MIRA
INFORM REPORT
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Report Date : |
15.10.2011 |
IDENTIFICATION DETAILS
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Name : |
SHANDONG WISH PLANT PROTECTION MACHINERY CO., LTD. |
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Registered Office : |
Luoqi Road, High And New Industrial Development Zone
Linyi, Shandong Province 276017 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
07.05.1999 |
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Com. Reg. No.: |
371300018014404 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Manufacturing and selling agricultural machinery and garden machinery. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 100,000 |
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Status : |
Satisfactory |
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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 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
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
SHANDONG WISH PLANT PROTECTION MACHINERY CO., LTD.
LUOQI ROAD, HIGH AND NEW INDUSTRIAL DEVELOPMENT ZONE
LINYI, SHANDONG PROVINCE 276017 PR CHINA
TEL: 86 (0) 539-8488001
FAX: 86 (0) 539-8488111
EXECUTIVE SUMMARY
Date of Registration : may 7, 1999
REGISTRATION NO. : 371300018014404
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL : cny 13,860,000
staff :
130
BUSINESS CATEGORY : manufacturing
Revenue :
CNY 46,490,000 (AS OF DEC. 31, 2010)
EQUITIES :
CNY 10,950,000 (AS OF DEC. 31, 2010)
WEBSITE : www.cnwish.com
E-MAIL :
wish@cnwish.com
PAYMENT :
AVERAGE
Recommended Credit Limit: UP TO USD 100,000
MARKET CONDITION : average
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.: 371300018014404 on May 7, 1999.
SC’s Organization Code Certificate No.:
26714741-5
SC’s registered capital: cny 13,860,000
SC’s paid-in capital: cny 13,860,000
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 |
|
Shandong Huasheng Zhongtian Machinery
Group Co., Ltd. |
51.08 |
|
The National Agro-Tech Extension and
Service Center |
48.92 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative and Chairman |
Wang Zhaofu |
|
General Manager |
Zhang Yi |
RECENT DEVELOPMENT
SC’s main products were awarded the certification by China CCC and
Europe CE.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Shandong Huasheng Zhongtian Machinery Group
Co., Ltd. 51.08
The National Agro-Tech Extension and Service
Center 48.92
Shandong
Huasheng Zhongtian Machinery Group Co., Ltd.
=============================================
Shandong Huasheng Zhongtian Machinery Group
Co., Ltd. was founded in 1951, has 60 years of professional manufacturing
history. The company is located in the High and New-tech Industrial Development
Zone, Linyi City, Shandong China, covering over 800,000 sq.m., possessing 1,500
million RMB in capital and over 3000 employees. Our group is consisted of
Shandong Huasheng Pesticide Machinery Co., Ltd., Shandong Huasheng Zhongtian
Power Machinery Co., Ltd., Shandong Wish Plant Protection Machinery Co., Ltd.,
Shandong Carter Heavy Industry Co.,LTD., Linyi Huasheng Industry &
Commercial Co., Ltd., Linyi Kasei IMP/EXP Co., Ltd., Linyi Hongfu Distillery
Co., Ltd Etc. It is a large group which integrates research, manufacture and
trade. The enterprise obtained the National May 1st Labor Diploma, Top 500 of
China Machinery Industry, Civilied enterprise of National Machinery Industry,
Demonstrating Enterprise for Advanced Manage of Machinery Industry, Modern
Manage Enterprise of Machinery Industry. Huasheng Zhongtian is the largest
exporting base in China for small-size gasoline engines, garden machinery,
plant-protection machinery, forest-protection machinery and small-size
construction machinery.
Address: No.1 Zhongtian Road, Linyi High and
New-tech Industrial Developmet Zone, Linyi City, Shandong, China
Tel: 86-539-8488686/8488978/8488668
Fax: 86-539-8488670
Web: www.hszt.cn
E-mail: info@hszt.cn
MANAGEMENT
Wang Zhaofu ,
Legal Representative and Chairman
------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 45
Ø
Qualification:
University
Ø
Working
experience (s):
At
present, working in SC as legal representative and chairman
Also
working in Shandong Huasheng Zhongtian Machinery Group Co., Ltd. as deputy
general manager
Zhang Yi , General
Manager
---------------------------------------------
Ø
Gender: M
Ø
Qualification:
University
Ø
Mobile:
86 (0) 15194099682
BUSINESS OPERATION
SC’s registered business scope includes researching,
development, manufacturing and selling agricultural machinery, garden machinery
new products; promotion of agriculture, garden machinery and related
application technology of new products; processing and selling plastic
products, exporting new agricultural
machinery, garden machinery, plastic products, importing materials, instrument,
machinery and equipment, parts and technology needed for its production.
SC is mainly
engaged in manufacturing and selling agricultural machinery and garden machinery.
Brand: WISH
SC’s products
mainly include:
Hand
sprayer
Electric
sprayer
Power
sprayer
Pessure
sprayer
Brush
cutter
Hedge
trimmer
Water
pump
Chain
saw
SC sources its materials 100% from domestic market,
and 30% from overseas market. SC sells 55% of its products in domestic market,
and 45% to overseas market, mainly South America, Eastern Europe, Southeast
Asia, Middle East, and Africa.
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 Supplier:
=============
Nanjing
Agricultural Mechanization Institute
Staff & Office:
--------------------------
SC is known
to have approx. 130 staff at
present.
SC owns an area as
its operating office & factory of approx. 30,000 sq. meters at the heading
address.
RELATED COMPANY
n
Shandong Huasheng Pesticide Machinery Co., Ltd.
n
Shandong Huasheng Zhongtian Power Machinery Co., Ltd.
n
Shandong Carter Heavy Industry Co., Ltd.
n
Linyi Huasheng Industry & Commercial Co., Ltd
n
Linyi Kasei Import & Export Co., Ltd.
Etc.
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
Bank
of China Linyi Branch
AC#:
01604078091014
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
21,630 |
3,980 |
|
|
Accounts receivable |
2,760 |
7,380 |
|
Advances to
suppliers |
0 |
0 |
|
Other receivable |
3,220 |
2,400 |
|
Inventory |
11,050 |
6,970 |
|
Non-current
assets within one year |
0 |
0 |
|
Other current
assets |
530 |
2,130 |
|
|
------------------ |
------------------ |
|
Current assets |
39,190 |
22,860 |
|
Fixed assets |
11,830 |
11,160 |
|
Construction in
progress |
0 |
0 |
|
Long-term
prepaid expenses |
0 |
0 |
|
Deferred income
tax assets |
0 |
0 |
|
Other
non-current assets |
1,410 |
1,280 |
|
|
------------------ |
------------------ |
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Total assets |
52,430 |
35,300 |
|
|
============= |
============= |
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Short-term loans |
0 |
0 |
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Notes payable |
0 |
0 |
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Accounts payable |
5,810 |
10,610 |
|
Wages payable |
0 |
0 |
|
Advances from
clients |
990 |
1,850 |
|
Other payable |
15,490 |
11,140 |
|
Other current
liabilities |
19,850 |
750 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
42,140 |
24,350 |
|
Non-current
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total liabilities |
42,130 |
24,350 |
|
Equities |
10,300 |
10,950 |
|
|
------------------ |
------------------ |
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Total
liabilities & equities |
52,430 |
35,300 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2010 |
|
Revenue |
46,490 |
|
Cost of sales |
35,950 |
|
Sales expense |
5,670 |
|
Management expense |
2,790 |
|
Finance expense |
770 |
|
Profit before
tax |
1,420 |
|
Less: profit tax |
0 |
|
1,420 |
Important Ratios
=============
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
*Current ratio |
0.93 |
0.94 |
|
*Quick ratio |
0.67 |
0.65 |
|
*Liabilities
to assets |
0.80 |
0.69 |
|
*Net profit
margin (%) |
-- |
3.05 |
|
*Return on
total assets (%) |
-- |
4.02 |
|
*Inventory /
Revenue ×365 |
-- |
55 days |
|
*Accounts
receivable/ Revenue ×365 |
-- |
58 days |
|
*
Revenue/Total assets |
-- |
1.32 |
|
* Cost of
sales / Revenue |
-- |
0.77 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
l
The revenue of SC appears average in its line in
2010.
l
SC’s net profit margin is average in 2010.
l
SC’s return on total assets is average in 2010.
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 fair
level in both years.
l
SC’s quick ratio is maintained in a fair 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
SC has no short-term loans in both years.
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: Fairly Stable.
CONCLUSIONS
SC is considered medium-sized in its line with fairly stable financial
conditions. A credit line up to USD 100,000
would appear to be within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.07 |
|
|
1 |
Rs.77.42 |
|
Euro |
1 |
Rs.67.72 |
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.