MIRA INFORM REPORT
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Report Date : |
27.09.2011 |
IDENTIFICATION DETAILS
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Name : |
YONGKANG XINDUO CUPS CO., LTD. |
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Registered Office : |
No. 57 Xinya Road, Zhiying Second Industrial
Zone, Yongkang, Zhejiang Province
321300 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
25.04.2000 |
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Com. Reg. No.: |
330784000039934 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Manufacturing
and Selling Stainless Steel Vacuum Flask. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 100,000 |
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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 – 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 |
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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
yongkang xinduo cups co., ltd.
no. 57 xinya road,
zhiying second industrial zone, yongkang
zhejiang PROVINCE
321300 PR CHINA
TEL: 86 (0)
579-87253054
FAX: 86 (0)
579-87253988
EXECUTIVE SUMMARY
Date of Registration : april 25, 2000
REGISTRATION NO. : 330784000039934
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL : cny 6,800,000
staff :
120
BUSINESS CATEGORY : manufacturing
Revenue :
CNY 88,854,000 (AS OF DEC. 31,
2010)
EQUITIES :
CNY 13,863,000 (AS OF DEC. 31, 2010)
WEBSITE : www.chinaxuguang.com
E-MAIL :
sales@chinaxuguang.com
PAYMENT :
AVERAGE
Recommended Credit Limit: UP TO USD 100,000
(PERIODICAL REVIEW)
MARKET CONDITION : average
FINANCIAL CONDITION : FAIRly stable
OPERATIONAL TREND : fairly STEADY
GENERAL REPUTATION : AVERAGE
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 limited liabilities company of PRC with State Administration of Industry
& Commerce (SAIC) under registration No.: 330784000039934 on april
25, 2000.
SC’s Organization Code Certificate No.:
72525192-3
SC’s Tax No. 330784725251923
SC’s registered capital: cny 6,800,000
SC’s paid-in capital: cny 6,800,000
Registration Change Record:
|
Date |
Change of
Contents |
Before the change |
After the change |
|
|
Registered capital |
CNY 800,000 |
CNY 6,800,000 |
|
Registration No. |
3307842008496 |
330784000039934 |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Lou Xinduo |
50 |
|
Ying Xiaomei |
50 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman, and
General Manager |
Lou Xinduo |
|
Supervisor |
Ying Xiaomei |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Lou Xinduo 50
Ying Xiaomei 50
MANAGEMENT
Lou Xinduo, Legal
Representative, Chairman and General Manager
----------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 49
Ø
ID# 330722196209123811
Ø
Qualification:
University
Ø
Working
experience (s):
From 1983 to 1988, worked in Huku Scale Accessories Factory
From 1988 to 2000, worked in Huku Daily Hardware Factory
From 2000 to present, working in SC as legal representative, chairman and general manager
Ying Xiaomei,
Supervisor
---------------------------------------------
Ø
Gender: F
Ø
Age: 46
Ø
ID# 330722196510283849
Ø
Qualification:
University
BUSINESS OPERATION
SC’s registered business scope includes
manufacturing and processing stainless steel mug series, plastic cup series,
non-precious metal containers, household metal products, exporting its products
and technology; importing materials, instrument, machinery and equipment, parts
and technology needed for its production, excluding the goods forbidden by the
government.
SC is mainly
engaged in manufacturing and selling stainless steel vacuum flask.
Brand: XUGUANG
SC’s products
mainly include: vacuum flask, auto mugs, coffee mugs, beer mugs, travel pot,
sport pot and so on.
SC sources its materials 100% from domestic
market, mainly Zhejiang. SC sells 70% of its products in domestic market, and
30% to overseas market, mainly USA, Europe and Southeast Asian market.
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 Local competitors:
===================
Yong Kang Shengyu
Cups Co., Ltd.
Zhejiang Yongkang
Flying Eagle Stainless Steel Thermos Co., Ltd.
Yongkang Kangpeng
Stainless Steel Product Co., Ltd.
Staff & Office:
--------------------------
SC is known
to have approx. 120 staff at
present.
SC owns an area as
its operating office & factory of approx. 25,000 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 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:
Agricultural Bank of China Yongkang Branch Huancheng Office
AC#
626401040004313
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
2,465 |
5,443 |
|
|
Accounts
receivable |
84 |
-2,050 |
|
Advances to
suppliers |
0 |
0 |
|
Other receivable |
-86 |
38 |
|
Inventory |
3,712 |
2,924 |
|
Other current
assets |
0 |
87 |
|
|
------------------ |
------------------ |
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Current assets |
6,175 |
6,442 |
|
Fixed assets |
16,326 |
16,834 |
|
Construction in
progress |
48 |
250 |
|
Intangible
assets |
13 |
14 |
|
Deferred income
tax assets |
0 |
0 |
|
Other
non-current assets |
0 |
0 |
|
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------------------ |
------------------ |
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Total assets |
22,562 |
23,540 |
|
|
============= |
============= |
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Short-term loans |
6,500 |
27,185 |
|
Notes payable |
0 |
0 |
|
Accounts payable |
-1,844 |
-3,791 |
|
Wages payable |
0 |
311 |
|
Taxes payable |
-650 |
-463 |
|
Other payable |
6,872 |
-13,632 |
|
Other current
liabilities |
48 |
67 |
|
|
------------------ |
------------------ |
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Current
liabilities |
10,926 |
9,677 |
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Non-current
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
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Total
liabilities |
10,926 |
9,677 |
|
Equities |
11,636 |
13,863 |
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|
------------------ |
------------------ |
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Total
liabilities & equities |
22,562 |
23,540 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2009 |
As of Dec. 31,
2010 |
|
Revenue |
72,261 |
88,854 |
|
Cost of sales |
61,132 |
75,225 |
|
Tax and associate charge |
239 |
332 |
|
Sales expense |
3,572 |
4,310 |
|
Management expense |
4,107 |
4,476 |
|
Finance expense |
604 |
1,576 |
|
Profit before
tax |
2,524 |
3,222 |
|
Less: profit tax |
657 |
805 |
|
1,867 |
2,417 |
Important Ratios
=============
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
*Current ratio |
0.57 |
0.67 |
|
*Quick ratio |
0.23 |
0.36 |
|
*Liabilities
to assets |
0.48 |
0.41 |
|
*Net profit
margin (%) |
2.58 |
2.72 |
|
*Return on
total assets (%) |
8.27 |
10.27 |
|
*Inventory /
Revenue ×365 |
19 days |
13 days |
|
*Accounts
receivable/ Revenue ×365 |
1 day |
-- |
|
*
Revenue/Total assets |
3.20 |
3.77 |
|
* Cost of
sales / Revenue |
0.85 |
0.85 |
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 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 is maintained in an average
level.
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 average.
Overall financial
condition of the SC: Fairly Stable.
CONCLUSIONS
SC is considered small-sized in its line with fairly stable financial
conditions. The large amount of short-term loans may be a threat to SC’s
financial condition. A credit line up to USD 100,000 is recommended upon a
periodical review basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.62 |
|
UK Pound |
1 |
Rs.76.68 |
|
Euro |
1 |
Rs.66.47 |
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 |
---- |
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.