MIRA
INFORM REPORT
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Report Date : |
16.06.2012 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
No. 1 Donghai Third Avenue, Pharm Park, Duqiao Town, Linhai City, Zhejiang Province, 317016 Pr |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
30.04.2008 |
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Com. Reg. No.: |
331082000014446 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
manufacturing, processing and selling pearl powder and pigments |
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No. of Employees : |
80 |
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 ANGE NEW
MATERIALS CO., LTD.
No. 1 Donghai Third
Avenue, Pharm park, Duqiao Town, Linhai City, zhejiang province, 317016 PR
CHINA
TEL: 86 (0)
576-85589313/85589338 FAX: 86 (0)
576-85589337
EXECUTIVE SUMMARY
INCORPORATION DATE : april 30, 2008
REGISTRATION NO. : 331082000014446
REGISTERED LEGAL FORM : Limited liabilities
company
STAFF STRENGTH :
80
REGISTERED CAPITAL : CNY 36,200,000
BUSINESS LINE :
MANUFACTURING & processing
TURNOVER :
CNY 7,430,000 (AS OF DEC. 31, 2011)
EQUITIES :
CNY 28,920,000 (AS OF DEC. 31, 2011)
PAYMENT :
AVERAGE
MARKET CONDITION : average
FINANCIAL CONDITION : Fair
OPERATIONAL TREND : fairly STEADY
GENERAL REPUTATION : average
EXCHANGE RATE : CNY 6.3654 = 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 Angel New Materials Co., Ltd.
SC was registered as a limited liabilities co. at local Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license) on April 30, 2008.
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 & processing pearl powder and pigments,
importing and exporting commodities.
SC is mainly
engaged in manufacturing, processing and selling pearl powder and pigments.
Mr. Wang Maochun
is legal representative and chairman of SC at present.
SC is known to
have approx. 80 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 Linhai. SC’s
employee
refused to release the detailed information of the premise.
http://www.angelcor.com/ The
design is professional and the content is well organized. At present it is in
both Chinese and English versions.
Email: whs@angelpigments.com
SC started its normal operation in 2011.
Qualifications:
SC has passed ISO 9001:2008.
No significant changes were found during our checks with the local AIC.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Ji Yongji 38
Li Bin 4
Wang Lianghui 31
Wang Maochun 15
Bao Xiaofeng 12
Legal
representative and chairman:
Mr. Wang Maochun is currently responsible for the overall
management of SC.
Working Experience(s):
At present Working in SC as legal representative and chairman.
General manager:
Wang Lianghui is currently responsible for the overall management
of SC.
Working Experience(s):
At present Working in SC as general
manager.
Directors:
Li Bin
Wang Lianghui
Ji Yongji
Bao Xiaofeng
Supervisor:
Zhou Laien
SC started its normal operation in 2011.
SC is mainly engaged
in manufacturing, processing and selling pearl powder and pigments.
SC’s products mainly include:
Common Industry Series
Crystal Series Diamond Series
Anti-Yellowing Series Cosmetic Industry Series
Weather-Resistant Series
Food industry Series
SC sources its materials 99% from domestic
market, and 1% from overseas market. SC sells 100% of its products in domestic
market.
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 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.
SC declined to
release its banking details.
Financial Summary
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Unit: CNY’000
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As of Dec. 31, 2011 |
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Current assets |
21,220 |
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Total assets |
63,590 |
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========= |
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Current
liabilities |
34,670 |
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Long term
liabilities |
0 |
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Total liabilities |
34,670 |
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Equities |
28,920 |
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Total liabilities & equities |
63,590 |
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========= |
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Turnover |
7,430 |
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Cost of goods sold |
5,850 |
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Profit before tax |
-3,420 |
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Less: profit tax |
0 |
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Profits |
-3,420 |
Note:
we did not find SC’s detailed financial reports for Yr 2011.
Important Ratios
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As
of Dec. 31, 2011 |
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*Current ratio |
0.61 |
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*Liabilities
to assets |
0.55 |
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*Net profit
margin (%) |
-46.03 |
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*Return on
total assets (%) |
-5.38 |
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*Turnover/Total
assets |
0.12 |
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* Cost of
goods sold/Turnover |
0.79 |
PROFITABILITY:
FAIR
l
The turnover of SC appears average 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 average, comparing with
its turnover.
LIQUIDITY: FAIR
l
The current ratio of SC is maintained in a fair level.
l
SC’s turnover is in a poor 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: Fair
SC is considered small-sized in its line with fair financial conditions.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.55.76 |
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UK Pound |
1 |
Rs.86.69 |
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Euro |
1 |
Rs.70.44 |
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.