MIRA INFORM REPORT
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Report Date : |
20.03.2013 |
IDENTIFICATION DETAILS
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Name : |
ORIENT
INTERNATIONAL HOLDING SHANGHAI HOMETEX
CO., LTD. |
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Registered Office : |
10-12/F, NO. 135, Dongfang
Road, Pudong New District, Shanghai, 200086 PR |
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Country : |
China |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
29.06.2004 |
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Com. Reg. No.: |
310115000842091 |
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Legal Form : |
Limited Liabilities Co |
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Line of Business : |
Engaged in importing and exporting home textiles. |
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No. of Employees : |
160 |
RATING & COMMENTS
|
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 : |
Usually correct |
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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
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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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.
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Source : CIA |
Company
name and address
ORIENT INTERNATIONAL HOLDING
SHANGHAI HOMETEX CO., LTD.
10-12/F, NO. 135, DONGFANG ROAD,
PUDONG NEW DISTRICT,
SHANGHAI, 200086 PR CHINA.
TEL: 86 (0) 21-65218500-81853 FAX: 86 (0) 21-65211677
EXECUTIVE SUMMARY
INCORPORATION DATE :
JUNE 29, 2004
REGISTRATION NO. :
310115000842091
REGISTERED LEGAL FORM :
LIMITED LIABILITIES CO.
STAFF STRENGTH : 160
REGISTERED CAPITAL : CNY 54,000,000
BUSINESS LINE :
TRADING
TURNOVER :
CNY 1,391,150,000 (AS OF DEC. 31, 2012)
EQUITIES :
CNY 85,380,000 (AS OF DEC. 31, 2012)
PAYMENT :
AVERAGE
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
well known
EXCHANGE RATE :
CNY 6.2158=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 major operation address is the heading one, and the (210 Si
Ping Road, Shanghai China) is SC’s another operation address.
SC was registered as a limited liabilities co. at local Administration
for Industry & Commerce (AIC-The official body of issuing and renewing
business license) on June 29, 2004.
Company Status: Limited Liabilities Co. This form of business in PR
China is defined as a legal person. No more than fifty shareholders
contribute its registered capital jointly. Shareholders bear limited
liability to the extent of shareholding, and the co. is liable for its
debts only to extent of its total assets. The characteristics of this form
of co. are as follows: Upon the establishment of the
co., an investment certificate is issued to the each of shareholders. The board of directors is
comprised of three to thirteen members. The minimum registered capital
for a co. is CNY 30,000. Shareholders may take their
capital contributions in cash or by means of tangible assets or intangible
assets such as industrial property and non-patented technology. Cash contributed by all
shareholders must account for at least 30% of the registered capital. Existing shareholders have
pre-exemption right to purchase shares of the co. offered for sale by the
other shareholders and to subscribe for the newly increased registered
capital of the co.
SC’s registered business scope includes domestic trade, importing
and exporting various goods and technologies (excluding goods and technologies
limited or forbidden by state), commercial services, housing rent business and
consultant services of the above business (excluding broker, with permit if
needed).
SC is
mainly engaged in importing and exporting home textiles.
Mr.
Zhong Weimin has been legal representative and chairman of SC since 2004.
SC is
known to have approx. 160 employees at present.
SC is currently operating at the above stated address, and this
address houses its operating office in the commercial zone of Shanghai. Our
checks reveal that SC rents the total premise about 5,000 square meters.
http://www.hometextile.com/ The design is
professional and the content is well organized. At present it is in Chinese and
English versions.
Email: webmaster@hometextile.com
Changes of its registered information:
|
Date of change |
Item |
Before the change |
After the change |
|
Unknown |
Registration No. |
3101151019296 |
Present one |
|
Registered capital |
CNY 50,000,000 |
Present amount |
|
|
Shareholders and % of shareholding |
Orient International (Holding) Co., Ltd. 64% Shanghai Huayi Towel Co., Ltd.
0.8% Zhaoyuan Jinxiu Home Textiles
Co., Ltd. 1% Da Chaozong and other 45
individuals 34.2% |
Present one |
Honors
======
SC passed certification ISO9001:2000 and OEKO-TEK 100
MAIN SHAREHOLDERS:
Name %
of shareholdings
Orient International Holding
Shanghai Knitwear Imp. & Exp. Co., Ltd.
59.26
Jiangdu Siping Towel Co., Ltd.
(literal translation)
Shanghai Huayi Towel Co., Ltd.
0.74
Da Chaozong and other 45
individuals
39.07
Orient International Holding
Shanghai Knitwear Imp. & Exp. Co., Ltd.
-------------------------------------------------------------------------------
Registration No.:
310108000002676
Legal representative: Qu
Yuanqing
Registered capital: CNY
20,000,000
Legal form: One-person Limited
Liability Company
Incorporation date: Sep. 25,
1984
l
Legal representative and
chairman:
Mr. Zhong Weimin , about 57
years old with university education. He is currently responsible for the
overall management of SC.
Working Experience(s):
From 2004 to present Working in SC as chairman and
legal representative.
l General
manager:
Mr. Da Chaozong, in his
Working Experience(s):
From 2004 to present Working in SC as general manager
SC is
mainly engaged in importing and exporting home textiles.
SC’s
products mainly include bed linens, drapery & table cloth, apparel, baby
& kids sketch, garment Accessories cushion and toys, etc.
SC sources its materials 90%
from domestic market, and 10% from overseas market, mainly USA and Europe. SC sells
20% of its products in domestic market, and 80% to overseas market, mainly USA,
Australia, and Hong Kong.
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’s management declined to release its major clients and
suppliers.
Shanghai Jiayi Textile Co., Ltd.
=======================
Registration No.:
310000400036140
Legal form: Chinese-foreign equity
joint venture enterprise
Legal representative: Xin
Yaohua
Incorporation date: Feb. 15,
1993
Registered capital: USD 400,000
Shanghai Hometex Logistics Co.,
Ltd.
============================
Registration No.:
310101000097429
Legal form: One-person Limited
Liability Company
Legal representative: Chen
Jianguo
Incorporation date: May 31, 1994
Registered capital: CNY
4,000,000
Hometex International Company
Limited (Hong Kong)
============================
Registration No.: 0225723
Incorporation date: Aug. 30,
1988
Legal form: Private
Etc.
Branches
Jinqiao Branch
============
Registration No.:
310115001919781
Principal: Long Jian
Incorporation date: Jan. 9, 2012
Zhabei Branch
===========
Registration No.:
310108000483298
Principal: Pu Qiongqian
Incorporation date: Oct. 26,
2010
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.
China
Construction Bank Shanghai Branch Xiangcheng Road Sub-branch
AC#：31001520331050007787
Relationship:
Normal.
Balance
Sheet
Unit:
CNY’000
|
|
as of Dec. 31, 2012 |
|
Cash
& bank |
69,540 |
|
Inventory |
20,800 |
|
Accounts
receivable |
34,100 |
|
Short-term
investment |
0 |
|
Dividends
receivable |
920 |
|
Interest
receivable |
0 |
|
Subsidies
receivable |
0 |
|
Advances
to suppliers |
98,870 |
|
Notes
receivable |
0 |
|
Other
receivables |
39,980 |
|
Prepaid
expenses |
0 |
|
|
------------------ |
|
Current
assets |
264,210 |
|
Fixed
assets net value |
1,420 |
|
Long
term investment |
14,940 |
|
Projects
under construction |
0 |
|
Intangible
assets |
0 |
|
Deferred
assets |
430 |
|
|
------------------ |
|
Total
assets |
281,000 |
|
|
============= |
|
Short
loans |
0 |
|
Notes
payable |
0 |
|
Accounts
payable |
33,170 |
|
Advances
from clients |
153,870 |
|
Accrued
payroll |
230 |
|
Welfares
payable |
0 |
|
Taxes
payable |
-180 |
|
Other
accounts payable |
8,530 |
|
Other
payable to government |
0 |
|
Accrued
expenses |
0 |
|
|
------------------ |
|
Current
liabilities |
195,620 |
|
Long
term liabilities |
0 |
|
|
------------------ |
|
Total
liabilities |
195,620 |
|
Equities |
85,380 |
|
|
------------------ |
|
Total
liabilities & equities |
281,000 |
|
|
============= |
Income
Statement
Unit:
CNY’000
|
|
as
of Dec. 31, 2012 |
|
Turnover |
1,391,150 |
|
Cost
of goods sold |
1,339,430 |
|
Taxes
and additional of main operation |
160 |
|
Assets impairment loss |
2,780 |
|
Sales expense |
37,290 |
|
Management expense |
13,020 |
|
Finance expense |
-6,360 |
|
Investment
income |
-500 |
|
Non-operating
income |
940 |
|
Non-operating expense |
1,070 |
|
Profit
before tax |
4,200 |
|
Less:
profit tax |
1,820 |
|
Profits |
2,380 |
Important Ratios
=============
|
|
as of Dec. 31, 2012 |
|
*Current
ratio |
1.35 |
|
*Quick
ratio |
1.24 |
|
*Liabilities
to assets |
0.70 |
|
*Net
profit margin (%) |
0.17 |
|
*Return
on total assets (%) |
0.85 |
|
*Inventory
/Turnover ×365 |
5
days |
|
*Accounts
receivable/Turnover ×365 |
9
days |
|
*Turnover/Total
assets |
4.95 |
|
*
Cost of goods sold/Turnover |
0.96 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears good in its
line.
l
SC’s net profit margin is average.
l
SC’s return on total assets is average.
l
SC’s cost of goods sold is high,
comparing with its turnover.
LIQUIDITY:
AVERAGE
l
The current ratio of SC is normal
l
SC’s quick ratio is normal.
l
SC’s inventory is average in 2012.
l
SC’s account receivable is average in
2012.
l
SC has no short loan in 2012.
l
SC’s turnover is in a fairly good
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: Stable
SC is considered large-sized in its line with stable
financial conditions. Taking into consideration of SC’s development history and
operation size, we would rate SC as an average credit risk company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.26 |
|
|
1 |
Rs.81.93 |
|
Euro |
1 |
Rs.70.21 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.