MIRA INFORM REPORT

 

 

Report Date :

01.10.2011

 

IDENTIFICATION DETAILS

 

Name :

FUZHOU HSIUNG PENG METAL ELECTRICAL FITTING CO. LTD.

 

 

Registered Office :

No. 13 Guoyou Road, Aojiang Investment Zone, Lianjiang County Fuzhou, Fujian Province 350500 Pr

 

 

Country :

China

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

16.11.1998

 

 

Com. Reg. No.:

350122400000259

 

 

Legal Form :

Chinese-Foreign Equity Joint Venture Enterprise

 

 

Line of Business :

Manufacturing starter shell, bottom plate, double alloy sheets, guide wire, capacitor

 

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 20,000

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 and address

 

FUZHOU HSIUNG PENG METAL ELECTRICAL FITTING CO. LTD.

NO. 13 GUOYOU ROAD, AOJIANG INVESTMENT ZONE, LIANJIANG COUNTY

FUZHOU, FUJIAN PROVINCE 350500 PR CHINA

TEL: 86 (0) 591-26238690

FAX: 86 (0) 591-26238690

 

 

EXECUTIVE SUMMARY

 

Date of Registration          : november 16, 1998

REGISTRATION NO.                  : 350122400000259

LEGAL FORM                           : Chinese-foreign equity joint venture enterprise

CHIEF EXECUTIVE            : qiu jixiong (LEGAL REPRESENTATIVE)

REGISTERED CAPITAL             : usd 120,000

staff                                      : 43

BUSINESS CATEGORY             : manufacturing

Revenue                                : CNY 7,429,000 (AS OF DEC. 31, 2010)

EQUITIES                                 : CNY 1,836,000 (AS OF DEC. 31, 2010)

WEBSITE                                 : N/A

E-MAIL                                     : N/A

PAYMENT                                : AVERAGE

Recommended Credit Limit: UP TO USD 20,000

MARKET CONDITION                : AVERAGE

FINANCIAL CONDITION             : FAIRly stable

OPERATIONAL TREND  : fairly STEADY

GENERAL REPUTATION           : AVERAGE

EXCHANGE RATE                     : CNY 6.40 = 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

 

SC was established as a Chinese-Foreign Equity Joint Venture Enterprise of PRC with State Administration of Industry & Commerce (SAIC) under registration No.: 350122400000259 on November 16, 1998.

 

SC’s Organization Code Certificate No.: 61134410-1

SC’s Tax No.: 350122611344101

 

SC’s Customs Registration No.: 3501942856

 

SC’s registered capital: usd 120,000

 

SC’s paid-in capital: usd 120,000

 

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

Fuzhou Qiushi Metal Electrical Fitting Co., Ltd.

50

Seychelles Hsiung Peng Metal Electrical Fitting Co., Ltd.

50

 

SC’s Chief Executives:-

 

Position

Name

Legal Representative and Chairman

Qiu Jixiong

General Manager

Qiu Yinpeng

 

 

RECENT DEVELOPMENT

 

No recent development was found during our checks at present.

 

 

SHAREHOLDER CHART & BACKGROUND

 

 

Name                                                                                       % of Shareholding

 

Fuzhou Qiushi Metal Electrical Fitting Co., Ltd.                                        50

 

Seychelles Hsiung Peng Metal Electrical Fitting Co., Ltd.                          50

 

 

*         Fuzhou Qiushi Metal Electrical Fitting Co., Ltd.

======================================

Date of Registration: May 9, 2004

Registration No.: 350122100010934

Legal Form: Chinese-Foreign Equity Joint Venture Enterprise

Chief Executive: Qiu Yinpeng

Registered Capital: CNY 1,000,000

 

 

MANAGEMENT

 

Qiu Jixiong Legal Representative and Chairman

---------------------------------------------------------------------------

Ø         Gender: M

Ø         Nationality: Taiwan

Ø         Qualification: University

Ø         Working experience (s):

 

At present, working in SC as legal representative and chairman

 

 

 

Qiu Yinpeng , General Manager

-----------------------------------------------------

Ø         Gender: M

Ø         Nationality: Taiwan

Ø         Qualification: University

Ø         Working experience (s):

 

At present, working in SC as general manager

Also working in Fuzhou Qiushi Metal Electrical Fitting Co., Ltd. as legal representative

 

 

BUSINESS OPERATION

 

SC’s registered business scope includes manufacturing starter shell, bottom plate, double alloy sheets, guide wire, capacitor.

 

SC is mainly engaged in manufacturing and selling metal electrical fitting.

 

SC’s products mainly include: starter shell, bottom plate, double alloy sheets, guide wire, capacitor.

 

SC sources its materials 95% from domestic market, mainly Fujian, and 5% from overseas market, mainly Taiwan and India. SC sells 100% of its products in domestic market.

 

The import & export status of SC in 2010 is as follows,

Country

Amount of Exports (USD)

Amount of Imports (USD)

Taiwan

--

130,000

India

--

200,000

 

-------------------

-------------------

Total Amount

--

330,000

 

The buying terms of SC include T/T, L/C and Credit of 30-60 days. The payment terms of SC include T/T and Credit of 30-60 days.

 

Staff & Office:

--------------------------

SC is known to have approx. 43 staff at present.

 

SC rents an area as its operating office & factory of approx. 1,382 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

 

The bank information of SC is not filed in SAIC.

 

 

FINANCIALS

 

Financial Summary

Unit: CNY’000

As of Dec. 31, 2010

Long term investment

0

Total assets

5,637

 

-------------

Long term liabilities

0

Total liabilities

3,801

Equities

1,836

 

-------------

Revenue

7,429

Profit before tax

523

Less: profit tax

136

Profits

387

 

Note: The detailed financials for Y2010 are not filed in SAIC.

 

Important Ratios

=============

 

As of Dec. 31, 2010

*Liabilities to assets

0.67

*Net profit margin (%)

5.21

*Return on total assets (%)

6.87

* Revenue/Total assets

1.32

 

FINANCIAL COMMENTS

 

PROFITABILITY: AVERAGE

l         The revenue of SC appears average in its line.

l         SC’s net profit margin is fairly good.

l         SC’s return on total assets is fairly good.

 

LIQUIDITY: AVERAGE

l         SC’s revenue 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.

 

 

CONCLUSIONS

 

SC is considered small-sized in its line with fairly stable financial conditions. A credit line at the above amount appears beyond SC’s capacities, while a credit line up to USD 20,000 is recommended.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.48.92

UK Pound

1

Rs.76.52

Euro

1

Rs.66.64

 

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.