MIRA INFORM REPORT
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Report Date : |
16.01.2012 |
IDENTIFICATION DETAILS
|
Name : |
FOSHAN KINGFUWAY COMPANY
LIMITED |
|
Registered Office : |
Shop
No. 6, 6th Bldg., 1st Hongxiang North Street, Chancheng District, Foshan,
Guangdong Province 528041 PR China |
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Country : |
China |
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Financials (as on) : |
30.11.2011 |
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Date of Incorporation : |
02.04.2007 |
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Com. Reg. No.: |
440602000078032 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Domestic Trade, Importing and Exporting Goods and Technology |
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No. of Employees : |
10 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 15,000 |
|
Status : |
Moderate |
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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 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
COMPANY NAME
& ADDRESS
FOSHAN KINGFUWAY COMPANY LIMITED
SHOP NO. 6, 6TH BLDG., 1ST
HONGXIANG NORTH STREET,
CHANCHENG
DISTRICT, FOSHAN, GUANGDONG PROVINCE 528041 PR CHINA
TEL: 86 (0) 757-82082182
FAX: 86 (0) 757-82082181
EXECUTIVE SUMMARY
Date of Registration : april 2, 2007
REGISTRATION NO. : 440602000078032
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL : cny 1,000,000
staff : 10
BUSINESS CATEGORY : trading
REVENUE : CNY 67,520,000 (JAN. 1 2011 TO
NOV. 30, 2011)
EQUITIES :
CNY 1,320,000 (AS OF NOV. 30, 2011)
WEBSITE : N/A
E-MAIL :
N/A
PAYMENT : AVERAGE
Recommended Credit Limit :
UP TO USD 15,000
MARKET CONDITION : average
FINANCIAL CONDITION : FAIRly stable
OPERATIONAL TREND : ORDINARY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.31 = 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 limited liabilities company of PRC with State Administration
of Industry & Commerce (SAIC) under registration No.: 440602000078032 on April 2, 2007.
SC’s Organization Code Certificate
No.: 79936323-1
SC’s registered capital: cny 1,000,000
SC’s paid-in capital: cny 1,000,000
As of December 31, 2010, SC’s
paid-in capital was cny 1,000,000.
Registration Change Record:
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 |
|
Liao Liuzhen |
60 |
|
Zhou Jialuo |
20 |
|
Zhou Qingjing |
20 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative,
Chairman, and General Manager |
Liao Liuzhen |
RECENT
DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER
CHART & BACKGROUND
Name %
of Shareholding
Liao Liuzhen 60
Zhou Jialuo 20
Zhou Qingjing 20
MANAGEMENT
Liao Liuzhen, Legal Representative, Chairman and General Manager
-----------------------------------------------------------------------------------------------------
Ø
Gender: F
Ø
Qualification:
University
Ø
Mobile:
86 (0) 13702551401
Ø
Working
experience (s):
At present, working in SC as legal representative, chairman
and general manager.
Yang Wenhong, Salesman
----------------------------------------------
Mobile: 0086 13380242682
BUSINESS
OPERATION
SC’s registered business scope includes domestic trade,
importing and exporting goods and technology.
SC is mainly
engaged in international trade.
SC’s
products mainly include: vat machinery and accessories, high temperature chain
oil, industrial belts, electronic products.
SC sources its materials 60% from domestic market,
mainly Guangdong, and 40% from overseas market, mainly Germany. SC sells 40% of
its products in domestic market, and 60% to overseas market, mainly USA, Europe
and Southeast Asian market.
The
buying terms of SC include T/T, L/C and Credit of 30-60 days. The payment terms
of SC include T/T, L/C and Credit of 30-60 days.
*Major Supplier:
============
Foshan
Nanhai Quanpoo Electrical Factory
Staff & Office:
--------------------------
SC is
known to have approx. 10 staff at present.
SC rents an area
as its operating office of approx. 100 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’s suppliers
declined to make any comments.
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
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2010 |
As
of Nov. 30, 2011 |
|
590 |
1,540 |
|
|
Accounts
receivable |
0 |
0 |
|
Advances to
suppliers |
16,470 |
19,210 |
|
Other receivable |
380 |
2 |
|
Inventory |
0 |
0 |
|
Non-current
assets within one year |
0 |
0 |
|
Other current
assets |
1,180 |
2,928 |
|
|
------------------ |
------------------ |
|
Current assets |
18,620 |
23,680 |
|
Fixed assets |
17 |
9 |
|
Construction in
progress |
0 |
0 |
|
Intangible
assets |
0 |
0 |
|
Long-term
prepaid expenses |
0 |
0 |
|
Deferred income
tax assets |
0 |
0 |
|
Other
non-current assets |
23 |
11 |
|
|
------------------ |
------------------ |
|
Total assets |
18,660 |
23,700 |
|
|
============= |
============= |
|
Short-term loans |
0 |
2,240 |
|
Notes payable |
0 |
0 |
|
Accounts payable |
0 |
0 |
|
Wages payable |
0 |
0 |
|
Advances from
clients |
16,810 |
20,050 |
|
Other payable |
-30 |
77 |
|
Other current
liabilities |
640 |
3 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
17,420 |
22,370 |
|
Non-current
liabilities |
0 |
10 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
17,420 |
22,380 |
|
Equities |
1,240 |
1,320 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
18,660 |
23,700 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2010 |
Jan. 1 2011 to
Nov. 30, 2011 |
|
Revenue |
57,290 |
67,520 |
|
Cost of sales |
56,180 |
66,720 |
|
Sales expense |
460 |
360 |
|
Management expense |
360 |
480 |
|
Finance expense |
83 |
-200 |
|
Profit before
tax |
170 |
120 |
|
Less: profit tax |
40 |
20 |
|
130 |
100 |
Important Ratios
=============
|
|
As
of Dec. 31, 2010 |
As
of Nov. 30, 2011 |
|
*Current ratio |
1.07 |
1.06 |
|
*Quick ratio |
1.07 |
1.06 |
|
*Liabilities
to assets |
0.93 |
0.94 |
|
*Net profit
margin (%) |
0.23 |
0.15 |
|
*Return on total
assets (%) |
0.70 |
0.42 |
|
*Inventory /
Revenue ×365 |
-- |
-- |
|
*Accounts
receivable/ Revenue ×365 |
-- |
-- |
|
*
Revenue/Total assets |
3.07 |
2.85 |
|
* Total
business cost / Revenue |
0.98 |
0.99 |
FINANCIAL
COMMENTS
PROFITABILITY:
AVERAGE
l
The revenue of SC appears
average in its line.
l
SC’s net profit margin is average.
l
SC’s return on total assets is average.
l
SC’s cost of goods sold is high, comparing with its revenue.
LIQUIDITY:
AVERAGE
l
The current ratio of SC is maintained in a normal
level.
l
SC’s quick ratio is maintained in a fairly good
level.
l
SC has no inventory in 2010.
l
SC has no accounts receivable in 2010.
l
SC has no short-term loan in 2010.
l
SC’s revenue is in a
fairly good level, comparing with the size of its total assets.
LEVERAGE:
FAIR
l
The debt ratio of SC is high.
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 up to USD 15,000 would appear to be within SC’s
capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.43 |
|
UK Pound |
1 |
Rs.79.10 |
|
Euro |
1 |
Rs.66.17 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.