MIRA
INFORM REPORT
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Report Date : |
14.01.2012 |
IDENTIFICATION DETAILS
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Name : |
JIAXING SUNLONG INDUSTRIAL & TRADING CO., LTD. |
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Registered Office : |
No. 8, Youyi Road, Economic Development Zone, Jiaxing
Zhejiang Province 314001 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
21.11.2003 |
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Com. Reg. No.: |
330403000010259 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Manufacturing and Processing with arts and crafts (excluding gold and
silver jewelry). |
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No. of Employees : |
28 |
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 50,000 |
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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 |
sc’s INFO.
JIAXING SUNLONG INDUSTRIAL & TRADING CO., LTD.
NO. 8, YOUYI ROAD, ECONOMIC DEVELOPMENT ZONE, JIAXING ZHEJIANG PROVINCE 314001 PR CHINA
TEL: 86 (0) 573-82112093/82119590
FAX: 86 (0) 573-82117012
EXECUTIVE SUMMARY
Date of Registration :
November 21, 2003
REGISTRATION NO. :
330403000010259
LEGAL FORM :
Limited liabilities company
CHIEF EXECUTIVE :
ZHU RUIRONG (LEGAL REPRESENTATIVE)
REGISTERED CAPITAL : CNY 3,800,000
staff :
28
BUSINESS CATEGORY : TRADING
Revenue :
CNY 175,200,000 (AS OF DEC. 31, 2010)
EQUITIES :
CNY 5,358,000 (AS OF DEC. 31, 2010)
WEBSITE :
www.sunlongtech.com
E-MAIL :
sales@sunlongtech.com
PAYMENT :
AVERAGE
Recommended Credit Limit :
UP TO USD 50,000
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
stable
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 6.31 = 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.:
330403000010259 on November 21, 2003.
SC’s Organization Code Certificate No.: 75594698-8
SC’s registered capital: CNY 3,800,000
SC’s paid-in capital: CNY 3,800,000
Registration
Change Record:
|
Date |
Change of Contents |
Before the change |
After the change |
|
|
Shareholder (s) (% of Shareholding) |
Chen Hua 2.22% Yue Chunmei 2.22% Shen Yang 4.44% Yang Jianhua 5.56% Shen Lanlan 9.56% Zhu Lixing 15% Zhejiang Winsun Imp & Exp Co., Ltd 30% Zhu Ruirong 31% |
Chen Hua 2.5% Shen Yang 5% Shen Hong 8.06% Zhu Ruirong 31% Zhejiang Winsun Imp & Exp Co., Ltd53.44% |
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Registered No. |
3304002700270 |
330403000010259 |
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Registered Capital |
CNY 1,800,000 |
CNY 3,800,000 |
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Shareholder (s) (% of Shareholding) |
Chen Hua 2.5% Shen Yang 5% Shen Hong 8.06% Zhu Ruirong 31% Zhejiang Winsun Imp & Exp Co., Ltd 53.44% |
Chen Hua 1.8421% Shen Yang 7.8947% Shen Hong 14.7632% Zhu Ruirong 24.5% Zhejiang Winsun Imp & Exp Co., Ltd. 51% |
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Shareholder (s) (% of Shareholding) |
Chen Hua 1.8421% Shen Yang 7.8947% Shen Hong 14.7632% Zhu Ruirong 24.5% Zhejiang Winsun Imp & Exp Co., Ltd. 51% |
Winsun Imp. & Exp. Group Co., Ltd. 51% Zhu Ruirong 24.5% Chen Hua 1.8421% Shen Hong 14.7632% Shen Yang 7.8947% |
Current Co search
indicates SC’s shareholders & chief executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Winsun Imp. & Exp. Co., Ltd. |
51 |
|
Zhu Ruirong |
24.5 |
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Chen Hua |
1.8421 |
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Shen Hong |
14.7632 |
|
Shen Yang |
7.8947 |
SC’s Chief
Executives:-
|
Position |
Name |
|
Legal Representative and Chairman |
Zhu Ruirong |
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General Manager |
Shen Yang |
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Director |
Li Jun |
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Supervisor |
Chen Hua |
|
Shen Hong |
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|
Yang Hua |
RECENT DEVELOPMENT
SC has passed ISO9001: 2000 Management System Certificate.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Winsun Imp. & Exp. Group Co., Ltd. 51
Zhu Ruirong 24.5
Chen Hua 1.8421
Shen Hong 14.7632
Shen Yang 7.8947
Winsun Imp. & Exp. Group Co., Ltd.
==============================
Date of Registration: June 10, 2003
Registration No.: 330000000019298
Legal Form: Shares Limited Company
Chief Executive: Xu Qingquan
Registered Capital: CNY 62,000,000
MANAGEMENT
Zhu Ruirong, Legal
Representative and Chairman
-----------------------------------------------------------------------------
Gender: M
Age: 53
ID# 330402195902051215
Qualification: Senior High School
Working experience (s):
At present, working in SC as legal representative and chairman
Shen Yang, General
Manager
-----------------------------------------------
Gender: M
Age: 35
ID# 330402197705191218
Qualification: University
Working experience (s):
At present, working in SC as general manager
Wang Xueping,
General Manager
--------------------------------------------------------
Gender: M
Qualification: University
Working experience (s):
At present, working in SC as general manager;
Director
------------
Li Jun ID#
330402197302273315
Supervisor
--------------
Chen Hua ID#
430219197609165618
Shen Hong ID#
330402197212102125
Yang Hua ID#
330402196301241528
BUSINESS OPERATION
SC’s registered business scope includes manufacturing and processing
with arts and crafts (excluding gold and silver jewelry); wholesaling,
importing and exporting chemicals (excluding hazardous chemicals), hardware
tools, building materials, plumbing, instruments, machinery electrical
equipment (excluding cars), metal materials (excluding precious metal),
electronic products, arts and crafts (excluding gold and silver jewelry and
heritage), textiles, daily necessaries, rubber products, daily-use glass products,
toys, shoes & hats, furniture, sports supplies, general labor protection
supplies, garments and other sewing products; wholesaling hazardous chemical
products (excluding storage, limited to import); wholesaling and exporting
non-pharmaceutical precursor chemicals; importing and exporting commodities and
technologies (excluding commodities and technologies prohibited by
country).
SC is mainly engaged in international trade.
SC’s products mainly include:
Solar Led String light
Solar Garden Light
Solar Flood & Sign Light
Solar Sensor Security Light
Solar Water Features
Garden Ornament
SC sources its materials 100% from domestic market, mainly Zhejiang. SC
sells 15% of its products in domestic market and 85% to the overseas market,
mainly Europe, Southeast Asia, etc.
The buying terms of SC include Check, T/T and Credit of 30-60 days. The
payment terms of SC include T/T, L/C and Credit of 30-60 days.
Staff &
Office:
--------------------------
SC is known to have approx. 28 staff at present.
SC owns an area as its operating office, but the detailed information is
unknown.
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 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 Jiaxing Branch
AC#: 860025645008091001
FINANCIALS
Balance Sheet
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Unit: CNY’000 |
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
6,293 |
11,782 |
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Accounts receivable |
13,103 |
16,422 |
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Advances to suppliers |
2,306 |
1,918 |
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Other receivable |
4,912 |
4,226 |
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Inventory |
527 |
368 |
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Non-current assets within one year |
0 |
0 |
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Other current assets |
0 |
0 |
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------------------ |
------------------ |
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Current assets |
27,141 |
34,716 |
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Fixed assets |
201 |
134 |
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Construction in progress |
0 |
0 |
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Intangible assets |
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 |
0 |
0 |
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------------------ |
------------------ |
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Total assets |
27,342 |
34,850 |
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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 |
17,702 |
19,902 |
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Taxes payable |
-12 |
230 |
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Advances from clients |
4,490 |
9,294 |
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Other payable |
82 |
66 |
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Other current liabilities |
0 |
0 |
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------------------ |
------------------ |
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Current liabilities |
22,262 |
29,492 |
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Non-current liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total liabilities |
22,262 |
29,492 |
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Equities |
5,080 |
5,358 |
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------------------ |
------------------ |
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Total liabilities & equities |
27,342 |
34,850 |
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Income Statement
|
Unit: CNY’000 |
As
of Dec. 31, 2010 |
As
of Dec. 31, 2010 |
|
Revenue |
154,194 |
175,200 |
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Cost of sales |
147,899 |
167,410 |
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Taxes and surcharges |
2 |
12 |
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Sales expense |
4,398 |
5,213 |
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Management expense |
1,304 |
1,614 |
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Finance expense |
70 |
-57 |
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Non-business income |
417 |
253 |
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Non-business expense |
156 |
176 |
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Profit before tax |
781 |
1,085 |
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Less: profit tax |
210 |
292 |
|
571 |
793 |
Important Ratios
=============
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As of Dec. 31,
2009 |
As of Dec. 31,
2010 |
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*Current ratio |
1.22 |
1.18 |
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*Quick ratio |
1.20 |
1.16 |
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*Liabilities to assets |
0.81 |
0.85 |
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*Net profit margin (%) |
0.37 |
0.45 |
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*Return on total assets (%) |
2.09 |
2.28 |
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*Inventory / Revenue ×365 |
2 days |
1 day |
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*Accounts receivable/ Revenue ×365 |
32 days |
35 days |
|
* Revenue/Total assets |
5.64 |
5.03 |
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* Cost of sales / Revenue |
0.96 |
0.96 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
The revenue of SC appears fairly good, and it was rising in 2010.
SC’s net profit margin is average in both years.
SC’s return on total assets is average in both years.
SC’s cost of goods sold is fairly high, comparing with its revenue.
LIQUIDITY: AVERAGE
The current ratio of SC is maintained in a normal level in both years.
SC’s quick ratio is maintained in a fairly good level in both years.
The inventory of SC is maintained in an average level.
The accounts receivable of SC is maintained in an average level.
SC has no short-term loans in both years.
SC’s revenue is in a fairly good level, comparing with the size of its
total assets.
LEVERAGE: AVERAGE
The debt ratio of SC is fairly high in both years.
The risk for SC to go bankrupt is low.
Overall financial condition of the SC: Stable.
CONCLUSIONS
SC is considered medium-sized in its line with stable financial
conditions. A credit line up to USD 50,000 would appear to be within SC’s
capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.43 |
|
|
1 |
Rs.79.10 |
|
Euro |
1 |
Rs.66.17 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>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 |
|
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NB |
New Business |
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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.