MIRA INFORM REPORT
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Report Date : |
19.10.2011 |
IDENTIFICATION DETAILS
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Name : |
HENAN RUIMEI HAIR PRODUCTS CO., LTD. |
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Registered Office : |
Weidu Industrial Zone, Xuchang City, Henan Province, 461000 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
15.06.1999 |
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Com. Reg. No.: |
410000400014038 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Manufacturing
and Selling Hair Products |
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 1,500,000 |
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Status : |
Good |
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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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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China |
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
HENAN RUIMEI HAIR
PRODUCTS CO., LTD.
WEIDU INDUSTRIAL ZONE, XUCHANG CITY, HENAN PROVINCE, 461000 PR CHINA
TEL: 86 (0) 374-8561818/8320000 FAX: 86 (0) 374-8561206
EXECUTIVE SUMMARY
INCORPORATION DATE : JUNE 15, 1999
REGISTRATION NO. :
410000400014038
REGISTERED LEGAL FORM : SHARES LIMITED
COMPANY
STAFF STRENGTH : 3,000
REGISTERED CAPITAL : CNY 75,000,000
BUSINESS LINE :
manufacturing
TURNOVER :
CNY 481,461,000 (AS OF DEC. 31, 2010)
EQUITIES :
CNY 278,542,000 (AS OF DEC. 31, 2010)
PAYMENT :
average
RECOMM. CREDIT RANGE : UP TO USD 1,500,000
MARKET CONDITION : competitive
FINANCIAL CONDITION : fairly stable
OPERATIONAL TREND : steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY
6.38 =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 Renminbi
Note: SC also uses Henan Ruimei Real Hair Co., Ltd. as its English name.
The given address “No. 69 Xuyou Road, Xuchang, Henan Province” is the registered address of SC, while SC’s operating address should be the heading one.
SC was registered as a Chinese-foreign contractual joint venture enterprise at local Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license) on June 15, 1999 and has been under present legal form since 2009.
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 The minimum registered capital
of a co. is CNY 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 manufacturing various kinds of human hair, synthetic
hair products; selling self-made products.
SC is mainly engaged
in manufacturing and selling hair products.
Mr. Zhang Xihe has
been the legal representative and chairman of SC since 1999.
SC is known
to have approx. 3,000 employees
at present.
SC is
currently operating at the above stated address, and this address houses its
operating office and factory in the industrial zone of Xuchang. Our checks
reveal that SC owns the total premise about 160,000 square meters.
http://ruimeihair.com/ The design is
professional and the content is well organized. At present the web site is both
in Chinese and English versions.
E-mail: jamesding@ruihetai.cn
Changes of its registered
information:
|
Date of change |
Item |
Before the change |
After the change |
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|
Registered capital |
CNy 20,000,000 |
CNY 25,000,000 |
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Registered capital |
CNY 25,000,000 |
Present amount |
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Registered legal form |
Chinese-foreign contractual joint venture enterprise |
Present one |
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Company name |
Xuchang Ruitai Hair Industry Co., Ltd. |
Henan Ruitai Hair Industry Co., Ltd. |
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Company name |
Henan Ruitai Hair Industry Co., Ltd. |
Present one |
|
Unknown |
Registration No. |
1000400000491 |
Present one |
MAIN
SHAREHOLDERS:
Name
% of Shareholding
Actmax Investments Limited (Hong Kong) 13.00
Jolmo Partners Asia Limited (Hong Kong) 7.00
Henan Ruihetai Industry Group Co., Ltd. (in
Chinese Pinyin) 68.51
Xuchang Lvye Agricultural Technology Co.,
Ltd. (in Chinese Pinyin) 4.80
Xuchang Changrui Solid Plant Co., Ltd. (in Chinese
Pinyin) 4.80
Xuchang Changrui Trade Co., Ltd. (in Chinese
Pinyin) 1.89
Actmax Investments Limited (Hong Kong)
…………………………………………….
CR No.: 1141847
Legal form: Private
Jolmo Partners Asia Limited (Hong Kong)
…………………………………………….
CR No.: 1150294
Legal form: Private
Henan Ruihetai Industry Group Co., Ltd. (in
Chinese Pinyin)
………………………………………………………………
Legal representative: Zhang Xihe
Registration No.: 411000100000130
Incorporation date: Apr. 28, 1999
l
Legal representative and Chairman:
Mr. Zhang Xihe, ID#: 411002195002251026, born in 1950, he is currently
responsible for the overall management of SC.
Working Experience(s):
From 1999 to present Working in SC as legal representative
and chairman;
Also working in Henan Ruihetai Industry Group Co., Ltd. (in Chinese Pinyin), Luohe Ruitai Hair Industry Co., Ltd., Ruihetai (Weidu) Water Industry Co., Ltd. (in Chinese Pinyin) as legal representative
SC is mainly
engaged in manufacturing and selling hair products.
SC’s products
mainly include: hair products.
SC sources its materials 100% from domestic
market, mainly Henan. SC sells 1% of its products in domestic market, and 99%
to overseas market, mainly Southeast Asia.
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.
Note:
SC’s management declined to release its major suppliers and clients.
Luohe Ruitai Hair Industry Co., Ltd.
Ruihetai (Weidu) Water Industry Co., Ltd. (in
Chinese Pinyin)
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.
The bank
information is not found in local AIC.
Financial Summary
Unit: CNY’000
|
|
as of Dec. 31,
2009 |
as of Dec. 31,
2010 |
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Long-term investment |
13,970 |
14,870 |
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------------------ |
------------------ |
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Total Liabilities |
265,213 |
424,283 |
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Shareholders equities |
217,675 |
278,542 |
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Total Assets |
482,888 |
702,825 |
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------------------ |
------------------ |
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Turnover |
373,325 |
481,461 |
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Profit before tax |
55,821 |
65,653 |
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Net profit |
43,018 |
56,529 |
Note: we did not find SC’s detailed
financial reports for Yr2009 & Yr2010.
Important
Ratios
=============
|
|
as of Dec. 31,
2009 |
as of Dec. 31,
2010 |
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*Liabilities
to assets |
0.55 |
0.60 |
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*Net profit
margin (%) |
11.52 |
11.74 |
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*Return on
total assets (%) |
8.91 |
8.04 |
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*Turnover/Total
assets |
0.77 |
0.69 |
PROFITABILITY:
FAIRLY GOOD
l
The turnover of SC appears fairly good in its line,
and it increased in 2010.
l
SC’s net profit margin is fairly good.
l
SC’s return on total assets is fairly good.
l
SC’s turnover is in a fair level, comparing with
the size of its total assets.
LEVERAGE: AVERAGE
l
The debt ratio of SC is average.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly Stable.
SC is considered large-sized in its line with fairly stable financial
conditions. In view of its favorable market
conditions, the given credit amount would appear to be within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.14 |
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UK Pound |
1 |
Rs.77.58 |
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Euro |
1 |
Rs.67.58 |
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 |
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NB |
New Business |
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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%)
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.