MIRA INFORM REPORT
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Report Date : |
18.10.2011 |
IDENTIFICATION DETAILS
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Name : |
LUOYANG LANDGLASS TECHNOLOGY CO., LTD. |
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Registered Office : |
Mudan Avenue, Luolong Technology Park, Luoyang, Henan Province 471023 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
30.10.2007 |
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Com. Reg. No.: |
410300110053722 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Manufacturing and Selling Glass 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 500,000 |
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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
Luoyang Landglass Technology Co., Ltd.
mudan avenue, luolong technology park, luoyang
henan province 471023 PR CHINA
TEL: 86 (0) 379-65298867/65298870
FAX: 86 (0) 379-65298878/63910869
EXECUTIVE SUMMARY
Date
of Registration : october 30,
2007
REGISTRATION
NO. : 410300110053722
LEGAL
FORM : Limited liabilities company
REGISTERED CAPITAL : cny 30,000,000
staff :
100
BUSINESS CATEGORY : manufacturing
Revenue : CNY 186,003,000 (AS OF DEC. 31, 2010)
EQUITIES : CNY 65,864,000
(AS OF DEC. 31, 2010)
WEBSITE : www.landglass.com
E-MAIL : marketing@landglass.com
PAYMENT :
AVERAGE
Recommended Credit Limit: UP TO USD 500,000 (PERIODICAL
REVIEW)
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
FAIRly stable
OPERATIONAL TREND :
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
***Note:
SC’s address should be the heading one, while SC’s Sales Departments locates
the given address (Guangjian Building No. 12 Wangcheng Raod Luoyang 471000)
SC was established as a limited
liabilities company of PRC with State Administration of Industry & Commerce
(SAIC) under registration No.: 410300110053722 on October 30,
2007.
SC’s Organization Code Certificate No.: 66885178-8
SC’s registered capital: cny 30,000,000
SC’s paid-in capital: cny 30,000,000
Registration
Change Record:
|
Date |
Change of Contents |
Before
the change |
After
the change |
|
|
Registered Capital |
CNY 6,000,000 |
CNY 20,000,000 |
|
|
Registered Capital |
CNY 20,000,000 |
CNY 300,000,00 |
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|
Shareholder (s) (% of
Shareholding) |
Luoyang Shoulier Machinery and Equipment Co., Ltd.
90% Luoyang Bangzhe Electrical and Mechanical Trade
Co., Ltd. 10% |
Zhao Yan 79.6% Yang Li 19.9% Yang Xia 0.50% |
|
|
Shareholder (s) (% of
Shareholding) |
Zhao Yan 79.6% Yang Li 19.9% Yang Xia 0.50% |
Yang Li 19.9% Yang Xia 0.5% Zhao Yan 70.1% Jiang Songwei 9.5% |
Current
Co search indicates SC’s shareholders & chief executives are as follows:-
|
Name
of Shareholder (s) |
%
of Shareholding |
|
Yang Li |
19.9 |
|
Yang Xia |
0.50 |
|
Zhao Yan |
70.1 |
|
Jiang Songwei |
9.5 |
SC’s
Chief Executives:-
|
Position |
Name |
|
Legal Representative and Chairman |
Zhao
Yan |
|
General Manager |
Yang
Li |
RECENT DEVELOPMENT
No recent development
was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Yang Li 19.9
Yang Xia 0.50
Zhao Yan 70.1
Jiang Songwei 9.5
MANAGEMENT
Zhao
Yan, Legal Representative and Chairman
----------------------------------------------------------------------
Ø
Gender:
M
Ø
Age: 46
Ø
ID#
410303196510252611
Ø
Qualification:
University
Ø
Working
experience (s):
From 2007 to present, working in SC as legal representative
and chairman
Also
working in Luoyang Land Non-standard Equipment Manufacturing Co., Ltd. as legal
representative and chairman
Yang Li ,
General Manager
--------------------------------------------
Ø
Gender: F
Ø
Age: 42
Ø
ID# 410304196901182522
Ø
Qualification:
University
Ø
Working
experience (s):
From 2007 to present, working in SC as general
manager
Li Boqiang , Sales
Manager
------------------------------------------------
Ø
Gender:
M
Ø
Mobile:
86 13525933372
BUSINESS OPERATION
SC’s registered business scope includes manufacturing special equipment of glass products, ovens, furnaces;
manufacturing glass products; selling electrical products, instruments;
exporting its products and technology; importing materials and technology
needed for its production.
SC is mainly engaged in
manufacturing and selling glass
machinery.
Brand: 
SC’s products mainly include:
Gas heating Furnace
Electric Heating Furnace
Flat Tempering Furnaces
Double Bent Bi-direction Furnaces
SC sources its materials 100% from domestic market. SC sells 75% of its
products in domestic market, and 25% to overseas market, mainly Russia, USA,
South Korea, Australia, and Ukraine.
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 Customers:
==============
CSG Holding Co., Ltd.
Ningbo Limin Tempering Glass Co., Ltd.
Shandong Huahui Glass Co., Ltd.
Staff & Office:
--------------------------
SC is known to
have approx. 100 staff at
present.
SC owns an area as its operating office &
factory of approx. 20,000 sq. meters at the heading address.
RELATED COMPANY
n
Luoyang
Land Non-standard Equipment Manufacturing Co., Ltd.
------------------------------------------------------------------------------------
Date of Registration: July 30, 2001
Registration No.: 410323120001951
Legal Form: Limited
Liabilities Company
Registered Capital: CNY 4,000,000
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
Basic Bank:
China Construction Bank Luoyang Branch
AC#: N/A
FINANCIALS
Balance
Sheet
|
Unit: CNY’000 |
As of Dec. 31, 2009 |
As of Dec. 31, 2010 |
|
33,006 |
39,226 |
|
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Notes
receivable |
2,679 |
700 |
|
Accounts receivable |
11,496 |
32,930 |
|
Advances to suppliers |
711 |
770 |
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Other receivable |
636 |
1,522 |
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Inventory |
44,456 |
65,853 |
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Non-current assets within one
year |
0 |
0 |
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Other current assets |
60 |
714 |
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|
------------------ |
------------------ |
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Current assets |
93,044 |
141,715 |
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Fixed assets |
22,165 |
27,863 |
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Construction in progress |
2,302 |
3,373 |
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Intangible assets |
18,430 |
17,083 |
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Long-term prepaid expenses |
38 |
534 |
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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 |
135,979 |
190,568 |
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============= |
============= |
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Short-term loans |
3,000 |
0 |
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Notes payable |
21,500 |
26,900 |
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Accounts payable |
27,186 |
37,390 |
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Wages payable |
2,726 |
3,592 |
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Tax payable |
1,150 |
2 |
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Advances from clients |
30,396 |
54,191 |
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Other payable |
1,518 |
925 |
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Other current liabilities |
1,075 |
1,704 |
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------------------ |
------------------ |
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Current liabilities |
88,551 |
124,704 |
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Non-current liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total liabilities |
88,551 |
124,704 |
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Equities |
47,428 |
65,864 |
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------------------ |
------------------ |
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Total liabilities & equities |
135,979 |
190,568 |
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|
============= |
============= |
Income
Statement
|
Unit: CNY’000 |
As of Dec. 31, 2009 |
As of Dec. 31, 2010 |
|
Revenue |
114,412 |
186,003 |
|
Cost of sales |
77,432 |
130,752 |
|
Taxes and surcharges |
643 |
445 |
|
Sales expense |
11,539 |
16,585 |
|
Management expense |
13,026 |
17,999 |
|
Finance expense |
-221 |
-186 |
|
Non-business income |
597 |
519 |
|
Non-business expense |
4 |
39 |
|
Profit before tax |
12,659 |
20,977 |
|
Less: profit tax |
1,500 |
2,541 |
|
11,159 |
18,436 |
Important Ratios
=============
|
|
As of Dec. 31, 2009 |
As of Dec. 31, 2010 |
|
*Current ratio |
1.05 |
1.14 |
|
*Quick ratio |
0.55 |
0.61 |
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*Liabilities to assets |
0.65 |
0.65 |
|
*Net profit margin (%) |
9.75 |
9.91 |
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*Return on total assets (%) |
8.21 |
9.67 |
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*Inventory / Revenue ×365 |
142 days |
130 days |
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*Accounts receivable/ Revenue ×365 |
37 days |
65 days |
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* Revenue/Total assets |
0.84 |
0.98 |
|
* Cost of sales / Revenue |
0.68 |
0.70 |
FINANCIAL
COMMENTS
PROFITABILITY: FAIRLY GOOD
l
The
revenue of SC appears fairly good, and it was rising in 2010.
l
SC’s net
profit margin is fairly good in both years.
l
SC’s
return on total assets is fairly good 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.
l
SC’s
quick ratio is maintained in a fair level.
l
The
inventory of SC appears large.
l
The
accounts receivable of SC is maintained in an average level.
l
SC has
no short-term loan in 2010.
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. The large amount of inventory may be a threat to SC’s
financial condition. A credit line up to USD 500,000 is recommended upon a
periodical review basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.89 |
|
UK Pound |
1 |
Rs.77.31 |
|
Euro |
1 |
Rs.67.79 |
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.