MIRA
INFORM REPORT
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Report Date : |
14.01.2011 |
IDENTIFICATION DETAILS
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Name : |
HANGZHOU X-MAG INC. |
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Registered Office : |
14/F, |
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Country : |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
20.04.2006 |
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Com. Reg. No.: |
330181000091478 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Selling Magnetic Materials |
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 10,000 |
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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
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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 |
Name and address
HANGZHOU X-MAG INC.
14/f,
xiaoshan district,
TEL: 86 (0)
571-82377466 FAX: 86 (0)
571-82377499
EXECUTIVE SUMMARY
INCORPORATION DATE : apr. 20, 2006
REGISTRATION NO. : 330181000091478
REGISTERED LEGAL FORM : LIMITED LIABILITIES COMPANY
STAFF STRENGTH :
30
REGISTERED CAPITAL : CNY 1,000,000
BUSINESS LINE :
TRADING
TURNOVER :
CNY 63,350,000 (AS OF DEC. 31, 2009)
EQUITIES :
CNY 1,560,000 (AS OF DEC. 31, 2009)
PAYMENT :
AVERAGE
RECOMM.
MARKET CONDITION : average
FINANCIAL CONDITION : FAIRly stable
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY
6.60 = 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 Apr. 20, 2006.
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 import and export of various goods and technologies (except
those prohibited by laws or regulations; no operation is allowed unless license
has been obtained where applicable).
SC is mainly
engaged in selling magnetic materials.
Mr. Sun Hang is chairman and general manager 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 in the commercial zone of Hangzhou. Our checks reveal that SC
rents the total premise about 245 square meters.
http://www.x-magnet.com/index.aspx
The design is professional and the content is well organized. At present it is
only in English version.
Email: sales@x-magnet.com
No significant events or changes were found during our checks with the local
Administration for Industry and Commerce.
*To what extent is
your company affected by the current Credit Crisis?
SC’s management declined to make any comments.
SC’s quality system meets the international standards of ISO 9001.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Sun Hang
ID # 432427197212221813 90
Zhou Feng
ID # 340104197711240520 10
l
Chairman & General Manager:
Mr. Sun Hang , born in 1972 with university education. He is currently
responsible for the overall management of SC.
Working Experience(s):
At present Working
in SC as chairman and general manager.
SC is mainly engaged
in selling magnetic materials.
SC’s products mainly include alnico magnets, neodymium magnets, samarium
cobalt magnets, ferrite magnets, and so on.
SC sources its materials 99% from domestic market,
and 1% from overseas market. SC sells 100% of its products to overseas market,
mainly Europe and
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.
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 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.
Guangdong Development Bank
AC# 95851401000393
Relationship:
Balance Sheet (as of Dec. 31, 2009)
Unit: CNY’000
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Cash & bank |
2,290 |
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Inventory |
0 |
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Accounts
receivable |
9,950 |
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Advances to
suppliers |
0 |
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Other
receivables |
2,620 |
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Other current
assets |
230 |
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------------------ |
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Current assets |
15,090 |
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Fixed assets net
value |
2,910 |
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Projects under
construction |
0 |
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Long term
investment |
0 |
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Other assets |
850 |
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------------------ |
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Total assets |
18,850 |
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============= |
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Short loans |
6,000 |
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Accounts payable |
11,290 |
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Other payable |
10 |
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Taxes payable |
-30 |
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Other current
liabilities |
20 |
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------------------ |
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Current
liabilities |
17,290 |
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Long term
liabilities |
0 |
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------------------ |
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Total
liabilities |
17,290 |
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Equities |
1,560 |
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------------------ |
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Total liabilities
& equities |
18,850 |
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============= |
Income Statement (as of Dec. 31, 2009)
Unit: CNY’000
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Turnover |
63,350 |
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Cost of goods
sold |
58,340 |
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Sales expense |
4,190 |
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Management expense |
0 |
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Finance expense |
370 |
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Profit before
tax |
370 |
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Less: profit tax |
100 |
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Profits |
270 |
Important Ratios
=============
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as
of Dec. 31, 2009 |
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*Current ratio |
0.87 |
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*Quick ratio |
0.87 |
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*Liabilities
to assets |
0.92 |
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*Net profit margin
(%) |
0.43 |
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*Return on
total assets (%) |
1.43 |
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*Inventory
/Turnover ×365 |
/ |
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*Accounts
receivable/Turnover ×365 |
57 days |
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*Turnover/Total
assets |
3.36 |
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* Cost of
goods sold/Turnover |
0.92 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears fairly good in its line.
l
SC’s net profit margin is average.
l
SC’s return on total assets is average.
l
SC’s cost of goods sold is average, comparing with
its turnover.
LIQUIDITY: FAIR
l
The current ratio of SC is maintained in a fair
level.
l
SC’s quick ratio is maintained in a normal level.
l
SC has no inventory in 2009.
l
The accounts receivable of SC appears fairly large
in 2009.
l
SC’s short-term loan appears large in 2009.
l
SC’s turnover is in a fairly good level, comparing
with the size of its total assets.
LEVERAGE: FAIR
l
The debt ratio of SC is fairly high.
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. The large amount of short loans and accounts receivable could be a
threat to SC’s financial condition. A credit line up to USD 10,000 appears to
be within SC’s capacities upon a periodical review basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
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US Dollar |
1 |
Rs.45.13 |
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|
1 |
Rs.71.05 |
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Euro |
1 |
Rs.59.10 |
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.