MIRA
INFORM REPORT
|
Report Date : |
29.12.2007 |
IDENTIFICATION
DETAILS
|
Name : |
C AND A CHINA CO., LTD. |
|
|
|
|
Registered Office : |
Room 05P 18 Shanghai Mart, No. 2299 West Yan’an Road,
Shanghai, 200336 Pr |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
31.12.2006 |
|
|
|
|
Date of Incorporation : |
Jun. 7, 2005 |
|
|
|
|
Com. Reg. No.: |
038550 |
|
|
|
|
Legal Form : |
Wholly Foreign-Owned Enterprise |
|
|
|
|
Line of Business : |
Engaged in
retailing fashion clothes. |
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 500,000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
name & address
C AND A CHINA CO., LTD.
ROOM 05P 18 SHANGHAI MART, NO. 2299 WEST YAN’AN ROAD,
SHANGHAI, 200336 PR CHINA
TEL : 86 (0) 21-52534666
FAX : 86 (0) 21-62366020
EXECUTIVE SUMMARY
INCORPORATION DATE : JUN. 7, 2005
REGISTRATION NO. : 038550
REGISTERED LEGAL FORM : WHOLLY FOREIGN-OWNED
ENTERPRISE
STAFF STRENGTH :
100
REGISTERED CAPITAL : EUR 19,000,000
BUSINESS LINE :
RETAILING
TURNOVER :
cny 0 (AS OF DEC. 31, 2006)
EQUITIES :
cny 189,970,000 (AS OF DEC. 31, 2006)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : up to usd 500,000 (PERIODICAL REVIEW)
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : FAIRly stable
OPERATIONAL TREND : FAIRLY steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 7.39= 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 Ren Min Bi
SC was registered as a wholly foreign-owned enterprise at local Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license) on Jun. 7, 2005.
Company Status: Wholly foreign-owned enterprise This form of business in PR
China is defined as a legal person. It is a limited co. established within
the territories of PR China with capital provided totally by the foreign
investors. More than one foreign investor may jointly invest in a wholly
foreign-owned enterprise. The investing party/parties solely exercise
management, reap profit and bear risks and liabilities by themselves. This
form of companies usually have a limited duration is extendible upon
approval of Examination and Approval Authorities.
SC’s registered business scope includes retailing garments; importing and
exporting various goods; marketing management.
SC is mainly
engaged in retailing garments.
Mr. Alphous has
been chairman of SC since 2005.
SC is known
to have approx. 100 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 Shanghai. Our checks reveal that SC
rents the total premise about 2,000 square meters.
http://www.c-and-a.com . It is the
website of its parent company. The design is professional and the content is
well organized. At present it is in English version.
No significant events or changes were found during our checks with local
AIC.
MAIN SHAREHOLDERS:
Name %
of Shareholding
C and A AG (Switzerland) 100
C and A is one of the leading fashion retail
companies in Europe.
The first C and A store opened in 1861 with a
great success. After all, it was one of the first outlets to offer made-up
products to a broad public. The company grew and, by 1910, succeeded in opening
a substantial number of stores in the Netherlands. The further developments
were international. Thus in 1911 (Germany) and 1922 (England) the first
companies outside the Netherlands were founded. A second wave of followed after
the Second World War in a very non-uniform social and economic climate. It
began in 1963 with stores in Belgium. In 1972 C and A opened stores in France,
1977 in Switzerland, 1982 in Luxembourg and 1983 in Spain. Austria followed in
1984, Portugal in 1991, the Czech Republic in 1999, Poland in 2001, Hungary in
2002 and Russia as the youngest of the 13 C and A countries in Europe, in 2005.
l
Chairman:
Mr. Alphous, Hollander, in his 50’s with university education. He is
currently responsible for the overall management of SC.
Working Experience(s):
From 2005 to present Working
in SC as chairman.
l
General Manager:
Mr. Bphilippe AL, Hollander, in his 30’s with university education. He
is currently responsible for the daily management of SC.
Working Experience(s):
From 2005 to present Working in SC as general manager.
SC is mainly
engaged in retailing fashion clothes.
SC’s products
mainly include: fashion clothes.
SC’s first store
of C and A China
Co., Ltd. Shanghai Wanda Store was opened in Apr. 2007. SC has 5 stores
in Shanghai at present.
SC sources its
materials 70% from domestic market, and 30% from the overseas market, mainly
European countries. SC sells 100% of its products in domestic market.
The buying terms of SC include Check, T/T, L/C and Credit of 30-60 days.
The payment terms of SC include COD.
*Major Supplier:
=============
C and A AG
SC is
known to have 5 retailing stores in Shanghai,
C and A CHINA CO., LTD.
Shanghai daning store
Add: 1/F
Block 1, Daning International Square, No. 1868 Gonghe Xin Road, Shanghai
C and A CHINA CO., LTD.
shanghai ganghui store
Add: 313
No. 1 Hongqiao Road, Xuhui District, Shanghai
C and A CHINA CO., LTD.
shanghai longzhimeng store
Add: 1/F
Longzhimeng Shopping Center. No. 1018 Changning Road, Shanghai
C and A CHINA CO., LTD.
Shanghai Wanda Store
Add:
Room B-11, B-12 No. 77 Songhu Road, Yangpu District, Shanghai
C and A CHINA CO., LTD.
Shanghai zhengda Square store
Add:
Room GF 13-16 Zhengda Square, No. 168 West Lujiazui Road, Pudong New District,
Shanghai
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
domestic 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 Shanghai Branch
AC#：0441-598850-13721608091001
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
|
|
As
of Dec. 31, 2006 |
|
Cash & bank |
75,520 |
|
Inventory |
0 |
|
Accounts
receivable |
0 |
|
Advances to
suppliers |
500 |
|
Other
receivables |
8,680 |
|
Other current
assets |
1,680 |
|
|
------------------ |
|
Current assets |
86,380 |
|
Fixed assets net
value |
6,740 |
|
Projects under
construction |
5,110 |
|
Long term
investment |
0 |
|
Deferred assets |
99,140 |
|
Intangible
assets |
11,760 |
|
Other assets |
0 |
|
|
------------------ |
|
Total assets |
209,130 |
|
|
============= |
|
Short loans |
0 |
|
Accounts payable |
0 |
|
Advances from
clients |
0 |
|
Taxes payable |
700 |
|
Salaries payable |
0 |
|
Other payable |
2,830 |
|
Other current
liabilities |
15,630 |
|
|
------------------ |
|
Current
liabilities |
19,160 |
|
Long term
liabilities |
0 |
|
|
------------------ |
|
Total
liabilities |
19,160 |
|
Equities |
189,970 |
|
|
------------------ |
|
Total
liabilities & equities |
209,130 |
|
|
============= |
Note: SC’s first store was opened in Apr. 2007 so it
has no turnover in 2006.
Overall financial
condition of the SC: Fairly stable.
Credit Opinion: USD 500,000
SC is considered medium-sized in its line with favorable background. The
given credit opinion would appear to be within SC’s capacities upon a
periodical review basis.
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%)