MIRA
INFORM REPORT
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Report Date : |
10.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
ZHEJIANG WEIHAI
ZIPPER CO., LTD. |
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Registered Office : |
No. 555, Qijiguang Road, Choujiang Street, Yiwu, Zhejiang
Province 322000 PR |
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Country : |
China |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
02.03.1995 |
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Com. Reg. No.: |
330700400000647 |
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Legal Form : |
Chinese-Foreign Equity Joint
Venture Enterpris |
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Line of Business : |
Manufacturing and selling zipper |
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No. of Employees : |
2,000 |
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 : |
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
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 WEIHAI ZIPPER CO., LTD.
NO. 555, QIJIGUANG ROAD, CHOUJIANG
STREET, YIWU,
ZHEJIANG PROVINCE 322000 PR CHINA
TEL: 86 (0) 579-85218288 FAX: 86 (0) 579-85218016
EXECUTIVE SUMMARY
INCORPORATION DATE : MAR. 2, 1995
REGISTRATION NO. : 330700400000647
REGISTERED LEGAL FORM :
Chinese-foreign equity joint venture enterprise
STAFF STRENGTH : 2,000
REGISTERED CAPITAL :
USD 22,000,000
BUSINESS LINE :
MANUFACTURING
TURNOVER :
CNY 360,320,000 (AS OF DEC. 31,
2011)
EQUITIES :
CNY 201,420,000 (AS OF DEC. 31, 2011)
PAYMENT : AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION :
FAIRLY STABLE
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.3613= USD
Adopted
abbreviations:
ANS -
amount not stated
NS -
not stated
SC -
subject company (the company inquired by you)
NA - not available
CNY - China Yuan Renminbi
SC was registered as a Chinese-foreign equity
joint venture enterprise at local Administration for Industry & Commerce
(AIC - The official body of issuing and renewing business license) on Mar. 2,
1995.
Company Status: Chinese-foreign equity joint venture
enterprise This form of business in PR
China is defined as a legal person. It is a limited co. jointly invested by
one or more foreign companies and one or more PR China controlled companies
within the territories of PR China according to a certain proportion of
capital investment. The investing parties exercise business management,
share profits and bear all risks and liabilities of the co. together. The
equity joint venture law requires that foreign party contribute not less
than 25% of the registered capital, with no maximum. The investing parties
are free to agree on method of profit distribution and liabilities bearing
according to the proportion of capital investment. Each investing parties
contributes funds, tangible assets, technology & etc. The board of
directors excises the high authority. The joint venture usually has a
limited duration of 10 to 50 years. Enterprise with large investment, long
construction periods, low investment returns, introducing of advanced
technology & advanced technology products that have good competition
position in international market may extend beyond the 50 years limit.
SC’s registered business scope includes manufacturing and selling
zipper billet, zipper, puller, mould, lace, chemical fiber, differentiation
chemical fiber, polyamide, monofilament, thread and hardware accessories. (with
permit if needed)
SC is
mainly engaged in manufacturing and selling zipper.
Mr.
Tao Haidi is legal representative and chairman of SC at present.
SC is
known to have approx. 2,000 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
Yiwu. Our checks reveal that SC owns the total premise about 80,000 square
meters.
http://www.whh.com.cn/ The design is professional and the content is
well organized. At present the web site is in Chinese and English versions.
Email: wangjue@whh.com.cn
In 2010, SC passed the ISO9001 quality system certification.
(According to SC’s website)
SC has been honored as “China top Brand” “National
Inspection-free Product” “One of Ten Named Brand of Chinese Zipper Form” “Zhejiang
Famous Trademark” “Zhejiang named Brand” “Zhejiang well-know Firm” and so on.
And SC’s credit grade is appraised “AAA” grade every year.
Changes of its registered information:
|
Date of change |
Item |
Before the change |
After the change |
|
Unknown |
Registered capital |
USD 12,000,000 |
Present amount |
MAIN SHAREHOLDERS:
Name % of Shareholding
Weihai Holding Group Co., Ltd.
(in Chinese Pinyin) 70
HK Wayhigh Int'l Trade Limited 30
Weihai Holding Group Co., Ltd.
=======================
Registered no.: 330782000097083
Registered capital: CNY 100,000,000
Legal representative: Tao Haidi
Tel: 0579-85218228
HK Wayhigh Int'l Trade Limited
========================
Registration No. : 0797754
Legal Form: Private
l
Legal representative and Chairman:
Mr. Tao Haidi, ID# 330725651206251, born in 1965. He is
currently responsible for the overall management of SC.
Working Experience(s):
At present Working
in SC as legal representative and chairman.
Also working in Weihai Holding Group Co., Ltd., Zhejiang Weihai
Industrial Group Co., Ltd., Zhejiang Weihai Metal Materials Co., Ltd. as legal
representative.
SC is
mainly engaged in manufacturing and selling zipper.
SC’s products mainly include metal zipper, plastic zipper,
nylon zipper, etc.
SC
sources its materials 100% from domestic market. SC sells 50% of its products
in domestic market and 50% to overseas market.
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.
Note: SC declined to release its major suppliers and clients.
Zhejiang Weihai Industrial Group Co., Ltd.
Zhejiang Weihai Metal Materials Co., Ltd.
Etc.
Departments:
==========
Zhejiang Weihai Zipper Co., Ltd. Futian Operation Department
Zhejiang Weihai Zipper Co., Ltd. Operation Department
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 records 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.
China
Construction Bank
AC#:
N/A
Relationship:
Normal.
Balance
Sheet
Unit:
CNY’000
|
|
As of Dec. 31, 2011 |
As of Dec. 31, 2010 |
|
Cash
& bank |
/ |
357,350 |
|
Inventory |
/ |
82,690 |
|
Bills
receivable |
/ |
0 |
|
Accounts
receivable |
/ |
142,190 |
|
Advances
to suppliers |
/ |
31,810 |
|
Other
receivables |
/ |
363,400 |
|
Other
current assets |
/ |
1,190 |
|
|
------------------ |
------------------ |
|
Current
assets |
838,000 |
978,630 |
|
Fixed
assets net value |
/ |
224,360 |
|
Long
term investment |
/ |
3,750 |
|
Projects
under construction |
/ |
43,380 |
|
Intangible
and other assets |
/ |
40,330 |
|
|
------------------ |
------------------ |
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Total
assets |
1,175,560 |
1,290,450 |
|
|
=========== |
=========== |
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Short
loan |
/ |
559,840 |
|
Accounts
payable |
/ |
13,120 |
|
Bills
payable |
/ |
445,000 |
|
Advances
from clients |
/ |
73,590 |
|
Taxes
payable |
/ |
240 |
|
Other
Accounts payable |
/ |
80 |
|
Other
current liabilities |
/ |
0 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
974,140 |
1,091,870 |
|
Long
term liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
974,140 |
1,091,870 |
|
Equities |
201,420 |
198,580 |
|
|
------------------ |
------------------ |
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Total
liabilities & equities |
1,175,560 |
1,290,450 |
|
|
=========== |
=========== |
Income
Statement
Unit:
CNY’000
|
|
As of Dec. 31, 2011 |
As of Dec. 31, 2010 |
|
Turnover |
360,320 |
321,980 |
|
Cost of goods sold |
292,830 |
256,440 |
|
Sales expense |
/ |
12,520 |
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Management expense |
/ |
23,580 |
|
Finance expense |
/ |
19,810 |
|
Profit before tax |
6,110 |
9,210 |
|
Less: profit tax |
2,160 |
2,350 |
|
Profits |
3,950 |
6,860 |
Note: we did not find SC’s detailed financial reports for Yr 2011.
Important Ratios
=============
|
|
As of Dec. 31, 2011 |
As of Dec. 31, 2010 |
|
*Current
ratio |
0.86
|
0.90
|
|
*Quick
ratio |
/ |
0.82
|
|
*Liabilities
to assets |
0.83
|
0.85
|
|
*Net
profit margin (%) |
1.10 |
2.13
|
|
*Return
on total assets (%) |
0.34 |
0.53
|
|
*Inventory
/Turnover ×365 |
/ |
94
days |
|
*Accounts
receivable/Turnover ×365 |
/ |
161
days |
|
*Turnover/Total
assets |
0.31 |
0.25
|
|
*
Cost of goods sold/Turnover |
0.81 |
0.80
|
PROFITABILITY:
AVERAGE
l
The turnover 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 goods sold is average, comparing
with its turnover.
LIQUIDITY:
FAIR
l
The current ratio of SC is maintained
in a fair level.
l
SC’s quick ratio is maintained in a
normal level in 2010.
l
The inventory of SC appears average in
2010.
l
The accounts receivable of SC appears fairly
large in 2010.
l
The short-term loan of SC appears large
in 2010.
l
SC’s turnover is in a fair level,
comparing with the size of its total assets.
LEVERAGE:
FAIR
l
The debt ratio of SC is high.
l
The risk for SC to go bankrupt is
average.
Overall
financial condition of the SC: Fairly stable.
SC is considered large-sized in its line with fairly stable
financial conditions.
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 |
|
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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 |
|
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 |
|
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.