MIRA
INFORM REPORT
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Report Date : |
17.09.2007 |
IDENTIFICATION DETAILS
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Name : |
XIAMEN HANHAIFA TRADE CO., LTD. |
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Registered Office : |
22A, Building 2, Kaixuan Plaza, No. 65, Jinbang Road, Xiamen City, Fujian Province 361000 |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
28.04.2004 |
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Com. Reg. No.: |
3502002005466 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Company is engaged in Selling Seafood |
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 : |
USD50,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
COMPANY NAME &
ADDRESS
XIAMEN HANHAIFA TRADE CO., LTD.
22A, Building 2, Kaixuan Plaza, No. 65, Jinbang Road, Xiamen City, Fujian Province 361000 Pr China
TEL: 86 (0) 592-5814446
FAX: 86 (0) 592-5814098
EXECUTIVE SUMMARY
INCORPORATION DATE : APR. 28, 2004
REGISTRATION NO. :
3502002005466
REGISTERED LEGAL FORM : LIMITED
LIABILITIES CO.
CHIEF EXECUTIVE :
MR. LIN JIANMIN (CHAIRMAN)
STAFF STRENGTH :
5
REGISTERED CAPITAL : CNY5,000,000
BUSINESS LINE : TRADING
TURNOVER : CNY35,680,000 (AS OF DEC. 31, 2006)
EQUITIES : CNY 5,110,000 (AS OF DEC. 31, 2006)
PAYMENT : AVERAGE
RECOMM.
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY
7.52 =US1$ AS OF
Adopted abbreviations:
ANS - amount not stated
NS - not stated SC - subject company (the company inquired by you)
NA - not available
CNY -
Note: SC’s name should be the above stated one, while the given one is SC’s former name.
SC was registered as a limited liabilities co. at local
Administration for Industry & Commerce (AIC - The official body of issuing
and renewing business license) on Apr.
28, 2004.
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 & technology; wholesaling and retailing grocery, textiles, garments, shoes and hats, metal materials, building materials, hardware, wood products, stone materials, plastic & rubber products, machinery, electric equipment, automobile components, computers, software, and office supplies; economic information consultation; purchasing agricultural products, byproducts, and seafood; selling seafood, hard-case packaged food; recycling waste and old materials.
SC is mainly engaged in selling seafood.
Mr. Lin Jianmin has been chairman of SC since 2006.
SC is known to have approx. 5 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 Xiamen. Our checks reveal that SC rents the total premise about 80 square meters.
SC is not known to host website of its own at present.
SC was formerly named Xiamen Good High Trade Co., Ltd. , and it adopted present name in 2006.
MAIN SHAREHOLDERS:
Name % of Shareholding
Lin Jianmin 75
Wei Zicai 25
Chairman and General Manager:
Mr. Lin Jianmin , born in 1979, 27 years old with university education. He is currently responsible for the overall management of SC.
Working Experience(s):
From 2006 to present Working in SC as chairman and general manager.
SC is mainly engaged in selling seafood.
SC’s products mainly include: shrimp meat, crabmeat, sleeve-fish, and vegetables.
SC sources its materials 60% from domestic market, mainly
The buying terms of SC include Check, T/T, L/C, Check and Credit of 30-60 days. The payment terms of SC include T/T, L/C, Check and Credit of 30-60 days.
*Major Supplier:
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Xiamen Mengtaiqi Wood Co., Ltd.
*Major Supplier:
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Xiamen Guye Food 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.
Agricultural Bank of
AC#：N/A
Relationship:
Balance Sheet (as of Dec. 31, 2006)
Unit: CNY’000
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Cash & bank |
40 |
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Inventory |
0 |
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Accounts receivable |
4,300 |
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Other Accounts receivable |
420 |
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Advances to suppliers |
18 |
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To be apportioned expense |
0 |
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Other current assets |
22 |
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Current assets |
4,800 |
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Fixed assets |
0 |
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Long term investment |
0 |
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Other assets |
10 |
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Total assets |
4,810 |
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Short loans |
0 |
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Accounts payable |
-800 |
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Advances from clients |
0 |
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Other Accounts payable |
680 |
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Withdraw the expenses in advance |
0 |
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Other current liabilities |
-180 |
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Current liabilities |
-300 |
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Long term liabilities |
0 |
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Other liabilities |
0 |
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Total liabilities |
-300 |
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Equities |
5,110 |
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Total liabilities & equities |
4,810 |
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Income Statement (as of
Dec. 31, 2006)
Unit: CNY’000
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Turnover |
35,680 |
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Cost of goods sold |
34,000 |
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Sales expense |
780 |
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Management expense |
390 |
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Finance expense |
210 |
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Profit before tax |
70 |
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Less: profit tax |
20 |
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Profits |
50 |
Important Ratios (as of
Dec. 31, 2006)
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*Current ratio -16.00
*Quick ratio -16.00
*Liabilities to assets -0.06
*Net profit margin (%) 0.14
*Return on total assets (%) 1.04
*Inventory /Turnover ×365 /
*Accounts receivable/Turnover ×365 44 days
*Turnover/Total assets 7.42
* Cost of goods sold/Turnover 0.95
PROFITABILITY: AVERAGE
The turnover of SC appears fairly good in its line.
SC’s net profit margin is acceptable.
SC’s return on total assets is acceptable.
SC’s cost of goods sold is high, comparing with its turnover.
LIQUIDITY: AVERAGE
SC has no inventory in 2006.
The accounts receivable of SC appears LARGE.
SC has no short-term loan in 2006.
SC’s turnover is in a fairly good level, comparing with the size of its total assets.
LEVERAGE: AVERAGE
The debt ratio of SC is normal.
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 USD50,000 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%)