MIRA
INFORM REPORT
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Report Date : |
30.04.2012 |
s
IDENTIFICATION DETAILS
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Name : |
HANGZHOU KAILI CHEMICAL FIBER CO., LTD. |
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Registered Office : |
Jingjiang Industrial Zone, Xiaoshan
District, |
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Country : |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
15.10.2002 |
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Com. Reg. No.: |
330181000031924 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Manufacturing and Selling Polyester FDY Dyed Silk, POY Silk, DTY Silk And
Embroidery Thread. |
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No. of Employees : |
200 |
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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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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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
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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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
HANGZHOU KAILI CHEMICAL FIBER CO., LTD.
JINGJIANG INDUSTRIAL ZONE,
Xiaoshan district, Hangzhou,
ZHEJIANG PROVINCE,
311223 PR
CHINA
TEL: 86
(0) 571-82997277 FAX: 86 (0) 571-82996788
EXECUTIVE SUMMARY
INCORPORATION DATE : OCTOBER 15, 2002
REGISTRATION NO. : 330181000031924
REGISTERED LEGAL FORM : Limited liabilities
company
CHIEF EXECUTIVE :
MR. Hu boming (CHAIRMAN)
STAFF STRENGTH :
200
REGISTERED CAPITAL : CNY 20,000,000
BUSINESS LINE :
MANUFACTURING
TURNOVER :
cny 107,799,000 (AS OF DEC. 31, 2009)
EQUITIES :
cny 20,375,000 (AS OF DEC. 31, 2009)
PAYMENT :
AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRly stable
OPERATIONAL TREND : steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.30 = 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 Ren Min Bi
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 October 15, 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 manufacturing Polyester FDY dyed
silk, POY silk, DTY silk and embroidery thread; wholesaling and retailing chemical
fiber, chemical fabric, thread, garments, shoes and caps, bedding articles,
sporting goods and fitness equipment; import and export of goods and
technologies (with permit if needed); other legal projects not required
examination and approval.
SC is mainly engaged in manufacturing and selling Polyester FDY dyed
silk, POY silk, DTY silk and embroidery thread.
Mr. Hu Boming is legal representative, chairman and general manager of
SC at present.
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 and factory in Jingjiang Industrial Zone of
Hangzhou. SC’s management declined to release the detailed information of the
premise.
http://klccf.w37.idccenter.net The design
is professional and the content is well organized. At present it is both in
Chinese and English versions.
Email: kl@klccf.com
Changes of its
registered information:
|
Date of change |
Item |
Before the change |
After the change |
|
Unknown |
Legal representative |
Zheng Fang |
Hu Boming |
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Registered capital |
CNY 1,000,000 |
CNY 5,000,000 |
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Registration No. |
3301812610488 |
330181000031924 |
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Registered capital |
CNY 5,000,000 |
CNY 20,000,000 |
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Shareholders and % of shareholdings |
Hu Jintang :10% Hu Boming : 90% |
Hu Jintang : 17.5% Hu Boming : 82.5% |
MAIN SHAREHOLDERS:
Name % of
Shareholding
Hu Boming ID# 330121710721471 82.5
Hu Jintang ID# 330121390111471 17.5
Legal representative, chairman and general manager:
Mr. Hu Boming ID# 330121710721471, born in 1971, he is currently
responsible for the overall management of SC.
Working Experience(s):
At present Working in SC as legal representative,
chairman and general manager.
From 1999 to 2001 Worked
in Hangzhou Textile Chemical Fiber Co., Ltd.
Supervisor:
========
Hu Jintang
SC is mainly engaged in manufacturing and selling Polyester FDY dyed
silk, POY silk, DTY silk and embroidery thread.
SC’s products mainly include: Polyester FDY dyed silk, POY silk, DTY
silk and embroidery thread.
SC sources its materials 30% from domestic markets, and 70% from
overseas markets. SC sells 30% of its products in domestic market, and 70% to
the overseas market, mainly Middle East, America, Southeast Asia.
The buying terms of SC include Check, L/C, T/T and Credit of 30-60 days.
The payment terms of SC include T/T, L/C and Credit of 30-90 days.
According to the
website http://klthread.cn.alibaba.com
Hangzhou Kaili Thread Industry Co., Ltd.
Hangzhou Kaijia Import and Export Co., Ltd.
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.
Cooperative Bank Jingjiang Sub-branch
AC#: 201000010945829
Relationship: Normal.
Balance Sheet
Unit: CNY’000
|
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As
of Dec. 31, 2008 |
As
of Dec. 31, 2009 |
|
Cash & bank |
24,379 |
50,150 |
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Short-term investments |
10 |
10 |
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Bills receivable |
10,436 |
31,384 |
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Inventory |
18,631 |
14,619 |
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Accounts receivable |
3,554 |
9,601 |
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Advances to suppliers |
3,509 |
1,435 |
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Other receivables |
837 |
110 |
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Prepaid expenses |
47 |
55 |
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Other current assets |
0 |
0 |
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------------------ |
------------------ |
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Current assets |
61,403 |
107,364 |
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Fixed assets net value |
9,298 |
12,110 |
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Disposal of fixed assets |
9 |
9 |
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Projects under construction |
3,278 |
4,243 |
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Long term investment |
300 |
300 |
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Intangible and other assets |
1,377 |
1,378 |
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Other assets |
0 |
0 |
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------------------- |
------------------ |
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Total assets |
75,665 |
125,404 |
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============ |
============= |
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Short loans |
21,500 |
31,000 |
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Bills payable |
38,708 |
80,408 |
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Accounts payable |
0 |
0 |
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Advances from clients |
0 |
0 |
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Taxes payable |
-1,055 |
-2,880 |
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Accrued payroll |
20 |
14 |
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Dividends payable |
-1,380 |
-3,513 |
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Other current liabilities |
0 |
0 |
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------------------ |
------------------ |
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Current liabilities |
57,793 |
105,029 |
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Long term liabilities |
0 |
0 |
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------------------ |
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Total liabilities |
57,793 |
105,029 |
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Equities |
17,872 |
20,375 |
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-------------------- |
------------------ |
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Total liabilities & equities |
75,665 |
125,404 |
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============= |
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Income Statement
Unit: CNY’000
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As
of Dec. 31, 2008 |
As
of Dec. 31, 2009 |
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Turnover |
42,900 |
107,799 |
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Cost of goods sold |
42,835 |
103,875 |
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Taxes and additional of main operation |
57 |
119 |
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Sales expense |
496 |
2,141 |
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Management expense |
640 |
1,092 |
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Finance expense |
1,002 |
444 |
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Investment income |
23 |
57 |
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Non-operating income |
0 |
190 |
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Non-operating expense |
0 |
0 |
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Profit before tax |
-2,107 |
375 |
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Less: profit tax |
11 |
0 |
|
Profits |
-2,118 |
375 |
Note: SC has not lodged the latest annual returns in local registry,
hence no up-to date detailed financial information available.
Important Ratios
=============
|
|
As
of Dec. 31, 2008 |
As
of Dec. 31, 2009 |
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*Current ratio |
1.06 |
1.02 |
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*Quick ratio |
0.74 |
0.88 |
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*Liabilities to assets |
0.76 |
0.84 |
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*Net profit margin (%) |
-4.94 |
0.35 |
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*Return on total assets (%) |
-2.80 |
0.30 |
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*Inventory /Turnover ×365 |
159 days |
50 days |
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*Accounts receivable/Turnover ×365 |
31 days |
33 days |
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*Turnover/Total assets |
0.57 |
0.86 |
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*Cost of goods sold/Turnover |
1.00 |
0.96 |
PROFITABILITY:
AVERAGE
The turnover of SC appears average in its line, and fairly good in 2009.
SC’s net profit margin is fair in 2008, and average in 2009.
SC’s return on total assets is fair in 2008, and average in 2009.
SC’s cost of goods sold is high in both 2 years, comparing with its
turnover.
LIQUIDITY: AVERAGE
The current ratio of SC is maintained in a normal level in both 2 years.
SC’s quick ratio is maintained in a fair level in 2008 and normal in
2009.
The inventory of SC appears average in both 2 years.
The accounts receivable of SC appears average in both 2 years.
The short loans of SC appear fairly large in both 2 years.
SC’s turnover is in a fair level
in both 2 years, comparing with the size of its total assets.
LEVERAGE: FAIR
The debt ratio of SC is fairly high in both 2 years.
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.
The large amount of short loans could be a threat to SC’s financial condition.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.68 |
|
|
1 |
Rs.85.12 |
|
Euro |
1 |
Rs.69.38 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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 |
---- |
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.