MIRA INFORM
REPORT
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Report Date : |
22.02.2011 |
IDENTIFICATION DETAILS
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Name : |
xiongtai
group co., ltd. |
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Registered Office : |
No. 198, Xishan Road, Hardware Technology Industry Zone, Yongkang, Zhejiang Province, 321300 PR |
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Country : |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
05.03.1999 |
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Com. Reg. No.: |
330784000064558 |
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Legal Form : |
Limited Liabilities Co. |
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Line of Business : |
Manufacturing,
Processing and Selling of Various Cups. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 400,000 |
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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 |
|
Risk Category |
ECGC
Classification |
|
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
xiongtai group co., ltd.
NO. 198,
TEL: 86 (0) 579-88059693
FAX: 86 (0) 579-87233572
EXECUTIVE SUMMARY
INCORPORATION DATE : MAR 5, 1999
REGISTRATION NO. : 330784000064558
REGISTERED LEGAL FORM : limited liabilities co.
STAFF STRENGTH : 650
REGISTERED CAPITAL :
CNY 60,000,000
BUSINESS LINE :
manufacture, PROCESS and trade
TURNOVER :
CNY 170,630,000 (unaudited, AS OF DEC. 31, 2010)
EQUITIES :
CNY 68,416,000 (unaudited, AS OF DEC. 31, 2010)
PAYMENT :
AVERAGE
RECOMM.
MARKET CONDITION : competitive
FINANCIAL CONDITION : FAIRly stable
OPERATIONAL TREND : steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY
6.5703 = USD 1
Adopted abbreviations
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY -
Note: SC’s address is the heading one, while the
(19-1 Tongling Road West, Hardware Industry Zone, Yongkang City, Zhejiang) was
its former one.
SC was registered as a limited liabilities co. at local
Administration for Industry & Commerce (AIC - The official body of issuing
and renewing business license) on Mar. 5, 1999.
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 industrial investment; manufacturing and processing stainless
steel products, household appliances, hardware tools, aluminum products,
plastic products, glass products, fitness equipment; selling power tools, metal
materials; manufacturing, processing and selling Scooter, Electric Scooter,
steam-driven scooters, bicycles , electric bicycles and steam-driven bicycles;
exporting the self-made products and technologies; importing raw materials,
machines, instrument and meter, components and related technology required in
manufacturing, research & development; processing with imported materials,
processing with imported samples, assembling with imported parts, and
compensation trade in agreement (with permit if needed)
SC is mainly engaged
in manufacturing, processing and selling various cups.
Mr. Ying Xiong is
legal representative, chairman and general manager of SC at present.
SC is known to
have approx. 650 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office and its factory in the Economic Development Zone of Yongkang. Our checks reveal that SC owns the total premise
about 50,000 square meters.
http://www.xiongtaigroup.com The design is professional and the content is
well organized. At present the web site is in both Chinese and English
versions.
E-mail: sales@xiongtaigroup.com
Changes
of its registered information are as follows:
|
Date of change |
Item |
Before the
change |
After the change |
|
Unknown |
Registration No. |
3307842002552 |
Present one |
SC’s website released SC got the certification of ISO 9001:2000 quality
system in 2005. Xiongtai brand is listed as one of "The TOP 10 Famous
Brands" in its field assessed by China National Hardware Association. SC
was ranked as “AAA Credit Enterprise” in 2006.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Ying
Xiong 65.5
Ying
Meier 34.5
l
Legal representative, chairman and general manager:
Mr. Ying Xiong,
in his
Working Experience(s):
At present Working in SC as
legal representative, chairman and general manager.
Also working in Zhejiang Xiongtai Import &
Export Co., Ltd. (in Chinese pinyin) and Yongkang Yingxiong Industry Co., Ltd.
(in Chinese pinyin) as legal representative.
SC is mainly
engaged in manufacturing, processing and selling a various cups.
SC’s products
mainly include: bullet type vacuum
flasks, travel type vacuum flasks, wide mouth type vacuum flasks, vacuum
soup pots, vacuum cups, etc.
SC’s trademark:
Xiongtai.
SC sources its materials 80% from domestic
market and 20% from overseas market, mainly
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.
*Major Client:
============
Guangzhou Bangfang Enterprise Co., Ltd. (in Chinese pinyin)
Note: SC declined to release its major suppliers.
SC is known to have the
following subsidiaries at present:
Zhejiang
Xiongtai Cups Co., Ltd. (in Chinese pinyin)
======================================
Incorporation
Date: Sep. 23, 2005
Registered
Legal Form: Limited Liabilities Co.
Chief
Executive : Ying Lei
Tel:
+86 (0) 579- 87229090
Fax:
+86 (0) 579- 87233572
Xiongtai
Group Co., Ltd. Vehicle Branch
============================
Incorporation
Date: Aug. 30, 2005
Registered
Legal Form: Limited Liabilities Co.
Chief
Executive : Ying Meier
Tel:
+86 (0) 579- 87231759/87237191
Fax:
+86 (0) 579- 87237037
Email: xt188@xiongtaivehicle.co
Zhejiang
Xiongtai Investment Co., Ltd. (in Chinese pinyin)
=========================================
Incorporation
Date: Aug. 1, 2005
Registered
Legal Form: Limited Liabilities Co.
Chief
Executive : Ying Meier
Zhejiang
Xiongtai Import & Export Co., Ltd. (in Chinese pinyin)
==============================================
Incorporation
Date: Aug. 30, 2005
Registered
Legal Form: Limited Liabilities Co.
Chief
Executive : Ying Xiong
Yongkang
Yingxiong Industry Co., Ltd. (in Chinese pinyin)
============================================
Incorporation
Date: Oct. 30, 1995
Registered
Legal Form: Limited Liabilities Co.
Chief
Executive : Ying Xiong
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.
Industrial and
Commercial Bank of
AC#：1208030109048518651
Relationship:
Balance Sheet
Unit: CNY’000
|
|
as of Dec. 31,
2009 |
as
of Dec. 31, 2010 (unaudited) |
|
Cash & bank |
98,050 |
192,030 |
|
Inventory |
18,170 |
18,660 |
|
Accounts
receivable |
5,600 |
17,830 |
|
Advances to
suppliers |
6,280 |
5,790 |
|
Other
receivables |
24,160 |
178,630 |
|
Notes receivable |
0 |
55 |
|
Subsidy
receivable |
0 |
89 |
|
To be
apportioned expenses |
0 |
3,670 |
|
Other current
assets |
480 |
0 |
|
|
------------------ |
------------------ |
|
Current assets |
152,740 |
416,754 |
|
Fixed assets net
value |
77,270 |
82,240 |
|
Projects under
construction |
0 |
320 |
|
Long-term
investment |
21,120 |
21,120 |
|
Intangible
assets |
18,850 |
18,570 |
|
Other assets |
0 |
0 |
|
|
------------------ |
------------------ |
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Total assets |
269,980 |
539,004 |
|
|
============= |
============= |
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Short loans |
134,540 |
315,720 |
|
Accounts payable |
23,400 |
34,010 |
|
Advances from
customers |
0 |
0 |
|
Accrued payroll |
0 |
0 |
|
Welfares payable |
0 |
0 |
|
Taxes payable |
-1,270 |
-1,500 |
|
Notes payable |
40,770 |
120,320 |
|
Other payable |
40 |
1,880 |
|
Surcharge
payable |
0 |
158 |
|
Other Current
liabilities |
120 |
0 |
|
|
----------------- |
----------------- |
|
Current
liabilities |
197,600 |
470,588 |
|
Other Long term
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
197,600 |
470,588 |
|
Shareholders
equities |
72,380 |
68,416 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
269,980 |
539,004 |
|
|
============= |
============= |
Income Statement
Unit: CNY’000
|
|
as of Dec. 31,
2009 |
as of Dec. 31,
2010 (unaudited) |
|
Turnover |
109,850 |
170,630 |
|
Cost of goods
sold |
87,860 |
141,020 |
|
Sales expense |
5,160 |
4,400 |
|
Management expense |
9,720 |
9,480 |
|
Finance expense |
4,300 |
11,960 |
|
Profit before
tax |
2,050 |
5,340 |
|
Less: profit tax |
800 |
1,340 |
|
Net profit |
1,250 |
4,000 |
Important Ratios
=============
|
|
as of Dec. 31,
2009 |
as of Dec. 31,
2010 |
|
*Current ratio |
0.77 |
0.89 |
|
*Quick ratio |
0.68 |
0.85 |
|
*Liabilities
to assets |
0.73 |
0.87 |
|
*Net profit
margin (%) |
1.14 |
2.34 |
|
*Return on
total assets (%) |
0.46 |
0.74 |
|
*Inventory
/Turnover ×365 |
61 days |
40 days |
|
*Accounts
receivable/Turnover ×365 |
19 days |
39 days |
|
*Turnover/Total
assets |
0.41 |
0.32 |
|
*Cost of goods
sold/Turnover |
0.80 |
0.83 |
PROFITABILITY: AVERAGE
l
The turnover of SC appears fairly good in its line, and it increased 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
the size of its turnover in both years.
LIQUIDITY: FAIR
l
The current ratio of SC is maintained in a fair level in both years.
l
SC’s quick ratio is maintained in a normal level in 2010.
l
The inventory of SC appears average in both years.
l
The accounts receivable of SC appears average in
both years.
l
SC’s short-term loan appears large in both years.
l
SC’s turnover is in a fair level in both years,
comparing with the size of its total assets.
LEVERAGE: FAIR
l
The debt ratio of SC is average in 2009 but high in
2010.
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. The large amount of short-term loan could
be a threat to SC’s financial condition. A credit line up to USD 400,000 would appear to be within
SC’s capacities upon a periodical review basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.11 |
|
|
1 |
Rs.73.25 |
|
Euro |
1 |
Rs.61.70 |
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 |
|
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NB |
New Company |
---- |
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.