MIRA
INFORM REPORT
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Report Date : |
14.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
Zhejiang topchance
group co., ltd. |
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Registered Office : |
No. 798 Jiangcheng
Road, Hangzhou, Zhejiang Province, 310009 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
Nov. 16, 1999 |
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Com. Reg. No.: |
330000000002652 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Engaged in import and export of cotton and chemical fiber products. |
RATING &
COMMENTS
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MIRA’s Rating : |
Aa |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
Up To usd 2,000,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name & address
Zhejiang topchance
group co., ltd.
no. 798 jiangcheng road, hangzhou,
zhejiang province, 310009 PR CHINA
TEL :
86 (0) 571-87827117
FAX :
86 (0) 571-87827000
EXECUTIVE SUMMARY
INCORPORATION DATE : NOV. 16, 1999
REGISTRATION NO. : 330000000002652
REGISTERED LEGAL FORM : LIMITED LIABILITIES COMPANY
STAFF STRENGTH :
300
REGISTERED CAPITAL : cny 133,400,000
BUSINESS LINE : TRADING
TURNOVER :
CNY 1,000,489,000 (AS OF DEC.
31, 2006)
EQUITIES :
CNY 404,832,000 (AS OF DEC. 31, 2006)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO usd 2,000,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : Stable
OPERATIONAL TREND : steady
GENERAL REPUTATION : average
EXCHANGE RATE :
CNY
7.43 =US1$
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. 16, 1999.
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 operating cotton (including lint), hemp, textiles,
garments, hardware, textile raw materials and products (excluding dangerous
chemicals), arts and crafts, steel materials, cement, metal materials, lumber,
cotton yarn, China grass yarn, gunny bags, cocoon machinery, processing cotton,
hemp and cocoon, machinery and components; import and export business (in
accordance with the documents approved by Ministry of Foreign Trade and
Economic Cooperation).
SC is mainly engaged
in import and export of cotton and chemical
fiber products.
Mr. Jin Jinsong
has been chairman of SC since 1999.
SC is known to
have approx. 300 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 Hangzhou. Our checks reveal that SC owns the
total premise about 3,000 square meters.
http://www.zjtcjt.com This web site is
currently under construction.
Changes of its registered information are as follows:
|
Date
of change |
Item |
Before the
change |
After the change |
|
2007-7-25 |
Registration No. |
3300001006184 |
330000000002652 |
|
2007-7-25 |
Registered capital |
cny 116,000,000 |
cny 133,400,000 |
MAIN SHAREHOLDERS:
Name %
of Shareholding
Zhejiang Xinghe Group Co., Ltd. 56.00
Zhejiang Topchance Group Co., Ltd.
Shareholders Union of the staff 23.97
Jin Jinsong 6.56
Chen Langui 4.49
Zheng Jianping 4.49
Xu Yanbin 4.49
l
Chairman and
general manager:
Mr. Jin Jinsong, born in 1952 with university
education. He is currently responsible for the overall management of SC.
Working Experience(s):
From 1999 to present Working in SC as chairman and general manager.
l
Vice general manager:
Mr. Chen Langui, born in 1959 with university education.
He is currently responsible for the daily
management of SC.
Working Experience(s):
From 2005 to present Working in SC as vice general manager.
SC is mainly
engaged in import and export of cotton and chemical
fiber products.
SC’s products mainly include: T/R yarns, cotton and polyester chips,
polyester stable fibers and cotton yarns.
SC’s products also include: suit case, channel steel, deformed steel
bar.
SC sources its materials 100% from domestic
market. SC sells 50% of its products in domestic market and 50% to overseas
market, mainly Japan, Korea, Hongkong and Europe.
The buying terms of SC include Check, T/T and Credit of 30 days.
The payment terms of SC include T/T, L/C and Credit of 30-45 days.
*Major Suppliers:
==============
Zhejiang Topchance Group Tianye Cotton Co., Ltd.
Zhejiang Topchance Group Tiandi Cotton Co., Ltd.
Zhejiang Galaxy Textile Raw Materials Co., Ltd.
SC is known to have the following subsidiaries:
Zhejiang Milkyway Co., Ltd.
Address: No.298 Jiangcheng Road, Shangcheng District, Hangzhou, Zhejiang
Province
Tel: 86 0571-87827110
Fax: 89 0571-87827000
Zhejiang Topchance Group Tianye Cotton Co., Ltd.
Address: No.798 Jiangcheng Road, Shangcheng District, Hangzhou, Zhejiang
Province
Tel: 86 0571-87827086
Fax: 86 0571-87827029
Zhejiang Topchance Group Tiandi Co., Ltd.
Address: No.798 Jiangcheng Road, Shangcheng District, Hangzhou, Zhejiang
Province
Tel: 86 0571-87827058
Fax: 86 0571-87827053
Zhejiang Galaxy Textile Raw Materials Co., Ltd.
Address: No.15 Putisi Road, Shangcheng District, Hangzhou, Zhejiang
Province
Tel: 86 0571-87781639
Zhejiang Topchance Group Metal Materials Co., Ltd
Address: No.798 Jiangcheng Road, Shangcheng District, Hangzhou, Zhejiang
Province
Tel: 86 0571-87827070
Fax: 86 0571-87827075
Zhejiang Topchance Group Petrochemical Products Co., Ltd.
Address: No.798 Jiangcheng Road, Shangcheng District, Hangzhou, Zhejiang
Province
Tel: 86 0571-87827080
Fax: 86 0571-87827082
Zhejiang Huamian Textile Raw Materials Co., Ltd
Address: No.798 Jiangcheng Road, Shangcheng District, Hangzhou, Zhejiang
Province
Tel: 86 0571-87827101
Fax: 86 0571-87827099
Xiamen Yintian Trading Co., Ltd
Address: No.68 Hexiang West Road, Kaiyuan District, Xiamen, Fujian
Province
Tel: 86 0592-2220397
Fax: 86 0592-2228963
Zhejiang Topchance Group Textiles Co., Ltd.
Address: No.798 Jiangcheng Road, Shangcheng District, Hangzhou, Zhejiang
Province
Tel: 86 0571-87827096
Fax: 86 0571-87827097
Zhejiang Jinneng Trading Co., Ltd
Address: No.15 Putisi Road, Shangcheng District, Hangzhou, Zhejiang
Province
Tel: 86 0571-87781633
Zhejiang Jojoy Leisure Products Co., Ltd.
Address: No.15 Putisi Road, Shangcheng District, Hangzhou, Zhejiang
Province
Tel: 86 0571-87781653
Zhejiang Topchance Group Sunworld I/E Co., Ltd
Address: No.798 Jiangcheng Road, Shangcheng District, Hangzhou, Zhejiang
Province
Tel: 86 0571-87827041
Fax: 86 0571-87827111
Zhejiang Topchance Group Shengyuan Trading Co., Ltd
Address: No.798 Jiangcheng Road, Shangcheng District, Hangzhou, Zhejiang
Province
Tel: 86 0571-87827597
Fax: 86 0571-87825089
Ningbo Warehousing & Transportation Company of Zhejiang Cooperative
Union
Address: No.133-137 Daqing South Road, Jiangbei District, Ningbo,
Zhejiang Province
Tel: 86 0574-87385812
Zhejiang Xinghe Men’s Fashion Plaza Co., Ltd
Address: No.24 Changsheng Road, Shangcheng District, Hangzhou, Zhejiang
Province
Tel: 86 0571-87078315
Ningbo Xinghe Containers Co., Ltd
Address: No.287 Zhujiang Road, Beilun District, Ningbo, Zhejiang
Province
Tel: 86 0574-86860637
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 : A trade enquiry currently
conducted with SC's supplier(s) reveal the following:
Supplier
A
Products sold: cotton
Date account opened: 2006
Line of credit: No comment
Terms: T/T and Credit of 30 days
Average monthly sales: No comment
Current balance: N/A
Rating Key : 3
Any Special Comments: _______________________________________
Payment record keys :
1 = Prompt : Payment made before the credit
period expires
2 = As agreed terms : Payment made upon due
date
3 = Slightly slow but acceptable : Payment
made 5 to 20 days beyond agreed terms
4 = Slow : Payment made 16 to 45 days beyond
agreed terms
5 = Poor : Payment made over 45 days beyond
agreed terms
6
= No comment : Account is newly opened & record is not yet established
Note : In
some instances, payment beyond terms can be the result of disputes over
merchandise, lost invoices, disputed accounts & etc.
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.
Agriculture Bank of China
AC#：396-005101040000300
Relationship:
Normal.
Balance Sheet (as of Dec. 31, 2006)
Unit: CNY’000
|
Cash & bank |
105,047 |
|
Inventory |
104,581 |
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Accounts
receivable |
46,412 |
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Other Accounts
receivable |
332,919 |
|
Advances to
suppliers |
74,696 |
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To be
apportioned expense |
0 |
|
Other current
assets |
19,360 |
|
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------------------ |
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Current assets |
683,015 |
|
Fixed assets net
value |
208,311 |
|
Projects under
construction |
13,367 |
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Long term
investment |
151,690 |
|
Other assets |
2 |
|
|
------------------ |
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Total assets |
1,056,385 |
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============= |
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Short loans |
230,462 |
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Accounts payable |
26,539 |
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Other Accounts
payable |
104,406 |
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Advances from
clients |
106,609 |
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Withdraw the
expenses in advance |
0 |
|
Other current
liabilities |
171,456 |
|
|
------------------ |
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Current
liabilities |
639,472 |
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Long term
liabilities |
12,081 |
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Other
liabilities |
0 |
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------------------ |
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Total
liabilities |
651,553 |
|
Equities |
404,832 |
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------------------ |
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Total
liabilities & equities |
1,056,385 |
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|
============= |
Income Statement (as of Dec. 31, 2006)
Unit: CNY’000
|
Turnover |
1,000,489 |
|
Cost of goods
sold |
953,590 |
|
Sales expense |
16,022 |
|
Management expense |
14,199 |
|
Finance expense |
8,912 |
|
Profit before
tax |
20,324 |
|
Less: profit tax |
3,573 |
|
Profits |
16,751 |
Important Ratios (as of Dec. 31, 2006)
=============================
*Current ratio 1.07
*Quick ratio 0.90
*Liabilities to
assets 0.62
*Net profit
margin (%) 1.67
*Return on total
assets (%) 1.59
*Inventory
/Turnover ×365 38 days
*Accounts receivable/Turnover
×365 17 days
*Turnover/Total
assets 0.95
* Cost of goods
sold/Turnover 0.95
PROFITABILITY:
AVERAGE
l
The turnover of SC appears fairly good in its line.
l
SC’s net profit margin is average.
l
SC’s return on total assets is average.
l
SC’s cost of goods sold is fairly high, comparing with its turnover.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a normal level.
l
SC’s quick ratio is maintained in a normal 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 appears average.
l
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 fairly high.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Stable.
SC is considered medium-sized in its line with stable financial
conditions. A credit line up to USD 2,000,000
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 |
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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%)