MIRA
INFORM REPORT
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Report Date : |
29.10.2007 |
IDENTIFICATION DETAILS
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Name : |
jiaNGMEN XINHUI
OVERSEAS CHINESE INDUSTRY DEVELOPMENT Co., Ltd. |
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Registered Office : |
No. 19, Huicheng Guifeng
West Road, Xinhui District, Jiangmen, Guangdong Province, 529100 Pr |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
January 20, 1999 |
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Com. Reg. No.: |
4407821000289 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Trading
forestry chemical products, including exporting colophony, turpentine, 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 : |
Up To USD 80,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name & address
jiaNGMEN XINHUI
OVERSEAS CHINESE INDUSTRY DEVELOPMENT Co., Ltd.
NO. 19,
TEL :
86 (0) 750-6195898
FAX :
86 (0) 750-6192248
EXECUTIVE SUMMARY
INCORPORATION DATE : JANUARY 20, 1999
REGISTRATION NO. : 4407821000289
REGISTERED LEGAL FORM : LIMITED LIABILITIES COMPANY
STAFF STRENGTH : 20
REGISTERED CAPITAL : CNY 5,000,000
BUSINESS LINE : TRADING
TURNOVER : CNY 87,746,000 (AS OF DEC. 31, 2006)
EQUITIES : CNY 6,650,000 (AS OF DEC. 31, 2006)
PAYMENT : AVERAGE
RECOMM.
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY
7.4875 = US1$
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY -
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 January 20, 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 importing
and exporting commodities and technology, (excluding the items limited or
prohibited by the state).
SC is
mainly engaged in trading forestry chemical products, including exporting colophony,
turpentine, etc.
Mr.
Liang Lijun has been legal representative and chairman of SC since January
1999.
SC is known to have approx. 20 staff members at
present.
SC is currently operating at the above stated address, and this
address houses its operating office and head office in the commercial zone of
Jiangmen. Our checks reveal that SC owns the total premise, but SC’s accountant
refused to release the gross area.
http://www.hwatsi.com/home.html
The design is professional and the content is well
organized. At present the web site is both in Chinese and English
versions.
Changes of its registered information:
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Date of change |
Item |
Before the change |
After the change |
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2002-02 |
Registered capital |
CNY 1,000,000 |
CNY 5,000,000 |
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2002-12 |
Company Name |
Xinhui Overseas Chinese Industry
Development Co., Ltd. |
Jiangmen Xinhui Overseas Chinese Industry Development
Co., Ltd. |
MAIN SHAREHOLDERS:
Name %
of Shareholding
Liang Lijun 36.00
Zhu Liyan 16.60
Deng Jianheng 16.60
Li Tianwei 8.40
Wang Xuan 8.00
Ye Baozhen 7.60
Liu Jinzhu 4.40
Lan Yueai 2.00
Li Hongle 0.40
l
Legal representative and chairman:
Mr. Liang Lijun, ID # 440721570116001 He
is currently responsible for the overall management of SC.
Working Experience(s):
From 1999 to present Working in SC as chairman and legal representative.
SC is
mainly engaged in trading forestry chemical products, including exporting
colophony, turpentine, etc.
Main Products:
gum rosin, gum turpentine, isoborneol powder, isobornyl acetate,
alpha-pinene, beta-pinene, longifolene, industrial pinene
SC sources its materials 100%
from domestic market. SC sells 10% of its products in domestic market, and 90%
to overseas market.
The buying terms of SC include Check, T/T and Credit of 30-60
days. The payment terms of SC include Check, T/T, L/C and Credit of 30-60 days.
Yunan
Hwa Tsi Forestry Chemical Factory
Tel:
0766-7238188
Yunn Ann
Hwa Tsi Forestry Chemical Factory
Tel:
0766-8366898
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.
Balance Sheet (as of Dec. 31, 2006)
Unit: CNY’000
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Cash & bank |
830 |
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Inventory |
8,860 |
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Accounts
receivable |
3,391 |
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Advances to
suppliers |
633 |
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Other
receivables |
2,920 |
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Other current
assets |
0 |
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Current assets |
16,634 |
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Total fixed
assets |
563 |
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Projects under
construction |
0 |
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Long term
investment |
20 |
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Intangible and deferred assets |
0 |
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Total assets |
17,217 |
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============= |
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Short loans |
0 |
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Accounts payable |
3,363 |
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Other payable |
5,200 |
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Accrued expenses |
83 |
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Advances from
customers |
938 |
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Other current
liabilities |
983 |
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Current
liabilities |
10,567 |
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Long term
liabilities |
0 |
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Total
liabilities |
10,567 |
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Equities |
6,650 |
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Total
liabilities & equities |
17,217 |
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Income Statement (as of Dec. 31, 2006)
Unit: CNY’000
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Turnover |
87,746 |
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Cost of goods sold |
82,166 |
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Taxes and additional of main
operation |
370 |
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Sales expense |
3,300 |
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Management expense |
1,952 |
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Finance expense |
6 |
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Profit before
tax |
214 |
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Less: profit tax |
88 |
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Profits |
126 |
Important Ratios
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as
of Dec. 31, 2006 |
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*Current ratio |
1.57 |
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*Quick ratio |
0.74 |
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*Liabilities
to assets |
0.61 |
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*Net profit
margin (%) |
0.14 |
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*Return on
total assets (%) |
0.73 |
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*Inventory
/Turnover ×365 |
37 days |
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*Accounts
receivable/Turnover ×365 |
15 days |
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*Turnover/Total
assets |
5.10 |
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* Cost of
goods sold/Turnover |
0.94 |
PROFITABILITY:
AVERAGE
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The turnover of SC appears average in its line.
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SC’s net profit margin is average.
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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: 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 an average level.
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The inventory of SC is fairly large.
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The accounts receivable of SC is maintained in an
average level.
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SC’s has no short-term loans.
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SC’s turnover is in a fairly good level, comparing
with the size of its total assets.
LEVERAGE: AVERAGE
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The debt ratio of SC is average.
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The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Stable.
SC is considered small-sized in its line with stable financial
conditions. A credit line up to USD 80,000 would appear to be within SC’s
capacities.
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. |
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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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%)