%20CO%20,%20LTD%20%20%20-%20165529%2011-Jan-2012_files/image002.jpg){kind=small}
MIRA
INFORM REPORT
|
Report Date : |
11.01.2012 |
IDENTIFICATION DETAILS
|
Name : |
ELEGANTE FASHION (TONGLU) CO.,
LTD. |
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Registered Office : |
No. 518 Jianduan Road, Qingshan Industry Park, Tonglu, Hangzhou, Zhejiang Province, 311500 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
18.03.2005 |
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Com. Reg. No.: |
006729 |
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Legal Form : |
Wholly Foreign-Owned Enterprise |
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Line of Business : |
Manufacturing and Selling Garments and Apparel, etc. |
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No. of Employees : |
50 |
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 |
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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 |
|
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
ELEGANTE FASHION (TONGLU) CO.,
LTD.
NO. 518 JIANDUAN ROAD, QINGSHAN INDUSTRY PARK, TONGLU,
HANGZHOU, ZHEJIANG PROVINCE, 311500 PR CHINA.
TEL: 86 (0) 571-69963009/69963008
FAX: 86 (0) 571-64610229
EXECUTIVE SUMMARY
INCORPORATION DATE : MARCH 18, 2005
REGISTRATION NO. :
006729
REGISTERED LEGAL FORM : WHOLLY FOREIGN-OWNED ENTERPRISE
CHIEF EXECUTIVE :
MR. HE YUNTING (CHAIRMAN)
STAFF STRENGTH :
50
REGISTERED CAPITAL : USD 300,000
BUSINESS LINE : MANUFACTURING
TURNOVER :
CNY 5,660,000 (AS OF DEC. 31,
2010)
EQUITIES :
CNY 2,420,000 (AS OF DEC. 31, 2010)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO
USD 10,000 (PERIODICAL REVIEW)
MARKET CONDITION :
AVERAGE
FINANCIAL CONDITION : FAIRLY STABLE
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.31 = USD 1
Adopted abbreviations
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY - China Yuan Renminbi
%20CO%20,%20LTD%20%20%20-%20165529%2011-Jan-2012_files/image015.gif){kind=small}
SC was registered as a wholly
foreign-owned enterprise at local Administration for Industry &
Commerce (AIC - The official body of issuing and renewing business license) on
March 18, 2005.
Company Status: Wholly Foreign-Owned This form of business in PR
China is defined as a legal person. It is a limited co. established within
the territories of PR China with capital provided totally by the foreign
investors. More than one foreign investor may jointly invest in a wholly
foreign-owned enterprise. The investing party/parties solely exercise
management, reap profit and bear risks and liabilities by themselves. This
form of companies usually have a limited duration is extendible upon
approval of Examination and Approval Authorities.
SC’s registered business scope includes manufacturing garments,
adornments, and textiles; selling self-made products and the same type products
produced by other foreign-invested enterprises.
SC is mainly engaged in manufacturing and selling garments and apparel,
etc.
Mr. He Yunting is legal representative and chairman of SC at present.
SC is known to have approx. 50 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 Tonglu. Our
checks reveal that SC owns the total premise with about 6,000 square meters.
%20CO%20,%20LTD%20%20%20-%20165529%2011-Jan-2012_files/image016.gif){kind=small}
http://www.elegante-fashion.com/ The
design is professional and the content is well organized. At present it is both
in Chinese and English versions.
Email: zero@elegante-fashion.com
%20CO%20,%20LTD%20%20%20-%20165529%2011-Jan-2012_files/image017.gif){kind=small}
No significant events or changes were found during our checks with the
local Administration for Industry and Commerce.
%20CO%20,%20LTD%20%20%20-%20165529%2011-Jan-2012_files/image018.gif){kind=small}
MAIN SHAREHOLDERS:
Name %
of Shareholding
He Yunting (Foreign individual) 100
%20CO%20,%20LTD%20%20%20-%20165529%2011-Jan-2012_files/image019.gif){kind=small}
Legal representative and chairman:
Mr. He Yunting is currently responsible for the overall management of
SC.
Working Experience(s):
At present Working
in SC as legal representative and chairman.
General manager:
Mr. He Jianhua, born in 1978. He is currently responsible for the daily
management of SC.
Working Experience(s):
At present Working
in SC as general manager.
%20CO%20,%20LTD%20%20%20-%20165529%2011-Jan-2012_files/image020.gif){kind=small}
SC is mainly engaged in manufacturing and selling garments and apparel,
etc.
Main Products: garments, apparel, etc.
SC sources its materials 95% from domestic market, and 5% from overseas
market. SC sells 40% of its products in domestic market, and 60% to overseas
market, mainly Italy.
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.
Note: SC refused to release its major suppliers and customers.
%20CO%20,%20LTD%20%20%20-%20165529%2011-Jan-2012_files/image021.gif){kind=small}
SC is not known to have any subsidiary at present.
%20CO%20,%20LTD%20%20%20-%20165529%2011-Jan-2012_files/image022.gif){kind=small}
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.
%20CO%20,%20LTD%20%20%20-%20165529%2011-Jan-2012_files/image023.gif){kind=small}
Bank of China Hangzhou Tonglu Sub-branch
AC#: 806029533508091001
Relationship: Normal.
%20CO%20,%20LTD%20%20%20-%20165529%2011-Jan-2012_files/image024.gif){kind=small}
Balance Sheet
Unit: CNY’000
|
|
as
of Dec. 31, 2009 |
as
of Dec. 31, 2010 |
|
Cash & bank |
340 |
220 |
|
Inventory |
790 |
720 |
|
Accounts receivable |
880 |
320 |
|
Advances to supplies |
770 |
730 |
|
Other receivables |
40 |
260 |
|
Other current assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current assets |
2,820 |
2,250 |
|
Fixed assets net value |
2,730 |
2,610 |
|
Projects under construction |
0 |
0 |
|
Long-term investments |
0 |
0 |
|
Intangible assets |
730 |
710 |
|
Other assets |
20 |
0 |
|
|
------------------ |
------------------ |
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Total assets |
6,300 |
5,570 |
|
|
============= |
============= |
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Short loans |
0 |
0 |
|
Accounts payable |
590 |
810 |
|
Advances from customers |
420 |
70 |
|
Accrued payroll |
130 |
140 |
|
Taxes payable |
-20 |
-40 |
|
Other Accounts payable |
2,440 |
2,170 |
|
Other current liabilities |
0 |
0 |
|
|
----------------- |
----------------- |
|
Current liabilities |
3,560 |
3,150 |
|
Long term liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
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Total liabilities |
3,560 |
3,150 |
|
Shareholders equities |
2,740 |
2,420 |
|
|
------------------ |
------------------ |
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Total liabilities & equities |
6,300 |
5,570 |
|
|
============= |
============= |
Income Statement
Unit: CNY’000
|
|
as
of Dec. 31, 2009 |
as
of Dec. 31, 2010 |
|
Turnover |
6,280 |
5,660 |
|
Cost of goods sold |
4,250 |
4,330 |
|
Sales expense |
300 |
330 |
|
Management expense |
820 |
1,120 |
|
Finance expense |
-90 |
180 |
|
Profit before tax |
860 |
-320 |
|
Less: profit tax |
0 |
0 |
|
Profits |
860 |
-320 |
Important Ratios
=============
|
|
as
of Dec. 31, 2009 |
as
of Dec. 31, 2010 |
|
*Current ratio |
0.79 |
0.71 |
|
*Quick ratio |
0.57 |
0.49 |
|
*Liabilities to assets |
0.57 |
0.57 |
|
*Net profit margin (%) |
13.69 |
-5.65 |
|
*Return on total assets (%) |
13.65 |
-5.75 |
|
*Inventory /Turnover ×365 |
46 days |
47 days |
|
*Accounts receivable/Turnover ×365 |
52 days |
21 days |
|
*Turnover/Total assets |
1.00 |
1.02 |
|
* Cost of goods sold/Turnover |
0.68 |
0.77 |
%20CO%20,%20LTD%20%20%20-%20165529%2011-Jan-2012_files/image025.gif){kind=small}
PROFITABILITY:
FAIR
The turnover of SC appears average in its line.
SC’s net profit margin is fairly good in 2009 but fair in 2010.
SC’s return on total assets is fairly good in 2009 but fair in 2010.
SC’s cost of goods sold is average in both 2 years, comparing with its
turnover.
LIQUIDITY: FAIR
The current ratio of SC is maintained in a fair level in both 2 years.
SC’s quick ratio is maintained in a fair level in both 2 years.
The inventory of SC appears average in both 2 years.
The accounts receivable of SC is average in both 2 years.
SC has no short-term loan in both 2 years.
SC’s turnover is in an average level in both 2 years, comparing with the
size of its total assets.
LEVERAGE: AVERAGE
The debt ratio of SC is average in both 2 years.
The risk for SC to go bankrupt is average.
Overall financial condition of the SC: Fairly Stable.
%20CO%20,%20LTD%20%20%20-%20165529%2011-Jan-2012_files/image026.gif){kind=small}
Credit amount: USD 1,500,000
SC is considered small-sized in its line with fairly stable financial
conditions. The given credit amount would appear to be beyond SC’s capacities, while
a credit line up to USD 10,000 is recommended upon a periodical review basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.22 |
|
|
1 |
Rs.80.84 |
|
Euro |
1 |
Rs.66.80 |
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.