MIRA INFORM
REPORT
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Report Date : |
26.11.2012 |
IDENTIFICATION DETAILS
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Name : |
FOSHAN EVERLASTING ENTERPRISE CO., LTD. |
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Registered Office : |
31/F Jinghua Building, No. 18 Jihua Wu Road,
Chancheng District, Foshan City, Guangdong Province 528000 Pr |
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Country : |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
22.10.1992 |
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Com. Reg. No.: |
440602000086299 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
International
Trade |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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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
FOSHAN EVERLASTING ENTERPRISE CO., LTD.
31/f
CHANCHENG DISTRICT, FOSHAN CITY
GUANGDONG
PROVINCE 528000 PR CHINA
TEL:
86 (0) 757-83036433/83288089
FAX: 86 (0) 757-83036488/83289050
EXECUTIVE SUMMARY
Date
of Registration : OCTOBER 22, 1992
REGISTRATION
NO. : 440602000086299
LEGAL
FORM : Limited liabilities company
REGISTERED
CAPITAL : CNY 5,000,000
staff : 150
BUSINESS
CATEGORY : trading
Revenue : CNY
2,574,230,000 (AS OF DEC. 31,
2010)
EQUITIES : CNY 46,410,000
(AS OF DEC. 31, 2010)
WEBSITE : www.fsel.cn
E-MAIL : zhiwei@elpurchase.com
PAYMENT
: AVERAGE
MARKET
CONDITION : COMPETITIVE
FINANCIAL
CONDITION : FAIRly stable
OPERATIONAL
TREND : STEADY
GENERAL
REPUTATION : AVERAGE
EXCHANGE
RATE : CNY 6.47 = 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.: 440602000086299 on October 22, 1992.
SC’s Organization Code Certificate No.: 193535422
SC’s registered capital: CNY
5,000,000
SC’s paid-in capital: CNY
5,000,000
Registration
Change Record:
|
Date |
Change of Contents |
Before the
change |
After the
change |
|
-- |
Registration No. |
4406001002127 |
440602000086299 |
Current Co search
indicates SC’s shareholders & chief executives are as follows:-
|
Name of
Shareholder (s) |
% of
Shareholding |
|
Zhang Wenjun |
29.64 |
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Liu Yongjun |
15.20 |
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Li Minxian |
15.20 |
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Chen Xianhua |
15.20 |
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Huang Hengjing |
15.20 |
|
Feng Shaoqi |
9.56 |
SC’s Chief
Executives:-
Legal
Representative, Chairman and General Manager: Zhang Wenjun
Deputy General
Manager: Liu Yongjun
RECENT
DEVELOPMENT
²
SC has
passed quality management system of ISO9001:2000 and acquired "UKAS"
and "CNAB" certifications.
²
SC has been
awarded “level a management company” by China customs, “AA” credit rating by
the banks, and “AAA” China national business credit rating by China shippers’
association.
SHAREHOLDER
CHART & BACKGROUND
Name % of Shareholding
Zhang Wenjun 29.64
Liu Yongjun 15.20
Li Minxian 15.20
Chen Xianhua 15.20
Huang Hengjing 15.20
Feng Shaoqi 9.56
MANAGEMENT
Zhang Wenjun, Legal Representative, Chairman
and General Manager
--------------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 60
Ø
Qualification:
University
Ø
Working
experience (s):
Before 1992, worked in Foshan Arts & Crafts Imp. &
Exp. Company Of Guangdong as general manager
From 1992 to present, working in SC as legal representative,
chairman and general manager
Liu Yongjun ,
Deputy General Manager
---------------------------------------------------------------
Ø
Gender: M
Ø
Qualification:
University
At present, working in SC as deputy general manager
Li Minxian,
Director
---------------------------------------
Ø
Gender: M
Ø
Qualification:
University
Chen Xianhua,
Director
------------------------------------------
Ø
Gender: M
Ø
Qualification:
University
Huang Hengjing,
Director
---------------------------------------------
Ø
Gender: M
Ø
Qualification:
University
Feng Shaoqi,
Supervisor
------------------------------------------
Ø
Gender: M
Ø
Qualification:
University
BUSINESS
OPERATION
SC’s registered business scope includes importing and
exporting commodities and technologies, excluding export commodities limited 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;
wholesaling and retailing coal.
SC is mainly engaged in international trade.
SC’s products mainly include: ceramic tile,
bamboo flooring, sanitary, furniture, Car DVD player, TV set, power tool, lamp,
hard and stationery wares, horologe, plastic and leather product, artificial
hair, household wares, gift, toy, daily arts and crafts.
SC sources its materials 80% from domestic market, mainly Guangdong and
Fujian, and 20% from overseas market. SC sells 70% of its products to overseas
market, mainly Europe and Southeast Asian market, and 30% in domestic market.
The buying terms of
SC include Check, 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.
Staff
& Office:
--------------------------
SC is known to have approx. 150 staff at present.
SC owns an area as its operating office of
approx. 2,700 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 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#：44001669002053002183
FINANCIALS
Balance
Sheet
|
Unit: CNY’000 |
As of Dec. 31, 2009 |
As of Dec. 31, 2010 |
|
53,930 |
95,080 |
|
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Accounts receivable |
30,700 |
37,110 |
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Advances to suppliers |
526,030 |
635,620 |
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Other receivable |
970 |
100,630 |
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Inventory |
0 |
0 |
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Non-current assets within one year |
0 |
0 |
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Other current assets |
48,670 |
10 |
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------------------ |
------------------ |
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Current assets |
660,300 |
868,450 |
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Fixed assets |
16,460 |
15,420 |
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Construction in progress |
0 |
0 |
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Intangible assets |
0 |
0 |
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Long-term prepaid expenses |
0 |
0 |
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Deferred income tax assets |
0 |
0 |
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Other non-current assets |
0 |
1,380 |
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------------------ |
------------------ |
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Total assets |
676,760 |
885,250 |
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============= |
============= |
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Short-term loans |
122,870 |
203,740 |
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Notes payable |
7,180 |
0 |
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Accounts payable |
-10,940 |
7,050 |
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Advances from clients |
509,900 |
623,160 |
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Other payable |
1,100 |
280 |
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Other current liabilities |
1,870 |
2,840 |
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------------------ |
------------------ |
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Current liabilities |
631,980 |
837,070 |
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Non-current liabilities |
1,270 |
1,770 |
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------------------ |
------------------ |
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Total liabilities |
633,250 |
838,840 |
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Equities |
43,510 |
46,410 |
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------------------ |
------------------ |
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Total liabilities & equities |
676,760 |
885,250 |
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============= |
============= |
Income
Statement
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Unit: CNY’000 |
As of Dec. 31, 2009 |
As of Dec. 31, 2010 |
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Revenue |
1,951,700 |
2,574,230 |
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Cost of sales |
1,905,230 |
2,525,910 |
|
Sales expense |
20,660 |
21,020 |
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Management expense |
10,480 |
15,650 |
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Finance expense |
4,840 |
1,090 |
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Profit before tax |
15,720 |
11,980 |
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Less: profit tax |
3,570 |
3,000 |
|
12,150 |
8,980 |
Important Ratios
=============
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|
As of Dec. 31, 2009 |
As of Dec. 31, 2010 |
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*Current ratio |
1.04 |
1.04 |
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*Quick ratio |
1.04 |
1.04 |
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*Liabilities to assets |
0.94 |
0.95 |
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*Net profit margin (%) |
0.62 |
0.35 |
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*Return on total assets (%) |
1.80 |
1.01 |
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*Inventory / Revenue ×365 |
-- |
-- |
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*Accounts receivable/ Revenue ×365 |
6 days |
6 days |
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* Revenue/Total assets |
2.88 |
2.91 |
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* Total business cost / Revenue |
0.98 |
0.98 |
FINANCIAL
COMMENTS
PROFITABILITY: AVERAGE
l
The
revenue of SC appears fairly good, and it was rising in 2010.
l
SC’s net
profit margin is average in both years.
l
SC’s return
on total assets is average in both years.
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 both years.
l
The
accounts receivable of SC is maintained in an average level.
l
The
short-term loan of SC appears large in both years.
l
SC’s
revenue is in an average level, comparing with the size of its total assets.
LEVERAGE: FAIR
l
The debt
ratio of SC is high in both 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. The large amount
of short-term loans may be a threat to SC’s financial condition.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.34 |
|
UK Pound |
1 |
Rs.88.30 |
|
Euro |
1 |
Rs.71.37 |
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.