MIRA
INFORM REPORT
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Report Date : |
11.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
HANGZHOU INTERNATIONAL ECONOMIC COOPERATION CO LTD |
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Registered Office : |
No. 508 Yanan Road, Xiacheng District, Hangzhou, Zhejiang Province,
310006 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
01.03.2000 |
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Com. Reg. No.: |
3301001003038 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
International Trade and Labor Dispatching |
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. |
Small |
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Maximum Credit Limit : |
usd 90,000 |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
Name & ADDRESS
HANGZHOU INTERNATIONAL ECONOMIC COOPERATION CO., LTD.
NO. 508 YANAN ROAD, XIACHENG DISTRICT, HANGZHOU,
ZHEJIANG PROVINCE, 310006 PR CHINA
508
TEL: 86
(0) 571-85174376 FAX: 86 (0)
571-85156372
EXECUTIVE SUMMARY
INCORPORATION DATE : MAR. 1, 2000
REGISTRATION NO. : 3301001003038
REGISTERED LEGAL FORM : LIMITED LIABILITIES
COMPANY
STAFF STRENGTH :
15
REGISTERED CAPITAL : CNY 5,000,000
BUSINESS LINE :
INTERNATIONAL TRADE
TURNOVER :
cny 206,440,000 (AS OF DEC. 31, 2007)
EQUITIES :
cny 6,290,000 (AS OF DEC. 31, 2007)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : up to usd 90,000
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : STABLE
OPERATIONAL TREND : steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.86= USD 1
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
Note: The given telephone number belongs to China
Long Bird Group, while SC is acting as an export agent for China Long Bird
Group.
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 Mar. 1, 2000.
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 contracting various foreign and
domestic engineering, exporting
equipment and materials needed in the projects; wholesaling and retailing
hardware, chemical materials and products, common machinery, building
materials, metal materials, textile products, arts and crafts; importing and
exporting various goods.
SC is mainly
engaged in international trade and labor dispatching.
Mr. Shi Xuedong
has been chairman of SC since 2000.
SC is known
to have approx. 15 employees 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 rents the
total premise about 300 square meters.
http://www.hziecc.com
. The design is professional and the content is well organized. At present it
is in both Chinese and English versions.
E-mail:hziecc@hziecc.com
SC is awarded as "Grade A Export Enterprise" by Hangzhou
Municipal Customs, and “Credit Grade AAA Enterprise” by Bank of China Zhejiang
Branch. It also has ISO9001:2000 Quality Control System Certificate.
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MAIN
SHAREHOLDERS:
Name %
of Shareholding
Hangzhou Investment Holdings Co., Ltd. 40
Yang Minqiang ID: 330102590814061 7.2
Sun Honger ID:
330102501001031 2.74
Huang Yanqing ID: 330103590701071 2.5
Zhou Yingying ID:
330103581106102 2.7
Hu Yi ID:
330104630628044 2.36
Ni Weili ID:
330104571027136 1.2
Shi Xuedong ID:
330104510414231 27.78
Tang Mingquan ID: 330103510323005 13.52
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Chairman:
Mr. Shi Xuedong, in his 50’s with university education. He is currently
responsible for the overall management of SC.
Working Experience(s):
From 2000 to present Working
in SC as chairman.
l
General Manager:
Tang Mingquan, in his 50’s with university education. He is currently
responsible for the daily management of SC.
Working Experience(s):
From 2000 to present
Working in SC as general
manager.
SC is mainly
engaged in international trade and labor dispatching.
SC’s products
mainly include:
Machinery
Light industry
Kitchen tools
Ice cube
Laundry basket
PP duster
Stainless steel
net
Pharmaceutical
Materials
Botanical Extract
Environmental
product
Refine Animal
Extract
SC’s main service
item:
The rent service
output
SC sources its
materials 80% from domestic market, and 20% from the overseas market, mainly European
countries. SC sells 40% of its products in domestic market, and 60% to the
overseas market, mainly American and European countries.
The buying terms of SC include Check, T/T, L/C and Credit of 30-60 days.
The payment terms of SC include T/T, L/C and Credit of 30-60 days.
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 Qingchun Sub-branch
AC#
45281000100054
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
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As
of Dec. 31, 2007 |
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Cash & bank |
5,050 |
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Inventory |
30 |
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Accounts
receivable |
11,780 |
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Advances to
suppliers |
2,390 |
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Other
receivables |
0 |
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Other current
assets |
11,880 |
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Current assets |
31,130 |
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Fixed assets net
value |
450 |
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Projects under
construction |
0 |
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Long term
investment |
0 |
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Other assets |
0 |
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Total assets |
31,580 |
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Short loans |
0 |
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Accounts payable |
17,620 |
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Advances from clients |
2,610 |
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Taxes payable |
310 |
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Salaries payable |
0 |
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Other payable |
770 |
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Other current
liabilities |
3,290 |
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Current
liabilities |
24,600 |
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Long term
liabilities |
690 |
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Total
liabilities |
25,290 |
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Equities |
6,290 |
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Total
liabilities & equities |
31,580 |
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Income Statement
Unit: CNY’000
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As of Dec. 31, 2007 |
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Turnover |
206,440 |
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Cost of goods
sold |
200,180 |
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Sales expense |
4,330 |
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Management expense |
1,780 |
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Finance expense |
-160 |
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Profit before
tax |
1,910 |
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Less: profit tax |
540 |
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Profits |
1,370 |
Important Ratios
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2007 |
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*Current ratio |
1.27 |
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*Quick ratio |
1.26 |
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*Liabilities
to assets |
0.80 |
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*Net profit
margin (%) |
0.66 |
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*Return on
total assets (%) |
4.34 |
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*Inventory
/Turnover ×365 |
1day |
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*Accounts
receivable/Turnover ×365 |
21days |
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*Turnover/Total
assets |
6.65 |
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* Cost of
goods sold/Turnover |
0.97 |
PROFITABILITY:
FAIRLY GOOD
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The turnover of SC appears fairly good in 2007.
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SC’s net profit margin is average in 2007.
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SC’s return on total assets is fairly good in 2007.
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SC’s cost of goods sold is high in 2007, comparing with its turnover.
LIQUIDITY: AVERAGE
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The current ratio of SC is maintained in a normal level in 2007.
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SC’s quick ratio is maintained in a normal level in 2007.
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The accounts receivable of SC is average in 2007.
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The inventory of SC is average in 2007.
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SC has no short loan in 2007.
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SC’s turnover is in a fairly good level in 2007, comparing with the size
of its total assets.
LEVERAGE: AVERAGE
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The debt ratio of SC is fairly high in 2007.
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The risk for SC to go bankrupt is low.
Overall financial
condition of the SC: Stable.
SC is considered an old-established business in small
size. A credit line up to USD 90,000 appears to be within SC’s capacities.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.42.72 |
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UK Pound |
1 |
Rs.84.42 |
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Euro |
1 |
Rs.67.38 |
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%)