MIRA
INFORM REPORT
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Report Date : |
13.06.2011 |
IDENTIFICATION DETAILS
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Name : |
LITONG SINO-HONGKONG LAIZHOU YAGEDI PLATE CO., LTD. |
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Registered Office : |
Yunfeng Industry Zone, Laizhou City, Shandong Province 261429 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
04.12.2001 |
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Com. Reg. No.: |
370683400001457 |
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Legal Form : |
Wholly Foreign-Owned Enterprise |
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Line of Business : |
Manufacturing aluminum composite panel and aluminum veneer, aluminum ceiling. |
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 80,000 |
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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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
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 |
Name and Address
LITONG SINO-HONGKONG
LAIZHOU YAGEDI PLATE CO., LTD.
YUNFENG INDUSTRY ZONE, LAIZHOU CITY,
SHANDONG PROVINCE 261429 PR CHINA
TEL: 86 (0) 535-2893223/2893175
FAX: 86 (0) 535-2893772
EXECUTIVE SUMMARY
Date of Registration : DECEMBER 4, 2001
REGISTRATION NO. : 370683400001457
LEGAL FORM : Wholly foreign-owned enterprise
REGISTERED CAPITAL : USD 1,210,000
staff :
53
BUSINESS CATEGORY : manufacturing
Revenue :
CNY 11,800,000 (AS OF DEC. 31, 2010)
EQUITIES :
CNY 17,890,000 (AS OF DEC. 31, 2010)
WEBSITE : N/A
E-MAIL :
N/A
PAYMENT :
AVERAGE
Recommended Credit Limit: UP TO USD 80,000
(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
SC was established
as a wholly foreign-owned enterprise of PRC with State Administration of
Industry & Commerce (SAIC) under registration No.: 370683400001457 on
December 4, 2001.
SC’s Organization Code Certificate No.:
733690491
SC’s registered capital: usd 1,210,000
As of December 31, 2010, SC’s paid-in capital
was cny 10,000,000.
No significant changes of SC have been noted
in SAIC since its incorporation.
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Hong Kong Litong International Holdings (Group)
Limited |
100 |
SC’s Chief Executives:-
Legal Representative, Chairman and General Manager: Wang Shanli
RECENT DEVELOPMENT
SC passed the certification of ISO9001 Quality Management System in
2002.
SHAREHOLDER CHART &
BACKGROUND
Name % of Shareholding
Hong Kong Litong International Holdings
(Group) Limited 100
===========================================
Registration No. :
0846340
Legal Form : Private
Hong Kong Litong International Holdings
(Group) Limited integrates the industry, trade, investment, import and export.
The company has five offices respectively in Moscow, Vancouver, Valencia, Dubai
and Bombay, 18 production enterprises in Shanghai, Guangzhou, Jiangsu,
Shandong, Henan and Heilongjiang and two joint ventures abroad. Its production
activities cover processing, coating and anodic oxidation of industrial
aluminum plates and foil strips, coating and anodic oxidation of aluminum alloy
shutters, coating of aluminum screen wallboards, aluminum-plastic composite
panels and aluminum ceiling panels, manufacturing of professional coating
machinery, scroll aluminum anodic oxidation machinery, aluminum-plastic
composite machinery, and shutter molding machinery, manufacturing of industrial
hardware coatings, civil architecture coating products, resins and pretreatment
chemical agents, and manufacturing of aluminum wood shutters and wood home
decoration products.
Add: Flat 8, 7th Floor, Shatian Galleria,
18-24 Shan Wei Street, Fotan, N.T., Hong Kong
Tel: 852-31059918
Fax: 852-31050968
MANAGEMENT
Wang Shanli ,
Legal Representative, Chairman and General Manager
-----------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Qualification:
University
Ø
Working
experience (s):
At
present, working in SC as legal representative, chairman and general manager.
Zhang Zengfa ,
Sales Manager
---------------------------------------------------
Mobile: 0086 13589887713
BUSINESS OPERATION
SC’s registered business scope includes manufacturing
aluminum composite panel and aluminum veneer, aluminum ceiling.
SC is mainly
engaged in manufacturing and selling aluminum composite panel and aluminum
veneer, aluminum ceiling.
Brand: Yagedi.
SC’s products
mainly include: aluminum composite panel and aluminum veneer, aluminum ceiling.
SC sources its materials 100% from domestic
market. SC sells 70% of its products in domestic market, and 30% to overseas
market, mainly Southeast Asian market.
The buying terms
of SC include T/T 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. 53 staff at
present.
SC rents an area
as its operating office & factory of approx. 10,000 sq. meters at the
heading address.
RELATED COMPANY
Litong
Aluminum Industry (Guangdong) Co., Ltd.
Litong
Aluminum Industry (Shanghai) Co., Ltd.
Litong
Aluminum Industry (Henan) Co., Ltd.
Litong
Chemicals (Foshan) Co., Ltd.
Etc.
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
The bank
information of SC is not filed in SAIC.
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
770 |
530 |
|
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Accounts
receivable |
8,250 |
11,870 |
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Advances to
suppliers |
0 |
0 |
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Other receivable |
90 |
50 |
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Inventory |
19,310 |
23,120 |
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Non-current
assets within one year |
0 |
0 |
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Other current
assets |
420 |
470 |
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|
------------------ |
------------------ |
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Current assets |
28,840 |
36,040 |
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Fixed assets |
4,880 |
4,230 |
|
Construction in progress |
0 |
0 |
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Intangible
assets |
0 |
0 |
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Long-term
investments |
500 |
500 |
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Deferred income
tax assets |
0 |
0 |
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Other
non-current assets |
90 |
80 |
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------------------ |
------------------ |
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Total assets |
34,310 |
40,850 |
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============= |
============= |
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Short-term loans |
0 |
0 |
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Notes payable |
0 |
0 |
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Accounts payable |
16,390 |
22,520 |
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Wages payable |
0 |
0 |
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Advances from
clients |
0 |
100 |
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Other payable |
300 |
300 |
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Other current
liabilities |
30 |
40 |
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------------------ |
------------------ |
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Current
liabilities |
16,720 |
22,960 |
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Non-current
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total
liabilities |
16,720 |
22,960 |
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Equities |
17,590 |
17,890 |
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------------------ |
------------------ |
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Total
liabilities & equities |
34,310 |
40,850 |
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============= |
============= |
Income Statement
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Unit: CNY’000 |
As of Dec. 31,
2010 |
|
Revenue |
11,800 |
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Cost of sales |
10,380 |
|
Sales expense |
410 |
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Management expense |
1,110 |
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Finance expense |
60 |
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Profit before
tax |
340 |
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Less: profit tax |
40 |
|
300 |
Important Ratios
=============
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As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
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*Current ratio |
1.72 |
1.57 |
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*Quick ratio |
0.57 |
0.56 |
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*Liabilities
to assets |
0.49 |
0.56 |
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*Net profit
margin (%) |
-- |
2.54 |
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*Return on
total assets (%) |
-- |
0.73 |
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*Inventory /
Revenue ×365 |
-- |
716 days |
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*Accounts receivable/
Revenue ×365 |
-- |
368 days |
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*
Revenue/Total assets |
-- |
0.29 |
|
* Total
business cost / Revenue |
-- |
0.88 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
l
The revenue of SC appears average in its line in
2010.
l
SC’s net profit margin is average in 2010.
l
SC’s return on total assets is average in 2010.
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 appears large.
l
The accounts receivable of SC appears fairly large.
l
SC has no short-term loan in both years.
l
SC’s revenue is in a poor level, comparing with the
size of its total assets.
LEVERAGE: AVERAGE
l
The debt ratio of SC is average.
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 and accounts receivable may be a
threat to SC’s financial condition. A credit line up to USD 80,000 is
recommended upon a periodical review basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.72 |
|
|
1 |
Rs.72.93 |
|
Euro |
1 |
Rs.64.72 |
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 |
|
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 |
|
-- |
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.