MIRA INFORM REPORT
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Report Date : |
17.10.2011 |
IDENTIFICATION DETAILS
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Name : |
WENZHOU KINGSUN MACHINERY INDUSTRIAL CO.,
LTD. |
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Registered Office : |
Room 1002, Heyuan Mansion, Xincheng, Lucheng
District, Wenzhou City, Zhejiang Province 325000 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
18.01.2006 |
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Com. Reg. No.: |
330302000025014 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
importing and exporting
printing and packaging machines, etc. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
|
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 10,000 |
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Status : |
Small Company |
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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 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
China |
a2 |
a2 |
|
Risk Category |
ECGC
Classification |
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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 & address
WENZHOU KINGSUN MACHINERY INDUSTRIAL CO., LTD.
ROOM 1002, HEYUAN MANSION,
XINCHENG, LUCHENG DISTRICT
WENZHOU CITY,
ZHEJIANG PROVINCE 325000 PR CHINA
TEL: 86 (0)
577-88939966/88902233
FAX: 86 (0)
577-88939977/88905677
EXECUTIVE SUMMARY
Date of Registration : january 18, 2006
REGISTRATION NO. : 330302000025014
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL : CNY 1,010,000
staff : 10
BUSINESS CATEGORY : trading
Revenue :
CNY 21,138,000 (AS OF DEC. 31,
2010)
EQUITIES :
CNY 1,069,000 (AS OF DEC. 31, 2010)
WEBSITE : www.wzkingsun.com
E-MAIL :
sales@kingsunmachinery.com
PAYMENT : AVERAGE
Recommended Credit Limit: UP TO USD
10,000
MARKET CONDITION : average
FINANCIAL CONDITION : FAIRly stable
OPERATIONAL TREND : fairly STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.37 = 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.: 330302000025014 on January
18, 2006.
SC’s Organization Code Certificate
No.: 78443705-8
SC’s Tax No.: 330302784437058
SC’s registered capital: CNY 1,010,000
SC’s paid-in capital: CNY 1,010,000
Registration Change Record:
|
Date |
Change
of Contents |
Before the change |
After the change |
|
2008-04 |
Registration No. |
3303022007867 |
330302000025014 |
|
-- |
Legal Representative |
Li Yongxiao |
Li Shiqiao |
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Li Yongxiao |
10.89 |
|
Li Shiqiao |
89.11 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman,
and General Manager |
Li
Shiqiao |
|
Supervisor |
Li
Yongxiao |
RECENT
DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER
CHART & BACKGROUND
Name %
of Shareholding
Li Yongxiao 10.89
Li Shiqiao 89.11
MANAGEMENT
Li
Shiqiao, Legal
Representative, Chairman and General Manager
-------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 40
Ø
ID# 330324197110244475
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as legal representative, chairman
and general manager
Li
Yongxiao, Supervisor
--------------------------------------------
Ø
Gender: M
Ø
Age: 67
Ø
ID# 33032419440702447X
BUSINESS
OPERATION
SC’s registered
business scope includes importing and exporting commodities & technology
(excluding items prohibited by legal, administrative rules and regulations, and
operating the limited items after obtaining the permits).
SC is mainly
engaged in importing and exporting printing and packaging machines, etc.
Brand: 
SC’s
products mainly include:
Carton Making M/C
Office Equipment
and
Book Binding M/C
Hard Box M/C
Post-Printing M/C
Plastic Bag M/C
Coating M/C
Paper Label M/C
Paper Core M/C
Etc.
SC sources its materials 90% from domestic
market, mainly Zhejiang province, and 10% from overseas market. SC sells 40% of
its products in domestic market, and 60% to overseas market, mainly America.
The buying terms of SC include Check, T/T, L/C and Credit of 30-60 days.
The payment terms of SC include Check, T/T, L/C and Credit of 30-60 days.
Staff & Office:
--------------------------
SC is
known to have approx. 10
staff at present.
SC rents an area
as its operating office of approx. 200 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 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
Communications Wenzhou Branch
AC#:
333501500018010009602
China
Construction Bank Wenzhou Branch
AC#:
33001623535059200880
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
1,939 |
2,356 |
|
|
Accounts
receivable |
0 |
0 |
|
Advances to
suppliers |
4,402 |
2,114 |
|
Other receivable |
159 |
159 |
|
Inventory |
1,760 |
2,538 |
|
Non-current
assets within one year |
0 |
0 |
|
Other current
assets |
38 |
279 |
|
|
------------------ |
------------------ |
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Current assets |
8,298 |
7,446 |
|
Fixed assets |
737 |
877 |
|
Construction in
progress |
0 |
0 |
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Intangible
assets |
0 |
0 |
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Long-term
prepaid expenses |
0 |
0 |
|
Deferred assets |
0 |
0 |
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Other
non-current assets |
259 |
93 |
|
|
------------------ |
------------------ |
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Total assets |
9,294 |
8,416 |
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============= |
============= |
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Short-term loans |
0 |
0 |
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Notes payable |
0 |
0 |
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Accounts payable |
3,465 |
0 |
|
Tax payable |
-321 |
-433 |
|
Advances from
clients |
5,198 |
7,468 |
|
Other payable |
-73 |
-310 |
|
Other current
liabilities |
0 |
622 |
|
|
------------------ |
------------------ |
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Current liabilities |
8,269 |
7,347 |
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Non-current
liabilities |
0 |
0 |
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|
------------------ |
------------------ |
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Total
liabilities |
8,269 |
7,347 |
|
Equities |
1,025 |
1,069 |
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|
------------------ |
------------------ |
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Total
liabilities & equities |
9,294 |
8,416 |
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|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2009 |
As of Dec. 31,
2010 |
|
Revenue |
17,937 |
21,138 |
|
Cost of sales |
15,486 |
16,856 |
|
Sales expense |
667 |
1,670 |
|
Management expense |
1,692 |
2,522 |
|
Finance expense |
31 |
55 |
|
Profit before
tax |
100 |
149 |
|
Less: profit tax |
48 |
56 |
|
52 |
93 |
Important Ratios
=============
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
*Current ratio |
1.00 |
1.01 |
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*Quick ratio |
0.79 |
0.67 |
|
*Liabilities
to assets |
0.89 |
0.87 |
|
*Net profit
margin (%) |
0.29 |
0.44 |
|
*Return on
total assets (%) |
0.56 |
1.11 |
|
*Inventory /
Revenue ×365 |
36 days |
44 days |
|
*Accounts receivable/
Revenue ×365 |
-- |
-- |
|
*
Revenue/Total assets |
1.93 |
2.51 |
|
* Cost of
sales / Revenue |
0.86 |
0.80 |
FINANCIAL
COMMENTS
PROFITABILITY:
AVERAGE
l
The revenue of SC appears average, and it was
rising 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 average, 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 fair level.
l
The inventory of SC is maintained in an average
level.
l
SC has no accounts receivable in both years.
l
SC has no short-term loan 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 small-sized in its line with
fairly stable financial conditions. A credit line up to USD 10,000 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 |
|
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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.