MIRA INFORM REPORT
|
Report Date : |
04.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
FOSHAN CASTEL IMPORTING AND EXPORTING CO.,
LTD. |
|
|
|
|
Registered Office : |
Room 9, 2nd Floor, Block A,
Xiabeipu, Jihua 4th Road, Chancheng
District, Foshan, Guangdong Province 528000 Pr |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
31.12.2009 |
|
|
|
|
Date of Incorporation : |
28.08.2008 |
|
|
|
|
Com. Reg. No.: |
440602000069787 |
|
|
|
|
Legal Form : |
Limited Liabilities Company |
|
|
|
|
Line of Business : |
importing and exporting
commodities and technology |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 4,000 |
|
|
|
|
Status : |
Small Company |
|
|
|
|
Payment
Behaviour : |
No Complaints |
|
|
|
|
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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
China |
a2 |
a2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name & address
FOSHAN CASTEL IMPORTING AND EXPORTING CO., LTD.
ROOM 9, 2ND
FLOOR, BLOCK A, XIABEIPU, JIHUA 4TH ROAD
chancheng district, FOSHAN,
GUANGDONG PROVINCE 528000 PR CHINA
TEL: 86 (0)
757-82274910
FAX: 86 (0)
757-82712428
EXECUTIVE SUMMARY
Date of Registration : AUGUST 28, 2008
REGISTRATION NO. : 440602000069787
LEGAL FORM : LIMITED
LIABILITIES COMPANY
REGISTERED CAPITAL : CNY 510,000
staff :
10
BUSINESS CATEGORY : TRADING
Revenue :
CNY 70,856,000 (AS OF DEC. 31, 2010)
EQUITIES :
CNY 663,000 (AS OF DEC. 31, 2010)
WEBSITE : www.chinacastel.com
E-MAIL :
info@chinacastel.com
PAYMENT :
AVERAGE
RECOMMENDED CREDIT LIMIT: UP TO USD 4,000
MARKET CONDITION : average
FINANCIAL CONDITION : FAIRly stable
OPERATIONAL TREND : ordinary
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.47= USD 1
Adopted abbreviations (as
follows)
SC - Subject Company
(the company inquired by you)
N/A – Not available
CNY – China Yuan Ren
Min Bi
OPERATIONAL TREND & GENERAL
REPUTATION
This section aims at indicating the relative positions of SC in respect
of its operational trend & general reputation
Operational Trend:- General
Reputation:-
Upward Excellent
Steady Good
Fairly Steady Fairly
Good
Ordinary Average
Fair Fair
Stagnant Detrimental
Downward Not
known
Not known Not
yet be determined
Not yet be determined
LEGAL STATUS
& HISTORY
Note: SC’s current
operating address should be the above stated one, while the given address (9#
Xiabei B Building Jihua Si Road, Chancheng Area, Foshan, Guangdong) is SC’s
registered one.
SC was established
as a limited liabilities company of PRC with State Administration of Industry
& Commerce (SAIC) under registration No.: 440602000069787
on August 28, 2008.
SC’s Organization Code Certificate No.:
67886577X
SC’s registered capital: CNY 510,000
SC’s paid-in capital: CNY 510,000
No significant changes of SC have been noted
in SAIC since its incorporation.
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Quan Li |
50 |
|
Zhou Hua |
50 |
SC’s Chief Executives:-
Legal Representative, Chairman and General
Manager: Quan Li
Supervisor: Zhou Hua
RECENT
DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER
CHART & BACKGROUND
Name %
of Shareholding
Quan Li 50
Zhou Hua 50
MANAGEMENT
Quan Li, Legal
Representative, Chairman and General Manager
------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 33
Ø
ID#610123197803160514
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as legal
representative, chairman and general manager
Zhou Hua , Supervisor
Ø
Gender: F
Ø
ID# 440102197803265224
Ø
Age: 33
Ø
Qualification:
University
BUSINESS
OPERATION
SC’s registered business scope includes importing and
exporting commodities and technology.
SC is mainly engaged
in exporting building ceramics.
SC’s products mainly include:
Polished porcelain
Matt porcelain
Rustic Porcelain
White Body-Crystal Series
Ventilated Facad
Steam Boxes
Shower Glass Panels
Bathroom Furniture
Faucets
Accessories
Builder Series
Specifications
SC sources its materials 100% from domestic
market, mainly Foshan. SC sells 10% of its products in domestic market, mainly
Guangdong and Shandong, and 90% to overseas 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.
Staff & Office:
--------------------------
SC is known
to have approx. 10 staff at
present.
SC rents an area
as its operating office of approx. 150 sq. meters at the heading address.
RELATED COMPANY
SC is
not known to have any subsidiary at present.
PAYMENT
Overall payment appraisal:
( ) Excellent ( ) Good (X) Average ( ) Fair ( ) Poor ( ) Not yet be 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.
BANKING
Basic Bank
Industrial and Commercial Bank of China Foshan Branch
AC#
2013021039200174844
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2009 |
|
950 |
|
|
Accounts
receivable |
3,065 |
|
Advances to
suppliers |
10,926 |
|
Other receivable |
1,002 |
|
Inventory |
1 |
|
Non-current
assets within one year |
0 |
|
Other current
assets |
0 |
|
|
------------------ |
|
Current assets |
15,944 |
|
Fixed assets |
158 |
|
Construction in
progress |
0 |
|
Long-term equity
investment |
0 |
|
Intangible
assets |
0 |
|
Long-term
prepaid expenses |
0 |
|
Deferred income
tax assets |
0 |
|
Other
non-current assets |
0 |
|
|
------------------ |
|
Total assets |
16,102 |
|
|
============= |
|
Short-term loans |
0 |
|
Notes payable |
0 |
|
Accounts payable |
8,719 |
|
Tax payable |
-677 |
|
Advances from
clients |
7,606 |
|
Other payable |
2 |
|
Other current
liabilities |
0 |
|
|
------------------ |
|
Current
liabilities |
15,650 |
|
Non-current
liabilities |
0 |
|
|
------------------ |
|
Total
liabilities |
15,650 |
|
Equities |
452 |
|
|
------------------ |
|
Total
liabilities & equities |
16,102 |
|
|
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2009 |
|
Revenue |
41,399 |
|
Cost of sales |
39,156 |
|
Sales expense |
1,575 |
|
Management expense |
429 |
|
Finance expense |
130 |
|
Profit before
tax |
108 |
|
Less: profit tax |
33 |
|
75 |
Financial Summary
|
Unit: CNY’000 |
As
of Dec. 31, 2010 |
|
Long term equity
investment |
0 |
|
Total assets |
34,080 |
|
|
------------- |
|
Total
liabilities |
33,417 |
|
Equities |
663 |
|
|
------------- |
|
Revenue |
70,856 |
|
Profit before
tax |
397 |
|
Less: profit tax |
147 |
|
Profits |
250 |
Note: SC’s detailed Y2010
financials are not filed in SAIC.
Important Ratios
=============
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
*Current ratio |
1.02 |
-- |
|
*Quick ratio |
1.02 |
-- |
|
*Liabilities
to assets |
0.97 |
0.98 |
|
*Net profit
margin (%) |
0.18 |
0.35 |
|
*Return on
total assets (%) |
0.47 |
0.73 |
|
*Inventory /
Revenue ×365 |
1 day |
-- |
|
*Accounts
receivable/ Revenue ×365 |
28 days |
-- |
|
*
Revenue/Total assets |
2.57 |
2.08 |
|
* Cost of
sales / Revenue |
0.95 |
-- |
FINANCIAL
COMMENTS
PROFITABILITY:
AVERAGE
l
The revenue of SC appears average in its line, and
it increased greatly in 2010.
l
SC’s net profit margin is average in both years.
l
SC’s return on total assets is average in both
years.
l
SC’s cost of goods sold is fairly high, comparing
with its revenue in 2009.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a normal
level in 2009.
l
SC’s quick ratio is maintained in a normal level in
2009.
l
The inventory of SC appears average in 2009.
l
The accounts receivable of SC appears fairly large
in 2009.
l
SC has no short-term loans in 2009.
l
SC’s revenue is in a fairly good level, comparing
with the size of its total assets.
LEVERAGE: FAIR
l
The debt ratio of SC is high in both years.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly Stable.
CONCLUSIONS
SC is considered small-sized in its line with fairly stable financial
conditions. The fairly large amount of accounts receivable may be a threat to
SC’s financial condition. A credit line up to USD 4,000 would appear to be within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.59 |
|
UK Pound |
1 |
Rs.71.75 |
|
Euro |
1 |
Rs.64.80 |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
---- |
NB |
New Business |
---- |
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.