MIRA
INFORM REPORT
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Report Date : |
22.08.2007 |
IDENTIFICATION DETAILS
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Name : |
SHAOXING COUNTY XUHONGCHENG TEXTILE CO., LTD |
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Registered Office : |
No. 39, 2 Floor, B Area Of World Trade Center, Keqiao, Shaoxing,
Zhejiang Province, 312030 Pr |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
August 7, 2006 |
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Com. Reg. No.: |
3306212110008 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Engaged
in exporting and selling domestically tatting and textile. |
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 : |
Up To USD 5,000 |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name & address
SHAOXING COUNTY XUHONGCHENG TEXTILE CO., LTD
NO. 39, 2 FLOOR, B AREA OF
TEL : 86 (0) 575-85692193
FAX : 86 (0) 575-85692195
EXECUTIVE SUMMARY
INCORPORATION DATE : AUGUST 7, 2006
REGISTRATION NO. : 3306212110008
REGISTERED LEGAL FORM : LIMITED LIABILITIES COMPANY
STAFF STRENGTH : 10
REGISTERED CAPITAL : CNY 1,000,000
BUSINESS LINE : TRADING
TURNOVER : CNY
855,000 (AS OF DEC. 31, 2006)
EQUITIES : CNY1,027,000 (AS OF DEC. 31, 2006)
PAYMENT : AVERAGE
RECOMM.
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : stable
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY
7.5875 = US1$ AS OF 2007-8-21
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY -
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 August 7, 2006.
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 wholesaling and retailing
needle textile, light industrial textile material, garments, bed covers; importing
and exporting cargo (excluding the goods prohibited by laws, administrative
regulations, and in accordance with license).
SC is mainly
engaged in exporting and selling domestically tatting
and textile.
Mr. Ye
Yucheng
has been legal representative and chairman of SC
since August 2006.
SC is known to have approx. 10 staff members at
present. (released by SC’s management)
SC is
currently operating at the above stated address, and this address houses its
operating office and head office in the commercial zone of
Shaoxing.
http://www.xuhongchengtex.com/ The web site is now under construction.
Email: webmaster@xuhongchengtex.com
No significant events or changes were found during our
checks with the local Administration for Industry and Commerce.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Ye Yucheng 50%
Ye Liguang 50%
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Legal representative and chairman:
Mr. Ye Yucheng, ID # 330323671218061 He
is currently responsible for the overall management of SC.
Working Experience(s):
From 2006 to present Working in SC as chairman and legal representative.
SC is
mainly engaged in exporting and selling domestically tatting and textile.
SC sources its materials 100% from
domestic market. SC sells 10% of its products in domestic market, and 90% 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.
SC’s management
declined to release its bank details.
Financial Summary (as of Dec. 31, 2006)
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Unit: CNY’000
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Total assets |
788 |
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Total
liabilities |
-239 |
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Shareholders
equities |
1,027 |
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Turnover |
855 |
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Profit after tax |
27 |
Important Ratios
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as
of Dec. 31, 2006 |
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*Liabilities
to assets |
-0.30 |
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*Net profit
margin (%) |
3.16 |
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*Return on
total assets (%) |
3.43 |
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*Turnover/Total
assets |
1.09 |
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 normal.
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SC’s return on total assets is average.
LIQUIDITY: AVERAGE
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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 USD5,000 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. |
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%)