MIRA
INFORM REPORT
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Report Date : |
31st
January, 2007 |
IDENTIFICATION
DETAILS
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Name : |
HANGZHOU
FUXING GROUP CO., lTD. |
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Registered Office : |
No. 236 Tiyuchang Road, Fuyang City, Zhejiang Province, 311400
Pr China |
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Country : |
China |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
14.11.1996 |
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Com. Reg. No.: |
3301832103716 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Engaged
in importing and exporting paper and textiles, etc. |
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 : |
USD
200,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Company Name & Address
HANGZHOU FUXING GROUP CO., lTD.
NO. 236 TIYUCHANG road, fuyanG city,
Zhejiang province, 311400 PR CHINA
TEL :
86 (0)571-63131555
FAX :
86 (0) 571-62055000
EXECUTIVE SUMMARY
INCORPORATION DATE :
NOV. 14, 1996
REGISTRATION NO. :
3301832103716
REGISTERED
LEGAL FORM : LIMITED LIABILITIES COMPANY
STAFF STRENGTH :
150
REGISTERED CAPITAL :
CNY 50,000,000
BUSINESS LINE :
international trade
TURNOVER :
CNY 254,495,000 (AS OF DEC. 31, 2005)
EQUITIES :
CNY 50,592,000 (AS OF DEC. 31, 2005)
PAYMENT : AVERAGE
RECOMM.
CREDIT RANGE : UP TO USD 200,000
(PERIODICAL REVIEW)
MARKET
CONDITION : COMPETITIVE
FINANCIAL
CONDITION : FAIRLY STABLE
OPERATIONAL
TREND : FAIRLY STEADY
GENERAL
REPUTATION : AVERAGE
EXCHANGE
RATE : CNY 7.78 =US1$
AS OF 2007-1-29
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 Nov. 14, 1996.
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 wholesaling and retailing paper, raw material, chemical products for
paper produding(Excluding dangerous chemicals and Precursor Chemicals), steel;
Importing and exporting various goods and technology and acting as an agent for
it, excluding the items controlled and
forbidden by the state(catalogue of products for import and export are not
enclosed); management compensation trade in agreement and processing
with the imported materials, barter trade and transiting trade; others legally
items not need specialized permission.
SC is mainly engaged in importing
and exporting paper, textiles, etc.
Mr. Wang Yulin has been chairman
of SC since 2005.
SC owns approximately 150 staff
members at present.
SC is
currently operating at the above stated address, and this address houses its
head office in the commercial zone of Hangzhou. Our checks reveal that SC owns
the total premise about 100,000 square meters.
http://www.fuxingcn.com The design is professional and
the content is well organized. At present it is in both Chinese and English
versions.
E-mail: postmaster@mail.fuxingcn.com
Changes
of its registered information:
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Date
of change |
Item |
Before
the change |
After
the change |
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Unspecified |
Registered
capital |
CNY3,060,000 |
CNY
5,000,000 |
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Unspecified |
Name
of the company |
Fuyang
Fuxing Paper Co., Ltd. |
Fuyang
Fuxing Imp. & Exp. Co., Ltd. |
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Unspecified |
Legal
representative |
Xie
Yan谢燕 |
Wang
Yulin汪玉林 |
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Registered
capital |
CNY
5,000,000 |
CNY
10,000,000 |
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Unspecified |
Registered
capital |
CNY
10,000,000 |
CNY
50,000,000 |
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2005-7-28 |
Name
of the company |
Fuyang
Fuxing Imp. & Exp. Co., Ltd. |
Hangzhou
Fuxing Group Co., Ltd. |
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2006-7-3 |
Shareholder
and shareholding |
Xie
Yan谢燕（CNY 5,000,000） Wang
Yulin汪玉林(CNY 45,000,000) |
Xie
Yan谢燕（CNY 24,500,000） Wang
Yulin汪玉林(CNY 25,500,000) |
MAIN SHAREHOLDERS:
Name %
of Shareholding
Xie Yan 49
Wang Yulin 51
l
Chairman:
Mr. Wang
Yulin, born in 1969, with junior college education.
He is currently responsible for the overall management of SC.
Working Experience(s):
From 2003 to present Working
in SC as chairman.
l
General Manager:
Ms. Xie
Yan, born in 1972, with university education. She is
currently responsible for the daily management
of SC.
Working Experience(s):
From 2003 to present Working
in SC as general manager.
SC is mainly engaged in importing
and exporting paper and textiles, etc.
SC’s
products mainly include: paper, raw
materials for paper producing, chemical fiber products, carpet yarn and top
grade carpet.
SC sources its materials 80% from domestic
market, and 20% from the overseas market, mainly from German. SC sells 70% of
its products in domestic market and 30% to Europe & USA.
The buying terms of SC include Check, T/T and Credit of 10-15
days. The payment terms of SC include Check, T/T, L/C and Credit of 10-15 days.
SC is known to have the following subsidiaries:
Fuxing
Usas Recycling Industry & Commerce Co., Ltd (Turkey)
Oriental
Recycling N.V.(Belgium)
PET
Recycling Hamburg GmbH(Germany)
PET
Hangzhou
Fuxing Chemical Fibre Co., Ltd.
Hangzhou
Fuxing Textile Co., Ltd.
Hangzhou
Fuxing Carpet Co., Ltd.
Qingdao
Fuxing Environment-protection engineer Co., Ltd
Hangzhou
Fuxing Evironment-protection Machinery Co., Ltd.
Import
& Export Department
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.
Unit: CNY’000
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As of Dec. 31,
2003 |
As of Dec. 31,
2004 |
As of Dec. 31,
2005 |
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Total assets |
155,020 |
206,400 |
224,030 |
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Total liabilities |
101,530 |
155,230 |
173,440 |
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Equities |
53,480 |
51,170 |
50,590 |
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Turnover |
139,730 |
145,260 |
254,490 |
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Profits |
4 |
-2,190 |
9,710 |
Important Ratios
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As
of Dec. 31, 2005 |
As
of Dec. 31, 2005 |
As
of Dec. 31, 2005 |
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*Liabilities
to assets |
0.65 |
0.75 |
0.77 |
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*Net profit
margin (%) |
0.003 |
-1.51 |
3.82 |
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*Return on
total assets (%) |
0.003 |
-1.06 |
0.04 |
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*Turnover/Total
assets |
0.90 |
0.70 |
1.14 |
PROFITABILITY: AVERAGE
l
The
turnover of SC appears average in this line.
l
SC’s
net profit margin is average.
l
SC’s
return on total assets is fair.
LIQUIDITY: AVERAGE
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SC’s
turnover is in an average level, comparing with the size of its total assets.
LEVERAGE: AVERAGE
l
The
debt ratio of SC is average.
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The
risk for SC to go bankrupt is low.
Overall financial condition of the SC:
Fairly stable.
Over the
past 11 years, SC has made a stable growth with acceptable profit. A credit
line up to USD 200,000 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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