MIRA
INFORM REPORT
|
Report Date : |
17.12.2007 |
IDENTIFICATION
DETAILS
|
Name : |
FUJIAN HOPELAND IMP& EXP TRADING CO., LTD. |
|
|
|
|
Registered Office : |
3/F Redkids
Building, Chongrong Road, Economic Development Zone, Quanzhou, Fujian Province,
362000 Pr |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
31.12.2006 |
|
|
|
|
Date of Incorporation : |
December 25, 2001 |
|
|
|
|
Com. Reg. No.: |
3505002002999 |
|
|
|
|
Legal Form : |
Limited Liabilities Company |
|
|
|
|
Line of Business : |
Engaged in
international trade. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
Up To usd 400,000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
name & address
FUJIAN HOPELAND IMP& EXP TRADING CO., LTD.
3/f Redkids building, chongrong road, economic
development zone,
quanzhou, fujian PROVINCE, 362000 PR CHINA
TEL :
86 (0) 595-22497788
FAX :
86 (0) 595-22497799
EXECUTIVE SUMMARY
INCORPORATION DATE : december 25, 2001
REGISTRATION NO. : 3505002002999
REGISTERED LEGAL FORM : Limited liabilities
company
STAFF STRENGTH :
30
REGISTERED CAPITAL : CNY 20,000,000
BUSINESS LINE :
trading
TURNOVER :
CNY 189,220,000 (AS OF DEC. 31, 2006)
EQUITIES :
CNY 38,691,000 (AS OF DEC. 31, 2006)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO usd 400,000
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : fairly good
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 7.37 = 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 December 25, 2001.
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 garments, footwear and headwear, textiles, handicrafts,
electrical machinery and equipment, chemical raw materials, general
merchandise, hardware, building materials, international trade, selling
automobiles.
SC is mainly
engaged in international trade.
Mr. Ding Peiyuan
has been chairman of SC since 2001.
SC is known to
have approx. 30 staff members at
present.
SC is
currently operating at the above stated address, and this address houses its
operating office in the economic development zone of Quanzhou. Our checks
reveal that SC rents the total premise about 300 square meters.
SC is not known to host web site of its own at present.
Changes of its registered information are as follows:
|
Date
of change |
Item |
Before the
change |
After the change |
|
2002-3-27 |
Company name |
Quanzhou Redkids
Trade & Development Co., Ltd. |
Fujian Hopeland Imp& Exp Trading Co.,
Ltd. |
|
2004-2-24 |
Registered capital |
CNY 10,000,000 |
CNY 20,000,000 |
MAIN SHAREHOLDERS:
Name %
of Shareholding
Ding Peiyuan 60
Ding Weizhu 40
l
Chairman and
General Manager:
Mr. Ding Peiyuan, about 40 years old with university education. He is currently
responsible for the overall management of SC.
Working Experience(s):
From 2001 to present Working
in SC as chairman and general manager.
SC is mainly
engaged in international trade.
SC’s products mainly
include: textiles, cotton, and cotton yarn.
SC sources its materials 100% from domestic
market, mainly Fujian. SC sells 100% of its products to overseas market, mainly
Southeast Asian market.
The buying terms of SC include Check, T/T and Credit of 30-45 days. The
payment terms of SC include T/T, L/C and Credit of 30-45 days.
*Major Suppliers:
==============
REDKIDS (FUJIAN) CHILDREN ARTICLES CO., LTD.
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’s suppliers
declined to make any comments.
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 declined to
release its bank details.
Balance Sheet
Unit: CNY’000
|
|
(as
of Dec. 31, 2005) |
(as
of Dec. 31, 2006) |
|
Cash & bank |
23,768 |
11,064 |
|
Inventory |
26,476 |
25,711 |
|
Accounts
receivable |
8,267 |
6,484 |
|
Other Accounts
receivable |
6,155 |
6,344 |
|
Advances to
suppliers |
7,171 |
5,187 |
|
To be
apportioned expense |
0 |
0 |
|
Other current
assets |
2,152 |
3,209 |
|
|
------------------ |
------------------ |
|
Current assets |
73,989 |
57,999 |
|
Fixed assets net
value |
1,860 |
5,220 |
|
Long term investment |
0 |
0 |
|
Other assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total assets |
75,849 |
63,219 |
|
|
============= |
============= |
|
Short loans |
14,501 |
10,623 |
|
Accounts payable |
0 |
11,962 |
|
Other Accounts
payable |
-819 |
681 |
|
Notes payable |
28,050 |
0 |
|
Advances from
clients |
400 |
1,190 |
|
Withdraw the
expenses in advance |
0 |
0 |
|
Other current
liabilities |
28 |
72 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
42,160 |
24,528 |
|
Long term
liabilities |
0 |
0 |
|
Other
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
42,160 |
24,528 |
|
Equities |
33,689 |
38,691 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
75,849 |
63,219 |
|
|
============= |
============= |
Income Statement
Unit: CNY’000
|
|
(as of Dec. 31, 2005) |
(as of Dec. 31, 2006) |
|
Turnover |
115,798 |
189,220 |
|
Cost of goods
sold |
112,894 |
180,476 |
|
Sales expense |
1,182 |
1,734 |
|
Management expense |
1,214 |
0 |
|
Finance expense |
957 |
800 |
|
Profit before
tax |
-397 |
6,002 |
|
Less: profit tax |
26 |
0 |
|
Profits |
-423 |
6,002 |
Important
Ratios
=============
|
|
As
of Dec. 31, 2005 |
As
of Dec. 31, 2006 |
|
*Current ratio |
1.75 |
2.36 |
|
*Quick ratio |
1.13 |
1.32 |
|
*Liabilities
to assets |
0.56 |
0.39 |
|
*Net profit
margin (%) |
-0.37 |
3.17 |
|
*Return on
total assets (%) |
-0.56 |
9.49 |
|
*Inventory
/Turnover ×365 |
83 days |
50 days |
|
*Accounts
receivable/Turnover ×365 |
26 days |
13 days |
|
*Turnover/Total
assets |
1.53 |
2.99 |
|
* Cost of
goods sold/Turnover |
0.97 |
0.95 |
PROFITABILITY:
FAIRLY GOOD
l
The turnover of SC appears fairly good in its line, and it increased in
2006.
l
SC’s net profit margin is fair in 2005 and average in 2006.
l
SC’s return on total assets is fair in 2005 and fairly good in 2006.
l
SC’s cost of goods sold is fairly high, comparing with its turnover.
LIQUIDITY: FAIRLY
GOOD
l
The current ratio of SC is maintained in a fairly good level.
l
SC’s quick ratio is maintained in a fairly good level.
l
The inventory of SC is maintained in an average level.
l
The accounts receivable of SC is maintained in an average level.
l
SC’s short-term loan is in an average level.
l
SC’s turnover is in a fairly good level, comparing with the size of its
total assets.
LEVERAGE: AVERAGE
l
The debt ratio of SC is average.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly good.
SC is considered small-sized in its line with fairly good financial
conditions. A credit line up to USD
400,000 would appear to be within SC’s capacities.
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)