MIRA INFORM REPORT
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Report Date : |
23.12.2014 |
IDENTIFICATION DETAILS
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Name : |
GUANGZHOU FEIHONG ELECTROMACHINERY SCIENCE
TECHNOLOGY CO., LTD. |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
01.09.2004 |
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Com. Reg. No.: |
440101400083002 |
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Legal Form : |
One-Person Limited Liability Company |
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Line of Business : |
· Engaged in Manufacturing Textile Equipment; Wholesale & Commodity Retail as well as Importing and Exporting Goods and Technology. ·
Subject product
ranges includes Automatic High Speed Needle
Loom & FHD High Speed Lace Braiding Machine. |
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No of Employees : |
200 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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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 – September 30, 2014
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Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
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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 |
Since the late 1970s
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Source : CIA |
Company name & address
Guangzhou Feihong
Electromachinery Science Technology Co., Ltd.
(qiling
avenue) Furong avenue, shiling town, huadu district
guangzhou,
guangdong PROVINCE 510860 PR CHINA
TEL: 86
(0) 20-66606238/86920099/86920418/86920578
FAX: 86
(0) 20-86920126
EXECUTIVE SUMMARY
Date of Registration : september 1, 2004
REGISTRATION NO. : 440101400083002
LEGAL FORM : One-person Limited Liability Company
CHIEF EXECUTIVE : huang siping (LEGAL
REPRESENTATIVE)
REGISTERED CAPITAL : CNY 21,000,000
staff : 200 (Approximately)
BUSINESS CATEGORY : MANUFACTURING & TRADING
Revenue :
CNY 118,075,000 (AS OF DEC. 31,
2013)
EQUITIES :
CNY 20,953,000 (AS OF DEC. 31, 2013)
WEBSITE : www.sino-feihong.com
E-MAIL :
N/A
PAYMENT : Slow but Correct
MARKET CONDITION : average
FINANCIAL CONDITION : fairly stable
OPERATIONAL TREND : Ordinary
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
LEGAL STATUS & HISTORY
SC was
established as one-person limited liabilities company of PRC with State
Administration of Industry & Commerce (SAIC) under registration No.: 440101400083002.
SC’s Organization Code Certificate No.:
76611902-1
SC’s registered capital: CNY 21,000,000
SC’s paid-in capital: CNY 21,000,000
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 |
|
Huang Siping |
100 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative,
Chairman, and General Manager |
Huang
Siping |
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Supervisor |
Huang
Jifei |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name
%
of Shareholding
Huang Siping 100
MANAGEMENT
Huang
Siping, Legal
Representative, Chairman and General Manager
-----------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø Qualification:
University
Ø Working experience
(s):
From 2004 to present, working in SC as legal
representative, chairman and general manager
Supervisor
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Huang Jifei
BUSINESS OPERATION
SC’s registered business scope includes manufacturing textile
equipment; wholesale & commodity retail; as well as importing and exporting
goods and technology.
SC is
mainly engaged in manufacturing and selling textile equipment.
Brand: FH
SC’s
products mainly include: automatic high speed
needle loom & FHD high speed lace braiding machine.
SC sources its materials 100% from domestic market, mainly Guangdong. SC sells 75% of its products in domestic market, and 25% 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.
Staff & Office:
--------------------------
SC is
known to have approx. 200
staff at present.
SC owns an area as
its operating office & factory of approx. 26,000 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) Slow but Correct ( ) 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
Balance Sheet
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Unit: CNY’000 |
As
of Dec. 31, 2012 |
As
of Dec. 31, 2013 |
|
912 |
18,309 |
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Notes receivable |
0 |
-1,206 |
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Accounts receivable |
6,433 |
10,787 |
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Advances to
suppliers |
0 |
10,633 |
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Other receivable |
22,997 |
-27,651 |
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Inventory |
7,570 |
14,989 |
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Non-current
assets within one year |
0 |
0 |
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Other current
assets |
-10 |
-10 |
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------------------ |
------------------ |
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Current assets |
37,902 |
25,851 |
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Fixed assets |
27,993 |
33,846 |
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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 |
219 |
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Deferred income
tax assets |
0 |
0 |
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Other non-current
assets |
0 |
0 |
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------------------ |
------------------ |
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Total assets |
65,895 |
59,916 |
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============= |
============= |
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Short-term loans |
0 |
0 |
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Notes payable |
0 |
5,771 |
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Accounts payable |
425 |
0 |
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Wages payable |
0 |
314 |
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Taxes payable |
100 |
503 |
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Advances from
clients |
0 |
0 |
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Other payable |
7,275 |
32,375 |
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Other current
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Current
liabilities |
7,800 |
38,963 |
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Non-current
liabilities |
38,000 |
0 |
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------------------ |
------------------ |
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Total
liabilities |
45,800 |
38,963 |
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Equities |
20,095 |
20,953 |
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------------------ |
------------------ |
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Total
liabilities & equities |
65,895 |
59,916 |
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============= |
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Income Statement
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Unit: CNY’000 |
As of Dec. 31,
2013 |
|
Revenue |
118,075 |
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Cost of sales |
115,407 |
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Taxes and surcharges |
566 |
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Sales expense |
2,053 |
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Management expense |
1,974 |
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Finance expense |
1,043 |
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Non-business
income |
608 |
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Non-business expenditure |
4 |
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Profit before
tax |
1,166 |
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Less: profit tax |
292 |
|
874 |
Important Ratios
=============
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As
of Dec. 31, 2012 |
As
of Dec. 31, 2013 |
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*Current ratio |
4.86 |
0.66 |
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*Quick ratio |
3.89 |
0.28 |
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*Liabilities
to assets |
0.70 |
0.65 |
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*Net profit
margin (%) |
-- |
0.74 |
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*Return on
total assets (%) |
-- |
1.46 |
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*Inventory /
Revenue ×365 |
-- |
47 days |
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*Accounts
receivable/ Revenue ×365 |
-- |
34 days |
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*Revenue/Total
assets |
-- |
1.97 |
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*Cost of sales
/ Revenue |
-- |
0.98 |
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 fairly high, comparing with
its revenue.
LIQUIDITY:
FAIR
l
The current ratio of SC is maintained in a fair
level in 2013.
l
SC’s quick ratio is maintained in a poor level in
2013.
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 has no short-term loans in both years.
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
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.63.18 |
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UK Pound |
1 |
Rs.98.85 |
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Euro |
1 |
Rs.77.42 |
INFORMATION DETAILS
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Analysis Done by
: |
SUM |
|
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 |
-- |
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.