MIRA
INFORM REPORT
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Report Date : |
02.06.2012 |
IDENTIFICATION DETAILS
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Name : |
BK-BAGS CO., LIMITED |
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Registered Office : |
RM 710, 7FL, |
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Country : |
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Date of Incorporation : |
30.04.2009 |
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Com. Reg. No.: |
1335403 |
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Legal Form : |
Private company |
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Line of Business : |
Wholesale of bags and other daily
necessities |
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No. of Employees : |
20 |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Not registered in China |
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Payment Behaviour : |
Unknown |
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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) |
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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
BK-BAGS CO.,
LIMITED
Currency in this report is Chinese Yuan unless otherwise stated.
Exchange Rate: 1 USD=6.34 Chinese Yuan
"--"in this report indicates "unavailable" due to insufficient information or "no comments"
ORDER
INFORMATION
|
name |
B K BAGS |
|
address |
Room 710 7th Floor, Nan An Road City
Kev Tower No. 63 Guarozhou City |
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tel. |
862022296361 |
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other information |
Credit amount US $ 25,00,000.00 Against da in terms |
Note:
1. The given name of subject is not complete
2. Subject is an offshore company registered in Hong Kong but operated in
China Mainland. Only some basic registration information is available.
Shareholder and financial is unavailable.
EXECUTIVE
SUMMARY
|
DATE OF establishment |
Apr.30th, 2009 |
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Aic Registration No. |
1335403 |
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REGISTERED LEGAL FORM |
Private company |
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REGISTERED CAPITAL |
N/A |
|
main BUSINESS |
Wholesale
of bags and other daily necessities |
|
employees |
20 |
|
import and export permits |
yes |
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EXCHANGE RATE |
1 Usd=6.34CNY (MAY.31st, 2012) |
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Registered Address |
Hong Kong |
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Business Address |
RM 710, 7FL, City Key Tower, No.63,
Nan’an Rd, Guangzhou City, Guangdong Province |
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Zip Code |
510160 |
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Telephone |
86 20 22296361 |
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Fax |
86 20 22296362 |
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SIC Code (China) |
6339 wholesale of other daily necessities |
REGISTRATION
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Name (Chinese) |
香港芭洲館貿易有限公司 |
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Name (English) |
BK-BAGS CO., LIMITED |
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Date of Establishment |
Apr.30th, 2009 |
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File No. |
1335403 |
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Country |
HONG KONG |
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Legal form |
Private company |
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Current status |
Active |
Limited
liabilities co.
This
form of business in PR China is defined as a legal person. Its registered capital
is contributed jointly by at least two shareholders and no more than fifty.
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 listed as follows:
-manufacturing
co. : RMB 500,000.00
-trading
&wholesaling co. : RMB 500,000.00
-retailing
co. : RMB 300,000.00
-consultancy
& service co. : RMB 100,000.00
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 50% of the registered
capital while contribution by intangible assets must not exceed 20% 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.
REGISTRATION
INFO: AVAILABLE
FINANCIAL
REPORTS: AVAILABLE
FIELD
INVESTIGATION
Subject's income mainly comes from
sales of canvas bags, fashion bags, paper bags, reusable bags etc. Its sales
business is done directly to the end customers which are mainly manufacturers
and traders of shoes and garments etc. Daily necessities industry is an
industry with fierce competition. As an offshore company, subject's popularity
in China mainland is not high and its customer network is limited. Overall
speaking, its competitiveness is below average.
Guangzhou City, SC’s location is one of the 5 biggest
national cities in China and the capital city of Guangdong Province. It is the
economic, financial, trading, cultural, technological traffic and educational
center of Southern China. With rich industrial foundation, well developed third industry and harmonized economy, the
industrial and agricultural production value of Guangzhou City has been growing
continuously and the foreign trade has been developing quickly. The overall
economic strength of Guangzhou City ranks No.3 among the the Chinese
big cities.
As an offshore company,
subject is exempted from tax by local government. This is favorable for it to
save tax pressure and evade the tax barrier in international trade.
SHAREHOLDERS
AND SHARES
N/A
AFFILIATE(S)
No
affiliate of subject company is found after checking.
MANAGEMENT
N/A
NUMBER OF EMPLOYEES
Employees:
20
Management
Staff: 5
Recent
recruitment: NO
BANKERS INFORMATION
|
Bank name |
HSBC Bank
(Hong Kong) |
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Account No. (CNY) |
N/A |
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Tel. |
-- |
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Comment |
Subject's staff only
confirmed it holds accounts in the above bank, but refused to disclose the
detailed branch bank information. |
OFFICE FACILITIES
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Geographic Location |
RM 710, 7FL, City Kev Tower, No.63, Nan’an Rd, Guangzhou City,
Guangdong Province |
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Area |
200 square meters |
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Environment |
Office premise |
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Traffic condition |
With neighborhood with Neihuan Road, Nan'an
Road, Fuli Road etc, the traffic condition here is good. |
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Purpose |
Office |
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Property Ownership |
Rented |
WEBSITE
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Website |
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e-mail |
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Operation status |
Operational |
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Copyright |
Subject |
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Language |
English only |
TRADEMARKS/PATENTS
After
checking with the Trademark Office of Chinese Administration Bureau of Industry
and Commerce and the State Intellectual Office, no trademarks or patents of SC
were found.
MAIN
PRODUCTS & SERVICES
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Main business |
Wholesale of bags
and reusable bags |
|
Products and services |
Canvas bags; reusable
bags; paper bags; woven bags; plastic shopping bags; fashion bags; non-woven
bags; jute bags; Packaging for
footwear, garments, jewellery etc. |
|
Picture of specific products |
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SALES
INFORMATION
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Export |
100% |
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Regions |
USA, Spain, Sweden, Europe, Africa etc. |
|
Major overseas clients |
Baili
Shoes Co., Ltd; FPI brand footwear
store etc. |
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Competitors |
PINGHU AOSITUO INDUSTRIAL
CO.,LTD; BEIJING
RUIHAO LEATHER WEAR CO. LTD; GUANGZHOU
LUOXIFEIQI TRADING CO. LTD; NINGBO
LIBANG PACKAGING CO. LTD |
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Payment terms |
L/C, T/T |
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Subject's
products are all exported to USA ad European countries. Its international
market is well developed and the clients are mainly manufacturers of footwear
and garments etc. |
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The above information was
confirmed by SC’s employee |
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PURCHASE
INFORMATION
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Main Commodities Purchased |
Canvas bags;
woven bags; reusable bags; paper bags etc. |
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Number of Major Suppliers |
About 3 |
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Region |
Domestic: 0% Import:100 % |
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Major suppliers |
Jane Fensterstock etc. |
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Main Terms of Payment |
Import: L/C, T/T |
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Subject's
products are mainly supplied by the manufacturers in Ningbo, Wenzhou City etc.
Since the registration country is Hong Kong, Chinese suppliers are regarded
as international suppliers. |
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The above information was confirmed by SC’s
employee |
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CREDIT
|
Subject's staff refused
to disclose its supplier names. Hence no payment comment from the supplier
can be provided in this report. |
LITIGATION
RECORDS
After checking with China Court organization, the
local court website and other major searching websites, no litigation record
related to SC in the latest three years is found.
OTHER
ADVERSE MEDIA INFORMATION
NO
MEDIA INFORMATION
1. Information of subject on the yellow page: http://profile.yellowpages.co.th/en/459917732697001
2. Subject's
file information: http://www.zhucee.net/9b60869fafb63e6ade316d17d3834558_449551.html
FINANCE
Subject
is an offshore company registered in Hong Kong. Its sales volume of 2011 was
about 50 million CNY.
Industry Ratios:
|
|
2010 |
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Return on net assets
(%) |
13.97 |
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Return on total
assets (%) |
5.23 |
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Net profit
margin (%) |
3.22 |
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Turnover of
total assets |
1.65 |
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Turnover of
current assets |
1.85 |
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Turnover days of
account receivable |
43.21 |
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Inventory
turnover days |
64.63 |
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Asset liability
ratio (%) |
59.08 |
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Current ratio |
1.61 |
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Quick ratio |
1.18 |
Analysis of financial indicator
Bag product is a kind of daily necessities that are closely related to people's
daily life. The market demand is stable. However, the industry competition is
also fierce. Being an offshore company is favorable for subject's international
trade business development. However, it is difficult for an offshore company to
improve popularity in China mainland.
INDUSTRY
PROFILE
Industry
SIC Code (China): 6339 wholesale of other daily necessities
Description: wholesale, import and export of different types of
bags, suitcases; wholesale, import and export of other unlisted daily
necessities
Status Quo & Trend
As the improving of people's living standard, bags
and suitcases have become necessary decoration items. The requirements of
consumers is also changed from traditional using function to decorative
functions. More new materials are used to make the bags and suitcases and more
styles are developed in order to suit for different consumers' pursuit.
As a country strong in manufacture of bags and
suitcases, China has developed PVC bag manufacture bases in Huadu (Guangdong),
Quanzhou (Fujian), Pinghu (Zhejiang) and Baigou (Hebei). Large international
market demand accelerates the export growth of China's bags and suitcase
products. In 2011, the total export volume of
China's bags and suitcase products reached 24 billion USD, increasing
32.9% y/y.
In order to strengthen international
competitiveness, Chinese enterprises should upgrade their technical and
research capacity and buildup competitive brands. Meanwhile, close attention
should be paid to the international safety and technology testing standards in
order to avoid trade friction.
Industry Associations
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Name of association |
Membership of subject |
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Guangdong leather bags circulation association |
No |
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Guangdong Packaging Technology Association |
No |
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China association of woven bags |
No |
GENERAL
COMMENTS
Established in Apr. 2009, subject is engaged in export of canvas bags, reusable
bags, paper bags and other bag products that are used for package of footwear,
garments, jewellery etc or fashion decoration. Its products are 100% exported
to overseas countries.
As an offshore company, subject's enjoys some favorable policies which is
good for international trade business. However, it is also difficult for
subject to improve its popularity both in China mainland and Hong Kong.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
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US Dollar |
1 |
Rs.55.92 |
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UK Pound |
1 |
Rs.86.03 |
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Euro |
1 |
Rs.69.13 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
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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.