MIRA INFORM REPORT
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Report Date : |
12.10.2011 |
IDENTIFICATION DETAILS
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Name : |
NINGBO WELLISH HI-TECH MACHINERY CO., LTD. |
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Registered Office : |
No. 58 Yanshanhe North Road, Beilun, Ningbo
City, Zhejiang Province 315806 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
14.08.2003 |
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Com. Reg. No.: |
330200400007384 |
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Legal Form : |
Chinese-Foreign Equity Joint
Venture Enterprise |
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Line of Business : |
Manufacturing,
Processing and Selling Plastic Machines, engineering machines, die casting
machines, etc. |
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 150,000 |
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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
ningbo wellish hi-tech machinery co., ltd.
no. 58 yanshanhe
north road, beilun
ningbo CITY, ZHEJIANG
PROVINCE 315806 PR CHINA
TEL: 86 (0)
574-86113970
FAX: 86 (0)
574-86113971
EXECUTIVE SUMMARY
Date of Registration : august 14, 2003
REGISTRATION NO. : 330200400007384
LEGAL FORM : CHINESE-FOREIGN
EQUITY JOINT VENTURE ENTERPRISE
REGISTERED CAPITAL :
USD 4,010,000
staff : 81
BUSINESS CATEGORY :
manufacturing & processing & trading
Revenue : CNY 36,452,000 (AS OF DEC. 31, 2010)
EQUITIES : CNY 37,990,000 (AS OF DEC. 31, 2010)
WEBSITE : www.wellish.cn; http://wellish.en.gongchang.com
E-MAIL :
sales@wellish.cn
PAYMENT : AVERAGE
Recommended Credit Limit: UP TO USD
150,000 (PERIODICAL REVIEW)
MARKET CONDITION : average
FINANCIAL CONDITION : FAIR
OPERATIONAL TREND : ordinary
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.35 = 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.: 330200400007384 on August 14, 2003.
SC’s Organization Code Certificate No.:
75039768-4
SC’s Tax No.: 330206750397684
SC’s Customs Registration No.: 3302230290
SC’s registered capital: USD 4,010,000
SC’s paid-in capital: USD 4,010,000 (CNY 32,832,407.69)
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 |
|
Hu Weimei |
49 |
|
Xia Shanhai |
26 |
|
Wah Hoi (Hong Kong)
International Trading Investment Limited |
25 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative,
Chairman, and General Manager |
Hu Weimei |
|
Vice Chairman |
Lu Jinwei |
|
Director |
Hu Haibo |
|
Yang Yonghai |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Hu Weimei 49
Xia Shanhai 26
Wah Hoi (Hong Kong)
International Trading Investment Limited 25
Hu
Weimei
=============
Ø
Gender: F
Ø
ID# 330206196001241424
Ø
Age: 51
Xia
Shanhai
=============
Ø
Gender: M
Ø
ID# 330206195306164912
Ø
Age: 58
Ø
Working experience (s):
At present, working in Ningbo Aomate High
Precision Power Press Co., Ltd. as legal representative
Wah
Hoi (Hong Kong) International Trading Investment Limited
=====================================================
Registration No.: 1121685
Legal Form: Private
Status: Live
MANAGEMENT
Hu
Weimei, Legal
Representative, Chairman, and General Manager
----------------------------------------------------------------------------------------------------
Ø
Gender: F
Ø
ID# 330206196001241424
Ø
Age: 51
Ø
Working
experience (s):
At present, working in SC as legal representative, chairman,
and general manager
Also
working in Ningbo Dikema Precision Machinery Co., Ltd. as legal representative
Lu Jinwei , Vice Chairman
---------------------------------------------
Ø
Gender: M
Ø
ID# 331004198203031253
Ø
Age: 29
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as vice chairman
Hu Haibo, Director
-------------------------------------
Ø
Gender: M
Ø
ID# 330206196207111414
Ø
Age: 49
Yang Yonghai, Director
------------------------------------------
Ø
Gender: M
Ø
ID# 330227197012121811
Ø
Age: 41
BUSINESS OPERATION
SC’s registered
business scope includes manufacturing and processing plastic machines,
engineering machines, die casting machines, punch, mechanical components &
moulds, and plastic products; importing and exporting commodities and
technology.
SC is mainly
engaged in manufacturing, processing and selling plastic machines, engineering
machines, die casting machines, etc.
SC’s products mainly include:
Precise Injection Machine
Precise Die-casting Machine
Etc.
Brand: “AUTAI”.
The product has many advanced function,
such as: clamping unit with Strong bar linked, moving platen of clamping unit
with auto moving tie bars, servo fully electrical motor structure, compound
action structure with hydraulic and electric, special structure with T model to
achieve fully automated operating product （patent）,multi color injection unit, machine moving fast speed
system, servo motor saving energy system, closed loop/variable pump system,
closed loop system for injection and clamp unit, special device for special
macromolecule material (thermosetting material).
SC sources its materials 100% from domestic
market, mainly Zhejiang. SC sells 100% of its products in domestic market.
The
buying terms of SC include T/T and Credit of 30-60 days. The payment terms of
SC include T/T and Credit of 30-60 days.
Staff & Office:
--------------------------
SC is
known to have approx. 81 staff at present.
SC
rents an area as its operating office & factory of approx. 45,000 sq.
meters at the heading address.
RELATED COMPANY
u
Ningbo
Aomate High Precision Power Press Co., Ltd.
Registration
No.: 330200000018454
Date of
Registration: June 3, 2005
Legal Form:
Shares Liabilities Company
Registered
Capital: CNY 17,500,000
Legal
Representative: Xia Shanhai
u
Ningbo
Dikema Precision Machinery Co., Ltd.
Registration
No.: 330206000118713
Date of
Registration: April 14, 2011
Legal
Form: One-person Limited Liabilities Company
Registered
Capital: CNY 1,000,000
Legal
Representative: Hu Weimei
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
Beilun Sub-branch Xindalu Office
AC#: 810763414108091001
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
4,582 |
8,106 |
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Notes receivable |
500 |
848 |
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Accounts
receivable |
9,323 |
15,521 |
|
Advances to
suppliers |
835 |
132 |
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Subsidies
receivable |
0 |
0 |
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Other receivable |
3,256 |
673 |
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Inventory |
19,673 |
40,340 |
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Non-current
assets within one year |
0 |
0 |
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Other current
assets |
82 |
82 |
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|
------------------ |
------------------ |
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Current assets |
38,251 |
65,702 |
|
Fixed assets |
22,214 |
20,325 |
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Construction in
progress |
0 |
0 |
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Project
materials |
0 |
0 |
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Intangible
assets |
4 |
2 |
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Long-term
investment |
0 |
0 |
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Long-term
deferred expenses |
164 |
122 |
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Deferred income
tax assets |
0 |
0 |
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Other
non-current assets |
0 |
0 |
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------------------ |
------------------ |
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Total assets |
60,633 |
86,151 |
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============= |
============= |
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Short-term loans |
8,500 |
9,000 |
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Notes payable |
1,575 |
16,690 |
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Accounts payable |
8,610 |
19,415 |
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Wages payable |
149 |
258 |
|
Advances from
clients |
787 |
3,506 |
|
Taxes payable |
-488 |
-2,270 |
|
Other unpaid
expenses |
0 |
0 |
|
Other payable |
3,262 |
1,544 |
|
Accrued expense |
0 |
0 |
|
Other current
liabilities |
14 |
18 |
|
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------------------ |
------------------ |
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Current
liabilities |
22,409 |
48,161 |
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Non-current
liabilities |
0 |
0 |
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|
------------------ |
------------------ |
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Total
liabilities |
22,409 |
48,161 |
|
Equities |
38,224 |
37,990 |
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|
------------------ |
------------------ |
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Total
liabilities & equities |
60,633 |
86,151 |
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|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2009 |
As of Dec. 31,
2010 |
|
Revenue |
9,350 |
36,452 |
|
Cost of sales |
10,023 |
30,925 |
|
Sales expense |
953 |
1,752 |
|
Management expense |
2,929 |
3,319 |
|
Finance expense |
556 |
517 |
|
Profit before
tax |
-5,139 |
-233 |
|
Less: profit tax |
0 |
0 |
|
-5,139 |
-233 |
Important Ratios
=============
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
*Current ratio |
1.71 |
1.36 |
|
*Quick ratio |
0.83 |
0.53 |
|
*Liabilities
to assets |
0.37 |
0.56 |
|
*Net profit
margin (%) |
-54.96 |
-0.64 |
|
*Return on
total assets (%) |
-8.48 |
-0.27 |
|
*Inventory /
Revenue ×365 |
768 days |
404 days |
|
*Accounts
receivable/ Revenue ×365 |
364 days |
156 days |
|
*
Revenue/Total assets |
0.15 |
0.42 |
|
* Cost of
sales / Revenue |
1.07 |
0.85 |
FINANCIAL COMMENTS
PROFITABILITY:
FAIR
l
The revenue of SC appears fair in 2009, and
increased significantly in 2010.
l
SC’s net profit margin is poor in 2009 and fair in
2010.
l
SC’s return on total assets is fair in both years.
l
SC’s cost of goods sold is average, comparing with
its revenue in 2010.
LIQUIDITY:
FAIR
l
The current ratio of SC is maintained in a normal
level in both years.
l
SC’s quick ratio is maintained in a normal level in
2009, and appears fair in 2010.
l
The inventory of SC appears large in 2010.
l
The accounts receivable of SC appears fairly large
in 2010.
l
The short-term loans of SC appear average in both
years.
l
SC’s revenue is in a
fair 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 low.
Overall financial
condition of the SC: Fair.
CONCLUSIONS
SC is considered small-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 150,000 is recommended
upon a periodical review basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.03 |
|
UK Pound |
1 |
Rs.76.60 |
|
Euro |
1 |
Rs.66.80 |
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 |
|
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.