MIRA INFORM REPORT
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Report Date : |
13.04.2011 |
IDENTIFICATION DETAILS
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Name : |
FOSHAN XINGKE INDUSTRIAL FACTORY |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
02.11.2004 |
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Com. Reg. No.: |
440682000029779 |
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Legal Form : |
Sole Proprietorship
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Line of Business : |
manufacturing and selling plastic products and felt products. |
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 |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 10,000 |
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Status : |
Small Company |
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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
FOSHAN XINGKE INDUSTRIAL FACTORY
FOSHAN,
TEL: 0086-757-83699815 FAX: 0086-757-83699816
EXECUTIVE
SUMMARY
INCORPORATION DATE : NOV. 2, 2004
REGISTRATION NO. : 440682000029779
REGISTERED LEGAL
FORM : SOLE PROPRIETORSHIP
CHIEF EXECUTIVE : MR. LIANG HAIKUN (FACTORY MANAGER)
STAFF STRENGTH : 15
REGISTERED CAPITAL : N/A
BUSINESS LINE : MANUFACTURING &
SELLING
TURNOVER : CNY 6,910,000 (AS OF DEC. 31, 2009)
EQUITIES : CNY 1,180,000
(AS OF DEC. 31, 2009)
PAYMENT : AVERAGE
RECOMM.
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : FAIRLY STABLE
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.83= USD 1
Adopted
abbreviations
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY -
Note: SC’s correct name should be the heading one.
SC was registered as
a Sole Proprietorship enterprise at local Administration for Industry &
Commerce (AIC - The official body of issuing and renewing business license) on
Nov. 2, 2004.
Company Status:
Sole Proprietorship enterprise This form of business in PR
China is a private enterprise formed by an individual, which does not have
the legal person or limited liability status. The co. is solely operated by
the sole investor who is responsible for all risks & liabilities of the
co.
SC’s registered
business scope includes manufacturing and selling hardware mold products,
plastic products, industrial carpet and insulation blankets.
SC is mainly engaged in manufacturing and
selling plastic products and felt products.
Mr. Liang Haikun is the factory manager of SC
at present.
SC is known to
have approx. 15 employees 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 Foshan. Our checks reveal that SC rents the
total premise, but SC’s accountant refused to release the gross area.
SC is not known to
host website of its own at present.
No significant
events or changes were found during our checks with the local Administration
for Industry and Commerce.
INVESTOR:
Name
Liang Haikun
Note: The investment amount was CNY 100,000.
l Factory Manager:
Mr. Liang Haikun,
with university education. He is currently responsible for the overall
management of SC.
Working Experience(s):
At present Working in SC as factory manager.
SC is mainly engaged in manufacturing and
selling plastic products and felt products.
SC’s products mainly
include: plastic products, felt products, mold, etc.
SC sources its
materials 100% from domestic market. SC sells 10% of its products to overseas market and 90% in domestic market.
The buying terms of
SC include Check, T/T 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.
SC’s accountant refused to disclose its detailed banking information.
Balance Sheet
Unit: CNY’000
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as of Dec. 31, 2008 |
as of Dec. 31, 2009 |
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Cash & bank |
490 |
1,490 |
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Bills receivable |
0 |
0 |
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Inventory |
110 |
490 |
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Accounts receivable |
840 |
1,560 |
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Other receivables |
800 |
700 |
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Advances to suppliers |
460 |
870 |
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Other current assets |
10 |
10 |
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------------------ |
------------------ |
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Current assets |
2,710 |
5,120 |
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Fixed assets net value |
520 |
450 |
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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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------------------ |
------------------ |
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Total assets |
3,240 |
5,570 |
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============= |
============= |
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Short loans |
0 |
0 |
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Bills payable |
0 |
0 |
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Accounts payable |
1,010 |
2,080 |
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Welfare payable |
0 |
0 |
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Advances from clients |
1,000 |
1,590 |
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Accrued payroll |
0 |
30 |
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Tax payable |
50 |
70 |
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Other payable |
60 |
600 |
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Other current liabilities |
50 |
20 |
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------------------ |
------------------ |
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Current liabilities |
2,170 |
4,390 |
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Long term liabilities |
0 |
0 |
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------------------ |
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Total liabilities |
2,170 |
4,390 |
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Equities |
1,070 |
1,180 |
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------------------ |
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Total liabilities & equities |
3,240 |
5,570 |
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Income Statement
Unit: CNY’000
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as of Dec. 31, 2009 |
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Turnover |
6,910 |
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Cost of goods sold |
6,120 |
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Sales expense |
0 |
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Management expense |
480 |
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Finance expense |
0 |
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Profit before tax |
290 |
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Less: profit tax |
140 |
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Profits |
150 |
Important Ratios
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as of Dec. 31, 2008 |
as of Dec. 31, 2009 |
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*Current ratio |
1.25 |
1.17 |
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*Quick ratio |
1.20 |
1.05 |
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*Liabilities to assets |
0.67 |
0.79 |
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*Net profit margin (%) |
/ |
2.17 |
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*Return on total assets (%) |
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2.69 |
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*Inventory /Turnover ×365 |
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26 days |
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*Accounts receivable/Turnover ×365 |
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82 days |
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*Turnover/Total assets |
/ |
1.24 |
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* Cost of goods sold/Turnover |
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0.89 |
PROFITABILITY: AVERAGE
l
The turnover
of SC appears average in its line in 2009.
l
SC’s net
profit margin is average in 2009.
l
SC’s
return on total assets is average in 2009.
l
SC’s
cost of goods sold is average, comparing with its turnover.
LIQUIDITY: AVERAGE
l
The
current ratio of SC is maintained in a normal level in both 2 years.
l
SC’s
quick ratio is maintained in a normal level in both 2 years.
l
The inventory of SC appears average in both 2
years.
l
The
accounts receivable of SC appears fairly large in both 2 years.
l SC has no short-term loan in both 2 years.
l
SC’s
turnover is in an average level, comparing with the size of its total assets.
LEVERAGE: AVERAGE
l
The debt
ratio of SC is average.
l
The risk
for SC to go bankrupt is 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 accounts receivable could be a threat to SC’s financial condition. A
credit line up to USD 10,000
would appear to be within SC’s capacities.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.44.22 |
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1 |
Rs.72.26 |
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Euro |
1 |
Rs.63.90 |
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 |
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 |
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%)
s
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.