MIRA INFORM REPORT
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Report Date : |
24.10.2011 |
IDENTIFICATION DETAILS
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Name : |
SHANDONG RIFA TEXTILE MACHINERY CO., LTD. |
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Formerly Known As : |
Liaocheng Changrun Textile Machinery Co., Ltd |
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Registered Office : |
North Head Of Zhonghua Road, Economic & Technological
Development Zone, Liaocheng, Shandong Province, 252000 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
11.03.2002 |
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Com. Reg. No.: |
371500018017079 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
manufacturing and Selling Textile Machinery |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 800,000 |
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Status : |
Satisfactory |
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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 – September 30, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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
shandong rifa
textile machinery Co., Ltd.
North head of zhonghua road, economic &
technological development zone, liaocheng, shandong PROVINCE, 252000 PR CHINA
TEL: 86 (0) 635-2999585 FAX: 86 (0) 635-2119668 / 8516735
EXECUTIVE SUMMARY
INCORPORATION
DATE :
mar. 11, 2002
REGISTRATION NO. :
371500018017079
REGISTERED LEGAL FORM : LIMITED
LIABILITIES COMPANY
STAFF STRENGTH :
300
REGISTERED CAPITAL :
CNY 78,514,600
BUSINESS LINE :
MANUFACTURING
TURNOVER :
CNY 306,900,000 (UNaudited, AS OF DEC. 31, 2010)
EQUITIES :
CNY 126,070,000 (UNaudited, AS OF DEC. 31, 2010)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE :
UP TO USD 800,000
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
fairly stable
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION :
well-known
EXCHANGE RATE :
CNY 6.53 = 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 Company at local Administration for
industry & commerce (AIC - the official body of issuing and renewing
business license) on Mar. 11, 2002.
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
developing, manufacturing and selling textile machinery; exporting its products, importing machinery equipment,
components and raw materials needed in the manufacture (excluding the items
limited or forbidden by the state).
SC is mainly engaged in manufacturing and
selling textile machinery.
Mr. Yu Haiyun is
chairman of SC at present.
SC is
known to have approx. 300 employees at present.
SC is currently operating
at the above stated address, and this address houses
its operating office and factory in the economic & technological
development zone of Liaocheng. Our checks reveal that SC owns the total premise
about 100,000 square meters.
http://www.rifasd.com/ The design is
professional and the content is well organized. At present it is only in
Chinese version.
Email: sd-rifa@yahoo.com.cn
SC was
formerly named Liaocheng Changrun Textile Machinery Co., Ltd.
SC’s quality system
meets the international standards of ISO 9001.
Honors:
MAIN SHAREHOLDERS:
Name % of Shareholding
Chang Run Investment & Holding Group Co., Ltd. 26.32
Zhejiang Rifa Textile
Machinery Co., Ltd. 72.30
Li Zijun ID # 370205196908204032 1.38
Chang Run Investment & Holding Group Co., Ltd.
====================================
Registration no.:
371500018013899
Tel: 86-0635-2119010
Fax: 86-0635-2119000
Web: http://www.crtz.com/
Email: o.cr@vip.163.com
Zhejiang Rifa Textile
Machinery Co., Ltd.
==============================
Zhejiang Rifa Textile Machinery Co., Ltd. is a state-level key hi-tech
enterprise, key enterprise of State Textile Industry Administration, key
enterprise of State Machine Industry Administration, CIMS project demonstration
enterprise of China’s "863 plan", China’s CAD applied engineering
demonstration enterprise and key hi-tech enterprise of the Torch Plan of China.
Incorporation Date: January 28, 2002
Registration No.: 330624000014283
Chief Executive: Mr. Yu Haiyun
Registered Capital: CNY 60,000,000
Add: Rifa Digital Sci-Tech Park, Hi-Tech Industry Zone (Nanyan),
Xinchang County, Zhejiang Province
Tel: 86 (0) 575-86299100/86299128
Fax: 86 (0) 575-86299077
l
Chairman:
Mr. Yu Haiyun , ID# 330624195707010038, born in 1957 with university
education. He is currently responsible for the overall management of SC.
Working Experience(s):
At present Working in SC as chairman
Also working in Zhejiang Rifa Textile Machinery Co., Ltd. as legal representative
l
General Manager:
Mr. He Xuping , ID# 330106660411007, born in 1966 with university education. He is currently
responsible for the daily management of SC.
Working Experience(s):
At present Working in SC as general manager
SC is mainly engaged in manufacturing and
selling textile machinery.
SC’s products mainly include linen loom, rapier
loom, air-jet loom, towel loom, etc.
SC sources its materials 95% from domestic market, and 5%
from overseas market. SC sells 70% of its products in domestic market, and 30%
to overseas market, mainly India and Southeast Asian market.
The
buying terms of SC include Check, T/T, L/C 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’s management declined to release its
customer and supplier details.
Zhejiang Rifa Holding Group Co., Ltd.
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Add:
Tel: 0571-87633688
Fax: 0571-87633677
E-Mail: rifa@mail.sxptt.zj.cn
SC is
known to have the following offices: (website sources)
Subei Office
Tel: 0513--86320489
Guangdong Offic
Tel: 0757--86884685
Zhejiang Office
Tel: 0571--82799578
Shengze Office
Tel: 0512--63526119
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 records 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.
Huaxia Bank
Liaocheng Jianshe Sub-branch
AC#
801200000856
Relationship: Normal
Balance Sheet (as of
Dec. 31, 2010)
Unit: CNY’000
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Cash & bank |
36,800 |
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Inventory |
88,630 |
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Accounts receivable |
107,160 |
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Notes receivable |
16,420 |
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Advances to suppliers |
6,820 |
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Other receivables |
660 |
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Other current assets |
0 |
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------------------ |
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Current assets |
256,490 |
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Fixed assets net value |
43,170 |
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Projects under construction |
0 |
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Long term investment |
0 |
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Intangible assets |
12,530 |
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Other assets |
50 |
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Total assets |
312,240 |
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============= |
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Short loans |
20,000 |
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Accounts payable |
99,000 |
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Notes payable |
7,240 |
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Other payable |
-280 |
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Taxes payable |
-1,970 |
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Advances from clients |
10,180 |
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Accrued payroll |
2,000 |
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Other current liabilities |
0 |
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Current liabilities |
136,170 |
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Long term liabilities |
50,000 |
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Total liabilities |
186,170 |
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Equities |
126,070 |
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Total liabilities & equities |
312,240 |
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Income Statement (as
of Dec. 31, 2010)
Unit: CNY’000
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Turnover |
306,900 |
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Cost of goods sold |
240,590 |
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Taxes and additional of main
operation |
840 |
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Sales expense |
13,640 |
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Management expense |
15,520 |
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Finance expense |
1,490 |
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Profit before tax |
33,310 |
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Less: profit tax |
5,000 |
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Profits |
28,310 |
Note: The above financial records
have not been audited.
Important Ratios
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as of Dec. 31, 2010 |
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*Current ratio |
1.88 |
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*Quick ratio |
1.23 |
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*Liabilities to assets |
0.60 |
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*Net profit margin (%) |
9.22 |
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*Return on total assets (%) |
9.07 |
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*Inventory /Turnover ×365 |
106 days |
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*Accounts receivable/Turnover ×365 |
128 days |
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*Turnover/Total assets |
0.98 |
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* Cost of goods sold/Turnover |
0.78 |
PROFITABILITY: FAIRLY GOOD
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The
turnover of SC appears fairly good in its line.
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SC’s net
profit margin is fairly good.
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SC’s
return on total assets is fairly good.
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SC’s cost
of goods sold is average, comparing with its turnover.
LIQUIDITY: AVERAGE
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The
current ratio of SC is maintained in a normal level.
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SC’s
quick ratio is maintained in a normal level.
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The
inventory of SC appears fairly large in 2010.
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The
accounts receivable of SC appears large in 2010.
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SC’s
short-term loan is in an average level.
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SC’s
turnover is in an average level, comparing with the size of its total assets.
LEVERAGE: AVERAGE
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The debt
ratio of SC is average.
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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 inventory and accounts receivable could be a threat to SC’s
financial condition. A credit line up to USD 800,000 appears to be within SC’s
capacities.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.50.07 |
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UK Pound |
1 |
Rs.79.15 |
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Euro |
1 |
Rs.69.03 |
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 |
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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 |
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<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.