MIRA
INFORM REPORT
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Report Date : |
15.01.2007 |
IDENTIFICATION
DETAILS
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Name : |
hebei oriental
imp. & exp. corp. |
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Registered Office : |
No. 448, Heping West Road, Shijiazhuang
City, Hebei Province 050061 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
jun. 15, 2005 |
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Com. Reg. No.: |
1301002032389 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Exporting medical products. |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Small
Company |
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Payment Behaviour : |
Usually
correct |
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Litigation : |
Clear |
name & address
hebei oriental imp.
& exp. corp.
NO. 448, HEPING WEST ROAD, SHIJIAZHUANG CITY
HEBEI
PROVINCE 050061 PR CHINA
TEL: 86 (0) 311-87650000
FAX: 86 (0) 311-87823050
EXECUTIVE SUMMARY
INCORPORATION DATE :
jun. 15, 2005
REGISTRATION NO. :
1301002032389
REGISTERED LEGAL FORM : limited liabilities
company
STAFF STRENGTH :
8
REGISTERED CAPITAL :
CNY 1,000,000
BUSINESS LINE :
trading
TURNOVER :
cny 220,000 (AS OF DEC. 31, 2005)
EQUITIES :
CNY 949,000 (AS OF DEC. 31, 2005)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE :
UNDER SECURED TERMS
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
fair
OPERATIONAL TREND :
FAIRLY steady
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 7.79 = US$1 AS OF 2007-01-12
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 limited liabilities company at local Administration for Industry & Commerce (AIC-The official body of issuing and renewing business license) on Jun. 15, 2005.
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 electronics, chemical, labor insurance
products, textile, garment, and fitness apparatus; and importing &
exporting commodities and technologies.
SC is mainly engaged
in exporting medical products.
Ms. Cheng Yanmei has been
chairman of SC since 2005.
SC owns about 8 staff at present.
SC is
currently operating at the above stated address, and this address houses its
operating office in the commercial zone of Shijiazhuang. Our checks reveal that
SC rents the total premise about 100 square meters.
http://www.oriental-pharma.com The design is professional and the
content is well organized. At present, the web is both in Chinese and English
versions.
E-mail: yang@orientrade.com.cn
No
significant events or changes were found during our checks with the local
Administration for Industry & Commerce.
MAIN SHAREHOLDERS:
Name % of
Shareholding
Cheng Yanmei 60
Yang Fengdong 40
l
Chairman and General
Manager:
Ms.
Cheng Yanmei, 30 years old with university education. She is currently
responsible for the overall management of SC.
Working Experience(s):
From 2005 to present Working in SC as chairman and general
manager.
SC is mainly engaged in exporting medical products.
SC’s
products mainly include: surgical dressings, medical
Devices, and tablet, etc.
SC sources its materials 100%
from domestic market, mainly Shandong province; SC sells its products 90% to
overseas market, mainly Tanzania, and 10% in domestic market, mainly Jiangsu
province.
The buying terms of SC include
T/T and Credit of 30-60 days. The payment terms of SC include T/T, L/C and
Credit of 15-30 days.
*Major Supplier:
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Shandong
Zibo Shanchuan Medical Equipment Co., Ltd.
Address:
Chengnan Town, Zichuan District, Zibo City, Shandong
Tel:
0533-5751277
*Major Customer:
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Changzhou
Hualian Health Dressing Co., Ltd.
Address:
No. 55, Yuejin Road, Zouqu Town, Changzhou
Tel:
0519-3631033
Fax:
0519-3638599
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.
Bank of China
AC#：15166108091001
Relationship:
Normal.
Balance Sheet (as of Dec. 31, 2005)
Unit: CNY’000
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Cash & bank |
110 |
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Inventory |
80 |
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Accounts receivable |
10 |
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Other Accounts receivable |
170 |
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Accounts payable in advance |
600 |
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To be apportioned expense |
0 |
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Other current assets |
30 |
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Current assets |
1,000 |
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Fixed assets |
3 |
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Long term investment |
0 |
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Other assets |
3 |
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Total assets |
1,006 |
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Short loans |
0 |
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Accounts payable |
-10 |
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Accounts receivable in advance |
70 |
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Other Accounts payable |
0 |
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Salaries payable |
0 |
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Welfares payable |
2 |
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Taxes payable |
-10 |
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Withdraw the expenses in
advance |
0 |
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Other current liabilities |
5 |
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Current liabilities |
57 |
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Long term liabilities |
0 |
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Other liabilities |
0 |
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Total liabilities |
57 |
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Equities |
949 |
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Total liabilities &
equities |
1,006 |
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Income Statement (as of Dec. 31, 2005)
Unit: CNY’000
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Turnover |
220 |
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Cost of goods sold |
190 |
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Sales expense |
30 |
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Management expense |
44 |
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Finance expense |
-1 |
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Non-operating expense |
8 |
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Profit before tax |
-51 |
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Less: profit tax |
0 |
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Profits |
-51 |
Important Ratios (as of Dec. 31, 2005)
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*Current ratio 17.54
*Quick ratio 16.14
*Liabilities to
assets 0.06
*Net profit margin
(%) -23.18
*Return on total
assets (%) -5.07
*Inventory
/Turnover ×365 133 days
*Accounts
receivable/Turnover ×365 17 days
*Turnover/Total
assets 0.22
*Cost of goods
sold/Turnover 0.86
PROFITABILITY: FAIR
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The turnover of SC appears fair in its line.
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SC’s net profit margin is fair.
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SC’s return on total assets is fair.
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SC’s cost of goods sold is fairly high, comparing with its
turnover.
LIQUIDITY: AVERAGE
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The current ratio of SC is maintained in a normal level.
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SC’s quick ratio is maintained in a normal level.
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The inventory of SC is maintained in a normal level.
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The
accounts receivable of SC is maintained in a normal level.
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SC
has no short-term loan in 2005.
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SC’s turnover is in a fair level, comparing with the size of its
total assets.
LEVERAGE: AVERAGE
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The debt ratio of SC is normal.
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The risk for SC to go bankrupt is above average.
Overall financial condition of
the SC: Fair.
SC is
considered small-sized in its line with fair financial conditions. Credit
dealings with SC are recommended under secured terms at present.
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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