MIRA INFORM REPORT
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Report Date : |
19.07.2011 |
IDENTIFICATION DETAILS
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Name : |
ZHEJIANG BINGFENG COMPRESSOR CO., LTD. |
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Registered Office : |
Henghe Development Zone, Cixi, Ningbo, Zhejiang Province
315318 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
15.01.2008 |
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Com. Reg. No.: |
330282000029717 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
manufacturing and Processing Compressors |
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 : |
Moderate |
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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 – March 31st, 2011
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Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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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 & address
ZHEJIANG BINGFENG COMPRESSOR CO., LTD.
HENGHE DEVELOPMENT
ZONE, CIXI, NINGBO,
ZHEJIANG PROVINCE
315318 PR CHINA
TEL: 86 (0)
574-63978288/63261825
FAX: 86 (0)
574-63978290
EXECUTIVE SUMMARY
Date of Registration : JANUARY 15, 2008
REGISTRATION NO. : 330282000029717
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL : CNY 5,000,000
staff :
100
BUSINESS CATEGORY : MANUFACTURING &
PROCESSING
Revenue :
CNY 39,295,000 (AS OF DEC. 31, 2010)
EQUITIES :
CNY 4,408,000 (AS OF DEC. 31, 2010)
WEBSITE : www.zjbingfeng.com
E-MAIL :
sun@zjbingfeng.com
PAYMENT :
AVERAGE
Recommended Credit
Limit :
UP TO USD 20,000 (periodical review)
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : FAIRly STABLE
OPERATIONAL TREND : ORDINARY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.48 = USD 1
Adopted abbreviations
(as follows)
SC - Subject Company
(the company inquired by you)
N/A – Not available
CNY – China Yuan Ren
Min Bi
OPERATIONAL TREND & GENERAL
REPUTATION
This section aims at indicating the relative positions of SC in respect
of its operational trend & general reputation
Operational Trend:- General
Reputation:-
Upward Excellent
Steady Good
Fairly Steady Fairly
Good
Ordinary Average
Fair Fair
Stagnant Detrimental
Downward Not
known
Not known Not
yet be determined
Not yet be determined
LEGAL STATUS & HISTORY
Note: SC’s correct name should be the heading one,
instead of the given name-Zhejiang Bingeng Compressor Co., Ltd.
SC was established
as a limited liabilities company of PRC with State Administration of Industry
& Commerce (SAIC) under registration No.: 330282000029717
on January 15, 2008.
SC’s Organization Code Certificate No.:
671201639.
SC’s Tax No.: 330282671201639.
SC’s registered capital: CNY 5,000,000
SC’s current paid-in capital: CNY 5,000,000
Registration Change Record:
|
Date of change |
Item |
Before the change |
After the change |
|
|
Legal
Representative |
Hu Baijun |
Sun Yuqing |
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% of Shareholding |
Xu Dimin 6% Ru Xucong 31% Sun Yuqing 31% Hu Baijun 32% |
Xu Dimin 6% Ru Xucong 31% Sun Yuqing 33% Hu Baijun 30% |
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Shareholders (% of Shareholding) |
Xu Dimin 6% Ru Xucong 31% Sun Yuqing 33% Hu Baijun30% |
Xu Dimin 6% Ru Xucong 31% Sun Yuqing 63% |
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Shareholders (% of Shareholding) |
Xu Dimin 6% Ru Xucong31% Sun Yuqing 63% |
Wang Yinli 4% Xu Dimin 6% Sun Yuqing 90% |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Wang Yinli |
4 |
|
Xu Dimin |
6 |
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Sun Yuqing |
90 |
SC’s Chief Executives:-
Legal Representative, Chairman and General Manager: Sun Yuqing
Supervisor: Wang Yinli
RECENT DEVELOPMENT
SC has passed IS09001 quality system certification and operates with
different certifications & standards such as CE, CCC, and CB, etc.
SHAREHOLDER CHART &
BACKGROUND
Name % of Shareholding
Wang Yinli 4
ID#330222196511083032
Xu Dimin 6
Sun Yuqing 90
ID#330222197111025831
MANAGEMENT
Sun Yuqing Legal
Representative, Chairman and General Manager
--------------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
ID# 330222197111025831
Ø
Age: 40
Ø
Qualification:
University
Ø
Working
experience (s):
From
December 2008 to present, working in SC as legal representative, chairman and
general manager
Wang Yinli,
Supervisor
-----------------------------------------
Ø
Gender: M
Ø
Age: 46
Ø
ID#
330222196511083032
BUSINESS OPERATION
SC’s registered business scope includes manufacturing and
processing compressors; importing and exporting commodities & technology, excluding ones limited or prohibited by the state.
SC is mainly engaged
in manufacturing and processing compressors.
SC’s products
mainly include: refrigeration compressors.
SC sources its materials 95% from domestic
market, Zhejiang, and 5% from overseas market. SC sells 70% of its products in
domestic market, and 30% to overseas market, mainly Europe and Southeast Asia.
The buying terms of SC include Check, T/T, L/C and Credit of 30-60 days.
The payment terms of SC include T/T, L/C and Credit of 30-60 days.
Staff & Office:
--------------------------
SC is known
to have approx. 100 staff at
present.
SC rents an area
as its operating office and factory, but the detailed information is unknown.
SC’s
oversea marketing department locates in Room 1702-1706, Central Mansion, Cixi,
Ningbo, Zhejiang Province 1702-1706.
Tel: +86-574-63813098
Fax: +86-574-63815775
RELATED COMPANY
SC is not known to have any subsidiary at present.
PAYMENT
Overall payment appraisal:
( ) Excellent ( ) Good (X) Average ( ) Fair ( ) Poor ( ) Not yet be 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.
BANKING
Basic Bank:
China
Construction Bank Cixi Sub-branch
AC#
33101995136050506099
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As of Dec. 31,
2009 |
As of Dec. 31,
2010 |
|
2,153 |
6,839 |
|
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Accounts receivable |
7,249 |
16,774 |
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Advances to suppliers |
6,000 |
0 |
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Other receivable |
200 |
169 |
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Inventory |
10,362 |
14,669 |
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Subsidy receivable |
0 |
469 |
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Deferred expenses |
82 |
0 |
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Other current assets |
0 |
0 |
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------------------ |
------------------ |
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Current assets |
26,046 |
38,920 |
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Fixed assets |
2,517 |
3,338 |
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Construction in progress |
0 |
0 |
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Intangible assets |
0 |
0 |
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Long-term investments |
0 |
0 |
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Deferred income tax assets |
0 |
0 |
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Other non-current assets |
0 |
0 |
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------------------ |
------------------ |
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Total assets |
28,563 |
42,258 |
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============= |
============= |
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Short-term loans |
20,916 |
24,000 |
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Notes payable |
1,360 |
3,530 |
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Accounts payable |
3,217 |
7,645 |
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Advances from clients |
0 |
0 |
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Payroll payable |
132 |
194 |
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Taxes payable |
-1,311 |
-1,104 |
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Other payable |
0 |
3,386 |
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Other unpaid expenses |
14 |
28 |
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Accrued expenses |
132 |
171 |
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Other current liabilities |
0 |
0 |
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------------------ |
------------------ |
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Current liabilities |
24,460 |
37,850 |
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Non-current liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total liabilities |
24,460 |
37,850 |
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Equities |
4,103 |
4,408 |
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------------------ |
------------------ |
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Total liabilities & equities |
28,563 |
42,258 |
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============= |
============= |
Income Statement
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Unit: CNY’000 |
As of Dec. 31,
2009 |
As of Dec. 31,
2010 |
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Revenue |
16,846 |
39,295 |
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Cost of sales |
14,536 |
35,242 |
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Other business
profit |
12 |
8 |
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Sales expense |
414 |
960 |
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Management expense |
1,719 |
1,475 |
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Finance expense |
141 |
1,277 |
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Non-operating expenses |
24 |
42 |
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Profit before
tax |
24 |
307 |
|
Less: profit tax |
0 |
0 |
|
24 |
307 |
Important Ratios
=============
|
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As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
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*Current ratio |
1.06 |
1.03 |
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*Quick ratio |
0.64 |
0.64 |
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*Liabilities
to assets |
0.86 |
0.90 |
|
*Net profit
margin (%) |
0.14 |
0.78 |
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*Return on
total assets (%) |
0.08 |
0.73 |
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*Inventory /
Revenue ×365 |
225 days |
137 days |
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*Accounts
receivable/ Revenue ×365 |
158 days |
156 days |
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* Revenue/Total
assets |
0.59 |
0.93 |
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* Total
business cost / Revenue |
0.86 |
0.90 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
l
The revenue of SC appears average in its line, and
it increased greatly 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
its revenue.
LIQUIDITY: FAIR
l
The current ratio of SC is maintained in a normal
level in both years.
l
SC’s quick ratio is maintained in a fair level in
both years.
l
The inventory of SC is maintained in a large level.
l
The accounts receivable of SC appears large.
l
The short-term loans of SC appear TOO LARGE.
l
SC’s revenue is in a fair level, comparing with the
size of its total assets.
LEVERAGE: FAIR
l
The debt ratio of SC is slightly high.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly stable.
CONCLUSIONS
SC is considered small-sized in its line with fairly stable financial
conditions. The large amount of inventory, accounts receivable, and short-term
loans may be a threat to SC’s financial condition. A credit line up to USD 20,000 would appear to be within SC’s
capacities upon periodical review basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.57 |
|
UK Pound |
1 |
Rs.71.75 |
|
Euro |
1 |
Rs.62.60 |
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 |
|
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 |
|
<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.