MIRA
INFORM REPORT
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Report Date : |
10.06.2011 |
IDENTIFICATION DETAILS
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Name : |
buyang group CO., LTD. |
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Registered Office : |
No. 88, Tangdianshan Industrial Zone, Yongkang, Zhejiang Province,
321300 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
17.06.1998 |
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Com. Reg. No.: |
330784000037065 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Manufacturing and selling security doors, fire doors, auto &
motorcycle parts |
RATING & COMMENTS
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MIRA’s Rating : |
B |
|
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 2,000,000 |
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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
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
China |
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 |
Name and address
NO. 88,
TANGDIANSHAN INDUSTRIAL ZONE, YONGKANG,
ZHEJIANG province,
321300 PR CHINA
TEL: 86 (0)
579-87270315/87270373 FAX: 86 (0)
579-87271951/87271166
EXECUTIVE SUMMARY
INCORPORATION DATE : juNE 17, 1998
REGISTRATION NO. : 330784000037065
REGISTERED LEGAL FORM : Limited liabilities
company
STAFF STRENGTH :
1,500
REGISTERED CAPITAL : CNY 238,000,000
BUSINESS LINE :
MANUFACTURING & TRADING
TURNOVER : CNY 822,870,000 (AS OF
DEC. 31, 2010)
EQUITIES :
CNY 411,770,000 (AS OF DEC. 31, 2010)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO usd 2,000,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : Fairly stable
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : average
EXCHANGE RATE :
CNY 6.4809 = 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 co. at local Administration
for Industry & Commerce (AIC - The official body of issuing and renewing
business license) on June 17, 1998.
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, processing & selling wood fire doors, steel
doors, interior doors, security doors, steel fire doors, steel protective
doors, steel entry doors, garage doors, car hub, auto parts, motorcycle
accessories, security windows, baby carrier, scooter, baggage cart, electric
bicycle, electric stroller, electric scooter, new wall materials, fitness
equipment, stove, burners, metal materials, optical equipment, electrical &
mechanical equipment and power machineries; researching, developing,
manufacturing, selling & installing metal doors and windows; owned freight
cars; importing & exporting commodities and technology.
SC is mainly
engaged in manufacturing and selling security doors, fire doors, auto &
motorcycle parts.
Mr. Xu Buyun is legal representative, chairman and general
manager of SC at present.
SC is known to
have approx. 1,500 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 Yongkang. Our checks
reveal that SC owns the total premise about 12,500 square meters.
http://www.buyang.com
The design is professional and the content is well organized. At present it is
only in Chinese version.
Changes
of its registered information:
|
Date of change |
Item |
Before the change |
After the change |
|
Unknown |
Registration no. |
3307842002412 |
Present one |
|
Registered capital |
CNY 180,000,000 |
Present amount |
MAIN SHAREHOLDERS:
Name %
of Shareholding
Xu Buyun 80
Chen Jiangyue 20
l
Legal representative, chairman and general manager
Mr. Xu Buyun , senior economist, ID#
330722196308230014, born in 1963, he is the president of Zhejiang Steel Door
& Window Association, the Labor Model of Jinhua, etc. He is currently responsible
for the overall management of SC.
Working Experience(s):
At present Working in SC as legal
representative, chairman and general manager.
Also working in Zhejiang
Buyang Auto Wheel Co., Ltd. , Zhejiang Buyang Homes Co., Ltd. , etc. as legal
representative.
l
Vice general manager:
Ms. Chen Jiangyue , ID# 330722196807010024,
born in 1968, she is currently responsible for the daily management of SC.
Working Experience(s):
At present Working in SC as
vice general manager
SC is mainly
engaged in manufacturing and selling security doors, fire doors, auto &
motorcycle parts.
SC’s products mainly include: wood fire doors, steel doors, interior doors,
security doors, steel fire doors, steel protective doors, garage doors, auto
parts, motorcycle accessories, etc.
SC sources its materials 100% from domestic
market. SC sells 80% of its products in domestic market, and 20% to overseas
market.
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.
Note:
SC refused to release its major clients and suppliers.
Zhejiang Buyang Logistics Development Co., Ltd.
Branches: (According to
SC’s website)
=============================
U.S.A.
Branch
Russia
Branch
SC is known to invest in
the following companies:
=====================================
Zhejiang
Buyang Auto Wheel Co., Ltd.
Zhejiang
Buyang Homes Co., Ltd.
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.
Agricultural
Bank of China Yongkang Sub-branch
AC#：N/A
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
|
|
As
of Dec. 31, 2010 |
|
Cash & bank |
173,120 |
|
Inventory |
83,090 |
|
Bills receivable |
0 |
|
Accounts
receivable |
612,640 |
|
Other Accounts
receivable |
1,881,480 |
|
Advances to
suppliers |
20 |
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Short-term
investment |
25,500 |
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To be
apportioned expense |
2,840 |
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Other current
assets |
0 |
|
|
------------------ |
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Current assets |
2,778,690 |
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Fixed assets net
value |
81,850 |
|
Projects under
construction |
98,350 |
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Long-term
investment |
59,000 |
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Disposal of fixed
assets |
310 |
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Intangible and
other assets |
149,870 |
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|
------------------ |
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Total assets |
3,168,070 |
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|
============= |
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Short loans |
755,400 |
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Accounts payable |
337,640 |
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Advance from
customers |
0 |
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Other Accounts payable |
130,160 |
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Notes payable |
1,521,130 |
|
Taxes payable |
11,710 |
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Surcharge
payable |
260 |
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Withdraw the
expenses in advance |
0 |
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Other current
liabilities |
0 |
|
|
------------------ |
|
2,756,300 |
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Long term
liabilities |
0 |
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Other
liabilities |
0 |
|
|
------------------ |
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Total
liabilities |
2,756,300 |
|
Equities |
411,770 |
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|
------------------ |
|
3,168,070 |
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|
|
============= |
Income Statement
Unit: CNY’000
|
|
As of Dec. 31, 2010 |
|
Turnover |
822,870 |
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Cost of goods sold |
697,540 |
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Taxes and additional of main operation |
5,600 |
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Profit from
other business |
10,330 |
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Sales expense |
40,670 |
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Management expense |
19,620 |
|
Finance expense |
48,690 |
|
Investment
income |
640 |
|
Subsidy income |
6,880 |
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Non-operating
income |
1,080 |
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Non-operating expense |
2,350 |
|
Profit before
tax |
27,330 |
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Less: profit tax |
4,100 |
|
Profits |
23,230 |
Important Ratios
=============
|
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As
of Dec. 31, 2010 |
|
*Current ratio |
1.01 |
|
*Quick ratio |
0.98 |
|
*Liabilities
to assets |
0.87 |
|
*Net profit
margin (%) |
2.82 |
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*Return on total
assets (%) |
0.73 |
|
*Inventory
/Turnover ×365 |
37 days |
|
*Accounts
receivable/Turnover ×365 |
272 days |
|
*Turnover/Total
assets |
0.26 |
|
* Cost of
goods sold/Turnover |
0.85 |
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: AVERAGE
l
The current ratio of SC is maintained in a normal
level.
l
SC’s quick ratio is maintained in a normal level.
l
The inventory of SC is maintained in an average
level.
l
The accounts receivable of SC is fairly large.
l
SC’s short-term loan is large in 2010.
l
SC’s turnover is in a fair level, comparing with the
size of its total assets.
LEVERAGE: FAIR
l
The debt ratio of SC is high.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly stable.
SC is considered large-sized in its line with fairly stable financial
conditions. The large amount of short
loans could be a threat to SC’s financial condition. A credit line up to
USD 2,000,000 would appear to be within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.72 |
|
|
1 |
Rs.73.47 |
|
Euro |
1 |
Rs.65.38 |
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 |
|
-- |
NB |
New Business |
-- |
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.