MIRA
INFORM REPORT
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Report Date : |
03.07.2012 |
IDENTIFICATION DETAILS
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Name : |
FOSHAN TEXTILES IMPORT & EXPORT CO., LTD. |
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Registered Office : |
No. 1 Hex 70, |
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Country : |
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Financials (as on) : |
31.12.2008 |
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Date of Incorporation : |
17.12.1984 |
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Com. Reg. No.: |
440602000066211 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
International Trade |
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No. of Employees : |
42 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
China |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
|
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
FOSHAN TEXTILES IMPORT & EXPORT CO., LTD.
NO. 1 HEX 70, FEN JIANG NAN ROAD
FOSHAN, GUANGDONG PROVINCE 528000 PR CHINA
TEL: 86 (0) 757-83212285/83211739
FAX: 86 (0) 757-83212185
EXECUTIVE SUMMARY
Date of Registration : DECember 17, 1984
REGISTRATION NO. : 440602000066211
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL : CNY 2,860,000
staff :
42
BUSINESS CATEGORY : trading
Revenue :
CNY 917,368,000 (AS OF DEC. 31, 2011)
EQUITIES :
CNY 5,941,000 (AS OF DEC. 31, 2011)
E-MAIL :
N/A
PAYMENT :
AVERAGE
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : FAIRLY 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
SC was established
as a limited liabilities company of PRC with State Administration of Industry
& Commerce (SAIC) under registration No.: 440602000066211
on December 17, 1984.
SC’s Organization Code Certificate No.:
19034181-7
SC’s registered capital: CNY 2,860,000
SC’s paid-in capital: CNY 2,860,000
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 |
|
Yan Guoshan |
13.29 |
|
Ju Boxian |
10.49 |
|
Li Xiuwen |
10.49 |
|
Liu Jian |
7.69 |
|
Wu Xiaoyong |
7.69 |
|
Chen Bohao |
5.59 |
|
Liu Qinghua |
4.2 |
|
Yue Xinglong |
4.2 |
|
Chen Xiaohua |
3.5 |
|
Liang Jieqing |
3.5 |
|
Other 22 Shareholders |
29.36 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman, General
Manager |
Yan Guoshan |
|
Director |
Ju Boxian |
|
Li Xiuwen |
|
|
Liu Jian |
|
|
Wu Xiaoyong |
|
|
Chen Bohao |
|
|
Liu Qinghua |
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|
Yue Xinglong |
|
|
Chen Xiaohua |
|
|
Liang Jieqing |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Yan Guoshan 13.29
Ju Boxian 10.49
Li Xiuwen 10.49
Liu Jian
7.69
Wu Xiaoyong 7.69
Chen Bohao 5.59
Liu Qinghua 4.2
Yue Xinglong 4.2
Chen Xiaohua 3.5
Liang Jieqing 3.5
Other 22 Shareholders 29.36
MANAGEMENT
Yan Guoshan ,
Legal Representative, Chairman, and General Manager
-------------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 49
Ø
ID# 440601196210031816
Ø
Qualification:
University
Ø
Working
experience (s):
At
present, working in SC as legal representative, chairman, and general manager
Directors
------------
Ju Boxian
ID# 440602195306090310
Li Xiuwen
ID# 440601195605161813
Liu Jian
ID# 440601196205070044
Wu Xiaoyong
ID# 440601195806071531
Chen Bohao
ID# 440601195511200631
Liu Qinghua
ID# 440107195104120619
Yue Xinglong
ID# 44060119571018091X
Chen Xiaohua
ID# 440601195908180923
Liang Jieqing
BUSINESS OPERATION
SC’s registered
business scope includes importing and exporting commodities and technology
(excluding the commodities privileged or prohibited by the state); processing
with imported materials, processing with imported samples, assembling with
imported parts, and compensation trade in agreement, counter trade &
transit trade; importing wool; domestic trade, supplying and selling of
commodities (excluding the products privileged or prohibited).
SC is mainly
engaged in international trade.
SC’s products mainly include:
Textile products
Wool
Ceramic
Lighting fixture
Etc.
SC sources its materials 95% from domestic
market, mainly Guangdong province, and 5% from overseas market. SC sells 10% of
its products in domestic market, and 90% to overseas market, mainly Southeast
Asia.
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.
*Major Supplier:
=============
Foshan SANFI Ceramics Co., Ltd.
Staff & Office:
--------------------------
SC is known
to have approx. 42 staff at present.
SC rents an area
as its operating office, but the detailed information is unknown.
RELATED COMPANY
SC should invest in a subsidiary, but the detailed information is not
available.
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
Basic Bank
China
Construction Bank Foshan Branch
AC#：44001668635050883813
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2008 |
|
370 |
|
|
Accounts
receivable |
44,310 |
|
Notes receivable |
0 |
|
Advances to
suppliers |
294,330 |
|
Other receivable |
0 |
|
Inventory |
2,850 |
|
Other current
assets |
0 |
|
|
------------------ |
|
Current assets |
341,860 |
|
Fixed assets |
4,830 |
|
Construction in
progress |
0 |
|
Long term
investment |
1,320 |
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Other
non-current assets |
0 |
|
|
------------------ |
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Total assets |
348,010 |
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|
============= |
|
Short-term loans |
15,140 |
|
Notes payable |
1,130 |
|
Accounts payable |
48,070 |
|
Taxes payable |
-360 |
|
Welfares payable |
360 |
|
Advances from
clients |
277,540 |
|
Other payable |
550 |
|
Other current
liabilities |
0 |
|
|
------------------ |
|
Current
liabilities |
342,430 |
|
Non-current
liabilities |
0 |
|
|
------------------ |
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Total
liabilities |
342,430 |
|
Equities |
5,580 |
|
|
------------------ |
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Total
liabilities & equities |
348,010 |
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|
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2008 |
|
Revenue |
1,023,300 |
|
Cost of sales |
1,011,990 |
|
Sales expense |
2,420 |
|
Management expense |
6,530 |
|
Finance expense |
920 |
|
Profit before
tax |
1,650 |
|
Less: profit tax |
0 |
|
1,650 |
Financial Summary
|
Unit: CNY’000 |
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
|
Long term investment |
1,315 |
1,315 |
1,315 |
|
Total assets |
355,631 |
447,660 |
467,973 |
|
|
------------- |
------------- |
------------- |
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Long term
liabilities |
0 |
0 |
0 |
|
Total
liabilities |
350,057 |
441,967 |
462,032 |
|
Equities |
5,574 |
5,693 |
5,941 |
|
|
------------- |
------------- |
------------- |
|
Revenue |
709,452 |
752,823 |
917,368 |
|
Profit before
tax |
1,209 |
1,051 |
1,554 |
|
Less: profit tax |
177 |
0 |
374 |
|
Profits |
1,032 |
1,051 |
1,180 |
Note: The detailed financials for Y2009 & Y2010 & Y2011 of SC
are not filed in local SAIC.
Important Ratios
|
|
As
of Dec. 31, 2008 |
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
|
*Current ratio |
1.00 |
-- |
-- |
-- |
|
*Quick ratio |
0.99 |
-- |
-- |
-- |
|
*Liabilities
to assets |
0.98 |
0.98 |
0.99 |
0.99 |
|
*Net profit
margin (%) |
0.16 |
0.15 |
0.14 |
0.13 |
|
*Return on total
assets (%) |
0.47 |
0.29 |
0.23 |
0.25 |
|
*Inventory /
Revenue ×365 |
2 days |
-- |
-- |
-- |
|
*Accounts
receivable/ Revenue ×365 |
16 days |
-- |
-- |
-- |
|
*
Revenue/Total assets |
2.94 |
1.99 |
1.68 |
1.96 |
|
* Cost of
sales / Revenue |
0.99 |
-- |
-- |
-- |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
l
The revenue of SC appears fairly good, and it
increased in 2011.
l
SC’s net profit margin is average in four years.
l
SC’s return on total assets is average in four
years.
l
SC’s cost of goods sold is fairly high, comparing
with its revenue in 2008.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a normal
level in 2008.
l
SC’s quick ratio is maintained in a normal level in
2008.
l
The inventory of SC is maintained in an average
level in 2008.
l
The accounts receivable of SC appears average in
2008.
l
SC’s short-term loan is in an average level in
2008.
l
SC’s revenue is in an average level, comparing with
the size of its total assets in three years.
LEVERAGE: FAIR
l
The debt ratio of SC is high in four years.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly Stable.
CONCLUSIONS
SC is considered medium-sized in its line with fairly stable financial
conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.83 |
|
|
1 |
Rs.87.41 |
|
Euro |
1 |
Rs.70.43 |
INFORMATION DETAILS
|
Report Prepared
by : |
PRL |
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.