%20CONTROLS%20CO%20,%20LTD%20%20-%20160085%2014-Nov-2011_files/image002.jpg){kind=small}
MIRA INFORM REPORT
|
Report Date : |
14.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
BRAY (CHINA) CONTROLS CO., LTD. |
|
|
|
|
Registered Office : |
No. 98 Gaoxin #6 Road, Xiaoshan Economic
& Development Zone, Hangzhou City, Zhejiang Province 311215 Pr |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
08.09.2006 |
|
|
|
|
Com. Reg. No.: |
330100400008916 |
|
|
|
|
Legal Form : |
Wholly Foreign-Owned Enterprise |
|
|
|
|
Line of Business : |
manufacturing and Selling Valves and
control products |
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 1,500,000 |
|
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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
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
bray (china) controls co., ltd.
no. 98 gaoxin #6
road, xiaoshan economic & development zone
HANGZHOU city,
ZHEJIANG PROVINCE 311215 PR CHINA
TEL: 86 (0)
571-82852200
FAX: 86 (0)
571-83699933
EXECUTIVE SUMMARY
Date of Registration : september 8, 2006
REGISTRATION NO. : 330100400008916
LEGAL FORM : Wholly foreign-owned enterprise
REGISTERED CAPITAL :
usd 17,000,000
staff : 500
BUSINESS CATEGORY :
manufacturing
Revenue : CNY 415,363,000 (AS OF DEC. 31, 2010)
EQUITIES : CNY 203,331,000 (AS OF DEC. 31, 2010)
E-MAIL : N/A
PAYMENT : AVERAGE
Recommended Credit Limit: UP TO USD
1,500,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly stable
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.34 = 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.: 330100400008916 on September 8, 2006
SC’s Organization Code Certificate
No.: 78829267-7
%20CONTROLS%20CO%20,%20LTD%20%20-%20160085%2014-Nov-2011_files/image004.jpg)
SC’s Tax No.: 330181788292677
SC’s registered capital: usd 17,000,000
SC’s paid-in capital: usd 17,000,000
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 |
|
Bray International Inc. USA |
100 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative and
Chairman |
Craig Carroll Brown |
|
General Manager |
Bob Warner Vance |
|
Supervisor |
Donna Sue Driver |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Bray International Inc. U.S.A. 100
=====================
13333 Westland East Blvd.
Houston, Texas 77041
United States
Telephone: (281) 894-5454
Fax: (281) 894-9499
MANAGEMENT
Craig Carroll Brown, Legal
Representative and Chairman
---------------------------------------------------------------------------
Ø
Gender: M
Ø
ID#:
135405754
Ø
Nationality:
U.S.A.
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as legal representative and chairman
Also working in Bray Controls (Zhejiang) Co., Ltd. as legal representative
Bob Warner Vance, General Manager
------------------------------------------
Ø
Gender: M
Ø
ID#:
134703051
Ø
Nationality:
U.S.A.
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as general manager
Donna Sue Driver, Supervisor
----------------------------------------
Ø
Gender: M
Ø
ID#:
135062593
Ø
Nationality:
U.S.A.
Ø
Qualification:
University
BUSINESS OPERATION
SC’s registered business scope includes manufacturing
valves and control products; and selling its products.
SC is
mainly engaged in manufacturing and selling valves and control products.
Brand: Bray
SC’s
products mainly include: valves and control products.
SC sources its materials 80% from domestic market, 20% from overseas market, mainly U.S.A., UK, Canada, Singapore, etc. SC sells 37% of its products in domestic market, and 63% to overseas market, mainly U.S.A., Brazil, UK, Mexico, Canada, Chile, Singapore, etc.
The
import & export status of SC in 2010 is as follows,
|
Country |
Amount
of Exports (USD) |
Amount of Imports (USD) |
|
U.S.A. |
19,380,100.00 |
4,008,000.00 |
|
Brazil |
5,496,700.00 |
0.00 |
|
UK |
4,000,500.00 |
269,100.00 |
|
Mexico |
3,344,900.00 |
0.00 |
|
Canada |
2,415,000,00 |
260,600.00 |
|
Chile |
1,461,700.00 |
0.00 |
|
Singapore |
750,900.00 |
1,300.00 |
|
Other countries |
7,568,500.00 |
740,700.00 |
|
|
------------------- |
------------------- |
|
Total Amount |
42,003,300.00 |
5,279,700.00 |
The
buying terms of SC include 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.
Staff & Office:
--------------------------
SC is
known to have approx. 500 staff at present.
SC owns an area as
its operating office and factory, but the detailed information is unknown.
RELATED COMPANY
SC is known to have the following
branches,
²
Bray
(China) Controls Co., Ltd. Guangzhou Branch
²
Bray
(China) Controls Co., Ltd. Beijing Branch
²
Bray
(China) Controls Co., Ltd. Chengdu Branch
²
Bray
(China) Controls Co., Ltd. Shanghai Branch
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
Basic Bank:
Bank
of China Zhejiang Branch
AC# 800133533608091001
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
3,047 |
8,201 |
|
|
Transaction financial assets |
0 |
3,167 |
|
Notes receivable |
2,896 |
0 |
|
Accounts
receivable |
25,904 |
94,764 |
|
Advances to
suppliers |
4,451 |
15,344 |
|
Other receivable |
2,234 |
7,129 |
|
Inventory |
60,729 |
123,138 |
|
Deferred
expenses |
0 |
0 |
|
Other current
assets |
455 |
1,667 |
|
|
------------------ |
------------------ |
|
Current assets |
99,716 |
253,410 |
|
Fixed assets |
169,401 |
180,341 |
|
Construction in
progress |
1,094 |
3,329 |
|
Intangible
assets |
8,921 |
9,540 |
|
Long-term prepaid
expenses |
0 |
0 |
|
Deferred assets |
664 |
1,012 |
|
Other
non-current assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total assets |
279,796 |
447,632 |
|
|
============= |
============= |
|
Short-term loan |
30,000 |
10,000 |
|
Transaction
financial liabilities |
0 |
261 |
|
Notes payable |
0 |
0 |
|
Accounts payable |
81,342 |
151,326 |
|
Wages payable |
3,165 |
3,946 |
|
Tax payable |
394 |
4,817 |
|
Advances from
clients |
3,929 |
4,888 |
|
Other payable |
19,452 |
67,044 |
|
Accrued expenses |
0 |
0 |
|
Non-current
liabilities due within one year |
15,000 |
0 |
|
Other current
liabilities |
294 |
1,209 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
153,576 |
243,491 |
|
Non-current
liabilities |
0 |
810 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
153,576 |
244,301 |
|
Equities |
126,220 |
203,331 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
279,796 |
447,632 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2009 |
As of Dec. 31,
2010 |
|
Revenue |
192,237 |
415,363 |
|
Cost of sales |
158,066 |
308,012 |
|
Taxes and surcharges |
90 |
650 |
|
Sales expense |
13,761 |
21,188 |
|
Management expense |
8,393 |
9,983 |
|
Finance expense |
2,543 |
5,050 |
|
Non-business
income |
0 |
769 |
|
Non-business expense |
112 |
102 |
|
Profit before
tax |
9,784 |
71,502 |
|
Less: profit tax |
-470 |
8,045 |
|
10,254 |
63,457 |
Important Ratios
=============
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
*Current ratio |
0.65 |
1.04 |
|
*Quick ratio |
0.25 |
0.54 |
|
*Liabilities
to assets |
0.55 |
0.55 |
|
*Net profit
margin (%) |
5.33 |
15.28 |
|
*Return on total
assets (%) |
3.66 |
14.18 |
|
*Inventory /
Revenue ×365 |
116 days |
109 days |
|
*Accounts
receivable/ Revenue ×365 |
50 days |
84 days |
|
*
Revenue/Total assets |
0.69 |
0.93 |
|
* Cost of
sales / Revenue |
0.82 |
0.74 |
FINANCIAL
COMMENTS
PROFITABILITY:
FAIRLY GOOD
l
The revenue of SC appears fairly good, but it was
rising significantly in 2010.
l
SC’s net profit margin is fairly good in 2009 and
good in 2010.
l
SC’s return on total assets is fairly good in 2009
and good 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 fair
level in 2009, normal in 2010.
l
SC’s quick ratio is maintained in a poor level in
2009, fair in 2010.
l
The inventory of SC appears large.
l
The accounts receivable of SC appears average.
l
The short-term loans of SC appear average.
l
SC’s revenue is in an
average level, comparing with the size of its total assets.
LEVERAGE:
AVERAGE
l
The debt ratio of SC is average in both years.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly Stable.
CONCLUSIONS
SC is considered medium-sized in its line with
fairly stable financial conditions. A credit line up to USD 1,500,000 would appear to be within SC’s
capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.50.28 |
|
UK Pound |
1 |
Rs.80.08 |
|
Euro |
1 |
Rs.68.45 |
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.