MIRA INFORM REPORT
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Report No. : |
342771 |
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Report Date : |
01.10.2015 |
IDENTIFICATION DETAILS
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Name : |
GUANGZHOU KAM SING TEXTILE & DYEING CO., LTD. |
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Registered Office : |
No. 32, Liye Road, Dongyong Town, Nansha District, Guangzhou City, Guangdong Province, 511453 PR |
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Country : |
China |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
02.01.2004 |
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Com. Reg. No.: |
440126400020107 |
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Legal Form : |
Wholly Foreign-Owned Enterprise |
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Line of Business : |
Subject is
engaged in hemp dyeing and finishing; chemical fiber fabric dyeing and
finishing; cotton weaving processing; cotton printing and dyeing finishing;
wool dyeing and finishing; silk printing dyeing finishing; cotton spinning
processing; wholesaling textiles, knitwear and raw materials. |
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No. of Employees : |
260 |
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 : |
Exist |
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 31, 2015
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Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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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. 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 for the first time in modern history. Still, China's per capita income is below the world average.
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 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 2014 more than 274 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 also implemented several economic reforms in 2014, including passing legislation to allow local governments to issue bonds, opening several state-owned enterprises to further private investment, loosening the one-child policy, passing harsher pollution fines, and cutting administrative red tape.
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Source
: CIA |
COMPANY
NAME AND ADDRESS
GUANGZHOU KAM SING
TEXTILE & DYEING CO., LTD.
NO. 32, LIYE ROAD, DONGYONG TOWN, NANSHA
DISTRICT, GUANGZHOU CITY,
GUANGDONG PROVINCE, 511453 PR CHINA
TEL: 86 (0) 20-34900008 FAX: 86 (0) 20-34900051
EXECUTIVE
SUMMARY
INCORPORATION DATE :
JAN. 2, 2004
REGISTRATION NO. :
440126400020107
REGISTERED LEGAL FORM : WHOLLY FOREIGN-OWNED ENTERPRISE
STAFF STRENGTH :
260
REGISTERED CAPITAL :
HKD 6,000,000
BUSINESS LINE :
DYEING, FINISHING PROCESSING & TRADING
TURNOVER :
CNY 318,880,000 (AS OF DEC. 31, 2014)
EQUITIES :
CNY 77,290,000 (AS OF DEC. 31, 2014)
PAYMENT :
SLOW BUT CORRECT
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
FAIRLY STABLE
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 6.3639 = USD 1
Adopted
abbreviations:
ANS - amount not
stated
NS - not stated
SC - Subject
Company (the company inquired by you)
NA - not available
CNY - China Yuan Renminbi
SC was registered as a wholly foreign-owned enterprise at
local Administration for Industry & Commerce (AIC - The official body of
issuing and renewing business license) on Jan. 2, 2004.
Company Status:
Wholly foreign-owned enterprise
This form of business in PR China is defined as a legal person. It is a limited co. established within the territories of PR China with capital provided totally by the foreign investors. More than one foreign investor may jointly invest in a wholly foreign-owned enterprise. The investing party/parties solely exercise management, reap profit and bear risks and liabilities by themselves. This form of companies usually have a limited duration is extendible upon approval of Examination and Approval Authorities.
SC’s registered business scope includes hemp dyeing and finishing;
chemical fiber fabric dyeing and finishing; cotton weaving processing; cotton
printing and dyeing finishing; wool dyeing and finishing; silk printing dyeing
finishing; cotton spinning processing; wholesaling textiles, knitwear and raw
materials;
SC is mainly engaged in dyeing, finishing processing and selling
high-grade fabrics.
Mr. Dai Jinwen is legal representative and chairman of SC at present.
SC is known to have approx. 260 employees at present.
SC is currently operating at the above stated address, and this address houses
its operating office and factory in Guangzhou. The detailed premise information
is unknown.
www.kamhingintl.com The website
belongs to Kam Hing International Holdings Limited. The design is professional
and the content is well organized. At present it is in English and Chinese
versions.
E-mail: info@py.kamhingintl.com
Changes of its registered information are as follows:
|
Date of change |
Item |
Before the change |
After the change |
|
2012-5-4 |
Registration No. |
303201 |
Present one |
Organization Code: 755596244
See below for SC as executive
party (defendant).
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Executed Party |
SC |
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Court |
Guangzhou City
Intermediate People's Court |
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Date of Case |
July 20, 2015 |
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Case Number |
(2015) 02732 |
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Claim Amount |
CNY 1,908 |
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Case Status |
-- |
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Executed Party |
SC |
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Court |
Guangzhou City
Intermediate People's Court |
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Date of Case |
July 20, 2015 |
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Case Number |
(2015) 02734 |
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Claim Amount |
CNY 3,426 |
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Case Status |
-- |
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Executed Party |
SC |
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Court |
Guangzhou City
Intermediate People's Court |
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Date of Case |
July 20, 2015 |
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Case Number |
(2015) 02733 |
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Claim Amount |
CNY 1,307 |
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Case Status |
-- |
Remark: Due to the lack of information, we are unable to provide the cause of
action, judgment or other information.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Kam Hing Textile (International) Limited
(Hong Kong) 100
Incorporation Date : 1996-11-12
Registration No. : 0573959
Registered Legal Form : Private
company limited by shares
Active Status : Live
l
Legal representative and Chairman:
Mr. Dai Jinwen is currently responsible for
the overall management of SC.
Working Experience(s):
At present Working in SC as legal representative and
chairman.
Also working in Guangzhou Kam Hing
Textile Dyeing Co., Ltd. and Enping Kam Hing Textile & Dyeing Co., Ltd. as
legal representative and chairman; and in Guangzhou Kam Sing Textile &
Dyeing Co., Ltd. Haizhu Branch as principal.
l Vice-chairman:
Mr. Dai Jinchun is currently responsible for
the daily management of SC.
Working Experience(s):
At present Working
in SC as vice-chairman.
Also working in Guangzhou Kam Hing Textile
Dyeing Co., Ltd. as vice-chairman.
l Directors:
Huang Shaoyu
Zhang Suyun
SC is mainly
engaged in dyeing, finishing processing and selling high-grade fabrics.
SC’s products
mainly include: Knitted and Dyed Fabrics: Pure Cotton Fabrics, Cotton Blended
Fabrics, Special Raw Materials.
SC sources its materials 90% from domestic
market, and 10% from overseas market. SC sells 100% of its products 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 Check, T/T and Credit of 30-60 days.
Note: SC refused to
release its major suppliers and customers.
Guangzhou Kam Hing Textile Dyeing Co., Ltd.
=================================
Incorporation Date: 1992-03-26
Registered No.: 440126400017619
Registered Capital: USD 192,610,000
Legal Representative: Dai Jinwen
Enping Kam Hing Textile & Dyeing Co., Ltd.
=================================
Incorporation Date: 2005-04-27
Registered No.: 440700400004727
Registered Capital: USD 85,000,000
Legal Representative: Dai Jinwen
Kam Hing International Holdings Limited
=================================
Incorporation Date: August 11, 2004
Registration No.: F0013539
Registered Legal Form: Registered non-Hong Kong company
Establish location: Cayman Islands
Active Status: Live
Kam Hing Piece Works Limited (Hong Kong)
================================
Incorporation Date: August 21, 1998
Registration No.: 0652927
Registered Legal Form : Private company limited by shares
Active Status: Live
Branch:
Guangzhou Kam Sing Textile & Dyeing Co., Ltd. Haizhu Branch
==================================
Incorporation date: 2015-05-11
Registration no.: 440101400168530
Principal: Dai Jinwen
Overall payment appraisal:
( ) Excellent ( )
Good (X) Average (
) Fair ( ) Poor
( ) Not yet 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.
SC’s management
declined to release its bank details.
Balance Sheet
Unit: CNY’000
|
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as of Dec. 31, 2014 |
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Cash & bank |
12,450 |
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Inventory |
132,550 |
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Accounts
receivable |
45,680 |
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Advances to
suppliers |
0 |
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Other
receivables |
130 |
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Notes receivable |
19,410 |
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------------------ |
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Current assets |
210,220 |
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Fixed assets net
value |
10,810 |
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Long term
investment |
0 |
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Projects under
construction |
750 |
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Other assets |
0 |
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------------------ |
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Total assets |
221,780 |
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============= |
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Short loans |
0 |
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Accounts payable |
36,700 |
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Accounts from
customers |
0 |
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Taxes payable |
-3,120 |
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Other accounts
payable |
96,180 |
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Other fees
payable |
50 |
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Accrued wages |
280 |
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Accrued expenses |
80 |
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Notes payable |
14,320 |
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------------------ |
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Current
liabilities |
144,490 |
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Long term
liabilities |
0 |
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------------------ |
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Total
liabilities |
144,490 |
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Equities |
77,290 |
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------------------ |
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Total
liabilities & equities |
221,780 |
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============= |
Income Statement
Unit: CNY’000
|
|
as
of Dec. 31, 2014 |
|
Turnover |
318,880 |
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Cost of goods sold |
294,530 |
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Taxes and additional of main operation |
500 |
|
Sales expense |
11,230 |
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Management expense |
4,690 |
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Finance expense |
230 |
|
Assets impairment loss |
0 |
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Other operating
profit |
0 |
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Non-operation
income |
0 |
|
Non-operating expenses |
0 |
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Profit before
tax |
7,700 |
|
Less: profit tax |
2,020 |
|
Profits |
5,680 |
Important Ratios
=============
|
|
as
of Dec. 31, 2014 |
|
*Current ratio |
1.45 |
|
*Quick ratio |
0.54 |
|
*Liabilities
to assets |
0.65 |
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*Net profit
margin (%) |
1.78 |
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*Return on
total assets (%) |
2.56 |
|
*Inventory
/Turnover ×365 |
152 days |
|
*Accounts
receivable/Turnover ×365 |
53 days |
|
*Turnover/Total
assets |
1.44 |
|
* Cost of
goods sold/Turnover |
0.92 |
PROFITABILITY:
AVERAGE
l
The turnover 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 goods sold is average, comparing with
its turnover.
LIQUIDITY: FAIR
l
The current ratio of SC is maintained in a normal
level.
l
SC’s quick ratio is maintained in a fair level.
l
SC’s inventory appears fairly large.
l
SC’s accounts receivable appears average.
l
SC has no short-term loan in 2014.
l
SC’s turnover 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 average.
Overall financial
condition of the SC: Fairly stable.
SC is considered medium-sized in its line with fairly stable financial conditions.
The fairly large amount of inventory could be a threat to SC’s financial
condition.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.74 |
|
UK Pound |
1 |
Rs.99.53 |
|
Euro |
1 |
Rs.73.80 |
INFORMATION DETAILS
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Analysis Done by
: |
KIN |
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Report Prepared
by : |
VNT |
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 |
|
|
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 |
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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.