MIRA
INFORM REPORT
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Report Date : |
01.03.2013 |
IDENTIFICATION DETAILS
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Name : |
BEIJING SUNNY KITCHEN EQUIPMENT CO., LTD. |
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Registered Office : |
Magezhuang Village,
Chaoyang District, Beijing 100024 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
05.08.1996 |
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Com. Reg. No.: |
110105002423374 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
manufacturing and selling stainless steel
kitchen equipment. |
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No. of Employees : |
101 |
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 : |
Slow but Correct |
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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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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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 |
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.
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Source : CIA |
Company name & address
BEIJING SUNNY KITCHEN EQUIPMENT
CO., LTD.
magezhuang village, chaoyang district, beijing 100024 PR CHINA
TEL: 86 (0) 10-65418526
FAX: 86 (0) 10-65417027/32144123
EXECUTIVE SUMMARY
Date of Registration : august 5, 1996
REGISTRATION NO. : 110105002423374
LEGAL FORM : Limited Liability Company
REGISTERED CAPITAL :
CNY 5,000,000
staff : 101
BUSINESS CATEGORY :
MANUFACTURING
Revenue :
CNY 9,853,000 (AS OF DEC. 31, 2011)
EQUITIES :
CNY 7,002,000 (AS OF DEC. 31, 2011)
WEBSITE : www.sunny-kitchen.com
E-MAIL :
sales@sunny-kitchen.com
PAYMENT : AVERAGE
MARKET CONDITION : average
FINANCIAL CONDITION : fairly stable
OPERATIONAL TREND : fairly STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.23 = 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
LEGAL STATUS & HISTORY
SC was
established as a limited liabilities company of PRC with State Administration
of Industry & Commerce (SAIC) under registration No.: 110105002423374 on August 5, 1996.
SC’s Organization Code Certificate No.:
10176681-4
SC’s registered capital: CNY 5,000,000
SC’s paid-in capital: CNY 5,000,000
Registration Change Record:-
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 |
|
Huo Xueming |
20 |
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Other 4 individuals |
80 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative,
Chairman, and General Manager |
Huo
Xueming |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER
CHART & BACKGROUND
Name %
of Shareholding
Huo Xueming 20
Other 4 individuals 80
MANAGEMENT
Huo
Xueming, Legal
Representative, Chairman and General Manager
-------------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as legal representative, chairman
and general manager
BUSINESS OPERATION
SC’s registered business scope includes manufacturing and
installing stainless steel kitchen equipment, selling hardware, daily groceries.
SC is
mainly engaged in manufacturing and selling stainless steel kitchen equipment.
Brand: KAIHONG
SC’s
products mainly include:
Induction
Wok Cooker
Stock
Pot Induction Cooker
Multifunctional
Induction Cooker
Etc.
SC sources its materials 100% from domestic market, mainly Beijing. SC sells 60% of its products in domestic market, and 40% to overseas market.
The
buying terms of SC include Check, T/T and Credit of 30-60 days. The payment terms
of SC include T/T, L/C and Credit of 30-60 days.
*Major Customer:
=============
Ncr Canada Ltd.
Staff & Office:
--------------------------
SC is
known to have approx. 101 staff
at present.
SC rents an area
as its operating office & factory of approx. 20,000 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
The bank
information of SC is not filed in SAIC.
FINANCIALS
Financial Summary
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Unit: CNY’000 |
As
of Dec. 31, 2011 |
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Long term investment |
0 |
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Total assets |
21,536 |
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------------- |
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Long term liabilities |
0 |
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Total
liabilities |
14,534 |
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Equities |
7,002 |
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------------- |
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Revenue |
9,853 |
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Profit before
tax |
10 |
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Less: profit tax |
4 |
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Profits |
6 |
Note: The detailed financials for Y2011 are not available in SAIC.
Important Ratios
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As
of Dec. 31, 2011 |
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*Liabilities
to assets |
0.67 |
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*Net profit
margin (%) |
0.06 |
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*Return on
total assets (%) |
0.03 |
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*
Revenue/Total assets |
0.46 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
l
The revenue of SC appears
average in its line.
l
SC’s net profit margin is average.
l
SC’s return on total assets is average.
LIQUIDITY:
FAIR
l
SC’s revenue is in a fair
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 average.
Overall financial
condition of the SC: Fairly Stable.
CONCLUSIONS
SC is considered small-sized in its line with
fairly stable financial conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.77 |
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UK Pound |
1 |
Rs.81.57 |
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Euro |
1 |
Rs.70.68 |
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.