current
assets |
0 |
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------------------ |
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Current assets |
381,858 |
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Fixed assets |
1,608 |
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Fixed assets net
value |
1,608 |
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Projects under
construction |
0 |
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Long term
investment |
41,125 |
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Other assets |
0 |
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------------------ |
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Total assets |
424,591 |
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============= |
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Short loans |
79,000 |
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Notes payable |
10,373 |
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Accounts payable |
35,401 |
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Advances from
customers |
204,375 |
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Accrued payroll |
2,459 |
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Welfare payable |
1,132 |
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Tax payable |
1,046 |
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Other payable |
5,107 |
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Surcharge
payable |
14 |
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Accrued expenses |
1,327 |
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Other current liabilities |
0 |
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------------------ |
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Current
liabilities |
340,234 |
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Long term
liabilities |
0 |
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------------------ |
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Total
liabilities |
340,234 |
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Equities |
84,357 |
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------------------ |
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Total
liabilities & equities |
424,591 |
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============= |
Income Statement
Unit: CNY’000
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as of Dec. 31, 2005 |
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Turnover |
1,006,966 |
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Cost of goods
sold |
979,349 |
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Sales expense |
21,236 |
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Management expense |
7,624 |
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Finance expense |
587 |
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Profit before
tax |
9,917 |
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Less: profit tax |
1,193 |
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Profits |
8,723 |
Important Ratios
=============
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as
of Dec. 31, 2005 |
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*Current ratio |
1.12 |
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*Quick ratio |
0.98 |
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*Liabilities
to assets |
0.80 |
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*Net profit
margin (%) |
0.87 |
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*Return on
total assets (%) |
2.05 |
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*Fixed
assets/Total assets |
0.004 |
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*Inventory
/Turnover ×365 |
18 days |
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*Accounts
receivable/Turnover ×365 |
9 days |
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*Turnover/Total
assets |
2.37 |
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* Cost of goods
sold/Turnover |
0.97 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears fairly good in its line.
l
SC’s net profit margin is average.
l
SC’s return on total assets is average.
l
SC’s cost of goods sold is fairly high, comparing with its
turnover.
LIQUIDITY:
AVERAGE
l
The current ratio of SC is maintained in a normal level.
l
SC’s quick ratio is maintained in a normal level.
l
The inventory of SC appears acceptable.
l
The accounts receivable of SC appears in a normal level.
l
The short-term loan is fairly large .
l
SC’s turnover is in a fairly good 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.
Over the past 7 years, SC has made a stable growth with
satisfactory profit. The large amount of short loans could be a threat to SC’s financial
condition. It is considered a credit line up to USD 500,000 appears to be
within SC’s capacities upon a periodical review basis.
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/normal. |
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%)