MIRA
INFORM REPORT
|
Report Date : |
01.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
KING TECH CORPORATION |
|
|
|
|
Registered Office : |
Room 1410, 14/F, Tower 4, Excellent Century Center, Fuhua 3 Road,
Futian District, Shenzhen City, Guangdong Province, 518000 Pr |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
03.07.2000 |
|
|
|
|
Com. Reg. No.: |
440301104722654 |
|
|
|
|
Legal Form : |
Limited Liabilities Company |
|
|
|
|
Line of Business : |
Exporting Pesticide |
|
|
|
|
No. of Employees : |
14 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
usd 60,000 |
|
Status : |
Moderate |
|
Payment Behaviour : |
No Complaints |
|
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 and address
KING TECH CORPORATION
ROOM 1410, 14/F,
TOWER 4, EXCELLENT CENTURY CENTER, FUHUA 3 ROAD, FUTIAN DISTRICT, SHENZHEN
CITY, GUANGDONG PROVINCE, 518000 PR CHINA
TEL: 86 (0)
755-25195648/25195646 FAX: 86 (0)
755-25195613
EXECUTIVE SUMMARY
INCORPORATION DATE : july 3, 2000
REGISTRATION NO. : 440301104722654
REGISTERED LEGAL FORM : Limited liabilities
company
STAFF STRENGTH :
14
REGISTERED CAPITAL : CNY 3,000,000
BUSINESS LINE :
trading
TURNOVER :
CNY 80,030,000 (AS OF DEC. 31, 2010)
EQUITIES :
CNY 5,410,000 (AS OF DEC. 31, 2010)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO usd 60,000
MARKET CONDITION : average
FINANCIAL CONDITION : fairly STABLE
OPERATIONAL TREND : fairly 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 Renminbi
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 July 3, 2000.
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 industry development, domestic commerce; supplying and
selling of commodities (excluding the products privileged, prohibited or franchised),
international trade (according to Shenzhen Trade Management the word No.
2001-034); selling pesticide (excluding dangerous chemicals) (according to
Guangdong and Shenzhen security monitoring by (b) the word [2008] No. 000347,
valid until April 28, 2011).
SC is mainly
engaged in exporting pesticide.
Ms. Cheng
Feiyan has been the legal
representative, chairwoman and general manager of SC since 2000.
SC is known to
have approx. 14 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office in the commercial zone of Shenzhen. Our checks reveal that SC
rents the total premise about 300 square meters.
http://www.kingtechem.com
The design is professional and the content is well organized. At present the
web site is only in English version.
E-mail: vickichengfeiyan@hotmail.com
SC has passed the certifications of ISO9001:2000
Quality Management Systems.
Changes
of its registered information are as follows:
|
Date of change |
Item |
Before the
change |
After the change |
|
|
Registered capital |
CNY 1,000,000 |
Present amount |
|
|
Registration no. |
4403012049249 |
Present one |
|
Shareholders |
Cheng Feiyan 90% Shi Tingli 10% |
Present ones |
MAIN SHAREHOLDERS:
Name %
of Shareholding
Cheng Feiyan 90
Zhao Yan 10
l
Legal representative, chairwoman and general
manager:
Ms. Cheng Feiyan, in her
Working Experience(s):
From 1993 to 2000 Worked
in Shenzhen Jiangshan Industry Co., Ltd. as vice general manager.
From 2000 to present Working
in SC as legal representative, chairwoman and general manager.
l
Supervisor:
Ms. Shi Tingli
SC is mainly
engaged in exporting pesticide.
SC’s products
mainly include: insecticide, fungicide, herbicide, rodenticide, molluscide,
regulator, etc.
SC sources its materials 100% from domestic
market, mainly Guangdong. SC sells 100% of its products to overseas market,
mainly Southeast Asian market and Japan.
The buying terms of SC include Check, T/T 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 not known to have any subsidiary 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.
Agricultural Bank of China Shenzhen Branch Luohu Sub-Branch
AC#
41001200040003183
Relationship:
Normal.
Balance Sheet
|
Unit: CNY’000 |
as
of Dec. 31, 2009 |
as
of Dec. 31, 2010 |
|
Cash & bank |
3,300 |
1,760 |
|
Inventory |
2,960 |
5,250 |
|
Accounts
receivable |
0 |
0 |
|
Other Accounts
receivable |
2,140 |
1,240 |
|
Advances to
suppliers |
10 |
10 |
|
Other current
assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current assets |
8,410 |
8,260 |
|
Fixed assets net
value |
700 |
550 |
|
Projects under
construction |
0 |
0 |
|
Long term
investment |
0 |
0 |
|
Long-term
prepaid expense |
0 |
330 |
|
Other assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total assets |
9,110 |
9,140 |
|
|
============= |
============= |
|
Short loans |
0 |
0 |
|
Notes payable |
0 |
0 |
|
Accounts payable |
500 |
570 |
|
Other Accounts
payable |
1,640 |
1,560 |
|
Advances from
clients |
2,400 |
2,970 |
|
Accrued payable |
-340 |
-1,430 |
|
Tax payable |
90 |
60 |
|
Other current
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
4,290 |
3,730 |
|
Long term liabilities |
0 |
0 |
|
Other
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
4,290 |
3,730 |
|
Equities |
4,820 |
5,410 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
9,110 |
9,140 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
as of Dec. 31,
2009 |
as of Dec. 31,
2010 |
|
Turnover |
81,220 |
80,030 |
|
Cost of goods
sold |
73,260 |
71,970 |
|
Taxes and additional
of main operation |
0 |
0 |
|
Sales expense |
4,120 |
4,000 |
|
Management expense |
2,760 |
2,800 |
|
Finance expense |
220 |
690 |
|
Non-operating
income |
50 |
130 |
|
Non-operating expense |
0 |
0 |
|
Profit before
tax |
910 |
700 |
|
Less: profit tax |
180 |
170 |
|
Profits |
730 |
530 |
Important
Ratios
=============
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
*Current ratio |
1.96 |
2.21 |
|
*Quick ratio |
1.27 |
0.81 |
|
*Liabilities
to assets |
0.47 |
0.41 |
|
*Net profit
margin (%) |
0.90 |
0.66 |
|
*Return on
total assets (%) |
8.01 |
5.80 |
|
*Inventory
/Turnover ×365 |
14 days |
24 days |
|
*Accounts
receivable/Turnover ×365 |
0 |
0 |
|
*Turnover/Total
assets |
8.92 |
8.76 |
|
* Cost of
goods sold/Turnover |
0.90 |
0.90 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears average in both years.
l
SC’s net profit margin is average in both years.
l
SC’s return on total assets is fairly good in both
years.
l
SC’s cost of goods sold is fairly high, comparing
with its turnover.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a normal
level in 2009 and fairly good in 2010.
l
SC’s quick ratio is maintained in a normal level in
both years.
l
The inventory of SC is maintained in an average
level in 2009 but fairly large in 2010.
l
SC has no accounts receivable in both years.
l
SC has no short-term loan in both years.
l
SC’s turnover is in a fairly good level, comparing
with the size of its total assets.
LEVERAGE: AVERAGE
l
The debt ratio of SC is low.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly stable.
SC is considered small-sized in its line with fairly stable financial conditions.
A credit line up to USD 60,000
would appear to be within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.94 |
|
|
1 |
Rs.77.95 |
|
Euro |
1 |
Rs.65.94 |
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.