MIRA INFORM REPORT
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Report Date : |
06.02.2012 |
IDENTIFICATION DETAILS
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Name : |
ZHEJIANG LONGYOU LEIDI COATING EQUIPMENT CO.,
LTD. |
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Registered Office : |
No. 3 Kaiyuan Road, Industrial Development South Zone, Longyou County, Zhejiang Province
324400 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
21.11.2003 |
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Com. Reg. No.: |
330825000004780 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
manufacturing and selling
coating equipment and auxiliary equipment |
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No. of Employees
: |
105 |
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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Maximum Credit Limit : |
USD 15,000 |
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Status : |
Moderate |
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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 30th, 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 & address
zhejiang longyou leidi coating equipment co.,
ltd.
no. 3 kaiyuan road,
industrial development south zone
longyou county, ZHEJIANG
PROVINCE 324400 PR CHINA
TEL: 86 (0)
570-7255279/7255278
FAX: 86 (0)
570-7255267
EXECUTIVE SUMMARY
Date of Registration : NOVEMBER 21, 2003
REGISTRATION NO. : 330825000004780
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL :
CNY 8,000,000
staff : 105
BUSINESS CATEGORY :
manufacturing & TRADING
Revenue : CNY
20,150,000 (AS OF DEC. 31, 2011)
EQUITIES : CNY 4,650,000 (AS OF DEC. 31, 2011)
WEBSITE : www.leidicoating.com
E-MAIL :
master@leidicoating.com
PAYMENT : AVERAGE
RECOMMENDED CREDIT LIMIT: UP TO USD 15,000 (PERIODICAL
REVIEW)
MARKET CONDITION : fair
FINANCIAL CONDITION : FAIR
OPERATIONAL TREND :
ordinary
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.: 330825000004780 on November
21, 2003.
SC’s registered capital: CNY 8,000,000
SC’s paid-in capital: CNY 8,000,000
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:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Xu Wei |
90 |
|
Zhang Qiming |
10 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative,
Chairman, and General Manager |
Xu Wei |
|
Supervisor |
Zhang Qiming |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Xu Wei 90
Zhang Qiming 10
MANAGEMENT
Xu
Wei, Legal Representative, Chairman, and General
Manager
---------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Qualification:
University
Ø
Working
experience (s):
From 2003 to present, working in SC as legal representative, chairman, and general manager
Also working in Longyou Xindi Polymer Materials Co., Ltd.
and Zhejiang Longyou Leidi Coating Equipment Co.,
Ltd. Glass Crafts Branch as legal representative
Zhang
Qiming, Supervisor
----------------------------------------------
Ø
Gender: M
Ø
Qualification:
University
BUSINESS OPERATION
SC’s registered business scope includes manufacturing and selling
coating equipment, auxiliary equipment, glass products for daily use, and glass
packaging container; and importing commodities.
SC is mainly engaged
in manufacturing and selling coating equipment and auxiliary equipment.
SC’s products
mainly include:
Automatic coating
machine
UV Cure House
Min-material
UV-Curabll Uacuum elcctroplatng Coating Line
Glass Coating Line
Metal & Plastic
Products Electrostaic Farina Coating Line
Waterfall
Dust-Free Spray room with Environmental friendly
Oil-curtain Spray
House
Double-rack bake
stove
Electrostaic Dust
Removal Machine
Tunnel-Conveyer
Oven
Plating retia
machine
Assemble Conveyer
Line
Pneumatic Oil
Supply System
Power Control
System
Paint Supply
System
Pneumatic Filter
System
Steel Pipe
glass-glaze Special Equipment
SC sources its
materials 100% from domestic market. SC sells 60% of its products in domestic
market, and 40% to overseas market, mainly Southeast Asia.
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. 105
staff at present.
SC
rents an area as its operating office and factory, but the detailed information
is unknown.
RELATED COMPANY
Subsidiary
=========
Longyou Xindi Polymer Materials Co., Ltd.
Date of Registration: July 17, 2001
Registration No.: 330825000000836
Legal Form: Limited
Liabilities Company
Registered Capital: CNY 1,000,000
Branch
======
n
Zhejiang Longyou Leidi Coating
Equipment Co., Ltd. Glass Crafts Branch
Registration No.: 330825000012642
Date of Registration: April 20, 2009
Legal Form: Branch
Principal: Xu Wei
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
|
Unit: CNY’000 |
As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
|
50 |
40 |
|
|
Accounts receivable |
2,180 |
2,900 |
|
Advances to
suppliers |
0 |
0 |
|
Other receivable |
460 |
360 |
|
Inventory |
11,190 |
12,570 |
|
Prepaid expenses |
0 |
0 |
|
Non-current
assets within one year |
0 |
0 |
|
Other current
assets |
0 |
150 |
|
|
------------------ |
------------------ |
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Current assets |
13,880 |
16,020 |
|
Fixed assets |
7,950 |
4,210 |
|
Construction in
progress |
0 |
97 |
|
Intangible asset |
0 |
0 |
|
Deferred income
tax assets |
0 |
0 |
|
Other
non-current assets |
2,270 |
5,203 |
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|
------------------ |
------------------ |
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Total assets |
24,100 |
25,530 |
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|
============= |
============= |
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Short-term loans |
9,100 |
11,000 |
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Notes payable |
0 |
0 |
|
Accounts payable |
250 |
2,640 |
|
Wages payable |
0 |
0 |
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Taxes payable |
0 |
0 |
|
Advances from
clients |
0 |
0 |
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Other payable |
8,250 |
7,260 |
|
Other current
liabilities |
-160 |
-20 |
|
|
------------------ |
------------------ |
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Current
liabilities |
17,440 |
20,880 |
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Non-current
liabilities |
0 |
0 |
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|
------------------ |
------------------ |
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Total
liabilities |
17,440 |
20,880 |
|
Equities |
6,660 |
4,650 |
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|
------------------ |
------------------ |
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Total
liabilities & equities |
24,100 |
25,530 |
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|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2011 |
|
Revenue |
20,150 |
|
Cost of sales |
17,750 |
|
Sales expense |
580 |
|
Management expense |
2,940 |
|
Finance expense |
890 |
|
Profit before
tax |
-2,020 |
|
Less: profit tax |
0 |
|
-2,020 |
Important Ratios
=============
|
|
As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
|
*Current ratio |
0.80 |
0.77 |
|
*Quick ratio |
0.15 |
0.17 |
|
*Liabilities
to assets |
0.72 |
0.82 |
|
*Net profit
margin (%) |
-- |
-10.02 |
|
*Return on
total assets (%) |
-- |
-7.91 |
|
*Inventory /
Revenue ×365 |
-- |
228 days |
|
*Accounts
receivable/ Revenue ×365 |
-- |
53 days |
|
*
Revenue/Total assets |
-- |
0.79 |
|
* Cost of
sales / Revenue |
-- |
0.88 |
FINANCIAL
COMMENTS
PROFITABILITY:
FAIR
l
The revenue of SC appears
average in its line 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 goods sold 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 poor level in
both years.
l
The inventory of SC appears large.
l
The accounts receivable of SC appears average.
l
The short-term loans of SC appear 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: Fair.
CONCLUSIONS
SC is considered small-sized in its line with
fair financial conditions. The large amount of
inventory and short-term loans may be a threat
to SC’s financial condition, a credit line up to USD 15,000 would appear to be
within SC’s capacities upon a periodical review basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.96 |
|
UK Pound |
1 |
Rs.77.47 |
|
Euro |
1 |
Rs.64.39 |
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 |
|
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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.