MIRA INFORM REPORT
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Report Date : |
04.08.2011 |
IDENTIFICATION DETAILS
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Name : |
LISHUI NEW PENGYE SPECIAL STEEL CO., LTD |
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Registered Office : |
No. 270, Yongning Road, Industrial Zone,
Songyang County, Zhejiang Province 323400 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
25.04.2007 |
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Com. Reg. No.: |
331124000000879 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
manufacturing and selling seamless
stainless steel tube |
RATING & COMMENTS
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MIRA’s Rating : |
B |
|
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 200,000 |
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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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
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
LISHUI NEW PENGYE SPECIAL STEEL CO., LTD.
no. 270, yongning
road, industrial zone
songyang county,
zhejiang province 323400 PR CHINA
TEL: 86 (0)
577-86656878
FAX: 86 (0)
577-86656876
EXECUTIVE SUMMARY
Date of Registration : april 25, 2007
REGISTRATION NO. : 331124000000879
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL :
cny 20,080,000
staff : 175
BUSINESS CATEGORY :
manufacturing & trading
Revenue : CNY 32,931,000 (AS OF DEC. 31, 2010)
EQUITIES : CNY 35,334,000 (AS OF DEC. 31, 2010)
PAYMENT : AVERAGE
Recommended Credit Limit: UP TO USD
200,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRly stable
OPERATIONAL TREND :
fairly STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.44 = 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
***Note: The given website www.fineprint.cn does not belong to SC.
SC was
established as a limited liabilities company of PRC with State
Administration of Industry & Commerce (SAIC) under registration No.: 331124000000879 on April 25,
2007.
SC’s Organization Code Certificate
No.: 661706182
SC’s registered capital: CNY 20,080,000
SC’s paid-in capital: CNY 20,080,000
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 |
|
Shao Shilin |
51 |
|
Pan Zhangren |
33 |
|
Shao Jianguo |
16 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative and
Chairman |
Shao Shilin |
|
General Manager |
Pan
Zhangren |
|
Supervisor |
Shao
Jianguo |
RECENT
DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER
CHART & BACKGROUND
Name %
of Shareholding
Shao Shilin 51
Pan Zhangren 33
Shao Jianguo 16
MANAGEMENT
Shao
Shilin, Legal
Representative and Chairman
---------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 44
Ø
ID# 330303196707260615
Ø
Working
experience (s):
From 2007 to present, working in SC as legal representative and chairman
Also working in Zhejiang Pengye Stainless Steel Tube Industrial Co., Ltd. and Wenzhou Pengye Steel Pipes Co., Ltd. as legal representative
Pan
Zhangren, General Manager
-------------------------------------------------------
Ø
Gender: M
Ø
Age: 48
Ø
ID# 330303196306140612
Ø
Qualification:
University
Ø
Working
experience (s):
From 2007 to present, working in SC as general manager
Also working in Zhejiang Pengye
Stainless Steel Tube Industrial Co., Ltd. as general manager
Shao
Jianguo, Supervisor
---------------------------------------------
Ø
Gender: M
Ø
Age: 42
Ø
ID# 330303196901070911
Also as supervisor of Zhejiang Pengye
Stainless Steel Tube Industrial Co., Ltd.
BUSINESS OPERATION
SC’s registered business scope includes manufacturing, processing,
and selling stainless steel pipes, valve, pipe fittings, and stainless steel
products; importing & exporting business.
SC is
mainly engaged in manufacturing and selling seamless stainless steel tube.
SC’s
products mainly include: seamless stainless steel tube, etc.
SC sources its materials 90% from domestic
market, mainly Shanghai, Zhejiang, etc, and 10% from overseas market, mainly
Taiwan. SC sells 70% of its products in domestic market, and 30% to overseas
market.
The
buying terms of SC include 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.
Major
Suppliers:
===========
Baogang
Group
Jiuli
Group
Staff & Office:
--------------------------
SC is
known to have approx. 175
staff at present.
SC
owns an area as its operating office and factory, but the detailed information
is unknown.
RELATED COMPANY
u
Zhejiang Pengye Stainless Steel Tube Industrial Co., Ltd.
Registration No.: 330303000057021
Date of Registration: November 14, 2000
Legal Form: Limited Liabilities Company
Registered Capital: CNY 5,880,000
Legal Representative: Shao Shilin
Add: No.2, Beisan Road (W), Songyang Industrial Zone, Lishui,
Zhejiang, China
Website: www.chinapengye.com
u
Wenzhou Pengye Steel Pipes Co., Ltd.
Registration No.: 331124000000862
Date of Registration: August 25, 2005
Legal Form: Limited Liabilities Company
Registered Capital: CNY 10,800,000
Legal Representative: Shao Shilin
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’s
suppliers declined to make any comments.
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
Basic Bank:
Bank of China Songyang Sub-branch
AC#830034937608091001
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
8,377 |
15,212 |
|
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Notes receivable |
11,109 |
3,377 |
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Accounts
receivable |
6,521 |
31,384 |
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Advances to
suppliers |
0 |
0 |
|
Other receivable |
19 |
26 |
|
Inventory |
9,654 |
13,166 |
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Non-current
assets within one year |
0 |
0 |
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Other current
assets |
0 |
0 |
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|
------------------ |
------------------ |
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Current assets |
35,680 |
63,165 |
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Long-term
investment |
3 |
3 |
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Fixed assets |
26,980 |
27,327 |
|
Construction in
progress |
1,718 |
242 |
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Intangible
assets |
3 |
2 |
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Long-term
prepaid expenses |
0 |
0 |
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Deferred income
tax assets |
0 |
0 |
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Other
non-current assets |
212 |
150 |
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|
------------------ |
------------------ |
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Total assets |
64,596 |
90,889 |
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|
============= |
============= |
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Short-term loans |
5,000 |
13,500 |
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Notes payable |
10,000 |
22,900 |
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Accounts payable |
10,200 |
6,876 |
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Payroll payable |
64 |
156 |
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Tax payable |
-219 |
-1,653 |
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Advances from
clients |
0 |
0 |
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Other payable |
4,364 |
13,743 |
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Other unpaid
expenses |
45 |
33 |
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Other current
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Current
liabilities |
29,454 |
55,555 |
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Non-current
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total
liabilities |
29,454 |
55,555 |
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Equities |
35,142 |
35,334 |
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------------------ |
------------------ |
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Total
liabilities & equities |
64,596 |
90,889 |
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|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2009 |
As of Dec. 31,
2010 |
|
Revenue |
27,974 |
32,931 |
|
Cost of sales |
24,269 |
31,330 |
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Sales expense |
870 |
1,184 |
|
Management expense |
1,362 |
1,607 |
|
Finance expense |
66 |
724 |
|
Profit before
tax |
100 |
233 |
|
Less: profit tax |
0 |
58 |
|
100 |
175 |
Important Ratios
=============
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
*Current ratio |
1.21 |
1.14 |
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*Quick ratio |
0.88 |
0.90 |
|
*Liabilities to
assets |
0.46 |
0.61 |
|
*Net profit
margin (%) |
0.36 |
0.53 |
|
*Return on
total assets (%) |
0.15 |
0.19 |
|
*Inventory /
Revenue ×365 |
126 days |
146 days |
|
*Accounts
receivable/ Revenue ×365 |
86 days |
348 days |
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*
Revenue/Total assets |
0.43 |
0.36 |
|
* Cost of
sales / Revenue |
0.87 |
0.95 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
l
The revenue of SC appears average in
its line, and it increased in 2010.
l
SC’s net profit margin is average in
both years.
l
SC’s return on total assets is average
in both years.
l
SC’s cost of goods sold is high,
comparing with its revenue.
LIQUIDITY:
AVERAGE
l
The current ratio of SC is maintained
in a normal level in both years.
l
SC’s quick ratio is maintained in a
normal level in both years.
l
The inventory of SC appears average.
l
The accounts receivable of SC appears
too large in 2010.
l
The short-term loans of SC appear
average.
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 in both
years.
l
The risk for SC to go bankrupt is low.
Overall
financial condition of the SC: Fairly Stable.
CONCLUSIONS
SC is considered medium-sized in its line with fairly stable
financial conditions. The large amount of accounts receivable could be a threat
to SC’s financial condition. A credit line up to USD 200,000 would appear to be within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.38 |
|
UK Pound |
1 |
Rs.72.21 |
|
Euro |
1 |
Rs.62.87 |
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 |
|
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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.