MIRA
INFORM REPORT
|
Report Date : |
10.08.2012 |
IDENTIFICATION DETAILS
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Name : |
Shandong
Rongbang Spare Parts Co., LTD. |
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Registered Office : |
Xishui Industry Area, Guangrao
County, Dongying, Shandong
Province 257336 PR |
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Country : |
China |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
31.05.2004 |
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Com. Reg. No.: |
370500400000488 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Manufacturing and selling automobile & motorcycle
brake |
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No. of Employees : |
120 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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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 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name and address
Shandong Rongbang Spare Parts Co., LTD.
xishui
industry area, guangrao county
dongying,
shandong province 257336 PR CHINA
TEL: 86
(0) 546-6506616/6506626/6506636/6506996
FAX: 86
(0) 546-6506636
EXECUTIVE SUMMARY
Date of Registration : may 31, 2004
REGISTRATION NO. : 370500400000488
LEGAL FORM :
Limited liabilities company
REGISTERED CAPITAL :
cny 20,000,000
staff : 120
BUSINESS CATEGORY
manufacturing & trading
Revenue : CNY 32,869,000 (AS OF DEC. 31, 2011)
EQUITIES : CNY 15,714,000 (AS OF DEC. 31, 2011)
WEBSITE : www.suoyebrake.com
E-MAIL : rongbang1@suoyebrake.com
PAYMENT : AVERAGE
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : fair
OPERATIONAL TREND :
ORDINARY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.38 = USD
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 limited liabilities company of PRC with State Administration
of Industry & Commerce (SAIC) under registration No.: 370500400000488.
SC’s Organization Code Certificate
No.: 76286048-8
SC’s Tax No.: 370523762860488
SC’s registered capital: cny 20,000,000
SC’s paid-in capital: cny 20,000,000
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
2011 |
Registered Capital |
CNY 5,000,000 |
cny 20,000,000 |
Current Co search indicates SC’s shareholders & chief executives
are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Song Jibin |
81.25 |
|
Li Mei |
10.00 |
|
Zhang Haixiang |
8.75 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative,
Chairman, and General Manager |
Song Jibin |
|
Director/Supervisor |
Li Mei |
|
Zhang Haixiang |
RECENT DEVELOPMENT
No recent development was found during our checks at
present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Song Jibin
81.25
Li Mei
10.00
Zhang Haixiang
8.75
MANAGEMENT
Song
Jibin, Legal Representative, Chairman and General Manager
--------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Qualification: University
Ø
Working experience (s):
At present, working in SC as legal
representative, chairman and general manager
Director/Supervisor
Li Mei
Zhang Haixiang
BUSINESS OPERATION
SC’s registered business scope
includes manufacturing automobile & motorcycle brake, brake assembly
& spare parts; and selling its products.
SC is
mainly engaged in manufacturing and selling automobile & motorcycle brake.
SC’s
products mainly include: automobile & motorcycle brake, etc.
Brand: Suoyi.
SC sources its materials 100% from
domestic market. SC sells 60% of its products in domestic market, and 40% to
overseas market, mainly U.S.A., Japan, Korea, Southeast Asia, etc.
The
buying terms of SC include Check, T/T and Credit of 30-60 days. The payment
terms of SC include T/T, L/C and Credit of 30-60 days.
Staff & Office:
--------------------------
SC is
known to have approx. 120
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
Basic Bank:
Bank of China Guangrao Sub-branch
AC#: 224709032181
FINANCIALS
Balance Sheet
|
Unit:
CNY’000 |
As of Dec. 31, 2010 |
As of Dec. 31, 2011 |
|
4,967 |
18,616 |
|
|
Notes receivable |
0 |
0 |
|
Accounts
receivable |
4,364 |
6,844 |
|
Advances
to suppliers |
3,655 |
10,000 |
|
Other
receivable |
323 |
1,292 |
|
Inventory |
6,395 |
9,703 |
|
Non-current
assets within one year |
0 |
0 |
|
Other
current assets |
32 |
76 |
|
|
------------------ |
------------------ |
|
Current
assets |
19,736 |
46,531 |
|
Long-term
investment |
0 |
0 |
|
Fixed
assets |
9,755 |
14,141 |
|
Construction
in progress |
3,116 |
3,563 |
|
Intangible
assets |
0 |
0 |
|
Long-term
prepaid expenses |
0 |
0 |
|
Deferred
income tax assets |
0 |
0 |
|
Other
non-current assets |
0 |
0 |
|
|
------------------ |
------------------ |
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Total
assets |
32,607 |
64,235 |
|
|
============= |
============= |
|
Short-term
loans |
24,566 |
44,000 |
|
Notes
payable |
0 |
0 |
|
Accounts
payable |
1,033 |
85 |
|
Wages
payable |
299 |
409 |
|
Welfares
payable |
0 |
0 |
|
Taxes
payable |
28 |
27 |
|
Advances
from clients |
0 |
0 |
|
Other
payable |
5,735 |
4,000 |
|
Other
current liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
31,661 |
48,521 |
|
Non-current
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
31,661 |
48,521 |
|
Equities |
946 |
15,714 |
|
|
------------------ |
------------------ |
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Total
liabilities & equities |
32,607 |
64,235 |
|
|
============= |
============= |
Income Statement
|
Unit:
CNY’000 |
As
of Dec. 31, 2011 |
|
Revenue |
32,869 |
|
Cost
of sales |
26,613 |
|
Taxes and surcharges |
0 |
|
Sales expense |
1,419 |
|
Management expense |
1,750 |
|
Finance expense |
3,318 |
|
Profit
before tax |
-232 |
|
Less:
profit tax |
0 |
|
-232 |
Important
Ratios
=============
|
|
As of Dec. 31, 2010 |
As of Dec. 31, 2011 |
|
*Current
ratio |
0.62 |
0.96 |
|
*Quick
ratio |
0.42 |
0.76 |
|
*Liabilities
to assets |
0.97 |
0.76 |
|
*Net
profit margin (%) |
-- |
-0.71 |
|
*Return
on total assets (%) |
-- |
-0.36 |
|
*Inventory
/ Revenue ×365 |
-- |
108
days |
|
*Accounts
receivable/ Revenue ×365 |
-- |
77
days |
|
* Revenue/Total
assets |
-- |
0.51 |
|
*
Cost of sales / Revenue |
-- |
0.81 |
FINANCIAL COMMENTS
PROFITABILITY:
FAIR
l
The revenue of SC appears average in
2011.
l
SC’s net profit margin is fair in 2011.
l
SC’s return on total assets is fair in
2011.
l
SC’s cost of sales is average,
comparing with its revenue.
LIQUIDITY:
FAIR
l
The current ratio of SC is maintained
in a fair level in both years.
l
SC’s quick ratio is maintained in a
fair level in both years.
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 appear large.
l
SC’s revenue is in a fair 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: Fair.
CONCLUSIONS
SC is considered medium-sized in its line with fair
financial conditions. The large amount of short-term loans may be a threat to
SC’s financial condition.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.17 |
|
|
1 |
Rs.86.42 |
|
Euro |
1 |
Rs.68.26 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
RATING EXPLANATIONS
|
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 |
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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.