MIRA
INFORM REPORT
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Report Date : |
19.12.2011 |
IDENTIFICATION DETAILS
|
Name : |
ZHEJIANG GEARTECH INDUSTRIAL CO., LTD. |
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Registered Office : |
No. C Area, Binhai Industrial Zone, Economic & Technological
Development Zone, Taizhou, Zhejiang Province 318000 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
20.06.2006 |
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Com. Reg. No.: |
331000000019088 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Manufacturing and selling coating equipment, galvanizing equipment. |
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No. of Employees : |
130 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 100,000 |
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Status : |
Satisfactory |
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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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
|
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 and address
ZHEJIANG GEARTECH INDUSTRIAL CO., LTD.
NO. C AREA, BINHAI INDUSTRIAL ZONE, ECONOMIC & TECHNOLOGICAL
DEVELOPMENT ZONE, TAIZHOU, ZHEJIANG PROVINCE 318000 PR CHINA
TEL: 86 (0) 576-88128786/88128787
FAX: 86 (0) 576-88128785
EXECUTIVE SUMMARY
Date of Registration : june 20, 2006
REGISTRATION NO. : 331000000019088
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL : cny 21,880,000
staff :
130
BUSINESS CATEGORY : manufacturing
Revenue :
CNY 33,102,000 (AS OF DEC. 31,
2010)
EQUITIES :
CNY 14,386,000 (AS OF DEC. 31, 2010)
WEBSITE : www.geartech.cn
E-MAIL :
wzb@geartech.cn
PAYMENT :
AVERAGE
Recommended Credit Limit: UP TO USD 100,000
(PERIODICAL REVIEW)
MARKET CONDITION : average
FINANCIAL CONDITION : FAIRly stable
OPERATIONAL TREND : fairly STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.35 = 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 company name (Zhejiang Geartech
Machinery Co., Ltd.) is SC’s former one.
SC was established
as a limited liabilities company of PRC with State Administration of Industry
& Commerce (SAIC) under registration No.: 331000000019088 on june
20, 2006.
SC’s Organization Code Certificate No.:
78968674-X
SC’s Tax No.: 33100178968674X
SC’s registered capital: cny 21,880,000
SC’s paid-in capital: cny 21,880,000
Registration Change Record:
|
Date |
Change of Contents |
Before the change |
After the change |
|
2011 |
Company Name |
Zhejiang Geartech Machinery Co., Ltd. |
Zhejiang Geartech Industrial Co., Ltd. |
|
Registered Capital |
CNY 13,880,000 |
cny 21,880,000 |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Ruan Heping |
70 |
|
Liang Meidan |
30 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman, and
General Manager |
Ruan Heping |
|
Supervisor |
Liang Meidan |
RECENT DEVELOPMENT
SC has got the certificate ISO9001.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Ruan Heping 70
Liang Meidan 30
MANAGEMENT
Ruan Heping ,
Legal Representative, Chairman and General Manager
------------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 34
Ø
ID# 332603197712196710
Ø
Qualification:
University
Ø
Working
experience (s):
From 2006
to present, working in SC as legal representative, chairman and general manager
Also
working in Taizhou Geartech Extrusion Equipment Co., Ltd. as legal
representative and chairman
Liang Meidan ,
Supervisor
----------------------------------------------
Ø
Gender: F
Ø
Age: 35
Ø
ID# 332603197612306062
Ø
Qualification:
University
BUSINESS OPERATION
SC’s registered business scope includes manufacturing and
selling plastic raw materials compounding machinery, plastic molding machines,
coating equipment, galvanizing equipment, light box cloth manufacturing
equipment, non-woven manufacturing equipment, metal structure, aluminum panels;
selling decorative materials, building materials, metal materials; importing
and exporting goods and technology.
SC is mainly
engaged in manufacturing and selling coating equipment, galvanizing equipment.
Brand: GEARTECH
SC’s products
mainly include:
JET-1300/1600/2000Aluminum
Composite Panel Production Line
JETHDG-1250
Hot-Dip Galvanizing Line
JETX-150/30-60
Steel Coil Coating Line
JETDC-1300CL/JETDC-1600CL
Aluminum Coil Coating Line
JETPL-1250 Push-Pull Pickling Line
Etc.
SC sources its materials 100% from domestic
market, mainly Zhejiang. SC sells 40% of its products in domestic market, and
60% to overseas market, mainly USA, Europe, Mid East and Southeast Asia.
The buying terms
of SC include 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. 130 staff at
present.
SC owns an area as
its operating office & factory of approx. 38,000 sq. meters at the heading
address.
RELATED COMPANY
n
Taizhou Geartech Extrusion Equipment Co., Ltd.
-----------------------------------------------------------------
Date of Registration: September 29, 2004
Registration No.: 3310042004892
Legal Form: Limited Liabilities
Company
Registered Capital: CNY 3,180,000
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 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:
Agricultural Bank of China Taizhou Branch Luqiao Sub-branch
AC#:
920101040100359
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
2,683 |
7,334 |
|
|
Accounts
receivable |
-4,956 |
2,760 |
|
Advances to
suppliers |
0 |
0 |
|
Other receivable |
3,510 |
7,361 |
|
Inventory |
8,259 |
6,938 |
|
Prepaid expenses |
101 |
0 |
|
Other current
assets |
0 |
0 |
|
|
------------------ |
------------------ |
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Current assets |
9,597 |
24,393 |
|
Fixed assets |
13,347 |
13,081 |
|
Construction in
progress |
0 |
0 |
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Intangible
assets |
5,303 |
5,190 |
|
Long-term
prepaid expenses |
0 |
0 |
|
Deferred assets |
196 |
137 |
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Other
non-current assets |
0 |
0 |
|
|
------------------ |
------------------ |
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Total assets |
28,443 |
42,801 |
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|
============= |
============= |
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Short-term loans |
12,800 |
13,600 |
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Notes payable |
1,801 |
9,325 |
|
Accounts payable |
2,001 |
1,638 |
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Wages payable |
0 |
0 |
|
Tax payable |
-1,337 |
-983 |
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Advances from
clients |
0 |
4,759 |
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Other payable |
0 |
37 |
|
Other
non-payment |
15 |
39 |
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Other current
liabilities |
0 |
0 |
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|
------------------ |
------------------ |
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Current
liabilities |
15,280 |
28,415 |
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Non-current
liabilities |
0 |
0 |
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|
------------------ |
------------------ |
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Total
liabilities |
15,280 |
28,415 |
|
Equities |
13,163 |
14,386 |
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|
------------------ |
------------------ |
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Total
liabilities & equities |
28,443 |
42,801 |
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|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2009 |
As of Dec. 31,
2010 |
|
Revenue |
13,170 |
33,102 |
|
Cost of sales |
10,512 |
28,781 |
|
Taxes and surcharges |
11 |
60 |
|
Sales expense |
255 |
658 |
|
Management expense |
1,466 |
1,988 |
|
Finance expense |
785 |
836 |
|
Subsidy income |
11 |
170 |
|
Non-business
income |
0 |
1 |
|
Non-business expense |
30 |
135 |
|
Profit before
tax |
123 |
841 |
|
Less: profit tax |
0 |
209 |
|
123 |
632 |
Important Ratios
=============
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
*Current ratio |
0.63 |
0.86 |
|
*Quick ratio |
0.09 |
0.61 |
|
*Liabilities to
assets |
0.54 |
0.66 |
|
*Net profit
margin (%) |
0.93 |
1.91 |
|
*Return on
total assets (%) |
0.43 |
1.48 |
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*Inventory /
Revenue ×365 |
229 days |
77 days |
|
*Accounts
receivable/ Revenue ×365 |
-- |
31 days |
|
*
Revenue/Total assets |
0.46 |
0.77 |
|
* Cost of
sales / Revenue |
0.80 |
0.87 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
l
The revenue of SC appears average, and it was
rising 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 average, comparing with
its revenue.
LIQUIDITY: FAIR
l
The current ratio of SC is maintained in a fair
level.
l
SC’s quick ratio is maintained in a fair level.
l
The inventory of SC appears fairly large.
l
The accounts receivable of SC is maintained in an
average level in 2010.
l
The short-term loan of SC appears fairly large.
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.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly stable.
CONCLUSIONS
SC is considered medium-sized in its line with fairly stable financial
conditions. The fairly large amount of inventory and short-term loan may be a
threat to SC’s financial condition. A credit line up to USD 100,000 is
recommended upon a periodical review basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.81 |
|
|
1 |
Rs.82.00 |
|
Euro |
1 |
Rs.68.81 |
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.