MIRA INFORM REPORT
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Report Date : |
02.04.2012 |
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Tel. No.: |
010 85018253/85018287 |
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Fax No.: |
010 85629322/010 85627031 |
IDENTIFICATION DETAILS
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Name : |
CHINA TUHSU SNOW LOTUS CO., LTD. |
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Registered Office : |
11/F, Cofco Fortune Plaza, No. 8, Chaoyangmen South
Street, Chaoyang District, Beijing, 100020 Pr |
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Country : |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
11.02.1999 |
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Com. Reg. No.: |
110000009873568 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Selling |
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No. of Employees : |
135 |
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 |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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) |
|
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
CHINA TUHSU SNOW LOTUS CO., LTD.
11/F, COFCO FORTUNE PLAZA, NO. 8, CHAOYANGMEN SOUTH STREET,
CHAOYANG DISTRICT, BEIJING, 100020 PR CHINA
TEL: 86 (0) 10-85018208 FAX: N/A
EXECUTIVE SUMMARY
INCORPORATION DATE :
FEB. 11, 1999
REGISTRATION NO. :
110000009873568
REGISTERED LEGAL FORM : SHARES LIMITED CO.
CHIEF EXECUTIVE :
MR. WANG ZHEN (CHAIRMAN)
STAFF STRENGTH :
135
REGISTERED CAPITAL : CNY
175,000,000
BUSINESS LINE :
TRADING
TURNOVER :
CNY 703,284,000 (AS OF DEC. 31,
2010)
EQUITIES :
CNY -143,339,000 (AS OF DEC. 31, 2010)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : C.O.D.
MARKET CONDITION :
AVERAGE
FINANCIAL CONDITION :
FAIR
OPERATIONAL TREND : DOWNWARD
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 6.33= 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’s staff released that the given tel. number (+86 010 85018287) was its former one.
SC was registered as a shares limited co. at local Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license) on Feb. 11, 1999.
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 importing and exporting commodities and technologies, excluding export commodities under state-unified operation and import commodities
operated by the state-designated companies, processing with imported materials,
processing with imported samples, assembling with imported parts, and
compensation trade in agreement; counter trade &
transit trade; selling livestock products, chemical raw materials and products,
hardware, needle textile, general merchandise, lumber, machinery, electronic
equipment, computers and office equipment and communications equipment;
technical detection of fabric; economic information consulting; conference
services; exhibition activities; computer software development; technical
services.
SC is mainly
engaged in selling cashmere products.
Mr. Wang Zhen has
been legal representative and chairman of SC since 2010.
SC is known
to have approx. 135 employees at present.
SC is
currently operating at the above stated address, and this address houses its
operating office in the commercial zone of Beijing. Our checks reveal that SC
rents the total premise, but SC’s accountant refused to release the gross area.
SC’s
another address is located in No. 1, Middle Road, Yinghai Industrial Park,
Yinghai Town, Daxing District, Beijing
http://www.snowlotus.com/
The website belongs to SC and “Beijing Snow-Lotus Cashmere Co., Ltd. The design
is professional and the content is well organized. At present the website is
only in Chinese version.
Changes of its
registered information:
|
Date of change |
Item |
Before the
change |
After the change |
|
|
Registered capital |
CNY 110,000,000 |
CNY 40,000,000 |
|
|
Legal representative |
Zhang Zhengming |
Han Xianyi |
|
|
Legal representative |
Han Xianyi |
Li Gang |
|
|
Shareholders |
China National Native Produce & Animal
By-Products Imp. & Exp. Corp. 35% China Tuhsu Sanhuan Trade Corp. 15% China Tuhsu Feather & Eiderdown
Products Imp. & Exp. Corp. 15% China Tuhsu Fur Leather Import and Export
Co. 15% China Tuhsu Sunry Development Co., Ltd.
Employee Shareholders Association 20% |
China National Native Produce & Animal
By-Products Imp. & Exp. Corp. 35% China Tuhsu Sanhuan Trade Corp. 15% China Tuhsu Feather & Eiderdown
Products Imp. & Exp. Corp. 15% China Tuhsu Fur Leather Import and Export
Co. 15% Ningxia St. Edenweiss International
Enterprises Group Co., Ltd. 9% Shanghai Senyan Industrial Co., Ltd. 9% China Textile Academy 2% |
|
|
Legal representative |
Li Gang |
Jiang Hua |
|
Shareholders |
China National Native Produce & Animal By-Products Imp. & Exp.
Corp. 35% China Tuhsu Sanhuan Trade Corp. 15% China Tuhsu Feather & Eiderdown Products Imp. & Exp. Corp. 15% China Tuhsu Fur Leather Import and Export Co. 15% Ningxia St. Edenweiss International Enterprises Group Co., Ltd. 9% Shanghai Senyan Industrial Co., Ltd. 9% China Textile Academy 2% |
China National Native Produce & Animal By-Products Imp. & Exp.
Corp. 35% China Tuhsu Sanhuan Trade Corp. 15% China Tuhsu Feather & Eiderdown Products Imp. & Exp. Corp. 15% China Tuhsu Fur Leather Import and Export Co. 15% Ningxia St. Edenweiss Co., Ltd. 9% Shanghai Senyan Industrial Co., Ltd. 9% China Textile Academy 2% |
|
|
|
Legal representative |
Jiang Hua |
Chen Tao |
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|
Shareholders |
China National Native Produce & Animal
By-Products Imp. & Exp. Corp. 35% China Tuhsu Sanhuan Trade Corp. 15% China Tuhsu Feather & Eiderdown
Products Imp. & Exp. Corp. 15% China Tuhsu Fur Leather Import and Export
Co. 15% Ningxia St. Edenweiss Co., Ltd. 9% Shanghai Senyan Industrial Co., Ltd. 9% China Textile Academy 2% |
China National Native Produce & Animal
By-Products Imp. & Exp. Corp. 35% China Tuhsu Sanhuan Trade Corp. 15% China Tuhsu Feather & Eiderdown
Products Imp. & Exp. Corp. 15% China Tuhsu Fur Leather Import and Export
Co. 15% Beijing Yukai Garments Co., Ltd. 9% Shanghai Senyan Industrial Co., Ltd. 9% China Textile Academy 2% |
|
|
Registered capital |
CNY 40,000,000 |
The present amount |
|
Shareholdings |
China National Native Produce & Animal
By-Products Imp. & Exp. Corp. 35% China Tuhsu Sanhuan Trade Corp. 15% China Tuhsu Feather & Eiderdown
Products Imp. & Exp. Corp. 15% China Tuhsu Fur Leather Import and Export
Co. 15% Beijing Yukai Garments Co., Ltd. 9% Shanghai Senyan Industrial Co., Ltd. 9% China Textile Academy 2% |
China National Native Produce & Animal
By-Products Imp. & Exp. Corp. 81.71% China Tuhsu Sanhuan Trade Cor China Tuhsu Feather & Eiderdown
Products Imp. & Exp. Cor China Tuhsu Fur Leather Import and Export
Co. 3.43% Beijing Yukai Garments Co., Ltd. 2.06% Shanghai Senyan Industrial Co., Ltd. 2.06% China Textile Academy 0.46% |
|
|
|
Shareholdings |
China National Native Produce & Animal
By-Products Imp. & Exp. Corp. 81.71% China Tuhsu Sanhuan Trade Cor China Tuhsu Feather & Eiderdown
Products Imp. & Exp. Cor China Tuhsu Fur Leather Import and Export
Co. 3.43% Beijing Yukai Garments Co., Ltd. 2.06% Shanghai Senyan Industrial Co., Ltd. 2.06% China Textile Academy 0.46% |
China National Native Produce & Animal
By-Products Imp. & Exp. Corp. 88.57% China Tuhsu Sanhuan Trade Corp. 1.71% China Tuhsu Feather & Eiderdown
Products Imp. & Exp. Corp. 1.71% China Tuhsu Fur Leather Import and Export
Co. 3.43% Beijing Yukai Garments Co., Ltd. 2.06% Shanghai Senyan Industrial Co., Ltd. 2.06% China Textile Academy 0.46% |
|
Company name |
China Tuhsu Sunry Development Co., Ltd. |
The present one |
|
|
|
Shareholders |
China National Native Produce & Animal
By-Products Imp. & Exp. Corp. 88.57% China Tuhsu Sanhuan Trade Corp. 1.71% China Tuhsu Feather & Eiderdown
Products Imp. & Exp. Corp. 1.71% China Tuhsu Fur Leather Import and Export
Co. 3.43% Beijing Yukai Garments Co., Ltd. 2.06% Shanghai Senyan Industrial Co., Ltd. 2.06% China Textile Academy 0.46% |
The present ones |
|
|
Legal Representative |
Chen Tao |
The present one |
|
Unknown |
Registration no. |
1000001003125 |
The present one |
MAIN SHAREHOLDER:
Name % of Shareholding
Shanghai Senyan Industrial Co., Ltd. (in
Chinese Pinyin) 2.057
China Textile Academy 0.457
Beijing Yukai Garments Co., Ltd. (in Chinese
Pinyin) 2.057
China Tuhsu Fur Leather Import and Export
Co. (Literal translation) 3.429
China National Native Produce & Animal
By-Products Imp. & Exp. Corp. 92.000
China National Native Produce & Animal
By-Products Imp. & Exp. Corp.
=====================================================
Registration No.: 100000000001453
Chief Executive: Wang Zhen
Add: COFCO Fortune Plaza, No.8, Chao Yang
Men South Street, Chaoyang District, Beijing
Tel: 86-10-85018181
Fax: 86-10-85615151
E-mail: tuhsu@cofco.com / info@tuhsu.com.cn
l
Legal representative and
chairman:
Mr. Wang Zhen, ID# 110103196008091574, born in 1960, he is currently
responsible for the overall management of SC.
Working Experience(s):
From 2010 to present Working in SC as legal representative and chairman;
Also working in China National Native Produce & Animal By-Products Imp. & Exp. Corp. as legal representative.
l
General Manager:
Mr. Chen TaoID# 440111196908020313, born in 1969, he is currently responsible for the daily management of SC.
Working Experience(s):
At present Working in SC as general manager.
l
Directors:
Meng Hui ID# 110105196510137737
Chi Liang # G401315(7)
Hu Changping ID# 420106197010020819
Xu Shangfeng ID# 110101195610094076
Li Weidong ID# 110108196807225710
Xing Jinyuan ID# 110101196203224018
l
Supervisors:
Ren Haisheng ID# 110108640410239
Hu Bo ID# 110102197103052715
Zhao Yunxiao ID# 110101196210234089
SC is mainly
engaged in selling cashmere products.
SC’s products
mainly include down jackets, cashmere sweater, fur clothing, etc.
Brand: “Xuelian”
brand.
SC sources its
materials 70% from domestic market, and 30% from overseas markets, mainly South
Africa and South America. SC sells 70% of its products in domestic market, and
30% to overseas market, mainly America and Europe.
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.
Note: SC refused
to release its major suppliers and customers.
SC is known to have the following subsidiary:
· Beijing Snow-Lotus Cashmere Co., Ltd.
· Beijing Sunry-longtai Fur MFG. Co., Ltd.
· A.B.C. Textile Co., Ltd.
· Yixing Zhongxing Tuhsu Co., Ltd.
· Inner Mongolia China Tuhsu Snow Lotus Cashmere Garment Co., Ltd.
· Shanghai China Tuhsu Cashmere Garment Co., Ltd.
· Shenyang China Tuhsu Snow-Lotus Fashion 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 refused to
release any information of its suppliers and the trade reference was not
available.
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
AC#:
00934208091001
Relationship:
Normal.
Balance Sheet
|
Unit: CNY’000 |
as of Dec. 31,
2010 |
|
Cash & bank |
23,968 |
|
Inventory |
7,346 |
|
Accounts
receivable |
125,514 |
|
Bills receivable |
3,151 |
|
Advances to
suppliers |
273,832 |
|
Other
receivables |
163,053 |
|
Other current
assets |
0 |
|
|
------------------ |
|
Current assets |
596,864 |
|
Fixed assets net
value |
1,524 |
|
Long-term
investment |
43,553 |
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Long-term
deferred expenses |
8,205 |
|
Intangible
assets |
674 |
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Other assets |
0 |
|
|
------------------ |
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Total assets |
650,820 |
|
|
============= |
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Short loans |
294,534 |
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Accounts payable |
29,012 |
|
Bills payable |
0 |
|
Advances from
clients |
29,028 |
|
Accrued payroll |
2,860 |
|
Interest payable |
1,333 |
|
Other Accounts
payable |
430,922 |
|
Taxes payable |
6,470 |
|
Other current
liabilities |
0 |
|
|
------------------ |
|
Current
liabilities |
794,159 |
|
Long term
liabilities |
0 |
|
|
------------------ |
|
Total
liabilities |
794,159 |
|
Shareholders
equities |
-143,339 |
|
|
------------------ |
|
Total
liabilities & equities |
650,820 |
|
|
============= |
Income Statement
|
Unit: CNY’000 |
as of Dec. 31,
2010 |
|
Turnover |
703,284 |
|
Cost of goods sold |
628,018 |
|
Taxes and additional of main operation |
356 |
|
Sales expense |
73,338 |
|
Management expense |
10,768 |
|
Finance expense |
15,293 |
|
Asset impairment loss |
146,824 |
|
Investment
income |
0 |
|
Non-operating
income |
8 |
|
Non-operating expense |
10 |
|
Profit before
tax |
-171,315 |
|
Less: profit tax |
0 |
|
Profits |
-171,315 |
Important Ratios
=============
|
|
as of Dec. 31,
2010 |
|
*Current ratio |
0.75 |
|
*Quick ratio |
0.74 |
|
*Liabilities
to assets |
1.22 |
|
*Net profit
margin (%) |
-24.36 |
|
*Return on
total assets (%) |
-26.32 |
|
*Inventory
/Turnover ×365 |
4 days |
|
*Accounts
receivable/Turnover ×365 |
66 days |
|
*Turnover/Total
assets |
1.08 |
|
* Cost of
goods sold/Turnover |
0.89 |
PROFITABILITY:
FAIR
l
The turnover of SC appears fairly good in its line.
l
SC’s net profit margin is poor.
l
SC’s return on total assets is poor.
l
SC’s cost of goods sold is average, comparing with
its turnover.
LIQUIDITY: FAIR
l
The current ratio of SC is maintained in a fair
level.
l
SC’s quick ratio is maintained in a fair level.
l
The inventory of SC appears average.
l
The accounts receivable of SC appears fairly large.
l
The short-term loan of SC appears large.
l
SC’s turnover is in an average level, comparing
with the size of its total assets.
LEVERAGE: POOR
l
The debt ratio of SC is TOO high.
l
The risk for SC to go bankrupt is above average.
Overall financial
condition of the SC: Fair.
SC is considered medium-sized in its line with fair financial
conditions. The large amount of short-term loan could be a threat to SC’s
financial condition. Credit dealings with SC should be confined into C.O.D. at
present.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.15 |
|
UK Pound |
1 |
Rs.81.79 |
|
Euro |
1 |
Rs.68.34 |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
---- |
NB |
New Business |
---- |
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.