MIRA
INFORM REPORT
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Report Date : |
27.06.2012 |
IDENTIFICATION DETAILS
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Name : |
WUXI SANKON AUTOEQUIPMENT CO., LTD. |
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Registered Office : |
No. 6 Xiaohu Road, Chengchang Industry Park, Huangtu Town, Lingang New City, Jiangyin, Wuxi, Jiangsu Province, 214445 Pr |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
09.10.2007 |
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Com. Reg. No.: |
320281000182269 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Manufacturing and selling automation equipment |
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No. of Employees : |
90 |
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
|
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
WUXI SANKON
AUTOEQUIPMENT CO., LTD.
NO. 6 XIAOHU ROAD, CHENGCHANG INDUSTRY PARK,
HUANGTU TOWN, LINGANG NEW CITY, JIANGYIN, WUXI, JIANGSU PROVINCE, 214445 PR
CHINA
TEL: 86
(0) 510-86653016 FAX: 86 (0)
510-86653001
EXECUTIVE SUMMARY
INCORPORATION DATE : OCT. 9, 2007
REGISTRATION NO. : 320281000182269
REGISTERED LEGAL FORM : LIMITED LIABILITIES
COMPANY
STAFF STRENGTH :
90
REGISTERED CAPITAL : CNY 2,800,000
BUSINESS LINE :
MANUFACTURING
TURNOVER :
cny 86,890,000 (AS OF DEC. 31,
2011)
EQUITIES :
cny 5,010,000 (AS OF DEC. 31, 2011)
PAYMENT :
AVERAGE
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : FAIRLY STABLE
OPERATIONAL TREND : steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.37= 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 Ren Min Bi
Note: SC’s correct contact numbers 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 Oct. 9, 2007.
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 processing
special manufacturing equipment of new type building materials, dust removal
and parts; selling machinery and metal materials; importing and exporting various
goods and technology.
SC is mainly
engaged in manufacturing and selling automation equipment.
Mr. Mao
Zhongqiang is the legal representative
and chairman of SC at present.
SC is known
to have approx. 90 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 Jiangyin. Our checks
reveal that SC rents the total premise about 6,000 square meters.
http://www.3-kon.com
The design is professional and the content is well organized. At present it is
in Chinese version.
E-mail: cnsankon@hotmail.com
No significant events or changes were found during our checks with the
local Administration for Industry and Commerce.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Feng Dianji 9
Kang Jun 9
Mao Zhongqiang 55
Wang Xingfa 9
Yang Xiaoshu 9
Zhang Lintao 9
l
Legal representative and Chairman:
Mr. Mao Zhongqiang , in his
Working Experience(s):
At present Working
in SC as chairman and legal representative.
SC is mainly
engaged in manufacturing and selling automation equipment.
SC’s products
mainly include:
+ Aerated concrete
equipment
|- Technological
Flow of Production of Aerated Concrete
|- JQF
|- Model JQF
|- Tilting Hanger
|- Mould. Side
Plate. Hardening Car
|- Aerated
Concrete Panel
|- Automatic
Control System for Aeroconcrete Production Line
+ Dry powder
mortar equipment
|- Basic dry
mortar production line
|- Semi-automatic
dry mortar production line
|- Automatic dry
mortar production line
|- Separator
machinery
|- Energy-saving
three return dryer
|- Biaxial blades
weightlessness mixer
|- text the type
coulter mixer
|- WLD series of
horizontal mixer
|- Quantitative
Packing Series
SC sources its
materials 100% from domestic market. SC sells 90% of its products in domestic
market, and 10% to the overseas market, mainly Southeast Asia and European
countries.
The buying terms of SC include Check, T/T and Credit of 30-60 days. The
payment terms of SC include T/T, L/C and Credit of 30-60 days.
Note: SC’s
management declined to release its customer and supplier details.
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.
Jiangyin Rural Commercial Bank
AC# 3022402001-10110020592
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 |
1,730 |
4,160 |
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Inventory |
2,930 |
3,300 |
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Accounts
receivable |
-3,380 |
-1,090 |
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Advances to
suppliers |
0 |
0 |
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Other
receivables |
140 |
20 |
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Other current
assets |
0 |
0 |
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------------------ |
------------------ |
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Current assets |
1,420 |
6,390 |
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Fixed assets net
value |
2,300 |
4,770 |
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Long term
investment |
0 |
0 |
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Projects under
construction |
0 |
0 |
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Intangible and
other assets |
0 |
10 |
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------------------ |
------------------ |
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Total assets |
3,720 |
11,170 |
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=========== |
=========== |
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Short loan |
0 |
0 |
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Accounts payable |
-1,270 |
4,930 |
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Advances from
clients |
0 |
0 |
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Taxes payable |
150 |
190 |
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Other Accounts
payable |
1,050 |
1,040 |
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Other current
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Current
liabilities |
-70 |
6,160 |
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Long term
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total
liabilities |
-70 |
6,160 |
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Equities |
3,790 |
5,010 |
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------------------ |
------------------ |
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Total
liabilities & equities |
3,720 |
11,170 |
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=========== |
=========== |
Income Statement
Unit: CNY’000
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As
of Dec. 31, 2011 |
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Turnover |
86,890 |
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Cost of goods sold |
80,480 |
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Sales expense |
1,050 |
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Management expense |
3,900 |
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Finance expense |
-30 |
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Profit before tax |
1,580 |
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Less: profit tax |
480 |
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Profits |
1,100 |
Important
Ratios
=============
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As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
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*Current ratio |
-20.29 |
1.04 |
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*Quick ratio |
21.57 |
0.50 |
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*Liabilities
to assets |
-0.02 |
0.55 |
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*Net profit
margin (%) |
/ |
1.27 |
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*Return on
total assets (%) |
/ |
9.85 |
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*Inventory
/Turnover ×365 |
/ |
14 days |
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*Accounts
receivable/Turnover ×365 |
/ |
/ |
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*Turnover/Total
assets |
/ |
7.78 |
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* Cost of
goods sold/Turnover |
/ |
0.93 |
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 fairly good in 2011.
l
SC’s cost of goods sold is fairly high, comparing with
its turnover in 2011.
LIQUIDITY: FAIR
l
The current ratio of SC is maintained in a normal
level in 2011.
l
SC’s quick ratio is maintained in a normal level in
2010 but in a fair level in 2011.
l
The inventory of SC appears fairly large.
l
SC has no short-term loan in both years.
l
SC’s turnover is in a fairly good level, comparing
with the size of its total assets in 2011.
LEVERAGE: AVERAGE
l
The debt ratio of SC is average in 2011.
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. The large amount of inventory could be a threat to SC’s financial
condition.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.57.07 |
|
|
1 |
Rs.88.96 |
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Euro |
1 |
Rs.71.40 |
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 |
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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.