MIRA
INFORM REPORT
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Report Date : |
12.08.2011 |
IDENTIFICATION DETAILS
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Name : |
CHAOZHOU CHENGXINDA CERAMICS INDUSTRY CO., LTD. |
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Registered Office : |
YIXI DONGJIAO, CHAOZHOU CITY, GUANGDONG PROVINCE 521000 PR
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
13.09.2004 |
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Com. Reg. No.: |
445100400006245 |
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Legal Form : |
Chinese-Foreign Contractual Joint Venture
Enterprise |
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Line of Business : |
Designing, manufacturing, and selling various ceramic products, sanitary ware, polyester products, ceramic paint, petuntse, rattan, wood, garments, hardware, plastics, wax, packing cases, electrical appliances, glass, and assorted products of ceramics. |
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 50,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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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 |
Name and address
CHAOZHOU CHENGXINDA CERAMICS INDUSTRY CO., LTD.
YIXI DONGJIAO, CHAOZHOU CITY, GUANGDONG PROVINCE 521000 PR CHINA
TEL: 86 (0) 768-2325688/2323128
FAX: 86 (0) 768-2323238/2325688/2322928
EXECUTIVE SUMMARY
Date of Registration : SEPTEMBER 13, 2004
REGISTRATION NO. : 445100400006245
LEGAL FORM : CHINESE-FOREIGN CONTRACTUAL JOINT VENTURE
ENTERPRISE
REGISTERED CAPITAL : hkd 2,000,000
staff :
75
BUSINESS CATEGORY : MANUFACTURING
& trading
Revenue :
CNY 11,770,000 (AS OF DEC. 31,
2010)
EQUITIES :
CNY 3,730,000 (AS OF DEC. 31, 2010)
PAYMENT :
AVERAGE
Recommended Credit Limit: UP TO USD 50,000
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : STABLE
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.39 = 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 Chinese-foreign contractual joint venture enterprise of PRC with State
Administration of Industry & Commerce (SAIC) under registration No.: 445100400006245 on September 13, 2004.
SC’s Organization Code Certificate No.:
766566075
SC’s Tax No.: 445102766566075
Foreign Exchange Registration Certificate No.:
00059816
Customs Registration No.: 4421921172
SC’s registered capital: HKD 2,000,000
SC’s paid-in capital: HKD 2,000,000 (cny 2,120,000)
Registration Change Record:
|
Date |
Change of Contents |
Before the change |
After the change |
|
-- |
Registration No. |
001512 |
445100400006245 |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Chaozhou Chengxin Ceramics Manufacturing
Co., Ltd. |
60 |
|
Wu Zhijian (Hong Kong) |
40 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman, and
General Manager |
Cai Shurong |
|
Supervisor |
Wu Zhijian |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Chaozhou Chengxin Ceramics Manufacturing
Co., Ltd. 60
Wu Zhijian (Hong Kong) 40
MANAGEMENT
Cai Shurong ,
Legal Representative, Chairman and General Manager
------------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age:
Ø
Qualification:
University
Ø
Working
experience (s):
At
present, working in SC as legal representative, chairman and general manager
Wu Zhijian , Supervisor
------------------------------------------
Ø
Gender: M
Ø
Qualification:
University
Ø
Nationality:
Hong Kong
BUSINESS OPERATION
SC’s registered
business scope includes designing, manufacturing, and selling various ceramic
products, sanitary ware, polyester products, ceramic paint, petuntse, rattan,
wood, garments, hardware, plastics, wax, packing cases, electrical appliances,
glass, and assorted products of ceramics.
SC is mainly
engaged in manufacturing and selling ceramic products.
SC’s products mainly include: ceramic
products.
SC sources its materials 100% from domestic
market, mainly Guangdong. SC sells 100% to overseas market, mainly Hong Kong.
The
import & export status of SC in 2010 is as follows,
|
Country |
Amount of Exports
(USD) |
Amount of Imports (USD) |
|
Hong Kong |
1,737,900 |
-- |
|
|
------------------- |
------------------- |
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Total Amount |
1,737,900 |
-- |
The buying terms of SC include Check, T/T and Credit of 30-60 days. The payment
terms of SC include T/T, L/C and Credit of 30-60 days.
Major Supplier:
===========
Guangdong Jiexi County Chunyan Glass Products Factory
Major Client:
=========
Hong Kong Household Products Limited
Staff & Office:
--------------------------
SC is known
to have approx. 75 staff at
present.
SC owns an area as
its operating office and factory, but the detailed information is unknown.
RELATED COMPANY
SC is known to have one
branch factory, as follows,
=======================================
Chaozhou Chengxinda Ceramics Industry Co.,
Ltd. Lianyun Ceramic Paint Branch Factory
Registration
No.: 445100500002407
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
AC#：823150880208091001
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
1,330 |
490 |
|
|
Notes receivable |
0 |
0 |
|
Accounts
receivable |
230 |
1,260 |
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Advances to suppliers |
0 |
0 |
|
Other receivable |
59 |
120 |
|
Inventory |
970 |
1,190 |
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Non-current
assets within one year |
0 |
0 |
|
Other current
assets |
21 |
150 |
|
|
------------------ |
------------------ |
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Current assets |
2,610 |
3,210 |
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Fixed assets |
1,640 |
1,480 |
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Construction in
progress |
0 |
0 |
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Intangible
assets |
0 |
0 |
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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 |
480 |
410 |
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------------------ |
------------------ |
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Total assets |
4,730 |
5,100 |
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============= |
============= |
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Short-term loans |
0 |
0 |
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Notes payable |
0 |
0 |
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Accounts payable |
0 |
85 |
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Advances from
clients |
27 |
39 |
|
Other payable |
1,070 |
1,120 |
|
Other current
liabilities |
143 |
176 |
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------------------ |
------------------ |
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Current
liabilities |
1,240 |
1,420 |
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Non-current
liabilities |
0 |
-50 |
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------------------ |
------------------ |
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Total
liabilities |
1,240 |
1,370 |
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Equities |
3,490 |
3,730 |
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------------------ |
------------------ |
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Total
liabilities & equities |
4,730 |
5,100 |
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|
============= |
============= |
Income Statement
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Unit: CNY’000 |
As of Dec. 31,
2010 |
|
Revenue |
11,770 |
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Cost of sales |
9,770 |
|
Sales expense |
730 |
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Management expense |
640 |
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Finance expense |
130 |
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Profit before
tax |
430 |
|
Less: profit tax |
120 |
|
310 |
Important Ratios
=============
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
*Current ratio |
2.10 |
2.26 |
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*Quick ratio |
1.32 |
1.42 |
|
*Liabilities
to assets |
0.26 |
0.27 |
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*Net profit
margin (%) |
-- |
2.63 |
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*Return on
total assets (%) |
-- |
6.08 |
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*Inventory /
Revenue ×365 |
-- |
37 days |
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*Accounts
receivable/ Revenue ×365 |
-- |
40 days |
|
*
Revenue/Total assets |
-- |
2.31 |
|
* Cost of
sales / Revenue |
-- |
0.83 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
l
The revenue of SC appears average in 2010.
l
SC’s net profit margin is average in 2010.
l
SC’s return on total assets is fairly good in 2010.
l
SC’s cost of goods sold is average, comparing with
its revenue.
LIQUIDITY: FAIRLY
GOOD
l
The current ratio of SC is maintained in a fairly
good level in both years.
l
SC’s quick ratio is maintained in a fairly good
level in both years.
l
The inventory of SC appears average.
l
The accounts receivable of SC appears average.
l
SC has no short-term loans in both years.
l
SC’s revenue is in a fairly good level, comparing
with the size of its total assets.
LEVERAGE: AVERAGE
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: Stable
CONCLUSIONS
SC is considered small-sized in its line with stable financial conditions.
A credit line up to USD 50,000 appears to be within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.27 |
|
|
1 |
Rs.73.34 |
|
Euro |
1 |
Rs.64.58 |
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 |
-- |
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.