MIRA
INFORM REPORT
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Report Date : |
24.04.2013 |
IDENTIFICATION DETAILS
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Name : |
HIGH HOPE INT’L GROUP JIANGSU NATIVE PRODUCE IMP. &
EXP. CORP. LTD. |
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Registered Office : |
5-9/F, High Hope Mansion, No. 91 Baixia Road, Nanjing, Jiangsu Province, 210001 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
21.12.1992 |
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Com. Reg. No.: |
320000000004670 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
International trade mainly include hardware & tools, mug, textiles, timbering, garden products, chem-pharm, menthol crystals, toys, machinery, shoes, and etc. |
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No. of Employees : |
225 |
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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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 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
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 |
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 & address
HIGH HOPE INT’L
GROUP JIANGSU NATIVE PRODUCE IMP. & EXP. CORP. LTD.
5-9/F, HIGH HOPE MANSION, NO. 91 BAIXIA
ROAD, NANJING,
JIANGSU PROVINCE, 210001 PR CHINA
TEL: 86 (0) 25-84653167/84691940
FAX: 86 (0)
25-84653123/84691984
EXECUTIVE SUMMARY
INCORPORATION DATE : DEC. 21, 1992
REGISTRATION NO. : 320000000004670
REGISTERED LEGAL FORM : SHARES LIMITED COMPANY
STAFF STRENGTH :
225
REGISTERED CAPITAL : CNY 225,000,000
BUSINESS LINE :
TRADING
TURNOVER :
cny 4,902,280,000 (AS OF DEC. 31, 2011)
EQUITIES :
cny 381,150,000 (AS OF DEC. 31, 2011)
PAYMENT :
AVERAGE
MARKET CONDITION : competitive
FINANCIAL CONDITION : fairly STABLE
OPERATIONAL TREND : steady
GENERAL REPUTATION : well known
EXCHANGE RATE : CNY 6.23=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 Ren Min Bi
Note: SC’s fax number should be the heading one, instead of
the given one (025- 84693123).
SC was registered as a shares limited company at local
Administration for Industry & Commerce (AIC - The official body of issuing
and renewing business license) on Dec. 21, 1992.
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 permitted operating items: wholesaling and selling
coal, hazard chemicals; selling medical machinery; wholesaling and retailing prepackaging
food and bulk food. General operating items: importing and exporting
commodities and technologies, domestic trade, warehousing, freight forwarders,
economic information consultation service, industrial investment, investment
guarantees, leasing, project management services, conference and exhibition
services; selling imported cars.
SC is mainly
engaged in international trade.
Mr. Li
Jinliang is legal representative,
chairman and general manager of SC at present.
SC is known
to have approx. 225 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 owns the total premise, but the gross area of the premise is
unspecific.
http://www.jnp.com.cn/
The website can’t be found at present.
Certificates:
========
SC has passed ISO 9001:2000 Certificate.
Changes
of its registered information:
|
Date of change |
Item |
Before the change |
After the change |
|
2008 |
Registered no. |
3200001101128 |
Present one |
|
2008 |
Registered capital |
CNY 11,320,000 |
CNY 56,600,000 |
|
|
Registered capital |
CNY 56,600,000 |
CNY 100,000,000 |
|
2010-11 |
Registered capital |
CNY 100,000,000 |
CNY 150,000,000 |
|
Unknown |
Registered capital |
CNY 150,000,000 |
Present amount |
MAIN SHAREHOLDERS:
Name
%
of shareholdings
Jiangsu High Hope International Group Co.,
Ltd. 56
Nanjing Chervon International Trading Corp.,
Ltd. 3.33
Nanjing Longling Mechanical Trading Co.,
Ltd. (in Chinese Pinyin) 4.18
Jiangsu Venture Capital Co., Ltd. 3.33
Jiangsu Hantang Investment Group Corp., Ltd.
2
Staff Shares
31.16
Jiangsu High Hope International Group Co.,
Ltd. ===================================
High Hope International Group Co., Ltd.
chiefly serves as a dealer and agent in various commodities permitted by the
government, import and export trade of technology. Its economic results took
the lead among provincial foreign trade companies. The group has subsidiaries
respectively in USA, Britain, Japan and Hong Kong, in addition to several
semi-attached shareholding enterprises mainly engaged in foreign trade
business.
INCORPORATION DATE : DECEMBER 18, 1996
REGISTRATION NO. : 320000000002872
REGISTERED LEGAL FORM : SOLE STATE-OWNED ENTERPRISE
Add: No. 91 Baixia Road, Nanjing, China
Tel: +86 25 84691000 84691010
Fax: +86 25 84572097
Website: www.high-hope.com
E-mail: myy@high-hope.com
l
Legal Representative, Chairman and General Manager:
Mr. Li Jinliang , born in 1966. 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.
Also working in Jiangsu High Hope Sanyi
Investment Development Co., Ltd. as legal representative.
Directors:
------------
Sun Wenkun
Zhu Qinsheng
Zheng Xuemin
Ma Yuanyuan
Supervisors:
---------------
Bi Jinbiao
Zhou Yun
SC is mainly
engaged in international trade.
SC’s products
mainly include: hardware & tools, mug, textiles, timbering, garden
products, chem-pharm, menthol crystals, toys, machinery, shoes, and etc.
SC sources its
materials 90% from domestic market, and 10% from overseas markets. SC sells 5%
of its products in domestic market, and 95% to overseas market.
The buying terms of SC include Check, L/C, T/T and Credit of 30-60 days.
The payment terms of SC include Check, L/C, T/T, and Credit of 30-60 days.
Note: SC’s employee refused to release its major
customers or suppliers.
Jiangsu High Hope Sanyi Investment Development Co., Ltd.
Legal representative: Li Jinliang
SC
is known to have the following subsidiaries:
Nanjing
Huajin Biological Products Co., Ltd.
Jiangsu Native Produce I/E Group Shanghai Pudong Co., Ltd.
Registered no.: 310115000328272
Legal
representative: Sun Wenkun
Jiangsu Juhe Industry Co., Ltd. (In Chinese Pinyin)
Jiangsu High Hope Mingjun Imp. & Exp. Co., Ltd.
Nanjing Jindong Pipe Engineering 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 China Nanjing Branch
AC#：800100009508091001
Relationship:
Normal
Balance Sheet
Unit: CNY’000
|
|
As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
|
Cash & bank |
247,690 |
609,180 |
|
Inventory |
80,270 |
254,430 |
|
Accounts
receivable |
405,230 |
308,120 |
|
Advances to
suppliers |
518,260 |
450,810 |
|
Bills receivable |
5,500 |
80,660 |
|
Interest
receivable |
300 |
/ |
|
Other
receivables |
259,190 |
271,200 |
|
Non-current
assets due with in one year |
230,120 |
/ |
|
Other current
assets |
0 |
191,180 |
|
|
------------------ |
------------------ |
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Current assets |
1,746,560 |
2,165,580 |
|
Fixed assets net
value |
12,260 |
14,990 |
|
Projects under
construction |
0 |
0 |
|
Long term
investment |
153,240 |
202,150 |
|
Long-term to be
apportioned expense |
3,560 |
/ |
|
Deferred tax
assets |
1,950 |
/ |
|
Financial assets
available for sale |
60,170 |
/ |
|
Held-to-maturity
investment |
10,000 |
/ |
|
Other assets |
0 |
106,290 |
|
|
------------------ |
------------------ |
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Total assets |
1,987,740 |
2,489,010 |
|
|
============= |
============= |
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Short loans |
1,057,600 |
1,535,690 |
|
Bills payable |
44,220 |
49,190 |
|
Accounts payable |
226,210 |
173,010 |
|
Advances from
clients |
336,830 |
252,370 |
|
Taxes payable |
-6,010 |
-25,220 |
|
Salaries payable |
13,540 |
/ |
|
Other payable |
52,290 |
36,770 |
|
Other current
liabilities |
0 |
16,900 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
1,724,680 |
2,038,710 |
|
Long term
liabilities |
11,050 |
69,150 |
|
|
------------------ |
------------------ |
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Total
liabilities |
1,735,730 |
2,107,860 |
|
Equities |
252,010 |
381,150 |
|
|
------------------ |
------------------ |
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Total liabilities
& equities |
1,987,740 |
2,489,010 |
|
|
============= |
============= |
Income Statement
Unit: CNY’000
|
|
As of Dec. 31,
2010 |
As of Dec. 31,
2011 |
|
Turnover |
3,993,210 |
4,902,280 |
|
Cost of goods
sold |
3,872,390 |
4,729,680 |
|
Sales expense |
57,380 |
74,920 |
|
Management expense |
21,680 |
28,620 |
|
Finance expense |
17,280 |
33,010 |
|
Investment
income |
35,170 |
38,280 |
|
Profit before
tax |
66,280 |
56,310 |
|
Less: profit tax |
9,400 |
7,200 |
|
Profits |
56,880 |
49,110 |
Important Ratios
=============
|
|
As of Dec. 31,
2010 |
As of Dec. 31,
2011 |
|
*Current ratio |
1.01 |
1.06 |
|
*Quick ratio |
0.97 |
0.94 |
|
*Liabilities
to assets |
0.87 |
0.85 |
|
*Net profit
margin (%) |
1.42 |
1.00 |
|
*Return on
total assets (%) |
2.86 |
1.97 |
|
*Inventory
/Turnover ×365 |
8 days |
19 days |
|
*Accounts
receivable/Turnover ×365 |
38 days |
23 days |
|
*Turnover/Total
assets |
2.01 |
1.97 |
|
* Cost of
goods sold/Turnover |
0.97 |
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 appears average.
l
SC’s return on total assets appears average.
l
SC’s cost of goods sold is high, comparing with its
turnover.
LIQUIDITY: AVERAGE
l
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 appears average.
l
The accounts receivable of SC appears average.
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: FAIR
l
The debt ratio of SC is high.
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 loans could be a threat to SC’s financial
condition.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.30 |
|
UK Pound |
1 |
Rs.82.88 |
|
Euro |
1 |
Rs.70.80 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIT |
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.