MIRA INFORM REPORT
|
Report Date : |
06.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
COBES
INDUSTRIES (HEFEI) CO., LTD. |
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Registered Office : |
No. 39 Liaoyuan Road, Xincheng
Development Zone, Feidong, Hefei, Anhui Province 230001 PR |
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Country : |
China |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
28.09.2005 |
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Com. Reg. No.: |
340100400005404 |
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Legal Form : |
Wholly Foreign-Owned Enterprise |
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Line of Business : |
Subject engaged in manufacturing non-woven products |
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No. of Employees : |
200 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
china - ECONOMIC OVERVIEW
Since the late 1970s China has moved from a closed, centrally planned
system to a more market-oriented one that plays a major global role - in 2010
China became the world's largest exporter. Reforms began with the phasing out
of collectivized agriculture, and expanded to include the gradual
liberalization of prices, fiscal decentralization, increased autonomy for state
enterprises, creation of a diversified banking system, development of stock
markets, rapid growth of the private sector, and opening to foreign trade and
investment. China has implemented reforms in a gradualist fashion. In recent
years, China has renewed its support for state-owned enterprises in sectors it
considers important to "economic security," explicitly looking to
foster globally competitive national champions. After keeping its currency
tightly linked to the US dollar for years, in July 2005 China revalued its
currency by 2.1% against the US dollar and moved to an exchange rate system
that references a basket of currencies. From mid 2005 to late 2008 cumulative
appreciation of the renminbi against the US dollar was more than 20%, but the
exchange rate remained virtually pegged to the dollar from the onset of the
global financial crisis until June 2010, when Beijing allowed resumption of a
gradual appreciation. The restructuring of the economy and resulting efficiency
gains have contributed to a more than tenfold increase in GDP since 1978.
Measured on a purchasing power parity (PPP) basis that adjusts for price
differences, China in 2010 stood as the second-largest economy in the world
after the US, having surpassed Japan in 2001. The dollar values of China's
agricultural and industrial output each exceed those of the US; China is second
to the US in the value of services it produces. Still, per capita income is
below the world average. The Chinese government faces numerous economic
challenges, including: (a) reducing its high domestic savings rate and
correspondingly low domestic demand; (b) sustaining adequate job growth for
tens of millions of migrants and new entrants to the work force; (c) reducing
corruption and other economic crimes; and (d) containing environmental damage
and social strife related to the economy's rapid transformation. Economic
development has progressed further in coastal provinces than in the interior,
and by 2011 more than 250 million migrant workers and their dependents had
relocated to urban areas to find work. One consequence of population control
policy is that China is now one of the most rapidly aging countries in the
world. Deterioration in the environment - notably air pollution, soil erosion,
and the steady fall of the water table, especially in the North - is another
long-term problem. China continues to lose arable land because of erosion and
economic development. The Chinese government is seeking to add energy
production capacity from sources other than coal and oil, focusing on nuclear
and alternative energy development. In 2010-11, China faced high inflation
resulting largely from its credit-fueled stimulus program. Some tightening
measures appear to have controlled inflation, but GDP growth consequently
slowed to near 9% for 2011. An economic slowdown in Europe is expected to
further drag Chinese growth in 2012. Debt overhang from the stimulus program,
particularly among local governments, and a property price bubble challenge
policy makers currently. The government's 12th Five-Year Plan, adopted in March
2011, emphasizes continued economic reforms and the need to increase domestic
consumption in order to make the economy less dependent on exports in the
future. However, China has made only marginal progress toward these rebalancing
goals.
|
Source : CIA |
COMPANY NAME &
ADDRESS
COBES INDUSTRIES (HEFEI) CO., LTD.
NO. 39 LIAOYUAN
ROAD, XINCHENG DEVELOPMENT ZONE, FEIDONG
HEFEI,
ANHUI PROVINCE 230001 PR CHINA
TEL: 86
(0) 551-64234820
FAX: 86
(0) 551-64234539
EXECUTIVE SUMMARY
Date of Registration : september 28, 2005
REGISTRATION NO. : 340100400005404
LEGAL FORM : wholly foreign-owned enterprise
REGISTERED CAPITAL : HKD 20,000,000
staff : 200
BUSINESS CATEGORY :
MANUFACTURING
Revenue :
CNY 100,540,000 (AS OF DEC. 31,
2012)
EQUITIES :
CNY 6,640,000 (AS OF DEC. 31, 2012)
WEBSITE : www.cobeshk.com
E-MAIL :
laurencezhang@cobeshk.com
PAYMENT : AVERAGE
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION :
fairLy stable
OPERATIONAL TREND : fairly STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE : CNY 6.22 = 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
***Note: SC’s headquarters address should be the
heading one, while SC’s sales department locates it the (Room 806, Baowen
International Building, No. 1 Zhanxi Road, 230001 Hefei, Anhui, China).
SC was
established as a wholly foreign-owned enterprise of PRC with
State Administration of Industry & Commerce (SAIC) under registration No.: 340100400005404
on September
28, 2005.
SC’s Organization Code Certificate
No.: 77909552-4
%20CO%20,%20LTD%20-%20209131%2006-Feb-2013_files/image003.jpg)
SC’s Tax No.: 340122779095524
SC’s registered capital: HKD 20,000,000
SC’s paid-in capital: HKD 20,000,000
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
-- |
Registration No. |
001920 |
340100400005404 |
|
Registered Capital |
HKD 6,000,000 |
HKD 15,000,000 |
|
|
Registered Capital |
HKD 15,000,000 |
HKD 20,000,000 |
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Cobes Industries Co., Ltd.
(Hong Kong) |
100 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative,
Chairman, and General Manager |
Gao
Ming |
|
Deputy General Manager |
Li
Yongzhi |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART
& BACKGROUND
Name %
of Shareholding
%20CO%20,%20LTD%20-%20209131%2006-Feb-2013_files/image004.gif){kind=small}
Cobes Industries Co., Ltd. (Hong Kong) 100
================================
Date of Registration: June 15, 2005
Registration No.: 0977470
Legal Form: Private
MANAGEMENT
Gao
Ming, Legal Representative,
Chairman and General Manager
----------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age:
Ø
Qualification:
University
Ø
Working
experience (s):
From
2005 to present, working in SC as chairman and general manager
Li Yongzhi, Deputy General Manager
-------------------------------------------------------------
Ø
Gender: F
Ø
Age:
Ø
Qualification:
University
Ø
Working
experience (s):
From 2005 to present, working in SC as deputy general
manager
BUSINESS OPERATION
SC’s
registered business scope includes manufacturing and selling non-woven
products.
SC is
mainly engaged in manufacturing non-woven products.
SC’s
products mainly include: non-woven products.
SC sources its materials 10%
from domestic market, and 90% from overseas market, mainly Europe; SC sells its
products 20% in domestic market, and 80% to overseas market, mainly Hong Kong.
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 15-30 days.
*Major Customers:
==============
Cobes Industries Co., Ltd. Hong
Kong
Kimberly-Clark
Global Sales, Inc.
Staff & Office:
--------------------------
SC is
known to have approx. 200
staff at present.
SC rents an area
as its operating office & factory of approx. 18,000 sq. meters at the
heading address.
RELATED COMPANY
n Cobes Health Care (Hefei) Co., Ltd.
---------------------------------------------------Add: No. 6 Liaoyuan Road, Xincheng Development Zone, Feidong, Hefei, ChinaTel: 86 0551-7758680Fax: 86 0551-7758660 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
Industrial and Commercial Bank of China
AC#:1302015319200608128
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2012 |
|
1,470 |
|
|
Accounts receivable |
10,960 |
|
Advances to
suppliers |
4,330 |
|
Other receivable |
7,350 |
|
Inventory |
22,310 |
|
Non-current
assets within one year |
0 |
|
Other current
assets |
310 |
|
|
------------------ |
|
Current assets |
46,730 |
|
Fixed assets |
4,860 |
|
Long-term
prepaid expenses |
0 |
|
Deferred income
tax assets |
0 |
|
Other
non-current assets |
5,160 |
|
|
------------------ |
|
Total assets |
56,750 |
|
|
============= |
|
Short-term loans |
8,640 |
|
Accounts payable |
32,430 |
|
Advances from
clients |
790 |
|
Other payable |
7,260 |
|
Other current
liabilities |
990 |
|
|
------------------ |
|
Current
liabilities |
50,110 |
|
Non-current
liabilities |
0 |
|
|
------------------ |
|
Total
liabilities |
50,110 |
|
Equities |
6,640 |
|
|
------------------ |
|
Total
liabilities & equities |
56,750 |
|
|
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2012 |
|
Revenue |
100,540 |
|
Cost of sales |
86,840 |
|
Sales expense |
3,520 |
|
Management expense |
7,000 |
|
Finance expense |
2,860 |
|
Profit before
tax |
320 |
|
Less: profit tax |
0 |
|
320 |
Important Ratios
=============
|
|
As
of Dec. 31, 2012 |
|
*Current ratio |
0.93 |
|
*Quick ratio |
0.49 |
|
*Liabilities
to assets |
0.88 |
|
*Net profit
margin (%) |
0.32 |
|
*Return on
total assets (%) |
0.56 |
|
*Inventory /
Revenue ×365 |
81 days |
|
*Accounts
receivable/ Revenue ×365 |
40 days |
|
*
Revenue/Total assets |
1.77 |
|
* Cost of
sales / Revenue |
0.86 |
FINANCIAL COMMENTS
PROFITABILITY: AVERAGE
l
The revenue of SC appears
fairly good 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 sales is average, comparing with its revenue.
LIQUIDITY: FAIR
l
The current ratio of SC is maintained in a fair
level.
l
SC’s quick ratio is maintained in a fair level.
l
The inventory of SC is maintained in an average
level.
l
The accounts receivable of SC is maintained in an
average level.
l
SC’s short-term loans are in an average level.
l
SC’s revenue is in an
average level, comparing with the size of its total assets.
LEVERAGE: AVERAGE
l
The debt ratio of SC is average.
l
The risk for SC to go bankrupt is above 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.53.29 |
|
UK Pound |
1 |
Rs.83.96 |
|
Euro |
1 |
Rs.71.87 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
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.