MIRA INFORM REPORT
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Report Date : |
17.10.2011 |
IDENTIFICATION DETAILS
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Name : |
WENZHOU RUIDA MACHINERY CO., LTD. |
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Registered Office : |
No. 1108 Yumeng Road, Economic Development
Zone, Rui’an City, Wenzhou, Zhejiang Province 325200 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
17.05.2002 |
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Com. Reg. No.: |
330381000040285 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
manufacturing and selling
packaging machinery, food machinery, printing machinery, CNC machinery |
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 60,000 |
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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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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
wenzhou ruida machinery co., ltd.
no. 1108 yumeng road,
economic development zone, rui’an city
wenzhou, zhejiang
province 325200 PR CHINA
TEL: 86 (0)
577-65606665/65606666
FAX: 86 (0)
577-65606667
EXECUTIVE SUMMARY
Date of Registration : MAY 17, 2002
REGISTRATION NO. : 330381000040285
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL : cny 6,300,000
staff : 150
BUSINESS CATEGORY : manufacturing
Revenue :
CNY 17,420,000 (AS OF DEC. 31,
2010)
EQUITIES :
CNY 8,503,000 (AS OF DEC. 31, 2010)
WEBSITE : www.qiujingchina.com
E-MAIL :
info@qiujingchina.com
PAYMENT : AVERAGE
Recommended Credit Limit: UP TO USD 60,000 (PERIODICAL REVIEW)
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.: 330381000040285 on May 17, 2002.
SC’s Organization Code Certificate No.:
71549400-8
SC’s Tax No.: 330381715494008
SC’s registered capital: cny 6,300,000
SC’s paid-in capital: cny 6,300,000
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 |
|
Zhong Jintang |
44.44 |
|
Chen Yu |
22.22 |
|
Chen Guangyu |
22.22 |
|
Jin Yonggui |
11.12 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative,
Chairman, and General Manager |
Zhong Jintang |
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Supervisor |
Chen Yu |
|
Chen Guangyu |
RECENT DEVELOPMENT
SC has already passed the authentication of ISO9001 quality management
system and CE.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Zhong Jintang 44.44
Chen Yu 22.22
Chen Guangyu 22.22
Jin Yonggui 11.12
MANAGEMENT
Zhong Jintang, Legal Representative, Chairman and General Manager
-------------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 58
Ø
ID# 330325195301110418
Ø
Qualification:
University
Ø
Working
experience (s):
From 2002 to present, working in SC as legal representative,
chairman and general manager
Supervisor
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Chen Yu ID#
330325197210080013
Chen Guangyu ID#
330325196609130137
BUSINESS OPERATION
SC’s registered business scope includes manufacturing and
selling packaging machinery, food machinery, printing machinery, CNC machinery,
machinery accessories, importing and exporting goods and technology.
SC is mainly
engaged in manufacturing and selling packaging machinery, food machinery,
printing machinery, CNC machinery.
Brand: RUIDA
SC’s
products mainly include:
·
Chocolate Packing Machine
·
Chocolate Wrapping Machine
·
Chocolate Packing Line
·
Packing Line for Bars
·
Packaging Line for Bars
·
Cutting and Packing Machine
·
Cutting and Wrapping Machine
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Flow Pack Candy Packing Machine
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Candy Wrapping Machine
·
Candy Packaging Machine
SC sources its
materials 100% from domestic market. SC sells 70% of its products in domestic
market, and 30% to the overseas market, mainly USA, Southeast Asia, Korea,
Europe, Russia, and Middle East.
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.
Staff & Office:
--------------------------
SC is
known to have approx. 150
staff at present.
SC owns an area as
its operating office & factory of approx. 10,000 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 records 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 Ruian Sub-branch
AC#:
820011718808091001
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
3,476 |
1,193 |
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Accounts
receivable |
2,056 |
1,308 |
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Advances to
suppliers |
693 |
348 |
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Other receivable |
136 |
102 |
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Inventory |
2,843 |
3,096 |
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Other current
assets |
84 |
314 |
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------------------ |
------------------ |
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Current assets |
9,288 |
6,361 |
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Fixed assets |
4,671 |
4,202 |
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Construction in
progress |
0 |
0 |
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Intangible
assets |
4,146 |
4,064 |
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Long-term
prepaid expenses |
0 |
0 |
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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 |
18,105 |
14,627 |
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============= |
============= |
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Short-term loans |
6,600 |
5,070 |
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Notes payable |
0 |
0 |
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Accounts payable |
728 |
293 |
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Tax payable |
209 |
85 |
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Advances from
clients |
1,790 |
574 |
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Unpaid profit |
116 |
0 |
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Other payable |
185 |
0 |
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Other current
liabilities |
4 |
3 |
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------------------ |
------------------ |
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Current
liabilities |
9,632 |
6,025 |
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Non-current
liabilities |
440 |
99 |
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------------------ |
------------------ |
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Total
liabilities |
10,072 |
6,124 |
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Equities |
8,033 |
8,503 |
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------------------ |
------------------ |
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Total
liabilities & equities |
18,105 |
14,627 |
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============= |
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Income Statement
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Unit: CNY’000 |
As of Dec. 31,
2009 |
As of Dec. 31,
2010 |
|
Revenue |
15,235 |
17,420 |
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Cost of sales |
12,908 |
13,512 |
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Sales expense |
669 |
511 |
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Management expense |
1,117 |
2,401 |
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Finance expense |
144 |
286 |
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Profit before
tax |
591 |
671 |
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Less: profit tax |
148 |
168 |
|
443 |
503 |
Important Ratios
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As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
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*Current ratio |
0.96 |
1.06 |
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*Quick ratio |
0.67 |
0.54 |
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*Liabilities
to assets |
0.56 |
0.42 |
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*Net profit
margin (%) |
2.91 |
2.89 |
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*Return on
total assets (%) |
2.45 |
3.44 |
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*Inventory /
Revenue ×365 |
69 days |
65 days |
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*Accounts receivable/
Revenue ×365 |
50 days |
28 days |
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*
Revenue/Total assets |
0.84 |
1.19 |
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* Cost of
sales / Revenue |
0.85 |
0.78 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
l
The revenue of SC appears
average in both years.
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:
FAIR
l
The current ratio of SC is maintained in a normal
level in 2010.
l
SC’s quick ratio is maintained in a fair level in
2010.
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 fairly 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 small-sized in its line with fairly stable financial
conditions. The fairly large amount of short-term loans may be a threat to SC’s
financial condition. A credit line up to USD 60,000 is recommended upon a
periodical review basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.07 |
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UK Pound |
1 |
Rs.77.42 |
|
Euro |
1 |
Rs.67.72 |
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 |
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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 |
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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.