MIRA INFORM REPORT
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Report Date : |
20.08.2011 |
IDENTIFICATION DETAILS
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Name : |
ZIBO AOMEIYA TEXTILE CO., LTD. |
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Registered Office : |
No. 298 Yongsheng Street, Zhoucun District, Zibo, Shandong Province 255300 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
11.09.2007 |
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Com. Reg. No.: |
370300228121375 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
manufacturing and selling towel, cotton cloth, and silk, importing and
exporting goods and technology |
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 20,000 |
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Status : |
Small Company |
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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) |
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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
zibo aomeiya textile co., ltd.
no. 298 yongsheng
street, zhoucun district, zibo,
shandong province
255300 PR CHINA
TEL: 86 (0) 533-6458992
FAX: 86 (0)
533-6456992
EXECUTIVE SUMMARY
Date of Registration : september 11, 2007
REGISTRATION NO. : 370300228121375
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL :
cny 3,080,000
staff : 80
BUSINESS CATEGORY :
manufacturing
Revenue :
CNY 12,833,000 (AS OF DEC. 31,
2010)
EQUITIES :
CNY
3,049,000 (AS OF DEC. 31, 2010)
WEBSITE : N/A
E-MAIL :
N/A
PAYMENT : AVERAGE
Recommended Credit Limit: UP TO USD 20,000 (PERIODICAL REVIEW)
MARKET CONDITION : average
FINANCIAL CONDITION :
stable
OPERATIONAL TREND :
Ordinary
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 limited liabilities company of PRC with State Administration
of Industry & Commerce (SAIC) under registration No.: 370300228121375 on September
11, 2007.
SC’s Organization Code Certificate
No.: 666724494
SC’s registered capital: cny 3,080,000
SC’s paid-in capital: cny 3,080,000
SC’s Tax No. 370306666724494
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 |
|
Yang Yi |
67.53 |
|
Yang Yanhu |
32.47 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative,
Chairman, and General Manager |
Yang Yi |
|
Supervisor |
Yang
Yanhu |
RECENT DEVELOPMENT
SC has got the certificate ISO9001.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Yang Yi 67.53
Yang Yanhu 32.47
MANAGEMENT
Yang Yi, Legal Representative, Chairman and General Manager
--------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 25
Ø
ID# 370306198602061017
Ø
Mobile: 86 (0) 13964482834
Ø
Qualification:
University
Ø
Working
experience (s):
From 2007 to present, working in SC as legal representative,
chairman and general manager
Yang
Yanhu, Supervisor
--------------------------------------------
Ø
Gender: M
Ø
Age: 52
Ø
ID# 370306195911241050
BUSINESS OPERATION
SC’s registered business scope includes manufacturing and
selling towel, cotton cloth, and silk, importing and exporting goods and
technology.
SC is
mainly engaged in selling textiles.
Brand: 
SC’s
products mainly include:
Cotton solid hand & face & bath towels
Cotton strip velour beach towel & bath towel
Cotton solid bath towel with rayon satin
Big border solid bath towel
Embroidery bath towel
Terry and velour bath towel made of 100%cotton
Dark color velour bath towel
Big border velour bath towel
Combed yarn bath towel
Velour bath towel
Velour & embossment bath towel
Stripe beach towel
Stripe velour beach towel
SC sources its materials 100% from domestic
market, mainly Shandong. SC sells 15% of its products in domestic market, and
85% to overseas market, mainly Japan, Korea, France, USA, Australia, New
Zealand, and etc.
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.
Staff & Office:
--------------------------
SC is
known to have approx. 80 staff at present.
SC rents an area
as its operating office & factory of approx. 5,000 sq. meters at the
heading address.
RELATED COMPANY
SC is
not known to have any subsidiary at present.
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 records 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.
BANKING
Basic Bank:
Bank
of China Zibo Branch
AC# N/A
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
1,113 |
149 |
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Accounts
receivable |
2,804 |
3,152 |
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Advances to
suppliers |
1,167 |
1,011 |
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Other receivable |
0 |
0 |
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Inventory |
703 |
2,417 |
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Non-current
assets within one year |
0 |
0 |
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Other current
assets |
0 |
25 |
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------------------ |
------------------ |
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Current assets |
5,787 |
6,754 |
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Fixed assets |
1,301 |
1,577 |
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Construction in
progress |
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 |
0 |
0 |
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------------------ |
------------------ |
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Total assets |
7,088 |
8,331 |
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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 |
1,592 |
-339 |
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Wages payable |
0 |
0 |
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Advances from clients |
251 |
51 |
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Other payable |
2,190 |
5,545 |
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Other current
liabilities |
38 |
25 |
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------------------ |
------------------ |
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Current
liabilities |
4,071 |
5,282 |
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Non-current
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total
liabilities |
4,071 |
5,282 |
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Equities |
3,017 |
3,049 |
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------------------ |
------------------ |
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Total
liabilities & equities |
7,088 |
8,331 |
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============= |
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Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2010 |
|
Revenue |
12,833 |
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Cost of sales |
12,043 |
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Sales expense |
29 |
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Management expense |
677 |
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Finance expense |
6 |
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Profit before
tax |
64 |
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Less: profit tax |
45 |
|
19 |
Important Ratios
=============
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As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
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*Current ratio |
1.42 |
1.28 |
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*Quick ratio |
1.25 |
0.82 |
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*Liabilities
to assets |
0.57 |
0.63 |
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*Net profit
margin (%) |
-- |
0.15 |
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*Return on
total assets (%) |
-- |
0.23 |
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*Inventory /
Revenue ×365 |
-- |
69 days |
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*Accounts
receivable/ Revenue ×365 |
-- |
90 days |
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*
Revenue/Total assets |
-- |
1.54 |
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* Cost of
sales / Revenue |
-- |
0.94 |
FINANCIAL
COMMENTS
PROFITABILITY:
AVERAGE
l
The revenue of SC appears
average in its line.
l
SC’s net profit margin is average.
l
SC’s return on total assets is average.
l
SC’s cost of goods sold is fairly high, comparing
with its revenue.
LIQUIDITY:
AVERAGE
l
The current ratio of SC is maintained in a normal
level.
l
SC’s quick ratio is maintained in a normal level.
l
The inventory of SC is maintained in an average
level.
l
The accounts receivable of SC appears fairly large.
l
SC has no short-term loan in both years.
l
SC’s revenue is in an average
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: Stable.
CONCLUSIONS
SC is considered small-sized in its line with
stable financial conditions. The fairly large amount of accounts
receivable may be a threat to SC’s financial condition. A credit line up to USD
20,000 is recommended upon a periodical review basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.61 |
|
UK Pound |
1 |
Rs.75.32 |
|
Euro |
1 |
Rs.65.68 |
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.