MIRA INFORM REPORT
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Report Date : |
08.04.2011 |
IDENTIFICATION DETAILS
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Name : |
KING UNION GROUP CORP |
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Registered Office : |
Room
3202, |
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Country : |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
13.08.2009 |
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Com. Reg. No.: |
370202230041903 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Sales of food additives |
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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Maximum Credit Limit : |
40,000 Chinese Yuan |
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Status : |
Satisfactory |
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Payment
Behaviour : |
Usually Correct |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2010
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Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
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a2 |
a2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company
name & address
KING UNION GROUP CORP
Room 3202
266071
Tel : 86 532
80902292
Fax 86 532 80902290
Website http://www.kingunion.net/
Currency in this report is Chinese Yuan
unless otherwise stated.
Exchange Rate: 1 USD=6.55 Chinese Yuan
"--"in this report indicates
"unavailable" due to insufficient information or "no
comments"
Note: the contact person
“Neil” provided in the order is an ordinary worker of the logistic department
of subject.
According to our
calculation, we recommend a credit limit of about USD 6,000 to subject.
EXECUTIVE SUMMARY
DATE OF establishment :
aug.13th, 2009
Aic Registration No. :
370202230041903
REGISTERED LEGAL FORM : limited
liabilities company
REGISTERED CAPITAL :
500,000.00
main BUSINESS :
sales of food additives
TURNOVER :
194,000.00
(As of 2009)
net profit :
-42,000.00 (As of Dec.31th, 2009)
total assets :
458,000.00 (As of Dec.31th, 2009)
net worth : 458,000.00 (As of Dec.31th, 2009)
employees : 10
import and export
permits :
yes
base CREDIT limit
: 40,000
Chinese Yuan
EXCHANGE RATE :
1 Usd=6.55 CNY (Apr.6th, 2011)
Registered Address: Room 3202,
Business
Address: Room 3202
Zip Code: 266071
Telephone: 86
532 80902292
Fax: 86
532 80902290
SIC Code (
REGISTRATION
|
Date of Establishment |
aug.13th,
2009 |
|
Registry |
Administration Bureau of
Industry and Commerce - |
|
Legal Representative |
Zhao Yan’gang |
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AIC Registration Number |
370202230041903 |
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Registered Legal Form |
limited liabilities company |
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Registered Capital |
500,000.00 |
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Operating Period |
From aug.13th, 2009 to -- |
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Business Scope |
Import and export of goods and technology Wholesale of chemical products, machinery, daily
used products, electronics, wood, building material, textile etc. Economic information consulting |
|
Changes in Registration |
No |
Limited liabilities co.
This form of
business in PR China is defined as a legal person. Its registered capital is
contributed jointly by at least two shareholders and no more than fifty.
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. : RMB 500,000.00
-trading
&wholesaling co. : RMB 500,000.00
-retailing
co. :
RMB 300,000.00
-consultancy &
service co. : RMB 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.
REGISTRATION INFO:
AVAILABLE
FINANCIAL REPORTS:
AVAILABLE
FIELD INVESTIGATION
1. Subject’s income comes mainly from sales of food
additives. It purchases products from
2.
SHAREHOLDERS AND SHARES
As indicated in the following table:
|
Shareholder |
Capital Subscribed |
Percentage |
|
Zhao Yan’gang |
450,000 |
90% |
|
Zhao Shengyan |
50,000 |
10% |
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Total |
500,000 |
100% |
|
Shareholder |
Way of
investment |
Paid-up
Percentage |
|
Zhao Yan’gang |
Capital |
100% |
|
Zhao Shengyan |
Capital |
100% |
AFFILIATE(S)
After
checking with the industry and commerce channels, no affiliates of SC is found.
MANAGEMENT
|
Name |
Zhao Yan’gang |
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Title |
Executive director, manager |
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Gender |
Male |
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Date of birth |
Jan.12th, 1964 |
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ID No. |
370204196401123915 |
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Name |
Zhao Shengyan |
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Title |
Supervisor |
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Gender |
Female |
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Date of birth |
Jan.10th, 1991 |
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ID No. |
37020519910110152X |
NUMBER
OF EMPLOYEES
Employees:
10
Recent
Recruitment： Yes
Department:
Sales
BANKERS
INFORMATION
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Bank Name |
Merchants Bank of |
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Account No. for CNY |
-- |
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Title of the person investigated |
Reception staff |
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Telephone |
0086 532 85015593 |
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Comment |
The investigated person confirmed subject holds
account in the above bank, but refused to reveal any further information in
the reason of keep secret for the clients. |
OFFICE
FACILITIES
Geographic Location: SC
is located in Room 3202
Property Ownership: rented
TRADEMARKS
No trademark record about subject
is found after checking with the National Trademark Management Bureau.
PATENTS
After checking with the
MAIN PRODUCTS & SERVICES
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Main business |
Sales of food additives |
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Products and services |
Subject’s products include glucose,
monosodium glutamate, citric acid, albumen powder, corn starch etc. It
purchases products from |
SALES INFORMATION
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Percentage of overseas sales |
100% |
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Regions |
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Major clients |
Foreign food manufacturers etc. |
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Sales Terms: |
L/C; T/T |
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Subject’s products are mainly exported to foreign
customers. Its sales network still needs to be improved due to its short
history and small scale. |
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The above information was confirmed by SC’s
employee |
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PURCHASE INFORMATION
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Main Commodities Purchased |
glucose,
monosodium glutamate, starch etc. |
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Number of Major Suppliers |
More than 5 |
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Major Suppliers |
SHANDONG XIWANG PHARMACEUTICAL CO.,LTD |
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Main Terms of Payment |
Domestic: Prompt payment; on credit |
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Subject’s products are purchased within |
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The above information was confirmed by SC’s
employee |
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CREDIT
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Supplier name |
SHANDONG XIWANG PHARMACEUTICAL CO.,LTD |
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Item supplied |
glucose |
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Title of interviewee |
Sales staff |
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Tel |
86 543 4306498 |
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Comment |
The interviewee confirmed subject is a
client of the above company and subject’s credit condition is good. |
LITIGATION
RECORDS
After checking with
FINANCE
Balance
Sheet (Unit: 1,000 Chinese Yuan):
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Dec.
31st, 2009 |
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Current assets |
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Money capital |
430 |
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Notes receivable |
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Net ball of account receivable |
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Payment in advance |
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Account receivable |
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Other account receivable |
2 |
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Subsidy receivable |
26 |
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Inventory |
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Expenses to be deferred |
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Other current assets |
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Total current Assets |
458 |
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Long term
investment |
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Long term investment |
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Fix assets |
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Original value of fixed assets |
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Accumulated depreciation |
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Net value of Fixed Assets |
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Project being constructed |
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Total fixed assets |
0 |
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Intangible
assets |
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Intangible assets |
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Deferred assets |
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Total intangible assets and deferred assets |
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Total assets |
458 |
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Current liabilities |
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Short term loans |
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Notes payable |
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Account payable |
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Deposit received |
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Other account payable |
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Wages payable |
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Welfare payable |
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Tax unpaid |
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Accrued expenses |
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Other current liabilities |
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Total current liabilities |
0 |
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L/T liabilities |
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L/T loan |
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L/T account payable |
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Total L/T liabilities |
0 |
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Total liabilities |
0 |
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Owner’s interest |
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Paid-up capital |
500 |
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Contributed surplus |
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Surplus reserves |
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Undistributed profits |
-42 |
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Total owner’s interest |
458 |
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Liabilities and owner’s interest |
458 |
Income
Statement (Unit: 1,000):
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Dec. 31st, 2009 |
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Main business income |
194 |
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Main business cost |
178 |
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Tax and associate charge |
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Main business profit |
16 |
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Other business profit |
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Asset depreciation |
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Operation expenses |
5 |
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- management expenses |
52 |
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Financial expenses |
1 |
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Operation profit |
-42 |
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Investment profit |
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Non business income |
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-Non business expenses |
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Total profit |
-42 |
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-Income tax |
0 |
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Net profit |
-42 |
Important
Ratios:
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|
2009 |
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Return on net assets (%) |
-9.17 |
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Return on total assets (%) |
-9.17 |
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Net profit margin (%) |
-21.65 |
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Turnover of total assets |
0.42 |
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Turnover of current assets |
0.42 |
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Turnover of account receivable |
- |
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Inventory turnover |
- |
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Asset liability ratio (%) |
0 |
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Current ratio |
- |
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Quick ratio |
- |
Major
Financial Information
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|
2009 |
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Main business income |
194 |
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Total profit |
-42 |
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Net profit |
-42 |
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Total assets |
458 |
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Total liabilities |
0 |
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Total owner’s interest |
458 |
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Source from |
government |
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Whether audited or not |
Yes |
ANALYSIS
Subject’s profitability
indices of 2009 indicate its profitability is poor. The low turnover of asset
and current asset shows its capital operation capacity is poor.
INDUSTRY PROFILE
Industry
SIC Code (
Description: wholesale, import and export of
food additives including monosodium glutamate, edible vinegar, soy sauce and
edible salt
Status
Quo & Trend
Since 2003, seasoning products industry has
been developed fast with a growth rate of about 20%. The total output of
seasoning products in
GENERAL COMMENTS
Subject was registered in 2009 with the registration
capital of 500,000 Chinese Yuan. Its main business is sales of food additives.
With a short history and small scale, subject’s popularity still needs to be
improved.
Subject’s main business income of 2009 is
small due to its recent establishment and small scale. With low loan, subject’s
solvency is good.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.22 |
|
|
1 |
Rs.71.97 |
|
Euro |
1 |
Rs.63.23 |
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.