MIRA
INFORM REPORT
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Report Date : |
28.02.2012 |
IDENTIFICATION DETAILS
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Name : |
ZHEJIANG MINGLONG PLASTIC CEMENT CO., LTD. |
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Registered Office : |
Tudian, Economic Development Zone, Tongxiang Zhejiang Province 314503 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
16.09.2005 |
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Com. Reg. No.: |
330483000020981 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Manufacturing and selling plastic products, specialty industrial fabrics; importing and exporting goods and technology. |
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No. of Employees : |
150 |
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 300,000 |
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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) |
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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 MINGLONG PLASTIC CEMENT CO., LTD.
TUDIAN, ECONOMIC DEVELOPMENT ZONE, TONGXIANG
ZHEJIANG PROVINCE 314503 PR CHINA
TEL: 86 (0) 573-88860028/88890113
FAX: 86 (0) 573-88890086
EXECUTIVE SUMMARY
Date of Registration : september 16, 2005
REGISTRATION NO. : 330483000020981
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL : cny 35,000,000
staff :
150
BUSINESS CATEGORY : manufacturing
Revenue :
CNY 205,280,000 (AS OF DEC. 31, 2011)
EQUITIES :
CNY 45,390,000 (AS OF DEC. 31, 2011)
WEBSITE : www.zjmlflex.com
E-MAIL :
N/A
PAYMENT :
AVERAGE
Recommended Credit Limit : UP TO USD 300,000 (PERIODICAL REVIEW)
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRly
stable
OPERATIONAL TREND : STEADY
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.: 330483000020981
on September 16, 2005.
SC’s registered capital: cny 35,000,000
SC’s paid-in capital: cny 35,000,000
Registration Change Record:
|
Date |
Change of Contents |
Before the change |
After the change |
|
|
Registered Capital |
CNY 10,000,000 |
CNY 18,000,000 |
|
Shareholders (% of Shareholding) |
Zhu Minglong 20% Zhu Jianhua 80% |
Zhu Minglong 27.78% Zhu Jianhua 72.22% |
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|
|
Legal
Representative |
Zhu Minglong |
Zhu Jianzhang |
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Shareholders (% of Shareholding) |
Zhu Minglong 27.78% Zhu Jianhua 72.22% |
Zhu Jianzhang 10% Zhu Jianhua 90% |
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Shareholders (% of Shareholding) |
Zhu Jianzhang 10% Zhu Jianhua 90% |
Zhu Jianzhang 10% Zhejiang Minglong Investment Co., Ltd. 40% Zhu Jianhua 50% |
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Registration No. |
3304832210218 |
330483000020981 |
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Shareholders (% of Shareholding) |
Zhu Jianzhang 10% Zhejiang Minglong Investment Co., Ltd. 40% Zhu Jianhua 50% |
Zhu Jianzhang 10% Zhejiang Minglong Holdings Co., Ltd. 40% Zhu Jianhua 50% |
|
-- |
Registered Capital |
CNY 18,000,000 |
cny 35,000,000 |
|
Shareholders (% of Shareholding) |
Zhu Jianzhang 10% Zhejiang Minglong Holdings Co., Ltd. 40% Zhu Jianhua 50% |
Zhu Jianzhang 5.14% Minglong Holding Group Co., Ltd. 49.14% Zhu Jianhua45.72% |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Zhu Jianzhang |
5.14 |
|
Minglong Holding Group Co., Ltd. |
49.14 |
|
Zhu Jianhua |
45.72 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman, and
General Manager |
Zhu Jianzhang |
|
Supervisor |
Zhu Jianhua |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Zhu Jianzhang 5.14
Minglong Holding Group Co., Ltd. 49.14
Zhu Jianhua 45.72
Minglong Holding Group Co., Ltd.
=============================
Date of Registration: January 8, 2008
Registration No.: 330483000014091
Legal Form: Limited Liabilities
Company
Registered Capital: CNY 50,000,000
MANAGEMENT
Zhu Jianzhang ,
Legal Representative, Chairman and General Manager
--------------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 44
Ø
ID# 330425196808013211
Ø
Qualification:
University
Ø
Working
experience (s):
From 2005
to present, working in SC as legal representative, chairman and general manager
Zhu Jianhua ,
Supervisor
--------------------------------------------
Ø
Gender: M
Ø
Age: 50
Ø
ID# 330425196207113217
BUSINESS OPERATION
SC’s registered business scope includes manufacturing and
selling plastic products, specialty industrial fabrics; importing and exporting
goods and technology.
SC is mainly
engaged in manufacturing and selling specialty industrial fabrics.
SC’s products
mainly include:
Banner
Flex
Coated
Fabric
Mesh
Vinyls
Super
Clear Film/Vinyl
SC sources its materials 100% from domestic market,
mainly Zhejiang. SC sells 70% of its products in domestic market, and 30% to
overseas market, mainly USA and 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:
==============
Zhejiang Hailide New Material Co., Ltd.
*Major Customer:
=============
Onex Inc. (USA)
Staff & Office:
--------------------------
SC is known
to have approx. 150 staff at
present.
SC owns an area as
its operating office & factory of approx. 41,000 sq. meters at the heading
address.
RELATED COMPANY
n
Zhejiang New-Mingrong Tricot Co., Ltd.
n
Zhejiang Minglong Base Fabric Co., Ltd.
n
Zhejiang Minglong Import & Export Co., Ltd.
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:
Bank of China Tongxiang Branch
AC#: 860030875608091001
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
|
49,580 |
58,680 |
|
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Accounts
receivable |
14,810 |
27,810 |
|
Advances to
suppliers |
0 |
0 |
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Other receivable |
26,500 |
16,000 |
|
Inventory |
21,910 |
18,980 |
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Non-current
assets within one year |
0 |
0 |
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Other current
assets |
130 |
120 |
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|
------------------ |
------------------ |
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Current assets |
112,930 |
121,590 |
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Fixed assets |
49,980 |
46,210 |
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Construction in
progress |
0 |
0 |
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Long-term prepaid
expenses |
0 |
0 |
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Deferred income
tax assets |
0 |
0 |
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Other
non-current assets |
6,160 |
6,000 |
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------------------ |
------------------ |
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Total assets |
169,070 |
173,800 |
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============= |
============= |
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Short-term loans |
40,450 |
58,290 |
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Notes payable |
81,780 |
61,100 |
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Accounts payable |
-3,800 |
-12,660 |
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Wages payable |
0 |
0 |
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Advances from
clients |
0 |
0 |
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Other payable |
5,880 |
21,430 |
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Other current
liabilities |
420 |
250 |
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------------------ |
------------------ |
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Current
liabilities |
124,730 |
128,410 |
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Non-current
liabilities |
0 |
0 |
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|
------------------ |
------------------ |
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Total
liabilities |
124,730 |
128,410 |
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Equities |
44,340 |
45,390 |
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|
------------------ |
------------------ |
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Total
liabilities & equities |
169,070 |
173,800 |
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|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2011 |
|
Revenue |
205,280 |
|
Cost of sales |
192,900 |
|
Sales expense |
2,560 |
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Management expense |
4,450 |
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Finance expense |
4,620 |
|
Profit before
tax |
1,140 |
|
Less: profit tax |
30 |
|
1,110 |
Important Ratios
=============
|
|
As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
|
*Current ratio |
0.91 |
0.95 |
|
*Quick ratio |
0.73 |
0.80 |
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*Liabilities
to assets |
0.74 |
0.74 |
|
*Net profit
margin (%) |
-- |
0.54 |
|
*Return on
total assets (%) |
-- |
0.64 |
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*Inventory /
Revenue ×365 |
-- |
34 days |
|
*Accounts
receivable/ Revenue ×365 |
-- |
50 days |
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*
Revenue/Total assets |
-- |
1.18 |
|
* Cost of
sales / Revenue |
-- |
0.94 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
l
The revenue of SC appears fairly good in its line.
l
SC’s net profit margin is average.
l
SC’s return on total assets is average.
l
SC’s cost of sales is fairly high, comparing with
its revenue.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a fair
level.
l
SC’s quick ratio is maintained in a normal level.
l
The inventory of SC is maintained in an average
level.
l
The accounts receivable of SC is maintained in an
average level.
l
The short-term loan of SC appears large.
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: Fairly stable.
CONCLUSIONS
SC is considered medium-sized in its line with fairly stable financial
conditions. The large amount of short-term loan may be a threat to SC’s
financial condition. A credit line up to USD 300,000 is recommended upon a
periodical review basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.05 |
|
|
1 |
Rs.77.78 |
|
Euro |
1 |
Rs.65.89 |
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.