MIRA
INFORM REPORT
PRELIMINARY REPORT
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Report Date : |
19.01.2007 |
IDENTIFICATION DETAILS
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Name : |
jiangmen anho houseware Co., Ltd. |
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Registered Office : |
3/F, No. 126, |
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Country : |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
november 20, 2002 |
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Com. Reg. No.: |
4407012003059 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Exporting
hardware products. |
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/normal. |
Small |
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Maximum Credit Limit : |
Up To USD 10,000 |
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Status : |
Undetermined
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Payment Behaviour : |
Regular |
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Litigation : |
-- |
name & address
jiangmen
anho houseware Co., Ltd.
3/F, No.
126,
TEL: 86
(0) 750-3121717
FAX: 86
(0) 750-3122668
EXECUTIVE SUMMARY
INCORPORATION DATE : november 20, 2002
REGISTRATION NO. : 4407012003059
REGISTERED LEGAL FORM : LIMITED LIABILITIES COMPANY
STAFF STRENGTH : 30
REGISTERED CAPITAL : CNY 1,000,000
BUSINESS LINE : TRADING
TURNOVER :
CNY 52,220,000 (AS OF DEC. 31, 2005)
EQUITIES :
CNY 750,000 (AS OF DEC. 31, 2005)
PAYMENT :
AVERAGE
RECOMM.
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRLY STABLE
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 7.77 =US1$ AS OF 2007-1-19
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY -
Note: SC’s full company name should be the above stated one, and the given name- Anho Houseware Co., Ltd. (Jiangmen) is SC's trading name.
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 November 20, 2002.
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 importing and exporting various goods and technologies.
SC is mainly engaged in exporting
hardware products.
Mr. Huang Jianming has been legal representative and chairman of SC since
2002.
SC owns approximately 30 staff at present.
SC is currently operating at the above stated address, and this
address houses its operating office in the commercial zone of Jiangmen. Our
checks reveal that SC rents the total premise about 400 square meters.
http://www.anho-houseware.com/ The design is professional and the content is
well organized. At present it is in English version.
Email: enquiry@anho-houseware.com
No significant events or changes were found during our checks with
the local Administration for Industry and Commerce.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Huang Jianming 85
Ma Weixiong 15
l
Legal representative and General manager:
Mr.
Huang Jianming, in his 40’s with university
education. He is currently responsible for the overall management of SC.
Working Experience(s):
From 2002n to present Working
in SC as chairman and legal representative.
SC is mainly engaged in exporting
hardware products.
SC’s products mainly include
garbage bin, storage box, laundry bin & hamper, toilet brush holder, paper
roll holder, CD rack, and salad bowl, etc.
SC sources its materials 100%
from domestic market. SC sells 5% of its products in domestic market, and 95%
to overseas market, mainly
The buying terms of SC include Check and Credit of 30-60 days. The
payment terms of SC include Check, T/T, L/C and Credit of 30-60 days.
*Major Supplier:
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Dongguan Zhongxin Plastic Household Necessities 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 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
AC#：800923843708091001
Relationship:
Balance Sheet (as of Dec. 31, 2005)
Unit: CNY’000
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Cash & bank |
480 |
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Inventory |
20 |
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Accounts receivable |
40 |
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Other receivables |
790 |
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Prepaid expenses |
230 |
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Advances to suppliers |
5,300 |
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Other current assets |
5,380 |
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Current assets |
12,240 |
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Fixed assets |
180 |
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Fixed assets net value |
160 |
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Projects under construction |
0 |
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Long term investment |
0 |
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Other assets |
290 |
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Total assets |
12,690 |
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Short loans |
3,840 |
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Accounts payable |
3,780 |
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Other payable |
0 |
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Welfare expenses payable |
20 |
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Advances from customers |
4,280 |
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Salaries payable |
10 |
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Other current liabilities |
10 |
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Current liabilities |
11,940 |
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Long term liabilities |
0 |
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Total liabilities |
11,940 |
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Equities |
750 |
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Total liabilities &
equities |
12,690 |
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Income Statement (as of Dec. 31, 2005)
Unit: CNY’000
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Turnover |
52,220 |
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Cost of goods sold |
49,290 |
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Sales expense |
1,080 |
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Management expense |
1,650 |
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Finance expense |
130 |
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Profit before tax |
80 |
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Less: profit tax |
0 |
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Profits |
80 |
Important Ratios
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as
of Dec. 31, 2005 |
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*Current ratio |
1.03 |
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*Quick ratio |
1.02 |
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*Liabilities
to assets |
0.94 |
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*Net profit
margin (%) |
0.15 |
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*Return on
total assets (%) |
0.63 |
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*Fixed
assets/Total assets |
0.01 |
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*Inventory
/Turnover ×365 |
1days |
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*Accounts
receivable/Turnover ×365 |
1days |
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*Turnover/Total
assets |
4.12 |
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* Cost of
goods sold/Turnover |
0.94 |
PROFITABILITY: AVERAGE
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The turnover of SC appears fairly good in its line.
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SC’s net profit margin is acceptable.
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SC’s return on total assets is average.
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SC’s cost of goods sold is average, comparing with its turnover.
LIQUIDITY: FAIR
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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 fairly good level.
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The accounts receivable of SC is maintained in a fairly good level.
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The accounts payable of SC appears TOO LARGE.
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SC’s short-term loan appears TOO LARGE.
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SC’s turnover is in an acceptable level, comparing with the size of its
total assets.
LEVERAGE: FAIR
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The debt ratio of SC is fairly high.
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The risk for SC to go bankrupt is above average.
Overall financial condition of the SC:
Fairly stable.
SC is
considered small-sized in its line with fairly stable financial conditions. The
large amounts of short loans and accounts payable could be threats to SC’s
financial conditions. A credit line up to USD 10,000 would appear 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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