MIRA
INFORM REPORT
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Report Date : |
11.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
HIGH HOPE INTL.
GROUP JIANGSU NATIVE PRODUCE IMP. & EXP. CORP. LTD. |
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Registered Office : |
15/F Huihong Mansion, No. 91 Baixia Road, Nanjing, Jiangsu Province,
210001 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
21.12. 1992 |
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Com. Reg. No.: |
3200001101128 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
International Trader |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
usd 900,000 |
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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name & address
HIGH HOPE INTL.
GROUP JIANGSU NATIVE PRODUCE IMP. & EXP. CORP. LTD.
15/F HUIHONG MANSION, NO. 91 BAIXIA ROAD,
NANJING,
JIANGSU PROVINCE, 210001 PR CHINA
TEL: 86 (0) 25-84691456 FAX: 86 (0) 25-84691446
EXECUTIVE SUMMARY
INCORPORATION DATE : DEC. 21, 1992
REGISTRATION NO. : 3200001101128
REGISTERED LEGAL FORM : SHARES LIMITED COMPANY
STAFF STRENGTH :
169
REGISTERED CAPITAL : CNY 11,320,000
BUSINESS LINE :
INTERNATIONAL TRADE
TURNOVER :
cny 3,191,800,000 (AS OF DEC. 31, 2007)
EQUITIES :
cny 76,890,000 (AS OF DEC. 31, 2007)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : up to usd 900,000
MARKET CONDITION : competitive
FINANCIAL CONDITION : fairly STABLE
OPERATIONAL TREND : steady
GENERAL REPUTATION : well known
EXCHANGE RATE :
CNY 6.94= 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
SC was registered as a shares limited company at local
Administration for Industry & Commerce (AIC - The official body of issuing and
renewing business license) on Dec. 21, 1992.
Company Status: Shares limited co. This form of business in PR
China is defined as a legal person. Its registered capital is divided into
shares of equal par value and the co. raises capital by issuing share
certificates by promotion or by public offer. Shareholders bear limited
liability to the extent of shareholding, and the co. is liable for its
debts only to the extent of its total assets. The co has independent
property of legal person and enjoys property rights of legal person. The characteristics of the shares limited co. are as
follows: The establishment of the co.
requires at least two promoters and no more than 200, half of whom shall be
domiciled in China.. Natural person are allowed to serve as promoters. The minimum registered capital
of a co. is CNY 5M. while that of the co. with foreign investment is CNY
5M. The total capital of a co. which propose to apply for publicly listed
must be no less than CNY 30M. The board of directors must
consist of five to nineteen directors. If the co.
raises capital by public offer, the promoters must not subscribe less than
35% of the total shares. the promoters’ shares are restricted to transfer-
within one year of the offer. A state-owned enterprise that is
restructured into a shares limited co. must comply with the conditions
& requirements specified under the law & administrative rule.
SC’s registered business scope includes importing and exporting various
goods and technology; domestic trade.
SC is mainly
engaged in international trade.
Mr. Li Jinliang
has been chairman of SC since 2001.
SC is known
to have approx. 169 employees at present.
SC is
currently operating at the above stated address, and this address houses its operating
office in the commercial zone of Nanjing. Our checks reveal that SC rents the
total premise about 2,000 square meters.
http://www.jnp.com.cn
. The design is professional and the content is well organized. At present it
is in both Chinese and English versions.
High Hope Int'1 Group Jiangsu Native Produce Import & Export Corp.
Ltd. (abbr. JNP), the former Jiangsu Native Produce Import & Export (Group)
Corporation, was established in 1973. In Dec., 1996, the Corporation was
restructured as one member of Jiangsu High Hope Int'1 Group, the major
provincial trading group.
JNP handles the import and export of native produce and various other
commodities licensed by the State, and acts as an agent for the import and
export of the above items on entrustment. JNP undertakes other business
activities such as Sino-foreign equity join ventures, Sino-foreign cooperative ventures,
co-production, foreign materials processing and assembling, compensation trade,
entrepot trade, etc. In addition, JNP is engaged in the domestic trade and
allocation of various goods and materials and in the tertiary industry, such as
shipping and storage, hotel and restaurant, travel and real estate. It has
developed business relations with other entities in mutual investment to
establish enterprises of its own, joint ventures, enterprises combining
industry and trade, and to operate its own commodity supply bases and
industrial entities for export production.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Fan Dikang ID: 320105521010045 0.19
Hu Baosheng ID: 32010446013041 0.18
Wang Yezhong ID: 320103421121027 0.18
Zhang Yunlong ID: 320102520724003 0.12
Zhuang Jianchu ID: 320106440312081 0.18
Collecting Shares 19.12
HIGH HOPE INTERNATIONAL GROUP 80.03
HIGH HOPE INTERNATIONAL GROUP
High Hope Int'l Group was set up on Dec. 18,
1996. The Group has a total asset of over 3 billion CNY, which includes a net
asset of about 1 billion CNY. The group chiefly serves as a dealer and agent in
various commodities permitted by the government, import and export trade of
technology. In 2006, its total volume of import and export reached 1.22 billion
US dollars, including 1.08 billion US dollars as export, hence ranking the
third in Jiangsu province. Its economic results also took the lead among
provincial foreign trade companies. The group has subsidiaries respectively in
USA, Britain, Japan and Hong Kong, in addition to several semi-attached
shareholding enterprises mainly engaged in foreign trade business.
Add: 91BaiXia Road, Nanjing, China
P.C.: 210001
Tel: +86 25 84691000 84691010
Fax: +86 25 84572097
http： www.high-hope.com
E-mail： myy@high-hope.com
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Chairman:
Mr. Li Jinliang , ID: 320103661214051, in his 40’s with university
education. He is currently responsible for the overall management of SC.
Working Experience(s):
From 2001 to present Working
in SC as chairman.
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General Manager:
Mr. Sun Wenkun, ID: 320106530605005, in his 50’s with university
education. He is currently responsible for the daily management of SC.
Working Experience(s):
From 2001 to present
Working in SC as general
manager.
SC is mainly
engaged in international trade.
SC’s products
mainly include:
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SC sources its
materials 100% from domestic market. SC sells 95% of its products to the
overseas market, mainly Southeast Asia, American and European countries, and 5%
of its products in domestic market.
The buying terms of SC include Check, T/T and Credit of 30-60 days. The
payment terms of SC include T/T, L/C and Credit of 30-60 days.
*Major Client:
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Nantong Zhaoyu Chemical Co., Ltd.
*Major Supplier:
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Zhejiang Qiming Pharmaceutical Co., Ltd.
SC is
known to have 6 subsidiaries as below,
Nanjing
Huajin Biological Products Co., Ltd
Nanjing
Jindong Co., Ltd
ShangHai
Pudong Co., Ltd
ShangHai
Luodian Store
JinBi
(New York) Int'l Co., Ltd
ZhongShan
Native Produce and Animal By products Co., Ltd.
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’s suppliers
declined to make any comments.
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 Nanjing Branch
AC#800100009508091001
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
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As
of Dec. 31, 2006 |
As
of Dec. 31, 2007 |
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Cash & bank |
51,890 |
95,380 |
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Inventory |
26,200 |
52,690 |
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Accounts
receivable |
158,570 |
190,480 |
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Advances to
suppliers |
42,430 |
84,910 |
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Other
receivables |
78,660 |
35,560 |
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Other current
assets |
17,210 |
46,100 |
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Current assets |
374,960 |
505,120 |
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Fixed assets net
value |
4,820 |
5,600 |
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Projects under
construction |
0 |
0 |
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Long term
investment |
10,040 |
28,260 |
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Other assets |
4,360 |
4,160 |
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Total assets |
394,180 |
543,140 |
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Short loans |
187,920 |
244,040 |
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Accounts payable |
82,870 |
60,480 |
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Advances from
clients |
59,600 |
79,040 |
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Taxes payable |
-5,190 |
-9,540 |
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Salaries payable |
0 |
0 |
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Other payable |
7,060 |
24,830 |
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Other current
liabilities |
23,160 |
61,720 |
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Current
liabilities |
355,420 |
460,570 |
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Long term
liabilities |
5,520 |
5,680 |
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Total
liabilities |
360,940 |
466,250 |
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Equities |
33,240 |
76,890 |
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Total
liabilities & equities |
394,180 |
543,140 |
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Income Statement
Unit: CNY’000
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As of Dec. 31, 2007 |
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Turnover |
3,191,800 |
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Cost of goods
sold |
3,083,850 |
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Sales expense |
39,590 |
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Management expense |
34,160 |
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Finance expense |
7,920 |
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Profit before
tax |
43,790 |
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Less: profit tax |
140 |
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Profits |
43,650 |
Important Ratios
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2006 |
2007 |
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*Current ratio |
1.05 |
1.10 |
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*Quick ratio |
0.98 |
0.98 |
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*Liabilities
to assets |
0.91 |
0.86 |
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*Net profit
margin (%) |
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1.35 |
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*Return on
total assets (%) |
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7.92 |
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*Inventory /Turnover
×365 |
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6days |
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*Accounts
receivable/Turnover ×365 |
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22days |
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*Turnover/Total
assets |
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5.88 |
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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 2006 and
2007.
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SC’s quick ratio is maintained in a normal level in 2006 and 2007.
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The accounts receivable of SC is average.
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The inventory of SC is average.
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The short loans of SC are large in 2006 and 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 high in 2006 and 2007.
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The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly Stable.
SC is well-known in its industry with fairly stable financial
conditions. The large amount of short loans could be a threat to SC’s financial
condition. A credit line at the above amount appears 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%)