MIRA INFORM REPORT
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Report Date : |
09.04.2012 |
IDENTIFICATION DETAILS
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Name : |
BEIJING ZHENGYANG INDUSTRY DEVELOPMENT CORP. |
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Registered Office : |
7/F, Xinzhong Building, No. 2 Xinzhong West
Street, Dongcheng District, Beijing
100000 Pr |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
25.07.1989 |
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Com. Reg. No.: |
110101002131216 |
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Legal Form : |
State-Owned Enterprise |
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Line of Business : |
Selling
Chemical Products |
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No. of Employees
: |
17 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 100,000 |
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Status : |
Satisfactory |
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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, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
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
beijing zhengyang industry development corp.
7/f, xinzhong
building, no. 2 xinzhong west street
dongcheng district,
beijing 100000 PR CHINA
TEL: 86 (0)
10-65528232/65859957
FAX: 86 (0)
10-65859954
EXECUTIVE SUMMARY
Date of Registration : july 25, 1989
REGISTRATION NO. : 110101002131216
LEGAL FORM : State-owned enterprise
REGISTERED CAPITAL : cny 23,959,000
staff : 17
BUSINESS CATEGORY : trading
Revenue : CNY 45,470,000 (AS OF
DEC. 31, 2011)
EQUITIES : CNY 27,640,000 (AS OF
DEC. 31, 2011)
WEBSITE : N/A
E-MAIL :
N/A
PAYMENT : AVERAGE
Recommended Credit Limit: UP TO USD
100,000
MARKET CONDITION : average
FINANCIAL CONDITION : FAIRly stable
OPERATIONAL TREND : fairly STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.31 = 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 state-owned enterprise of
PRC with State Administration of Industry & Commerce (SAIC) under
registration No.: 110101002131216 on july
25, 1989.
SC’s Organization Code Certificate No.:
10130524-1
SC’s registered capital: cny 23,959,000
SC’s paid-in capital: cny 23,959,000
Registration Change Record:
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 |
|
Beijing Foreign Trade Holdings
Co., Ltd. |
100 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative and
General Manager |
Wang Yanmeng |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Beijing Foreign Trade Holdings Co.,
Ltd. 100
==================================
Date of Registration: November 8, 1994
Registration No.: 110000005030905
Legal Form: Sole State-Owned
Enterprise
Registered Capital: CNY 487,544,900
MANAGEMENT
Wang Yanmeng, Legal Representative and General Manager
------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as legal representative and general manager
Also working in Beijing Carpet International Trading Co., Ltd. as legal representative
BUSINESS OPERATION
SC’s registered business scope includes cultivation
of economic crops; livestock breeding. Selling light industry and chemical
products, mineral products, auto parts, textile needles, department stores,
hardware, carpet; real estate development; information consulting; operating and acting
as an agent of importing and exporting various kinds of commodities and
technology; processing with imported materials, processing with imported
samples, assembling with imported parts, and compensation trade in agreement; counter trade & transit trade.
SC is
mainly engaged in selling chemical products.
SC’s products mainly include:
Nitrocellulose for Lacquer, Nitrocellulose Chip (DBP), Chemical Linters (cotton
linters), Petroleum Resin, Barite for ink and Drilling grade Barite, CMC, HPMC,
Amorphous Graphite Powder, Flake Graphite etc.
SC sources its materials 100% from domestic
market. SC sells 40% of its products in domestic market, and 60% to overseas
market, mainly U.S.A., Mid East, Southeast Asia, etc.
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 Customer:
==============
Alexander Imp.
Inc.
Staff & Office:
--------------------------
SC is
known to have approx. 17
staff at present.
SC rents an area
as its operating office of approx. 200 sq. meters at the heading address.
RELATED COMPANY
SC is known to have a subsidiary at
present:
n
Beijing
Fuyitong Real Estate Development Co., Ltd.
--------------------------------------------------------------------
Date of Registration: December 28, 1998
Registration No.: 110000005145451
Registered Capital: CNY 30,000,000
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
The bank
information of SC is not filed in SAIC.
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2011 |
|
19,360 |
|
|
Accounts
receivable |
9,220 |
|
Advances to
suppliers |
0 |
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Other receivable |
2,050 |
|
Inventory |
5,460 |
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Non-current
assets within one year |
0 |
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Other current
assets |
5,970 |
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------------------ |
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Current assets |
42,060 |
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Fixed assets |
370 |
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Construction in progress |
0 |
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Long-term
investment |
6,940 |
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Deferred income
tax assets |
0 |
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Other
non-current assets |
3,210 |
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------------------ |
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Total assets |
52,580 |
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============= |
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Short-term loans |
0 |
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Notes payable |
0 |
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Accounts payable |
23,460 |
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Wages payable |
0 |
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Taxes payable |
0 |
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Advances from
clients |
0 |
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Other payable |
590 |
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Other current
liabilities |
890 |
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------------------ |
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Current
liabilities |
24,940 |
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Non-current
liabilities |
0 |
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------------------ |
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Total
liabilities |
24,940 |
|
Equities |
27,640 |
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------------------ |
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Total
liabilities & equities |
52,580 |
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|
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2011 |
|
Revenue |
45,470 |
|
Cost of sales |
44,380 |
|
Sales expense |
470 |
|
Management expense |
2,560 |
|
Finance expense |
-150 |
|
Profit before
tax |
-2,710 |
|
Less: profit tax |
-660 |
|
-2,050 |
Important Ratios
=============
|
|
As
of Dec. 31, 2011 |
|
*Current ratio |
1.69 |
|
*Quick ratio |
1.47 |
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*Liabilities
to assets |
0.47 |
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*Net profit
margin (%) |
-4.51 |
|
*Return on
total assets (%) |
-3.90 |
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*Inventory /
Revenue ×365 |
44 days |
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*Accounts
receivable/ Revenue ×365 |
75 days |
|
* Revenue/Total
assets |
0.86 |
|
* Cost of
sales / Revenue |
0.98 |
FINANCIAL COMMENTS
PROFITABILITY:
FAIR
l
The revenue of SC appears
average in its line.
l
SC’s net profit margin is fair.
l
SC’s return on total assets is fair.
l
SC’s cost of sales is high, 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 fairly good
level.
l
The inventory of SC is maintained in an average
level.
l
The accounts receivable of SC is maintained in an
average level.
l
SC has no short-term loans in 2011.
l
SC’s revenue is in a
fair 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 100,000 would appear to be within SC’s
capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.05 |
|
UK Pound |
1 |
Rs.81.09 |
|
Euro |
1 |
Rs.67.39 |
RATING EXPLANATIONS
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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 |
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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 |
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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.