MIRA
INFORM REPORT
|
Report Date : |
17.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
|
|
|
|
|
Registered Office : |
No. 88, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2008 |
|
|
|
|
Date of Incorporation : |
15.08.2006 |
|
|
|
|
Com. Reg. No.: |
5000001805921 |
|
|
|
|
Legal Form : |
One-Person Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturing
and Selling Copper Tubes. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
usd 700,000 |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No complaints |
|
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 – December 31, 2010
|
Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name and address
NO. 88,
JIANGJIN DISTRICT,
TEL: 86 (0) 23-47262355/6
FAX: 86 (0) 23-47262358/47261609
EXECUTIVE SUMMARY
INCORPORATION DATE : AUG.
15, 2006
REGISTRATION NO. : 5000001805921
REGISTERED LEGAL FORM : One-person Limited
Liability Company
STAFF STRENGTH :
450
REGISTERED CAPITAL : CNY 200,150,000
BUSINESS LINE : MANUFACTURING
TURNOVER :
CNY 473,820,000 (AS OF DEC. 31, 2008)
EQUITIES :
CNY 184,550,000 (AS OF DEC. 31, 2008)
PAYMENT :
AVERAGE
RECOMM.
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRly
stable
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.50= 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 one-person Limited Liability Company at local Administration for
Industry & Commerce (AIC - The official body of issuing and renewing
business license) on Aug. 15, 2006.
Company Status: One-person
Limited Liability Company Single person LLC refers to a
limited liability company set up by only one natural person or legal person
as the single shareholder of it. The minimum registered capital
of Single person LLC is CNY 100,000. The shareholder’s capital contributes,
as set out by the articles of associations should be a lump-sum payment in
full. One natural person can only
invest in and set up one limited liability company, which is not permitted
to invest in and set up a new Single person LLC. As to any one-person limited
liability company, the sole-investor nature of the natural person or legal
person shall be indicated in the registration documents of the company and
shall be indicated in the business license thereof as well. The regulation of Single person
LLC should be set up by the shareholder The regulation of Single person
LLC has no shareholder meeting.
SC’s registered
business scopes include manufacturing and selling copper tubes and metal
products (excluding rare metals).
SC is mainly
engaged in manufacturing and selling copper tubes.
Mr.
Li Changjie is legal representative and chairman of SC at present.
SC is known
to have approx. 450 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 Chongqing. Our checks
reveal that SC owns the total premise, but SC’s accountant refused to release
the gross area of the premise.
http://china.cqlytg.com
The design is professional and the content is well
organized. At present the web site is in Chinese and English versions.
SC has obtained the certificate of ISO9001, ISO14001, and OHSAS18001.
No significant events or changes were found during our checks with the
local Administration for Industry and Commerce.
SC started its normal operation in May of 2008.
MAIN SHAREHOLDERS:
Name % of Shareholding
Add.:
Tel.: 0756-7261982
l
Legal representative and chairman:
Mr. Li Changjie, in his
Working Experience(s):
At present Working in SC as legal
representative and chairman.
SC is mainly
engaged in manufacturing and selling copper tubes.
SC’s products
mainly include: high precise plain copper tube applied to air conditioner and refrigeration
equipments, inner grooved copper tube for high-efficient heat transmission,
high clean plain copper tube for fluorine-free coolant storage, plain copper
tube and section copper tube for gas water heater and seamless copper tube for
cable, etc.
SC sources its
materials 100% from domestic market. SC sells 90% of its products in domestic
market, and 10% to overseas 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.
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 refused to release any information of
its suppliers and the trade reference was not available.
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
AC#：140101040004571
Relationship:
Balance Sheet
Unit: CNY’000
|
|
as
of Dec. 31, 2007 |
as
of Dec. 31, 2008 |
|
Cash & bank |
86,870 |
164,860 |
|
Bills receivable |
0 |
10,040 |
|
Accounts
receivable |
0 |
39,560 |
|
Advances to
suppliers |
71,970 |
135,110 |
|
Other Accounts
receivable |
204,880 |
115,830 |
|
Inventory |
0 |
72,250 |
|
Other current
assets |
0 |
19,340 |
|
|
------------------ |
------------------ |
|
Current assets |
363,720 |
556,990 |
|
Fixed assets net
value |
4,700 |
391,400 |
|
Projects under
construction |
207,230 |
2,740 |
|
Project
materials |
5,110 |
0 |
|
Other assets |
36,890 |
36,150 |
|
|
------------------ |
------------------ |
|
Total assets |
617,650 |
987,280 |
|
|
============= |
============= |
|
Short loans |
50,000 |
260,000 |
|
Bills payable |
5,820 |
4,480 |
|
Accounts payable |
9,120 |
30,570 |
|
Advances from
clients |
0 |
730 |
|
Salaries payable |
0 |
310 |
|
Taxes payable |
0 |
-19,120 |
|
Other Accounts
payable |
4,220 |
7,710 |
|
Long term
liabilities due within one year |
0 |
35,000 |
|
Other current
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
69,160 |
319,680 |
|
Long term
liabilities |
354,190 |
483,050 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
423,350 |
802,730 |
|
Equities |
194,300 |
184,550 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
617,650 |
987,280 |
|
|
============= |
============= |
Income Statement
Unit: CNY’000
|
|
as of Dec. 31,
2008 |
|
Turnover |
473,820 |
|
Cost of goods
sold |
466,880 |
|
Sales expense |
1,000 |
|
Management expense |
5,580 |
|
Finance expense |
9,990 |
|
Asset impairment
loss |
2,400 |
|
Investment
income |
1,220 |
|
Non-operating
income |
1,170 |
|
Non-operating expenses |
100 |
|
Profit before
tax |
-9,740 |
|
Less: profit tax |
0 |
|
Profits |
-9,740 |
Important Ratios
=============
|
|
as
of Dec. 31, 2007 |
as
of Dec. 31, 2008 |
|
*Current ratio |
5.26 |
1.74 |
|
*Quick ratio |
5.26 |
1.52 |
|
*Liabilities
to assets |
0.69 |
0.81 |
|
*Net profit
margin (%) |
/ |
-2.06 |
|
*Return on
total assets (%) |
/ |
-0.99 |
|
*Inventory
/Turnover ×365 |
/ |
56 days |
|
*Accounts
receivable/Turnover ×365 |
/ |
30
days |
|
*Turnover/Total
assets |
/ |
0.48 |
|
* Cost of
goods sold/Turnover |
/ |
0.99 |
PROFITABILITY:
FAIR
l
The turnover of SC appears fairly good in its line.
l
SC’s net profit margin is fair.
l
SC’s return on total assets is fair.
l
SC’s cost of goods sold is high, comparing with its
turnover.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a fairly
good level.
l
SC’s quick ratio is maintained in a fairly good
level in 2007 and 2008.
l
The inventory of SC appears average in 2008.
l
The accounts receivable of SC appears average in
2008.
l
The short-term loan of SC appears average in 2007,
but large in 2008.
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 average
in 2007, but high in 2008.
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 700,000 would appear to be within
SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.07 |
|
|
1 |
Rs.72.97 |
|
Euro |
1 |
Rs.63.57 |
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.