MIRA INFORM REPORT
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Report Date : |
15.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
SHANGHAI DOUBLE ELEPHANTS RUBBER &
PLASTIC MACHINERY CO., LTD. |
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Registered Office : |
No. 1061-1069 Changde Road, Jing’an District,
Shanghai 200040 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
29.12.1994 |
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Com. Reg. No.: |
310106000045020 |
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Legal Form : |
One-Person Limited Liability Company |
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Line of Business : |
Selling
Rubber & Plastic Machinery and Plastic &
Rubber Products |
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 30,000 |
|
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 – September 30th, 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 |
|
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
Shanghai Double Elephants Rubber & Plastic
Machinery Co., Ltd.
no. 1061-1069 changde
road, jing’an district, shanghai 200040 PR CHINA
TEL: 86 (0)
21-62159551/62729855/62670612
FAX: 86 (0)
21-62721651
EXECUTIVE SUMMARY
Date of Registration : december 29, 1994
REGISTRATION NO. : 310106000045020
LEGAL FORM : One-person Limited Liability Company
REGISTERED CAPITAL :
cny 500,000
staff : 20
BUSINESS CATEGORY :
manufacturing
Revenue : CNY 43,300,000 (AS OF
DEC. 31, 2010)
EQUITIES : CNY 2,100,000 (AS OF
DEC. 31, 2010)
WEBSITE : www.shderp.com
E-MAIL :
N/A
PAYMENT : AVERAGE
Recommended Credit Limit: UP TO USD
30,000
MARKET CONDITION : average
FINANCIAL CONDITION : 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 on December 29, 1994. However, SC changed to present legal form, and was
registered as one-person limited liabilities company of PRC with State
Administration of Industry & Commerce (SAIC) under registration No.:
310106000045020 in 2011.
SC’s registered capital: cny 500,000
SC’s paid-in capital: cny 500,000
Registration Change Record:
|
Date |
Change
of Contents |
Before
the change |
After
the change |
|
2011 |
Legal
Form |
Limited
Liabilities Company |
One-Person Limited Liabilities Company |
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Wuxi Double Elephant Rubber
& Plastic Machinery Co., Ltd. |
100 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative and
Chairman |
Tang Bingquan |
|
General Manager |
Hu Zhikang |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Wuxi Double Elephant Rubber
& Plastic Machinery Co., Ltd. 100
MANAGEMENT
Tang Bingquan, Legal Representative and Chairman
--------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 60
Ø
ID# 320222195110187571
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as legal representative and
chairman
Also
working in Jiangsu Double Elephant Group Co., Ltd. and Wuxi Double Elephant
Micro Fibre Material Co., Ltd. as legal representative and chairman
Hu Zhikang, General Manager
----------------------------------------------------
Ø
Gender: M
Ø
Age: 55
Ø
ID# 310106195610300916
Ø
Qualification:
University
Ø
Mobile:
86 (0) 13501753961
Ø
Working
experience (s):
At present, working in SC as general manager
Also as director of Wuxi
Double Elephant Micro Fibre Material Co., Ltd. and Jiangsu Double Elephant
Group Co., Ltd.
BUSINESS OPERATION
SC’s registered business scope includes
selling rubber & plastic machinery and accessories, rubber products,
non-hazardous chemical raw materials, hardware tools, steel, building
materials, daily necessities, and automobile parts; rubber & plastic
machinery technology services; importing and exporting goods and technology.
SC is
mainly engaged in selling rubber & plastic
machinery and plastic & rubber products.
Brand: 
SC’s
products mainly include: rubber and plastic machinery, PU synthetic leather,
leather, PVC artificial leather, polyurethane resin, plastic film.
SC sources its materials 100% from domestic
market, mainly Jiangsu. SC sells 75% of its products in domestic market, and
25% to overseas market.
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.
*Major Suppliers:
==============
Wuxi Double Elephant Rubber & Plastic
Machinery Co., Ltd.
Wuxi Double
Elephant Micro Fibre Material Co., Ltd.
Staff & Office:
--------------------------
SC is
known to have approx. 20
staff at present.
SC rents an area
as its operating office of approx. 300 sq. meters at the heading address.
RELATED COMPANY
· Jiangsu Double Elephant Group Co., Ltd.
· Wuxi Double Elephant Micro Fibre Material Co., Ltd.
· Shanghai Double Elephants Rubber & Plastic Machinery Co., Ltd.
· Wuxi Double Elephant Chemical Industry Co., Ltd.
· Hangzhou Double Elephant Real Estate Co., Ltd.
· Wuxi Double Elephant Hotel 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: A trade enquiry currently
conducted with SC's supplier(s) reveal the following:
Supplier
A
Products sold: PU synthetic leather
Date account opened: Since 2007 to present
Line of credit: N/A
Terms: 30
days
Average monthly sales: N/A
Current balance: N/A
Rating Key: 3
Payment record keys:
1 = Prompt: Payment made before the credit
period expires
2 = As agreed terms: Payment made upon due
date
3 = Slightly slow but acceptable: Payment
made 5 to 20 days beyond agreed terms
4 = Slow: Payment made 16 to 45 days beyond
agreed terms
5 = Poor: Payment made over 45 days beyond
agreed terms
6
= No comment: Account is newly opened & record is not yet established
Note: In
some instances, payment beyond terms can be the result of disputes over
merchandise, lost invoices, disputed accounts & etc.
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:
Industrial
and Commercial Bank of China Shanghai Branch
AC#: N/A
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
2,980 |
5,760 |
|
|
Accounts
receivable |
340 |
1,220 |
|
Advances to
suppliers |
0 |
0 |
|
Other receivable |
610 |
1,100 |
|
Inventory |
140 |
410 |
|
Non-current
assets within one year |
0 |
0 |
|
Other current
assets |
0 |
20 |
|
|
------------------ |
------------------ |
|
Current assets |
4,070 |
8,510 |
|
Fixed assets |
860 |
750 |
|
Construction in
progress |
0 |
0 |
|
Long-term
prepaid expenses |
0 |
0 |
|
Deferred income tax
assets |
0 |
0 |
|
Other
non-current assets |
0 |
0 |
|
|
------------------ |
------------------ |
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Total assets |
4,930 |
9,260 |
|
|
============= |
============= |
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Short-term loans |
500 |
500 |
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Notes payable |
0 |
0 |
|
Accounts payable |
2,710 |
6,750 |
|
Wages payable |
0 |
0 |
|
Advances from
clients |
0 |
0 |
|
Other payable |
0 |
0 |
|
Other current
liabilities |
-80 |
-90 |
|
|
------------------ |
------------------ |
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Current
liabilities |
3,130 |
7,160 |
|
Non-current
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
3,130 |
7,160 |
|
Equities |
1,800 |
2,100 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
4,930 |
9,260 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2010 |
|
Revenue |
43,300 |
|
Cost of sales |
40,230 |
|
Sales expense |
810 |
|
Management expense |
1,690 |
|
Finance expense |
160 |
|
Profit before
tax |
410 |
|
Less: profit tax |
110 |
|
300 |
Important Ratios
=============
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
*Current ratio |
1.30 |
1.19 |
|
*Quick ratio |
1.26 |
1.13 |
|
*Liabilities
to assets |
0.63 |
0.77 |
|
*Net profit
margin (%) |
-- |
0.69 |
|
*Return on
total assets (%) |
-- |
3.24 |
|
*Inventory /
Revenue ×365 |
-- |
4 days |
|
*Accounts
receivable/ Revenue ×365 |
-- |
11 days |
|
*
Revenue/Total assets |
-- |
4.68 |
|
* Cost of
sales / Revenue |
-- |
0.93 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
l
The revenue of SC appears
average in its line.
l
SC’s net profit margin is average.
l
SC’s return on total assets is average.
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.
l
SC’s quick ratio is maintained in a fairly good
level.
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’s short-term loan is in an average level.
l
SC’s revenue is in an
average level, comparing with the size of its total assets.
LEVERAGE:
FAIRLY GOOD
l
The debt ratio of SC is average.
l
The risk for SC to go bankrupt is low.
Overall financial
condition of the SC: Stable.
CONCLUSIONS
SC is considered small-sized in its line with stable financial
conditions. Taking into consideration of SC’s good background, a credit line up
to USD 30,000 would appear to be
within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.07 |
|
UK Pound |
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.