MIRA
INFORM REPORT
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Report Date : |
17.02.2012 |
IDENTIFICATION DETAILS
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Name : |
WENZHOU ZHETAI IMPORT & EXPORT CO., LTD. |
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Registered Office : |
Room 2402, 4# Building, Daziran Garden, Tangjiaqiao Road
Wenzhou, Zhejiang Province 325000 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
04.08.2010 |
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Com. Reg. No.: |
330302000083935 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Selling Stainless Steel Products |
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No. of Employees : |
11 |
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 100,000 |
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Status : |
Small Company |
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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 |
|
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
WENZHOU ZHETAI IMPORT & EXPORT CO., LTD.
ROOM 2402, 4# BUILDING, DAZIRAN GARDEN, TANGJIAQIAO ROAD
WENZHOU, ZHEJIANG PROVINCE 325000 PR CHINA
TEL: 86 (0) 577-88928235/88928239/88928236
FAX: 86 (0) 577-88928232
EXECUTIVE SUMMARY
Date of Registration : august 4, 2010
REGISTRATION NO. : 330302000083935
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL : cny 10,000,000
staff : 11
BUSINESS CATEGORY : trading
Revenue :
CNY 58,460,000 (AS OF DEC. 31, 2011)
EQUITIES :
CNY 10,077,000 (AS OF DEC. 31, 2011)
WEBSITE : N/A
E-MAIL :
N/A
PAYMENT :
AVERAGE
Recommended Credit Limit: UP TO USD 100,000
MARKET CONDITION : average
FINANCIAL CONDITION : FAIRly stable
OPERATIONAL TREND : ordinary
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 limited liabilities company of PRC with State Administration of Industry
& Commerce (SAIC) under registration No.: 330302000083935 on august
4, 2010.
SC’s Organization Code Certificate No.:
55969451-7
SC’s registered capital: cny 10,000,000
SC’s paid-in capital: cny 10,000,000
Registration Change Record:
|
Date |
Change of Contents |
Before the change |
After the change |
|
2011 |
Registered capital |
CNY 1,000,000 |
cny 10,000,000 |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Zheng Di |
85 |
|
Su Zhilai |
15 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman, and
General Manager |
Zheng Di |
|
Supervisor |
Su Zhilai |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Zheng Di 85
Su Zhilai 15
MANAGEMENT
Zheng Di , Legal
Representative, Chairman and General Manager
----------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 35
Ø
ID# 330302197703312818
Ø
Qualification:
University
Ø
Working
experience (s):
From 2010
to present, working in SC as legal representative, chairman and general manager
Su Zhilai ,
Supervisor
---------------------------------------
Ø
Gender: M
BUSINESS OPERATION
SC’s registered business scope includes operating and
acting as an agent of importing and exporting goods and technology, selling non-ferrous
metal, metal mineral products, wood products, stainless steel products,
clothing, shoes, metal products, textiles, chemical raw materials ( excluding
dangerous chemicals ), building materials, ceramic products, furniture, arts
and crafts, machinery and equipment, rubber products.
SC is mainly
engaged in selling stainless steel products.
SC’s products mainly include:
Stainless steel coil
Stainless steel plate
Stainless Steel Round Bar
Stainless steel seamless pipe
Stainless steel elbow
Stainless steel pipe fitting
Stainless steel flange
Stainless steel welded pipe
Stainless steel reducing tee
SC sources its materials 100% from domestic
market, mainly Anhui. SC sells 15% of its products in domestic market, and 85%
to overseas market, mainly Southeast Asia.
The buying terms
of SC include T/T and Credit of 30-60 days. The payment terms of SC include
T/T, L/C and Credit of 30-60 days.
*Major Supplier:
============
Anhui Zhetai
Stainless Steel Group Co., Ltd.
Staff & Office:
--------------------------
SC is known
to have approx. 11 staff at
present.
SC rents an area
as its operating office of approx. 120 sq. meters at the heading address.
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’s suppliers
declined to make any comments.
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
Merchants Bank Wenzhou Branch
AC#:
5577903447110603
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
|
446 |
3,796 |
|
|
Accounts
receivable |
0 |
0 |
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Advances to
suppliers |
2,060 |
0 |
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Other receivable |
0 |
0 |
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Inventory |
1,096 |
0 |
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Non-current
assets within one year |
0 |
0 |
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Other current
assets |
431 |
335 |
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------------------ |
------------------ |
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Current assets |
4,033 |
4,131 |
|
Fixed assets |
25 |
41 |
|
Construction in
progress |
0 |
0 |
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Intangible
assets |
0 |
0 |
|
Deferred income
tax assets |
0 |
0 |
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Other
non-current assets |
-8 |
-6 |
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------------------ |
------------------ |
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Total assets |
4,050 |
4,166 |
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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 |
26 |
-15,339 |
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Wages payable |
0 |
0 |
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Advances from
clients |
3,000 |
9,500 |
|
Other payable |
125 |
125 |
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Other current
liabilities |
15 |
-197 |
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------------------ |
------------------ |
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Current
liabilities |
3,166 |
-5,911 |
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Non-current
liabilities |
62 |
0 |
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------------------ |
------------------ |
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Total
liabilities |
3,228 |
-5,911 |
|
Equities |
822 |
10,077 |
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------------------ |
------------------ |
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Total
liabilities & equities |
4,050 |
4,166 |
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|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2011 |
|
Revenue |
58,460 |
|
Cost of sales |
57,160 |
|
Taxes and surcharges |
14 |
|
Sales expense |
109 |
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Management expense |
847 |
|
Finance expense |
102 |
|
Profit before
tax |
223 |
|
Less: profit tax |
14 |
|
209 |
Important Ratios
=============
|
|
As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
|
*Current ratio |
1.27 |
-0.70 |
|
*Quick ratio |
0.93 |
-0.70 |
|
*Liabilities
to assets |
0.80 |
-1.42 |
|
*Net profit margin
(%) |
-- |
0.36 |
|
*Return on
total assets (%) |
-- |
5.02 |
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*Inventory /
Revenue ×365 |
-- |
-- |
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*Accounts
receivable/ Revenue ×365 |
-- |
-- |
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*
Revenue/Total assets |
-- |
14.03 |
|
* Cost of
sales / Revenue |
-- |
0.98 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
l
The revenue of SC appears average in its line in
2011.
l
SC’s net profit margin is average in 2011.
l
SC’s return on total assets is fairly good in 2011.
l
SC’s cost of sales is high, 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 appears fairly large in 2010.
l
SC has no accounts receivable in both years.
l
SC has no short-term loans in both years.
l
SC’s revenue is in a fairly good level, comparing
with the size of its total assets.
LEVERAGE: AVERAGE
l
The debt ratio of SC is average in 2010.
l
The risk for SC to go bankrupt is average.
Overall financial condition
of the SC: Fairly Stable.
CONCLUSIONS
SC is considered small-sized in its line with fairly stable financial
conditions. A credit line up to USD 100,000
would appear to be within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.25 |
|
|
1 |
Rs.77.45 |
|
Euro |
1 |
Rs.64.89 |
RATING EXPLANATIONS
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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.