MIRA
INFORM REPORT
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Report Date : |
28.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
BANK OF THE ORIENT CO., LTD. |
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Registered Office : |
Xiamen Branch, 1-3/F No. 499 Bailuzhou Road, Xiamen,
Fujian Province, 361004 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
MAY 27, 1986 |
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Com. Reg. No.: |
000010 |
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Legal Form : |
Branch Company |
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Line of Business : |
Engaged in saving, credit, balance and discounting business for the
foreign exchange. |
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 : |
Regular |
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Litigation : |
Clear |
name & address
BANK OF THE ORIENT CO., LTD.
XIAMEN BRANCH
1-3/F NO. 499 BAILUZHOU ROAD, XIAMEN,
FUJIAN PROVINCE, 361004 PR CHINA
TEL: 86 (0) 592-2273620
FAX: 86 (0) 592-2276798
EXECUTIVE SUMMARY
INCORPORATION DATE : MAY 27, 1986
REGISTRATION NO. : 000010
REGISTERED LEGAL FORM : BRANCH COMPANY
STAFF STRENGTH :
27
REGISTERED CAPITAL : N/A
BUSINESS LINE :
FINANCIAL SERVICE
TURNOVER :
cny 13,870,000 (AS OF DEC. 31, 2006)
EQUITIES :
cny 95,190,000 (AS OF DEC. 31, 2006)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : up to usd 500,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : stable
OPERATIONAL TREND : steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 7.73= US$1 AS OF 2007-4-27
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY - China Yuan Ren Min Bi
SC was registered as a branch company at local Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license) on May 27, 1986.
Company Status: Branch Company The form of business does not
have a legal person status and financial independence. It has no registered
capital, and its liabilities should be born by its parent company if it can
not afford all its liabilities.
SC’s registered business
scope includes saving, credit business for exchange; foreign currency bills
discounted; exchange investment; the business of saving, remittance, loan and
guarantee for the exchange; importing and exporting final estimate; buying and
selling exchange its self and for clients; foreign currency exchange; exchange
credit card payments as an agent; credit investigation and consulting.
SC is mainly
engaged in saving, credit, balance and discounting business for the foreign
exchange; foreign exchange, tourist check and credit card business; acting as
an agency for the receive & payment and wealth safekeeping business;
economic guarantee and credit witness business; economic consulting service;
the business of saving, remittance, loan and guarantee for the exchange, etc.
Mr. Cen Yonggeng
has been general manager of SC since 2006.
SC owns about 27
staff.
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 700 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 local
AIC.
MAIN SHAREHOLDERS:
BANK OF THE ORIENT CO., LTD. (USA)
It was incorporated in 1971 as a commerce
bank at California Government of USA. The headquarter is in Pui Ching San
Francisco USA.
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General Manager:
Mr. Cen Yonggeng, in his 50’s with university education. He is currently
responsible for the overall management of SC.
Working Experience(s):
From 2006 to present Working
in SC as general manager.
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Vice General
Manager:
Ms. Wen Lijuan, in her 40’s with university education. She is currently
responsible for the daily management of SC.
Working Experience(s):
From 2006 to present
Working in SC as vice general
manager.
SC is mainly engaged
in saving, credit, balance and discounting business for the foreign exchange;
foreign exchange, tourist check and credit card business; acting as an agency
for the receive & payment and wealth safekeeping business; economic
guarantee and credit witness business; economic consulting service; the
business of saving, remittance, loan and guarantee for the foreign exchange,
etc.
At present SC’s
main business is trade financing for its clients.
At present SC can provide CNY business but
the service objects are limited to foreign enterprises, offshore companies and
offshore individuals.
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 refused to release any information of its
suppliers and the trade reference was not available.
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.
Bank of China
Financial Summary
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Unit: CNY’000
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As
of Dec. 31, 2006 |
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Cash & bank |
51,040 |
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Current assets |
134,110 |
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Fixed assets net
value |
2,330 |
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Current
liabilities |
43,680 |
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Long term
liabilities |
70 |
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Total
liabilities |
43,750 |
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Equities |
95,190 |
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Total liabilities
& equities |
138,940 |
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Turnover |
13,870 |
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Profits |
4,050 |
Important Ratios
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as
of Dec. 31, 2006 |
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*Current ratio |
3.07 |
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*Quick ratio |
/ |
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*Liabilities
to assets |
0.31 |
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*Net profit
margin (%) |
29.20 |
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*Return on
total assets (%) |
2.91 |
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*Fixed
assets/Total assets |
0.02 |
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*Inventory
/Turnover ×365 |
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*Accounts
receivable/Turnover ×365 |
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*Turnover/Total
assets |
0.10 |
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* Cost of
goods sold/Turnover |
/ |
PROFITABILITY:
FAIRLY GOOD
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The turnover of SC appears fairly good in 2006.
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SC’s net profit margin is fairly good in 2006.
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SC’s return on total assets is fairly good in 2006.
LIQUIDITY: AVERAGE
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The current ratio of SC is maintained in a normal level.
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SC’s turnover is in an acceptable level, comparing with the size of its
total assets.
LEVERAGE: AVERAGE
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The debt ratio of SC is fairly 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 500,000 would appear 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/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%)