MIRA
INFORM REPORT
|
Report Date : |
10.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
Stargroup
Research & Intergration Co., Ltd. |
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Registered Office : |
Room A508, |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
22.05.2003 |
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Com. Reg. No.: |
110302005719282 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Design development and sales of mechanical and electrical
equipment |
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No. of Employees : |
120 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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Payment Behaviour : |
No complaints |
|
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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company
name
Stargroup Research &
Intergration Co., Ltd.
room a508,
no. 18 xihuan south road
economy
& technology development zone, beijing 100176 PR CHINA
TEL: 86
(0) 10-51570188
FAX: 86
(0) 10-51570198
EXECUTIVE SUMMARY
Date of Registration : may 22, 2003
REGISTRATION NO. : 110302005719282
LEGAL FORM :
SHARES LIMITED COMPANY
REGISTERED CAPITAL :
CNY 42,000,000
staff : 120
BUSINESS CATEGORY :
developing & trading
Revenue : CNY 353,443,000 (AS OF DEC. 31, 2011)
EQUITIES : CNY 79,415,000 (AS OF DEC. 31, 2011)
WEBSITE : www.bjsri.cn
E-MAIL : market@bjsri.cn
PAYMENT : AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly STable
OPERATIONAL TREND :
FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.36 = 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 on May 22, 2003. However, SC changed to present
legal form, and was registered as a shares limited company of PRC with State
Administration for Industry & Commerce (SAIC) under registration No.: 110302005719282 on December 11, 2008.
SC’s Organization Code Certificate
No.: 74935343-0
SC’s stock code: 430084
SC’s registered capital: cny 42,000,000
SC’s paid-in capital: cny 42,000,000
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
|
Registered
Capital |
CNY
1,800,000 |
cny
20,000,000 |
|
|
Legal Form |
Limited Liabilities Company |
Shares Limited Company |
|
Company Name |
Beijing Xinghe
Color Coated Sheet Equipment Technology Co., Ltd. |
Stargroup Research &
Intergration Co., Ltd. |
|
|
Registered
Capital |
cny
20,000,000 |
cny
42,000,000 |
|
|
|
Registration
No. |
1103022571928 |
110302005719282 |
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) (As of December 31, 2011) |
% of Shareholding |
|
Yang Fangguang |
12.22 |
|
Jia Yongjun |
8.95 |
|
Wu Di |
8.95 |
|
Wang Weijian |
8.95 |
|
Kang Lianzhu |
8.95 |
|
Wen Yuyan |
8.95 |
|
Chen Zhaotong |
8.95 |
|
Wang Zhu |
8.95 |
|
Zhu Xiaofeng |
8.40 |
|
Sun Shaoyong |
8.00 |
|
Other
shareholders |
8.73 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative and Chairman |
Yang Fangguang |
|
General Manager |
Jia
Yongjun |
|
Deputy General Managers |
Wu Di |
|
Wang
Weijian |
RECENT DEVELOPMENT
No recent development was found during our checks at
present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
(As of December 31, 2011)
---------------------------------
Yang Fangguang
12.22
Jia Yongjun
8.95
Wu Di
8.95
Wang Weijian
8.95
Kang Lianzhu
8.95
Wen Yuyan
8.95
Chen Zhaotong
8.95
Wang Zhu
8.95
Zhu Xiaofeng
8.40
Sun Shaoyong
8.00
Other shareholders
8.73
MANAGEMENT
Yang Fangguang, Legal Representative and Chairman
----------------------------------------------------------------------------------
Ø
Gender: M
Ø
Qualification: University
Ø
Working experience (s):
At present, working in SC as legal
representative and chairman
Jia
Yongjun, General Manager
----------------------------------------------------
Ø
Gender: M
Ø
Qualification: Master’s Degree
Ø
Working experience (s):
At present, working in SC as general manager
Wu Di,
Deputy General Manager
----------------------------------------------------
Ø
Gender: M
Ø
Qualification: University
Ø
Working experience (s):
At present, working in SC as deputy general
manager
Wang Weijian,
Deputy General Manager
-----------------------------------------------------------------
Ø
Gender: M
Ø
Qualification: University
Ø
Working experience (s):
At present, working in SC as deputy general
manager
BUSINESS OPERATION
SC’s
registered business scope includes design development and sales of mechanical
and electrical equipment; construction general contracting; professional
contract; manufacturing and selling computer software and hardware; technology
consultation and technology services; importing and exporting commodities and
technology, and acting to import & export.
SC is
mainly engaged in design development and sales of mechanical and electrical
equipment.
SC’s
products mainly include:
Pickling
line
Acid
regeneration line
Cold
rolling mill
Degreasing
& rinsing line
Hot
dip galvanizing line
Electroplating
line
Color
coating line
Polyurethane
sandwich panel line
Aluminum
plastic composite board
Shearing
line
Furnace
Single
equipment
SC
sources its materials 100% from domestic market. SC sells 60% of its products
in domestic market, mainly Jiangsu, Zhejiang, Liaoning, Shandong, etc., and 40%
to overseas market, mainly Asia, 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. 120
staff at present.
SC
rents 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
The
bank information of SC is not filed in local SAIC.
FINANCIALS
Balance Sheet
|
Unit:
CNY’000 |
As of Dec. 31, 2010 |
As of Dec. 31, 2011 |
|
18,201 |
73,690 |
|
|
Notes
receivable |
25,997 |
31,141 |
|
Accounts
receivable |
43,587 |
48,493 |
|
Advances
to suppliers |
64,258 |
81,551 |
|
Interest
receivable |
0 |
0 |
|
Other
receivable |
1,044 |
1,263 |
|
Inventory |
132,462 |
166,610 |
|
Non-current
assets within one year |
0 |
0 |
|
Other
current assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current
assets |
285,549 |
402,748 |
|
Long
term equity investment |
0 |
0 |
|
Held-to-maturity
investment |
3,045 |
0 |
|
Investment
real estate |
0 |
0 |
|
Fixed
assets |
8,769 |
11,623 |
|
Construction
in progress |
0 |
0 |
|
Project
materials |
0 |
0 |
|
Intangible
assets |
14,837 |
635 |
|
Long-term
prepaid expenses |
0 |
0 |
|
Deferred
income tax assets |
672 |
1,297 |
|
Other
non-current assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total
assets |
312,872 |
416,303 |
|
|
============= |
============= |
|
Short-term
loans |
0 |
2,800 |
|
Notes
payable |
5,030 |
24,280 |
|
Accounts
payable |
16,519 |
29,717 |
|
Advances
from clients |
232,457 |
279,550 |
|
Payroll
payable |
1,046 |
1,247 |
|
Taxes
payable |
2,205 |
-733 |
|
Other
payable |
103 |
27 |
|
Non-current
liabilities within one year |
0 |
0 |
|
Other
current liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
257,360 |
336,888 |
|
Non-current
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
257,360 |
336,888 |
|
Equities |
55,512 |
79,415 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
312,872 |
416,303 |
|
|
============= |
============= |
Income Statement
|
Unit:
CNY’000 |
As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
|
Revenue |
263,233 |
353,443 |
|
Cost of sales |
233,205 |
307,336 |
|
Business Taxes and Surcharges |
289 |
598 |
|
Sales expense |
2,919 |
4,691 |
|
Management expense |
16,598 |
17,906 |
|
Finance expense |
-442 |
52 |
|
Assets Devaluation |
1,237 |
3,913 |
|
Investment
income |
279 |
262 |
|
Non-operating
income |
1,657 |
4,694 |
|
Non-operating expense |
10 |
36 |
|
Profit
before tax |
11,334 |
23,867 |
|
Less:
profit tax |
1,868 |
3,580 |
|
9,466 |
20,287 |
Important
Ratios
|
|
As of Dec. 31, 2010 |
As of Dec. 31, 2011 |
|
*Current
ratio |
1.11 |
1.20 |
|
*Quick
ratio |
0.59 |
0.70 |
|
*Liabilities
to assets |
0.82 |
0.81 |
|
*Net
profit margin (%) |
3.60 |
5.74 |
|
*Return
on total assets (%) |
3.03 |
4.87 |
|
*Inventory
/ Revenue ×365 |
184
days |
173
days |
|
*Accounts
receivable/ Revenue ×365 |
61
days |
51
days |
|
*
Revenue/Total assets |
0.84 |
0.85 |
|
*
Cost of sales / Revenue |
0.89 |
0.87 |
FINANCIAL COMMENTS
PROFITABILITY:
FAIRLY GOOD
l
The revenue of SC appears fairly good,
and it was rising in 2011.
l
SC’s net profit margin is fairly good
in both years.
l
SC’s return on total assets is fairly
good both years.
l
SC’s cost of goods sold is average,
comparing with its revenue in both years.
LIQUIDITY:
AVERAGE
l
The current ratio of SC is maintained in
a normal level in both years.
l
SC’s quick ratio is maintained in a
fair level in both years.
l
The inventory of SC appears large.
l
The accounts receivable of SC appears
average.
l
The short-term loan of SC appears
average in 2011.
l
SC’s revenue is in an average level,
comparing with the size of its total assets.
LEVERAGE:
FAIR
l
The debt ratio of SC is fair in both
years.
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 inventory may be a threat to SC’s
financial condition, a credit line up to USD 600,000 would appear to be within
SC’s capacities upon a periodical review basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.56.02 |
|
|
1 |
Rs.86.77 |
|
Euro |
1 |
Rs.68.82 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.