MIRA
INFORM REPORT
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Report Date : |
31st
January, 2007 |
IDENTIFICATION
DETAILS
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Name : |
CHANGZHOU
KAIMIKOU Co., Ltd. |
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Registered Office : |
Rm 1212, 12/F, Hengyuan
Building, No. 1, Changxin Road, Changzhou,
Jiangsu Province, 213002 Pr China. |
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Country : |
China. |
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Financials (as on) : |
31/12/2004 |
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Date of Incorporation : |
15.09.
2003 |
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Com. Reg. No.: |
3204042102456 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Engaged
in importing and exporting various kinds of chemical materials and chemical
reagent. |
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
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Status : |
Moderate
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Payment Behaviour : |
Usually
Correct |
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Litigation : |
Clear |
Name & address
CHANGZHOU
KAIMIKOU Co., Ltd.
RM
1212, 12/F, HENGYUAN BUILDING, NO. 1, CHANGXIN ROAD,
CHANGZHOU,
JIANGSU PROVINCE, 213002 PR CHINA.
TEL: 86
(0) 519-6808992
FAX: 86
(0) 519-6808991
EXECUTIVE SUMMARY
INCORPORATION DATE :
SEPTEMBER 15, 2003
REGISTRATION NO. : 3204042102456
REGISTERED LEGAL FORM : LIMITED LIABILITIES COMPANY
STAFF STRENGTH : 10
REGISTERED CAPITAL : CNY 2,500,000
BUSINESS LINE : TRADING
TURNOVER :
CNY 14,826,000
(AS OF DEC. 31, 2004)
EQUITIES :
CNY 629,000 (AS OF DEC. 31, 2004)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO USD 10,000 (PERIODICAL REVIEW)
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRLY STABLE
OPERATIONAL TREND : fairLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 7.92=US$1 AS OF 2006-9-25
SC was registered as a limited
liabilities co. at local Administration for Industry & Commerce (The
official body of issuing and renewing business license) on September 15, 2003.
Company Status: Limited liabilities co. This form of
business in PR China is defined as a legal person. At least two
shareholders and no more than fifty 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 listed as follows: -Manufacturing
co. : CNY 500,000.00 -Trading
&wholesaling co. : CNY 500,000.00 -Retailing co. : CNY 300,000.00 -Consultancy &
service co. : CNY 100,000.00 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 50% of the registered capital
while contribution by intangible assets must not exceed 20% 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 scopes include importing and exporting various goods and
technologies, excluding those forbidden by the government); selling chemical, knitting
goods & textiles, garments, building materials, decoration materials, metal
materials, hardware, common machinery, groceries, office supplies, welfare
products, electric equipment, wooden and paper packing products.
SC is mainly engaged in importing
and exporting various kinds of chemical materials and chemical reagent.
Mr. Wang
Xiong has been legal representative and chairman of SC since 2003.
SC owns approximately
10 staff at present.
SC is currently operating at the above stated address, and this
address houses its operating office in
the commercial zone of Changhzou. Our checks reveal that SC rents the total
premise about 200 square meters.
http://www.czkmk.com/ The design is professional and the content
is well organized. At present it is in both Chinese and English versions.
Email: kmk@czkmk.com
Note: As our check, the given telephone
number 0519-6807332 is an idle number at present. And the correct telephone
number of SC should be the heading one.
Changes
of its registered information:
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Date
of change |
Item |
Before
the change |
After
the change |
|
2005-9-18 |
Shareholders
|
Wang
Xiong and
Tang Yajuan |
Wang
Xiong, Zhang Xiaohu and Tang Yajuan |
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2005-10-9 |
Registered
capital |
CNY
500,000 |
CNY
2,500,000 |
MAIN SHAREHOLDERS:
Name %
of Shareholding
Wang Xiong 10
Tang Yajuan 10
Zhang Xiaohu 80
l
Legal representative and General manager:
Mr. Wang
Xiong, ID# 320421720623361, 34 years old with university education. He is currently
responsible for the overall management of SC.
Working Experience(s):
From 2003 to present Working in SC as chairman and general manager.
SC is
mainly engaged in importing and exporting various kinds of chemical materials
and chemical reagent.
SC’s products mainly include
bromine, brombenzene, cyclohexane, hydrogen peroxide, and sodium metal, etc.
SC sources its materials 20%
from domestic market, and 80% from overseas market, mainly USA and Europe. SC
sells 70% of its products in domestic market, and 30% to overseas market,
mainly Southeast Asian 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.
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.
Beigang
Credit Cooperative
AC#8984008000104000005284
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
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as of Dec. 31, 2003 |
as of Dec. 31, 2004 |
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Cash & bank |
27 |
454 |
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Inventory |
142 |
23 |
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Accounts receivable |
452 |
763 |
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Advances to supplies |
79 |
222 |
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Other receivables |
31 |
0 |
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Other current assets |
0 |
0 |
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------------------ |
------------------ |
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Current assets |
731 |
1,462 |
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Fixed assets |
2 |
23 |
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Fixed assets net value |
2 |
20 |
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Projects under construction |
0 |
0 |
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Long-term investments |
0 |
0 |
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Intangible and other assets |
32 |
25 |
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Total assets |
765 |
1,507 |
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Short loans |
0 |
700 |
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Accounts payable |
0 |
90 |
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Welfares
payable |
1 |
-6 |
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Other Accounts payable |
314 |
51 |
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Taxes unpaid |
-10 |
37 |
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Other current
liabilities |
2 |
6 |
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----------------- |
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Current liabilities |
307 |
878 |
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Long term liabilities |
0 |
0 |
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Total liabilities |
307 |
878 |
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Shareholders equities |
458 |
629 |
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Total liabilities &
equities |
765 |
1,507 |
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Income Statement
Unit: CNY’000
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as of Dec. 31, 2003 |
as of Dec. 31, 2004 |
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Turnover |
1,514 |
14,826 |
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Cost of goods sold |
1,401 |
13,726 |
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Sales expense |
71 |
484 |
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Management expense |
72 |
389 |
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Finance expense |
0 |
23 |
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Operation Profit |
-32 |
171 |
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Less: profit tax |
0 |
0 |
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Net profit |
-32 |
171 |
Important Ratios
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as
of Dec. 31, 2003 |
as
of Dec. 31, 2004 |
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*Current ratio |
2.38 |
1.71 |
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*Quick ratio |
1.92 |
1.69 |
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*Liabilities
to assets |
0.40 |
0.57 |
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*Net profit
margin (%) |
-2.11 |
1.15 |
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*Return on
total assets (%) |
-4.18 |
11.8 |
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*Fixed
assets/Total assets |
0.003 |
0.01 |
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*Inventory
/Turnover ×365 |
34 days |
1 day |
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*Accounts
receivable/Turnover ×365 |
109 days |
18 days |
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*Turnover/Total
assets |
1.98 |
10.3 |
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* Cost of
goods sold/Turnover |
0.93 |
0.93 |
PROFITABILITY: AVERAGE
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The
turnover of SC appears fairly good in its line.
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SC’s
net profit margin is average.
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SC’s
return on total assets is average.
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SC’s
cost of goods sold is fairly high, comparing with its turnover.
LIQUIDITY: FAIR
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The
current ratio of SC is maintained in a normal level.
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SC’s
quick ratio is maintained in a normal level.
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The
inventory of SC is maintained in a fairly good level.
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The
accounts receivable of SC is maintained in an acceptable level.
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The
short term loan of SC appears TOO LARGE.
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SC’s
turnover is in an acceptable level, comparing with the size of its total
assets.
LEVERAGE: AVERAGE
l
The
debt ratio of SC is average.
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The
risk for SC to go bankrupt is above average.
Overall financial condition of the SC:
Fairly stable.
SC is
considered small-sized in its line with fairly stable financial conditions. The
large amount of short-term loan could be a threat to SC’s financial conditions.
A credit line up to USD 10,000 would appear 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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