MIRA
INFORM REPORT
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Report Date : |
01.02.2012 |
IDENTIFICATION DETAILS
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Name : |
ZHEJIANG QUNLI PLASTICS MACHINE CO., LTD. |
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Registered Office : |
No. 699, Aojiang Avenue, Aojiang Town, Pingyang County
Wenzhou, Zhejiang Province 325401 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
02.12.1999 |
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Com. Reg. No.: |
330326000002431 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Manufacturing and selling plastic machinery. |
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No. of Employees : |
300 |
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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Maximum Credit Limit : |
USD 150,000 |
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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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
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 QUNLI PLASTICS MACHINE CO., LTD.
NO. 699, AOJIANG AVENUE, AOJIANG TOWN, PINGYANG COUNTY
WENZHOU, ZHEJIANG PROVINCE 325401 PR CHINA
TEL: 86 (0) 577-63655778/63629880/63198880
FAX: 86 (0) 577-63662639/63626199
EXECUTIVE SUMMARY
Date of Registration : DECember 2, 1999
REGISTRATION NO. : 330326000002431
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL : CNY 30,000,000
staff :
300
BUSINESS CATEGORY : MANUFACTURING
Revenue :
CNY 38,310,000 (AS OF DEC. 31,
2011)
EQUITIES :
CNY 34,460,000 (AS OF DEC. 31, 2011)
WEBSITE : N/A
E-MAIL :
N/A
PAYMENT :
AVERAGE
RECOMMENDED CREDIT LIMI : UP TO
USD 150,000 (PERIODICAL REVIEW)
MARKET CONDITION : competitive
FINANCIAL CONDITION : FAIRly
stable
OPERATIONAL TREND : fairly steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.31 = 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.: 330326000002431 on December 2,
1999.
SC’s registered capital: CNY 30,000,000
SC’s paid-in capital: CNY 30,000,000
Registration Change Record:
|
Date |
Change of Contents |
Before the change |
After the change |
|
2010 |
Registered Capital |
CNY 12,000,000 |
CNY 30,000,000 |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Yan Guoku |
40 |
|
Yan Guocang |
30 |
|
Jin Chuandang |
30 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman, and
General Manager |
Yan Guoku |
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Director/Supervisor |
Yan Guocang |
|
Jin Chuandang |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Yan Guoku 40
Yan Guocang 30
Jin Chuandang 30
MANAGEMENT
Yan Guoku , Legal
Representative, Chairman and General Manager
---------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
ID# 330326197402263515
Ø
Age: 38
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as legal representative, chairman
and general manager
Director/Supervisor
--------------------------
Yan Guocang
Jin Chuandang
BUSINESS OPERATION
SC’s registered
business scope includes manufacturing and selling plastic machinery and
accessories, injection-molded products and hardware products; international
trade (excluding distribution business of imported goods), excluding the items
limited or prohibited by state.
SC is mainly engaged
in manufacturing and selling plastic machinery.
SC’s products mainly include: PP woven sack making machinery, tape
drawing machine, winding machine, plastic packaging machinery, non-woven bag
making machinery, film bag making machine, etc.
SC
sources its materials 80% from domestic market, and 20% from overseas market.
SC sells 50% of its products in domestic market, and 50% to the overseas
market, mainly India.
The buying terms of SC include Check, T/T, L/C 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. 300 staff at
present.
SC rents an area
as its operating office and factory, but the detailed information is unknown.
RELATED COMPANY
l Wenzhou Wanqun
International Trade Co., Ltd
Registration No.: 330326000033042
Date of Registration: June 10, 2009
Legal Form: Limited Liabilities Company
Registered Capital: CNY 1,000,000
Legal Representative: Huang Yidong
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 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.
BANKING
The bank
information of SC is not filed in local SAIC.
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
|
440 |
1,500 |
|
|
Accounts
receivable |
19,810 |
5,110 |
|
Advances to
suppliers |
0 |
0 |
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Other receivable |
6,960 |
18 |
|
Inventory |
5,440 |
3,140 |
|
Prepaid expenses |
0 |
0 |
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Non-current
assets within one year |
0 |
0 |
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Other current
assets |
10 |
12 |
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|
------------------ |
------------------ |
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Current assets |
32,660 |
9,780 |
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Long-term
investment |
13,000 |
28,000 |
|
Fixed assets |
5,790 |
8,890 |
|
Construction in
progress |
6,360 |
6,360 |
|
Intangible asset |
0 |
1,445 |
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Deferred income
tax assets |
0 |
0 |
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Other
non-current assets |
-1,540 |
5 |
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------------------ |
------------------ |
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Total assets |
56,270 |
54,480 |
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============= |
============= |
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Short-term loans |
17,800 |
17,800 |
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Notes payable |
0 |
0 |
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Accounts payable |
5,860 |
1,590 |
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Wages payable |
0 |
0 |
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Taxes payable |
0 |
0 |
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Advances from
clients |
0 |
0 |
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Other payable |
0 |
0 |
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Other current liabilities |
-820 |
630 |
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------------------ |
------------------ |
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Current
liabilities |
22,840 |
20,020 |
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Non-current
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total
liabilities |
22,840 |
20,020 |
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Equities |
33,430 |
34,460 |
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------------------ |
------------------ |
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Total
liabilities & equities |
56,270 |
54,480 |
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============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2011 |
|
Revenue |
38,310 |
|
Cost of sales |
33,990 |
|
Sales expense |
600 |
|
Management expense |
2,630 |
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Finance expense |
270 |
|
Profit before
tax |
1,380 |
|
Less: profit tax |
383 |
|
997 |
Important Ratios
=============
|
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As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
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*Current ratio |
1.43 |
0.49 |
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*Quick ratio |
1.19 |
0.33 |
|
*Liabilities
to assets |
0.41 |
0.37 |
|
*Net profit
margin (%) |
-- |
2.60 |
|
*Return on
total assets (%) |
-- |
1.83 |
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*Inventory /
Revenue ×365 |
-- |
30 days |
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*Accounts
receivable/ Revenue ×365 |
-- |
49 days |
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*
Revenue/Total assets |
-- |
0.70 |
|
* Cost of
sales / Revenue |
-- |
0.89 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
l
The revenue of SC appears normal in its line in
2011.
l
SC’s net profit margin is average in 2011.
l
SC’s return on total assets is average in 2011.
l
SC’s cost of goods sold is average, comparing with
its revenue.
LIQUIDITY: FAIR
l
The current ratio of SC is maintained in a normal level
in 2010, and appears fair in 2011.
l
SC’s quick ratio is maintained in a normal level in
2010, and appears fair in 2011.
l
The inventory of SC is maintained in an average
level in both years.
l
The accounts receivable of SC appears average in
2011.
l
The short-term loans of SC appear fairly large.
l
SC’s revenue is in a fair level, comparing with the
size of its total assets.
LEVERAGE: AVERAGE
l
The debt ratio of SC is average in both years.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly Stable.
CONCLUSIONS
SC is considered medium-sized in its line with fairly stable financial
conditions. A credit line up to USD 150,000 is recommended upon a periodical
review basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.68 |
|
|
1 |
Rs.78.17 |
|
Euro |
1 |
Rs.65.52 |
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 |
|
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.