MIRA INFORM REPORT
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Report Date : |
16.02.2011 |
IDENTIFICATION DETAILS
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Name : |
HIGH HOPE INT'L GROUP |
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Registered Office : |
12-13/F, High Hope Building, No. 91, Baixia Road, Baixia District, Nanjing, Jiangsu Province, 210001 Pr |
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Country : |
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Financials (as on) : |
31.12.2008 |
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Date of Incorporation : |
10.10.1992 |
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Com. Reg. No.: |
320000000004071 |
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Legal Form : |
One-Person Limited Liability Company |
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Line of Business : |
Selling
Biochemical Drug and Medical Machinery |
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 : |
USD 200,000 |
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Status : |
Satisfactory |
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Payment
Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30, 2010
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Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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a2 |
a2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name & address
HIGH HOPE INT'L GROUP
IMP. & EXP. CORP. LTD.
12-13/f,
baixia district,
TEL: 86 (0) 25-84691948/84653291 FAX: 86 (0) 25-84691500
EXECUTIVE SUMMARY
NCORPORATION DATE : oct. 10, 1992
REGISTRATION NO. : 320000000004071
REGISTERED LEGAL FORM : ONE-PERSON LIMITED LIABILITY COMPANY
STAFF STRENGTH :
150
REGISTERED CAPITAL : CNY 20,000,000
BUSINESS LINE :
TRADING
TURNOVER :
CNY 915,727,000 (AS OF DEC. 31, 2008)
EQUITIES :
CNY 28,698,000 (AS OF DEC. 31, 2008)
PAYMENT :
AVERAGE
RECOMM.
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRly stable
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY
6.83 = USD 1
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 State-owned enterprise at Jiangsu Provincial
Administration for industry & commerce (AIC - the official body of issuing and
renewing business license) on Oct. 10, 1992 and has been under present
ownership since 2007.
Company Status: One-person
Limited Liability Company
Single person LLC refers to a
limited liability company set up by only one natural person or legal person
as the single shareholder of it. The minimum registered capital
of Single person LLC is CNY100,000. The shareholder’s capital contributes,
as set out by the articles of associations should be a lump-sum payment in
full. One natural person can only invest
in and set up one limited liability company, which is not permitted to
invest in and set up a new Single person LLC. As to any one-person limited
liability company, the sole-investor nature of the natural person or legal
person shall be indicated in the registration documents of the company and
shall be indicated in the business license thereof as well. The regulation of Single person
LLC should be set up by the shareholder The
regulation of Single person LLC has no shareholder meeting.
SC’s registered
business scope includes selling Chinese patent drug, traditional Chinese
medicinal materials, chemical agent, chemical raw materials, antibiotic,
biochemical drug, class, medical machinery; importing and exporting various kinds
of commodities and technology, domestic trading and storage.
SC is mainly
engaged in selling biochemical drug and medical machinery.
Mr. Ma Chi has
been legal representative and chairman of SC since 2008.
SC is known
to have approx. 150 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 premise, but the area is unspecified.
http://www.mehecojs.cn/ The design is professional and the content is
well organized. At present it is in both Chinese and English versions.
Email: mehecojs@mehecojs.cn
Changes of its registered information:
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Date of change |
Item |
Before the change |
After the change |
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Company name |
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present one |
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Legal form |
State-owned enterprise |
One-person Limited Liability Company |
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Registered capital |
CNY 8,600,000 |
CNY 20,000,000 |
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Legal representative |
Wu Yang |
Ma Chi |
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Unspecified |
Registration No. |
3200001100944 |
320000000004071 |
MAIN
SHAREHOLDERS:
Name %
of Shareholding
Jiangsu High Hope International Group Co.,
Ltd. 100
Tel: +86 25 84691000/84691010
Fax: +86 25 84572097
E-mail: myy@high-hope.com
Website: http://www.high-hope.com/
l
Chairman:
Mr. Ma Chi, ID# 320107195211303413, born in 1952 with university
education. He is currently responsible for the overall management of SC.
Working Experience(s):
From 2008 to present Working in SC as chairman
l
General manager:
Mr. Chen Guofu, ID # 320103195604011938, born in 1956 with university
education. He is currently responsible for the daily management of SC.
Working Experience(s):
At present Working in SC as general manager.
*Officials:
=======
Name Title
Li Bin ID # 320102196307041633 Director
Xu Shigang ID # 210204196901025794 Director
Lu Jie ID # 320103196310100522 Supervisor
SC is mainly
engaged in selling biochemical drug and medical machinery.
SC’s products
mainly include vitamins, antibiotics, surgical dressings, amino acid, Chinese
patent medicine, and so on.
SC sources its materials 30% from domestic
market, and 70% from overseas market. SC sells 80% of its products in domestic
market, and 20% to overseas market.
The buying terms of SC include Check, T/T, L/C and Credit of 30-60 days.
The payment terms of SC include Check, T/T, L/C and Credit of 30-60 days.
SC is known to have the following subsidiaries: (website sources)
Aland
(
Ju
Rong Xin Xi Ya Clothing Co., Ltd.
Etc.
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
AC#
044138090010000327
Relationship:
Balance Sheet
Unit: CNY’000
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as of Dec. 31,
2007 |
as of Dec. 31,
2008 |
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Cash & bank |
10,792 |
41,148 |
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Inventory |
21,402 |
21,443 |
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Accounts
receivable |
95,849 |
64,642 |
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Trading
financial assets |
1,172 |
0 |
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Advances to
supplies |
30,758 |
45,319 |
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Other
receivables |
44,080 |
3,827 |
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Other current
assets |
0 |
0 |
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------------------ |
------------------ |
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Current assets |
204,053 |
176,379 |
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Fixed assets net
value |
1,305 |
1,454 |
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Projects under
construction |
0 |
0 |
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Long-term
investments |
11,150 |
11,150 |
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Financial assets
available for sale |
0 |
2,814 |
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Intangible and
other assets |
0 |
0 |
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------------------ |
------------------ |
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Total assets |
216,508 |
191,797 |
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============= |
============= |
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Short loans |
44,800 |
49,220 |
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Accounts payable |
49,994 |
37,822 |
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Other Accounts
payable |
34,252 |
13,444 |
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Notes payable |
0 |
9,978 |
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Advances from
clients |
65,302 |
53,824 |
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Taxes payable |
-1,988 |
-3,090 |
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Accrued payroll |
1,491 |
1,490 |
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Other current
liabilities |
0 |
0 |
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----------------- |
----------------- |
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Current
liabilities |
193,851 |
162,688 |
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Long term
liabilities |
0 |
411 |
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------------------ |
------------------ |
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Total
liabilities |
193,851 |
163,099 |
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Shareholders
equities |
22,657 |
28,698 |
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------------------ |
------------------ |
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Total
liabilities & equities |
216,508 |
191,797 |
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============= |
Income Statement (as of Dec. 31, 2008)
Unit: CNY’000
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Turnover |
915,727 |
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Cost of goods
sold |
877,451 |
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Sales expense |
22,467 |
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Management expense |
12,287 |
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Finance expense |
3,059 |
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Investment
income |
4,048 |
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Non-operating
income |
361 |
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Other incomes |
310 |
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Profit before
tax |
5,182 |
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Less: profit tax |
343 |
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Profits |
4,839 |
Note: SC has not lodged the latest annual returns in the local registry,
hence no up-to-date detailed financial information could be provided.
Important Ratios
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as of Dec. 31,
2007 |
as of Dec. 31,
2008 |
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*Current ratio |
1.05 |
1.08 |
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*Quick ratio |
0.94 |
0.95 |
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*Liabilities
to assets |
0.90 |
0.85 |
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*Net profit
margin (%) |
/ |
0.53 |
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*Return on
total assets (%) |
/ |
2.52 |
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*Inventory
/Turnover ×365 |
/ |
9 days |
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*Accounts
receivable/Turnover ×365 |
/ |
26 days |
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*Turnover/Total
assets |
/ |
4.77 |
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* Cost of
goods sold/Turnover |
/ |
0.96 |
PROFITABILITY:
AVERAGE
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The turnover of SC appears fairly good in its line.
l
SC’s net profit margin is average.
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SC’s return on total assets is average.
l
SC’s cost of goods sold is high, comparing with its
turnover.
LIQUIDITY: AVERAGE
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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 appears fairly large.
l
SC’s short-term loan appears LARGE in both 2 years.
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SC’s turnover is in a fairly good level, comparing
with the size of its total assets.
LEVERAGE: FAIR
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The debt ratio of SC is fairly high.
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The risk for SC to go bankrupt is average.
Overall financial condition of the SC:
Fairly stable.
SC is considered medium-sized in its line with fairly stable financial
conditions. The large amount of short loans could be a threat to SC’s financial
condition. A credit line up to USD 200,000 appears to be within SC’s capacities
upon a periodical review basis.
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.50 |
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|
1 |
Rs.73.07 |
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Euro |
1 |
Rs.61.63 |
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 |
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 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.