MIRA
INFORM REPORT
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Report Date : |
07.06.2012 |
IDENTIFICATION DETAILS
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Name : |
TIANJIN JIALONG FOOTWEAR 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 : |
01.06.2005 |
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Com. Reg. No.: |
120000400038130 |
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Legal Form : |
Chinese-Foreign Equity Joint Venture
Enterprise |
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Line of Business : |
manufacturing and selling various kinds of
footwear and footwear materials |
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No. of Employees : |
348 |
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
TIANJIN
JIALONG FOOTWEAR CO., LTD.
NO. 21 FAGANG SOUTH
ROAD, SHUANGXIN INDUSTRIAL ZONE,
JINNAN DISTRICT,
TIANJIN 300350 PR CHINA
TEL: 86 (0)
22-88566706/88823459 FAX: 86 (0)
22-88566700/88823653
EXECUTIVE SUMMARY
INCORPORATION DATE : JUNE 1, 2005
REGISTRATION NO. : 120000400038130
REGISTERED LEGAL FORM : Chinese-foreign
equity joint venture enterprise
CHIEF EXECUTIVE :
MR. LI MINGQUAN
(CHAIRMAN)
STAFF STRENGTH :
348
REGISTERED CAPITAL : USD 3,000,000
BUSINESS LINE : MANUFACTURING
TURNOVER :
CNY 58,840,000 (AS OF DEC. 31,
2011)
EQUITIES :
CNY 18,390,000 (AS OF DEC. 31, 2011)
PAYMENT :
AVERAGE
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION :
FAIRLY STABLE
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.33= 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 1, 2005.
Company Status: Chinese-foreign equity joint venture
enterprise This form of business in PR
China is defined as a legal person. It is a limited co. jointly invested by
one or more foreign companies and one or more PR China controlled companies
within the territories of PR China according to a certain proportion of
capital investment. The investing parties exercise business management,
share profits and bear all risks and liabilities of the co. together. The
equity joint venture law requires that foreign party contribute not less
than 25% of the registered capital, with no maximum. The investing parties
are free to agree on method of profit distribution and liabilities bearing
according to the proportion of capital investment. Each investing parties
contributes funds, tangible assets, technology & etc. The board of
directors excises the high authority. The joint venture usually has a
limited duration of 10 to 50 years. Enterprise with large investment, long
construction periods, low investment returns, introducing of advanced
technology & advanced technology products that have good competition
position in international market may extend beyond the 50 years limit.
SC’s registered business scope includes manufacturing and selling various
kinds of footwear and footwear materials.
SC is
mainly engaged in manufacturing and selling various kinds of footwear and footwear
materials.
Mr. Li Mingquan is
legal representative and chairman of SC at present.
SC is known to
have approx. 348 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 Tianjin. The detailed
premise information is unknown.
SC is not known to host website of its own at present.
Changes of its
registered information are as follows:
|
Date
of change |
Item |
Before the
change |
After the change |
|
Unknown |
Registration No. |
017364 |
Present one |
MAIN SHAREHOLDERS:
Name %
of Shareholding
Brella Footwear & Merchandise Co., Limited (
Zhou Jiexin 2
Tian Ruixiang
2
Wang Ying 6
Zhao Debao
2
Li Mingquan 63
Brella Footwear & Merchandise Co., Limited
(Hong Kong)
……………………………………………………………..
CR No.: 0962767
Incorporation date: Apr. 12, 2005
Legal form: Private
Status: Live
Legal
representative and Chairman:
Mr. Li Mingquan is currently responsible for the overall management of SC.
Working Experience(s):
At present Working in SC as legal representative and
chairman
Vice Chairman:
Ms. Cai Jiayi is currently responsible for the daily management of SC.
Working Experience(s):
At present Working in SC as vice chairman
Director:
………….
Wang Ying
SC is
mainly engaged in manufacturing and selling various kinds of footwear and footwear materials.
SC’s products
mainly include: workboot, leather shoes, footwear materials, etc.
SC sources its materials 70%
from domestic market and 30% from overseas market. SC sells 5% of its products
in domestic market, and 95% to overseas market, mainly Europe, Japan, America
and Southeast Asia.
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 declined to release its major suppliers and clients.
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.
SC’s management
declined to release its banking information.
Financial Summary
Unit: CNY’000
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as of Dec. 31,
2010 |
as of Dec. 31,
2011 |
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Total Liabilities |
29,510 |
38,100 |
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Shareholders equities |
23,930 |
18,390 |
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Total Assets |
53,440 |
56,490 |
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------------------ |
------------------ |
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Turnover |
39,330 |
58,840 |
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Profit before
tax |
-210 |
-5,750 |
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Less: profit tax |
-1,530 |
-1,540 |
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Net profit |
1,320 |
-4,210 |
Note: we did not find SC’s detailed financial reports for Yr2010 & 2011.
Important
Ratios
=============
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as of Dec. 31,
2010 |
as of Dec. 31,
2011 |
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*Liabilities
to assets |
0.55 |
0.67 |
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*Net profit
margin (%) |
3.36 |
-7.15 |
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*Return on
total assets (%) |
2.47 |
-7.45 |
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*Turnover/Total
assets |
0.74 |
1.04 |
PROFITABILITY:
FAIR
l
The turnover of SC appears average in its line, and
it increased in 2011.
l
SC’s net profit margin is average in 2010 but fair
in 2011.
l
SC’s return on total assets is average in 2010 but
fair in 2011.
l
SC’s turnover is in a fair level in 2010 and in an
average level in 2011, 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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.50 |
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UK Pound |
1 |
Rs.85.58 |
|
Euro |
1 |
Rs.69.30 |
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.