MIRA INFORM
REPORT
|
Report Date : |
21.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
JIAXING SUNLONG INDUSTRIAL & TRADING CO.,
LTD |
|
|
|
|
Registered Office : |
No. 8, Youyi Road, Economic Development Zone, Jiaxing, Zhejiang Province, 314001 Pr |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2009 |
|
|
|
|
Date of Incorporation : |
21.11.2003 |
|
|
|
|
Com. Reg. No.: |
330403000010259 |
|
|
|
|
Legal Form : |
Limited
Liabilities Company |
|
|
|
|
Line of Business : |
International Trade |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 50,000 |
|
Status : |
Moderate |
|
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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
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 & address
JIAXING SUNLONG INDUSTRIAL & TRADING CO.,
LTD.
NO. 8,
8
TEL:
86 (0) 573-82112093/82119590 FAX:
86 (0) 573- 82117012
EXECUTIVE SUMMARY
INCORPORATION DATE : NOV. 21, 2003
REGISTRATION NO. : 330403000010259
REGISTERED LEGAL FORM : LIMITED LIABILITIES COMPANY
STAFF
STRENGTH : 28
REGISTERED
CAPITAL : CNY 3,800,000
BUSINESS
LINE : TRADING
TURNOVER : CNY 154,194,000
(AS OF DEC. 31, 2009)
EQUITIES : CNY 5,080,000
(AS OF DEC. 31, 2009)
PAYMENT
: AVERAGE
RECOMM.
MARKET
CONDITION : COMPETITIVE
FINANCIAL
CONDITION : FAIRLY stable
OPERATIONAL
TREND : STEADY
GENERAL
REPUTATION : AVERAGE
EXCHANGE
RATE : CNY 6.66 = USD
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 Nov. 21, 2003.
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 and processing with arts and crafts (excluding
gold and silver jewelry); wholesaling, importing and exporting chemicals
(excluding hazardous chemicals), hardware tools, building materials, plumbing,
instruments, machinery electrical equipment (excluding cars), metal materials
(excluding precious metal), electronic products, arts and crafts (excluding
gold and silver jewelry and heritage), textiles, daily necessaries, rubber
products, daily-use glass products, toys, shoes & hats, furniture, sports
supplies, general labor protection supplies, garments and other sewing
products; wholesaling hazardous chemical products (excluding storage, limited
to import); wholesaling and exporting non-pharmaceutical precursor chemicals;
importing and exporting commodities and technologies (excluding commodities and
technologies prohibited by country).
SC is mainly engaged in international trade.
Mr. Zhu Ruirong is the legal representative,
chairman and general manager of SC at present.
SC is known to have approx. 28
employees at present.
SC is currently operating
at the above stated address, and this address houses its operating office in
the development zone of Jiaxing. SC’s accountant refused to release the
detailed information of the area.
http://www.sunlongindu.com/
The design is professional and the content is well organized. At present it is
in Chinese and English versions.
Email: chen@chinaexportonline.com
SC has passed
ISO9001:2000 Management System Certificate.
Changes of its registered
information:
|
Date of change |
Item |
Before the
change |
After the
change |
|
|
Shareholdings |
Chen Hua 2.22% Yue Chunmei 2.22% Shen Yang4.44% Yang Jianhua 5.56% Shen Lanlan 9.56% Zhu Lixing15% Zhu Ruirong31% |
Chen Hua2.5% Shen Yang5% Shen Hong8.06% Zhu Ruirong31% |
|
|
Registered no. |
3304002700270 |
Present one |
|
|
Registered capital |
CNY 1,800,000 |
Present amount |
|
Shareholdings |
Chen Hua2.5% Shen Yang5% Shen Hong8.06% Zhu Ruirong31% |
Chen Hua1.8421% Shen
Yang 7.8947% Shen Hong14.7632% Zhu Ruirong24.5% |
|
|
|
Shareholdings |
Chen Hua1.8421% Shen
Yang 7.8947% Shen Hong14.7632% Zhu Ruirong24.5% |
Present ones |
MAIN SHAREHOLDERS:
Name % of Shareholding
Winsun Imp. &
Exp. Co., Ltd. 51
Zhu Ruirong 24.5
Chen Hua 1.8421
Shen Hong 14.7632
Shen Yang 7.8947
Winsun Imp. & Exp. Co., Ltd.:
==========================
Winsun Imp & Exp Co., Ltd is specialized in import & export.
Now it has more than 170 staffs (mostly high-educated) with an annual turnover
of USD 120,000,000 appr. The right of import & export was granted by the
ministry of foreign trade and economic cooperation in china. It owns six
sub-companies and has obtained golden medal of making profit in foreign
currency for continued 6 years, AAA (highest) credit corporation for continuous
7 years and the top of the Jiaxing export corporations for a continued 8 years.
(According to its website)
Add: No. 8,
Incorporation Date : Jun. 10, 2003
Registration No. : 330000000019298
Registered Legal
Form : Shares limited co.
Web: http://www.chinaexportonline.com
l
Legal
Representative, Chairman and General Manager:
Mr.
Working Experience(s):
At present Working
in SC as legal representative, chairman and general manager.
l
Supervisors:
Shen Hong
ID#
330402197212102125
Yang Hua
ID#330402630124152
l
Directors:
Shen Yang
ID#330402197705191218
Li Jun
ID#330402730227331
SC is mainly engaged in international trade.
SC’s products mainly include: shower cabin
series, shower enclosure series, massage bathtub series, etc.
SC sources its materials 95% from domestic market,
and 5% from the overseas market. SC sells 20% of its products in domestic
market and 80% to the overseas market, mainly
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.
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.
Bank of
AC#：860025645008091001
Relationship:
Balance Sheet
Unit: CNY’000
|
|
As of Dec. 31, 2008 |
As of Dec. 31, 2009 |
|
Cash & bank |
2,620 |
6,293 |
|
Inventory |
20 |
527 |
|
Accounts receivable |
8,990 |
13,103 |
|
Advances to suppliers |
3,420 |
2,306 |
|
Other receivables |
2,850 |
4,912 |
|
To be apportioned expense |
0 |
0 |
|
Other current assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current assets |
17,900 |
27,141 |
|
Fixed assets net value |
260 |
201 |
|
Long term investment |
0 |
0 |
|
Projects under construction |
0 |
0 |
|
Intangible and other assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total assets |
18,160 |
27,342 |
|
|
============= |
============= |
|
Short loan |
0 |
0 |
|
Accounts payable |
8,590 |
17,702 |
|
Bills payable |
1,130 |
0 |
|
Advances from clients |
3,450 |
4,490 |
|
Taxes payable |
60 |
-12 |
|
Salaries payable |
0 |
0 |
|
Other Accounts payable |
100 |
82 |
|
Other current liabilities |
-30 |
0 |
|
|
------------------ |
------------------ |
|
Current liabilities |
13,300 |
22,262 |
|
Long term liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total liabilities |
13,300 |
22,262 |
|
Equities |
4,860 |
5,080 |
|
|
------------------ |
------------------ |
|
Total liabilities & equities |
18,160 |
27,342 |
|
|
============= |
============= |
Income Statement
Unit: CNY’000
|
|
As of Dec. 31, 2008 |
As of Dec. 31, 2009 |
|
Turnover |
127,690 |
154,194 |
|
Cost of goods sold |
121,900 |
147,899 |
|
Sales expense |
3,500 |
4,398 |
|
Management expense |
1,300 |
1,304 |
|
Finance expense |
280 |
70 |
|
Profit before tax |
790 |
781 |
|
Less: profit tax |
180 |
210 |
|
Profits |
610 |
571 |
Important Ratios
=============
|
|
As of Dec. 31, 2008 |
As of Dec. 31, 2009 |
|
*Current ratio |
1.35 |
1.22 |
|
*Quick ratio |
1.34 |
1.20 |
|
*Liabilities to assets |
0.73 |
0.81 |
|
*Net profit margin (%) |
0.48 |
0.37 |
|
*Return on total assets (%) |
3.36 |
2.09 |
|
*Inventory /Turnover ×365 |
1 day |
2 days |
|
*Accounts receivable/Turnover ×365 |
26 days |
32 days |
|
*Turnover/Total assets |
7.03 |
5.64 |
|
* Cost of goods sold/Turnover |
0.95 |
0.96 |
PROFITABILITY: AVERAGE
l
The turnover
of SC appears fairly good, and it was rising in 2009.
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 high, 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 appears average.
l
The
accounts receivable of SC appears fairly large.
l
SC has
no short-term loan in both years.
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 average in 2008, but fairly high in 2009.
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. A credit line
up to USD 50,000 would appear to be within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.93 |
|
|
1 |
Rs.72.92 |
|
Euro |
1 |
Rs.64.34 |
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 |
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.