MIRA
INFORM REPORT
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Report Date : |
30.08.2007 |
IDENTIFICATION DETAILS
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Name : |
Fortune Keen
Shenzhen Ltd |
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Registered Office : |
3/F No.3 Jinli
Tech Industrial Park, Jinniu West Road, Longgang District, Shenzhen, Guangdong
Province, 518118 Pr |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
October 27, 2004 |
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Com. Reg. No.: |
314064 |
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Legal Form : |
Wholly Foreign-Owned |
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Line of Business : |
Engaged in
manufacturing and selling PCB. |
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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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
Fortune Keen
Shenzhen Ltd
3/f no.3
TEL :
86 (0) 755-89595111
FAX :
86 (0) 755-84649717
EXECUTIVE SUMMARY
INCORPORATION DATE : october 27, 2004
REGISTRATION NO. : 314064
REGISTERED LEGAL FORM : Wholly foreign-owned
STAFF STRENGTH :
260
REGISTERED CAPITAL : HKD 3,000,000
BUSINESS LINE :
manufacturing
TURNOVER :
CNY 30,240,000 (AS OF DEC. 31, 2006)
EQUITIES :
CNY 850,000 (AS OF DEC. 31, 2006)
PAYMENT :
AVERAGE
RECOMM.
MARKET CONDITION : fair
FINANCIAL CONDITION : fair
OPERATIONAL TREND : fair
GENERAL REPUTATION : average
EXCHANGE RATE :
CNY7.55 = US$1 AS OF
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 wholly foreign-owned enterprise at local Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license) on October 27, 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 investor 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 scope includes manufacturing and selling household equipment circuit
boards, vehicle speed control circuit boards (100% of its products are
exported), manufacturing and selling electronic products and components,
automotive instruments, PCB components and accessories, vehicle electronic
parts and components; designing, developing and manufacturing alarm systems,
home appliances.
SC is mainly
engaged in manufacturing and selling PCB.
Mr. JOSE LUIS
ROMERO SALGUERO has been chairman of SC since 2004.
SC is known to
have approx. 260 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 Shenzhen. Our checks
reveal that SC rents the total premise about 8,000 square meters.
http://www.fortunekeen.com The
design is professional and the content is well organized. At present the web
site is only in English version.
E-mail: jlromero@fortunekeen.com
No significant events or changes were found during our checks with the
local Administration for Industry & Commerce.
MAIN SHAREHOLDERS:
Name %
of Shareholding
HongKong Fortune Keen Ltd. 100
l
Chairman and General
Manager:
Mr. JOSE LUIS ROMERO SALGUERO (Spanish), 35 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 general manager.
SC is mainly
engaged in manufacturing and selling PCB.
SC’s products
mainly include: PCB
SC sources its materials 100% from domestic
market, mainly
The buying terms of SC include Check, T/T and Credit of 30 days. The
payment terms of SC include T/T, L/C and Credit of 30 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.
Industrial and Commercial Bank of
AC#：440310294000022019200165172
Relationship:
Balance Sheet (as of Dec. 31, 2006)
Unit: CNY’000
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Cash & bank |
630 |
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Inventory |
4,300 |
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Accounts
receivable |
0 |
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Other Accounts
receivable |
80 |
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Advances to
suppliers |
430 |
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To be
apportioned expense |
0 |
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Other current
assets |
70 |
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Current assets |
5,510 |
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Fixed assets net
value |
1,840 |
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Projects under
construction |
0 |
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Long term
investment |
0 |
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Other assets |
550 |
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Total assets |
7,900 |
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Short loans |
0 |
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Accounts payable |
6,790 |
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Other Accounts
payable |
-60 |
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Withdraw the
expenses in advance |
0 |
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Other current
liabilities |
320 |
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Current
liabilities |
7,050 |
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Long term
liabilities |
0 |
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Other
liabilities |
0 |
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Total
liabilities |
7,050 |
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Equities |
850 |
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Total
liabilities & equities |
7,900 |
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Income Statement (as of Dec. 31, 2006)
Unit: CNY’000
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Turnover |
30,240 |
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Cost of goods
sold |
25,830 |
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Sales expense |
450 |
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Management expense |
5,030 |
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Finance expense |
110 |
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Profit before
tax |
-1,190 |
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Less: profit tax |
0 |
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Profits |
-1,190 |
Important Ratios (as of Dec. 31, 2006)
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*Current ratio 0.78
*Quick ratio 0.17
*Liabilities to
assets 0.89
*Net profit
margin (%) -3.94
*Return on total
assets (%) -15.06
*Inventory
/Turnover ×365 52 days
*Accounts receivable/Turnover
×365 / days
*Turnover/Total
assets 3.83
* Cost of goods
sold/Turnover 0.85
PROFITABILITY:
FAIR
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The turnover of SC appears fairly good in its line.
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SC’s net profit margin is fair.
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SC’s return on total assets is fairly poor.
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SC’s cost of goods sold is average, comparing with
its turnover.
LIQUIDITY: FAIR
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The current ratio of SC is maintained in a fair
level.
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SC’s quick ratio is maintained in a poor level.
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The inventory of SC is large.
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SC has no accounts receivable in 2006.
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SC has no short-term loan in 2006.
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SC’s turnover is in an average level, comparing
with the size of its total assets.
LEVERAGE: FAIR
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The debt ratio of SC is fairly high.
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The risk for SC to go bankrupt is above average.
Overall financial
condition of the SC: Fair.
SC is considered medium sized in its line with fair financial
conditions. A credit line up to USD 5,000
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. |
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%)