MIRA
INFORM REPORT
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Report Date : |
13.06.2012 |
IDENTIFICATION DETAILS
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Name : |
ZHEJIANG WEIKANG MOTOR CO., LTD. |
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Formerly Known As : |
Huzhou Nanxun Weikang Motor 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 : |
21.09.2000 |
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Com. Reg. No.: |
330504000009900 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
manufacturing and selling motors |
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No. of Employees : |
260 |
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
ZHEJIANG WEIKANG MOTOR CO., LTD.
NO. 5 CHEZHAN ROAD,
NANXUN INDUSTRIAL & TECHNOLOGICAL PARK,
HUZHOU, ZHEJIANG
PROVINCE 313009 PR CHINA
TEL: 86 (0)
572-3912806/3065026 FAX: 86 (0)
572-3015268
EXECUTIVE SUMMARY
INCORPORATION DATE : SEP. 21, 2000
REGISTRATION NO. :
330504000009900
REGISTERED LEGAL FORM : LIMITED
LIABILITIES COMPANY
STAFF STRENGTH :
260
REGISTERED CAPITAL : CNY 15,000,000
BUSINESS LINE :
MANUFACTURING
TURNOVER :
CNY 203,330,000 (AS OF DEC. 31,
2011)
EQUITIES :
CNY 8,840,000 (AS OF DEC. 31, 2011)
PAYMENT :
AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRLY STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 6.37=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 is also known as Zhejiang Weikang Electric Motors Co., Ltd.
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 Sep. 21,
2000.
Company Status: Limited
Liability Company 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, processing
and selling motors, low voltage electric appliance.
SC is
mainly engaged in manufacturing and selling motors.
Mr.
Xu Xinkang is the legal representative and chairman of SC at present.
SC is
known to have approx. 260 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office and factory in the industrial and technological park of
Huzhou. Our checks reveal that SC covers an area of 56,000 square meters.
http://www.chinaweikang.com/
The design is professional and the content is well organized. At present the
web site is in Chinese and English versions.
Email: info@chinaweikang.com
Certificate:
……………
Changes of its
registered information are as follows:
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Date
of change |
Item |
Before the change |
After the change |
|
Unknown |
Company name |
Huzhou
Nanxun Weikang Motor Co., Ltd. |
Present one |
|
2012-4 |
Registered capital |
CNY
5,000,000 |
Present amount |
MAIN SHAREHOLDERS:
Name % of Shareholding
Hu Xiaoying 10
Xu Xinkang 90
Legal
representative, Chairman and General manager:
Mr. Xu Xinkang is currently responsible for
the overall management of SC.
Working
Experience(s):
At present Working in SC as legal
representative, chairman and general manager
Supervisor:
Hu Xiaoying
SC is
mainly engaged in manufacturing and selling motors.
SC’s products mainly include: spin motor for washing machine, wash motor for washing machine, automatic motor for washing machine, series wound motor for front loading W/M, etc.
SC sources its materials 100% from
domestic market. SC sells 50% of its products in domestic market and 50% 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.
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.
China
Construction Bank
AC#N/A
Relationship:
Normal.
Note: SC’s
accountant disclosed that they formerly opened an account in Industrial & Commercial
Bank of China Nanxun Sub-branch (Add: No. 368 Taian Road, Nanxun, Huzhou), but
refused to release details.
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 |
87,840 |
127,290 |
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Shareholders equities |
7,780 |
8,840 |
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Total Assets |
95,620 |
136,130 |
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Turnover |
/ |
203,330 |
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Profit before tax |
/ |
1,160 |
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Net profit |
/ |
880 |
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 |
0.92 |
0.94 |
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*Net profit
margin (%) |
/ |
0.43 |
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*Return on
total assets (%) |
/ |
0.65 |
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*Turnover/Total
assets |
/ |
1.49 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears fairly good in its line
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 turnover is in an average level in 2011,
comparing with the size of its total assets.
LEVERAGE: FAIR
l
The debt ratio of SC is high in both years.
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.56.05 |
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UK Pound |
1 |
Rs.86.69 |
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Euro |
1 |
Rs.69.98 |
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.