MIRA
INFORM REPORT
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Report Date : |
17.08.2012 |
IDENTIFICATION DETAILS
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Name : |
SAINA
GROUP CO., LTD. |
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Registered Office : |
No. 555, Jixian Road, Economic
Development Zone, Ruian, Zhejiang
Province, 325200 PR |
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Country : |
China |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
15.04.1995 |
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Com. Reg. No.: |
330381000070466 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Manufacturing and selling safety protection shoes |
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No. of Employees : |
1,600 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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
SAINA GROUP CO., LTD.
NO. 555, JIXIAN ROAD, ECONOMIC DEVELOPMENT ZONE, RUIAN,
ZHEJIANG PROVINCE, 325200 PR CHINA
TEL: 86 (0) 577-65130288/65138518 FAX: 86 (0) 577-65130888/65138518
EXECUTIVE SUMMARY
INCORPORATION DATE : APR. 15, 1995
REGISTRATION NO. : 330381000070466
REGISTERED LEGAL FORM :
LIMTIED LIABILITIES COMPANY
STAFF STRENGTH : 1,600
REGISTERED CAPITAL : CNY 63,000,000
BUSINESS LINE : MANUFACTURING
TURNOVER : CNY 343,990,000 (AS OF DEC. 31, 2011)
EQUITIES : CNY 117,420,000 (AS OF DEC. 31, 2011)
PAYMENT : AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRLY STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.36= USD
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 company
at local Administration for Industry & Commerce (AIC - The official body of
issuing and renewing business license) on Apr. 15, 1995.
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 shoes, garments, protective shoes, sporting products, textiles, warp
and weft knitted fabric, leather products, hardware and electric appliances,
electronic products and automotive parts; wholesaling and retailing shoe
materials, metal materials, building materials and chemical materials; import
and export business (with permit if needed).
SC is
mainly engaged in manufacturing and selling safety protection shoes.
Mr.
Chen Zemei is legal representative and chairman of SC
at present.
SC is
known to have approx. 1,600 employees at present.
SC is currently operating at the above stated address, and this
address houses its operating office and factory in the economic development
zone of Ruian. Our checks reveal that SC owns the
total premise, but SC’s accountant refused to release the gross area.
http://www.saina.com/
The design is professional and the content is well organized. At present it is
in both Chinese and English versions.
Email: saina@saina.com
Changes of its registered information:
|
Date of change |
Item |
Before the change |
After the change |
|
Unknown |
Company’s name |
Zhejiang Saina Group Co., Ltd. |
Present one |
|
Registered no. |
3303811003055 |
Present one |
SC awarded the titles of CE International Quality
Certificate and the certificate of ISO9001:2000 International Quality Management
System Verification. (According to SC’s website)
MAIN SHAREHOLDERS:
Name %
of Shareholding
Chen Zemei
19.56
Chen Zhiguang 10.40
Chen Zelin 12.59
Chi Wanliu 8.21
Huang Liangzhong 6.02
Other 12 individuals 43.22
l
Legal representative and Chairman:
Mr. Chen Zemei, born in 1951. 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 Taicang Saina Packaging Materials Co., Ltd. as legal representative
SC is
mainly engaged in manufacturing and selling safety protection shoes.
SC’s products
mainly include: brake-testing safety shoes, etc.
SC
sources its materials 40% from domestic market, and 60% from the overseas
market. SC sells 20% of its products in domestic market, and 80% to the
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 major suppliers and customers.
SC is known to have the following subsidiaries:
Taicang Saina Packaging Materials Co., Ltd.
Ruian Ansai Shoes Co., Ltd.
Saina (Ruian) Machinery Engineering Co., Ltd.
Saina (Suzhou) Security Products Co., Ltd.
Etc.
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 Ruian Branch
AC#：820011704708091001
Relationship:
Normal.
Balance
Sheet
Unit:
CNY’000
|
|
As of Dec. 31, 2010 |
As of Dec. 31, 2011 |
|
Cash
& bank |
44,960 |
71,100 |
|
Inventory |
47,970 |
32,010 |
|
Bills
receivable |
0 |
0 |
|
Accounts
receivable |
33,860 |
24,630 |
|
Advances
to suppliers |
0 |
0 |
|
Other
receivables |
56,460 |
38,250 |
|
Other
current assets |
1,200 |
1,200 |
|
|
------------------ |
------------------ |
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Current
assets |
184,450 |
167,190 |
|
Fixed
assets net value |
68,480 |
59,620 |
|
Projects
under construction |
12,120 |
13,100 |
|
Long
term investment |
108,780 |
136,410 |
|
Other
assets |
8,860 |
8,180 |
|
|
------------------ |
------------------ |
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Total
assets |
382,690 |
384,500 |
|
|
============= |
============= |
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Short
loans |
167,700 |
162,220 |
|
Accounts
payable |
40,140 |
14,740 |
|
Bills
payable |
67,800 |
80,800 |
|
Advances
from clients |
0 |
0 |
|
Taxes
payable |
40 |
2,500 |
|
Other
payable |
4,430 |
6,140 |
|
Other
current liabilities |
330 |
680 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
280,440 |
267,080 |
|
Long
term liabilities |
4,500 |
0 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
284,940 |
267,080 |
|
Equities |
97,750 |
117,420 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
382,690 |
384,500 |
|
|
============= |
============= |
Income
Statement
Unit:
CNY’000
|
|
As
of Dec. 31, 2010 |
As of
Dec. 31, 2011 |
|
Turnover |
297,320 |
343,990 |
|
Cost
of goods sold |
253,890 |
296,240 |
|
Sales expense |
10,890 |
10,400 |
|
Management expense |
18,880 |
17,230 |
|
Finance expense |
8,740 |
12,780 |
|
Investment
income |
100 |
8,760 |
|
Profit
before tax |
5,930 |
16,970 |
|
Less:
profit tax |
1,390 |
2,410 |
|
Profits |
4,540 |
14,560 |
Important
Ratios
=============
|
|
As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
|
*Current
ratio |
0.66
|
0.63
|
|
*Quick
ratio |
0.49
|
0.51
|
|
*Liabilities
to assets |
0.74
|
0.69
|
|
*Net
profit margin (%) |
1.53
|
4.23
|
|
*Return
on total assets (%) |
1.19
|
3.79
|
|
*Inventory
/Turnover ×365 |
59
days |
34
days |
|
*Accounts
receivable/Turnover ×365 |
42
days |
26
days |
|
*Turnover/Total
assets |
0.78
|
0.89
|
|
*
Cost of goods sold/Turnover |
0.85
|
0.86
|
PROFITABILITY:
FAIRLY GOOD
l
The turnover of SC appears fairly good
in its line, and it increased in 2011.
l
SC’s net profit margin is average in
2010 and fairly good in 2011.
l
SC’s return on total assets is average
in 2010 and fairly good in 2011.
l
SC’s cost of goods sold is average in
both years, comparing with its turnover.
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 average in
both years.
l
The accounts receivable of SC appears
average in both years.
l
The short term loan of SC appears large
in both years.
l
SC’s turnover is in a fair level in
both years, 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: Fairly stable.
SC is considered large-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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.98 |
|
|
1 |
Rs.87.55 |
|
Euro |
1 |
Rs.68.68 |
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 |
|
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.