MIRA
INFORM REPORT
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Report Date : |
17.01.2007 |
IDENTIFICATION
DETAILS
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Name : |
CNSC FORTUNE WAY COMPANY |
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Registered Office : |
No.4 Huixin Dongjie, Chaoyang District, Beijing
100029 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2004 |
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Date of Incorporation : |
Aug 16, 1993 |
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Com. Reg. No.: |
1101051501712 |
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Legal Form : |
State-Owned Enterprise |
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Line of Business : |
Engaged in international
trading. |
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 : |
Regular
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Litigation : |
Clear |
Name & address
CNSC FORTUNE WAY COMPANY
NO.4 HUIXIN DONGJIE, CHAOYANG DISTRICT,
BEIJING 100029 PR CHINA
TEL: 86
(0)
10- 84639160
FAX: 86 (0) 10- 84638010
EXECUTIVE SUMMARY
INCORPORATION DATE : AUG 16, 1993
REGISTRATION NO. : 1101051501712
REGISTERED LEGAL FORM : STATE-OWNED ENTERPRISE
CHIEF EXECUTIVE : MR. LI CAN (GENERAL MANAGER)
STAFF STRENGTH : 25
REGISTERED CAPITAL : RMB 20,000,000
BUSINESS LINE : TRADING
TURNOVER : RMB 90,558,000 (AS OF DEC. 31, 2004)
EQUITIES : RMB 20,953,000 (AS OF DEC. 31, 2004)
RECOMM. CREDIT RANGE : UP TO USD200,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : stable
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : steady
EXCHANGE RATE : RMB7.98 = US$1 AS OF 2007-01-26
SC was registered as a State-owned enterprise at local Municipal Administration for Industry & Commerce (The official body of issuing and renewing business license) on August.16.1993.
Company Status: State-owned enterprise This form of
business in PR China is defined as a commodity production or operational
units of a socialist character which in accordance with the law, has
autonomy in management, takes full responsibility for its profits and
losses and practices independent business accounting. It is a legal person
established directly by central / local government or enterprise owned by
central or local government. In theory, the liabilities of this form of
enterprise are ultimately borne by the government, since the adoption of
company law in mid-1994, the Chinese government has planned to separate the
ownership from management and liabilities bearing.
SC’s registered business scopes include
supplying all kinds of the goods to the institution functioning abroad; purchasing
and selling the tax-free goods; purchasing and selling: general merchandise,
foodstuff, native goods, chemically products, furniture, arts and crafts, knitware & textiles, machinery & equipment, hardware,
building material, decoration materials, spare parts of cars, groceries,
appliances for welfare, photo
services; retailing of tobacco; import and export of goods and technology, but
excluding the products prohibited by the country; processing with supplied
samples, imported materials, and imported parts, compensation trades; transiting
trade and counter trade; economic information consulting (excluding the agency
services).
SC is mainly engaged in international trade.
Mr. Li Can has been chairman of SC since 2001.
SC owns about 25 staff.
SC is currently operating at the above stated address, and this address houses its operating office in the commercial zone of Beijing. Our checks reveal that SC owns the total premise about 300 square meters.
http://www.fortune-way.com The design is professional and the content is well organized. At present the web is in English and Chinese versions.
E-mail:
Medicine department: pharma@fortune-way.com
Textile department: tex@fortune-way.com
Information department: information@fortune-way.com
The registered capital was changed from “RMB3,000,000” to “RMB7,000,000”, and the legal representative was changed from “Mr. Gao Xianmin” to “Mr. Li Can” on November, 9. 2000.
MAIN SHAREHOLDERS:
Name % of Shareholding
China National Service Corporation 100
General Manager:
Mr. Li Can , born on Nov. 21, 1972, university education. He
is currently responsible for the overall management of SC.
Working Experience(s):
From 2001 to present Working in SC as general manager.
Manager:
Mr. Zhang Sheng , in his 30’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 manager.
SC is mainly engaged in international trading.
SC’s textile products include: chemical fiber cloth material & inner cloth material, blend cloth material & crossing textile cloth material, medical, medical medium agent.
Chemical products: PTA, QTA, PET lumps, PP powder, SAN, 1,5-Pentanediol , Bisphenol-A,MEA, Ethyl Acetate;
Stone Products: Galala Beige, Aman Beige, Marron Emperador, Wooden Travertine , Rosso Lavento, Sahara Beige, India Green, MocaCream, Bianco Perlino, Ariston White.
From Oct. 2004 SC began to supplier Pakistan heckling yarn and regular yarn, mainly including 16S、20S、26S. At present it set warehouses in Guangzhou, Beijing and Tianjin. Its annual importing can reach 15,000 tons.
SC imports marble and its board materials from Turkey and Egypt; PET and its materials, PTA from Europe; chromium ore and stone materials from Turkey and Pakistan.
SC sources its materials 40% from domestic market, and 60%
from international market mainly from Korea, Southeast Asia and Europe. SC
sells 60% of its products in domestic market, and 40% to international market,
mainly to Asian countries, Middle East and European countries.
The buying terms of SC include Check, T/T, L/C and Credit
of 30 days. The payment terms of SC include Check, T/T, L/C and Credit of 30
days.
Major Suppliers
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Korea Samnam Petrochem Co., Ltd.
Korea Polymirae Co., Ltd.
Korea LG Chemical Co., Ltd.
SC is known to have one subsidiary as following,
Fortune Magnesium Industrial Co., Ltd.
Overall payment appraisal:
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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.
Communication Bank of China Huixin Branch
AC# : 664012015014063
Relationship: Normal.
Monetary Unit: (RMB’000)
2003 2004
Total assets: 98,950 54,304.2
Total liabilities: 73,590 33,350.9
Net asset: 25,360 20,953.4
Paicl-up capital: 20,000 20,000
Production value: 27,090 10,664.3
Turnover: 219,400 90,558
Tax: 1,470 1,163
Net profit: 4,560 3,013
Overall financial condition of the SC: Stable.
Over the past 12 years, SC has made a stable growth with acceptable profit. A credit line up to USD200,000 would appear to be within SC’s capacities.
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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