MIRA
INFORM REPORT
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Report Date : |
16.02.2011 |
IDENTIFICATION DETAILS
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Name : |
NANJING
CONSTRUCTION MACHINERY CO., LTD |
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Registered Office : |
Room 1708, No. 6 Building, No. 399 Zhongyang Road, Gulou
District, Nanjing, Jiangsu Province, 210003 Pr |
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Country : |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
03.04.2009 |
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Com. Reg. No.: |
320106000141526 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Trading of Construction Machinery, Etc. |
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 : |
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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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
NANJING CONSTRUCTION MACHINERY CO., LTD.
ROOM
1708, NO. 6 BUILDING, NO.
39961708
TEL: 86
(0) 25-83179757/83179727
FAX: 86
(0) 25-83179787
EXECUTIVE SUMMARY
INCORPORATION DATE : APRIL 3, 2009
REGISTRATION NO. : 320106000141526
REGISTERED LEGAL FORM : LIMITED LIABILITIES COMPANY
STAFF STRENGTH : 14
REGISTERED CAPITAL :
CNY 3,000,000
BUSINESS LINE : TRADING
TURNOVER : CNY 36,670,000 (unaudited, AS OF DEC. 31,
2010)
EQUITIES : CNY 2,700,000
(unaudited, AS OF DEC. 31, 2010)
PAYMENT : AVERAGE
RECOMM. CREDIT RANGE : UP TO
USD 20,000
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 - China Yuan Renminbi
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 3, 2009.
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 selling construction machinery, auto
(excluding passenger car no more than 9 seats) and parts, mechanical and electrical
equipment, chemical products, electronic products, building materials,
decorative materials, knitting and textile, garments and decorations, general
merchandise; importing and exporting commodities and technology (excluding the
items prohibited by the state).
SC is
mainly engaged in trading of construction machinery, etc.
Ms.
Yang Yiqin has been legal representative and chairman of SC since 2009.
SC is known to have approx. 14 employees at
present.
SC is currently operating at the above stated address, and this
address houses its operating office in the commercial zone of Nanjing. Our
checks reveal that SC rents the total premise, but SC’s accountant refused to
release the gross area.
Http://www.truckcrane.com.cn
The design is professional and the content is well organized. At present it is
in English version.
E-Mail: sales@truckcrane.com.cn
Note: According to SC’s accountant Ms. Li, SC was
established in April 2009 and started its normal business since about October,
2009.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Yang Yiqin 40
ID # 32092119680315244X
Zhang Jun 60
ID # 320921196810172457
Legal representative & chairman:
Ms. Yang Yiqin, born in 1968. She is currently responsible
for the overall management of SC.
Working Experience(s):
From 2009 to present Working in SC as chairman and legal representative.
General Manager:
Mr. Zhang Jun, in his
Working Experience(s):
Now Working in SC as general manager.
SC is
mainly engaged in trading of construction machinery, etc.
Main Products:
Truck
Crane
All
Terrain Crane
Crawler
Crane
Telescopic-boom
Crawler
Crane
Truck-Mounted
Crane
Harbor
Wheel Crane
Rough
Terrain Crane
Container
Reach Stacker
Forklift
Telescopic-Boom
Empty
Container Handler
Special
Crane
Truck
Mine
Dump Truck
Bulldozer
Truck-mounted
Concrete
Pump
Concrete
Mixer Truck
Crawler
& Wheel Excavator
Wheel
Loader
Motor
Grader
Road
Roller
Rotary
Drilling Rig
Backhoe
Loader
Skid
Loader
Wrecker
Truck
Self-propelled
boom lift
SC sources its materials 100%
from domestic market. SC sells 100% of its products to overseas market, mainly South
America, North Africa, and Mid East.
The buying terms of SC include Check, T/T and Credit of
30-60 days. The payment terms of SC include Check, T/T, L/C and Credit of 30-60
days.
*Major
Supplier:
Changsha Zoomlion Heavy Industry Science & Technology
Development Co., Ltd.
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 and our debt collection record concerning SC.
Trade payment
experience: SC’s suppliers declined to make any comments.
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 China
AC#802351140808091001
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 |
220 |
620 |
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Inventory |
0 |
0 |
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Accounts
receivable |
9,670 |
7,930 |
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Advances
to suppliers |
0 |
720 |
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Other
receivables |
0 |
790 |
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Other
current assets |
0 |
0 |
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---------------- |
--------------- |
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Current
assets |
9,890 |
10,060 |
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Fixed
assets net value |
280 |
1,490 |
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Projects
under construction |
0 |
0 |
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Long
term investment |
0 |
0 |
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Other
assets |
900 |
620 |
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----------------- |
--------------- |
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Total
assets |
11,070 |
12,170 |
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============ |
============ |
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Short
loans |
0 |
0 |
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Accounts
payable |
260 |
1,110 |
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Advances
from clients |
0 |
0 |
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Taxes
payable |
-1,350 |
0 |
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Salaries
payable |
0 |
0 |
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Other
payable |
9,720 |
8,360 |
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Other
current liabilities |
0 |
0 |
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----------------- |
------------------- |
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Current
liabilities |
8,630 |
9,470 |
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Long
term liabilities |
0 |
0 |
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----------------- |
------------------- |
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Total
liabilities |
8,630 |
9,470 |
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Equities |
2,440 |
2,700 |
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------------------ |
------------------- |
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Total
liabilities & equities |
11,070 |
12,170 |
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============ |
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Income Statement
Unit: CNY’000
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|
As of Dec. 31, 2010 |
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Turnover |
36,670 |
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Cost
of goods sold |
33,100 |
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Sales expense |
2,850 |
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Management expense |
1,710 |
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Finance expense |
-1,330 |
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Profit
before tax |
340 |
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Less:
profit tax |
90 |
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Profits |
250 |
Note: SC’s financial statements
for Year 2010 have not been audited.
Important Ratios
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|
2009 |
2010 |
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*Current
ratio |
1.15 |
1.06 |
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*Quick
ratio |
1.15 |
1.06 |
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*Liabilities
to assets |
0.78 |
0.78 |
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*Net
profit margin (%) |
/ |
0.68 |
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*Return
on total assets (%) |
/ |
2.05 |
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*Inventory
/Turnover ×365 |
/ |
0 |
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*Accounts
receivable/Turnover ×365 |
/ |
79 days |
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*Turnover/Total
assets |
/ |
3.01 |
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*
Cost of goods sold/Turnover |
/ |
0.90 |
PROFITABILITY:
AVERAGE
The turnover of SC appears average in 2010.
SC’s net profit margin is average in 2010.
SC’s return on total assets is average in 2010.
SC’s cost of goods sold is average in 2010, comparing with its turnover.
LIQUIDITY: AVERAGE
The current ratio of SC is maintained in a normal level in both years.
SC’s quick ratio is maintained in a normal level in both years.
SC has no inventory in both years.
The accounts receivable of SC is fairly large in both years.
SC has no short loans in both years.
SC’s turnover is in a fairly good level in 2010, comparing with the size of its total assets.
LEVERAGE: FAIR
The debt ratio of SC is fairly high in both years.
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. It is considered a credit line up to USD 20,000 appears to be
within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.45 |
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|
1 |
Rs.72.90 |
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Euro |
1 |
Rs.61.43 |
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.