MIRA
INFORM REPORT
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Report Date : |
14.04.2012 |
IDENTIFICATION DETAILS
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Name : |
TONGXIANG AMP IMPORT & EXPORT CO., LTD. |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
20.11.2007 |
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Com. Reg. No.: |
330483000010718 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Importing and Exporting Commodities and Technology and Selling Glass Fiber Raw Materials and Products. |
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No. of Employees : |
10 |
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 : |
UP TO USD 5,000 |
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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 30, 2011
|
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
TONGXIANG AMP IMPORT & EXPORT CO., LTD.
NO. 26 XINGFA ROAD, LONGXIANG INDUSTRIAL AREA
TONGXING, ZHEJIANG PROVINCE 314504 PR CHINA
TEL: 86 (0) 573-88793188
FAX: 86 (0) 573-88793636
EXECUTIVE SUMMARY
Date of Registration : november 20, 2007
REGISTRATION NO. : 330483000010718
LEGAL FORM :
Limited liabilities company
REGISTERED CAPITAL :
CNY 500,000
staff : 10
BUSINESS CATEGORY :
TRADING
Revenue : CNY 16,025,000 (AS OF DEC. 31, 2010)
EQUITIES : CNY 753,000 (AS OF DEC. 31, 2010)
WEBSITE : N/A
E-MAIL : N/A
PAYMENT : AVERAGE
Recommended Credit Limit: UP TO USD
5,000
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION :
FAIRLY STABLE
OPERATIONAL TREND :
ORDINARY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE : CNY 6.30 = USD 1 AS OF
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.: 330483000010718 on November 20, 2007.
SC’s Organization Code Certificate
No.: 66917564-6
SC’s registered capital: CNY 500,000
SC’s paid-in capital: CNY 500,000
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 |
|
Qian Jianfei |
80 |
|
Shen Aiming |
20 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative,
Chairman, and General Manager |
Qian Jianfei |
|
Supervisor |
Shen Aiming |
RECENT DEVELOPMENT
No recent development was found during our checks at
present.
SHAREHOLDER CHART &
BACKGROUND
Name % of Shareholding
Qian Jianfei 80
Shen Aiming 20
MANAGEMENT
Qian
Jianfei, Legal Representative, Chairman and General Manager
Ø
Gender: M
Ø
Age: 37
Ø
ID# 330425197503241330
Ø
Qualification: University
Ø
Working experience (s):
At present, working in SC as legal
representative, chairman and general manager
Also working in Tongxiang Amp New Material Co.,
Ltd. as legal representative
Shen
Aiming, Supervisor
Ø
Gender: M
Ø
Age: 40
Ø
ID# 330425197208102020
BUSINESS OPERATION
SC’s registered
business scope includes importing and exporting commodities and technology; and
selling glass fiber raw materials and products.
SC is
mainly engaged in selling glass fiber raw materials and products.
SC’s
products mainly include: glass fiber raw materials and products.
SC sources its materials 100%
from domestic market, mainly Zhejiang. SC sells 100% of its products to
overseas market, mainly Southeast Asia.
The buying terms of SC include Check, T/T and Credit of 30
days. The payment terms of SC include T/T, L/C and Credit of 30 days.
Major
Supplier
===========
Tongxiang Amp New Material Co., Ltd.
Staff & Office:
--------------------------
SC is
known to have approx. 10
staff at present.
SC
rents an area as its operating office, but the detailed information is unknown.
RELATED COMPANY
Tongxiang Amp
New Material Co., Ltd.
---------------------------------------------------
Date of Registration: 330483000046801
Registration No.: August 5, 2009
Legal Form: Limited
Liabilities Company
Registered Capital: CNY 1,800,000
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 records and our debt collection
record concerning SC.
Trade payment experience: SC’s suppliers
declined to make any comments.
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:
²
Industrial and Commercial Bank of China Tongxiang Sub-branch
AC#:
1204075009000042241
²
China Construction Bank Zhendong Office
AC#: 33001637253052500015
FINANCIALS
Balance Sheet
|
Unit:
CNY’000 |
As of Dec. 31, 2009 |
As of Dec. 31, 2010 |
|
6,887 |
5,631 |
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Accounts
receivable |
0 |
0 |
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Advances
to suppliers |
102 |
475 |
|
Export
drawback receivable |
220 |
197 |
|
Other
receivable |
300 |
1 |
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Inventory |
1,068 |
345 |
|
Deferred
expense |
3 |
6 |
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Non-current
assets within one year |
0 |
0 |
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Other
current assets |
0 |
0 |
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|
------------------ |
------------------ |
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Current
assets |
8,580 |
6,655 |
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Fixed
assets |
219 |
188 |
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Construction
in progress |
0 |
0 |
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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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Total
assets |
8,799 |
6,843 |
|
|
============= |
============= |
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Short-term
loans |
0 |
0 |
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Notes
payable |
5,682 |
5,132 |
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Accounts
payable |
627 |
0 |
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Wages
payable |
0 |
0 |
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Taxes
payable |
0 |
-3 |
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Advances
from clients |
1,476 |
961 |
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Other
payable |
147 |
0 |
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Accrued
expense |
113 |
0 |
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Other
current liabilities |
0 |
0 |
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------------------ |
------------------ |
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Current
liabilities |
8,045 |
6,090 |
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Non-current
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total
liabilities |
8,045 |
6,090 |
|
Equities |
754 |
753 |
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------------------ |
------------------ |
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Total
liabilities & equities |
8,799 |
6,843 |
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============= |
============= |
Income Statement
|
Unit:
CNY’000 |
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
Revenue |
23,258 |
16,025 |
|
Cost of sales |
21,592 |
15,092 |
|
Sales expense |
1,187 |
674 |
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Management expense |
177 |
152 |
|
Finance expense |
73 |
63 |
|
Profit
before tax |
213 |
59 |
|
Less:
profit tax |
0 |
29 |
|
213 |
30 |
Important
Ratios
=============
|
|
As of Dec. 31, 2009 |
As of Dec. 31, 2010 |
|
*Current
ratio |
1.07 |
1.09 |
|
*Quick
ratio |
0.93 |
1.04 |
|
*Liabilities
to assets |
0.91 |
0.89 |
|
*Net
profit margin (%) |
0.92 |
0.19 |
|
*Return
on total assets (%) |
2.42 |
0.44 |
|
*Inventory
/ Revenue ×365 |
17
days |
8
days |
|
*Accounts
receivable/ Revenue ×365 |
-- |
-- |
|
*
Revenue/Total assets |
2.64 |
2.34 |
|
*
Cost of sales / Revenue |
0.93 |
0.94 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
l
The revenue of SC appears average in
its line 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 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
normal level.
l
The inventory of SC appears average.
l
SC has no accounts receivable in both
years.
l
SC has no short-term loans in both
years.
l
SC’s revenue is in an average level,
comparing with the size of its total assets.
LEVERAGE:
FAIR
l
The debt ratio of SC is fairly high.
l
The risk for SC to go bankrupt is above
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 5,000
would appear to be within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.41 |
|
|
1 |
Rs.81.93 |
|
Euro |
1 |
Rs.67.66 |
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 |
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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.