MIRA INFORM REPORT
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Report Date : |
21.11.2011 |
IDENTIFICATION DETAILS
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Name : |
FOSHAN HUAXING THERMOS CO., LTD. |
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Registered Office : |
No. 41 Baiye Avenue, Xiqiao Technology Industrial Park, Xiqiao Town,
Nanhai District, Foshan, Guangdong Province, 528211 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
09.01.2002 |
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Com. Reg. No.: |
440600000009338 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Manufacturing
and Selling Insulation Containers |
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 : |
USD 150,000 |
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Status : |
Satisfactory |
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Payment
Behaviour : |
No Complaints |
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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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
China |
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 HUAXING
THERMOS Co., Ltd.
NO. 41 BAIYE AVENUE, XIQIAO TECHNOLOGY INDUSTriAL PARK, XIQIAO TOWN,
NANHAI DISTRICT, FOSHAN, GUANGDONG PROVINCE, 528211 PR CHINA
TEL: 86 (0) 757-86858868 FAX:
86 (0) 757-86858511
EXECUTIVE SUMMARY
INCORPORATION DATE : JAN. 9, 2002
REGISTRATION NO. : 440600000009338
REGISTERED LEGAL FORM : LIMITED LIABILITIES COMPANY
STAFF STRENGTH : 200
REGISTERED CAPITAL :
CNY 8,000,000
BUSINESS LINE : MANUFACTURING
TURNOVER :
CNY 113,572,000 (AS OF DEC. 31, 2010)
EQUITIES :
CNY 18,332,000 (AS OF DEC. 31, 2010)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO USD 150,000
MARKET CONDITION : competitive
FINANCIAL CONDITION : fairly good
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY
6.35 = USD 1
Adopted abbreviations
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY - China Yuan Renminbi
SC was registered as a limited liabilities company at local Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license) on Jan. 9, 2002.
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 processing and manufacturing insulation containers,
plastic products, metal products, electrical products; exporting self-made products
and technology; importing raw and auxiliary materials, instruments, machinery
and equipment, spare parts and technology used for self-production (excluding
the goods prohibited or limited by the country, not separate listed trade).
SC is mainly engaged
in manufacturing and selling insulation containers.
Mr. Tan Yuantian has been legal representative
and chairman of SC since 2002.
SC is known
to have approx. 200 employees at present.
SC is
currently operating at the above stated address, and
this address houses its operating office in the industrial zone of Foshan. Our checks reveal that SC freely uses the total
premise about 20,000 square meters.
http://www.nhhuaxing.com/
The
design is professional and the content is well organized. At present it is in
Chinese and English versions.
E-mail: sales@nhhuaxing.com
Changes
of its registered information:
|
Date
of change |
Item |
Before the
change |
After the change |
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|
Company name |
Nanhai Huaxing Thermos Co., Ltd. |
Present one |
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Registration No. |
4406822003605 |
4406041000702 |
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Registered capital |
CNY 3,000,000 |
CNY 5,000,000 |
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Shareholding |
Tan Yuanzhao 15%; Tan Yuantian 85% |
Tan Yuanzhao 10%; Tan Yuantian 90% |
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|
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Shareholders |
Tan Yuanzhao 10%; Tan Yuantian 90% |
Tan Qiqing 10%; Tan Yuantian 90% |
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Registered capital |
CNY 5,000,000 |
Present amount |
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Registration No. |
4406041000702 |
Present one |
MAIN SHAREHOLDERS:
Name %
of Shareholding
Tan Qiqing ID#
440682198603035081 10
Tan Yuantian ID# 440622601224501
90
l
Legal representative and chairman:
Mr. Tan Yuantian, ID#
440622601224501,
born in 1960. He is currently responsible for the overall management of SC.
Working Experience(s):
From 2002 to present Working in SC as chairman and legal representative
SC is mainly
engaged in manufacturing and selling insulation containers.
SC’s products mainly include all kinds of
water jug and thermos.
SC sources its materials 100%
from domestic market. SC sells 30% of its products to overseas market and 70%
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.
Note:
SC’s management declined to release its major suppliers and clients.
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
declined to release its bank details.
Unit: CNY’000
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as of Dec. 31,
2009 |
as of Dec. 31,
2010 |
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Total Liabilities |
10,904 |
13,391 |
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Shareholders equities |
16,858 |
18,332 |
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Total Assets |
27,762 |
31,723 |
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|
------------------ |
------------------ |
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Turnover |
90,938 |
113,572 |
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Profit before tax |
2,642 |
2,892 |
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Net profit |
1,401 |
1,453 |
Note: we did not find SC’s detailed
financial reports for Yr2009 & Yr2010.
Important
Ratios
=============
|
|
as of Dec. 31, 2009 |
as of Dec. 31,
2010 |
|
*Liabilities
to assets |
0.39 |
0.42 |
|
*Net profit
margin (%) |
1.54 |
1.28 |
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*Return on
total assets (%) |
5.05 |
4.58 |
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*Turnover/Total
assets |
3.28 |
3.58 |
PROFITABILITY:
FAIRLY GOOD
l
The turnover of SC appears fairly good in its line,
and it increased in 2010.
l
SC’s net profit margin is average.
l
SC’s return on total assets is fairly good.
l
SC’s turnover is in a fairly good level, comparing with
the size of its total assets.
LEVERAGE: FAIRLY
GOOD
l
The debt ratio of SC is low.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: FAIRLY GOOD.
SC is considered medium-sized in its line with fairly good financial
conditions. A credit line up to USD 150,000
would appear to be within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.35 |
|
UK Pound |
1 |
Rs.80.97 |
|
Euro |
1 |
Rs.68.26 |
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 |
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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.