MIRA INFORM REPORT
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Report No. : |
323960 |
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Report Date : |
28.05.2015 |
IDENTIFICATION DETAILS
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Name : |
KILOMAX INTERNATIONAL LIMITED |
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Registered Office : |
Industrial Town of Liu's No. 3 Village, The Town Of Gong Ming, Guang Ming
New District, Shenzhen, Guangdong Province 518000 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
28.09.1992 |
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Com. Reg. No.: |
440301503410441 |
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Legal Form : |
Wholly Foreign-Owned Enterprise |
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Line of Business : |
Manufacturing and selling rubber products, rubber and plastic
products, rubber toy ball; 100% of its products are exported. |
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No. of Employees : |
237 |
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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Maximum Credit Limit : |
USD 300,000 |
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Status : |
Satisfactory |
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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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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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, growth of the private sector, development of stock markets and a modern banking system, 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 considered important to "economic security," explicitly looking to foster globally competitive industries. After keeping its currency tightly linked to the US dollar for years, in July 2005 China 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. In 2014 the People’s Bank of China (PBOC) doubled the daily trading band within which the RMB is permitted to fluctuate. 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 2014 stood as the largest economy in the world, surpassing the US that year... 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 consumption; (b) facilitating higher-wage job opportunities for the aspiring middle class, including rural migrants and increasing numbers of college graduates; (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. Several factors are converging to slow China's growth, including debt overhang from its credit-fueled stimulus program, industrial overcapacity, inefficient allocation of capital by state-owned banks, and the slow recovery of China's trading partners. The government's 12th Five-Year Plan, adopted in March 2011 and reiterated at the Communist Party's "Third Plenum" meeting in November 2013, emphasizes continued economic reforms and the need to increase domestic consumption in order to make the economy less dependent in the future on fixed investments, exports, and heavy industry. However, China has made only marginal progress toward these rebalancing goals. The new government of President XI Jinping has signaled a greater willingness to undertake reforms that focus on China's long-term economic health, including giving the market a more decisive role in allocating resources. In 2014 China agreed to begin limiting carbon dioxide emissions by 2030. China implemented several economic reforms in 2014, including legislation allowing local governments to issue bonds, further opening several state-owned enterprises to private investment, loosening the one-child policy, passing harsher pollution fines, and cutting administrative red tape.
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Source
: CIA |
Company
Name & address
KILOMAX INTERNATIONAL LIMITED
INDUSTRIAL TOWN OF LIU'S NO. 3 VILLAGE, THE TOWN OF GONG MING
GUANG MING NEW DISTRICT, SHENZHEN
GUANGDONG PROVINCE 518000 PR CHINA
TEL: 86 (0) 755-33266565/33266585/33266584
FAX: 86 (0) 755-33266588
EXECUTIVE
SUMMARY
Date of Registration : september 28, 1992
REGISTRATION NO. : 440301503410441
LEGAL FORM : WHOLLY
FOREIGN-OWNED ENTERPRISE
REGISTERED CAPITAL : usd 6,700,000
staff :
237
BUSINESS CATEGORY : MANUFACTURING & TRADING
Revenue : CNY 63,063,000 (AS OF DEC. 31, 2013)
EQUITIES :
CNY 61,870,000 (AS OF DEC. 31, 2013)
WEBSITE : www.kilomax.com.cn
E-MAIL :
kuan@kilomax-ball.com
PAYMENT :
AVERAGE
Recommended Credit Limit : UP TO USD 300,000
MARKET CONDITION : average
FINANCIAL CONDITION : stable
OPERATIONAL TREND : fairly STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.20 = 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 wholly foreign-owned enterprise of PRC with State Administration of
Industry & Commerce (SAIC) under registration No.: 440301503410441 on September
28, 1992.
SC’s Organization Code Certificate No.:
61889902-X
SC’s Tax No.: 3 44030661889902X
SC’s Customs Registration No.: 4403940773
SC’s registered capital: USD 6,700,000
SC’s paid-in capital: USD 6,700,000
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
2005-7-25 |
Shareholder |
Zhuang Shikuan |
Zhuang Shiliang |
|
2011-9-5 |
Registration No. |
301053 |
440301503410441 |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Zhuang Shiliang (Taiwan) |
100 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman, and General
Manager |
Zhuang Shiliang |
|
Deputy General Manager |
Zhuang Shihong |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART & BACKGROUND
Name %
of Shareholding
Zhuang Shiliang (Taiwan) 100
MANAGEMENT
Zhuang Shiliang, Legal Representative, Chairman and General
Manager
----------------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Nationality: Taiwan
Ø Qualification:
University
Ø Working experience
(s):
From 2005 to present, working in SC as legal
representative, chairman and general manager
Zhuang
Shihong, Deputy General Manager
-------------------------------------------------------------------
Ø
Gender: M
Ø
Nationality: Taiwan
Ø Qualification:
University
Ø Working experience
(s):
At present, working in SC as deputy general
manager
BUSINESS OPERATION
SC’s registered business scope includes manufacturing and
selling rubber products, rubber and plastic products, rubber toy ball; 100% of
its products are exported.
SC is mainly
engaged in manufacturing and selling rubber and plastic products.
Brand: KILOMAX
SC’s products
mainly include: rubber toy ball.
SC sources its materials 40% from domestic market, and 60% from overseas market. SC sells 100% of its products to overseas market.
The
import & export status of SC in 2013 is as follows,
|
Country |
Amount of
Exports (USD) |
Amount of Imports (USD) |
|
New Zealand |
-- |
76,600 |
|
Colombia |
-- |
32,400 |
|
Italy |
83,300 |
169,700 |
|
Russia |
-- |
545,300 |
|
Mexico |
-- |
1,492,400 |
|
Canada |
-- |
50,500 |
|
Netherlands |
-- |
53,700 |
|
United Kingdom |
-- |
43,700 |
|
Sweden |
-- |
900 |
|
Norway |
-- |
2,000 |
|
Brazil |
3,021,000 |
2,267,500 |
|
Denmark |
-- |
18,400 |
|
Germany |
-- |
101,700 |
|
USA |
349,600 |
1,425,300 |
|
Australia |
-- |
61,600 |
|
Ukraine |
-- |
30200 |
|
Taiwan |
121,300 |
-- |
|
France |
800,200 |
55,300 |
|
Japan |
169500 |
1,215,100 |
|
Korea |
144,600 |
-- |
The buying terms of
SC include Check, T/T and Credit of 30-60 days. The payment terms of SC include
L/C and Credit of 30-60 days.
*Major Customers:
==============
Motoborda S.A.
Autosmart
International Inc.
Staff & Office:
--------------------------
SC is known
to have approx. 237 staff at
present.
SC rents an area
as its operating office & factory of approx. 9,168 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
|
Unit: CNY’000 |
As
of Dec. 31, 2012 |
As
of Dec. 31, 2013 |
|
Current assets |
61,286 |
73,771 |
|
Long term investment |
0 |
0 |
|
Fixed assets |
25,678 |
24,044 |
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Intangible
assets |
5,289 |
5,198 |
|
|
------------- |
------------- |
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Total assets |
92,253 |
103,013 |
|
|
------------- |
------------- |
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Current
liabilities |
2,886 |
3,934 |
|
Long term liabilities |
26,750 |
37,209 |
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|
------------- |
------------- |
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Total
liabilities |
29,636 |
41,143 |
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Equities |
62,617 |
61,870 |
|
|
------------- |
------------- |
|
Unit: CNY’000 |
As
of Dec. 31, 2012 |
As
of Dec. 31, 2013 |
|
Revenue |
71,102 |
63,063 |
|
Cost of sales |
70,350 |
51,542 |
|
Profit before
tax |
211 |
318 |
|
Less: profit tax |
0 |
79 |
|
Profits |
211 |
239 |
Important Ratios
=============
|
|
As
of Dec. 31, 2012 |
As
of Dec. 31, 2013 |
|
*Current ratio |
21.24 |
18.75 |
|
*Liabilities
to assets |
0.32 |
0.40 |
|
*Net profit
margin (%) |
0.30 |
0.38 |
|
*Return on
total assets (%) |
0.23 |
0.23 |
|
*Revenue/Total
assets |
0.77 |
0.61 |
|
*Cost of sales
/ Revenue |
0.99 |
0.82 |
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.
l
SC’s cost of sales is average, comparing with its
revenue.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a fairly
good level.
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: Stable.
CONCLUSIONS
SC is considered small-sized in its line with stable financial
conditions. A credit line up to USD 300,000
would appear to be within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.95 |
|
|
1 |
Rs.98.64 |
|
Euro |
1 |
Rs.69.86 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
|
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Report Prepared
by : |
TPT |
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 |
|
|
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 |
-- |
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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.