MIRA
INFORM REPORT
|
Report Date : |
12.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
SHENGZHOU YINHE ALUMINIUM CO., LTD. |
|
|
|
|
Registered Office : |
Xianyan Village, Xianyan Town, Shengzhou Zhejiang Province
312459 Pr |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
22.07.2005 |
|
|
|
|
Com. Reg. No.: |
330683000001576 |
|
|
|
|
Legal Form : |
Limited Liabilities Company |
|
|
|
|
Line of Business : |
Manufacturing, processing and selling aluminium tape, aluminium sheet, checkered plate, aluminum foil, hydrophilic aluminum foil, goods import and export. |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 250,000 |
|
Status : |
Moderate |
|
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 – 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 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name and address
SHENGZHOU YINHE ALUMINIUM CO., LTD.
XIANYAN VILLAGE, XIANYAN TOWN, SHENGZHOU
ZHEJIANG PROVINCE 312459 PR CHINA
TEL: 86 (0) 575-83153356/83153056
FAX: 86 (0) 575-83153356/83153362
EXECUTIVE SUMMARY
Date of Registration : JULY 22, 2005
REGISTRATION NO. : 330683000001576
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL : CNY 26,000,000
staff :
230
BUSINESS CATEGORY : manufacturing
Revenue :
CNY 456,871,000 (AS OF DEC. 31,
2010)
EQUITIES :
CNY 37,012,000 (AS OF DEC. 31, 2010)
WEBSITE : N/A
E-MAIL :
N/A
PAYMENT :
AVERAGE
Recommended Credit Limit: UP TO USD 250,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly stable
OPERATIONAL TREND : fairly STEADY
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 limited liabilities company of PRC with State Administration of Industry
& Commerce (SAIC) under registration No.: 330683000001576
on July 22, 2005.
SC’s Tax No.: 330683724511519
SC’s registered capital: CNY 26,000,000
SC’s paid-in capital: CNY 26,000,000
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 |
|
Wang Yixin |
60 |
|
Yang Zhongjuan |
40 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman, and
General Manager |
Wang Yixin |
|
Supervisor |
Yang Zhongjuan |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Wang Yixin 60
Yang Zhongjuan 40
MANAGEMENT
Wang Yixin , Legal
Representative, Chairman and General Manager
---------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 48
Ø
ID# 330623196310094518
Ø
Mobile: 86 (0) 13735239399
Ø
Qualification:
University
Ø
Working
experience (s):
From 2000
to present, working in SC as legal representative, chairman and general manager
Yang Zhongjuan,
Supervisor
-------------------------------------------------
Ø
Gender: F
Ø
Age: 48
Ø
ID# 330623196304044469
Ø
Qualification:
University
BUSINESS OPERATION
SC’s registered
business scope includes manufacturing, processing and selling aluminium tape,
aluminium sheet, checkered plate, aluminum foil, hydrophilic aluminum foil,
goods import and export.
SC is mainly
engaged in manufacturing and selling aluminium products.
Brand: YINXIN
SC’s products
mainly include: aluminium tape, aluminium sheet, aluminum foil.
SC sources its materials 100% from domestic
market, mainly Zhejiang. SC sells 90% of its products in domestic market, and
10% to overseas market, mainly Southeast Asian market.
The buying terms of SC include Check, 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 Customer:
=============
TCL Air Conditioner (Wuhan) Co., Ltd
*Major Supplier:
============
Zhejiang Gaoxiang Industry & Trade Co., Ltd.
Staff & Office:
--------------------------
SC is known
to have approx. 230 staff at
present.
SC owns an area as
its operating office & factory of approx. 15,000 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’s suppliers
declined to make any comments.
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
China Construction Bank Shengzhou Sub-branch Luoxing Office
AC#: 33001656552053000287
Shengzhou Rural
Cooperative Bank
AC#:
201000031722622
***Note: SC’s management declined to release
whether it has account in HSBC Bank (China) Company Ltd.
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
80,188 |
139,363 |
|
|
Notes receivable |
4,148 |
11,490 |
|
Accounts
receivable |
35,864 |
44,573 |
|
Advances to
suppliers |
0 |
0 |
|
Other receivable |
5,200 |
635 |
|
Inventory |
46,254 |
55,989 |
|
Prepaid expenses |
5,722 |
8,711 |
|
Other current
assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current assets |
177,376 |
260,761 |
|
Fixed assets |
24,495 |
30,833 |
|
Construction in
progress |
5,793 |
0 |
|
Intangible
assets |
2,865 |
2,801 |
|
Long-term
prepaid expenses |
0 |
0 |
|
Deferred income
tax assets |
0 |
0 |
|
Other
non-current assets |
45 |
29 |
|
|
------------------ |
------------------ |
|
Total assets |
210,574 |
294,424 |
|
|
============= |
============= |
|
Short-term loans |
73,500 |
71,500 |
|
Notes payable |
84,556 |
167,077 |
|
Accounts payable |
16,337 |
8,432 |
|
Wages payable |
0 |
0 |
|
Tax payable |
-729 |
-588 |
|
Other
non-payment |
-18 |
129 |
|
Advances from
clients |
0 |
0 |
|
Other payable |
3,268 |
4,692 |
|
Other current
liabilities |
-41 |
0 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
176,873 |
251,242 |
|
Non-current
liabilities |
0 |
6,170 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
176,873 |
257,412 |
|
Equities |
33,701 |
37,012 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
210,574 |
294,424 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2009 |
As of Dec. 31,
2010 |
|
Revenue |
291,609 |
456,871 |
|
Cost of sales |
276,969 |
436,024 |
|
Sales expense |
4,023 |
5,223 |
|
Management expense |
3,991 |
3,377 |
|
Finance expense |
3,155 |
7,063 |
|
Profit before
tax |
3,238 |
4,391 |
|
Less: profit tax |
333 |
1,061 |
|
2,905 |
3,330 |
Important Ratios
=============
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
*Current ratio |
1.00 |
1.04 |
|
*Quick ratio |
0.74 |
0.82 |
|
*Liabilities
to assets |
0.84 |
0.87 |
|
*Net profit
margin (%) |
1.00 |
0.73 |
|
*Return on
total assets (%) |
1.38 |
1.13 |
|
*Inventory /
Revenue ×365 |
58 days |
45 days |
|
*Accounts
receivable/ Revenue ×365 |
45 days |
36 days |
|
*
Revenue/Total assets |
1.38 |
1.55 |
|
* Cost of
sales / Revenue |
0.95 |
0.95 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
l
The revenue of SC appears fairly good, and it was rising
significantly 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 fairly high, comparing
with its revenue.
LIQUIDITY: AVERAGE
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
both years.
l
The inventory of SC is maintained in an average
level.
l
The accounts receivable of SC is maintained in an
average level.
l
The short-term loans of SC appear large.
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. We consider higher credit amount appears to be within SC’s
capacities comparing with the above given one, and USD 250,000 is recommended.
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.