MIRA INFORM REPORT
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Report Date : |
12.10.2011 |
IDENTIFICATION DETAILS
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Name : |
FOX WIZEL CHINA LTD. |
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Registered Office : |
Room 2513, No. 18 Xinjinqiao Road, Pudong
New Area, Shanghai 201206 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
29.08.2005 |
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Com. Reg. No.: |
310115400182507 |
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Legal Form : |
Wholly Foreign-Owned Enterprise |
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Line of Business : |
International
Trade |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 200,000 |
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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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
China |
a2 |
a2 |
|
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
fox wizel china ltd.
room 2513, no. 18
xinjinqiao road, pudong new area
shanghai 201206 PR
CHINA
TEL: 86 (0)
21-53832277/50306090
FAX: 86 (0)
21-53832277
EXECUTIVE SUMMARY
Date of Registration : august 29, 2005
REGISTRATION NO. : 310115400182507
LEGAL FORM : Wholly foreign-owned enterprise
REGISTERED CAPITAL :
usd 125,000
staff : 15
BUSINESS CATEGORY :
trading
Revenue : CNY 51,580,000 (AS OF
DEC. 31, 2010)
EQUITIES : CNY 15,160,000 (AS OF
DEC. 31, 2010)
WEBSITE : N/A
E-MAIL :
N/A
PAYMENT : AVERAGE
Recommended Credit Limit: UP TO USD
200,000
MARKET CONDITION : average
FINANCIAL CONDITION : stable
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.37 = 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: The given address (Room 102D 1ST
Floor No. 2001 Yangao (N) RD Waigaoqiao Shanghai Free Trade Zone) is SC’s
registered address, while SC is operating in the heading address.
SC was
established as a wholly foreign-owned enterprise of PRC with State
Administration of Industry & Commerce (SAIC) under registration No.: 310115400182507 on August
29, 2005.
SC’s Organization Code Certificate No.:
77932501-9
SC’s registered capital: usd 125,000
SC’s paid-in capital: usd 125,000
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 |
|
FOX-WIZEL LTD. (Israel) |
100 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative,
Chairman, and General Manager |
Harel Eliezer
Wiesel |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name % of Shareholding
FOX-WIZEL LTD. (Israel) 100
=====================
Fox-Wizel Ltd. is engaged in the production,
marketing and selling of fashion products and other accompanying accessories.
Main products include women swear, menswear, children's clothes, baby clothes
and related accessories. The Company operates a network of international sales
activities, with main production sites in Israel and China. Fox-Wizel Ltd.
distributes its product through direct sale to 207 retail shops in Israel, and
Web: www.fox.co.il
MANAGEMENT
Harel Eliezer
Wiesel, Legal Representative, Chairman and
General Manager
---------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as legal representative, chairman
and general manager
BUSINESS OPERATION
SC’s registered business scope includes
international trade, transiting trade and trade consulting services; trade and trade agent
between the enterprises in the free trade zone; commercial simple processing
and display of goods in the free trade zone; wholesale, commission agents,
import and export of textiles, clothing, footwear, luggage, providing other
related supporting business.
SC is
mainly engaged in international trade.
SC’s
products mainly include: clothing.
SC sources its materials 100% from domestic
market, mainly Jiangsu and Zhejiang. SC sells 100% of its products to overseas
market, mainly Israel.
The
buying terms of SC include T/T and Credit of 30-60 days. The payment terms of
SC include L/C and Credit of 30-60 days.
Staff & Office:
--------------------------
SC is
known to have approx. 15
staff at present.
SC rents an area
as its operating office, but the detailed information is unknown.
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.
Note: SC’s management declined to release
whether it has account in HSBC Bank (China) Company Ltd.
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2010 |
|
17,690 |
|
|
Accounts
receivable |
8,470 |
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Advances to
suppliers |
0 |
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Other receivable |
10 |
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Inventory |
0 |
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Non-current
assets within one year |
0 |
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Other current
assets |
1,260 |
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------------------ |
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Current assets |
27,430 |
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Fixed assets |
450 |
|
Construction in
progress |
0 |
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Long-term
prepaid expenses |
0 |
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Deferred income
tax assets |
0 |
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Other
non-current assets |
10 |
|
|
------------------ |
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Total assets |
27,890 |
|
|
============= |
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Short-term loans |
0 |
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Notes payable |
0 |
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Accounts payable |
10,630 |
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Wages payable |
0 |
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Advances from
clients |
0 |
|
Other payable |
300 |
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Other current
liabilities |
1,800 |
|
|
------------------ |
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Current
liabilities |
12,730 |
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Non-current
liabilities |
0 |
|
|
------------------ |
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Total
liabilities |
12,730 |
|
Equities |
15,160 |
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|
------------------ |
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Total
liabilities & equities |
27,890 |
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|
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2010 |
|
Revenue |
51,580 |
|
Cost of sales |
37,040 |
|
Sales expense |
950 |
|
Management expense |
5,340 |
|
Finance expense |
340 |
|
Profit before
tax |
7,880 |
|
Less: profit tax |
1,720 |
|
6,160 |
Important Ratios
=============
|
|
As
of Dec. 31, 2010 |
|
*Current ratio |
2.15 |
|
*Quick ratio |
2.15 |
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*Liabilities
to assets |
0.46 |
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*Net profit
margin (%) |
11.94 |
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*Return on
total assets (%) |
22.09 |
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*Inventory /
Revenue ×365 |
-- |
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*Accounts
receivable/ Revenue ×365 |
60 days |
|
*
Revenue/Total assets |
1.85 |
|
* Cost of
sales / Revenue |
0.72 |
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.
l
SC’s cost of goods sold is average, comparing with
its revenue.
LIQUIDITY:
AVERAGE
l
The current ratio of SC is maintained in a fairly
good level.
l
SC’s quick ratio is maintained in a fairly good
level.
l
SC has no inventory in 2010.
l
The accounts receivable of SC is maintained in an
average level.
l
SC has no short-term loans in 2010.
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: Stable.
CONCLUSIONS
SC is considered small-sized in its line with
stable financial conditions. We consider higher credit amount appears to
be within SC’s capacities comparing with the above given one, and USD 200,000
is recommended.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.03 |
|
UK Pound |
1 |
Rs.76.60 |
|
Euro |
1 |
Rs.66.80 |
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 |
|
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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.