MIRA
INFORM REPORT
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Report Date : |
30.04.2012 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
3-4/F, Block
A, World Trade Office Plaza, No. 122, Shuguang Road, Hangzhou, Zhejiang Province, 310007 Pr |
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Country : |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
03.05.1997 |
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Com. Reg. No.: |
330783000046130 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Importing
and exporting electronic products, medicine and chemical products, etc. |
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No. of Employees : |
80 |
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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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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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 and address
ZHEJIANG HENGDIAN IMPORT AND EXPORT Co., Ltd.
3-4/F, BLOCK A, WORLD TRADE OFFICE
PLAZA, NO. 122, SHUGUANG ROAD,
HANGZHOU, ZHEJIANG PROVINCE, 310007
PR CHINA
TEL: 86 (0) 571-87950110
FAX: 86 (0) 571-87990222
EXECUTIVE SUMMARY
INCORPORATION DATE : JUNE 3, 1997
REGISTRATION NO. : 330783000046130
REGISTERED LEGAL FORM : LIMITED LIABILITIES COMPANY
STAFF STRENGTH : 80
REGISTERED CAPITAL :
CNY 50,000,000
BUSINESS LINE : TRADING
TURNOVER : CNY 1,669,508,000 (AS OF DEC. 31, 2010)
EQUITIES : CNY 162,672,000 (AS OF DEC. 31, 2010)
PAYMENT : AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : STABLE
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY
6.30 = 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 Renminbi
Note: SC was registered in Dongyang, Zhejiang
but operating in Hangzhou, Zhejiang.
SC was registered as a limited
liabilities company at Dongyang City Administration for Industry & Commerce
(AIC - The official body of issuing and renewing business license) on June 3,
1997.
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 importing
and exporting commodities and technologies, excluding the items prohibited
by the state (no additionally attaching importing
and exporting commodity catalog); processing with imported materials,
processing with imported samples, assemblying with imported parts, and
compensation trade in agreement; counter
trade & transit trade (with permit if needed).
SC is
mainly engaged in importing and exporting electronic products, medicine and
chemical products, etc.
Ms.
Wei Yuqao has been legal representative,
chairman and general manager of SC since 2005.
SC is known to have approx. 80 employees at
present.
SC is currently operating at the above stated address, and this
address houses its operating office and head office in the commercial zone of
Hangzhou. SC’s accountant refused to release detailed information of the
premise.
http://www.hengdian-ie.com/ The design is professional and the content is
well organized. At present it is in Chinese version.
E-mail: hg@hengdian.com
Changes of its
registered information:
|
Date of change |
Item |
Before the change |
After the change |
|
2004-06 |
Main Shareholders |
Hengdian Garden Classical Architecture Corporation(40%) Hengdian Group Corporation(60%) |
Hengdian Group Co., Ltd (10%) Hengdian Group Holdings Co., Ltd.（ (90%) |
|
Legal representative |
Xu Wenrong |
Xu Xiaohua |
|
|
2005-05 |
Main Shareholders |
Hengdian Group Co., Ltd (10%) Hengdian Group Holdings Co., Ltd. (90%) |
Nanhua Development Group Co., Ltd. (10%) Hengdian Group Holdings Co., Ltd. (90%) |
|
2005-11 |
Main Shareholders |
Nanhua Development Group Co., Ltd. (10%) Hengdian Group Holdings Co., Ltd. (90%) |
Present ones |
|
2005-12 |
Legal representative |
Xu Xiaohua |
Present one |
|
2010-03 |
Registered no. |
3307831000044 |
Present one |
Tax Registration Certificate No.:
330783147584194
Organization Code: 14758419-4
MAIN SHAREHOLDERS:
Name %
of Shareholding
Hengdian Property Investment Co., Ltd. 10
Hengdian Group Holdings Co., Ltd. 90
Hengdian Group Holdings Co., Ltd.
==========================
Hengdian Group Holdings Co., Ltd. is a
subsidiary of the Hengdian Group; it was evaluated as the Branding China Top
100 Enterprise.
Registration No.: 330783000049656
Legal representative: Xu Yong’an
Date of Incorporation: Nov. 22, 1999
Address: Hengdian Industry Zone, Dongyang,
Zhejiang Province
Tel: 86 0579-86551511
Fax: 86 0579-86551220
l
Legal representative, Chairman and General
manager:
Ms. Wei Yuqiao, ID # 510202196908245026, born
in 1969, with university education. She is currently responsible for the
overall management of SC.
Working Experience(s):
From 2005 to present Working
in SC as chairman, legal representative and general manager
*Officials:
=======
Name Title
Xu Yong’an Director
Ren Lirong Director
Li Baoping Director
Wu Xing Director
Wang Wenhui Supervisor
Zhang Shuhua Supervisor
Li Jia Supervisor
Xu Wencai Director
Hu Tiangao Director
SC is
mainly engaged in importing and exporting electronic products, medicine and
chemical products, etc.
SC’s products mainly include: electronic energy-saving lamp,
electronic ballast, chemical products, textile, etc.
SC sources its materials 90%
from domestic market, and 10% from overseas market. SC sells 30% of its
products in domestic market, and 70% to overseas 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.
Note: SC refused
to release its main customers and suppliers.
SC
is known to invest in the following companies:
Zhejiang
Dongyang Weipin Food & Beverage Management Co., Ltd.
Shanghai
Weipin Food & Beverage Management Co., Ltd.
Zhejiang
Boya Trading Co., Ltd.
Hengdian
Group Dongyang Innuovo Green Electricity Chemical Co., Ltd.
Zhejiang Hengdian Boya Garments Co., Ltd.
Jinhua Zhengfang Electronic Technology Co., Ltd.
Zhejiang Puluo Debang Pharmaceutical Co., Ltd.
Zhejiang Hengdian Puluo Import & Export 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 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.
Bank of China Zhejiang Province Branch
AC#：007026080930001
Agricultural Bank of China Dongyang Sub-branch
AC#：635301040013505
Relationship:
Normal
Balance Sheet
Unit: CNY’000
|
|
as
of Dec. 31, 2009 |
as
of Dec. 31, 2010 |
|
Cash & bank |
159,854 |
201,484 |
|
Inventory |
31,707 |
44,268 |
|
Accounts
receivable |
179,214 |
239,176 |
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Advances to
supplies |
0 |
0 |
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Other
receivables |
2,139 |
5,206 |
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Other current
assets |
0 |
0 |
|
|
------------------ |
------------------ |
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Current assets |
372,914 |
490,134 |
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Fixed assets net
value |
45,914 |
43,076 |
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Projects under
construction |
0 |
0 |
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Long-term
investments |
2,500 |
2,500 |
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Intangible and
other assets |
0 |
0 |
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|
------------------ |
------------------ |
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Total assets |
421,328 |
535,710 |
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|
============= |
============= |
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Short loans |
30,000 |
35,000 |
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Notes payable |
150,050 |
190,631 |
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Accounts payable |
90,953 |
136,862 |
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Advances from
customers |
0 |
0 |
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Accrued payroll |
487 |
0 |
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Taxes unpaid |
6,164 |
6,463 |
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Surcharge
payable |
763 |
0 |
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Other payable |
1,290 |
4,082 |
|
Accrued expenses |
102 |
0 |
|
Other
current liabilities |
0 |
0 |
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------------------ |
------------------ |
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Current
liabilities |
279,809 |
373,038 |
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Long term
liabilities |
0 |
0 |
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|
------------------ |
------------------ |
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Total
liabilities |
279,809 |
373,038 |
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Shareholders
equities |
141,519 |
162,672 |
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|
------------------ |
------------------ |
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Total
liabilities & equities |
421,328 |
535,710 |
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|
============= |
============= |
Income Statement
Unit: CNY’000
|
|
as of
Dec. 31, 2009 |
as
of Dec. 31, 2010 |
|
Turnover |
1,038,686 |
1,669,508 |
|
Cost of goods
sold |
930,375 |
1,524,093 |
|
Sales expense |
11,219 |
19,716 |
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Management expense |
21,094 |
29,778 |
|
Finance expense |
4,330 |
1,305 |
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Investment
income |
0 |
0 |
|
Profit |
70,549 |
94,870 |
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Less: profit tax |
17,637 |
23,718 |
|
Net profit |
52,912 |
71,152 |
Important Ratios
=============
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|
as
of Dec. 31, 2009 |
as
of Dec. 31, 2010 |
|
*Current ratio |
1.33 |
1.31 |
|
*Quick ratio |
1.22 |
1.20 |
|
*Liabilities
to assets |
0.66 |
0.70 |
|
*Net profit
margin (%) |
5.09 |
4.26 |
|
*Return on
total assets (%) |
12.56 |
13.28 |
|
*Inventory
/Turnover ×365 |
12
days |
10 days |
|
*Accounts
receivable/Turnover ×365 |
63
days |
53 days |
|
*Turnover/Total
assets |
2.47 |
3.12 |
|
* Cost of
goods sold/Turnover |
0.90 |
0.91 |
PROFITABILITY:
FAIRLY GOOD
l
The turnover of SC appears fairly good,
and it was rising in 2010.
l
SC’s net profit margin is fairly good
in both years.
l
SC’s return on total assets is fairly
good in both years.
l
SC’s cost of goods sold is fairly high,
comparing with its turnover.
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
The accounts receivable of SC appears
fairly large.
l
SC’s short-term loan appears average.
l
SC’s turnover is in an average 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: Stable.
SC is considered medium-sized in its line with stable financial
conditions. A credit line up to USD 1,000,000 appears to be within SC’s
capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.68 |
|
|
1 |
Rs.85.12 |
|
Euro |
1 |
Rs.69.38 |
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 |
|
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 |
|
-- |
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.