MIRA INFORM REPORT
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Report Date : |
29.12.2012 |
IDENTIFICATION DETAILS
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Name : |
ZHONGSHAN TIMES LIFE ELECTRICAL APPLIANCE CO., LTD. |
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Registered Office : |
No. 3 Shenfei Road, Dayan Industrial Zone, Huangpu Town Zhongshan,
Guangdong Province 528324 Pr |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
10.04.2009 |
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Com. Reg. No.: |
442000000220019 |
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Legal Form : |
Limited liabilities
company |
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Line of Business : |
Subject is engaged in manufacturing and selling household electric
appliance. |
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No. of Employees : |
26 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Small Company |
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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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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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 |
Since the late 1970s
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Source : CIA |
Company name and address
ZHONGSHAN TIMES LIFE ELECTRICAL APPLIANCE CO., LTD.
NO. 3 SHENFEI ROAD, DAYAN INDUSTRIAL ZONE, HUANGPU TOWN
ZHONGSHAN, GUANGDONG PROVINCE 528324 PR CHINA
TEL: 86 (0) 760-23831958/22678138
FAX: 86 (0) 760-23831957
EXECUTIVE SUMMARY
Date of Registration : APRIL 10, 2009
REGISTRATION NO. : 442000000220019
LEGAL FORM : Limited liabilities company
CHIEF EXECUTIVE :
CHEN ZHAOXIANG (LEGAL
REPRESENTATIVE)
REGISTERED CAPITAL : CNY 500,000
staff :
26
BUSINESS CATEGORY : MANUFACTURING & trading
Revenue :
CNY 1,852,000 (AS OF DEC. 31, 2011)
EQUITIES :
CNY 374,000 (AS OF DEC. 31, 2011)
WEBSITE : www.zs-time.com
E-MAIL :
sales@zs-time.com
PAYMENT :
AVERAGE
MARKET CONDITION : average
FINANCIAL CONDITION : FAIRly stable
OPERATIONAL TREND : ORDINARY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.24 = 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 limited liabilities company of PRC with State
Administration of Industry & Commerce (SAIC) under registration No.:
442000000220019 on April 10, 2009.
SC’s Organization Code Certificate No.:
68641172-7
SC’s registered capital: CNY 500,000
SC’s paid-in capital: CNY 500,000
Registration Change Record:-
No significant changes of SC have been noted
in SAIC since its incorporation.
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
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Name of Shareholder (s) |
% of Shareholding |
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Chen Zhaoxiang |
80 |
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Wang Huanzhu |
20 |
SC’s Chief Executives:-
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Position |
Name |
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Legal Representative, Chairman, and General Manager |
Chen Zhaoxiang |
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Supervisor |
Wang Huanzhu |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Chen Zhaoxiang 80
Wang Huanzhu 20
MANAGEMENT
Chen Zhaoxiang, Legal Representative, Chairman and General
Manager
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Gender: M
Qualification: University
Working experience (s):
At present, working in SC as legal representative, chairman and general
manager
Wang Huanzhu (王环珠), Supervisor
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Gender: F
Qualification: University
BUSINESS OPERATION
SC’s registered business scope includes manufacturing and
selling household electric appliance, stoves, gas water heater, and hardware.
SC is mainly engaged in manufacturing and selling household electric
appliance.
SC’s products mainly include:
Range Hood
Gas Stove
+ Infrared gas stove
+ Atmospheric gas stove
Disinfection cabinet
Water heater series
+ Gas water heater
+ Electric water heater
Integrated En-tech Kitchen Appliance
Life electric appliances
+ Air Conditioner
+ Electric heater
+ Wall mounted
+ Freestanding type
+ Fireplace
SC sources its products 100% from domestic market. SC sells 70% of its
products in domestic market, and 30% to overseas market, mainly to Southeast
Asia, etc.
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.
Staff &
Office:
--------------------------
SC is known to have approx. 26
staff at present.
SC rents 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 local SAIC.
FINANCIALS
Balance Sheet
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Unit: CNY’000 |
As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
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254 |
101 |
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Notes receivable |
0 |
0 |
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Accounts receivable |
-2 |
275 |
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Advances to suppliers |
0 |
0 |
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Other receivable |
0 |
103 |
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Inventory |
355 |
744 |
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Prepaid expense |
45 |
45 |
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Non-current assets within one year |
0 |
0 |
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Other current assets |
0 |
0 |
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------------------ |
------------------ |
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Current assets |
652 |
1,268 |
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Long-term investment |
0 |
0 |
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Fixed assets |
60 |
141 |
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Construction in progress |
0 |
0 |
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Intangible assets |
0 |
0 |
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Long-term prepaid expenses |
2 |
0 |
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Deferred income tax assets |
0 |
0 |
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Other non-current assets |
0 |
0 |
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------------------ |
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Total assets |
714 |
1,409 |
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============= |
============= |
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Short-term loans |
0 |
0 |
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Notes payable |
0 |
0 |
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Accounts payable |
36 |
-650 |
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Wages payable |
6 |
19 |
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Taxes payable |
8 |
9 |
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Advances from clients |
0 |
0 |
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Other payable |
242 |
1,657 |
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Other current liabilities |
0 |
0 |
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Current liabilities |
292 |
1,035 |
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Non-current liabilities |
0 |
0 |
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Total liabilities |
292 |
1,035 |
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Equities |
422 |
374 |
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Total liabilities & equities |
714 |
1,409 |
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Income Statement
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Unit: CNY’000 |
As
of Dec. 31, 2011 |
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Revenue |
1,852 |
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Cost of sales |
1,539 |
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Taxes and surcharges |
7 |
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Sales expense |
119 |
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Management expense |
209 |
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Finance expense |
0 |
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Profit before tax |
-24 |
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Less: profit tax |
23 |
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-47 |
Important Ratios
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As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
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*Current ratio |
2.23 |
1.23 |
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*Quick ratio |
1.02 |
0.51 |
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*Liabilities to assets |
0.41 |
0.73 |
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*Net profit margin (%) |
-- |
-2.54 |
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*Return on total assets (%) |
-- |
-3.34 |
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*Inventory / Revenue ×365 |
-- |
147 days |
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*Accounts receivable/ Revenue ×365 |
-- |
55 days |
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* Revenue/Total assets |
-- |
1.31 |
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* Cost of sales / Revenue |
-- |
0.83 |
FINANCIAL COMMENTS
PROFITABILITY:
FAIR
The revenue of SC appears average in its line.
SC’s net profit margin is fair.
SC’s return on total assets is fair.
SC’s cost of sales is average, comparing with its revenue.
LIQUIDITY: FAIR
The current ratio of SC is maintained in a fairly good level in 2010,
normal in 2011.
SC’s quick ratio is maintained in a fairly good level in 2010, fair in
2011.
The inventory of SC appears large in 2011.
The accounts receivable of SC appears average in 2011.
SC has no short-term loans in both years.
SC’s revenue is in an average level, comparing with the size of its
total assets.
LEVERAGE: AVERAGE
The debt ratio of SC is average.
The risk for SC to go bankrupt is above average.
Overall financial
condition of the SC: Fair.
CONCLUSIONS
SC is considered small-sized in its line with fair financial conditions.
The large amount of inventory may be a threat to SC’s financial condition.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.54.85 |
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UK Pound |
1 |
Rs.88.40 |
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Euro |
1 |
Rs.72.63 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.