MIRA
INFORM REPORT
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Report Date : |
18.07.2012 |
IDENTIFICATION DETAILS
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Name : |
SHAOXING SIWELL PLASTICS ENGINEERING & TECHNOLOGY CO., LTD. |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
12.01.2000 |
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Com. Reg. No.: |
330600000057540 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Manufacturing and Selling Plastic Machinery |
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No. of Employees : |
60 |
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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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 – March 31st, 2012
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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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
Shaoxing Siwell Plastics ENGINEERING & TECHNOLOGY Co., Ltd.
no. 1 shiji street
west, paojiang industial zone, shaoxing,
zhejiang PROVINCE, 312000 PR CHINA
TEL: 86 (0) 575-88131010/88135281 FAX: 86 (0) 575-88131013
EXECUTIVE SUMMARY
INCORPORATION DATE : Jan. 12, 2000
REGISTRATION NO. : 330600000057540
REGISTERED LEGAL FORM : LIMITED LIABILITIES COMPANY
STAFF STRENGTH :
60
REGISTERED CAPITAL : CNY 500,000
BUSINESS LINE :
Manufacturing & SELLING
TURNOVER :
CNY 7,750,000 (AS OF DEC. 31, 2011)
EQUITIES :
CNY 2,220,000 (AS OF DEC. 31, 2011)
PAYMENT :
AVERAGE
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : FAIRLY STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.38 = 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
Note: SC’s complete name and address should be the heading
ones.
SC was registered as a limited liabilities company at local
Administration for Industry & Commerce (AIC - The official body of issuing
and renewing business license) on Jan. 12, 2000.
Company Status: Limited liabilities co. This form of business in PR
China is defined as a legal person. No more than fifty shareholders
contribute its registered capital jointly. Shareholders bear limited
liability to the extent of shareholding, and the co. is liable for its
debts only to extent of its total assets. The characteristics of this form
of co. are as follows: Upon
the establishment of the co., an investment certificate is issued to the
each of shareholders. The board of directors is
comprised of three to thirteen members. The minimum registered capital
for a co. is CNY 30,000. Shareholders may take their
capital contributions in cash or by means of tangible assets or intangible
assets such as industrial property and non-patented technology. Cash contributed by all
shareholders must account for at least 30% of the registered capital. Existing shareholders have
pre-exemption right to purchase shares of the co. offered for sale by the
other shareholders and to subscribe for the newly increased registered
capital of the co.
SC’s registered business
scope includes manufacturing and selling: plastic machinery, plastic molds and
plastic products; import and export of goods. (excluding those limited and
prohibited by the law and regulations)
SC is mainly
engaged in manufacturing and selling plastic machinery.
Mr. Jin Mugen is legal representative, chairman and general
manager of SC at present.
SC is known
to have approx. 60 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 Shaoxing. Our checks
reveal that SC rents the total premise, but the detailed information of the
premise is unspecified.
http://www.si-well.com/
The design is professional and the content is well organized. At present it is
in Chinese version.
E-mail: siwell@si-well.com
; sssw99@vip.sohu.com
No significant events or changes were found during our checks with the
local Administration for Industry and Commerce.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Li Jianchao 30
Jin Mugen 70
l
Legal Representative, Chairman and General Manager:
Mr. Jin Mugen, in his
Working Experience(s):
At present Working in SC as legal representative, chairman
and general manager.
Also
working in Shaoxing Jiewell Mould Manufacture Co., Ltd., Shaoxing Wanwell
Plastic Co., Ltd. as legal representative, and in Shaoxing Wanwell Plastic Co.,
Ltd. Yuecheng Branch as principal.
SC is mainly
engaged in manufacturing and selling plastic machinery.
SC’s products mainly include:
Door and window material
mold
Decorative buckle series
mold
Plastic pipe mold
Broadband trunking series
mold
Low foaming series mold
Barrier series mold
Telecommunications porous
tube series mold
The gutters series mold
Radome series mold
Folding Door Series mold
Wide different profiles
mold
Coextrusion series mold
Other special profile
series mode,
Etc.
SC sources its materials 100% from domestic
market. SC sells 60% of its products in domestic market, and 40% to overseas
market.
The buying terms of SC include Check, T/T 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’s management declined to release its major clients and suppliers.
Shaoxing
Jiewell Mould Manufacture Co., Ltd.
Shaoxing
Wanwell Plastic Co., Ltd.
Shaoxing
Wanwell Plastic Co., Ltd. Yuecheng Branch
Etc.
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 records 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.
Industrial and Commercial Bank of China Paojiang Sub-branch
AC#: N/A
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
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as of Dec. 31, 2010 |
as of Dec. 31, 2011 |
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Cash & bank |
3,700 |
3,440 |
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Inventory |
5,320 |
4,530 |
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Accounts
receivable |
4,890 |
3,570 |
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Advances to
suppliers |
1,500 |
1,290 |
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Other
receivables |
2,900 |
4,810 |
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Dividends
receivable |
0 |
0 |
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Other current
assets |
0 |
0 |
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------------------ |
------------------ |
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Current assets |
18,310 |
17,640 |
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Fixed assets net
value |
680 |
640 |
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Projects under
construction |
0 |
0 |
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Long term
investment |
0 |
0 |
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Intangible
assets |
0 |
0 |
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Other assets |
0 |
0 |
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------------------ |
------------------ |
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Total assets |
18,990 |
18,280 |
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============= |
============= |
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Short loans |
0 |
0 |
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Accounts payable |
1,760 |
2,300 |
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Other accounts payable |
240 |
240 |
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Notes payable |
0 |
0 |
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Taxes payable |
140 |
-10 |
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Advances from
clients |
14,670 |
13,460 |
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Welfare payable |
70 |
70 |
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Dividends
payable |
0 |
0 |
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Other payable |
0 |
0 |
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Other current
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Current
liabilities |
16,880 |
16,060 |
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Long term
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total
liabilities |
16,880 |
16,060 |
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Equities |
2,110 |
2,220 |
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------------------ |
------------------ |
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Total
liabilities & equities |
18,990 |
18,280 |
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============= |
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Income Statement
Unit: CNY’000
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as of Dec. 31,
2011 |
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Turnover |
7,750 |
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Cost of goods
sold |
5,430 |
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Taxes and
additional of main operation |
40 |
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Sales expense |
590 |
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Management expense |
1,530 |
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Finance expense |
10 |
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Non-operating
income |
80 |
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Non-operating expense |
10 |
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Profit before
tax |
220 |
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Less: profit tax |
110 |
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Profits |
110 |
Important Ratios
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as
of Dec. 31, 2010 |
as
of Dec. 31, 2011 |
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*Current ratio |
1.08 |
1.10 |
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*Quick ratio |
0.77 |
0.82 |
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*Liabilities
to assets |
0.89 |
0.88 |
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*Net profit
margin (%) |
/ |
1.42 |
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*Return on
total assets (%) |
/ |
0.60 |
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*Inventory
/Turnover ×365 |
/ |
213 days |
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*Accounts
receivable/Turnover ×365 |
/ |
169 days |
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*Turnover/Total
assets |
/ |
0.42 |
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* Cost of
goods sold/Turnover |
/ |
0.70 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears average in 2011.
l
SC’s net profit margin is average in 2011.
l
SC’s return on total assets is average in 2011.
l
SC’s cost of goods sold is average in 2011,
comparing with its turnover.
LIQUIDITY: AVERAGE
l
The current ratio of SC is normal in both years.
l
SC’s quick ratio is maintained in a normal level in
2011.
l
SC’s inventory is fairly large in both years.
l
The accounts receivable of SC is fairly large in
both years.
l
SC has no short-term loan in both years.
l
SC’s turnover is fair in 2011, comparing with the
size of its total assets.
LEVERAGE: FAIR
l
The debt ratio of SC is high.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly stable.
SC is considered small-sized in its line with fairly stable financial
conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.15 |
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|
1 |
Rs.86.30 |
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Euro |
1 |
Rs.67.73 |
INFORMATION DETAILS
|
Report Prepared
by : |
PRL |
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 |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
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.