MIRA
INFORM REPORT
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Report Date : |
12.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
NEW ZHONG YUAN
CERAMICS IMPORT & EXPORT CO., LTD. OF GUANGDONG |
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Registered Office : |
Zhongyuan Building, Shinan Road, Nanzhuang, Chancheng District,
Foshan, Guangdong Province, 528219 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
15.03.1995 |
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Com. Reg. No.: |
440602000217085 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Exporting ceramics and wall & floor tiles. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 200,000 |
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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 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 and address
NEW ZHONG YUAN CERAMICS IMPORT & EXPORT CO., LTD. OF GUANGDONG
ZHONGYUAN BUILDING,
SHINAN ROAD, NANZHUANG, CHANCHENG DISTRICT, FOSHAN, GUANGDONG PROVINCE, 528219
PR CHINA
TEL: 86 (0)
757-85382058/85395186/85387827 FAX: 86
(0) 757-85387881/85387833
EXECUTIVE SUMMARY
INCORPORATION DATE : MARch 15, 1995
REGISTRATION NO. :
440602000217085
REGISTERED LEGAL FORM : LIMITED LIABILITIES CO.
STAFF STRENGTH : 60
REGISTERED CAPITAL : CNY 10,000,000
BUSINESS LINE :
TRADING
TURNOVER :
CNY 457,052,000 (AS OF DEC. 31, 2010)
EQUITIES :
CNY 35,877,000 (AS OF DEC. 31, 2010)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO USD 200,000
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION : FAIRLY STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE : CNY 6.3381=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 Ren Min Bi
SC was registered as a limited liabilities co. at local Administration for Industry &
Commerce (AIC-The official body of issuing and renewing business license) on
March 15, 1995.
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 selling building materials, decorative materials,
steel, ceramic machinery parts, paper products, water heating equipment, non-ferrous
metals (excluding gold and silver); importing and exporting commodities and
technologies, excluding commodities and technologies prohibited by country.
SC is mainly
engaged in exporting ceramics and wall & floor tiles.
Mr.
Huo Jinxiang has been chairman &
legal representative of SC since 2006
SC is known
to have approx. 60 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office in the commercial zone of Foshan. Our checks reveal that SC
rents the total premise about 500 square meters.
http://www.newzhongyuan.com/
The website belongs to SC’s parent company. The design is professional and the content
is well organized. At present the web is in English and Chinese versions.
Changes
of its registered information:
|
Date of change |
Item |
Before the change |
After the change |
|
1996-12 |
Legal Representative |
Huo Shuling |
Huo Chihong |
|
1998-6 |
Legal Representative |
Huo Chihong |
Huo Rubiao |
|
2002-6 |
Registered Capital |
CNY 3,000,000 |
Present amount |
|
2003-6 |
Company Name |
Nanhai Zhongyuan Trading Co., Ltd. (In Chinese pinyin) |
Present one |
|
Legal Representative |
Huo Rubiao |
Huo Lianquan |
|
|
Registration No. |
4406822001396 |
4406821508878 |
|
|
2004-5 |
Registration No. |
4406821508878 |
4406041001932 |
|
2006-9 |
Legal Representative |
Huo Lianquan |
Present one |
|
Unknown |
Registration No. |
4406041001932 |
Present one |
MAIN SHAREHOLDERS:
Name
% of
shareholdings
New Zhong Yuan Ceramics Co., Ltd. of
Guangdong 90
Zeng Yanchi ID#: 440623197201123199 10
New Zhong Yuan Ceramics Co., Ltd. of
Guangdong
======================================
New Zhong Yuan Ceramics Co., Ltd. of Guangdong
is the construction ceramics manufacturer engaged by large-scale production and
modern management in China. In the past years, New Zhongyuan has won the trust
and loyalty from its buyers and distributors by scientific management system,
excellent staffs, powerful R&D competence & production capacity,
competitive price upon performance and highly efficient sales network.
(according to its website)
Web: http://www.newzhongyuan.com/
Email: newzhongyuan@newzhongyuan.com
Add: Shinan Street, Nanzhuang Town, Foshan,
Guangdong Province
Tel: 0757-85389918
l
Chairman & Legal Representative:
Mr. Huo Jinxiang , ID#: 440622196305205059, born in
1963 with university education. He is currently responsible for the overall
management of SC
Working Experience(s):
From 2006 to present Working in SC as chairman
& legal
representative
SC is mainly engaged
in exporting ceramics and wall & floor tiles.
SC’s products
mainly include ceramics, ceramic tiles, micro crystal tiles, etc.
SC sources its materials 100% from domestic
market. SC sells 100% of its products to overseas market, mainly South America
and Middle East.
The buying terms of SC include Check, T/T, 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 refused to release its main customers and suppliers.
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 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.
Bank of China
AC#：N/A
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
|
|
as
of Dec. 31, 2009 |
|
Cash & bank |
32,770 |
|
Inventory |
0 |
|
Accounts
receivable |
67,230 |
|
Advances to
suppliers |
360 |
|
Other
receivables |
176,690 |
|
Subsidies
receivable |
4,760 |
|
Prepaid expenses |
1,110 |
|
Other current
assets |
0 |
|
|
------------------ |
|
Current assets |
282,920 |
|
Fixed assets net
value |
280 |
|
Projects under
construction |
0 |
|
Long term
investment |
0 |
|
Other assets |
0 |
|
|
------------------ |
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Total assets |
283,200 |
|
|
============= |
|
Short loans |
3,380 |
|
54,490 |
|
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Other payable |
40,320 |
|
Bills payable |
28,610 |
|
Advances from
clients |
124,400 |
|
Accrued payroll |
100 |
|
Tax payable |
110 |
|
Other current
liabilities |
20 |
|
|
------------------ |
|
Current
liabilities |
251,430 |
|
Long term
liabilities |
0 |
|
|
------------------ |
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Total
liabilities |
251,430 |
|
Equities |
31,770 |
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|
------------------ |
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Total
liabilities & equities |
283,200 |
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|
============= |
Income Statement
Unit: CNY’000
|
|
as
of Dec. 31, 2009 |
|
Turnover |
299,000 |
|
Cost of goods
sold |
278,970 |
|
Sales expense |
10,440 |
|
Management expense |
5,050 |
|
Finance expense |
2,240 |
|
Subsidy income |
540 |
|
Profit before
tax |
2,830 |
|
Less: profit tax |
720 |
|
Net profit |
2,110 |
Financial Summary
Unit: CNY’000
|
|
as
of Dec. 31, 2010 |
|
Total liabilities |
303,309 |
|
Equities |
35,877 |
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|
------------------ |
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Total assets |
|
|
|
============= |
|
Turnover |
457,052 |
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Profit before tax |
5,480 |
|
Less: profit tax |
1,380 |
|
Profits |
4,100 |
Note: we did not find SC’s detailed financial
reports for Yr2010.
Important
Ratios
=============
|
|
as
of Dec. 31, 2009 |
as
of Dec. 31, 2010 |
|
*Current ratio |
1.13 |
/ |
|
*Quick ratio |
1.13 |
/ |
|
*Liabilities
to assets |
0.89 |
0.89 |
|
*Net profit
margin (%) |
0.71 |
0.90 |
|
*Return on
total assets (%) |
0.75 |
1.21 |
|
*Inventory
/Turnover ×365 |
/ |
/ |
|
*Accounts
receivable/Turnover ×365 |
83 days |
/ |
|
*Turnover/Total
assets |
1.06 |
1.35 |
|
* Cost of
goods sold/Turnover |
0.93 |
/ |
PROFITABILITY: AVERAGE
l
The turnover of SC appears fairly good in both
years, and it increased in 2010.
l
SC’s net profit margin appears average in both
years.
l
SC’s return on total assets appears average in both
years.
l
SC’s cost of goods sold is fairly high in 2009,
comparing with its turnover.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a normal
level in 2009.
l
SC’s quick ratio is maintained in a normal level in
2009.
l
SC has no inventory in 2009.
l
The accounts receivable of SC appears fairly large
in 2009.
l
SC’s short-term loan appears average in 2009.
l
SC’s turnover is in an average level in both years,
comparing with the size of its total assets.
LEVERAGE: FAIR
l
The debt ratio of SC is high.
l
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. A credit line
up to USD 200,000 would appear to be within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.03 |
|
|
1 |
Rs.76.60 |
|
Euro |
1 |
Rs.66.80 |
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.