MIRA INFORM REPORT
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Report Date : |
19.04.2011 |
IDENTIFICATION DETAILS
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Name : |
TONGLING NEXTOOL TECHNOLOGY CO., LTD. |
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Registered Office : |
Taishan Avenue, Economic & Technological Development Zone, Tongling City, Anhui Province, 244000 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
08.10.2005 |
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Com. Reg. No.: |
340704000000817 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
manufacturing and selling electrical and mechanical equipment and dies |
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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Maximum Credit Limit : |
usd 50,000 |
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Status : |
Moderate |
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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, 2010
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Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
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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 |
Company
name & address
TONGLING NEXTOOL
TECHNOLOGY CO., LTD.
TAISHAN AVENUE, ECONOMIC & TECHNOLOGICAL DEVELOPMENT ZONE, TONGLING
CITY, ANHUI PROVINCE, 244000 PR CHINA
TEL: 86 (0) 562-5880884/5880898 FAX: 86 (0) 562-5880880/5880894
EXECUTIVE
SUMMARY
INCORPORATION DATE : OCT. 8, 2005
REGISTRATION NO. : 340704000000817
REGISTERED LEGAL FORM : LIMITED LIABILITY
COMPANY
STAFF STRENGTH :
200
REGISTERED
CAPITAL : CNY 10,000,000
BUSINESS
LINE :
manufacturing
TURNOVER : CNY 23,592,000 (AS OF DEC. 31, 2009)
EQUITIES : CNY 11,843,000
(AS OF DEC. 31, 2009)
PAYMENT
: AVERAGE
RECOMM.
CREDIT RANGE : UP TO usd 50,000
MARKET
CONDITION : average
FINANCIAL
CONDITION : fairly STABLE
OPERATIONAL
TREND : fairly STEADY
GENERAL
REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.53 = 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 Ren Min Bi
Note: the given mobile phone number 86-1365562945 is incomplete.
SC was registered as a limited liability company at local Administration for Industry & Commerce (AIC-The official body of issuing and renewing business license) on Oct. 8, 2005.
Company Status: Limited liabilities co. This form of business in PR
China is defined as a legal person. No more than fifty shareholders
contribute its registered capital jointly. Shareholders bear limited
liability to the extent of shareholding, and the co. is liable for its
debts only to extent of its total assets. The characteristics of this form
of co. are as follows: Upon
the establishment of the co., an investment certificate is issued to the
each of shareholders. The board of directors is
comprised of three to thirteen members. The minimum registered capital
for a co. is CNY 30,000. Shareholders may take their
capital contributions in cash or by means of tangible assets or intangible
assets such as industrial property and non-patented technology. Cash contributed by all
shareholders must account for at least 30% of the registered capital. Existing shareholders have
pre-exemption right to purchase shares of the co. offered for sale by the
other shareholders and to subscribe for the newly increased registered
capital of the co
SC’s registered
business scope includes designing, manufacturing, selling electrical and
mechanical equipment, dies; import and export of various goods and technology (excluding
the goods and technology prohibited or limited by the country).
SC is mainly engaged in manufacturing and
selling electrical and mechanical equipment and dies.
Mr. Ruan Yunsong has been the legal
representative and chairman of SC since 2005.
SC is known to have approx. 200 employees at present.
SC is currently operating
at the above stated address, and this address houses its operating office and
factory in the economic & technological development zone of Tongling. SC’s
management refused to release the detailed information of the area.
http://www.nextooling.com/
The design is professional and the content is well organized. At present the
web site is in English version.
E-mail: nextool@nextooling.com
No significant
events or changes were found during our checks with the local Administration
for Industry and Commerce.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Tongling Songbao Machinery Co., Ltd.
29.00
Maanshan Ansheng
Metal Materials Co., Ltd. (in Chinese Pinyin) 10.99
Hu Huogen
8.43
ID# 340702197008017511
Wu Chengsheng
8.43
ID# 340702196709037537
Xu Jinfeng
8.43
ID# 340521196910120517
Cui Yingbao
5.43
ID# 340702196111057517
Jiang Hong
5.43
ID# 320211196809060019
Xu Shaohua
1.40
ID# 340702196801081012
Fu Xianglong
8.43
ID# 340702196401097533
Zheng Tianqin
8.43
ID# 34070219671218751X
Zhang Qin 5.60
ID# 340703198811120527
Tongling Songbao Machinery Co., Ltd.
……………………………………….
Website: http://www.song-bao.com
Add: Economic and Technological Development Zone, Tongling, Anhui
Province
Tel: 0086 562 2652232
Fax: 0086 562 2832968
l Legal Representative and Chairman:
Mr. Ruan Yunsong,
ID#: 340702600810751, born in 1960, he is currently responsible for the overall
management of SC.
Working Experience(s):
From 2005 to present Working
in SC as legal representative and chairman
SC is mainly engaged in manufacturing and
selling electrical and mechanical equipment and dies.
SC’s products mainly include: tooling for PVC
profile, tooling for hollow profile, downstream equipment, die of multi-layer
co-extrusion, die of celuke foam sheets, flat extrusion die, etc.
SC sources its materials 80% from domestic
market and 20% from overseas market. SC sells 30% of its products in domestic
market and 70% to the overseas markets, mainly Southeast Asia.
The buying terms of
SC include Check, T/T, L/C and Credit of 30-60 days. The payment terms of SC
include T/T, L/C and Credit of 30-60 days.
Note: SC’s management declined
to release its major clients and suppliers.
According to SC’s website:
Nextool Middle East Ltd.
…………………………
Tel: +98 21 2248 4421
Fax: +98 21 2248 4408
Website: www.nextooling.ir
Nextool Canada Ltd.
…………………….
Tel: +1 416 465 8024
Website: www.nextoolcanada.com
Etc.
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.
Financial Summary
Unit: CNY’000
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as of Dec. 31, 2008 |
as of Dec. 31, 2009 |
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Total Liabilities |
27,495 |
33,001 |
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Shareholders equities |
12,088 |
11,843 |
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Total Assets |
39,583 |
44,844 |
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------------------ |
------------------ |
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Turnover |
36,508 |
23,592 |
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Profit before tax |
1,557 |
-663 |
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Net profit |
1,517 |
-663 |
Note: we did not find SC’s detailed financial reports for Yr2008 &
Yr2009.
Important Ratios
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as of Dec. 31, 2008 |
as of Dec. 31, 2009 |
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*Liabilities to
assets |
0.69 |
0.74 |
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*Net profit margin (%) |
4.16 |
-2.81 |
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*Return on total assets (%) |
3.83 |
-1.48 |
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*Turnover/Total assets |
0.92 |
0.53 |
PROFITABILITY: FAIR
· The turnover of SC appears average in its line, but it decreased in 2009.
· SC’s net profit margin is average in 2008 but fair in 2009.
· SC’s return on total assets is average in 2008 but fair in 2009.
·
SC’s turnover 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
SC is considered
medium-sized in its line with fairly stable financial conditions. A credit line
up to USD 50,000 would appear to be within SC’s capacities.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.44.27 |
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UK Pound |
1 |
Rs.7208 |
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Euro |
1 |
Rs.63.66 |
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 |
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.