MIRA
INFORM REPORT
|
Report Date : |
14.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
ZHEJIANG
BORETECH CO., LTD. |
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Registered Office : |
19k-1, 07 Province Road, Pinghu
Economic Development Zone, Zhejiang Province 314214 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
27.10.2005 |
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Com. Reg. No.: |
330400400015285 |
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Legal Form : |
Wholly Foreign-Owned Enterprise |
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Line of Business : |
Manufacturing and selling equipments for plastic recycled process |
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No. of Employees : |
140 |
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 50,000 |
|
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
ZHEJIANG BORETECH CO., LTD.
19K-1, 07
PROVINCE ROAD, PINGHU ECONOMIC DEVELOPMENT ZONE
ZHEJIANG
PROVINCE 314214 PR CHINA
TEL: 86
(0) 573-85120186/85123426
FAX: 86
(0) 573-85113959
EXECUTIVE SUMMARY
Date of Registration : OCTOBER 27, 2005
REGISTRATION NO. : 330400400015285
LEGAL FORM : WHOLLY
FOREIGN-OWNED ENTERPRISE
REGISTERED CAPITAL :
USD
4,500,000
staff : 140
BUSINESS CATEGORY :
manufacturing
Revenue :
CNY 89,001,000 (AS OF DEC. 31,
2010)
EQUITIES :
CNY 16,503,000 (AS OF DEC. 31, 2010)
WEBSITE : www.bo-re-tech.com
E-MAIL :
sales@bo-re-tech.com
PAYMENT : AVERAGE
Recommended Credit Limit : UP TO USD 50,000
(PERIODICAL REVIEW)
MARKET CONDITION : average
FINANCIAL CONDITION :
FAIR
OPERATIONAL TREND :
DOWNWARD
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.30 = 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 wholly foreign-owned enterprise of
PRC with State Administration of Industry & Commerce (SAIC) under
registration No.: 330400400015285 on October 27, 2005.
SC’s Organization Code Certificate
No.: 77829774-9
SC’s registered capital: USD 4,500,000
SC’s paid-in capital: USD 4,500,000
Registration Change Record:
|
Date |
Change of Contents |
Before the change |
After the change |
|
|
Registered No. |
003773 |
330400400015285 |
|
|
Registered Capital |
USD 6,500,000 |
USD 4,500,000 |
|
|
Legal Representative |
Ou Bohao |
Ou Zhewen |
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Guang Shun Pettechs Fibre
Industry L.L.C (USA) |
100 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative,
Chairman, and General Manager |
Ou Zhewen |
|
Director |
Ou Yifeng |
|
Ou Bohao |
|
|
Supervisor |
Li Ruohua |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Guang Shun Pettechs Fibre
Industry L.L.C (USA)
100
MANAGEMENT
Ou Zhewen, Legal Representative, Chairman and General Manager
---------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 25
Ø
Certificate No. 0012663805
Ø
Qualification:
University
Ø
Working
experience (s):
From 2009 to present, working in SC as legal representative,
chairman and general manager
Director
-----------
Ou Yifeng ID# N120109926
Ou Bohao ID# N124108372
Supervisor
---------------
Li Ruohua ID#
0032058804(B)
BUSINESS OPERATION
SC’s registered business scope includes manufacturing
and selling equipments for plastic recycled process; providing technological
consultation and after-sale services for the above products; dissolve and
recycle of waste plastic; manufacturing hi-tech chemical fiber like
differential fibers, aramid fiber, functionalized and environment friendly
elasthan, carbon fiber, high strength and modulus polyethylene with an annual
capacity of 5,000 tons and above.
SC is mainly
engaged in manufacturing and selling PET recovery production equipment and
fiber.
Brand: BORETECH
SC’s
products mainly include: recycling machinery, polyester staple fiber,
plastic recycled material, and etc.
SC sources its
materials 50% from domestic market, and 50% from overseas market. SC sells 90%
of its products in domestic market, and 10% to 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.
Staff & Office:
--------------------------
SC is
known to have approx. 140 staff
at present.
SC owns an area as
its operating office & factory of approx. 29,000 sq. meters at the heading
address.
RELATED COMPANY
According to the above
website:
Zhejiang An Shun Pettechs Fibre Co., Ltd.
Anshun Japan Co., Ltd.
Baoding Guangshun Co., Ltd.
Ryh Jenq Environmental Technology Co., Ltd. (Taiwan)
Ultimate Parent
Company: (According to the above website)
=============================================
Anshun Enterprise
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
Basic Bank:
China Construction Bank Pinghu Sub-branch
AC#: 33001637335053001684
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
4,354 |
5,858 |
|
|
Notes receivable |
1,200 |
307 |
|
Accounts
receivable |
8,803 |
6,361 |
|
Advances to
suppliers |
11,136 |
14,385 |
|
Other receivable |
3,416 |
4,246 |
|
Inventory |
12,564 |
13,643 |
|
Non-current
assets within one year |
0 |
0 |
|
Other current
assets |
29 |
224 |
|
|
------------------ |
------------------ |
|
Current assets |
41,502 |
45,024 |
|
Fixed assets |
29,764 |
7,563 |
|
Construction in
progress |
433 |
1,692 |
|
Intangible
assets |
1,068 |
1,027 |
|
Long-term
prepaid expenses |
0 |
0 |
|
Deferred assets |
864 |
608 |
|
Other
non-current assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total assets |
73,631 |
55,914 |
|
|
============= |
============= |
|
Short-term loans |
10,742 |
6,742 |
|
Notes payable |
0 |
0 |
|
Accounts payable |
33,350 |
24,343 |
|
Wages payable |
399 |
589 |
|
Taxes payable |
-390 |
312 |
|
Advances from
clients |
5,259 |
5,820 |
|
Other payable |
606 |
1,469 |
|
Other current
liabilities |
152 |
136 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
50,118 |
39,411 |
|
Non-current
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
50,118 |
39,411 |
|
Equities |
23,513 |
16,503 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
73,631 |
55,914 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2009 |
As of Dec. 31,
2010 |
|
Revenue |
47,420 |
89,001 |
|
Cost of sales |
42,506 |
74,612 |
|
Taxes and surcharges |
71 |
197 |
|
Sales expense |
2,025 |
2,010 |
|
Management expense |
3,337 |
6,517 |
|
Finance expense |
597 |
607 |
|
Non-business
income |
16 |
168 |
|
Non-business expense |
376 |
15,005 |
|
Profit before
tax |
-1,781 |
-7,010 |
|
Less: profit tax |
0 |
0 |
|
-1,781 |
-7,010 |
Important Ratios
=============
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
*Current ratio |
0.83 |
1.14 |
|
*Quick ratio |
0.58 |
0.80 |
|
*Liabilities
to assets |
0.68 |
0.70 |
|
*Net profit
margin (%) |
-3.76 |
-7.88 |
|
*Return on
total assets (%) |
-2.42 |
-12.54 |
|
*Inventory /
Revenue ×365 |
97 days |
56 days |
|
*Accounts
receivable/ Revenue ×365 |
68 days |
27 days |
|
*
Revenue/Total assets |
0.64 |
1.59 |
|
* Cost of
sales / Revenue |
0.90 |
0.84 |
FINANCIAL COMMENTS
PROFITABILITY:
POOR
l
The revenue of SC appears average, and it was
rising in 2010.
l
SC’s net profit margin is fair in 2009 and poor in
2010.
l
SC’s return on total assets is fair in 2009 and
poor in 2010.
l
SC’s cost of sales is average, comparing with its revenue.
LIQUIDITY:
AVERAGE
l
The current ratio of SC is maintained in a normal
level in 2010.
l
SC’s quick ratio is maintained in a normal level in
2010.
l
The inventory of SC is maintained in an average
level.
l
The accounts receivable of SC is maintained in an
average level.
l
SC’s short-term loans are in an average level.
l
SC’s revenue is in an
average level, 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: Fair.
CONCLUSIONS
SC is considered medium-sized in its line with fair financial
conditions. A credit line up to USD 50,000 is recommended upon a periodical
review basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.33 |
|
|
1 |
Rs.77.41 |
|
Euro |
1 |
Rs.64.83 |
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.