MIRA
INFORM REPORT
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Report Date : |
27.12.2011 |
IDENTIFICATION DETAILS
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Name : |
Hongyi Precision Industrial Inc. |
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Registered Office : |
No. 5, Yulan Street, High & New Technology Industrial Development Zone, Zhengzhou, Henan Province, 450001 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
15.08.2005 |
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Com. Reg. No.: |
410199100014348 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Manufacturing and selling instruments |
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No. of Employees : |
30 |
RATING & COMMENTS
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MIRAs 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 5,000 |
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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 September 30, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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 and address
Hongyi Precision Industrial Inc.
NO. 5, YULAN
STREET, HIGH & NEW TECHNOLOGY INDUSTRIAL DEVELOPMENT ZONE, ZHENGZHOU, HENAN
PROVINCE, 450001 PR CHINA
TEL: 86 (0)
371-67998601 FAX: 86 (0)
371-67998602
EXECUTIVE SUMMARY
INCORPORATION DATE : AUG. 15, 2005
REGISTRATION NO. : 410199100014348
REGISTERED LEGAL FORM : LIMITED LIABILITIES COMPANY
STAFF STRENGTH :
30
REGISTERED CAPITAL : CNY 500,000
BUSINESS LINE :
MANUFACTURING
TURNOVER :
N/A (AS OF DEC. 31, 2010)
EQUITIES :
CNY 840,000 (AS OF DEC. 31, 2010)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO USD 5,000
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : FAIRly stable
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY
6.31 = 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 Renminbi
SC was registered as a Limited Liability Company at local Administration
for industry & commerce (AIC - the official body of issuing and renewing
business license) on Aug. 15, 2005.
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.
SCs registered business
scope includes manufacturing, designing and selling instruments; importing and
exporting commodities and technologies. (with permit if
needed)
SC is mainly
engaged in manufacturing and selling instruments.
Ms. Du Yuping is legal representative and chairman of SC at
present.
SC is known
to have approx. 30 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office and factory in the development zone of Zhengzhou. The detailed
information of the premise is unspecified.
http://www.hongyiinc.com/ The design is professional and the content is
well organized. At present it is in both Chinese and English versions.
Email: zzhy@hongyiinc.com
SC has got Quality Certification.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Du Yuping 80
Sun Yalun 20
l
Legal representative and Chairman:
Ms. Du Yuping is currently
responsible for the overall management of SC.
Working Experience(s):
At present Working
in SC as chairman and legal representative.
l
Supervisor:
Sun Yalun
SC is mainly
engaged in manufacturing and selling instruments.
SCs products mainly
include temperature and pressure instruments, and so on.
SC sources its materials 80% from domestic
market, and 20% from overseas market. SC sells 50% of its products in domestic
market, and 50% to overseas market.
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, L/C and Credit of 30-60 days.
Note:
SC declined to release its major suppliers and clients.
SC is not known to have the 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.
SCs accountant
refused to release the bank details.
Balance Sheet
Unit: CNY000
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as of Dec. 31,
2010 |
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Cash & bank |
200 |
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Inventory |
330 |
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Accounts
receivable |
200 |
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Notes receivable |
0 |
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Advances to
supplies |
0 |
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Other
receivables |
10 |
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Other current
assets |
30 |
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------------------ |
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Current assets |
770 |
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Fixed assets net
value |
140 |
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Projects under
construction |
0 |
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Long-term
investments |
0 |
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Intangible and
other assets |
20 |
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------------------ |
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Total assets |
930 |
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============= |
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Short loans |
0 |
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Accounts payable |
-100 |
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Other Accounts
payable |
90 |
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Taxes payable |
0 |
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Other current
liabilities |
100 |
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------------------ |
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Current
liabilities |
90 |
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Long term
liabilities |
0 |
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------------------ |
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Total
liabilities |
90 |
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Shareholders
equities |
840 |
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------------------ |
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Total
liabilities & equities |
930 |
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============= |
Note: we did not find SCs income statement for
Yr2010.
Important Ratios
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as of Dec. 31,
2010 |
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*Current ratio |
8.56 |
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*Quick ratio |
4.89 |
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*Liabilities
to assets |
0.10 |
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*Net profit
margin (%) |
/ |
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*Return on
total assets (%) |
/ |
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*Inventory
/Turnover Χ365 |
/ |
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*Accounts
receivable/Turnover Χ365 |
/ |
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*Turnover/Total
assets |
/ |
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* Cost of
goods sold/Turnover |
/ |
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a normal
level in 2010.
l
SCs quick ratio is maintained in a normal level in
2010.
l
The inventory of SC appears average in 2010.
l
The accounts receivable of SC appears average in
2010.
l
SC has no short-term loan in 2010.
LEVERAGE: AVERAGE
l
The debt ratio of SC is low.
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 fairly stable financial conditions.
A credit line up to USD 5,000 appears to be within SCs capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
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US Dollar |
1 |
Rs.52.82 |
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|
1 |
Rs.82.47 |
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Euro |
1 |
Rs.68.93 |
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 SCs 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.