MIRA
INFORM REPORT
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Report Date : |
24.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
HUZHOU KYOWA HOUSEHOLD PRODUCTS. CO., LTD. |
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Registered Office : |
F5, Meixin
Building, Huzhou, Zhejiang Province 313000 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
MAY. 21, 2004 |
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Com. Reg. No.: |
001533 |
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Legal Form : |
Wholly Foreign-Owned Enterprise |
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Line of Business : |
Processing different
kinds of cleaning implements. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
Up To USD 5,000 |
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Status : |
Small Company |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
name & address
HUZHOU KYOWA HOUSEHOLD PRODUCTS. CO., LTD.
f5, meixin building, huzhou,
zhejiang Province 313000 PR CHINA
TEL: 86 (0) 572-3810999
FAX: 86 (0) 572-3810218
EXECUTIVE SUMMARY
INCORPORATION DATE : MAY. 21, 2004
REGISTRATION NO. : 001533
REGISTERED LEGAL FORM : WHOLLY FOREIGN-OWNED ENTERPRISE
STAFF STRENGTH :
18
REGISTERED CAPITAL : usd 100,000
BUSINESS LINE :
manufacturing
TURNOVER :
CNY 998,000 (AS OF DEC. 31, 2005)
EQUITIES :
CNY 785,000 (AS OF DEC. 31, 2005)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO
USD 5,000 (PERIODICAL REVIEW)
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
FAIR
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 7.73 = US$1 AS OF 2007-4-24
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
SC was registered as a wholly foreign-owned enterprise at local Administration for Industry & Commerce (The official body of issuing and renewing business license) on May. 21, 2004.
Company Status: Wholly foreign-owned enterprise This form of business in PR China is
defined as a legal person. It is a limited co. established within the
territories of PR China with capital provided totally by the foreign
investors. More than one foreign investors may jointly invest in a wholly
foreign-owned enterprise. The investing party/parties solely exercise
management, reap profit and bear risks and liabilities by themselves. This
form of companies usually have a limited duration is extendible upon
approval of Examination and Approval Authorities.
SC’s registered business scopes include processing of bamboo, wood,
grass, rattan and palm commodities, selling of its products.
SC is mainly
engaged in processing different kinds of cleaning implements.
Mr. Adachi
Kazuhiko has been chairman of SC since 2004.
SC owns
approximately 18 staff at present.
SC is
currently operating at the above stated address, and this address houses its
operating office in the commercial zone of Huzhou. Our checks reveal that SC
rents the total premise about 200 square meters.
www.hkyowa.com SC’s website is unable to be landed at present for
the technical reason.
No significant events or changes were found during our checks
with the local Administration for Industry and Commerce.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Adachi Kazuhiko 100
l
General Manager:
Mr. Adachi Kazuhiko, Japanese, in his 50’s
with university education. He is currently responsible for the overall
management of SC.
Working Experience(s):
From 2004 to present Working in SC as general manager
SC is mainly engaged
in processing different kinds of cleaning implements.
SC’s products
mainly include: palm broom, corn broom, brush broom, bamboo broom, bamboo
basket, wooden products.
SC sources its
materials 95% from domestic markets and 5% international market. SC sells 100%
of its products to international market, mainly Japan.
The buying terms of SC include T/T, L/C and Credit of 30-60 days. The
payment terms of SC include T/T, L/C and Credit of 30-60 days.
SC is not
known to have any subsidiary at present.
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.
SC’s management
declined to release its bank details.
Financial Information
Unit: CNY’000
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as of Dec. 31, 2004 |
as of Dec. 31, 2005 |
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Total assets |
766 |
821 |
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Total
liabilities |
-25 |
36 |
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Shareholders
equities |
791 |
785 |
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Turnover |
118 |
998 |
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Net profit |
-38 |
-5 |
Important Ratios
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as
of Dec. 31, 2003 |
as
of Dec. 31, 2004 |
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*Liabilities
to assets |
-0.03 |
0.04 |
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*Net profit
margin (%) |
-32.20 |
-0.50 |
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*Return on
total assets (%) |
-4.96 |
-0.61 |
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*Turnover/Total
assets |
0.15 |
1.22 |
PROFITABILITY:
FAIR
l
The turnover of SC appears fair in its line, and it increased in 2005.
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SC’s net profit margin was increased; and it is in a fair level in 2005.
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SC’s return on total assets was increased; but it also remains at a fair
level in 2005.
LIQUIDITY: AVERAGE
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SC’s turnover is in a fair level, comparing with the size of its total
assets.
LEVERAGE: AVERAGE
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The debt ratio of SC is maintained in a fairly low level.
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The risk for SC to go bankrupt is low.
Overall financial
condition of the SC: FAIR.
SC is considered small-sized in its line with fair financial conditions.
A credit line up to USD 5,000 appears to be within SC’s capacities upon a
periodical review basis.
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)