MIRA INFORM REPORT
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Report Date : |
18.08.2011 |
IDENTIFICATION DETAILS
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Name : |
HANGZHOU VASU TRADING CO., LTD. |
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Registered Office : |
Room 1419, Buynow Sci-Tec Mansion, No. 23, Jiaogong Road,
Hangzhou City, Zhejiang Province 310013 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
25.12.2007 |
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Com. Reg. No.: |
330102000012549 |
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Legal Form : |
Limited Liabilities Co. |
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Line of Business : |
Sample Making of
Clothing |
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 : |
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) |
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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
HANGZHOU VASU TRADING CO., LTD.
ROOM 1419, BUYNOW SCI-TEC MANSION,
NO. 23, JIAOGONG ROAD, HANGZHOU CITY,
ZHEJIANG PROVINCE 310013 PR CHINA
TEL: 86 (0) 571-
87817706/ 87828945 FAX: 86 (0) 571-87828947
EXECUTIVE SUMMARY
INCORPORATION DATE : DEC.
25, 2007
REGISTRATION NO. :
330102000012549
REGISTERED LEGAL FORM : LIMITED LIABILITIES CO.
STAFF STRENGTH : 5
REGISTERED CAPITAL : CNY 500,000
BUSINESS LINE :
CLOTHING SAMPLE MAKING
TURNOVER : CNY 426,000 (AS OF
DEC. 31, 2010)
EQUITIES :
CNY 291,000 (AS OF DEC. 31, 2010)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : C.O.D.
MARKET CONDITION :
FAIR
FINANCIAL CONDITION :
FAIR
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE : CNY 6.39=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: SC’s operating address should be the heading one, while the given address was SC’s former one; and the given tel. number and fax number were the former ones.
SC was registered as a Limited Liabilities Co. at local Administration for Industry & Commerce (AIC-The official body of issuing and renewing business license) on Dec. 25, 2007.
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 wholesaling and retailing textiles,
apparel and accessories, general merchandise; services: product design
consulting, corporate image design; other legal items
that don’t need permit.
SC is mainly
engaged in sample making of clothing.
Ms. Xie Hong is legal
representative and chairman of SC at present.
SC is known
to have approx. 5 employees at present.
SC is
currently operating at the above stated address, and this address houses its
operating office in the commercial zone of Hangzhou. Our checks
reveal that SC rents the total premise about 80 square meters.
SC is not known to have website of its own at present.
No significant events or changes were found during our checks
with the local Administration for Industry and Commerce.
MAIN
SHAREHOLDERS:
Name
% of
shareholdings
Xie
Hong
90
ID# 330105197407310023
Gu Naixi 10
l
Legal Representative and Chairman:
Ms. Xie Hong, ID# 330105197407310023, born in 1974, with university education, she is currently responsible for the overall management of SC.
Working Experience(s):
At present Working in SC as legal representative and chairman.
SC is mainly
engaged in sample making of clothing.
The buying terms of SC include Check, T/T 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 subsidiaries 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 Hangzhou
AC#:
74928100130251
Relationship:
Normal
Balance Sheet
Unit: CNY’000
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As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
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Cash & bank |
0 |
4 |
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Notes receivable |
0 |
0 |
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Inventory |
0 |
0 |
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Accounts receivable |
0 |
0 |
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Advances to
suppliers |
0 |
0 |
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Other accounts
receivable |
10 |
1 |
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Prepaid
expenses |
29 |
0 |
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Other current
assets |
0 |
0 |
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------------------ |
------------------ |
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Current assets |
39 |
5 |
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Disposal of fixed
assets |
0 |
0 |
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Fixed assets net
value |
580 |
451 |
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Project under
construction |
0 |
0 |
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Long term
investment |
0 |
0 |
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Long-term
prepaid expenses |
0 |
0 |
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Intangible and
other assets |
0 |
0 |
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------------------ |
------------------ |
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Total assets |
619 |
456 |
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============= |
============= |
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Short loans |
0 |
0 |
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Notes payable |
0 |
0 |
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Accounts payable |
0 |
0 |
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Advances from
clients |
0 |
0 |
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Accrued payroll |
0 |
0 |
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Welfare payable |
0 |
0 |
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Taxes payable |
-1 |
-3 |
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Surcharge payable |
0 |
0 |
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Accrued expenses |
0 |
0 |
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Other accounts
payable |
147 |
168 |
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Other current
liabilities |
0 |
0 |
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Interest payable |
0 |
0 |
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------------------ |
------------------ |
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Current
liabilities |
146 |
165 |
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Long-term
liabilities |
0 |
0 |
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Long-term payables |
0 |
0 |
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------------------ |
------------------ |
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Total
liabilities |
146 |
165 |
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Equities |
473 |
291 |
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------------------ |
------------------ |
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Total
liabilities & equities |
619 |
456 |
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============= |
============= |
Income Statement
Unit: CNY’000
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As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
Turnover |
571 |
426 |
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Cost of goods sold |
0 |
0 |
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Taxes and additional of main operations |
32 |
24 |
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Sales expense |
314 |
286 |
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Management expense |
222 |
298 |
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Finance expense |
0 |
0 |
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Profit before
tax |
3 |
-182 |
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Less: profit tax |
1 |
0 |
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Profits |
2 |
-182 |
Important
Ratios
=============
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As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
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*Current ratio |
0.27 |
0.03 |
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*Quick ratio |
0.27 |
0.03 |
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*Liabilities
to assets |
0.24 |
0.36 |
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*Net profit
margin (%) |
0.35 |
-42.72 |
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*Return on
total assets (%) |
0.32 |
-39.91 |
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*Inventory
/Turnover ×365 |
/ |
/ |
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*Accounts receivable/Turnover
×365 |
/ |
/ |
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*Turnover/Total
assets |
0.92 |
0.93 |
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* Cost of
goods sold/Turnover |
/ |
/ |
PROFITABILITY:
POOR
l
The turnover of SC appears fair in its line.
l
SC’s net profit margin appears average in 2009 but
poor in 2010.
l
SC’s return on total assets appears average in 2009
but poor in 2010.
LIQUIDITY:
POOR
l
The current ratio of SC is in a poor level in both
2 years.
l
SC’s quick ratio is in a poor level in both 2
years.
l
SC has no inventory in both 2 years.
l
SC has no accounts receivable in both 2 years.
l
SC has no short-term loan in both 2 years.
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 low in both 2 years.
l
The risk for SC to go bankrupt is above average.
Overall financial
condition of the SC: Fair.
SC is considered small-sized in its line with fair financial conditions.
Credit should be extended under guarantee, and C.O.D. is recommended.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.37 |
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UK Pound |
1 |
Rs.74.56 |
|
Euro |
1 |
Rs.65.34 |
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 |
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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.