MIRA
INFORM REPORT
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Report Date : |
26.04.2012 |
IDENTIFICATION DETAILS
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Name : |
ZHEJIANG QINGMAO WAVING, DYEING AND PRINTING CO., LTD. |
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Registered Office : |
No. 313 Tanggong Road, Paojiang Industrial Zone, Shaoxing City Zhejiang Province 312071 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
10.01.2002 |
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Com. Reg. No.: |
330600400007570 |
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Legal Form : |
Wholly Foreign-Owned Enterprise |
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Line of Business : |
Spinning, weaving, printing and dyeing, garment production and researching the above products |
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No. of Employees : |
1,307 |
RATING & COMMENTS
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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 5,000,000 |
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Status : |
Good |
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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 (30.06.2011) |
Current Rating (30.09.2011) |
|
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 QINGMAO WAVING, DYEING AND PRINTING CO., LTD.
NO. 313 TANGGONG ROAD, PAOJIANG INDUSTRIAL ZONE, SHAOXING CITY ZHEJIANG PROVINCE 312071 PR CHINA
TEL: 86 (0) 575-88039009
FAX: 86 (0) 575-88039088
EXECUTIVE SUMMARY
Date of Registration : JANUARY 10, 2002
REGISTRATION NO. : 330600400007570
LEGAL FORM : Wholly foreign-owned enterprise
REGISTERED CAPITAL : usd 46,000,000
staff :
1,307
BUSINESS CATEGORY : manufacturing
Revenue :
CNY 907,560,000 (AS OF DEC. 31,
2011)
EQUITIES :
CNY 586,990,000 (AS OF DEC. 31, 2011)
WEBSITE : N/A
E-MAIL :
N/A
PAYMENT :
AVERAGE
Recommended Credit Limit: UP TO USD 5,000,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRly good
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.32 = 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 wholly foreign-owned enterprise of PRC with State Administration of
Industry & Commerce (SAIC) under registration No.: 330600400007570 on
January 10, 2002.
SC’s Organization Code Certificate No.:
73453541-8
SC’s registered capital: usd 46,000,000
SC’s paid-in capital: usd 46,000,000
Registration Change Record:
|
Date |
Change of Contents |
Before the change |
After the change |
|
2011 |
Registered Capital |
USD 32,000,000 |
usd 46,000,000 |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Winnitex China
Holdings Limited (Hong Kong) |
100 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman, and
General Manager |
Wei Zhiguo |
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Deputy General Manager |
Wei Zhihua |
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Director |
Wei Zhiguang |
|
Wei Zhihua |
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|
Wei Tianqin |
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Supervisor |
Chen Xinmin |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Winnitex China Holdings Limited (Hong Kong) 100
----------------------------------------
CR No.: 1179016
Legal Form: Private
Active Status: Live
MANAGEMENT
Wei Zhiguo , Legal
Representative, Chairman and General Manager
-----------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 57
Ø
Nationality: Hong Kong
Ø
Qualification:
University
Ø
Working
experience (s):
At
present, working in SC as legal representative, chairman and general manager
Wei Zhihua ,
Deputy General Manager
--------------------------------------------------------------
Ø
Gender: M
Ø
Nationality: Hong Kong
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as deputy general manager
Also as director of SC
Director
------------
Wei Zhiguang
Wei Tianqin
Supervisor
--------------
Chen Xinmin
BUSINESS OPERATION
SC’s registered business scope includes spinning, weaving, printing and
dyeing, garment production and researching the above products.
SC is mainly
engaged in spinning, weaving, printing and dyeing.
SC’s products mainly include: spinning, weaving, printing and dyeing
textiles and garments.
SC sources its materials 90% from domestic market and 10% from the
overseas market. SC sells 90% of its products to overseas market and 10% in domestic market.
The buying terms of SC include Check, T/T, L/C 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. 1,307 staff
at present.
SC owns an area as
its operating office and factory, but the detailed information is unknown.
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
The bank
information of SC is not filed in SAIC.
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2011 |
|
123,020 |
|
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Accounts
receivable |
66,290 |
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Advances to suppliers |
0 |
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Other receivable |
1,340 |
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Inventory |
251,460 |
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Non-current
assets within one year |
0 |
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Other current
assets |
22,140 |
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------------------ |
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Current assets |
464,250 |
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Fixed assets |
343,600 |
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Construction in
progress |
73,100 |
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Long-term
investment |
0 |
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Deferred income
tax assets |
0 |
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Other
non-current assets |
14,120 |
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------------------ |
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Total assets |
895,070 |
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============= |
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Short-term loans |
32,420 |
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Notes payable |
0 |
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Accounts payable |
89,910 |
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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 |
3,300 |
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Other current
liabilities |
8,150 |
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------------------ |
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Current
liabilities |
133,780 |
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Non-current
liabilities |
174,300 |
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------------------ |
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Total
liabilities |
308,080 |
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Equities |
586,990 |
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------------------ |
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Total
liabilities & equities |
895,070 |
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============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2011 |
|
Revenue |
907,560 |
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Cost of sales |
855,170 |
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Sales expense |
12,270 |
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Management expense |
28,450 |
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Finance expense |
-7,040 |
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Profit before
tax |
14,750 |
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Less: profit tax |
6,670 |
|
8,080 |
Important Ratios
=============
|
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As
of Dec. 31, 2011 |
|
*Current ratio |
3.47 |
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*Quick ratio |
1.59 |
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*Liabilities
to assets |
0.34 |
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*Net profit
margin (%) |
0.89 |
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*Return on
total assets (%) |
0.90 |
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*Inventory /
Revenue ×365 |
102 days |
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*Accounts
receivable/ Revenue ×365 |
27 days |
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*
Revenue/Total assets |
1.01 |
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* Cost of
sales / Revenue |
0.94 |
FINANCIAL COMMENTS
PROFITABILITY:
FAIRLY GOOD
l
The revenue of SC appears fairly good in its line.
l
SC’s net profit margin is average.
l
SC’s return on total assets is average.
l
SC’s cost of sales is fairly high, comparing with
its revenue.
LIQUIDITY: FAIRLY
GOOD
l
The current ratio of SC is maintained in a fairly
good level.
l
SC’s quick ratio is maintained in a fairly good
level.
l
The inventory of SC appears fairly large.
l
The accounts receivable of SC is maintained in an
average level.
l
SC’s short-term loans are in an average level.
l
SC’s revenue is in an average level, comparing with
the size of its total assets.
LEVERAGE: FAIRLY
GOOD
l
The debt ratio of SC is low.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly Good.
CONCLUSIONS
SC is considered medium-sized in its line with fairly good financial
conditions. A credit line up to USD 5,000,000
would appear to be within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.48 |
|
|
1 |
Rs.84.65 |
|
Euro |
1 |
Rs.69.25 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.