MIRA
INFORM REPORT
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Report Date : |
06.06.2012 |
IDENTIFICATION DETAILS
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Name : |
WUHU S.H.Z INDUSTRIAL FABRIC CO., LTD |
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Registered Office : |
Export Processing Zone, No. 68, |
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Country : |
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Financials (as on) : |
31.12.2008 |
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Date of Incorporation : |
29.06.2006 |
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Com. Reg. No.: |
34020040000036 |
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Legal Form : |
Limited
Liabilities Company |
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Line of Business : |
manufacturing and selling
different sorts of industrial fabrics |
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No. of Employees : |
120 |
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 & address
Wuhu S.H.Z Industrial Fabric Co., Ltd.
Export Processing
Zone, No. 68, Jiuhua North Road,
Wuhu, Anhui
PROVINCE, 241008 PR CHINA.
TEL: 86 (0)
553-5773760 FAX: 86 (0) 553-5772768
EXECUTIVE SUMMARY
INCORPORATION DATE : JUNE 29, 2006
REGISTRATION NO. : 340200400000360
REGISTERED LEGAL
FORM : Limited liabilities company
STAFF STRENGTH : 120
REGISTERED CAPITAL :
CNY 50,000,000
BUSINESS LINE : MANUFACTURING
TURNOVER : CNY 26,530,000 (AS OF DEC. 31, 2008)
EQUITIES : CNY 12,190,000 (AS OF DEC. 31, 2008)
PAYMENT : AVERAGE
MARKET CONDITION :
AVERAGE
FINANCIAL CONDITION : FAIRLY STABLE
OPERATIONAL TREND :
FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY
6.3371 = 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
SC was registered as a Chinese-foreign equity joint venture enterprise
at local Administration for industry & commerce (AIC - the official body of
issuing and renewing business license) on June 29, 2006, and later was changed
into the present legal form.
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 chemical fiber raw materials,
industrial fabrics, and rubber products.
SC is mainly
engaged in manufacturing and selling different sorts of industrial fabrics.
Mr. Zhu Zehe is legal representative, chairman and general manager of SC
at present.
SC is
known to have approx. 120 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office and factory in the export processing
zone of Wuhu. Our checks reveal that SC owns the total premise about 26,000
square meters.
http://www.shzfabric.com The
design is professional and the content is well organized. At present it is in both
Chinese and English versions.
Email: webmaster@shzfabric.com
Changes of its
registered information:
|
Date of change |
Item |
Before the
change |
After the change |
|
2007 |
Registered capital |
CNY 5,000,000 |
CNY 15,000,000 |
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Unknown |
Legal representative |
Sa Shiheng |
Present one |
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Registered capital |
CNY 15,000,000 |
Present amount |
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Shareholders (% of
shareholding) |
Wuhu Huafang Technology & Trading Co.,
Ltd. 74% Mabros
International Trading Limited (Hong Kong)26% |
Present ones |
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|
Legal form |
Chinese-foreign equity joint venture enterprise |
Present one |
SC has passed the assessment of CE certificate, ISO9001 quality management
certification system, the ISO14001 environment management certification system
and GB/T 28001-2001 Occupational health and safety management system.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Wuhu Huafang Technology & Trading Co.,
Ltd. 22.2
Xu Hongmei 47
Zhu Zehe 30.8
Legal
representative, Chairman and General manager:
Mr. Zhu Zehe , in his
Working
Experience(s):
At present Working in SC as legal representative, chairman and general manger.
Vice chairman:
Xu Hongmei is currently responsible for the daily management of SC.
Working Experience(s):
At present Working in SC as vice chairman.
Supervisor
Zhou Yechang
SC is mainly
engaged in manufacturing and selling different sorts of industrial fabrics.
SC’s products mainly
include: EP Fabric, NN Fabric, EE Fabric, Chafer Fabric, Nylon Canvas, EP
canvas, and so on.
SC sources its materials 100%
from domestic market. SC sells 100% of its products to overseas market, mainly
India.
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 refused to release its main clients and suppliers.
SC
is not known to have any subsidiary at present.
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.
Agricultural Bank of China Wuhu Export Processing Zone
Sub-branch
AC#633201040002015
Relationship:
Normal.
Balance Sheet (as of Dec. 31, 2008)
Unit: CNY’000
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Cash & bank |
5,230 |
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Inventory |
5,180 |
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Accounts
receivable |
4,330 |
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Advances to
suppliers |
13,090 |
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Other
receivables |
0 |
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Other current
assets |
0 |
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------------------ |
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Current assets |
27,830 |
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Fixed assets net
value |
8,990 |
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Projects under
construction |
4,210 |
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Long term
investment |
0 |
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Other assets |
1,930 |
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------------------ |
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Total assets |
42,960 |
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============= |
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Short loans |
19,570 |
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Accounts payable |
0 |
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Other payable |
5,650 |
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Notes payable |
4,730 |
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Other current
liabilities |
820 |
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Current
liabilities |
30,770 |
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Long term
liabilities |
0 |
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Total
liabilities |
30,770 |
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Equities |
12,190 |
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Total
liabilities & equities |
42,960 |
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Income Statement (as of Dec. 31, 2008)
Unit: CNY’000
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Turnover |
26,530 |
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Cost of goods
sold |
25,310 |
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Sales expense |
760 |
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Management expense |
1,980 |
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Finance expense |
1,280 |
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Profit before
tax |
-2,810 |
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Less: profit tax |
0 |
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Profits |
-2,810 |
Note: SC’s latest financial reports can not be
found in local AIC.
Important Ratios
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as
of Dec. 31, 2008 |
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*Current ratio |
0.90 |
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*Quick ratio |
0.74 |
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*Liabilities
to assets |
0.72 |
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*Net profit
margin (%) |
-10.59 |
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*Return on
total assets (%) |
-6.54 |
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*Inventory
/Turnover ×365 |
71 days |
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*Accounts
receivable/Turnover ×365 |
60 days |
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*Turnover/Total
assets |
0.62 |
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* Cost of
goods sold/Turnover |
0.95 |
PROFITABILITY:
FAIR
l
The turnover of SC appears fairly good in its line.
l
SC’s net profit margin is poor.
l
SC’s return on total assets is fair.
l
SC’s cost of goods sold is fairly high, comparing
with its turnover.
LIQUIDITY: FAIR
l
The current ratio of SC is maintained in a fair
level.
l
SC’s quick ratio is maintained in a fair 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
SC’s short-term loan is LARGE in 2008.
l
SC’s turnover is in a fair 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.
SC is considered medium-sized in its line with
fairly stable financial conditions.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.55.56 |
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UK Pound |
1 |
Rs.85.52 |
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Euro |
1 |
Rs.69.50 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
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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.