MIRA
INFORM REPORT
|
Report Date : |
26.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
HIGH HOPE INT'L GROUP
JIANGSU FOODSTUFFS IMP. & EXP. CORP., LTD. |
|
|
|
|
|
|
Registered Office : |
10/F, High
Hope Mansion, No. 91, Baixia Road, Nanjing, Jiangsu Province 210001 Pr
|
|
|
|
|
|
|
Country : |
China |
|
|
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
|
|
Date of Incorporation : |
04.05.1998 |
|
|
|
|
|
|
Com. Reg. No.: |
320000000011417 |
|
|
|
|
|
|
Legal Form : |
One-Person Limited Liability Company |
|
|
|
|
|
|
Line of Business : |
Engaged in international trade mainly include tea, home textiles, stuffed
toys, honey bee products, power tools, glass, man-made stone, sweater,
photovoltaic module, machine, dehydrated vegetable, chemical products, etc. |
|
|
|
|
|
|
No. of Employees : |
75 |
|
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No Complaints |
|
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 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
CHINA - ECONOMIC OVERVIEW
Since the late 1970s China
has moved from a closed, centrally planned system to a more market-oriented one
that plays a major global role - in 2010 China became the world's largest
exporter. Reforms began with the phasing out of collectivized agriculture, and
expanded to include the gradual liberalization of prices, fiscal
decentralization, increased autonomy for state enterprises, creation of a
diversified banking system, development of stock markets, rapid growth of the
private sector, and opening to foreign trade and investment. China has
implemented reforms in a gradualist fashion. In recent years, China has renewed
its support for state-owned enterprises in sectors it considers important to
"economic security," explicitly looking to foster globally
competitive national champions. After keeping its currency tightly linked to
the US dollar for years, in July 2005 China revalued its currency by 2.1%
against the US dollar and moved to an exchange rate system that references a basket
of currencies. From mid 2005 to late 2008 cumulative appreciation of the
renminbi against the US dollar was more than 20%, but the exchange rate
remained virtually pegged to the dollar from the onset of the global financial
crisis until June 2010, when Beijing allowed resumption of a gradual
appreciation. The restructuring of the economy and resulting efficiency gains
have contributed to a more than tenfold increase in GDP since 1978. Measured on
a purchasing power parity (PPP) basis that adjusts for price differences, China
in 2010 stood as the second-largest economy in the world after the US, having
surpassed Japan in 2001. The dollar values of China's agricultural and
industrial output each exceed those of the US; China is second to the US in the
value of services it produces. Still, per capita income is below the world
average. The Chinese government faces numerous economic challenges, including:
(a) reducing its high domestic savings rate and correspondingly low domestic
demand; (b) sustaining adequate job growth for tens of millions of migrants and
new entrants to the work force; (c) reducing corruption and other economic
crimes; and (d) containing environmental damage and social strife related to
the economy's rapid transformation. Economic development has progressed further
in coastal provinces than in the interior, and by 2011 more than 250 million
migrant workers and their dependents had relocated to urban areas to find work.
One consequence of population control policy is that China is now one of the
most rapidly aging countries in the world. Deterioration in the environment -
notably air pollution, soil erosion, and the steady fall of the water table,
especially in the North - is another long-term problem. China continues to lose
arable land because of erosion and economic development. The Chinese government
is seeking to add energy production capacity from sources other than coal and
oil, focusing on nuclear and alternative energy development. In 2010-11, China
faced high inflation resulting largely from its credit-fueled stimulus program.
Some tightening measures appear to have controlled inflation, but GDP growth
consequently slowed to near 9% for 2011. An economic slowdown in Europe is
expected to further drag Chinese growth in 2012. Debt overhang from the
stimulus program, particularly among local governments, and a property price
bubble challenge policy makers currently. The government's 12th Five-Year Plan,
adopted in March 2011, emphasizes continued economic reforms and the need to
increase domestic consumption in order to make the economy less dependent on
exports in the future. However, China has made only marginal progress toward
these rebalancing goals.
Source : CIA
Company name and address
HIGH
HOPE INT'L GROUP JIANGSU FOODSTUFFS IMP. & EXP. CORP., LTD.
10/F, HIGH HOPE MANSION, NO. 91, BAIXIA
ROAD, NANJING,
JIANGSU PROVINCE
210001 PR CHINA
TEL: 86 (0)
25-84691813/84691908 FAX: 86 (0)
25-84691800
EXECUTIVE SUMMARY
INCORPORATION DATE : MAY 4, 1998
REGISTRATION NO. : 320000000011417
REGISTERED LEGAL FORM : One-person Limited
Liability Company
STAFF STRENGTH :
75
REGISTERED CAPITAL : CNY 10,000,000
BUSINESS LINE :
TRADING
TURNOVER :
CNY 1,405,420,000 (AS OF DEC.
31, 2011)
EQUITIES :
CNY 19,360,000 (AS OF DEC. 31, 2011)
PAYMENT :
AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION :
FAIRLY STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.31= 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
SC was registered as a One-person Limited Liability Company at
local Administration for Industry & Commerce (AIC - The official body of
issuing and renewing business license).
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 other dangerous
chemicals: wholesaling Class 2, Class 3, Class 4, Class 5-1 Class 6-1, Class 8
(all categories shall not be stored); wholesaling pre-packaged food and bulk food;
import and export of various goods and technology; domestic trade, warehousing,
freight forwarding, economic information and consulting services, industrial
investment, rental housing, project management services.
SC is mainly engaged in international trade.
Mr. Xie
Nanping is legal representative,
chairman and general manager of SC at present.
SC is known to
have approx. 75 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.hhfood.com/
The design is professional and the content is well organized. At present the
web site is in Chinese and English versions.
E-mail: alanji@hhfood.com
SC has got ISO 9001:2000 System Certificate, “Advanced Collective”
Certificate.
Changes of its registered information are as follows:
|
Date of change |
Item |
Before the
change |
After the change |
|
Unknown |
Legal representative |
Song Kaotong |
Present one |
MAIN SHAREHOLDERS:
Name
% of Shareholding
Jiangsu High Hope International Group Co.,
Ltd. 100
Legal representative: Feng Quanbing
Registration No.: 320000000002872
Incorporation date: Dec. 18, 1996
Add: No. 91, Baixia Road, Nanjing, Jiangsu
Province
Tel: +86 25
84691015/84691848
Fax: +86 25
84572097
Web: http://www.high-hope.com/
Email: myy@high-hope.com
l
Legal Representative, Chairman and General Manager:
Mr. Xie Nanping , ID# 320106195610251212, born in 1956. He is currently
responsible for the overall management of SC.
Working Experience(s):
At present Working
in SC as legal representative, chairman and general manager
l
Supervisors:
You Lili
Xu Shigang
l
Directors:
Cai Biao
Ma Tingxiang
SC is mainly engaged in international trade.
SC’s products mainly include tea, home textiles, stuffed toys, honey bee
products, power tools, glass, man-made stone, sweater, photovoltaic module,
machine, dehydrated vegetable, chemical products, etc.
SC sources its
merchandise 98% from domestic market and 2% from overseas market. SC sells 95%
of its products to overseas market, and 5% in domestic 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.
*Major Supplier:
============
Nanjing Zhongtian Yuanteng Garments
Manufacturing Co., Ltd.
Note:
SC’s management declined to release its major clients.
According to the website http://www.high-hope.com/
High
Hope Int’l Group Jiangsu Native Produce Imp & Exp. Corp., Ltd.
High
Hope Int’l Group Jiangsu Livestock Imp & Exp. Corp., Ltd.
High
Hope Int'l Group Jiangsu Medicines & Health Products Imp. & Exp. Corp.,
Ltd.
High
Hope Zhongding Corporation
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’s supplier
refused 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 Jiangsu Branch
AC#：044138090010009501
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
|
|
As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
|
Cash & bank |
148,270 |
196,950 |
|
Inventory |
5,320 |
3,990 |
|
Bills receivable |
0 |
0 |
|
Accounts
receivable |
133,890 |
143,500 |
|
Advances to
suppliers |
108,960 |
131,500 |
|
Other
receivables |
31,910 |
41,460 |
|
Other current
assets |
20 |
27,140 |
|
|
------------------ |
------------------ |
|
Current assets |
428,370 |
544,540 |
|
Fixed assets net
value |
7,370 |
7,000 |
|
Long term
investment |
15,030 |
24,650 |
|
Projects under
construction |
0 |
0 |
|
Intangible and
other assets |
0 |
11,200 |
|
|
------------------ |
------------------ |
|
Total assets |
450,770 |
587,390 |
|
|
=========== |
=========== |
|
Short loan |
194,060 |
299,860 |
|
Accounts payable |
83,110 |
120,670 |
|
Bills payable |
0 |
0 |
|
Advances from
clients |
131,890 |
140,080 |
|
Interest payable |
310 |
640 |
|
Taxes payable |
1,800 |
2,500 |
|
Other Accounts
payable |
1,720 |
1,990 |
|
Other current
liabilities |
10 |
970 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
412,900 |
566,710 |
|
Long term
liabilities |
1,320 |
1,320 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
414,220 |
568,030 |
|
Equities |
36,550 |
19,360 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
450,770 |
587,390 |
|
|
=========== |
=========== |
Income Statement
Unit: CNY’000
|
|
As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
|
Turnover |
1,138,230 |
1,405,420 |
|
Cost of goods sold |
1,086,100 |
1,354,310 |
|
Sales expense |
29,270 |
19,420 |
|
Management expense |
10,820 |
10,620 |
|
Finance expense |
4,470 |
5,990 |
|
Investment income |
6,000 |
1,150 |
|
Other expense |
110 |
1,050 |
|
Profit before tax |
13,460 |
15,180 |
|
Less: profit tax |
3,360 |
3,950 |
|
Profits |
10,100 |
11,230 |
Important
Ratios
=============
|
|
As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
|
*Current ratio |
1.04 |
0.96 |
|
*Quick ratio |
1.02 |
0.95 |
|
*Liabilities
to assets |
0.92 |
0.97 |
|
*Net profit
margin (%) |
0.89 |
0.80 |
|
*Return on
total assets (%) |
2.24 |
1.91 |
|
*Inventory
/Turnover ×365 |
2 days |
1 day |
|
*Accounts
receivable/Turnover ×365 |
43 days |
37 days |
|
*Turnover/Total
assets |
2.53 |
2.39 |
|
* Cost of
goods sold/Turnover |
0.95 |
0.96 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears good in its line, and it
increased in 2011.
l
SC’s net profit margin is average in both years.
l
SC’s return on total assets is average in both
years.
l
SC’s cost of goods sold is high in both years,
comparing with its turnover.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a normal
level in 2010 but in a fair level in 2011.
l
SC’s quick ratio is maintained in a normal level in
both years.
l
The inventory of SC appears average in both years.
l
The accounts receivable of SC appears average in
both years.
l
The short-term loan of SC appears large in both
years.
l
SC’s turnover is in an average level in both years,
comparing with the size of its total assets.
LEVERAGE: FAIR
l
The debt ratio of SC is high in both years.
l
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-term loan could be a threat to SC’s financial
condition.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.34 |
|
UK Pound |
1 |
Rs.88.30 |
|
Euro |
1 |
Rs.71.37 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.