MIRA
INFORM REPORT
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Report Date : |
23.10.2007 |
IDENTIFICATION DETAILS
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Name : |
XIAMEN KAMLIWAY TECHNICS CO., LTD |
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Registered Office : |
4/F, Main Building, Huaxia Industry Centre, No.43 Tiyu Road,
Siming District, Xiamen, Fujian Province, |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
12.01.2001 |
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Com. Reg. No.: |
3502042061787 |
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Legal Form : |
Limited
Liabilities Company |
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Line of Business : |
Company is engaged in selling food additives, seafood
preservation agents and food raw materials |
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. |
Small |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
COMPANY NAME &
ADDRESS
XIAMEN KAMLIWAY TECHNICS CO., LTD.
4/F, MAIN BUILDING, HUAXIA INDUSTRY CENTRE, NO.43 TIYU ROAD, SIMING
DISTRICT, XIAMEN, FUJIAN PROVINCE, PR CHINA
TEL: 0086-592-5565801
FAX: 0086-592-5080208
EXECUTIVE SUMMARY
INCORPORATION DATE :
JAN. 12, 2001
REGISTRATION NO. :
3502042061787
REGISTERED LEGAL FORM :
LIMITED LIABILITIES CO.
CHIEF EXECUTIVE : MS. XU LIANE (CHAIRMAN)
STAFF STRENGTH :
318
REGISTERED CAPITAL :
CNY 1,000,000
BUSINESS LINE :
TRADING
TURNOVER :
CNY 33, 670,000 (AS OF DEC. 31, 2006)
EQUITIES :
CNY 1,150,000 (AS OF DEC. 31, 2006)
PAYMENT :
AVERAGE
RECOMM.
MARKET CONDITION :
AVERAGE
FINANCIAL CONDITION :
FAIRLY STABLE
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 7.50600 =US1$
Adopted abbreviations:
ANS - amount not stated
NS - not stated SC - subject company (the company inquired by you)
NA - not available
CNY -
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 Jan. 12, 2001.
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 wholesaling and retailing pre-packaging food, food additives, feed, hardware, chemicals (excluding hazardous and supervised articles), electrical machines and equipment, metal materials; purchasing agriculture and sideline products (excluding seed); providing technical services of researching and developing water treatment equipment.
SC is mainly engaged in selling food additives, seafood preservation agents and food raw materials.
Ms. Xu Liane（徐连娥）has been legal representative and chairman of SC since 2001.
SC is known to have approx. 318 staff members at
present.
SC is currently operating at the above stated address, and this address houses its operating office and factory in the industrial zone of Xiamen. Our checks reveal that SC rents the total premise about 2,168 square meters.
http://www.fitp.com.cn/ The design is professional and the content is well organized. At present it is both in Chinese and English versions.
E-Mail: kamliway@fitp.com.cn
SC’s registered name was changed from in Apr, 2007, while its English name remains the same.
MAIN SHAREHOLDERS:
Name % of Shareholding
Ms. Xu Liane 70
Mr. Cai Hairong 30
Legal representative and chairman:
Ms. Xu Liane（徐连娥）, 38 years old with university education. She is currently responsible for the overall management of SC.
Working Experience(s):
From 2001 to present Working in SC as chairman and legal representative.
General manager:
Mr. Cai Hairong , 30 years old with university education. He is currently responsible for the daily management of SC.
Working Experience(s):
From 2001 to present Working in SC as general manager.
SC is mainly engaged in selling food additives, seafood preservation agents and food raw materials.
SC’s products mainly include: enzyme, emulsifier, colloid, pigment, salt essence for bakery industry, coffee powder, cocoa powder, soy bean protein and glutin powder.
SC sources its materials 80% from domestic market and 20% from the overseas market. SC sells 10% of its products to overseas market and 90% in domestic market.
The buying terms of SC include Check, L/C, T/T and Credit of 15-30 days. The payment terms of SC include Check, T/T, and Credit of 15-30 days.
*Major Suppliers*
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Dongguan Guangyi Food Additive Industry Co., Ltd.
Dongguan Xinbao Fine Chemical Co., Ltd.
*Major Customers*
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Fujian Dali Food Group Co., Ltd.
Hubei Dali Food Co., Ltd.
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: A trade enquiry currently conducted with SC's supplier(s) reveal the following:
Supplier A
Products sold: Antioxidant
Date account opened: N/A
Line of credit: No comments
Terms: T/T
Average monthly sales: N/A
Current balance: N/A
Rating Key : 3
Any Special Comments: ______________
Payment record keys :
1 = Prompt : Payment made before the credit period expires
2 = As agreed terms : Payment made upon due date
3 = Slightly slow but acceptable : Payment made 5 to 20 days beyond agreed terms
4 = Slow : Payment made 16 to 45 days beyond agreed terms
5 = Poor : Payment made over 45 days beyond agreed terms
6 = No comment : Account is newly opened & record is not yet established
Note : In some instances, payment beyond terms can be the result of disputes over merchandise, lost invoices, disputed accounts & etc.
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
AC#：35101515001052501581
Relationship:
Balance Sheet
Unit: CNY’000
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as of Dec. 31, 2005 |
as of Dec. 31, 2006 |
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Cash & bank |
850 |
230 |
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Bills receivable |
0 |
0 |
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Accounts receivable |
4,610 |
8,880 |
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Other receivables |
230 |
260 |
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Advances to suppliers |
0 |
0 |
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Inventory |
4,280 |
3,300 |
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Prepaid expenses |
60 |
220 |
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Other current assets |
0 |
0 |
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Current assets |
10,030 |
12,890 |
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Fixed assets |
200 |
420 |
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Fixed assets net value |
200 |
420 |
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Projects under construction |
0 |
0 |
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Long term investment |
0 |
0 |
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Other assets |
10 |
0 |
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Total assets |
10,240 |
13,310 |
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Short loans |
0 |
0 |
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Bills payable |
0 |
0 |
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Accounts payable |
4,680 |
5,310 |
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Welfare payable |
90 |
140 |
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Advances from clients |
0 |
0 |
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Accrued payroll |
0 |
0 |
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Tax payable |
30 |
180 |
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Other payable |
4,420 |
6,530 |
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Surcharge payable |
0 |
0 |
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Accrued expenses |
60 |
0 |
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Other current liabilities |
0 |
0 |
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Current liabilities |
9,280 |
12,160 |
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Long term liabilities |
0 |
0 |
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Total liabilities |
9,280 |
12,160 |
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Equities |
960 |
1,150 |
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Total liabilities & equities |
10,240 |
13,310 |
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Income Statement
Unit: CNY’000
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as of Dec. 31, 2005 |
as of Dec. 31, 2006 |
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Turnover |
25,440 |
33,670 |
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Cost of goods sold |
22,790 |
29,580 |
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Sales expense |
1,890 |
2,700 |
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Management expense |
580 |
1,150 |
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Finance expense |
0 |
20 |
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Profit before tax |
130 |
200 |
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Less: profit tax |
10 |
20 |
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Profits |
120 |
180 |
Important Ratios
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as of Dec. 31, 2005 |
as of Dec. 31, 2006 |
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*Current ratio |
1.08 |
1.06 |
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*Quick ratio |
0.62 |
0.79 |
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*Liabilities to assets |
0.91 |
0.91 |
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*Net profit margin (%) |
0.47 |
0.53 |
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*Return on total assets (%) |
1.17 |
1.35 |
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*Fixed assets/Total assets |
0.02 |
0.03 |
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*Inventory /Turnover ×365 |
62 days |
36 days |
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*Accounts receivable/Turnover ×365 |
67 days |
97 days |
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*Turnover/Total assets |
2.48 |
2.53 |
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* Cost of goods sold/Turnover |
0.90 |
0.88 |
PROFITABILITY: AVERAGE
The turnover of SC appears average in its line, and it increased in 2006.
SC’s net profit margin is average.
SC’s return on total assets is average.
SC’s cost of goods sold is average, comparing with its turnover.
LIQUIDITY: AVERAGE
The current ratio of SC is maintained in a normal level.
SC’s quick ratio is maintained in a normal level.
The inventory of SC appears fairly large in 2005, and it decreased in 2006.
The accounts receivable of SC appears LARGE.
SC’s turnover is in an average level, comparing with the size of its total assets.
LEVERAGE: FAIR
The debt ratio of SC is fairly high.
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. Credit dealings with SC in small amount appear acceptable at present.
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. |
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%)