MIRA
INFORM REPORT
|
Report Date : |
09.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
Shanghai
Baoluo Stainless Steel Tube Co., Ltd. |
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Registered Office : |
Building 4, No. 8, Xinshun Road, Zhujing Industry Park,
Jinshan District, Shanghai, 201503 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
03.01.2008 |
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Com. Reg. No.: |
310228001058566 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Manufacturing, processing and selling of high-end
stainless steel products |
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No. of Employees : |
120 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
usd 10,000 |
|
Status : |
Moderate |
|
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 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
Company name and address
Shanghai Baoluo Stainless Steel
Tube Co., Ltd.
BUILDING 4, No. 8, Xinshun Road,
Zhujing Industry Park,
Jinshan District, Shanghai, 201503
PR CHINA
TEL: 86 (0) 21-57348392/ 57348396/ 57348397 FAX: 86 (0)
21-57348396/ 57348397
EXECUTIVE SUMMARY
INCORPORATION DATE : JAN. 3, 2008
REGISTRATION NO. :
310228001058566
REGISTERED LEGAL FORM : LIMITED LIABILITIES COMPANY
STAFF STRENGTH : 120
REGISTERED CAPITAL :
CNY 25,000,000
BUSINESS LINE : Manufacturing,
PROCESSING & SELLING
TURNOVER : CNY 17,932,000 (AS OF DEC. 31, 2010)
EQUITIES : CNY 4,599,000 (AS OF DEC. 31,
2010)
PAYMENT : AVERAGE
RECOMM. CREDIT RANGE : UP TO usd 10,000 (periodical review)
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : FAIR
OPERATIONAL TREND :
FAIR
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.29 = 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 limited liabilities
company at local Administration for Industry & Commerce (AIC - The official
body of issuing and renewing business license) on Jan. 3, 2008.
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, processing and selling
stainless steel products, piping parts, setting piping equipment (excluding
special equipment), selling metal materials, hardware machinery, valve,
chemical raw materials and products (excluding hazardous products, monitored
chemicals, fireworks, civil used explosive and precursor chemicals), doing
import & export business of goods and technology. (with permit if needed)
SC is mainly
engaged in manufacturing, processing and selling
high-end stainless steel products.
Mr. Yu
Ze has been legal representative and chairman of SC since 2010.
SC is
known to have approx. 120 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 Shanghai. Detailed information of the premise is unspecified.
http://www.baoluotube.com/index.asp
The design is professional and the content is well organized. At present it is
in both Chinese and English versions.
E-mail: sales@baoluotube.com
Changes
of its registered information are as follows:
|
Date of change |
Item |
Before the change |
After the change |
|
|
Registered Capital |
cny 8,680,000 |
CNY 12,800,000 |
|
Shareholdings |
Xiang Guangnan 60% Ren Weibing 40% |
Xiang Guangnan 80% Ren Weibing 20% |
|
|
|
Shareholders |
Xiang Guangnan 80% Ren Weibing 20% |
Xiang Guangnan 80% Chen Yuyun 20% |
|
|
Company’s name |
Shanghai Hongji Nanbo Stainless Steel Co., Ltd. |
Present one |
|
Legal Representative |
Xiang Guangnan |
Yu Ze |
|
|
Shareholders and shareholdings |
Xiang Guangnan 80% Chen Yuyun 20% |
Yu Ze 23.44% Tang Youlin ( 23.44% Wu Liming ( 23.44% Zhao Aihua 11.72% Zhao Botao 11.72% Wu Xiongwen ( 6.24% |
|
|
|
Registered Capital |
CNY 12,800,000 |
Present amount |
|
|
Shareholders and shareholdings |
Yu Ze 23.44% Tang Youlin 23.44% Wu Liming 23.44% Zhao Aihua 11.72% Zhao Botao 11.72% Wu Xiongwen 6.24% |
Present ones |
MAIN SHAREHOLDERS:
Name %
of Shareholding
Yu Ze 76.56
Tang Youlin 23.44
l
Legal Representative and Chairman:
Mr. Yu Ze, ID# 21010419761015371X, born in
1976, he is currently responsible for the overall management of SC.
Working Experience(s):
From 2010 to present Working
in SC as legal representative and chairman.
l
Supervisor:
Tang Youlin, ID# 230306196102145118, born in
1961.
SC is mainly
engaged in manufacturing, processing and selling of
high-end stainless steel products.
SC’s products mainly include: 300 series seamless stainless steel pipe
tube, duplex seamless stainless steel pipes, bright annealed seamless stainless
steel precision and alloy tubes, etc.
SC sources its materials 100% from domestic
market. SC sells 20% of its products in domestic market, and 80% 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’s management declined to release its major clients and suppliers.
According to SC’s website.
Official Agent for Europe:
Arcus Nederland BV
Nijverheidstraat4, 3316AP, Dordrecht, The Netherlands.
Contact: Mr. Robert Heidman
Tel.: +31 6483648 Fax: +31 6483600
E-mail: bss@arcus.nl
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 Zhujing Sub-branch
AC#:
8970-16486908091001
Relationship:
Normal.
Note: SC’s staff
refused to release whether it has account in Shanghai Rural Commercial Bank.
Balance Sheet
Unit: CNY’000
|
|
as
of Dec. 31, 2009 |
as
of Dec. 31, 2010 |
|
Cash & bank |
260 |
1,042 |
|
Inventory |
14,514 |
9,496 |
|
Accounts
receivable |
278 |
1,634 |
|
Note receivable |
200 |
0 |
|
Advances to
suppliers |
1,286 |
506 |
|
Other
receivables |
78 |
374 |
|
Dividends
receivable |
0 |
0 |
|
Other current
assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current assets |
16,616 |
13,052 |
|
Fixed assets net
value |
7,928 |
6,965 |
|
Projects under
construction |
0 |
0 |
|
Long term
investment |
0 |
0 |
|
Intangible
assets |
27 |
27 |
|
Other assets |
1,262 |
1,125 |
|
|
------------------ |
------------------ |
|
Total assets |
25,833 |
21,169 |
|
|
============= |
============= |
|
Short loans |
0 |
0 |
|
Accounts payable |
6,316 |
10,461 |
|
Other accounts
payable |
0 |
0 |
|
Notes payable |
0 |
0 |
|
Taxes payable |
-1,049 |
-872 |
|
Advances from
clients |
596 |
1,011 |
|
Accrued payroll |
86 |
0 |
|
Dividends
payable |
0 |
0 |
|
Other payable |
7,795 |
5,970 |
|
Other current
liabilities |
3,875 |
0 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
17,619 |
16,570 |
|
Long term
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
17,619 |
16,570 |
|
Equities |
8,214 |
4,599 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
25,833 |
21,169 |
|
|
============= |
============= |
Income Statement
Unit: CNY’000
|
|
as
of Dec. 31, 2009 |
as
of Dec. 31, 2010 |
|
Turnover |
9,555 |
17,932 |
|
Cost of goods
sold |
8,891 |
20,173 |
|
Other operating
income |
0 |
406 |
|
Sales expense |
1,079 |
759 |
|
Management expense |
2,534 |
1,259 |
|
Finance expense |
-1 |
36 |
|
Non-operating
income |
56 |
274 |
|
Non-operating expense |
0 |
0 |
|
Profit before
tax |
-2,892 |
-3,615 |
|
Less: profit tax |
0 |
0 |
|
Profits |
-2,892 |
-3,615 |
Important Ratios
=============
|
|
as
of Dec. 31, 2009 |
as
of Dec. 31, 2010 |
|
*Current ratio |
0.94 |
0.79 |
|
*Quick ratio |
0.12 |
0.21 |
|
*Liabilities
to assets |
0.68 |
0.78 |
|
*Net profit
margin (%) |
-30.27 |
-20.16 |
|
*Return on
total assets (%) |
-11.19 |
-17.08 |
|
*Inventory
/Turnover ×365 |
555days |
194days |
|
*Accounts
receivable/Turnover ×365 |
11days |
34days |
|
*Turnover/Total
assets |
0.37 |
0.85 |
|
* Cost of
goods sold/Turnover |
0.93 |
1.12 |
PROFITABILITY:
FAIR
l
The turnover of SC appears average in both years,
and it increased in 2010.
l
SC’s net profit margin is poor in both years.
l
SC’s return on total assets is poor in both years.
l
SC’s cost of goods sold is fairly high in 2009 and high
in 2010, comparing with its turnover.
LIQUIDITY: FAIR
l
The current ratio of SC is fair in both years.
l
SC’s quick ratio is poor in both years.
l
SC’s inventory is large in both years.
l
The accounts receivable of SC average in both
years
l
SC has no short-term loan in both years.
l
SC’s turnover is poor in 2009 and fair in 2010,
comparing with the size of its total assets.
LEVERAGE: FAIR
l
The debt ratio of SC is average in 2009 and fairly
high in 2010.
l
The risk for SC to go bankrupt is above average.
Overall financial
condition of the SC: Fair.
SC is considered medium-sized in its line with fair
financial conditions. The large amount of inventory could be a threat to SC’s
financial condition. A credit line up to USD 10,000 would appear to be within SC’s
capacities upon a periodical review basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.06 |
|
|
1 |
Rs.78.08 |
|
Euro |
1 |
Rs.65.15 |
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.