MIRA INFORM REPORT
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Report Date : |
30.11.2011 |
IDENTIFICATION DETAILS
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Name : |
DALIAN SUPEREGO DOOR PRODUCTS CO., LTD. |
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Registered Office : |
No. 789 Huabei Road, Ganjingzi District, Dalian,
Liaoning Province 116037 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
24.11.2003 |
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Com. Reg. No.: |
210200400015106 |
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Legal Form : |
Chinese-Foreign Equity Joint Venture
Enterprise |
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Line of Business : |
manufacturing and selling building materials |
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No. of Employees
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310 Persons |
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 100,000 |
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Status : |
Moderate |
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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 30th, 2011
|
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
dalian superego door products co., ltd.
no. 789 huabei road,
ganjingzi district, dalian
liaoning province
116037 PR CHINA
TEL: 86 (0) 411-86888199/86888111
FAX: 86 (0)
411-86871038
EXECUTIVE SUMMARY
Date of Registration : november 24, 2003
REGISTRATION NO. : 210200400015106
LEGAL FORM : Chinese-foreign equity joint venture
enterprise
REGISTERED CAPITAL : usd 2,314,400
staff :
310
BUSINESS CATEGORY : manufacturing
Revenue :
CNY 98,460,000 (AS OF DEC. 31, 2010)
EQUITIES :
CNY 18,140,000 (AS OF DEC. 31, 2010)
WEBSITE : www.superego.com.cn
E-MAIL :
dalian@superego.com.cn
PAYMENT :
AVERAGE
Recommended Credit Limit: UP TO USD 100,000
(PERIODICAL REVIEW)
MARKET CONDITION : average
FINANCIAL CONDITION : FAIR
OPERATIONAL TREND : ORDINARY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.38 = 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 Chinese-foreign equity joint venture enterprise of PRC with State
Administration of Industry & Commerce (SAIC) under registration No.:
210200400015106 on November 24, 2003.
SC’s Organization Code Certificate No.:
75156249-3
SC’s registered capital: USD 2,314,400
SC’s paid-in capital: USD 2,314,400
Registration Change Record:
|
Date |
Change of
Contents |
Before the
change |
After the change |
|
-- |
Registration No |
011203 |
210200400015106 |
|
Legal Representative |
Zhang Chaohui |
Gao Wenkai |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
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World Rich Hong Kong Investment Limited |
25 |
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Dalian Superego Investment Co., Ltd. |
75 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman, and
General Manager |
Gao Wenkai |
RECENT DEVELOPMENT
Through continuous growth for ten plus years, SC not only passed before
the counterparts ISO9001 international quality system certification but has
been appraised as an enterprise of AAA credit rating.
SHAREHOLDER CHART & BACKGROUND
Name %
of Shareholding
World Rich Hong Kong Investment Limited 25
Dalian Superego Investment Co., Ltd. 75
World Rich Hong Kong Investment Limited
===================================
Date of Registration: April 28, 2010
Registration No.: 1450048
Legal Form: Private
Status: Live
Dalian Superego Investment Co., Ltd.
==============================
Registration No.: 210200400015106
Legal Form: Limited Liabilities
Company
MANAGEMENT
Gao Wenkai, Legal
Representative, Chairman and General Manager
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Ø
Gender: M
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as legal representative, chairman and general manager
Also working in Dalian Superego Investment Co., Ltd. as legal representative and chairman
Su Yunhua, Sales
Manager
-----------------------------------------------
Ø
Gender: M
Ø
Qualification:
University
Ø
Mobile:
86 13898603618
BUSINESS OPERATION
SC’s registered business scope includes
manufacturing high-grade environment-friendly decoration materials, efficient
insulation materials, high-end architectural hardware.
SC is mainly
engaged in manufacturing and selling building materials.
Brand: Superego
SC’s products
mainly include: T-bar and roller shutter products
SC sources its materials 90% from domestic
market, and 10% from overseas market. SC sells 60% of its products in domestic market,
and 40% to overseas market, mainly Germany, Portugal, Hungary, Macedonia,
Turkey, India, etc.
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. 310 staff at
present.
SC rents an area
as its operating office & factory of approx. 30,000 sq. meters at the
heading address.
RELATED COMPANY
SC is
not known to have any subsidiary at present.
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:
Industrial
and Commercial Bank of China Dalian E&T Development Zone Branch
AC#: N/A
***SC’s
accountant refused to release if SC has an account in the Industrial and
Commercial Bank of China, Dalian Branch.
FINANCIALS
Balance Sheet
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Unit: CNY’000 |
As
of Dec. 31, 2010 |
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3,700 |
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Accounts
receivable |
0 |
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Advances to
suppliers |
0 |
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Other receivable |
9,430 |
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Inventory |
16,320 |
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Non-current
assets within one year |
0 |
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Other current
assets |
760 |
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------------------ |
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Current assets |
30,210 |
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Fixed assets |
4,790 |
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Construction in
progress |
530 |
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Intangible
assets |
0 |
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Deferred income
tax assets |
0 |
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Other
non-current assets |
240 |
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------------------ |
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Total assets |
35,770 |
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============= |
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Short-term loans |
8,000 |
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Notes payable |
0 |
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Accounts payable |
5,700 |
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Wages payable |
0 |
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Advances from
clients |
0 |
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Other payable |
130 |
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Other current
liabilities |
1,970 |
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------------------ |
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Current
liabilities |
15,800 |
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Non-current
liabilities |
1,830 |
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------------------ |
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Total
liabilities |
17,630 |
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Equities |
18,140 |
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------------------ |
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Total
liabilities & equities |
35,770 |
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============= |
Income Statement
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Unit: CNY’000 |
As of Dec. 31,
2010 |
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Revenue |
98,460 |
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Cost of sales |
93,000 |
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Sales expense |
2,710 |
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Management expense |
4,950 |
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Finance expense |
4,850 |
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Profit before
tax |
-2,130 |
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Less: profit tax |
0 |
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-2,130 |
Important Ratios
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As
of Dec. 31, 2010 |
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*Current ratio |
1.91 |
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*Quick ratio |
0.88 |
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*Liabilities
to assets |
0.49 |
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*Net profit
margin (%) |
-2.16 |
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*Return on
total assets (%) |
-5.95 |
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*Inventory /
Revenue ×365 |
61 days |
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*Accounts
receivable/ Revenue ×365 |
-- |
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*
Revenue/Total assets |
2.75 |
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* Cost of
sales / Revenue |
0.94 |
FINANCIAL COMMENTS
PROFITABILITY:
FAIR
l
The revenue of SC appears average 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 fairly high, comparing
with its revenue.
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 large.
l
SC has no accounts receivable in 2010.
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.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fair.
CONCLUSIONS
SC is considered medium-sized in its line with fair financial
conditions. The large amount of inventory may be a threat to SC’s financial
condition. A credit line up to USD 100,000 is recommended upon a periodical review
basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.51.93 |
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UK Pound |
1 |
Rs.80.62 |
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Euro |
1 |
Rs.69.37 |
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.