MIRA INFORM REPORT
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Report Date : |
01.02.2012 |
IDENTIFICATION DETAILS
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Name : |
HUEI-HO INTERNATIONAL CO., LTD. |
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Registered Office : |
Room 20b,
Peakway Tower, No. 2 Lane 600 Tianshan Road, Changning District, Shanghai
200051 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
31.07.2006 |
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Com. Reg. No.: |
310105000308416 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
International
Trade |
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No. of Employees
: |
08 |
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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Maximum Credit Limit : |
Usd 30,000 |
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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
HUEI-HO INTERNATIONAL CO., LTD.
ROOM 20B, PEAKWAY TOWER,
NO. 2 LANE 600 TIANSHAN ROAD
CHANGNING DISTRICT,
SHANGHAI 200051 PR CHINA
TEL: 86 (0)
21-62737219/62736279
FAX: 86 (0)
21-61294387/62735948
EXECUTIVE SUMMARY
Date of Registration : july 31, 2006
REGISTRATION NO. : 310105000308416
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL :
CNY 3,000,000
staff : 8
BUSINESS CATEGORY :
trading
Revenue : CNY 55,430,000 (AS OF
DEC. 31, 2011)
EQUITIES : CNY 3,050,000 (AS OF DEC. 31, 2011)
WEBSITE : www.hueiho.com
E-MAIL :
info@huei-ho.com
PAYMENT : AVERAGE
Recommended Credit Limit: UP TO USD 30,000
(PERIODICAL REVIEW)
MARKET CONDITION : average
FINANCIAL CONDITION :
FAIRly stable
OPERATIONAL TREND :
ordinary
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.32 = USD 1
Adopted abbreviations
(As Follows)
SC - Subject Company
(the company inquired by you)
N/A – Not available
CNY – China Yuan Ren
Min Bi
OPERATIONAL TREND & GENERAL
REPUTATION
This section aims at indicating the relative positions of SC in respect
of its operational trend & general reputation
Operational Trend:- General
Reputation:-
Upward Excellent
Steady Good
Fairly Steady Fairly
Good
Ordinary Average
Fair Fair
Stagnant Detrimental
Downward Not
known
Not known Not
yet be determined
Not yet be determined
LEGAL STATUS & HISTORY
SC was
established as one-person limited liability company of PRC on July 31, 2006. However, SC changed to
present legal form, and was registered as a limited liabilities company of PRC
with State Administration of Industry & Commerce (SAIC) under registration
No.: 310105000308416 in 2010.
SC’s Organization Code Certificate
No.: 79146189-X
SC’s registered capital: CNY 3,000,000
SC’s paid-in capital: CNY 3,000,000
Registration Change Record:
|
Date |
Change
of Contents |
Before
the change |
After
the change |
|
2010 |
Legal form |
One-Person
Limited Liability Company |
Limited Liabilities Company |
|
Registered
Capital |
CNY 1,000,000 |
CNY 3,000,000 |
|
|
Shareholder (s) (% of Shareholding) |
Yao
Bingxing 100% |
Yao
Bingxing 65% Wang Yi 35% |
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Yao Bingxing |
65 |
|
Wang Yi |
35 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative,
Chairman, and General Manager |
Yao Bingxing |
|
Supervisor |
Wang Yi |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Yao Bingxing 65
Wang Yi 35
MANAGEMENT
Yao Bingxing, Legal Representative, Chairman and General Manger
----------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Qualification:
University
Ø
Working
experience (s):
From 2006 to present, working in SC as legal representative, chairman and general manager
Wang Yi, Supervisor
------------------------------------
Ø
Gender: M
Ø
Qualification:
University
BUSINESS OPERATION
SC’s registered
business scope includes importing and exporting goods and technology, selling
chemical fibers, chemical raw materials, plastics (except dangerous goods),
hazardous chemicals, in accordance with the license.
SC is mainly
engaged in international trade.
SC’s
products mainly include:
2,2,2-Trifluoro Ethanol
2-Bromo-2-nitro-1,3-propanediol
2'-Hydroxyacetophenone
3-Chlorobenzyl chloride
2,2,2-Trifluoro Ethanol
2,4-Dichlorobenzyl chloride
2-Chloro Ethoxy Ethanol
Etc.
SC sources its materials 100% from domestic
market, mainly Shanghai. SC sells 100% of its products to overseas market, mainly
Southeast Asian market.
The buying terms of SC include Check, T/T and Credit of 30-60 days. The
payment terms of SC include L/C and Credit of 30-60 days.
Staff & Office:
--------------------------
SC is
known to have approx. 8 staff
at present.
SC rents an area
as its operating office of approx. 100 sq. meters at the heading address.
RELATED COMPANY
SC is
not known to have any subsidiary at present.
PAYMENT
Overall payment appraisal:
( ) Excellent ( ) Good (X) Average ( )
Fair ( ) Poor ( ) Not yet be 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.
BANKING
Basic Bank:
Bank of Communications
交通银行
AC#:
310066098018010008195
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
|
4,220 |
3,990 |
|
|
Accounts
receivable |
15,300 |
15,910 |
|
Advances to
suppliers |
0 |
0 |
|
Other receivable |
750 |
-450 |
|
Inventory |
1,490 |
1,420 |
|
Non-current
assets within one year |
0 |
0 |
|
Other current
assets |
4,540 |
5,190 |
|
|
------------------ |
------------------ |
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Current assets |
26,300 |
26,060 |
|
Fixed assets |
0 |
20 |
|
Construction in
progress |
0 |
0 |
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Long-term
prepaid expenses |
0 |
0 |
|
Deferred income
tax assets |
0 |
0 |
|
Other
non-current assets |
90 |
50 |
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------------------ |
------------------ |
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Total assets |
26,390 |
26,130 |
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============= |
============= |
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Short-term loans |
0 |
0 |
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Notes payable |
7,930 |
4,230 |
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Accounts payable |
3,090 |
3,920 |
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Wages payable |
0 |
0 |
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Advances from
clients |
0 |
0 |
|
Other payable |
4,220 |
3,940 |
|
Other current
liabilities |
8,240 |
10,990 |
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|
------------------ |
------------------ |
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Current
liabilities |
23,480 |
23,080 |
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Non-current
liabilities |
0 |
0 |
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|
------------------ |
------------------ |
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Total
liabilities |
23,480 |
23,080 |
|
Equities |
2,910 |
3,050 |
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|
------------------ |
------------------ |
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Total
liabilities & equities |
26,390 |
26,130 |
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|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2011 |
|
Revenue |
55,430 |
|
Cost of sales |
50,730 |
|
Sales expense |
0 |
|
Management expense |
4,340 |
|
Finance expense |
400 |
|
Profit before
tax |
190 |
|
Less: profit tax |
50 |
|
140 |
Important Ratios
=============
|
|
As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
|
*Current ratio |
1.12 |
1.13 |
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*Quick ratio |
1.06 |
1.07 |
|
*Liabilities
to assets |
0.89 |
0.88 |
|
*Net profit
margin (%) |
-- |
0.25 |
|
*Return on
total assets (%) |
-- |
0.54 |
|
*Inventory /
Revenue ×365 |
-- |
10 days |
|
*Accounts
receivable/ Revenue ×365 |
-- |
105 days |
|
*
Revenue/Total assets |
-- |
2.12 |
|
* Cost of
sales / Revenue |
-- |
0.92 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
l
The revenue of SC appears
average in its line in 2011.
l
SC’s net profit margin is average in 2011.
l
SC’s return on total assets is average in 2011.
l
SC’s cost of sales is fairly high, comparing with
its revenue.
LIQUIDITY:
AVERAGE
l
The current ratio of SC is maintained in a normal
level in both years.
l
SC’s quick ratio is maintained in a fairly good
level in both years.
l
The inventory of SC is maintained in an average
level.
l
The accounts receivable of SC appears large.
l
SC has no short-term loans in both years.
l
SC’s revenue is in an
average level, comparing with the size of its total assets.
LEVERAGE:
FAIR
l
The debt ratio of SC is fairly high in both years.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly Stable.
CONCLUSIONS
SC is considered small-sized in its line with fairly stable financial conditions.
The large amount of accounts receivable may be a threat to SC’s financial
condition. A credit line up to USD 30,000 is recommended upon a periodical
review basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.68 |
|
UK Pound |
1 |
Rs.78.17 |
|
Euro |
1 |
Rs.65.52 |
RATING EXPLANATIONS
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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 |
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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 |
|
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 |
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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.