MIRA INFORM
REPORT
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Report Date : |
18.02.2011 |
IDENTIFICATION DETAILS
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Name : |
dandong
shengxing paper machinery co., ltd. |
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Registered Office : |
no. 8 Group, Qianyang Village, Qianyang Town, Donggang City, Dandong, Liaoning Province, 118301 PR |
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Country : |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
18.04.2007 |
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Com. Reg. No.: |
210681004017683 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Manufacturing and Selling Paper Machinery and Equipment. |
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 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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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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
dandong shengxing paper machinery
co., ltd.
no. 8 group, qianyang village,
qianyang town, donggang city, dandong, liaoning PROVINCE, 118301 PR CHINA
TEL: 86 (0) 415-7817666/7817177
FAX: 86 (0) 415-7817177
EXECUTIVE SUMMARY
INCORPORATION DATE : april
18, 2007
REGISTRATION NO. : 210681004017683
REGISTERED LEGAL FORM : Limited liabilities
company
STAFF STRENGTH :
90
REGISTERED CAPITAL : CNY 43,600,000
BUSINESS LINE : manufacturing
TURNOVER :
CNY 61,476,000 (AS OF DEC. 31, 2009)
EQUITIES :
CNY 42,095,000 (AS OF DEC. 31, 2009)
PAYMENT :
AVERAGE
RECOMM.
MARKET CONDITION : average
FINANCIAL CONDITION : fairLY STABLE
OPERATIONAL TREND : fairly STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.59 = USD 1
Adopted abbreviations
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY -
SC was registered as a limited liabilities company at
local Administration for Industry & Commerce (AIC - The official body of
issuing and renewing business license) on April 18, 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 manufacturing and selling paper machinery and
equipment.
SC is mainly
engaged in manufacturing and selling paper machinery and equipment.
Mr. Shi Hanyun has
been chairman of SC since 2008.
SC is known to
have approx. 90 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office and factory in the industrial zone of Donggang. Our checks
reveal that SC owns the total premise about 18,000 square meters.
http://www.shengxing-dryer.com
The design is professional and the content is well organized. At present the
web site is both in Chinese and English versions.
E-mail: shengxing-dryer@hotmail.com
SC started its normal operation in April of 2008.
Changes of its registered information are as follows:
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Date of change |
Item |
Before the
change |
After the change |
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Registered
Capital |
CNY 5,000,000 |
CNY 10,000,000 |
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2008 |
Registration No. |
2106812800427 |
210681004017683 |
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Chairman |
Shi Yuanwen |
Shi Hanyun |
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Shareholders |
Shi Yuanwen 60% Zhang Xifeng 40% |
Shi Hanyun 60% Zhang Xifeng 40% |
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Registered
Capital |
CNY 10,000,000 |
CNY 43,600,000 |
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Shareholders |
Shi Hanyun 60% Zhang Xifeng 40% |
Shi Hanyun 28.33% Zhang Xifeng 9.17% Shi Yuanwen 62.50% |
MAIN
SHAREHOLDERS:
Name %
of Shareholding
Shi Hanyun 28.33
Zhang Xifeng 9.17
Shi Yuanwen 62.50
l
Chairman and General Manager:
Mr. Shi Hanyun, with university education. He is currently responsible
for the overall management of SC.
Working Experience(s):
From 2008 to present Working
in SC as chairman and general manager.
SC is mainly engaged
in manufacturing and selling paper machinery and equipment.
SC has started its
normal operation in April of 2008.
SC’s products
mainly include: drying cylinder.
SC sources its materials 100% from domestic
market, mainly
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.
Note: SC declined to release its major suppliers and clients.
SC
is not known to have any 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
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.
SC’s management
declined to confirm the given bank information: Account No 0651.621-4040000857 of
Agricultural Bank of
Financial
Summary
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Unit: CNY’000 |
as
of Dec. 31, 2008 |
as
of Dec. 31, 2009 |
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Total
liabilities |
38,482 |
42,393 |
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Equities |
42,245 |
42,095 |
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Total assets |
80,727 |
84,488 |
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============= |
============= |
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Turnover |
68,624 |
61,476 |
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Profit before
tax |
-1,200 |
-150 |
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Less: profit tax |
0 |
0 |
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Profits |
-1,200 |
-150 |
Note: SC’s detail
financial reports were not found at local AIC.
Important
Ratios
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As
of Dec. 31, 2008 |
As
of Dec. 31, 2009 |
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*Liabilities
to assets |
0.48 |
0.50 |
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*Net profit
margin (%) |
-1.75 |
-0.24 |
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*Return on
total assets (%) |
-1.49 |
-0.18 |
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*Turnover/Total
assets |
0.85 |
0.73 |
PROFITABILITY:
FAIR
l
The turnover of SC appears average in its line, but
it was decreasing in 2009.
l
SC’s net profit margin is fair in both years.
l
SC’s return on total assets is fair in both years.
l
SC’s turnover 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.
SC is considered medium-sized in its line with fairly stable financial
conditions. A credit line up to USD 100,000
would appear to be within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.38 |
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|
1 |
Rs.73.08 |
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Euro |
1 |
Rs.61.60 |
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 Company |
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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.