MIRA
INFORM REPORT
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Report Date : |
20.04.2012 |
IDENTIFICATION DETAILS
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Name : |
ZHEJIANG JIASONG TECHNOLOGY CO., LTD. |
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Registered Office : |
Puyi Industrial Zone, |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
10.01.2011 |
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Com. Reg. No.: |
330324000057922 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Manufacturing and selling oiling machine fittings |
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No. of Employees : |
90 |
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 30,000 |
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Status : |
Small Company |
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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
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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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 and address
Zhejiang Jiasong Technology CO., LTD.
PUYI INDUSTRIAL ZONE, OUBEI TOWN, YONGJIA
COUNTY,
WENZHOU, ZHEJIANG PROVINCE, 325105 PR CHINA
TEL: 86 (0)
577-57987688/67366555 FAX: 86 (0)
577-67355517
EXECUTIVE SUMMARY
INCORPORATION DATE : JAN. 10, 2011
REGISTRATION NO. : 330324000057922
REGISTERED LEGAL FORM : LIMITED LIABILITIES CO.
STAFF STRENGTH :
90
REGISTERED CAPITAL : CNY 5,000,000
BUSINESS LINE :
MANUFACTURING
TURNOVER :
CNY 18,440,000 (AS OF DEC. 31, 2011)
EQUITIES :
CNY 5,330,000 (AS OF DEC. 31, 2011)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO USD 30,000 (periodical review)
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : FAIRLY STABLE
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.304 = USD 1
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY - China Yuan Ren Min Bi
SC was registered as a Limited liabilities co. at local
Administration for Industry & Commerce (AIC-The official body of issuing
and renewing business license) on Jan. 10, 2011.
Company Status: Limited liabilities co. This form of business in PR
China is defined as a legal person. No more than fifty shareholders
contribute its registered capital jointly. Shareholders bear limited
liability to the extent of shareholding, and the co. is liable for its
debts only to extent of its total assets. The characteristics of this form
of co. are as follows: Upon
the establishment of the co., an investment certificate is issued to the
each of shareholders. The board of directors is
comprised of three to thirteen members. The minimum registered capital
for a co. is CNY 30,000. Shareholders may take their
capital contributions in cash or by means of tangible assets or intangible
assets such as industrial property and non-patented technology. Cash contributed by all
shareholders must account for at least 30% of the registered capital. Existing shareholders have
pre-exemption right to purchase shares of the co. offered for sale by the
other shareholders and to subscribe for the newly increased registered
capital of the co.
SC’s registered business scope includes manufacturing and selling oiling
machine fittings, pumps, valves, automation equipment, explosion-proof
electrical, reducer; selling meter; importing and exporting goods and
technology.
SC is mainly engaged
in manufacturing and selling oiling machine fittings.
Mr. Yu
Chengyi is legal representative,
chairman and general manager of SC at present.
SC is known
to have approx. 90 employees
at present.
SC
is currently operating at the above stated address, and this address houses its
operating office and factory in the industrial zone of Wenzhou. Our checks
reveal that SC owns the total premise about 4,000 square meters.
http://www.jiasongtechnology.com The design is professional and the content is
well organized. At present it is in Chinese and English versions.
E-mail: jiasongtechnology@gmail.com
SC was taken into operation in Feb., 2011.
SC has got the certificates of ISO 9001.
Etc.
MAIN SHAREHOLDERS:
Name % of Shareholding
Yu Chengyi 33.33334
Xie Yunhai 33.33334
Zhou Chongbin 33.33332
l
Legal Representative, Chairman and
General Manager:
Mr. Yu Chengyi , ID# 330324195004220817, born in
1950, with high school education. He is currently responsible for the overall
management of SC.
Working Experience(s):
At present Working
in SC as legal representative, chairman and general manager.
Also working in Shanghai Jiasong Machine Co., Ltd. as
legal representative.
l
Vice General Manager:
Mr. Shao Xiaoliang , ID# 210111198011105917, born in
1980, with junior college education. He is currently responsible for the daily
management of SC.
Working Experience(s):
At present Working
in SC as vice general manager.
SC was taken into operation in Feb., 2011.
SC is mainly
engaged in manufacturing and selling oiling machine fittings.
SC’s products
mainly include:
*Industrial Meter & Pump:
TCS Pipeline Meter(TCS Meter)
TCS Meter Parts
PD Volumetric Meter
PD Meter Parts
OGM Oval Meter
YB Vane Pump
SUB Vane Pump
YDJ Mobile Fuel
Unit
*Fuel Dispenser
Parts:
Combination Pump
(Gear Pump)
Flowmeter
Submersible Pump
(Fuel Pump)
Solenoid Valve
Nozzle
Mechanical Counter
Emergency Cut-off
Valve
Pump &
Flowmeter
*LPG dispenser:
LPG Pump
LPG Flowmeter
LPG Parts
LPG Dispenser
*Electric Transfer
Pump:
YTB Pump Assy
Mini Fuel
Dispenser
Explosion-proof
Pump
DYB Pump
LLJ Flowmeter
*Oil-gas Recovery
series:
ZKB Pump
ZJS-200 Nozzle
*Fuel Dispenser
JS-A Fuel
Dispenser
JS-B Fuel
Dispenser
JS-C Fuel
Dispenser
JS-D Fuel
Dispenser
JS-E Fuel
Dispenser
JS-F Fuel
Dispenser
*Joints and
Others:
Coupling/Swivel
Explosion-proof
Junction Box
Filter
Valve
3-phase Connection
Hose Retractor
Standard Metal
Measuring Can
*Direct-connected
Pump:
CP9
Direct-connected Pump
CP10
Direct-connected Pump
SC sources its
materials 100% from domestic market. SC sells 70% of its products in domestic
market, mainly in Beijing, Zhengzhou, Wenzhou, and 30% to overseas market,
mainly India, Iran and USA.
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.
*Major Suppliers:
============
Taizhou Huangyan Tongchuang Machinery
Factory
Yongkang Kuanhai Hardware Factory
Yueqing Feiya Machinery Co., Ltd.
*Major Customers:
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Censtar Science & Technology Co., Ltd.
Beijing Sanki Petroleum Technology Co., Ltd.
Shanghai
Jiasong Machine Co., Ltd.
Zhejiang
Datian Machine Co., Ltd.
Overall payment appraisal:
( ) Excellent (
) Good (X) Average (
) Fair ( ) Poor
( ) Not yet 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’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.
Agricultural Bank of China Yongjia County Sub-branch Office
AC# 240701040078803
Relationship: Normal.
Balance Sheet
Unit: CNY’000
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as of Dec. 31, 2011 |
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Cash & bank |
6,700 |
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Notes receivable |
100 |
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Inventory |
800 |
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Accounts
receivable |
4,930 |
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Advances to
supplies |
0 |
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Other
receivables |
200 |
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Other current
assets |
0 |
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------------------ |
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Current assets |
12,730 |
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Long-term
investments |
0 |
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Fixed assets net
value |
5,830 |
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Projects under
construction |
0 |
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Long-term
deferred expenses |
60 |
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Intangible assets
and other assets |
0 |
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------------------ |
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Total assets |
18,620 |
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============= |
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Short loans |
7,800 |
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Notes payable |
3,040 |
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Accounts payable |
2,090 |
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Advances from
customers |
0 |
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Accrued Payroll |
0 |
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Taxes payable |
160 |
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Other payable |
40 |
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Other accounts
payable |
160 |
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Other current
liabilities |
0 |
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----------------- |
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Current
liabilities |
13,290 |
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Long term
liabilities |
0 |
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------------------ |
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Total
liabilities |
13,290 |
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Shareholders
equities |
5,330 |
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------------------ |
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Total
liabilities & equities |
18,620 |
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Income Statement
Unit: CNY’000
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as of Dec. 31, 2011 |
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Turnover |
18,440 |
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Cost of goods
sold |
14,660 |
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Taxes and
additional of main operation |
70 |
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Income from
other operation |
40 |
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Sales expense |
1,100 |
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Management expense |
2,050 |
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Finance expense |
160 |
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Non-operating
income |
0 |
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Non-operating expense |
0 |
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Profit before
tax |
440 |
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Less: profit tax |
110 |
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Net profit |
330 |
Important Ratios
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as of Dec. 31, 2011 |
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*Current ratio |
0.96 |
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*Quick ratio |
0.90 |
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*Liabilities to assets |
0.71 |
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*Net profit margin (%) |
1.79 |
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*Return on total assets (%) |
1.77 |
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*Inventory /Turnover ×365 |
16 days |
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*Accounts receivable/Turnover ×365 |
98 days |
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*Turnover/Total assets |
0.99 |
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* Cost of goods sold/Turnover |
0.80 |
PROFITABILITY:
AVERAGE
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The turnover of SC appears average.
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SC’s net profit margin appears average.
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SC’s return on total assets is average.
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SC’s cost of goods sold is average, comparing with
its turnover.
LIQUIDITY: AVERAGE
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The current ratio of SC is maintained in a fair
level.
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SC’s quick ratio is maintained in a normal level.
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The inventory of SC appears average.
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The accounts receivable of SC appears fairly large.
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The short-term loan of SC appears large.
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SC’s turnover is in an average level, comparing
with the size of its total assets.
LEVERAGE: AVERAGE
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The debt ratio of SC is average.
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The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly stable.
SC is considered small-sized in its line with fairly stable financial conditions.
The large amount of short-term loan could be a threat to SC’s financial
condition. A credit line up to USD 30,000 would appear to be within SC’s
capacities upon a periodical review basis.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.51.89 |
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1 |
Rs.83.18 |
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Euro |
1 |
Rs.68.06 |
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 |
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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 |
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<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.