MIRA
INFORM REPORT
|
Report Date : |
05.08.2011 |
IDENTIFICATION DETAILS
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Name : |
TONGCHENG XINYU MICA PRODUCTS Co., Ltd. |
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Registered Office : |
No. 317, Yuli Avenue, Junshui Town, Tongcheng County, Hubei Province,
437400 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
31.05.2001 |
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Com. Reg. No.: |
422300400000346 |
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Legal Form : |
Chinese-Foreign Equity Joint Venture
Enterprise |
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Line of Business : |
Manufacturing and selling mica products |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 40,000 |
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Status : |
Small Company |
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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 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
Company name and address
TONGCHENG XINYU MICA PRODUCTS Co., Ltd.
NO. 317, YULI
AVENUE, JUNSHUI TOWN,
TONGCHENG COUNTY,
HUBEI PROVINCE, 437400 PR CHINA
TEL: 86 (0)
715-4328090 FAX: 86 (0) 715-4328070
EXECUTIVE SUMMARY
INCORPORATION DATE : may 31, 2001
REGISTRATION NO. : 422300400000346
REGISTERED LEGAL FORM : CHINESE-FOREIGN EQUITY
JOINT VENTURE ENTERPRISE
STAFF STRENGTH :
50
REGISTERED CAPITAL : CNY 3,500,000
BUSINESS LINE :
MANUFACTURING
TURNOVER : CNY 6,570,000 (AS OF DEC. 31, 2010)
EQUITIES :
cny 7,430,000
(AS OF DEC. 31, 2010)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO USD 40,000 (PERIODICAL REVIEW)
MARKET CONDITION : average
FINANCIAL CONDITION : fairly stable
OPERATIONAL TREND : fairly steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY
6. 4438= 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
SC was registered as a Chinese-foreign equity joint venture
enterprise at local Administration for Industry & Commerce (AIC - The
official body of issuing and renewing business license) on May 31, 2001.
Company Status: Chinese-foreign equity joint venture
enterprise This form of business in PR
China is defined as a legal person. It is a limited co. jointly invested by
one or more foreign companies and one or more PR China controlled companies
within the territories of PR China according to a certain proportion of
capital investment. The investing parties exercise business management,
share profits and bear all risks and liabilities of the co. together. The
equity joint venture law requires that foreign party contribute not less
than 25% of the registered capital, with no maximum. The investing parties
are free to agree on method of profit distribution and liabilities bearing
according to the proportion of capital investment. Each investing parties
contributes funds, tangible assets, technology & etc. The board of
directors excises the high authority. The joint venture usually has a
limited duration of 10 to 50 years. Enterprise with large investment, long
construction periods, low investment returns, introducing of advanced
technology & advanced technology products that have good competition
position in international market may extend beyond the 50 years limit.
SC’s registered
business scope includes manufacturing and selling different sorts of mica
products.
SC is mainly
engaged in manufacturing and selling mica products.
Mr. Wang Yaoming
is the legal representative and chairman of SC at present.
SC is known
to have approx. 50 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office and factory in the industrial zone of Tongcheng. Our checks
reveal that SC owns the total premise about 1,000 square meters.
SC is not known to host website of its own at present.
E-mail: paulyu@zj165.com
Changes
of its registered information:
|
Date of change |
Item |
Before the change |
After the change |
|
Unknown |
Legal Representative |
Tang Zhanyi |
Present one |
MAIN SHAREHOLDERS:
Name %
of Shareholding
Newjadwson Electric Materials (Shenzhen)
Co., Ltd. (foreign-funded) 40
Shenzhen Shengbida Electric Materials Co.,
Ltd. 60
新集诚电工材料(深圳)有限公司
=========================
Registration No.: 440306503275892
Legal Representative: Wang Yaoming
Registered Capital: CNY 5,600,000
Incorporation Date: Feb. 23, 1994
Add.: Shanghenglang Village, Longhua Town,
Baoan District, Shenzhen, Guangdong Province
深圳市胜比达电工材料有限公司
=========================
Registration No.: 440301102772154
Legal Form: Limited liabilities co.
Legal Representative: Wang Yaoming
Registered Capital: CNY 2,000,000
Incorporation Date: Nov. 21, 1997
Add.: The separated room, 1/F, No. 6
Workshop, Jiaanda Technical & Industrial Park, Huafan Road, Tongsheng
Community, Dalang Street, Baoan District, Shenzhen, Guangdong Province (office)
l
Legal representative and Chairman:
Mr. Wang Yaoming, Singaporean, in his
Working Experience(s):
At present Working
in SC as chairman and legal representative.
Also working in Newjadwson Electric Materials
(Shenzhen) Co., Ltd. and Shenzhen Shengbida Electric Materials Co., Ltd. as
legal representative.
SC is mainly
engaged in manufacturing and selling mica products.
SC’s products mainly
include mica paper, mica plate, mica tube, mica lamination and mica tape, etc.
SC sources its materials 20% from domestic market, and 80% from overseas
market, mainly from Sri Lanka, India and Brazil. SC sells 100% of its products
in domestic market, mainly in Guangdong Province.
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.
SC
is not known to have any subsidiary at present.
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.
Bank of China
Hubei Tongcheng Town Branch
AC#: N/A
Relationship:
Normal
Balance Sheet
Unit: CNY’000
|
|
as
of Dec. 31, 2009 |
as
of Dec. 31, 2010 |
|
Cash & bank |
810 |
460 |
|
Notes receivable
|
0 |
0 |
|
Inventory |
2,810 |
5,740 |
|
Accounts
receivable |
3,410 |
810 |
|
Advances to
suppliers |
1,940 |
30 |
|
Other accounts
receivable |
240 |
250 |
|
Prepaid expenses
|
10 |
10 |
|
Other current
assets |
0 |
0 |
|
|
---------------- |
--------------- |
|
Current assets |
9,220 |
7,300 |
|
Fixed assets net
value |
2,100 |
1,920 |
|
Projects under
construction |
0 |
0 |
|
Long term
investment |
0 |
0 |
|
Long-term
prepaid expenses |
0 |
0 |
|
Project
materials |
0 |
0 |
|
Intangible and
other assets |
100 |
70 |
|
|
----------- |
----------- |
|
Total assets |
11,420 |
9,290 |
|
|
========== |
========== |
|
Short loans |
0 |
0 |
|
Notes payable |
0 |
0 |
|
Accounts payable |
1,360 |
920 |
|
Other Accounts
payable |
1,230 |
1,140 |
|
Advances from
clients |
0 |
0 |
|
Accrued payroll |
90 |
140 |
|
Welfare payable |
0 |
0 |
|
Taxes payable |
70 |
-520 |
|
Dividend
receivable |
0 |
0 |
|
Provision for
expenses |
150 |
180 |
|
Other current
liabilities |
0 |
0 |
|
|
---------- |
---------- |
|
Current
liabilities |
2,900 |
1,860 |
|
Long term
liabilities |
0 |
0 |
|
Other
liabilities |
0 |
0 |
|
|
---------- |
---------- |
|
Total
liabilities |
2,900 |
1,860 |
|
Equities |
8,520 |
7,430 |
|
|
---------- |
---------- |
|
Total
liabilities & equities |
11,420 |
9,290 |
|
|
======== |
======== |
Income Statement
Unit: CNY’000
|
|
as of Dec. 31,
2009 |
as of Dec. 31,
2010 |
|
Turnover |
7,670 |
6,570 |
|
Cost of goods
sold |
6,880 |
6,060 |
|
Taxes and additional
of main operations |
60 |
60 |
|
Other business
profit |
0 |
0 |
|
Sales expense |
490 |
530 |
|
Management expense |
680 |
620 |
|
Finance expense |
0 |
0 |
|
Other expense |
0 |
0 |
|
Asset impairment
loss |
0 |
0 |
|
Non-operating
income |
840 |
0 |
|
Non-operating
expense |
920 |
70 |
|
Profit before
tax |
-520 |
-770 |
|
Less:
profit tax |
0 |
0 |
|
Profits |
-520 |
-770 |
Important Ratios
=============
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
*Current ratio |
3.18 |
3.92 |
|
*Quick ratio |
2.21 |
0.84 |
|
*Liabilities
to assets |
0.25 |
0.20 |
|
*Net profit
margin (%) |
-6.78 |
-11.72 |
|
*Return on
total assets (%) |
-4.55 |
-8.29 |
|
*Inventory
/Turnover ×365 |
134days |
319days |
|
*Accounts
receivable/Turnover ×365 |
163days |
45days |
|
*Turnover/Total
assets |
0.67 |
0.71 |
|
* Cost of
goods sold/Turnover |
0.90 |
0.92 |
PROFITABILITY:
FAIR
l
The turnover of SC appears average in both years.
l
SC’s net profit margin appears fair in 2009, but
appears poor in 2010.
l
SC’s return on total assets appears fair in both
years, and appears a declining trend.
l
SC’s cost of goods sold is average in both years,
comparing with its turnover.
LIQUIDITY: FAIRLY
GOOD
l
The current ratio of SC is fairly good in both
years.
l
SC’s quick ratio is fairly good in 2009, but
appears normal in 2010.
l
The inventory of SC appears fairly large in 2009,
but appears large in 2010.
l
SC’s accounts receivable appears fairly large in
2009, but appears average in 2010.
l
SC has no short-term loan in both years.
l
SC’s turnover is in a fair level in both years,
comparing with the size of its total assets.
LEVERAGE: GOOD
l
The debt ratio of SC is low in both years.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly Stable.
SC is considered small-sized in its line with a fairly stable financial condition.
The large amount of inventory could be a threat to SC’s financial condition.
The given credit line would appear beyond SC’s capacities, while USD 40,000 is
recommended upon a periodical review basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.41 |
|
|
1 |
Rs.72.70 |
|
Euro |
1 |
Rs.63.55 |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
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 |
-- |
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.