MIRA
INFORM REPORT
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Report Date : |
30.06.2012 |
IDENTIFICATION DETAILS
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Name : |
JIANGSU VICTOR MACHINERY CO., LTD. |
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Registered Office : |
No. 288, Xitang Road, Tangqiao Town, Zhangjiagang, Jiangsu Province, 215611 Pr |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
10.11.1989 |
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Com. Reg. No.: |
320582000079378 |
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Legal Form : |
One-Person Limited Liability Company |
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Line of Business : |
Manufacturing and selling general machinery |
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No. of Employees : |
104 |
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 |
JIANGSU VICTOR
MACHINERY CO., LTD.
NO. 288, XITANG ROAD, TANGQIAO TOWN,
ZHANGJIAGANG, JIANGSU PROVINCE, 215611 PR
CHINA
TEL: 86 (0) 512-58441397/58921209 FAX: 86 (0) 512-58441980
EXECUTIVE SUMMARY
INCORPORATION DATE : NOV. 10, 1989
REGISTRATION NO. : 320582000079378
REGISTERED LEGAL FORM : One-person Limited
Liability Company
STAFF STRENGTH :
104
REGISTERED CAPITAL : CNY 5,807,000
BUSINESS LINE :
MANUFACTURING
TURNOVER :
cny 64,990,000 (AS OF DEC. 31,
2011)
EQUITIES :
cny 26,380,000 (AS OF DEC. 31, 2011)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : up to usd 150,000 (periodical review)
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : FAIRLY STABLE
OPERATIONAL TREND : steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.3589= USD 1 AS OF
CREDIT RATING : CA3- (see
below explanatory notes)
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RATING KEY |
CREDIT RISK ASSESSMENT |
PROPOSED CREDIT LIMIT (in concerned business field) |
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CA1 |
Minimal |
Credit can proceed with favorable terms |
Large amount |
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CA2 |
Low |
Credit can proceed promptly |
Fairly large amount |
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CA3 |
Average |
Credit can proceed normally |
Moderate amount |
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CA4 |
Above average |
Credit should proceed with monitor |
Small amount – periodical review |
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CA5 |
Fairly High |
Credit should be extended under guarantee |
C.O.D. To small amount |
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CA6 |
High |
Credit is not recommended |
C.O.D. |
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NR |
Assessment not conducted |
Insufficient data available |
No recommendation |
This rating 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 %) in our credit
analysis are as follows:
Financial
condition (40%) Ownership
background (10%) Payment
record (10%)
Credit history
(15%) Market
trend (10%) Operational
size (15%)
In case of unlimited companies, newly established companies, or lack of
financial data, more weight is given to ‘Ownership background’ and ‘Payment
record’ in our analysis.
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
SC was registered
as a One-person Limited Liability Company at local Administration for Industry
& Commerce (AIC - The official body of issuing and renewing business
license).
Company Status: One-person
Limited Liability Company Single person LLC refers to a limited
liability company set up by only one natural person or legal person as the
single shareholder of it. The minimum registered capital
of Single person LLC is CNY100,000. The shareholder’s capital contributes,
as set out by the articles of associations should be a lump-sum payment in
full. One natural person can only
invest in and set up one limited liability company, which is not permitted
to invest in and set up a new Single person LLC. As to any one-person limited
liability company, the sole-investor nature of the natural person or legal
person shall be indicated in the registration documents of the company and
shall be indicated in the business license thereof as well. The regulation of Single person
LLC should be set up by the shareholder The regulation of Single person
LLC has no shareholder meeting.
SC’s registered business scope includes general business scope:
manufacturing and selling general machinery, electrical machinery and equipment,
electronic products, plastic products, textiles, mould, importing and exporting
business (according to the scope approved by the MOFTEC), domestic trade
(excluding professional) (该公司的法定经营范围包括：一般经营项目：普通机械，电器机械及器材，电子产品、塑料制品、纺织品、模具的制造、销售，进出口业务（按外经贸部批准核定的范围），国内贸易（除专业外）。)
SC is mainly
engaged in manufacturing and selling general machinery. (该公司目前实际主要从事普通机械的生产和销售。)
Mr. Gao Xuefei (高学飞) is legal
representative, chairman and general manager of SC at present.
SC is known
to have approx. 104 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 Zhangjiagang. Our checks
reveal that SC owns the total premise, but the gross area of the premise is
unspecific.
http://www.victorpm.com
(Chinese, English and other versions)
http://www.victorcn.com
(English version)
The design is professional and the content is well organized.
E-mail: info@victorpm.com ; sales@victorcn.com
According to SC’s website, SC’s predecessor was Zhangjiagang Rubber Machinery Factory (张家港橡塑机械厂).
MAIN SHAREHOLDERS:
Name %
of Shareholding
Gao Xuefei
高学飞 ID#
320521520126331 100
l
Legal Representative, Chairman and General
Manager:
Mr. Gao Xuefei (高学飞), ID#
320521520126331, born in 1952, with university education. He is currently
responsible for the overall management of SC.
Working
Experience(s):
At
present Working in SC as
legal representative, chairman and general manager.
Also
working in Zhangjiagang Victor Huafeng Mould Co., Ltd. and Zhangjiagang
Victor-Liyuan Machinery Co., Ltd. as legal representative.
l
Directors:
Qi Meiying 祁美英 ID# 320521195102163326
Gao Song 高松 ID#
320582197811130326
l
Supervisor:
Liu Jing 刘靖 ID# 432322197809070010
SC is mainly
engaged in manufacturing and selling general machinery. (该公司目前实际主要从事普通机械的生产和销售。)
SC’s products mainly
include: injection blow molding machine, PET blow molding machine, injection
molding machine, bi-injection molding machine, moulds, extruder, plastic sheet
extrusion line and PTFE (teflon) tape production line.
SC sources its
materials 100% from domestic market. SC sells 40% of its products in domestic
market, and 60% to overseas market.
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 main clients and suppliers.
SC is known to invest in the following companies:
Zhangjiagang
Victor Huafeng Mould Co., Ltd.
张家港市维达华丰模具有限公司
Zhangjiagang
Victor-Liyuan Machinery Co., Ltd.
张家港市维达利源机械有限公司
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.
Industrial and Commercial Bank of China Zhangjiagang Tangqiao Sub-branch
中国工商银行张家港市塘桥支行
AC#：N/A
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 |
26,600 |
9,440 |
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Notes receivable |
1,940 |
2,360 |
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Inventory |
17,460 |
18,280 |
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Accounts
receivable |
13,740 |
17,680 |
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Advances to
supplies |
0 |
0 |
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Prepaid expenses |
450 |
500 |
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Other
receivables |
1,430 |
70 |
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Other current
assets |
700 |
700 |
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------------------ |
------------------ |
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Current assets |
62,320 |
49,030 |
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Long-term
investments |
2,610 |
2,610 |
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Fixed assets net
value |
26,590 |
23,410 |
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Projects under
construction |
0 |
0 |
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Long-term
deferred expenses |
430 |
370 |
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Intangible
assets |
2,070 |
2,660 |
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Other assets |
0 |
0 |
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------------------ |
------------------ |
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Total assets |
94,020 |
78,080 |
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============= |
============= |
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Short loans |
26,800 |
26,800 |
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Notes payable |
2,580 |
2,000 |
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Accounts payable |
19,200 |
18,270 |
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Advances from
customers |
0 |
0 |
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Accrued Payroll |
1,940 |
770 |
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Welfare Payable |
1,750 |
1,490 |
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Taxes payable |
60 |
770 |
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Accrued expense |
0 |
1,530 |
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Other unpaid |
30 |
70 |
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Other accounts
payable |
0 |
0 |
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Other current
liabilities |
0 |
0 |
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----------------- |
----------------- |
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Current
liabilities |
52,360 |
51,700 |
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Long term
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total
liabilities |
52,360 |
51,700 |
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Shareholders
equities |
41,660 |
26,380 |
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------------------ |
------------------ |
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Total
liabilities & equities |
94,020 |
78,080 |
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Income Statement
Unit: CNY’000
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as of Dec. 31, 2010 |
as of Dec. 31, 2011 |
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Turnover |
59,860 |
64,990 |
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Cost of goods
sold |
45,500 |
50,590 |
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Taxes and additional of main operation |
170 |
280 |
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Income from
other operation |
730 |
400 |
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Sales expense |
4,620 |
4,130 |
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Management expense |
7,430 |
8,810 |
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Finance expense |
690 |
1,690 |
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Subsidy income |
1,090 |
1,340 |
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Investment
income |
3,000 |
0 |
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Non-operating
income |
3,910 |
1,740 |
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Non-operating expense |
2,170 |
770 |
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Profit before
tax |
8,010 |
2,200 |
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Less: profit tax |
620 |
330 |
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Net profit |
7,390 |
1,870 |
Important Ratios
=============
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as
of Dec. 31, 2010 |
as
of Dec. 31, 2011 |
|
*Current ratio |
1.19 |
0.95 |
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*Quick ratio |
0.86 |
0.59 |
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*Liabilities
to assets |
0.56 |
0.66 |
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*Net profit
margin (%) |
12.35 |
2.88 |
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*Return on total
assets (%) |
7.86 |
2.39 |
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*Inventory
/Turnover ×365 |
107 days |
103 days |
|
*Accounts
receivable/Turnover ×365 |
84 days |
100 days |
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*Turnover/Total
assets |
0.64 |
0.83 |
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* Cost of
goods sold/Turnover |
0.76 |
0.78 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears average in its line, and
it increased in 2011.
l
SC’s net profit margin is good in 2010, but average
in 2011.
l
SC’s return on total assets is fairly good in 2010,
but average in 2011.
l
SC’s cost of goods sold is average in both years,
comparing with its turnover.
LIQUIDITY: FAIR
l
The current ratio of SC is maintained in a normal
level in 2010 but fair in 2011.
l
SC’s quick ratio is maintained in a normal level in
2010 but fair in 2011.
l
The accounts receivable of SC is fairly large in
both years.
l
The inventory of SC is fairly large in both years.
l
The short-term loan is large in both years.
l
SC’s turnover is in a fair level in both years,
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. The large amount of short loans could be a threat to SC’s financial
condition.
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. |
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|
1 |
Rs. |
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Euro |
1 |
Rs. |
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
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 |
-- |
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.