MIRA
INFORM REPORT
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Report Date : |
25.10.2011 |
IDENTIFICATION DETAILS
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Name : |
zhangjiagang ka kwong tien import & export trading co., ltd. |
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Registered Office : |
No. 1 South Renmin Road, Tangqiao Town,
Zhangjiagang, Jiangsu Province, 215611 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
18.10.2004 |
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Com. Reg. No.: |
320582000074187 |
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Legal Form : |
One-Person Limited Liability Company |
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Line of Business : |
Importing and exporting textiles. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
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 500,000 |
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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 30, 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 and address
zhangjiagang ka kwong tien import & export trading co., ltd.
no. 1 south renmin road, tangqiao town, zhangjiagang,
jiangsu PROVINCE, 215611 PR CHINA
TEL: 86 (0) 512-58438822/58438229 FAX:
86 (0) 512-58441448
EXECUTIVE SUMMARY
INCORPORATION DATE : oct. 18, 2004
REGISTRATION NO. :
320582000074187
REGISTERED LEGAL FORM : ONE-PERSON LIMITED LIABILITY COMPANY
STAFF STRENGTH : 19
REGISTERED CAPITAL :
CNY 50,000,000
BUSINESS LINE : trading
TURNOVER : CNY 2,865,630,000 (AS OF DEC. 31, 2010)
EQUITIES : CNY 105,210,000 (AS OF DEC. 31,
2010)
PAYMENT : AVERAGE
RECOMM. CREDIT RANGE : UP TO USD 500,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION :
fairly STABLE
OPERATIONAL TREND :
steady
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE : CNY 6.38 = 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 Municipal Administration for Industry & Commerce (The
official body of issuing and renewing business license) on Oct. 18, 2004, and
later was changed into present legal form.
Company Status: One-person Limited Liability Company Single person LLC refers to a
limited liability company set up by only one natural person or legal person
as the single shareholder of it. The minimum registered capital
of Single person LLC is CNY 100,000. The shareholder’s capital contributes,
as set out by the articles of associations should be a lump-sum payment in
full. One natural person can only
invest in and set up one limited liability company, which is not permitted
to invest in and set up a new Single person LLC. As to any one-person limited
liability company, the sole-investor nature of the natural person or legal
person shall be indicated in the registration documents of the company and
shall be indicated in the business license thereof as well. The regulation of Single person
LLC should be set up by the shareholder The regulation of Single person
LLC has no shareholder meeting.
SC’s registered business scope includes importing and exporting goods and
technology, purchasing and selling textile raw materials, textiles, lint
cotton, metal materials, hardware, plastic products, wool, packaging materials,
textile machinery and apparatus.
SC is mainly engaged in importing and exporting textiles.
Mr. Xiao Jingxiao is legal
representative, chairman and general manager of SC at present.
SC is
known to have approx. 19 employees at present.
SC is currently operating at the above stated
address. This address houses its operating office in Zhangjiagang. Our checks
reveal that SC rents the total premise about 50 square meters.
SC is not known to have any websites at present.
Changes of its
registered information:
|
Date of change |
Item |
Before the change |
After the change |
|
Unspecified |
Legal representative |
Xiao Jingyao |
Xiao Jingxiao |
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Registration No. |
3205822108419 |
320582000074187 |
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|
2009 |
Shareholders & Shareholdings |
Huafang Group Jintian Textiles Co., Ltd. 40%, Huafang Group Co., Ltd. 60% |
Huafang Group
Co., Ltd. 50% Xiao Jingxiao20% Qin Daqian 6.76% Qian Shuliang 3.32% Tao Shuohu 3.32% Ye Zhenxin 3.32% Zhang Jianxin 2.66% Zhou Xiaofeng 2.32% Dai Yunda 1.66% Liu Conggang 1.66% Pang Jian 1.66% Ye Zhengyu 1.66% Zhang Zhengfei 1.66% |
|
Unspecified |
Shareholders & Shareholdings |
Huafang Group
Co., Ltd. 50% Xiao Jingxiao 20% Qin Daqian 6.76% Qian Shuliang 3.32% Tao Shuohu 3.32% Ye Zhenxin 3.32% Zhang Jianxin 2.66% Zhou Xiaofeng 2.32% Dai Yunda 1.66% Liu Conggang 1.66% Pang Jian 1.66% Ye Zhengyu 1.66% Zhang Zhengfei 1.66% |
Present one |
|
Legal Form |
Limited liabilities company |
Present one |
MAIN SHAREHOLDERS:
Name %
of Shareholding
Huafang Group Co.,
Ltd. 100
Huafang Group is a
large-scaled joint-stock corporation majoring in textile, taking cotton
spinning as its core industry, along with a service sector and real estate. The
group has successively introduced equipment for production and inspection like
cotton spinning, weaving, knitting & dyeing machines, wool spinning,
weaving & dyeing machines, and garment making machines, that are the
first-class in China and even in the world. And it’s the first to introduce CIS
in the textile field to carry out computerized management.
Registered No.:
320582000077503
Add.: No. 1, People's South Road, Tangqiao
Town, Zhangjiagang City, Jiangsu Province
Tel.: 0512-58438808/58438807
Fax: 0512-58441073
Website: www.hfang.com
E-mail: zgb@hfang.com.cn
l
Legal representative, Chairman and General manager:
Mr. Xiao Jingxiao , ID # 320582196805013372, born
in 1968, with university education, he is currently responsible for the daily
management of SC.
Working Experience(s):
At present Working
in SC as legal representative, chairman and general manager
l
Supervisor:
Mr.
Zhu Haiya , ID # 320521196506123341, born in 1965.
SC is mainly engaged in importing and exporting textiles.
SC’s products
mainly include: textiles and cotton yarn.
SC sources its materials 15% from domestic market,
and 85% from overseas market, mainly from India, Pakistan and USA. SC sells 65%
of its products in domestic market, and 35% to overseas market, mainly to Hong
Kong and Macao.
The buying terms of SC include Check, T/T, L/C 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 clients and suppliers.
SC is known to have subsidiaries, but the detail
is unspecified 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.
Agriculture Bank of China Zhangjiagang Tangqiao Sub-branch
AC#: 527701040005602
Relationship: Normal.
Balance Sheet
Unit: CNY’000
|
|
as
of Dec. 31, 2010 |
|
Cash & bank |
10,960 |
|
Inventory |
165,820 |
|
Accounts
receivable |
88,500 |
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Notes receivable |
28,460 |
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Other
receivables |
109,800 |
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Other current
assets |
0 |
|
|
------------------ |
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Current assets |
403,540 |
|
Fixed assets net
value |
30 |
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Projects under
construction |
0 |
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Long term
investment |
30,000 |
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Other assets |
0 |
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|
------------------ |
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Total assets |
433,570 |
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============= |
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Short loans |
10,580 |
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Accounts payable |
-673,240 |
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Notes payable |
882,270 |
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Taxes payable |
14,340 |
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Other payable |
81,630 |
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Accrued payroll |
2,120 |
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Provision for
expenses |
10,620 |
|
Welfare payable |
40 |
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Other current
liabilities |
0 |
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------------------ |
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Current
liabilities |
328,360 |
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Long term
liabilities |
0 |
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------------------ |
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Total
liabilities |
328,360 |
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Equities |
105,210 |
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|
------------------ |
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Total
liabilities & equities |
433,570 |
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============= |
Income Statement
Unit: CNY’000
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|
as of Dec. 31,
2010 |
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Turnover |
2,865,630 |
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Cost of goods
sold |
2,762,000 |
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Sales expense |
25,110 |
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Management expense |
2,470 |
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Finance expense |
2,780 |
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Investment
income |
55,340 |
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Non-operating
income |
2,700 |
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Non-operating
expenses |
41,430 |
|
Profit before
tax |
89,880 |
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Less: profit tax |
22,470 |
|
Profits |
67,410 |
Important Ratios
=============
|
|
as
of Dec. 31, 2010 |
|
*Current ratio |
1.23 |
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*Quick ratio |
0.72 |
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*Liabilities
to assets |
0.76 |
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*Net profit
margin (%) |
2.35 |
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*Return on
total assets (%) |
15.55 |
|
*Inventory
/Turnover ×365 |
22days |
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*Accounts
receivable/Turnover ×365 |
12days |
|
*Turnover/Total
assets |
6.61 |
|
* Cost of
goods sold/Turnover |
0.96 |
PROFITABILITY:
FAIRLY GOOD
l
The turnover of SC appears good in its line in
2010.
l
SC’s net profit margin is average in 2010.
l
SC’s return on total assets is good in 2010.
l
SC’s cost of goods sold is fairly high in 2010,
comparing with its turnover.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a normal
level in 2010.
l
SC’s quick ratio is maintained in a fair level in
2010.
l
The inventory of SC is maintained in an average
level in 2010.
l
The accounts receivable of SC is maintained in an
average level in 2010.
l
SC’s short-term loan is in an average level in
2010.
l
SC’s turnover is in a good level in 2010, comparing
with the size of its total assets.
LEVERAGE: FAIR
l
The debt ratio of SC is fairly high in 2010.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly Stable.
SC is considered medium-sized in its line with fairly stable financial
conditions. A credit line up to USD 500,000 would appear to be within SC’s
capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.87 |
|
|
1 |
Rs.79.73 |
|
Euro |
1 |
Rs.69.53 |
RATING EXPLANATIONS
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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.