%20CO%20,%20LTD%20%20-%20153841%2014-Sep-2011_files/image003.jpg){kind=small}
MIRA INFORM REPORT
|
Report Date : |
14.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
SOUTHEAST ALUMINUM (CHINA) CO., LTD. |
|
|
|
|
Registered Office : |
Jiangdong Industrial Area, Xiaoshan Economic
& Technology Development Zone, Hangzhou, Zhejiang Province 311222 Pr |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
29.08.2003 |
|
|
|
|
Com. Reg. No.: |
330181400001411 |
|
|
|
|
Legal Form : |
Chinese-Foreign Equity Joint Venture
Enterprise |
|
|
|
|
Line of Business : |
Manufacturing
Aluminum Foil; Selling its Products |
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 1,200,000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
China |
a2 |
a2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name & address
SOUTHEAST ALUMINUM (CHINA) CO., LTD.
JIAngDONG INDUSTRIAL
area
XIAOSHAN economic
& technology development zone
HANGZHOU, ZHEJIANG PROVINCE
311222 PR CHINA
TEL: 86 (0)
571-82985578
FAX: 86 (0)
571-82988108
EXECUTIVE SUMMARY
Date of Registration : august 29, 2003
REGISTRATION NO. : 330181400001411
LEGAL FORM : Chinese-foreign equity joint venture
enterprise
REGISTERED CAPITAL :
USD 11,192,800
staff : 410
BUSINESS CATEGORY :
manufacturing
Revenue : CNY 1,120,111,000 (AS OF DEC. 31, 2010)
EQUITIES : CNY 165,955,000 (AS OF DEC. 31, 2010)
PAYMENT : AVERAGE
Recommended Credit Limit: UP TO USD
1,200,000 (PERIODICAL REVIEW)
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRly stable
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION : FAIRLY GOOD
EXCHANGE RATE : CNY 6.39 = 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 Chinese-foreign equity joint venture enterprise of PRC with
State Administration of Industry & Commerce (SAIC) under registration No.: 330181400001411.
SC’s Organization Code Certificate
No.: 75173269-1
%20CO%20,%20LTD%20%20-%20153841%2014-Sep-2011_files/image005.jpg)
SC’s Tax No.: 330181751732691
SC’s Customer Registration No: 3316930590
SC’s registered capital: USD
11,192,800
Registration Change Record:
|
Date |
Change
of Contents |
Before
the change |
After
the change |
|
2010 |
Legal
Representative |
Qian Yuhua |
Shen
Jianguo |
|
Legal Form |
Wholly foreign-owned enterprise |
Chinese-foreign equity joint venture enterprise |
|
|
Shareholder (s) (% of Shareholding) |
Southeast
Aluminum Group Co., Ltd. (B.V.I.) 100% |
Twin Ace Limited (Hong Kong)（ 30% Zhejiang Yongjie Holding Co., Ltd. 70% |
|
|
2011 |
Registered
Capital |
USD 9,800,000 |
USD 11,192,800 |
|
Shareholder (s) (%
of Shareholding) |
Twin Ace Limited
(Hong Kong) 30% Zhejiang Yongjie
Holding Co., Ltd. 70% |
Twin Ace Limited
(Hong Kong) 26.26689% Zhejiang Yongjie Holding Co., Ltd. 61.28940% Other 5 Shareholders 12.44371% |
***Note: SC is planning to list, so the shareholders will be
changed in the future.
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Twin Ace Limited
(Hong Kong) |
26.26689 |
|
Zhejiang Yongjie
Holding Co., Ltd. |
61.28940 |
|
Other 5
Shareholders |
12.44371 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative,
Chairman, and General Manager |
Shen Jianguo |
|
Vice Chairman |
Wang Xushu |
|
Director |
Qian Yuhua |
|
Supervisor |
Shen Aijuan |
RECENT DEVELOPMENT
SC’s quality system meets the international standards of ISO 9001 and
ISO 14000.
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%20CO%20,%20LTD%20%20-%20153841%2014-Sep-2011_files/image009.jpg)
SHAREHOLDER CHART & BACKGROUND
Name %
of Shareholding
Twin Ace Limited (Hong Kong) 26.26689
Zhejiang Yongjie Holding Co.,
Ltd. 61.28940
Other 5 Shareholders 12.44371
%20CO%20,%20LTD%20%20-%20153841%2014-Sep-2011_files/image024.gif){kind=small}
Twin
Ace Limited (Hong Kong)
===========================
Registration No.: 0742845
Date of Registration: January 2, 2001
Legal Form: Private
Status: Live
Zhejiang
Yongjie Holding Co., Ltd.
==============================
Registration No.: 330181000220142
Date of Registration: October 19, 2010
Legal Form: Limited Liabilities Company
Registered Capital: CNY 50,000,000
Legal Representative: Shen Jianguo
MANAGEMENT
Shen Jianguo, Legal Representative, Chairman and General Manager
-----------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 41
Ø
ID# 330121197011211651
Ø
Qualification:
University
Ø
Working
experience (s):
From 2010 to present, working in SC as legal representative,
chairman and general manager
Also
working in Zhejiang Yongjie Holding Co., Ltd. and Zhejiang
Yongjie Aluminum Co., Ltd. as legal representative
Wang Xushu, Vice Chairman
--------------------------------------------------
Ø
Gender: F
Ø
Age: 39
Ø
ID# 330121197211147420
Ø
Qualification:
University
Ø
Working
experience (s):
At
present, working in SC as vice chairman
Qian Yuhua, Director
----------------------------------------
Ø
Gender: F
Ø
Age: 65
Ø
ID# 330121194603071628
Shen Aijuan, Supervisor
-------------------------------------------
Ø
Gender: F
Ø
Age: 47
Ø
ID# 330121196410011644
BUSINESS OPERATION
SC’s registered
business scope includes manufacturing aluminum foil; selling its products.
SC’s products
mainly include aluminum coil, mill finished coil, normal coil, cast finished
coil, container foil, food foil, and so on.
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%20CO%20,%20LTD%20%20-%20153841%2014-Sep-2011_files/image013.jpg)
%20CO%20,%20LTD%20%20-%20153841%2014-Sep-2011_files/image015.jpg)
%20CO%20,%20LTD%20%20-%20153841%2014-Sep-2011_files/image017.jpg)
%20CO%20,%20LTD%20%20-%20153841%2014-Sep-2011_files/image019.jpg)
%20CO%20,%20LTD%20%20-%20153841%2014-Sep-2011_files/image021.jpg)
%20CO%20,%20LTD%20%20-%20153841%2014-Sep-2011_files/image023.jpg)
SC sources its materials 100%
from domestic market, mainly Zhejiang. SC sells 75% of its products in domestic
market, and 25% to overseas market, mainly Brazil, Mexico, etc.
The
import & export status of SC in 2010 is as follows,
|
Country |
Amount
of Exports (USD) |
Amount of Imports (USD) |
|
Brazil |
4,384,556.50 |
-- |
|
Mexico |
13,298,475.47 |
-- |
|
Other countries |
12,267,634.72 |
-- |
|
|
------------------- |
------------------- |
|
Total Amount |
29,950,666.69 |
0 |
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.
Staff & Office:
--------------------------
SC is
known to have approx. 410
staff at present.
SC owns
an area as its operating office and factory, but the detailed information is
unknown.
RELATED COMPANY
SC is
known to invest in the following companies:
u
Hangzhou Zhongcheng Aluminum Co., Ltd.
Registration No.: 330181000230695
Date of Registration: February 24, 2004
Legal Form: One-person Limited Liabilities Company
Registered Capital: CNY 5,080,000
Legal Representative: Dai Yongfa
u
Zhejiang Nanjie Industry Co., Ltd.
Registration No.: 330181000020696
Date of Registration: September 17, 2007
Legal Form: One-person Limited Liabilities Company
Registered Capital: CNY 20,000,000
Legal Representative: Shen Zhiren
u
Zhejiang Yongjie Aluminum Co., Ltd.
Registration No.: 330181000148802
Date of Registration: September 17, 2009
Legal Form: One-person Limited Liabilities Company
Registered Capital: CNY 200,000,000
Legal Representative: Shen Jianguo
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:
Bank of China
Hangzhou Xiaoshan Sub-branch
AC#：7331810182400001835
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
286,813 |
133,034 |
|
|
Notes receivable |
17,687 |
7,583 |
|
Accounts
receivable |
72,825 |
48,876 |
|
Advances to
suppliers |
36,328 |
19,440 |
|
Other receivable |
0 |
6,504 |
|
Inventory |
118,237 |
106,633 |
|
Non-current
assets within one year |
0 |
0 |
|
Other current
assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current assets |
531,890 |
322,070 |
|
Fixed assets |
160,141 |
153,911 |
|
Construction in
progress |
48 |
500 |
|
Intangible
assets |
7,268 |
7,104 |
|
Long
term investment |
0 |
224,264 |
|
Deferred income
tax assets |
491 |
677 |
|
Other
non-current assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total assets |
699,838 |
708,526 |
|
|
============= |
============= |
|
Short-term loans |
0 |
171,800 |
|
Notes payable |
470,750 |
289,670 |
|
Accounts payable |
13,681 |
20,355 |
|
Wages payable |
880 |
1,470 |
|
Taxes payable |
5,170 |
8,812 |
|
Interest payable |
0 |
298 |
|
Advances from
clients |
44,223 |
34,966 |
|
Other payable |
0 |
200 |
|
Accrued expenses |
0 |
0 |
|
Other current
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
534,704 |
527,571 |
|
Non-current
liabilities |
0 |
15,000 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
534,704 |
542,571 |
|
Equities |
165,134 |
165,955 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
699,838 |
708,526 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2009 |
As of Dec. 31,
2010 |
|
Revenue |
698,146 |
1,120,111 |
|
Cost of sales |
636,359 |
1,033,696 |
|
Sales expense |
3,290 |
6,936 |
|
Management expense |
7,726 |
9,562 |
|
Finance expense |
2,079 |
6,324 |
|
Profit before
tax |
46,065 |
63,246 |
|
Less: profit tax |
4,280 |
4,264 |
|
41,785 |
58,982 |
Important Ratios
=============
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
*Current ratio |
0.99 |
0.61 |
|
*Quick ratio |
0.77 |
0.41 |
|
*Liabilities
to assets |
0.76 |
0.77 |
|
*Net profit
margin (%) |
5.99 |
5.27 |
|
*Return on
total assets (%) |
5.97 |
8.32 |
|
*Inventory /
Revenue ×365 |
62 days |
35 days |
|
*Accounts
receivable/ Revenue ×365 |
39 days |
16 days |
|
*
Revenue/Total assets |
1.00 |
1.58 |
|
* Cost of sales
/ Revenue |
0.91 |
0.92 |
FINANCIAL COMMENTS
PROFITABILITY:
FAIRLY GOOD
l
The revenue of SC appears fairly good, and it was
rising significantly 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 fair
level in both years.
l
SC’s quick ratio is maintained in a fair level in
both years.
l
The inventory of SC appears fairly large.
l
The accounts receivable of SC is maintained in an
average level in both years.
l
The short-term loans of SC appear large 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 in both years.
l
The risk for SC to go bankrupt is low.
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 and
short-term loans may be a threat to SC’s financial condition. A credit line up
to USD 1,200,000 is recommended upon a periodical review basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.47.10 |
|
UK Pound |
1 |
Rs.74.64 |
|
Euro |
1 |
Rs.64.42 |
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.