MIRA INFORM REPORT
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Report Date : |
08.10.2011 |
IDENTIFICATION DETAILS
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Name : |
YUYAO CAELURN ALUMINIUM FOIL PRODUCTS CO.,
LTD. |
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Registered Office : |
No. 90 Zhushanqiao Industrial Zone, Yuyao City, Ningbo, Zhejiang Province 315450 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
15.03.2007 |
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Com. Reg. No.: |
330281000043848 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Manufacturing
and Selling Aluminum Foil Products |
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 20,000 |
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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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
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
YUYAO CAELURN ALUMINIUM FOIL PRODUCTS CO., LTD.
no. 90 zhushanqiao
industrial zone, yuyao City, Ningbo
zhejiang province
315450 PR CHINA
TEL: 86 (0)
574-62589989
FAX: 86 (0)
574-62589786
EXECUTIVE SUMMARY
Date of Registration : march 15, 2007
REGISTRATION NO. : 330281000043848
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL :
cny 1,500,000
staff : 60
BUSINESS CATEGORY :
manufacturing
Revenue :
CNY 33,702,000 (AS OF DEC. 31,
2010)
EQUITIES :
CNY 3,261,000 (AS OF DEC. 31, 2010)
WEBSITE : www.caelurn.com
E-MAIL :
export@caelurn.com
PAYMENT : AVERAGE
Recommended Credit Limit: UP TO USD 20,000 (PERIODICAL REVIEW)
MARKET CONDITION : average
FINANCIAL CONDITION : FAIRly stable
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
***Note: The provide address (Xia Chen Du Lizhou
Street, Yuyao Zhejiang) is SC’s registered address, while SC is currently
operating in the heading premise.
SC was
established as a limited liabilities company of PRC with State Administration
of Industry & Commerce (SAIC) under registration No.: 330281000043848 on March 15,
2007.
SC’s Organization Code Certificate
No.: 79951272-7
SC’s Tax No.: 330281799512727
SC’s registered capital: cny 1,500,000
SC’s paid-in capital: cny 1,500,000
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 |
|
Luo Guozhang |
70 |
|
Chen Lingzhen |
30 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative,
Chairman, and General Manager |
Luo Guozhang |
|
Supervisor |
Chen
Lingzhen |
RECENT DEVELOPMENT
SC has passed the test of FDA，SGS (Regulation EC
No. 1935/2004).
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Luo Guozhang 70
Chen Lingzhen 30
MANAGEMENT
Luo Guozhang, Legal Representative, Chairman and General Manager
-------------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 46
Ø
ID# 330219196508230910
Ø
Qualification:
University
Ø
Working
experience (s):
From 2007 present, working in SC as legal representative, chairman
and general manager
Chen
Lingzhen, Supervisor
-----------------------------------------------
Ø
Gender: F
Ø
Age: 46
Ø
ID# 33021919651125776X
Ø
Qualification:
University
BUSINESS OPERATION
SC’s registered business scope includes manufacturing, processing,
wholesale and retail aluminum foil products, paper tubes, plastic products,
hardware, power tools and accessories, operating and acting as an agent of
importing and exporting various kinds of commodities and technology, excluding
the goods forbidden by the government.
SC is
mainly engaged in manufacturing and selling aluminum foil products.
Brand: CAELURN
SC’s
products mainly include:
Household Aluninum foil
Aluminum container
Roll material
Aluminum foil paper smoke
SC sources its materials 100% from domestic
market. SC sells 75% of its products in domestic market, and 25% to overseas
market, mainly Finland, Sweden, Germany, Britain, India, and Australia.
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.
*Major Local Competitors:
===================
Ningbo Ashburn Aluminium Foil Products Co., Ltd.
Ningbo Longwell
Aluminium Foil Manufacturing Co., Ltd.
Ningbo Weida
Aluminium Foil Manufacturing Co., Ltd.
Staff & Office:
--------------------------
SC is
known to have approx. 60
staff at present.
SC rents an area
as its operating office and factory, but the detailed information is unknown.
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
The bank
information of SC is not filed in SAIC.
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
1,139 |
1,203 |
|
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Accounts
receivable |
547 |
4,325 |
|
Advances to
suppliers |
636 |
736 |
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Other receivable |
5,704 |
4,482 |
|
Inventory |
8,987 |
11,388 |
|
Prepaid
expenses |
81 |
38 |
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Other current
assets |
0 |
0 |
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|
------------------ |
------------------ |
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Current assets |
17,094 |
22,172 |
|
Fixed assets |
1,606 |
2,176 |
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Construction in
progress |
0 |
0 |
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Intangible
assets |
0 |
3,857 |
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Long-term
prepaid expenses |
0 |
0 |
|
Other
non-current assets |
0 |
0 |
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------------------ |
------------------ |
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Total assets |
18,700 |
28,205 |
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============= |
============= |
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Short-term loans |
6,220 |
15,580 |
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Notes payable |
1,500 |
0 |
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Accounts payable |
7,397 |
2,777 |
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Wages payable |
86 |
147 |
|
Tax payable |
-899 |
-591 |
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Advances from
clients |
20 |
1,108 |
|
Other payable |
2,113 |
5,916 |
|
Other current liabilities |
4 |
7 |
|
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------------------ |
------------------ |
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Current
liabilities |
16,441 |
24,944 |
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Non-current
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total
liabilities |
16,441 |
24,944 |
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Equities |
2,259 |
3,261 |
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------------------ |
------------------ |
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Total
liabilities & equities |
18,700 |
28,205 |
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|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2009 |
As of Dec. 31,
2010 |
|
Revenue |
21,548 |
33,702 |
|
Cost of sales |
18,781 |
26,702 |
|
Sales expense |
512 |
3,388 |
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Management expense |
892 |
1,172 |
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Finance expense |
525 |
1,196 |
|
Profit before
tax |
884 |
1,348 |
|
Less: profit tax |
221 |
337 |
|
663 |
1,011 |
Important Ratios
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|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
*Current ratio |
1.04 |
0.89 |
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*Quick ratio |
0.49 |
0.43 |
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*Liabilities
to assets |
0.88 |
0.88 |
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*Net profit
margin (%) |
3.08 |
3.00 |
|
*Return on total
assets (%) |
3.55 |
3.58 |
|
*Inventory /
Revenue ×365 |
153 days |
124 days |
|
*Accounts
receivable/ Revenue ×365 |
10 days |
47 days |
|
*
Revenue/Total assets |
1.15 |
1.19 |
|
* Cost of
sales / Revenue |
0.87 |
0.79 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
l
The revenue of SC appears average, and it was
rising in 2010.
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 average, comparing with
its revenue.
LIQUIDITY:
FAIR
l
The current ratio of SC is maintained in a normal
level in 2009, and appears fair in 2010.
l
SC’s quick ratio is maintained in a fair level in
both years.
l
The inventory of SC appears large.
l
The accounts receivable of SC is maintained in an
average level.
l
The short-term loans of SC appear large in 2010.
l
SC’s revenue is in an
average level, comparing with the size of its total assets.
LEVERAGE:
FAIR
l
The debt ratio of SC is fairly high 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 small-sized in its line with
fairly stable financial conditions. The large amount of inventory and
short-term loans may be a threat to SC’s financial condition. A credit line up
to USD 20,000 is recommended upon a periodical review basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.14 |
|
UK Pound |
1 |
Rs.75.97 |
|
Euro |
1 |
Rs.65.99 |
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 |
|
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 |
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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.